Frontline Ltd. (FRO) Key Metrics
FRO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $11.69B
- Enterprise value
- $12.70B
- P/E (TTM)
- 7.9 10-yr median 6.8
- Forward P/E
- 10.0
- PEG ratio
- 5.58
- Price / sales
- 4.3 10-yr median 1.7
- Price / book
- 3.4 10-yr median 1.0
- EV / EBITDA
- 7.6 10-yr median 7.3
- Dividend yield
- 10.25% $5.38 a year
- Beta
- 0.18
FRO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFRO valuation Price multiples at each fiscal year-end price.
FRO returns How much profit the business earns on the capital it uses.
FRO per-share figures Results divided by the shares outstanding at year-end.
FRO financial health Debt, liquidity and how easily interest is covered.
FRO efficiency & capital use Working capital cycle and where the cash goes.
FRO valuation history
FRO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FRO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FRO cash returned to shareholders
FRO price vs earnings per share
FRO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.86B | $3.16B | $4.46B | $2.60B | $1.41B | $1.23B | $2.31B | $939.0M | $779.4M | $1.12B |
| Enterprise value | $7.67B | $6.49B | $7.61B | $4.48B | $3.66B | $3.25B | $4.20B | $2.70B | $2.54B | $2.31B |
| P/E ratio | 12.8 | 6.4 | 6.8 | 5.5 | — | 3.0 | 16.5 | — | — | 9.5 |
| Price / sales | 2.5 | 1.5 | 2.5 | 1.8 | 1.9 | 1.0 | 2.4 | 1.3 | 1.2 | 1.5 |
| Price / book | 1.9 | 1.3 | 2.0 | 1.1 | 0.9 | 0.8 | 1.5 | 0.8 | 0.7 | 0.7 |
| Price / free cash flow | 7.3 | — | — | 49.1 | — | — | 27.4 | — | — | — |
| Price / operating cash flow | 7.1 | 4.3 | 5.2 | 7.0 | 22.4 | 2.0 | 8.2 | 20.3 | 6.2 | 3.9 |
| EV / sales | 3.9 | 3.2 | 4.2 | 3.1 | 4.9 | 2.7 | 4.4 | 3.6 | 3.9 | 3.1 |
| EV / EBITDA | 8.1 | 5.7 | 7.1 | 6.1 | 17.3 | 5.2 | 11.7 | 12.9 | — | 7.3 |
| EV / free cash flow | 11.5 | — | — | 84.7 | — | — | 49.8 | — | — | — |
| Earnings yield | 7.8% | 15.7% | 14.7% | 18.3% | −1.1% | 33.6% | 6.1% | −0.9% | −34.0% | 10.5% |
| Free cash flow yield | 13.8% | −5.7% | −17.4% | 2.0% | −28.4% | −9.8% | 3.7% | −18.1% | −75.4% | −30.1% |
| Dividend yield | 4.3% | 13.7% | 14.3% | 1.3% | 0.0% | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Shareholder yield (dividends + buybacks) | 4.3% | 13.7% | 14.3% | 1.3% | 0.1% | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Share price at fiscal year-end | $21.82 | $14.19 | $20.05 | $12.14 | $7.07 | $6.22 | $12.86 | $5.53 | $4.59 | $7.11 |
| Per share | ||||||||||
| Revenue per share | $8.83 | $9.21 | $8.10 | $6.68 | $3.77 | $6.17 | $5.34 | $4.37 | $3.81 | $4.81 |
| Earnings per share | $1.70 | $2.23 | $2.95 | $2.22 | −$0.08 | $2.09 | $0.78 | −$0.05 | −$1.56 | $0.75 |
| Operating cash flow per share | $3.07 | $3.31 | $3.85 | $1.73 | $0.32 | $3.05 | $1.56 | $0.27 | $0.74 | $1.82 |
| Free cash flow per share | $3.01 | −$0.80 | −$3.48 | $0.25 | −$2.01 | −$0.61 | $0.47 | −$1.00 | −$3.46 | −$2.14 |
| Cash per share | $1.14 | $1.88 | $1.42 | $2.29 | $0.58 | $0.90 | $0.98 | $0.40 | $0.73 | $1.34 |
| Book value per share | $11.28 | $10.51 | $10.23 | $10.60 | $8.31 | $8.15 | $8.42 | $6.85 | $6.99 | $9.55 |
| Tangible book value per share | $10.77 | $10.01 | $9.73 | $10.07 | $7.74 | $7.58 | $7.79 | $6.19 | $5.67 | $6.68 |
| Dividends per share | $0.93 | $1.95 | $2.87 | $0.16 | $0.00 | $1.58 | $0.11 | $0.00 | $0.30 | $1.05 |
| Capex per share | $0.06 | $4.11 | $7.33 | $1.49 | $2.32 | $3.66 | $1.09 | $1.27 | $4.20 | $3.97 |
| Debt per share | $13.78 | $16.83 | $15.54 | $11.09 | $11.91 | $11.13 | $11.52 | $10.78 | $11.07 | $8.95 |
| Shares outstanding | 222.6M | 222.6M | 222.6M | 214.0M | 199.0M | 197.8M | 179.3M | 169.8M | 169.8M | 157.0M |
| Change in shares outstanding | 0.0% | 0.0% | +4.0% | +7.6% | +0.6% | +10.3% | +5.6% | +0.0% | +8.2% | +30.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.6% | 21.5% | 28.9% | 24.3% | −0.9% | 26.4% | 10.5% | −0.8% | −19.7% | 7.9% |
| Return on invested capital (ROIC) | 10.6% | 13.9% | 15.6% | 11.1% | 0.2% | 14.4% | 7.6% | 2.2% | −5.5% | 6.8% |
| Return on assets (ROA) | 6.3% | 8.2% | 12.3% | 10.7% | −0.4% | 10.8% | 4.1% | −0.3% | −8.7% | 4.0% |
| Return on tangible assets | 6.7% | 8.1% | 11.4% | 10.2% | −0.4% | 10.8% | 3.9% | −0.3% | −9.1% | 4.7% |
| Free cash flow margin | 34.1% | −8.7% | −43.0% | 3.7% | −53.3% | −9.8% | 8.8% | −22.9% | −91.0% | −44.6% |
| Income quality (OCF / net income) | 1.80 | 1.49 | 1.30 | 0.78 | — | 1.46 | 2.00 | — | — | 2.44 |
| Financial health | ||||||||||
| Total debt | $3.07B | $3.75B | $3.46B | $2.37B | $2.37B | $2.20B | $2.07B | $1.83B | $1.88B | $1.40B |
| Cash & short-term investments | $253.4M | $417.6M | $315.8M | $490.8M | $115.5M | $177.4M | $175.3M | $67.3M | $123.4M | $210.8M |
| Net debt | $2.81B | $3.33B | $3.14B | $1.88B | $2.25B | $2.02B | $1.89B | $1.76B | $1.76B | $1.19B |
| Debt / equity | 1.22 | 1.60 | 1.52 | 1.05 | 1.43 | 1.37 | 1.37 | 1.57 | 1.58 | 0.94 |
| Debt / assets | 0.53 | 0.60 | 0.59 | 0.50 | 0.58 | 0.56 | 0.56 | 0.59 | 0.60 | 0.47 |
| Net debt / EBITDA | 2.97 | 2.91 | 2.95 | 2.55 | 10.66 | 3.21 | 5.29 | 8.39 | — | 3.76 |
| Current ratio | 1.43 | 1.39 | 1.78 | 2.25 | 1.14 | 1.34 | 0.53 | 1.44 | 1.45 | 2.10 |
| Quick ratio | 0.90 | 0.99 | 1.18 | 2.04 | 0.73 | 1.02 | 0.37 | 0.84 | 1.00 | 1.64 |
| Interest coverage | 2.5 | 2.6 | 4.2 | 4.5 | 0.1 | 7.0 | 2.5 | 0.9 | -2.8 | 3.1 |
| Working capital | $212.5M | $230.4M | $318.9M | $489.4M | $40.1M | $97.0M | −$399.6M | $94.0M | $99.6M | $200.9M |
| Invested capital | $5.33B | $5.67B | $5.42B | $4.15B | $3.91B | $3.64B | $3.40B | $2.93B | $2.94B | $2.69B |
| Tangible asset value | $2.40B | $2.23B | $2.16B | $2.16B | $1.54B | $1.50B | $1.40B | $1.05B | $962.7M | $1.05B |
| Net current asset value | −$2.54B | −$3.05B | −$2.88B | −$1.63B | −$2.13B | −$1.93B | −$1.74B | −$1.61B | −$1.62B | −$1.08B |
| Graham number | $20.79 | $22.95 | $26.05 | $23.02 | — | $19.56 | $12.16 | — | — | $12.66 |
| Graham net-net per share | −$12.35 | −$14.51 | −$13.74 | −$8.41 | −$11.19 | −$10.21 | −$10.40 | −$10.10 | −$10.09 | −$7.38 |
| Capital allocation | ||||||||||
| Dividends paid | $207.0M | $434.1M | $638.9M | $33.4M | $357,000 | $312.4M | $19.7M | $386,000 | $51.4M | $164.6M |
| Share buybacks (net) | — | — | $0 | $0 | $357,000 | $0 | $0 | $0 | $0 | $17,000 |
| Dividend payout ratio | 54.6% | 87.6% | 97.3% | 7.0% | — | 75.7% | 14.1% | — | — | 140.6% |
| Dividends + buybacks / free cash flow | 30.9% | — | — | 63.1% | — | — | 23.4% | — | — | — |
| Capex / revenue | 0.6% | 44.6% | 90.5% | 22.2% | 61.7% | 59.3% | 20.5% | 29.1% | 110.4% | 82.5% |
| Capex / operating cash flow | 1.8% | 124.3% | 190.5% | 85.7% | 734.8% | 119.9% | 69.9% | 468.5% | 567.7% | 217.6% |
| Capex / depreciation | 0.04 | 2.70 | 7.06 | 2.04 | 2.89 | 5.02 | 1.60 | 1.73 | 4.97 | 4.35 |
| Stock-based compensation / revenue | 0.3% | −0.1% | 0.6% | 0.3% | 0.0% | — | 0.0% | 0.1% | 0.3% | — |
| SG&A / revenue | 2.6% | 1.8% | 3.0% | 3.3% | 3.5% | 4.8% | 4.7% | 5.0% | 5.8% | 4.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.8 | 26.3 | 38.6 | 41.0 | 41.1 | 28.3 | 37.0 | 41.3 | 42.8 | 41.2 |
| Days of inventory on hand | 68.9 | 65.5 | 58.0 | 38.6 | 53.5 | 61.5 | 71.6 | 63.8 | 60.0 | 60.0 |
| Days payables outstanding | 2.3 | 1.9 | 2.8 | 2.0 | 2.6 | 5.6 | 9.5 | 9.5 | 5.3 | 5.1 |
| Cash conversion cycle (days) | 94.3 | 89.9 | 93.8 | 77.6 | 92.1 | 84.2 | 99.1 | 95.6 | 97.6 | 96.0 |
| Receivables turnover | 13.14 | 13.86 | 9.46 | 8.91 | 8.88 | 12.90 | 9.86 | 8.84 | 8.52 | 8.86 |
| Payables turnover | 159.18 | 195.08 | 129.92 | 183.29 | 141.78 | 65.49 | 38.51 | 38.34 | 68.99 | 70.89 |
| Inventory turnover | 5.30 | 5.57 | 6.29 | 9.46 | 6.82 | 5.94 | 5.10 | 5.72 | 6.08 | 6.09 |
| Asset turnover | 0.33 | 0.34 | 0.34 | 0.32 | 0.19 | 0.32 | 0.28 | 0.24 | 0.21 | 0.26 |
| Average receivables | $149.5M | $147.9M | $190.5M | $160.5M | $84.4M | $94.7M | $97.1M | $83.9M | $75.9M | $85.2M |
| Average payables | $8.3M | $6.9M | $7.9M | $5.2M | $5.1M | $10.5M | $17.6M | $17.0M | $8.1M | $6.9M |
| Average inventory | $249.2M | $241.2M | $163.0M | $100.0M | $105.9M | $115.3M | $133.1M | $114.1M | $91.5M | $80.5M |
| Intangibles / total assets | 2.0% | 1.8% | 1.9% | 2.4% | 2.7% | 2.9% | 3.0% | 3.7% | 7.2% | 15.2% |
Computed from FRO's annual financial statements (latest annual report filed March 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FRO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Frontline traded at 12.8 times earnings, against a 10-year median of 6.8. Based on the latest twelve months, the trailing P/E is 7.9 and the forward P/E is 10.0. Frontline earned a return on equity of 15.6% and a return on invested capital of 10.6% in fiscal 2025. It ended the year with $3.1 billion of debt and $253.4 million in cash and short-term investments, net debt of $2.8 billion. It returned $207.0 million to shareholders: $207.0 million in dividends and $0 in share buybacks, 31% of free cash flow. The share count rose 41.8% from 157.0M to 222.6M over 9 years.
See the FRO income statement, the FRO chart for price history, or the FRO stock overview for the latest quote and news.
FRO key metrics FAQ
What is Frontline's P/E ratio?
Frontline's trailing P/E ratio is 7.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.0. At the end of fiscal 2025 it was 12.8, compared with a 10-year median of 6.8.
What is Frontline's EV/EBITDA?
Frontline's enterprise value was 8.1 times EBITDA at the end of fiscal 2025 (enterprise value $7.7 billion, EBITDA $946.8 million); the current EV/EBITDA is 7.6.
What is Frontline's return on equity?
Frontline's return on equity (ROE) was 15.6% in fiscal 2025: net income of $379.1 million on average shareholders' equity of $2.4 billion.
What is Frontline's ROIC?
Frontline's return on invested capital was 10.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Frontline have?
Frontline had total debt of $3.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.22 and $2.8 billion of net debt (2.97 times EBITDA).
What is Frontline's dividend yield?
Frontline's forward dividend yield is 10.25%. Frontline paid $207.0 million in dividends in fiscal 2025 ($0.93 per share), a payout ratio of 54.6%.
What is Frontline's free cash flow yield?
Frontline generated $669.9 million of free cash flow in fiscal 2025, a free cash flow yield of 13.8% on its market value at year-end ($4.9 billion).
What is Frontline's current ratio?
Frontline's current ratio was 1.43 at the end of fiscal 2025: current assets were 1.43 times current liabilities.