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Frontline

FRO
72
Marine Shipping · Industrials
Also trades as: FRO.OL
Winston Score
72
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Exceptional
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Winston Score History

The full picture

Frontline Ltd. is a large shipping company that transports crude oil and oil products across the ocean. It owns and operates a fleet of tanker ships — mainly Very Large Crude Carriers (VLCCs), Suecamax tankers, and LR2 tankers — that carry oil for energy companies, refineries, and oil traders around the world. Frontline is one of the largest publicly traded oil tanker companies on the planet.

Frontline makes money by charging customers a daily rate to use its ships, either through short-term spot market contracts or longer fixed-rate time charters. The company is headquartered in Cyprus and operates globally, with ships moving oil across major trade routes connecting the Middle East, Europe, Asia, and the Americas. Its large, modern fleet gives it some cost and scale advantages over smaller competitors, but its earnings are heavily tied to tanker shipping rates, which can swing sharply depending on global oil demand, supply of ships, and geopolitical events.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+66.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

45.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$492M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Frontline grew revenue 67% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
55.4%
Premium pricing power — 55.4% gross margin
Profit after running costs
Operating Margin
51.8%
Excellent — 51.8% operating margin
Return on the money invested
ROCE
16.0%
Strong — 16.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+18.5%
Fast-growing sales (+18.5% YoY)
Profit growth
EPS YoY
+160.3%
Earnings growing fast (+160.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
102%
Turns 102% of profit into real cash
Spare cash per sale
FCF Margin
26.3%
Converts sales into free cash efficiently (26.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.93
Moderate — manageable debt (0.93)
Covers its interest
Interest Cover
4.20x
Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.8x
no trend
Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
8.20%
no trend
Healthy income — 8.20% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+133.6%
no trend
Dividend growing fast (133.6% YoY)

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