Recent News
On May 13, 2026 TORM announced a dividend distribution and published a financial outlook for 2026. On April 15, 2026 shareholders approved all resolutions at the Annual General Meeting. On March 16, 2026 the company increased share capital following the exercise of restricted share units. On March 5, 2026 TORM set the 2026 AGM date and tabled an off‑market share buyback authority vote.
Technical Analysis
ADX reads 30.69, indicating a strong market trend that magnifies directional moves and increases the near-term significance of directional indicator shifts.
DI+ shows a peak & reversal while DI- shows a dip & reversal, a configuration that signals a shift toward selling pressure as the negative directional index strengthens relative to the positive index.
MACD displays a peak & reversal and the MACD value (0.97) sits below its signal line (1.16), confirming bearish momentum rather than a bullish crossover.
MRO at 34.76 (peak & reversal) places the current price above the model target and implies downward pressure from mean‑reversion forces.
RSI at 60.74 with a peak & reversal indicates the momentum oscillator pulled back from recent strength and now favors cooling price action.
The 12‑day EMA shows a peak & reversal; the last close ($32.03) sits below the 20‑day average ($32.99) but above the 50‑day ($29.62) and 200‑day ($23.41), so short‑term momentum weakens while medium/longer averages still support higher price levels.
Bollinger band topology centers near the current price (upper ~ $34.13, lower ~ $31.86), implying limited immediate volatility expansion; volume recent averages exceed 10‑day average liquidity but daily volume on the latest session (893,219) trailed the 10‑day average (1,112,912), suggesting muted conviction behind the latest move.
Fundamental Analysis
Profitability and margins: EBIT equals $97.6M and EBITDA $153.6M. Operating (EBIT) margin stands at 27.7%, above the industry peer mean of 20.2% and inside the industry peer range. Quarter‑over‑quarter EBIT margin contracted by 7.48% and year‑over‑year by 5.66%, signaling margin pressure despite still‑solid absolute profitability.
Earnings and valuation multiples: Reported EPS amounted to $1.17 versus an estimate of $1.23, an EPS surprise of -4.88%. Trailing PE equals 27.56 while forward PE registers 42.90; the forward multiple implies higher expectations embedded in future earnings estimates. WMDST values the stock as over‑valued given current multiples and cash‑flow dynamics.
Cash flow and liquidity: Operating cash flow totaled $135.0M but free cash flow registered negative at -$82.7M, producing a free cash flow yield of -3.48%. Cash and short‑term investments equal $158.1M against net debt of $845.0M and debt/EBITDA of 6.53x, a leverage profile that increases sensitivity to weaker cash generation.
Capital allocation and returns: Dividend yield stands at 2.65% with a payout ratio of 72.35% and dividend coverage roughly 1.38x, indicating distributions consume a large share of reported earnings. Return on equity equals 3.94% while return on assets equals 2.64%, both positive but modest relative to capital employed.
Operational efficiency: Asset turnover sits at 0.107, with slight QoQ improvement and a YoY pickup; working capital metrics show days sales outstanding near 51.7 and inventory days about 37.7, producing a cash conversion cycle near the industry peer mean. The company continues a fleet renewal and incentive program that produced a small capital increase related to RSU exercises.
Valuation summary: Enterprise multiple stands near 20.95 and forward fundamentals show elevated forward PE and forward PS measures relative to historical operating cash dynamics. Negative free cash flow and meaningful net debt drive WMDST’s over‑valued conclusion despite above‑mean operating margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-05-13 |
| NEXT REPORT DATE: | 2026-08-12 |
| CASH FLOW | Begin Period Cash Flow | $ 219.7 M |
| Operating Cash Flow | $ 135.0 M | |
| Capital Expenditures | $ -217.70 M | |
| Change In Working Capital | $ -13.70 M | |
| Dividends Paid | $ -62.80 M | |
| Cash Flow Delta | $ -56.20 M | |
| End Period Cash Flow | $ 163.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 352.6 M | |
| Forward Revenue | $ 115.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 156.4 M | |
| Depreciation | $ 56.0 M | |
| Depreciation and Amortization | $ 56.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 255.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 196.2 M | |
| EBITDA | $ 153.6 M | |
| EBIT | $ 97.6 M | |
| Operating Income | $ 97.6 M | |
| Interest Income | $ 300.0 K | |
| Interest Expense | $ 10.0 M | |
| Net Interest Income | $ -13.10 M | |
| Income Before Tax | $ 87.6 M | |
| Tax Provision | $ 800.0 K | |
| Tax Rate | 0.913 % | |
| Net Income | $ 86.8 M | |
| Net Income From Continuing Operations | $ 86.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.23 | |
| EPS Actual | $ 1.17 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -4.878 % | |
| Forward EPS | $ 1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.4 B | |
| Intangible Assets | $ 5.8 M | |
| Net Tangible Assets | $ 2.2 B | |
| Total Current Assets | $ 531.9 M | |
| Cash and Short-Term Investments | $ 158.1 M | |
| Cash | $ 158.1 M | |
| Net Receivables | $ 214.7 M | |
| Inventory | $ 66.5 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 41.0 M | |
| Short-Term Debt | $ 288.8 M | |
| Total Current Liabilities | $ 401.4 M | |
| Net Debt | $ 845.0 M | |
| Total Debt | $ 1.0 B | |
| Total Liabilities | $ 1.2 B | |
| EQUITY | ||
| Total Equity | $ 2.2 B | |
| Retained Earnings | $ 1.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.74 | |
| Shares Outstanding | 101.333 M | |
| Revenue Per-Share | $ 3.48 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | 20.953 | |
| Enterprise Multiple QoQ | 18.721 % | |
| Enterprise Multiple YoY | 64.067 % | |
| Enterprise Multiple IPRWA | high: 144.859 median: 51.908 mean: 48.853 TRMD: 20.953 low: -65.226 |
|
| EV/R | 9.128 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.529 | |
| Asset To Liability | 2.892 | |
| Debt To Capital | 0.313 | |
| Debt To Assets | 0.298 | |
| Debt To Assets QoQ | 5.923 % | |
| Debt To Assets YoY | 525.357 % | |
| Debt To Assets IPRWA | high: 1.127 mean: 0.311 TRMD: 0.298 median: 0.212 low: 0.001 |
|
| Debt To Equity | 0.455 | |
| Debt To Equity QoQ | 9.004 % | |
| Debt To Equity YoY | 471.418 % | |
| Debt To Equity IPRWA | high: 3.344 mean: 0.837 TRMD: 0.455 median: 0.399 low: -3.329 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.078 | |
| Price To Book QoQ | 12.249 % | |
| Price To Book YoY | 16.16 % | |
| Price To Book IPRWA | high: 8.357 mean: 3.622 median: 2.592 TRMD: 1.078 low: -0.575 |
|
| Price To Earnings (P/E) | 27.555 | |
| Price To Earnings QoQ | 11.541 % | |
| Price To Earnings YoY | 4.54 % | |
| Price To Earnings IPRWA | high: 504.154 mean: 85.572 median: 65.213 TRMD: 27.555 low: -287.212 |
|
| PE/G Ratio | 23.156 | |
| Price To Sales (P/S) | 6.731 | |
| Price To Sales QoQ | 11.594 % | |
| Price To Sales YoY | 6.849 % | |
| Price To Sales IPRWA | high: 30.237 mean: 8.81 median: 8.163 TRMD: 6.731 low: 0.004 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 42.9 | |
| Forward PE/G | 36.051 | |
| Forward P/S | 48.049 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.638 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.107 | |
| Asset Turnover Ratio QoQ | 3.378 % | |
| Asset Turnover Ratio YoY | 21.078 % | |
| Asset Turnover Ratio IPRWA | high: 0.449 median: 0.164 mean: 0.157 TRMD: 0.107 low: -0.007 |
|
| Receivables Turnover | 1.765 | |
| Receivables Turnover Ratio QoQ | -8.365 % | |
| Receivables Turnover Ratio YoY | 7.45 % | |
| Receivables Turnover Ratio IPRWA | high: 5.928 mean: 2.395 TRMD: 1.765 median: 1.472 low: -0.071 |
|
| Inventory Turnover | 2.379 | |
| Inventory Turnover Ratio QoQ | 0.609 % | |
| Inventory Turnover Ratio YoY | 10.678 % | |
| Inventory Turnover Ratio IPRWA | high: 24.964 mean: 3.114 TRMD: 2.379 median: 1.549 low: 0.0 |
|
| Days Sales Outstanding (DSO) | 51.694 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 67.304 | |
| Cash Conversion Cycle Days QoQ | 7.138 % | |
| Cash Conversion Cycle Days YoY | -0.671 % | |
| Cash Conversion Cycle Days IPRWA | high: 241.381 mean: 68.376 TRMD: 67.304 median: 50.09 low: -110.041 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.702 | |
| CapEx To Revenue | -0.617 | |
| CapEx To Depreciation | -3.888 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.9 B | |
| Net Invested Capital | $ 3.2 B | |
| Invested Capital | $ 3.2 B | |
| Net Tangible Assets | $ 2.2 B | |
| Net Working Capital | $ 130.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.394 | |
| Current Ratio | 1.325 | |
| Current Ratio QoQ | -43.97 % | |
| Current Ratio YoY | -38.536 % | |
| Current Ratio IPRWA | high: 9.333 mean: 1.904 median: 1.357 TRMD: 1.325 low: 0.134 |
|
| Quick Ratio | 1.159 | |
| Quick Ratio QoQ | -43.936 % | |
| Quick Ratio YoY | -39.495 % | |
| Quick Ratio IPRWA | high: 4.561 mean: 1.318 TRMD: 1.159 median: 1.0 low: 0.132 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.531 | |
| Cost Of Debt | 1.042 % | |
| Interest Coverage Ratio | 9.76 | |
| Interest Coverage Ratio QoQ | 125.67 % | |
| Interest Coverage Ratio YoY | 61.214 % | |
| Interest Coverage Ratio IPRWA | high: 39.087 mean: 11.365 TRMD: 9.76 median: 8.484 low: -33.464 |
|
| Operating Cash Flow Ratio | 0.29 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 22.124 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.382 | |
| Dividend Payout Ratio | 0.724 | |
| Dividend Rate | $ 0.62 | |
| Dividend Yield | 0.026 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.294 % | |
| Revenue Growth | 2.919 % | |
| Revenue Growth QoQ | -66.421 % | |
| Revenue Growth YoY | -116.285 % | |
| Revenue Growth IPRWA | high: 34.86 % mean: 4.223 % median: 3.138 % TRMD: 2.919 % low: -35.909 % |
|
| Earnings Growth | 1.19 % | |
| Earnings Growth QoQ | -97.965 % | |
| Earnings Growth YoY | -102.678 % | |
| Earnings Growth IPRWA | high: 100.0 % median: 13.043 % TRMD: 1.19 % mean: -3.848 % low: -180.0 % |
|
| MARGINS | ||
| Gross Margin | 55.644 % | |
| Gross Margin QoQ | 3.833 % | |
| Gross Margin YoY | 4.384 % | |
| Gross Margin IPRWA | high: 112.815 % TRMD: 55.644 % mean: 32.888 % median: 23.734 % low: -55.164 % |
|
| EBIT Margin | 27.68 % | |
| EBIT Margin QoQ | -7.48 % | |
| EBIT Margin YoY | -5.655 % | |
| EBIT Margin IPRWA | high: 89.962 % TRMD: 27.68 % median: 20.671 % mean: 20.247 % low: -49.953 % |
|
| Return On Sales (ROS) | 27.68 % | |
| Return On Sales QoQ | -2.935 % | |
| Return On Sales YoY | -5.655 % | |
| Return On Sales IPRWA | high: 89.962 % TRMD: 27.68 % mean: 23.41 % median: 17.014 % low: -39.283 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -82.70 M | |
| Free Cash Flow Yield | -3.484 % | |
| Free Cash Flow Yield QoQ | -186.753 % | |
| Free Cash Flow Yield YoY | 160.778 % | |
| Free Cash Flow Yield IPRWA | high: 16.533 % mean: 2.754 % median: 2.695 % TRMD: -3.484 % low: -11.389 % |
|
| Free Cash Growth | -199.639 % | |
| Free Cash Growth QoQ | 429.715 % | |
| Free Cash Growth YoY | 42.313 % | |
| Free Cash Growth IPRWA | high: 551.834 % mean: 112.771 % median: 102.681 % TRMD: -199.639 % low: -381.04 % |
|
| Free Cash To Net Income | -0.953 | |
| Cash Flow Margin | 32.984 % | |
| Cash Flow To Earnings | 1.34 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.644 % | |
| Return On Assets QoQ | 12.319 % | |
| Return On Assets YoY | 17.147 % | |
| Return On Assets IPRWA | high: 9.738 % TRMD: 2.644 % median: 2.187 % mean: 1.784 % low: -7.028 % |
|
| Return On Capital Employed (ROCE) | 3.291 % | |
| Return On Equity (ROE) | 0.039 | |
| Return On Equity QoQ | 9.32 % | |
| Return On Equity YoY | 5.206 % | |
| Return On Equity IPRWA | high: 0.291 mean: 0.071 median: 0.04 TRMD: 0.039 low: -0.247 |
|
| DuPont ROE | 3.986 % | |
| Return On Invested Capital (ROIC) | 3.017 % | |
| Return On Invested Capital QoQ | -8.769 % | |
| Return On Invested Capital YoY | -104.786 % | |
| Return On Invested Capital IPRWA | high: 10.203 % mean: 3.111 % TRMD: 3.017 % median: 2.799 % low: -9.387 % |
|