Recent News
On May 22, 2026 Frontline announced a cash dividend of $1.55 per share for the first quarter, with an ex-dividend date of June 12, 2026 and an expected payment date around June 23, 2026. The company also disclosed one-year time-charter agreements for seven VLCCs on the same reporting date, securing fixed revenue for those vessels.
Technical Analysis
ADX stands at 14.62, indicating no established trend; momentum rather than a directional trend currently governs price action. DI+ sits at 24.35 and shows an increasing pattern while DI- reads 22.53 and trends downward, a directional setup that favors bullish bias within a non-trending ADX regime.
MACD registers 0.08 and the MACD signal line sits at -0.10; the MACD shows a dip & reversal and has crossed above its signal line, signaling a bullish momentum shift that supports near-term upside potential.
MRO stands at 21.21 and remains positive, which implies the price sits above the model target and carries potential for mean reversion or downside corrective pressure despite the recent momentum turn.
RSI reads 52.05 with a dip & reversal, producing a neutral-to-slightly-bullish oscillator reading that no longer shows oversold conditions but leaves room for consolidation around current levels.
Price closed at $39.07, above the 20-day average ($35.59) and the 50-day average ($36.31), and sits above the upper Bollinger bands (upper 2x stddev $38.61), indicating short-term stretch. Ichimoku components (Tenkan $36.44, Kijun $36.77) sit below price, supporting the recent upward phase. Volume on the latest session (4,343,500) exceeded the 10-day average (2,866,400), suggesting elevated market interest during the move. These technicals, combined with a low ADX, point to momentum-driven gains that may invite consolidation or pullback while valuation holds fair value support.
Fundamental Analysis
Revenue for the period registers $714,242,000 with year-over-year revenue growth of 26.53% and a quarter-over-quarter change of -67.60%. Net income reached $559,120,000 and EBIT equaled $599,914,000, producing an EBIT margin of 83.99%, well above the industry peer mean of 23.72% and the industry peer median of 15.18%, and below the industry peer high of 90.67%.
EPS came in at $1.55 versus an estimate of $1.58, representing an EPS surprise of -1.90%. Forward EPS sits at $0.8786 with a forward PE of 40.30; the reported trailing PE reads 22.36. Price-to-book stands at 2.72, slightly above the industry peer mean of 2.51 and near the industry peer median of 2.38.
Balance-sheet metrics show total assets of $5,665,499,000, cash and short-term investments of $471,672,000, and net debt of $2,160,328,000. Debt-to-assets measures 46.44% while debt-to-EBITDA tracks at 4.39x. Interest coverage approximates 14.91x, reflecting meaningful earnings buffer against interest expense.
Operational efficiency reads: asset turnover 0.1251, return on equity 19.68%, and return on assets 9.79%. Free cash flow totaled $59,454,000 with a free cash flow yield of 0.77% and free cash growth that shows recent compression. Dividend payout ratio registers 41.01% with a dividend coverage ratio of 2.44; the declared $1.55 distribution for the quarter markedly raises near-term cash return to shareholders versus the trailing annual rate.
WMDST values the stock as fair-valued based on very strong margins, ample operating cash flow, a robust cash balance, and a capital structure that carries moderate leverage alongside high interest coverage. The valuation reflects a balance between premium profitability and an elevated forward PE profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-21 |
| NEXT REPORT DATE: | 2026-08-20 |
| CASH FLOW | Begin Period Cash Flow | $ 251.3 M |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -323.04 M | |
| Change In Working Capital | — | |
| Dividends Paid | $ -229.30 M | |
| Cash Flow Delta | $ 219.4 M | |
| End Period Cash Flow | $ 470.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 714.2 M | |
| Forward Revenue | $ 62.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 318.3 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 129.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 396.0 M | |
| EBITDA | $ 599.9 M | |
| EBIT | $ 599.9 M | |
| Operating Income | $ 585.1 M | |
| Interest Income | $ 2.7 M | |
| Interest Expense | $ 40.2 M | |
| Net Interest Income | $ -37.54 M | |
| Income Before Tax | $ 559.7 M | |
| Tax Provision | $ 570.0 K | |
| Tax Rate | 0.102 % | |
| Net Income | $ 559.1 M | |
| Net Income From Continuing Operations | $ 559.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.58 | |
| EPS Actual | $ 1.55 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -1.899 % | |
| Forward EPS | $ 0.88 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.7 B | |
| Intangible Assets | $ 112.5 M | |
| Net Tangible Assets | $ 2.7 B | |
| Total Current Assets | $ 959.1 M | |
| Cash and Short-Term Investments | $ 471.7 M | |
| Cash | $ 470.8 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 5.6 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 279.6 M | |
| Total Current Liabilities | $ 471.5 M | |
| Net Debt | $ 2.2 B | |
| Total Debt | $ 2.6 B | |
| Total Liabilities | $ 2.8 B | |
| EQUITY | ||
| Total Equity | $ 2.8 B | |
| Retained Earnings | $ 1.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.76 | |
| Shares Outstanding | 222.623 M | |
| Revenue Per-Share | $ 3.21 | |
| VALUATION | Market Capitalization | $ 7.7 B |
| Enterprise Value | $ 9.9 B | |
| Enterprise Multiple | 16.463 | |
| Enterprise Multiple QoQ | -49.019 % | |
| Enterprise Multiple YoY | -76.641 % | |
| Enterprise Multiple IPRWA | high: 81.733 median: 47.168 mean: 46.514 FRO: 16.463 low: -32.361 |
|
| EV/R | 13.828 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.994 | |
| Asset To Liability | 2.006 | |
| Debt To Capital | 0.481 | |
| Debt To Assets | 0.464 | |
| Debt To Assets QoQ | -12.898 % | |
| Debt To Assets YoY | -22.336 % | |
| Debt To Assets IPRWA | high: 0.831 mean: 0.5 median: 0.482 FRO: 0.464 low: 0.0 |
|
| Debt To Equity | 0.926 | |
| Debt To Equity QoQ | -24.192 % | |
| Debt To Equity YoY | -41.235 % | |
| Debt To Equity IPRWA | high: 3.154 mean: 1.391 median: 1.147 FRO: 0.926 low: -2.33 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.716 | |
| Price To Book QoQ | 10.708 % | |
| Price To Book YoY | 71.88 % | |
| Price To Book IPRWA | high: 4.045 FRO: 2.716 mean: 2.513 median: 2.38 low: -1.858 |
|
| Price To Earnings (P/E) | 22.363 | |
| Price To Earnings QoQ | -16.769 % | |
| Price To Earnings YoY | -75.654 % | |
| Price To Earnings IPRWA | high: 104.347 mean: 58.845 median: 53.899 FRO: 22.363 low: -4.218 |
|
| PE/G Ratio | 0.443 | |
| Price To Sales (P/S) | 10.804 | |
| Price To Sales QoQ | 9.515 % | |
| Price To Sales YoY | 25.59 % | |
| Price To Sales IPRWA | high: 40.101 FRO: 10.804 mean: 10.529 median: 7.565 low: 0.297 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 40.299 | |
| Forward PE/G | 0.798 | |
| Forward P/S | 144.981 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 8.062 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.125 | |
| Asset Turnover Ratio QoQ | 14.823 % | |
| Asset Turnover Ratio YoY | 80.676 % | |
| Asset Turnover Ratio IPRWA | high: 0.229 median: 0.143 mean: 0.129 FRO: 0.125 low: 0.031 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.465 | |
| CapEx To Revenue | -0.452 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.2 B | |
| Net Invested Capital | $ 5.5 B | |
| Invested Capital | $ 5.5 B | |
| Net Tangible Assets | $ 2.7 B | |
| Net Working Capital | $ 487.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.0 | |
| Current Ratio | 2.034 | |
| Current Ratio QoQ | 42.289 % | |
| Current Ratio YoY | 11.478 % | |
| Current Ratio IPRWA | high: 2.723 FRO: 2.034 median: 0.91 mean: 0.868 low: 0.419 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.386 | |
| Cost Of Debt | 1.41 % | |
| Interest Coverage Ratio | 14.914 | |
| Interest Coverage Ratio QoQ | 162.034 % | |
| Interest Coverage Ratio YoY | 854.872 % | |
| Interest Coverage Ratio IPRWA | FRO: 14.914 high: 7.99 mean: 3.725 median: 3.326 low: -3.651 |
|
| Operating Cash Flow Ratio | 0.0 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.438 | |
| Dividend Payout Ratio | 0.41 | |
| Dividend Rate | $ 1.03 | |
| Dividend Yield | 0.03 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.532 % | |
| Revenue Growth | 14.369 % | |
| Revenue Growth QoQ | -67.596 % | |
| Revenue Growth YoY | 2652.682 % | |
| Revenue Growth IPRWA | high: 48.819 % FRO: 14.369 % mean: 7.016 % median: 6.1 % low: -8.088 % |
|
| Earnings Growth | 50.485 % | |
| Earnings Growth QoQ | -88.581 % | |
| Earnings Growth YoY | -604.85 % | |
| Earnings Growth IPRWA | high: 56.098 % FRO: 50.485 % median: 6.579 % mean: 3.571 % low: -64.352 % |
|
| MARGINS | ||
| Gross Margin | 55.438 % | |
| Gross Margin QoQ | 19.835 % | |
| Gross Margin YoY | 123.171 % | |
| Gross Margin IPRWA | high: 79.464 % FRO: 55.438 % mean: 30.702 % median: 22.739 % low: 6.242 % |
|
| EBIT Margin | 83.993 % | |
| EBIT Margin QoQ | 88.723 % | |
| EBIT Margin YoY | 266.382 % | |
| EBIT Margin IPRWA | high: 90.67 % FRO: 83.993 % mean: 23.722 % median: 15.18 % low: -23.701 % |
|
| Return On Sales (ROS) | 81.923 % | |
| Return On Sales QoQ | 88.225 % | |
| Return On Sales YoY | 257.352 % | |
| Return On Sales IPRWA | FRO: 81.923 % high: 57.736 % mean: 21.862 % median: 14.92 % low: -0.941 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 59.5 M | |
| Free Cash Flow Yield | 0.77 % | |
| Free Cash Flow Yield QoQ | -82.839 % | |
| Free Cash Flow Yield YoY | -79.384 % | |
| Free Cash Flow Yield IPRWA | high: 7.0 % mean: 1.239 % median: 0.97 % FRO: 0.77 % low: -2.314 % |
|
| Free Cash Growth | -78.495 % | |
| Free Cash Growth QoQ | -147.626 % | |
| Free Cash Growth YoY | 392.44 % | |
| Free Cash Growth IPRWA | high: 573.333 % median: -58.497 % FRO: -78.495 % mean: -136.944 % low: -749.778 % |
|
| Free Cash To Net Income | 0.106 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | 0.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 9.793 % | |
| Return On Assets QoQ | 146.303 % | |
| Return On Assets YoY | 1716.883 % | |
| Return On Assets IPRWA | FRO: 9.793 % high: 2.203 % mean: 1.423 % median: 1.339 % low: -0.072 % |
|
| Return On Capital Employed (ROCE) | 11.55 % | |
| Return On Equity (ROE) | 0.197 | |
| Return On Equity QoQ | 116.825 % | |
| Return On Equity YoY | 1277.117 % | |
| Return On Equity IPRWA | FRO: 0.197 high: 0.185 mean: 0.043 median: 0.036 low: 0.003 |
|
| DuPont ROE | 20.892 % | |
| Return On Invested Capital (ROIC) | 10.952 % | |
| Return On Invested Capital QoQ | 120.985 % | |
| Return On Invested Capital YoY | 610.246 % | |
| Return On Invested Capital IPRWA | FRO: 10.952 % high: 4.282 % median: 2.758 % mean: 2.408 % low: 1.351 % |
|