Frontline Past Earnings Performance
Past criteria checks 5/6
Frontline has been growing earnings at an average annual rate of 32%, while the Oil and Gas industry saw earnings growing at 5.4% annually. Revenues have been growing at an average rate of 20% per year. Frontline's return on equity is 47.1%, and it has net margins of 54.8%.
Key information
31.99%
Earnings growth rate
31.52%
EPS growth rate
| Oil and Gas Industry Growth | 33.67% |
| Revenue growth rate | 20.04% |
| Return on equity | 47.12% |
| Net Margin | 54.76% |
| Next Earnings Update | 30 Nov 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 17
FRO: Elevated Spot Rates And Dividends Will Eventually Face Downside Pressure
Analysts have lifted their average Frontline price target by $2.75, with updates citing robust recent results, a reinstated full dividend and special payout, and differing views on tanker demand as key drivers of the new fair value stance. Analyst Commentary Recent Frontline research shows a clear split between bullish and bearish analysts, with price targets spanning a wide range and reflecting different views on dividend sustainability, tanker demand and current valuation.Seeking Alpha • Sep 08
Frontline: The Money Keeps Flowing In
Summary Frontline remains a rock-solid Strong Buy, driven by surging VLCC spot rates and optimal market exposure. FRO’s strategy of high spot market exposure and low cash breakeven maximizes upside, enabling a forward dividend yield exceeding 20%. Fleet expansion, especially in VLCCs, and robust earnings power support continued high shareholder returns even if rates moderate. Risks center on a potential Strait of Hormuz reopening, but current market dynamics and low fleet age sustain the bullish outlook. Read the full article on Seeking Alpha
Narrative Update • Sep 03
FRO: Elevated Spot Rates And Payouts Will Eventually Face Sharp Reversion
Analysts have lifted their Frontline price target to $41 from $37, citing robust Q2 2026 results, a reinstated full dividend policy with a special dividend, and what they view as strong financial health during a period of elevated spot rates. Analyst Commentary on Frontline Recent research on Frontline presents a split view.
New Narrative • Aug 28
FRO | Frontline: What They Said vs. What They Did
TheGapReport: Frontline plc (FRO) Q2 2026 (may 22 - aug 28) Frontline reported its August 2026 results against a backdrop it had spent the previous quarter describing as unprecedented. The May call established a framework: the Strait of Hormuz was effectively closed, the market was unlike anything in twenty-plus years of industry memory, and Frontline was navigating without a playbook.Narrative Update • Jul 20
FRO: Route Lengthening And Higher Margins Will Support Richer Future Multiples
Frontline's analyst fair value estimate has been raised by $3.00 to $44.25, as analysts weigh a higher $55 price target from BTIG and updated views on crude tanker demand, profit margins, and future P/E assumptions against more cautious Hold ratings and lower targets from other firms. Analyst Commentary Recent Street research on Frontline highlights a split view, with some bullish analysts lifting price targets and others shifting to more neutral stances.
Narrative Update • Jul 06
FRO: Post-War Tanker Demand And Dividend Payout Will Support Undervalued Earnings
Analysts have raised Frontline's fair value estimate and related price target to $55 from $45, citing updated views on tanker demand, inventory restocking by major Asian crude importers, and revised assumptions for revenue trends, margins, and future P/E expectations. Analyst Commentary Recent Street research on Frontline reflects a mix of views, but the latest fair value increase to US$55 highlights that some bullish analysts see room for further upside based on tanker demand assumptions, inventory restocking potential and revised P/E expectations.Narrative Update • Jun 22
FRO: Winter Tanker Earnings Surge Will Face Reversion And Softer Margins
Frontline's analyst fair value estimate has shifted modestly lower from $38.00 to $37.00, as analysts factor in recent downgrades to Hold with price targets around $39 to $40 and updated assumptions on revenue decline and higher profitability. Analyst Commentary Recent Street research on Frontline reflects a more cautious stance, with several bearish analysts shifting to Hold ratings and setting price targets that sit close to the current analyst fair value estimate.Analysis Article • Jun 20
Frontline (FRO) Stock Could Be 39.36% Below Fair Value As Momentum Builds
Frontline stock: why momentum and valuation are drawing fresh interest Frontline (NYSE:FRO) has moved onto more investor watchlists after its stock showed leading momentum in its industry, with technical indicators flashing potential buy signals and traders watching nearby support and resistance levels. See our latest analysis for Frontline. At a share price of $40.93, Frontline has seen strong short term momentum, with a 27.23% 90 day share price return and a very large 5 year total...Narrative Update • Jun 06
FRO: Future Margins And Dividend Strength Will Support Undervalued Earnings Power
Analysts have adjusted Frontline's fair value narrative, keeping the target at $45.00 while reflecting softer revenue and margin expectations and higher future P/E assumptions after several recent downgrades to Hold, with price targets around $39 to $40. Analyst Commentary Recent research on Frontline has shifted toward more neutral ratings, but the current target range around US$39 to US$40 still reflects a view that the stock can align with revised earnings and P/E assumptions over time.Narrative Update • May 21
FRO: Winter Tanker Setup Will Face Reversion Risk And Softer Margins
Analysts have lifted their Frontline price target from $28.50 to $38.00, reflecting updated views on fair value, discount rate, revenue trends, profit margins and future P/E, informed by recent Street research that includes both a higher target from BTIG and a downgrade to In Line at Evercore ISI on reversion risk. Analyst Commentary Recent Street research on Frontline points to a more balanced tone, with some bullish adjustments to price targets alongside a clearer set of risks.Narrative Update • May 03
FRO: Higher Earnings Quality Will Be Supported By Margins And Dividend Strength
Analysts now see Frontline's fair value at $45.00, down $1.00 from $46.00. The change reflects updated views on revenue trends, profit margins, and P/E assumptions after recent mixed Street research that included both price target hikes and a downgrade to In Line.Narrative Update • Apr 18
FRO: Higher Earnings Quality Will Be Driven By Margins And Winter Strength
Analysts raised their price target on Frontline by $5, citing updated assumptions around revenue trends, profit margins, and future P/E expectations that support the new valuation. Analyst Commentary Bullish analysts see the higher price target for Frontline as a signal that the market may not fully reflect current assumptions around revenue, margins, and P/E.Narrative Update • Apr 04
FRO: Winter Strength And Fleet Renewal Will Support Future Earnings Quality
Analysts have raised their fair value estimate for Frontline from $31.00 to $46.00, referencing updated assumptions around discount rates, revenue trends, profit margins, and future P/E that they see reflected in recent price target increases and rating changes on the stock. Analyst Commentary Recent Street research points to a more constructive view on Frontline, with bullish analysts adjusting both ratings and targets in a way that lines up with the higher fair value estimate.Narrative Update • Mar 20
FRO: Fleet Renewal Will Support Higher Future Earnings Multiples
Analysts have raised their average price target for Frontline by $5 to $28.33, citing recent upgrades and a modest adjustment to valuation inputs, including a slightly higher discount rate and updated forward P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts see the higher average price target of $28.33 as consistent with their updated forward P/E assumptions, suggesting the current valuation still leaves room for upside if execution aligns with forecasts.Narrative Update • Mar 06
FRO: Fleet Renewal And Time Charters Will Support Higher Future Earnings Multiples
Analysts have lifted their Frontline price target by $9.25 to $41.25, citing updated expectations around fair value, discount rates, revenue growth, profit margins, and future P/E assumptions as reflected in recent rating and target changes. Analyst Commentary Recent research takes a more constructive view on Frontline, with price targets clustered around the mid to high $20s and some analysts now willing to ascribe higher fair value based on updated assumptions for earnings power and risk.Narrative Update • Feb 20
FRO: Fleet Renewal And Time Charters Will Shape Balanced Forward Risk Profile
Analysts have raised their Frontline price target by $0.50 to $32.00, citing updated assumptions that include different revenue trends, higher profit margins, and a lower expected future P/E multiple. Analyst Commentary Recent research updates on Frontline highlight a mix of optimism on earnings power and some caution around how much of that is already reflected in the share price.Narrative Update • Feb 06
FRO: Modern Fleet Expansion Will Be Positioned To Capture Higher Winter Rates
Analysts have lifted their fair value estimate for Frontline from US$29.50 to US$31.50, citing updated assumptions on discount rates, revenue trends, margins and future P/E that align with recent Street research, which highlights higher price targets and improving views on the stock. Analyst Commentary Recent Street research has turned more constructive on Frontline, with higher price targets and rating upgrades feeding into the refreshed fair value estimate.Analysis Article • Jan 29
Frontline plc (NYSE:FRO) Stocks Shoot Up 27% But Its P/E Still Looks Reasonable
Frontline plc ( NYSE:FRO ) shareholders would be excited to see that the share price has had a great month, posting a...Narrative Update • Jan 23
FRO: Winter Tanker Strength Will Support Upside For Renewed VLCC Fleet
Analysts have adjusted their price target on Frontline to US$31 from US$30, citing recent rating upgrades and higher targets from firms that see a promising tanker market setup heading into the winter season. Analyst Commentary Recent Street research has leaned more positive on Frontline, with bullish analysts pointing to a constructive tanker backdrop into the winter season and adjusting their views accordingly.Narrative Update • Jan 09
FRO: Winter Tanker Setup And Higher Cash Returns Will Drive Upside
Narrative Update: Frontline Analyst Price Target Shift Analysts have lifted their fair value estimate for Frontline from $20.00 to $28.50, citing a revised price target of $26 and a generally more favorable tanker market setup into the winter season. Analyst Commentary Recent research commentary around Frontline highlights a more constructive view on the tanker setup into the winter season, with a higher fair value estimate and a revised price target of $26.Narrative Update • Dec 14
FRO: Winter Tanker Market Will Drive Upside For VLCC Heavy Fleet
Analysts have lifted their price target on Frontline to $30.00 from $25.00, citing a promising winter tanker market setup and expectations that the company’s modern, VLCC heavy fleet will outperform smaller tankers, supporting stronger margins and earnings. Analyst Commentary Bullish analysts are highlighting Frontline as a key beneficiary of what they view as a constructive winter tanker market, pointing to strong fundamentals and improving earnings visibility.Narrative Update • Nov 30
FRO: Modern VLCC Fleet Is Expected To Capture Higher Winter Rates
Frontline's analyst price target has increased from $27.80 to $29.50 per share. Analysts cite an encouraging tanker market outlook and expectations that its modern fleet will outperform in the coming season.Analysis Article • Nov 27
Frontline (NYSE:FRO) Has Announced That Its Dividend Will Be Reduced To $0.19
Frontline plc ( NYSE:FRO ) is reducing its dividend from last year's comparable payment to $0.19 on the 19th of...Narrative Update • Nov 15
FRO: Winter Season Will Shape Earnings Amid Modern Fleet Advantage
Analysts have increased their price target for Frontline from $27.20 to $27.80 per share, citing improved profit margin forecasts and a favorable outlook for the company's modern tanker fleet this winter. Analyst Commentary Recent Street Research highlights a generally optimistic outlook on Frontline, with analysts adjusting their models and price targets upward ahead of the winter tanker season.Narrative Update • Nov 01
FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum
Analysts have raised their price target for Frontline from $26.40 to $27.20. They cite greater profit margins and a stronger tanker market outlook heading into the winter season.Narrative Update • Oct 17
US Gulf Exports And Eco Fleet Will Boost Tanker Demand
Analysts have raised Frontline's price target by $1.00 to $26.40, citing expectations for the company's modern, VLCC-heavy fleet to outperform during the upcoming winter season. Analyst Commentary Bullish Takeaways Bullish analysts are raising price targets, reflecting greater confidence in the company's valuation outlook.Narrative Update • Oct 03
US Gulf Exports And Eco Fleet Will Boost Tanker Demand
Frontline's analyst price target has been increased by $0.62 to $25.40, as analysts cite anticipated outperformance from the company's modern, large vessel fleet and improving sector dynamics. Analyst Commentary Bullish analysts have responded positively to Frontline's updated fleet and market position, leading to higher price targets and renewed investor confidence.Narrative Update • Sep 17
US Gulf Exports And Eco Fleet Will Boost Tanker Demand
The modest increase in Frontline's consensus analyst price target to $24.78 reflects slightly improved revenue growth expectations, despite projections remaining negative. What's in the News Frontline plc announced a dividend of $0.36 per share for the second quarter of 2025.Seeking Alpha • Mar 24
Frontline: Challenges, Opportunities, And Tanker Business In 2025
Summary Frontline is one of the largest oil tanker companies, and like all companies in this field, Frontline is highly susceptible to market cycles. The financial situation of the company does not look the best, which is related to the specifics of its business. Frontline will be interested in buying closer to $14 per share. Read the full article on Seeking AlphaSeeking Alpha • Jan 01
Frontline: One Of The Most Aggressive Capital Structure In The Tanker Industry
Summary With a fleet of 82 tankers and a combined capacity of 17.9 million deadweight tons, Frontline is one of the world's largest tanker operators. With an average age of 6.4 years, Frontline's portfolio is also one of the youngest in the industry, second only to the one owned by Okeanis Eco Tankers. Using spot rates at the end of November 2024, Frontline would generate approximately $314.0 million in free cash flow annually, the equivalent of a free cash flow yield of ~10%. The aggressive capital structure composed of 53% debt is the key reason behind my hold rating. Although the debt load is manageable at current rates, it could change pretty quickly. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Frontline makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 2,715 | 1,487 | 65 | 0 |
| 31 Mar 26 | 2,251 | 905 | 64 | 0 |
| 31 Dec 25 | 1,965 | 379 | 51 | 0 |
| 30 Sep 25 | 1,766 | 218 | 42 | 0 |
| 30 Jun 25 | 1,824 | 238 | 34 | 0 |
| 31 Mar 25 | 1,900 | 348 | 35 | 0 |
| 31 Dec 24 | 2,050 | 496 | 36 | 0 |
| 30 Sep 24 | 2,040 | 547 | 48 | 0 |
| 30 Jun 24 | 1,927 | 595 | 57 | 0 |
| 31 Mar 24 | 1,883 | 638 | 56 | 0 |
| 31 Dec 23 | 1,802 | 656 | 54 | 0 |
| 30 Sep 23 | 1,917 | 777 | 58 | 0 |
| 30 Jun 23 | 1,922 | 826 | 56 | 0 |
| 31 Mar 23 | 1,710 | 646 | 53 | 0 |
| 31 Dec 22 | 1,430 | 476 | 47 | 0 |
| 30 Sep 22 | 1,114 | 252 | 35 | 0 |
| 30 Jun 22 | 903 | 63 | 28 | 0 |
| 31 Mar 22 | 773 | -15 | 27 | 0 |
| 31 Dec 21 | 749 | -15 | 26 | 0 |
| 30 Sep 21 | 711 | -40 | 34 | 0 |
| 30 Jun 21 | 786 | 50 | 38 | 0 |
| 31 Mar 21 | 1,003 | 276 | 39 | 0 |
| 31 Dec 20 | 1,221 | 413 | 44 | 0 |
| 30 Sep 20 | 1,384 | 531 | 44 | 0 |
| 30 Jun 20 | 1,324 | 464 | 45 | 0 |
| 31 Mar 20 | 1,130 | 265 | 46 | 0 |
| 31 Dec 19 | 957 | 140 | 45 | 0 |
| 30 Sep 19 | 836 | 57 | 41 | 0 |
| 30 Jun 19 | 836 | 69 | 39 | 0 |
| 31 Mar 19 | 810 | 45 | 38 | 0 |
| 31 Dec 18 | 741 | -9 | 37 | 0 |
| 30 Sep 18 | 702 | -283 | 37 | 0 |
| 30 Jun 18 | 655 | -309 | 37 | 0 |
| 31 Mar 18 | 637 | -306 | 39 | 0 |
| 31 Dec 17 | 645 | -265 | 38 | 0 |
| 30 Sep 17 | 642 | 2 | 41 | 0 |
| 30 Jun 17 | 660 | 31 | 41 | 0 |
| 31 Mar 17 | 702 | 65 | 39 | 0 |
| 31 Dec 16 | 752 | 117 | 41 | 0 |
| 30 Sep 16 | 724 | 157 | 34 | 0 |
| 30 Jun 16 | 674 | 214 | 27 | 0 |
| 31 Mar 16 | 585 | 278 | 20 | 0 |
| 31 Dec 15 | 452 | 286 | 11 | 0 |
| 30 Sep 15 | 376 | 294 | 3 | 0 |
Quality Earnings: FRO has a large one-off gain of $272.3M impacting its last 12 months of financial results to 30th June, 2026.
Growing Profit Margin: FRO's current net profit margins (54.8%) are higher than last year (13.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: FRO's earnings have grown significantly by 32% per year over the past 5 years.
Accelerating Growth: FRO's earnings growth over the past year (524.5%) exceeds its 5-year average (32% per year).
Earnings vs Industry: FRO earnings growth over the past year (524.5%) exceeded the Oil and Gas industry 28.9%.
Return on Equity
High ROE: FRO's Return on Equity (47.1%) is considered outstanding.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/21 01:57 |
| End of Day Share Price | 2026/09/21 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Frontline plc is covered by 17 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ABG Sundal Collier |
| Gregory Lewis | BTIG |
| Marius Furuly | Carnegie Investment Bank AB |