Frontline

FRO

Marine Shipping · Industrials

Price

$36.49

-0.68 (-1.83%)

Market Cap

$8.12B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+11.9% over 4y

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

Diluted shares outstanding: 199.0M (2021) → 222.6M (2025)

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.

Winston Score History

Score breakdown

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Quality

Gross Margin

46.3%

Healthy — 46.3% gross margin

Operating Margin

44.5%

Excellent — 44.5% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.2%

Shrinking sales (-4.2% YoY)

EPS YoY

-23.4%

Earnings shrinking (-23.4% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

180%

Turns 180% of profit into real cash

FCF Margin

34.1%

Converts sales into free cash efficiently (34.1%)

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

Debt / Equity

1.22

Elevated debt (1.22)

Interest Cover

2.59x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

21.5x

Growth-priced — P/E 21.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.5 → 10.0)

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Dividends

Dividend Yield

8.52%

Healthy income — 8.52% yield

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

Dividend Growth

+133.6%

Dividend growing fast (133.6% YoY)

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