FRO
Frontline Ltd.
FRO's fundamentals are strong: revenue grew 49% and its operating margin rose 22 points to 49%. At 7.0x earnings, it's trading below its usual 8.3x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
FRO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
FRO's revenue, profitability, cash flow and balance sheet are all currently strong.
FRO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 5.2x | $46.76 | — |
| Cheap | 5.4x | $35.91 | -23% |
| Current | 7x | $46.76 | — |
| Fair | 8.3x | $55.20 | +18% |
| Expensive | 22x | $145 | +209% |
Historical ranges are pointers, not guarantees.
FRO's PE is in its fair range at 7.0x. On analysts' estimates for next year's earnings, today's price would be 5.2x, in its cheap range.
FRO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| -- | |
| Limited | |
| Low |
Analysts expect FRO's revenue to grow, with its earnings and profitability holding steady. However, they disagree widely on these estimates.
FRO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.01 | +35% |
| Q2 2026 | $6.67 | +523% |
| Q1 2026 | $4.06 | +160% |
| Q4 2025 | $1.70 | -23% |
| Q3 2025 | $0.98 | -60% |
| Q2 2025 | $1.07 | -60% |
| Q1 2025 | $1.56 | -45% |
| Q4 2024 | $2.22 | -25% |
| Q3 2024 | $2.45 | -30% |
FRO's earnings per share have jumped to their highest in seven years: $6.67 over the past year, up from $1.07 the year before.
FRO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $943.3M | +96% |
| Q1 2026 | $714.2M | +67% |
| Q4 2025 | $624.5M | +47% |
| Q3 2025 | $432.7M | -12% |
| Q2 2025 | $480.1M | -14% |
| Q1 2025 | $427.9M | -26% |
| Q4 2024 | $425.6M | +2.6% |
| Q3 2024 | $490.3M | +30% |
FRO's revenue has picked up after two years of holding roughly level: $943M last quarter, up 96% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 63% | +36 points |
| Q1 2026 | 52% | +30 points |
| Q4 2025 | 44% | +14 points |
| Q3 2025 | 22% | -7.4 points |
| Q2 2025 | 27% | -19 points |
| Q1 2025 | 22% | -22 points |
| Q4 2024 | 30% | -2.8 points |
| Q3 2024 | 30% | -0.9 points |
FRO's operating margin was 63% last quarter, up 36 points from the same quarter a year ago, near the top of its range since 2019.
FRO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $248.7M | +64% |
| Q1 2026 | $59.5M | -57% |
| Q4 2025 | $276.5M | +69% |
| Q3 2025 | $104.4M | -36% |
| Q2 2025 | $151.6M | -32% |
| Q1 2025 | $137.5M | +$865.2M |
| Q4 2024 | $163.5M | +$1.5B |
| Q3 2024 | $162.1M | +$175M |
FRO generated $689M in free cash flow over the past year, up 12% from the year before.
FRO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -111 shares |
| 3 years | 0% | -- |
| 5 years | +8.7% | +17.8M shares |
| Available history | +34% | +56.6M shares |
FRO has 223M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
FRO hasn't bought back shares in the past year.
FRO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.1x | Healthy |
| Q1 2026 | 1.5x | Healthy |
| Q4 2025 | 3.0x | Moderate |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | 3.6x | Elevated |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | 2.9x | Moderate |
| Q3 2024 | 3.0x | Elevated |
FRO's net debt is about 1.1 years of its operating earnings (EBITDA), down from 3.6 years a year ago.
FRO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.9 | Neutral |
| Stochastic | 55.2 | Neutral |
FRO's weekly RSI is 53 (neutral) and its Stochastic is 55 (neutral).
FRO PE vs Energy Sector
| Metric | FRO | Sector median | Relative |
|---|---|---|---|
| PE | 7x | 13x | 47% below |
| PE % | 35 | 61 | 26 pts below |
FRO is trading at 7.0x earnings, a 47% discount to the Energy sector's median of 13x.
FRO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $51.4 | 9% below |
| 20 week MA | $45.8 | 2% above |
| 50 week MA | $37.5 | 25% above |
| 100 week MA | $28.2 | 66% above |
| 200 week MA | $24.2 | 94% above |
FRO's trend is up, with a small recent dip: it's below only its 8-week average, and 94% above its 200-week average.
FRO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.4 | $6.43 | -48% |
| 2021 | $6.43 | $7.08 | +10% |
| 2022 | $7.08 | $12.5 | +76% |
| 2023 | $12.5 | $20.1 | +61% |
| 2024 | $20.1 | $14.0 | -30% |
| 2025 | $14.0 | $21.8 | +56% |
| 2026 YTD | $21.8 | $46.8 | +114% |
FRO has finished higher in four of the last six years, three of them by more than 50%. It's up 114% so far in 2026.