TRMD
TORM plc
TRMD's fundamentals are strong, but it looks expensive: trading at 6.0x earnings, above its usual 4.6x. Analysts expect strong earnings growth, though they disagree widely on how much.
TRMD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Stable | |
| Healthy |
TRMD's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
TRMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.7x | $16.42 | -55% |
| Forward | 3.3x | $36.13 | — |
| Fair | 4.5x | $27.30 | -24% |
| Current | 6x | $36.13 | — |
| Expensive | 9.6x | $57.78 | +60% |
Historical ranges are pointers, not guarantees.
TRMD's PE is in its fair range at 6.0x. If earnings grow as analysts expect, today's price would be 3.3x next year's earnings, in its cheap range.
TRMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for TRMD, with profitability improving. However, they disagree widely on these estimates.
TRMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.08 | +85% |
| Q2 2026 | $6.00 | +79% |
| Q1 2026 | $3.40 | -29% |
| Q4 2025 | $2.85 | -56% |
| Q3 2025 | $2.77 | -64% |
| Q2 2025 | $3.35 | -57% |
| Q1 2025 | $4.78 | -40% |
| Q4 2024 | $6.42 | -15% |
| Q3 2024 | $7.79 | -5.2% |
TRMD's earnings per share have fallen from their peak: $6.00 over the past year, against $9.43 in mid-2023.
TRMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $649.2M | +106% |
| Q1 2026 | $395.8M | +20% |
| Q4 2025 | $355M | +16% |
| Q3 2025 | $343.1M | -7.8% |
| Q2 2025 | $315.2M | -28% |
| Q1 2025 | $329.1M | -26% |
| Q4 2024 | $305.4M | -21% |
| Q3 2024 | $372.1M | +3.9% |
TRMD's revenue is growing: $649M last quarter, up 106% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 54% | +30 points |
| Q1 2026 | 34% | +9.1 points |
| Q4 2025 | 28% | -1.7 points |
| Q3 2025 | 28% | -9.8 points |
| Q2 2025 | 24% | -23 points |
| Q1 2025 | 25% | -25 points |
| Q4 2024 | 29% | -21 points |
| Q3 2024 | 38% | -0.9 points |
TRMD's operating margin was 54% last quarter, up 30 points from the same quarter a year ago, near the top of its range since 2019.
TRMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $240.1M | +80% |
| Q1 2026 | -$46.6M | -185% |
| Q4 2025 | -$86.4M | -$60.7M |
| Q3 2025 | $79.2M | +20% |
| Q2 2025 | $133.4M | -49% |
| Q1 2025 | $55.1M | +$110.2M |
| Q4 2024 | -$25.7M | -160% |
| Q3 2024 | $66.2M | -63% |
TRMD still generates free cash flow, though less than at its 2024 peak: $186M over the past year.
TRMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +900K shares |
| 1 year | +3.4% | +3.4M shares |
| 3 years | +20% | +17.5M shares |
| 5 years | +36% | +27.4M shares |
| Available history | +41% | +30.3M shares |
TRMD has 104M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
TRMD hasn't bought back shares in the past year.
TRMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.2x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 1.1x | Healthy |
| Q3 2024 | 0.8x | Very low |
TRMD's net debt is less than a year of its operating earnings (EBITDA), down from 1.2 years a year ago.
TRMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.9 | Neutral |
| Stochastic | 62.9 | Neutral |
TRMD's weekly RSI is 54 (neutral) and its Stochastic is 63 (neutral).
TRMD PE vs Energy Sector
| Metric | TRMD | Sector median | Relative |
|---|---|---|---|
| PE | 6x | 13x | 54% below |
| PE % | 60 | 61 | 1 pt below |
TRMD is trading at 6.0x earnings, a 54% discount to the Energy sector's median of 13x.
TRMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $38.2 | 5.4% below |
| 20 week MA | $34.2 | 5.6% above |
| 50 week MA | $29.7 | 22% above |
| 100 week MA | $24.5 | 48% above |
| 200 week MA | $27.7 | 31% above |
TRMD has slipped below its 8-week average, but it's still above the other four, and 31% above its 200-week average.
TRMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.70 | $7.15 | -26% |
| 2021 | $7.15 | $7.99 | +12% |
| 2022 | $7.99 | $30.7 | +284% |
| 2023 | $30.7 | $30.4 | -0.8% |
| 2024 | $30.4 | $19.3 | -36% |
| 2025 | $19.3 | $19.5 | +1% |
| 2026 YTD | $19.5 | $36.1 | +85% |
TRMD is up 85% so far in 2026, after finishing lower in three of the previous six years.