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Frontline vs Navios Maritime Partners: revenue, profit, margins and growth compared

Frontline brought in $2B of revenue in fiscal 2025, Navios Maritime Partners $1.3B in fiscal 2025. Revenue changed by -8.8% at Frontline and +0.8% at Navios Maritime Partners on the year before, so Navios Maritime Partners grew faster. Frontline kept 19.2% of its revenue as net profit, Navios Maritime Partners 21.2%. Free cash flow was $669.9M at Frontline and $281M at Navios Maritime Partners.

Side by side, latest fiscal year

FRONMM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2B$1.3B
Revenue growth-8.8%+0.8%
Net income$379.1M$285.3M
Net margin19.2%21.2%
Free cash flow$669.9M$281M
Free cash flow margin34.0%20.9%
Earnings per share (diluted)$1.70n/a
Cash$251.3M$402.8M
Debt$3.1B$1.1B
Price to earningsn/an/a
Market value$10.6B$2.7B
Dividend yieldn/an/a
Rank by revenue in sector#356 of 778 · Consumer discretionary#417 of 778 · Consumer discretionary

Over the years

Revenue
FRO FY2018: $742.3MFRO FY2019: $957.3MFRO FY2020: $1.2BFRO FY2021: $753.4MFRO FY2022: $1.4BFRO FY2023: $1.8BFRO FY2024: $2.2BFRO FY2025: $2BNMM FY2018: $231.4MNMM FY2019: $219.4MNMM FY2020: $226.8MNMM FY2021: $713.2MNMM FY2022: $1.2BNMM FY2023: $1.3BNMM FY2024: $1.3BNMM FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
FRO $2BNMM $1.3B
Net income
FRO FY2018: -$8.9MFRO FY2019: $140MFRO FY2020: $412.9MFRO FY2021: -$11.1MFRO FY2022: $475.5MFRO FY2023: $656.4MFRO FY2024: $495.6MFRO FY2025: $379.1MNMM FY2018: -$13.1MNMM FY2019: -$62.1MNMM FY2020: -$68.5MNMM FY2021: $516.2MNMM FY2022: $579.2MNMM FY2023: $433.6MNMM FY2024: $367.3MNMM FY2025: $285.3MFY18FY19FY20FY21FY22FY23FY24FY25
FRO $379.1MNMM $285.3M
Net margin
FRO FY2018: -1.2%FRO FY2019: 14.6%FRO FY2020: 33.8%FRO FY2021: -1.5%FRO FY2022: 33.1%FRO FY2023: 35.9%FRO FY2024: 22.9%FRO FY2025: 19.2%NMM FY2018: -5.7%NMM FY2019: -28.3%NMM FY2020: -30.2%NMM FY2021: 72.4%NMM FY2022: 47.9%NMM FY2023: 33.2%NMM FY2024: 27.5%NMM FY2025: 21.2%FY18FY19FY20FY21FY22FY23FY24FY25
FRO 19.2%NMM 21.2%
Revenue growth
FRO FY2019: +29.0%FRO FY2020: +27.6%FRO FY2021: -38.3%FRO FY2022: +90.9%FRO FY2023: +27.0%FRO FY2024: +18.4%FRO FY2025: -8.8%NMM FY2019: -5.2%NMM FY2020: +3.4%NMM FY2021: +214.5%NMM FY2022: +69.7%NMM FY2023: +8.0%NMM FY2024: +2.1%NMM FY2025: +0.8%FY19FY20FY21FY22FY23FY24FY25
FRO -8.8%NMM +0.8%
Free cash flow
FRO FY2021: -$410.8MFRO FY2022: $49.5MFRO FY2023: -$775.2MFRO FY2024: -$178.8MFRO FY2025: $669.9MNMM FY2018: -$47.6MNMM FY2019: $49.2MNMM FY2020: $21.7MNMM FY2021: $60.1MNMM FY2022: $72.6MNMM FY2023: $377.4MNMM FY2024: -$263.5MNMM FY2025: $281MFY18FY19FY20FY21FY22FY23FY24FY25
FRO $669.9MNMM $281M

Fiscal years as each company reports them; the two may end in different months.

Questions about Frontline and Navios Maritime Partners

Which is bigger by revenue, Frontline or Navios Maritime Partners?

Frontline is bigger by revenue: $2B in fiscal 2025, against $1.3B for Navios Maritime Partners in fiscal 2025.

Which keeps more of its revenue as profit, Frontline or Navios Maritime Partners?

Frontline had a net margin of 19.2% in fiscal 2025; Navios Maritime Partners had 21.2% in fiscal 2025.

Which grew revenue faster, Frontline or Navios Maritime Partners?

In their latest fiscal years revenue changed by -8.8% at Frontline and +0.8% at Navios Maritime Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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