Recent News
March 27, 2026 — Frontline filed its annual report and announced changes to board composition. April–May 2026 — the company arranged term loan facilities totaling up to $737.0 million to partially finance nine vessels. April 2026 — Frontline agreed to sell two older Suezmax tankers; the company also completed disposals of older VLCCs to accelerate fleet renewal. May 2026 — management received synthetic option grants with staged vesting.
Technical Analysis
ADX: ADX at 24.86 indicates an emerging trend strength; trend signals require confirmation before declaring a durable directional bias relative to the fair-valued status.
DI+ / DI-: DI+ registered a peak-and-reversal (bearish), while DI- shows a decreasing trend (bullish). Those opposing directional signals produce a mixed directional footprint, consistent with an emerging but fragile trend environment.
MACD: MACD sits at 1.50, above the signal line at 0.73, and the MACD trend increases; the recent crossover and rising MACD reflect bullish momentum that supports near-term upside pressure on price.
MRO (Momentum/Regression Oscillator): MRO reads 33.67 (positive), indicating price currently lies above the model target and therefore a greater probability of corrective downward pressure exists if momentum fades.
RSI: RSI at 57.5 and rising shows constructive buying momentum without reaching overbought levels, allowing room for additional near-term appreciation before overextension risks emerge.
Price vs. Moving Averages & Structure: Last close $42.88 sits above the 20-day ($37.16), 50-day ($35.60) and 200-day ($27.70) averages; the 12-day EMA shows a dip-and-reversal consistent with short-term bullish re-acceleration. Price reached a new 52-week high relative to the prior 52-week high of $41.87, reinforcing short-term positive bias but increasing mean-reversion risk noted by MRO.
Fundamental Analysis
Top-line and margins: Total revenue for the period: $714,242,000, with year-over-year revenue growth ~26.53% and quarter-over-quarter revenue change -67.60%. Operating income of $585,125,000 and EBIT of $599,914,000 produced an EBIT margin of 83.99%, well above the industry peer mean (23.72%) and median (15.18%) while remaining below the industry peer high (90.67%). Gross margin at 55.44% and operating margin at 81.92% both demonstrate outsized profitability versus typical peers in the oil & gas storage and transportation group.
Earnings and per-share metrics: Reported EPS $1.55 versus an estimate $1.58, an EPS surprise of about -1.90%. Forward EPS sits around $0.88 and forward P/E near 40.30x; trailing P/E ~22.36x. PEG and forward PEG figures indicate elevated near-term multiples versus expected growth, and WMDST retains a fair-valued assessment.
Cash, liquidity, and capital allocation: Cash and short-term investments total $471,672,000, with free cash flow $59,454,000 and free cash flow yield ~0.77%. Capital expenditures outflow approximately $323,042,000, reflecting ongoing fleet investment and renewal. The cash ratio near 1.00 and current ratio ~2.03 reflect ample short-term liquidity to support operations and capex plans.
Leverage and coverage: Total debt ~$2.63 billion with net debt ~$2.16 billion. Debt-to-equity ~0.93 and debt-to-EBITDA ~4.39 indicate leverage consistent with capital-intensive shipping peers; interest coverage ~14.91x sits materially above the industry peer mean (~3.73x), signaling comfortable ability to service interest expense at current operating levels.
Returns and efficiency: Return on equity ~19.68% and return on assets ~9.79% show strong profitability on invested capital. Asset turnover ~0.1251 remains low, reflecting the asset-heavy nature of tanker operations; QoQ and YoY changes show significant variability tied to fleet transactions and timing of charter revenues.
Valuation wrap: Enterprise value metrics (EVR ~13.83; enterprise multiple ~16.46) and the balance of strong margins, elevated returns, and meaningful capex and debt point toward WMDST’s fair-valued conclusion for Frontline at present.
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 % |
|