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Frontline vs TORM: revenue, profit, margins and growth compared

Frontline brought in $2B of revenue in fiscal 2025, TORM $1.3B in fiscal 2025. Revenue changed by -8.8% at Frontline and -14.1% at TORM on the year before, so Frontline grew faster. Frontline kept 19.2% of its revenue as net profit, TORM 21.3%. Free cash flow was $669.9M at Frontline and $190.4M at TORM.

Side by side, latest fiscal year

FROTRMD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2B$1.3B
Revenue growth-8.8%-14.1%
Net income$379.1M$285.3M
Net margin19.2%21.3%
Free cash flow$669.9M$190.4M
Free cash flow margin34.0%14.2%
Earnings per share (diluted)$1.70$2.85
Cash$251.3M$158.1M
Debt$3.1B$1B
Price to earningsn/an/a
Market value$10.6B$3.5B
Dividend yieldn/an/a
Rank by revenue in sector#356 of 778 · Consumer discretionary#418 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: $2BTRMD FY2020: $747.4MTRMD FY2021: $619.5MTRMD FY2022: $1.4BTRMD FY2023: $1.5BTRMD FY2024: $1.6BTRMD FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
FRO $2BTRMD $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: $379.1MTRMD FY2018: -$34.8MTRMD FY2019: $166MTRMD FY2020: $88.1MTRMD FY2021: -$42.1MTRMD FY2022: $562.8MTRMD FY2023: $648.3MTRMD FY2024: $612.5MTRMD FY2025: $285.3MFY18FY19FY20FY21FY22FY23FY24FY25
FRO $379.1MTRMD $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%TRMD FY2020: 11.8%TRMD FY2021: -6.8%TRMD FY2022: 39.0%TRMD FY2023: 42.6%TRMD FY2024: 39.3%TRMD FY2025: 21.3%FY18FY19FY20FY21FY22FY23FY24FY25
FRO 19.2%TRMD 21.3%
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%TRMD FY2021: -17.1%TRMD FY2022: +133.0%TRMD FY2023: +5.3%TRMD FY2024: +2.6%TRMD FY2025: -14.1%FY19FY20FY21FY22FY23FY24FY25
FRO -8.8%TRMD -14.1%
Free cash flow
FRO FY2021: -$410.8MFRO FY2022: $49.5MFRO FY2023: -$775.2MFRO FY2024: -$178.8MFRO FY2025: $669.9MTRMD FY2018: -$131.7MTRMD FY2019: -$213.3MTRMD FY2020: $62.8MTRMD FY2021: -$271.8MTRMD FY2022: $382.7MTRMD FY2023: $295.3MTRMD FY2024: $244.4MTRMD FY2025: $190.4MFY18FY19FY20FY21FY22FY23FY24FY25
FRO $669.9MTRMD $190.4M

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

Questions about Frontline and TORM

Which is bigger by revenue, Frontline or TORM?

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

Which keeps more of its revenue as profit, Frontline or TORM?

Frontline had a net margin of 19.2% in fiscal 2025; TORM had 21.3% in fiscal 2025.

Which grew revenue faster, Frontline or TORM?

In their latest fiscal years revenue changed by -8.8% at Frontline and -14.1% at TORM.

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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