TORM plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TORM plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue					747	620	1,443	1,520	1,559	1,340
General and administrative	41.4	45	47.8	47.7	50.8	51.5	55	82.9	95.6	114
Operating income	-107	39.5	2.82	206	139	1.4	602	699	659	356
Interest expense	37.3	40.6	39.3	41.9	49.9	42.4	48.8	60.9	74.1	74.4
Interest income	2.81	4.26	3.3	2.8	0.54	0.24	4	14.3	24.8	13.3
Pre-tax income	-142	3.18	-33.2	167	89.5	-40.7	557	652	610	295
Income tax	0.76	0.78	1.56	0.78	1.42	1.34	-5.9	4	-2	9.2
Income from continuing operations	-142	2.41	-34.8	166	88.1	-42.1
Net income to minority interests						0	-0.2	-0.3	-1	0.7
Net income	-143	2.4	-34.8	166	88.1	-42.1	563	648	613	285
EBITDA					261	132	741	848	851	571
EPS, basic	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.92	7.75	6.54	2.91
EPS, diluted	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.80	7.48	6.36	2.85

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	74.1	133	124	56.8	89.5	145	321	266	272	158
Inventory					22.5	48.8	72	61.7	68.4	66.5
Total current assets	181	261	269	216	244	363	740	691	615	532
Property, plant and equipment	1,390	1,385	1,445	1,782	1,748	1,961	1,865
Goodwill	0	0	0		0	0	1.8	1.8	1.7	1.8
Intangible assets						0	1.9	1.8	2	4
Total assets	1,571	1,647	1,714	2,004	1,999	2,331	2,614	2,870	3,470	3,367
Short-term debt	75.9	86	94.4	99	103	209
Total current liabilities	152	156	167	195	197	307	206	265	285	401
Lease liabilities			3.2	10.2	6.2	3.7	2.5	4.1	6.4
Total liabilities	791	856	867	996	981	1,279	1,111	1,204	1,395	1,164
Total debt	672	747	755	855	842	1,135	967	1,060	1,226	1,003
Paid-in capital			97.1	101	102	160	168	260	271	110
Retained earnings	783	786	752	920	939	899	1,298	1,382	1,472	1,789
Shareholders' equity					1,017	1,052	1,501	1,664	2,074	2,203
Minority interests						0	2.3	1.9	0.8	0
Total equity	781	791	847	1,008	1,017	1,052	1,504	1,666	2,075	2,203
Total liabilities and equity	1,571	1,647	1,714	2,004	1,999	2,331	2,614	2,870	3,470	3,367

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-143	2.4	-34.8	166	88.1	-42.1	563	648	612	286
Depreciation and amortization					122	131	139	149	192	215
Cash from operations	171	110	70.7	171	236	47.9	502	805	827	499
Capital expenditures	-119	-145	-202	-384	-173	-320	-119	-510	-582	-309
Cash from investing	-119	-114	-176	-323	-120	-291	11.3	-371	-442	-153
Debt issued	49.3	206	115	262	734	549	96.3	676	419	338
Debt repaid	-143	-142	-114	-169	-746	-253	-275	-585	-256	-568
Stock issued			100	4.2	0.79	2.86	8	6.2	12.5	2.3
Share buybacks					-1.35
Dividends paid	-25	-1.24			-70.6	0	-167	-586	-553	-200
Cash from financing	-146	62.7	96	84.5	-83.3	298	-338	-489	-378	-460
Net change in cash	-93.9	58.8	-8.86	-67.2	32.7	55.3	176	-55	6.4	-114
Free cash flow	51.7	-35.3	-132	-213	62.8	-272	383	295	244	190
Interest paid	31.4	36.7	39.8	45.3	52.9	41	49.5	66	66.9	70

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $34.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	26.6%	Operating income / revenue.
EBITDA margin	42.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.0%	Pre-tax income / revenue.
Net margin	21.3%	Net income / revenue.
FCF margin	14.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.2%	Cash from operations / revenue.
Effective tax rate	3.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	23.0%	Capital expenditures / revenue.
D&A / revenue	16.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-45.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-32.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-53.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-55.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-39.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-20.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.8%	Total debt / total assets.
Liabilities / assets	34.6%	Total liabilities / total assets.
Net debt	$845.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.79x	Operating income / interest expense.
Working capital	$130.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.20B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
FCF conversion	66.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	61.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.85	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.91	Net income per basic share, as reported (split-adjusted).
Payout ratio	70.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	104.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.48B	Share price x shares outstanding.
Enterprise value	$4.32B	Market cap + total debt - cash - short-term investments.
P/E	12.2x	Market cap / net income. Only when net income is positive.
P/S	2.60x	Market cap / revenue.
P/B	1.58x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.58x	Market cap / tangible book value, when positive.
P/FCF	18.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.97x	Market cap / cash from operations, when positive.
EV/Sales	3.23x	Enterprise value / revenue.
EV/EBIT	12.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.57x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	8.2%	Net income / market cap (the inverse of P/E).
Dividend yield	5.7%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.

What was TORM plc's revenue in fiscal 2025?

TORM plc reported revenue of $1.34B for fiscal 2025, 14.1% lower than the year before.

Was TORM plc profitable in fiscal 2025?

Yes. Net income was $285.3M, a net margin of 21.3%.

How much free cash flow did TORM plc generate in fiscal 2025?

Cash from operations of $498.9M minus capital expenditures of $308.5M left free cash flow of $190.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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