Latest Ratios: P/E Ratio 22.2x · EV/EBITDA 12.2x · ROE 15.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.4B | $4.9B | $3.2B | $4.5B | $2.6B | $1.4B | $1.2B | $2.3B | $939M | $779M | $1.1B |
| Enterprise Value | $11.2B | $7.7B | $6.5B | $7.6B | $4.7B | $3.7B | $3.3B | $4.2B | $2.7B | $2.6B | $2.3B |
| P/E Ratio → | 22.15 | 12.84 | 6.36 | 6.80 | 5.47 | — | 2.98 | 16.49 | — | — | 9.48 |
| P/S Ratio | 4.27 | 2.47 | 1.54 | 2.48 | 1.82 | 1.88 | 1.01 | 2.41 | 1.27 | 1.21 | 1.48 |
| P/B Ratio | 3.34 | 1.93 | 1.35 | 1.96 | 1.15 | 0.85 | 0.76 | 1.53 | 0.81 | 0.66 | 0.74 |
| P/FCF | 12.51 | 7.25 | — | — | 49.09 | — | — | 27.38 | — | — | — |
| P/OCF | 12.29 | 7.12 | 4.29 | 5.21 | 7.00 | 22.35 | 2.04 | 8.23 | 20.34 | 6.20 | 3.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.91 | 3.17 | 4.23 | 3.30 | 4.89 | 2.67 | 4.38 | 3.64 | 3.95 | 3.07 |
| EV / EBITDA | 12.16 | 8.33 | 5.79 | 7.79 | 7.72 | 21.72 | 4.99 | 11.59 | 13.01 | — | 7.23 |
| EV / EBIT | 18.90 | 12.95 | 8.06 | 9.12 | 8.21 | 71.56 | 6.71 | 17.88 | 31.73 | — | 13.28 |
| EV / FCF | — | 11.46 | — | — | 89.13 | — | — | 49.84 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.8% | 32.8% | 34.4% | 43.1% | 33.9% | 3.6% | 43.9% | 29.1% | 12.1% | 13.9% | 35.0% |
| Operating Margin | 30.2% | 30.2% | 38.1% | 41.4% | 31.2% | 1.1% | 41.6% | 25.0% | 11.1% | -30.4% | 23.5% |
| Net Profit Margin | 19.3% | 19.3% | 24.2% | 36.4% | 33.2% | -2.0% | 33.8% | 14.6% | -1.2% | -41.0% | 15.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.6% | 15.6% | 21.5% | 28.9% | 24.3% | -0.9% | 26.5% | 10.5% | -0.8% | -19.7% | 7.9% |
| ROA | 6.3% | 6.3% | 8.2% | 12.3% | 10.7% | -0.4% | 10.8% | 4.1% | -0.3% | -8.7% | 4.0% |
| ROIC | 8.1% | 8.1% | 10.6% | 11.4% | 8.1% | 0.2% | 10.8% | 5.7% | 2.1% | -5.2% | 5.1% |
| ROCE | 10.9% | 10.9% | 14.1% | 15.1% | 10.9% | 0.2% | 15.7% | 8.4% | 2.9% | -6.9% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.22 | 1.22 | 1.60 | 1.52 | 1.05 | 1.43 | 1.37 | 1.37 | 1.57 | 1.58 | 0.94 |
| Debt / EBITDA | 3.33 | 3.33 | 3.34 | 3.54 | 3.89 | 14.05 | 3.37 | 5.71 | 8.81 | — | 4.38 |
| Net Debt / Equity | — | 1.12 | 1.42 | 1.38 | 0.93 | 1.37 | 1.26 | 1.25 | 1.52 | 1.49 | 0.80 |
| Net Debt / EBITDA | 3.06 | 3.06 | 2.97 | 3.22 | 3.47 | 13.38 | 3.11 | 5.22 | 8.49 | — | 3.75 |
| Debt / FCF | — | 4.20 | — | — | 40.05 | — | — | 22.46 | — | — | — |
| Interest Coverage | 2.54 | 2.54 | 2.66 | 4.68 | 5.82 | 0.83 | 6.72 | 2.49 | 0.91 | -2.78 | 3.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 1.39 | 1.78 | 2.25 | 1.14 | 1.34 | 0.53 | 1.44 | 1.45 | 2.10 |
| Quick Ratio | 1.43 | 1.43 | 1.39 | 1.18 | 2.04 | 0.73 | 1.02 | 0.37 | 0.84 | 1.00 | 1.64 |
| Cash Ratio | 0.51 | 0.51 | 0.70 | 0.77 | 1.25 | 0.39 | 0.63 | 0.21 | 0.31 | 0.56 | 1.15 |
| Asset Turnover | — | 0.34 | 0.33 | 0.31 | 0.30 | 0.18 | 0.31 | 0.26 | 0.24 | 0.21 | 0.25 |
| Inventory Turnover | — | — | — | 4.18 | 11.71 | 6.05 | 7.39 | 4.92 | 5.09 | 5.57 | 5.90 |
| Days Sales Outstanding | — | — | 27.05 | 29.15 | 60.52 | 40.89 | 25.38 | 39.82 | 44.13 | 44.12 | 35.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 4.3% | 13.7% | 14.3% | 1.3% | — | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Payout Ratio | 54.6% | 54.6% | 87.6% | 97.3% | 7.0% | — | 75.7% | 14.1% | — | — | 140.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 7.8% | 15.7% | 14.7% | 18.3% | — | 33.6% | 6.1% | — | — | 10.5% |
| FCF Yield | 8.0% | 13.8% | — | — | 2.0% | — | — | 3.7% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 4.3% | 13.7% | 14.3% | 1.3% | 0.0% | 25.4% | 0.9% | 0.0% | 6.6% | 14.7% |
| Shares Outstanding | — | $223M | $223M | $223M | $214M | $199M | $198M | $179M | $170M | $170M | $157M |
Spot market rate volatility
According to current market data, Frontline trades at a forward P/E of 4.46, which suggests that investors are pricing in significant earnings durability despite the historical volatility inherent in the tanker sector compared to the broader energy peer group's valuation multiples.
The disparity between the TTM P/E of 20.89 and the forward multiple indicates that the market anticipates a substantial earnings expansion, likely driven by the recent fleet acquisition. Investors should monitor whether this valuation premium over peers like Tsakos Energy Navigation is justified by Frontline's superior liquidity and aggressive capital allocation strategy.
Based on reported financial statements, Frontline's ROIC has trended upward to 5.4% in 2026Q1 from a low of 1.2% in 2025Q1, reflecting the successful integration of newer, more efficient tonnage into the company's operational fleet during a period of favorable market conditions.
While the improvement is notable, the absolute level of return on invested capital remains modest relative to the capital-intensive nature of the business. This suggests that while the company is compounding returns more effectively than in previous quarters, it remains highly sensitive to the timing of vessel acquisitions and the prevailing spot rate environment.
As indicated by recent filings, the lack of consistent data for DSO and CCC metrics complicates a precise assessment of working capital efficiency, though the company's asset turnover ratio of 0.13 in 2026Q1 suggests a continued reliance on high-value, long-lived assets to drive revenue.
The limited visibility into cash conversion cycles warrants further investigation, as efficient management of voyage-related receivables is critical for maintaining liquidity in a spot-heavy revenue model. Investors should be cautious about drawing conclusions on operational efficiency until more granular data on receivables and payables becomes available.
According to recent balance sheet disclosures, Frontline has reduced its debt-to-equity ratio to 0.93 in 2026Q1, a significant improvement from the 1.72 level observed in 2024Q1, which suggests a more disciplined approach to managing financial risk during aggressive fleet renewal cycles.
The interest coverage ratio of 9.20 in 2026Q1 indicates a much more comfortable debt service position compared to the 1.56 level seen in early 2025. This strengthening suggests that the company is better positioned to navigate potential downturns in charter rates without facing immediate refinancing pressures.
Based on industry analysis, the Price-to-Book ratio is frequently misapplied to Frontline, as it fails to account for the significant variance between the historical cost of vessels and their current market value in a supply-constrained tanker market.
Investors should prioritize Net Asset Value (NAV) over P/B, as the latter obscures the true economic value of the fleet and the impact of recent acquisitions. Relying on book value may lead to an underestimation of the company's intrinsic worth during periods of rising vessel prices and tightening supply.
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Quick answers to the most common questions about buying FRO stock.
Frontline Ltd.'s current P/E ratio is 22.2x. The historical average is 7.2x. This places it at the 100th percentile of its historical range.
Frontline Ltd.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
Frontline Ltd.'s return on equity (ROE) is 15.6%. The historical average is 5.1%.
Based on historical data, Frontline Ltd. is trading at a P/E of 22.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Frontline Ltd.'s current dividend yield is 2.47% with a payout ratio of 54.6%.
Frontline Ltd. has 32.8% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Frontline Ltd.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.