TORM

TRMD

Marine Shipping · Industrials

Also trades as: 0RG4.L

Price

$31.80

+0.74 (+2.38%)

Market Cap

$3.26B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+28.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 78.1M (2021) → 100.1M (2025)

Winston Score History

The full picture

TORM plc, a product tanker company, engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, and naphtha. As of March 23, 2022, it operated a fleet of approximately 85 vessels. The company was founded in 1889 and is headquartered in London, the United Kingdom.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.9%

Modest — 39.9% gross margin

Profit after running costs

Operating Margin

34.1%

Excellent — 34.1% operating margin

Return on the money invested

ROCE

12.1%

Good — 12.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-2.4%

Shrinking sales (-2.4% YoY)

Profit growth

EPS YoY

-29.4%

Earnings shrinking (-29.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

157%

Turns 157% of profit into real cash

Spare cash per sale

FCF Margin

5.6%

Thin free cash flow (5.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

5.36x

Adequate interest coverage (5.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.2x

Attractive valuation — P/E 9.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

7.66%

Healthy income — 7.66% yield

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

Dividend record

Dividend Growth

-39.5%

Dividend cut (-39.5% YoY) — warning sign

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