| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 83 | 7.3x | 17.8x | Top tier | |
Growth | 74 | 52.2% | 7.1% | Top tier | |
Quality | 81 | 23.1% | 4.5% | Top tier | |
Safety | 75 | 1.1x | 2.6x | Top tier | |
Capital Return | 78 | 1.89% | 2.12% | Top tier | |
Momentum | 99 | 96.8% | 2.9% | Top tier | |
Sentiment | 42 | 4 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Frontline Plc operates an oil transportation fleet comprising VLCC, Suezmax, and Aframax/LR2 tankers, and generates revenue from vessel operating days and time charter equivalent TCE rates. Following the delivery of the remaining new VLCC tankers and the sale of two tankers in the same class, the fleet will consist of 40 VLCC tankers, 19 Suezmax tankers, and 18 Aframax/LR2 tankers, with an average age of 6.6 years; all vessels will be ECO-design, with 69% fitted with exhaust gas cleaning systems.
In Q2 fiscal 2026, Frontline recorded the highest quarterly earnings in its history: net income reached $659 million, or $2.96 per share, while adjusted profit reached $580 million, or $2.61 per share. Adjusted profit increased by $235 million from the previous quarter, driven primarily by higher TCE earnings, while vessel operating expenses decreased by $4.3 million, administrative expenses by $2.4 million, adjusted interest expense by $4.8 million, and depreciation by $4.7 million.
The fleet mix in Q2 fiscal 2026 reflected strength across all classes, with VLCC tankers achieving a TCE rate of $153 thousand per day, compared with $111 thousand for Suezmax tankers and $92.4 thousand for LR2/Aframax tankers. The Q2 data does not include a revenue figure or gross margin, but the annual comparison shows that fiscal 2025 revenue totaled $2 billion and net income was $379.1 million, down from $2.2 billion and $495.6 million in fiscal 2024.
The analyst consensus on FRO is neutral, with an average price target of $29.1 and targets ranging from $12.49 to $42; this wide range reflects significant disagreement over how long exceptional tanker earnings will persist. The average target is below the upper end of the 52-week range of $45.29, while the data does not provide a valid price-to-earnings multiple, so the stock's valuation rests primarily on the sustainability of TCE rates and cash flows versus the risk of orderbook growth and the decline in annual earnings in fiscal 2025.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Frontline recorded net income of $659 million, or $2.96 per share, and adjusted profit of $580 million, or $2.61 per share. Adjusted profit increased by $235 million from the previous quarter, which the company attributed primarily to higher TCE earnings. Daily TCE rates reached $153 thousand for VLCC tankers, $111 thousand for Suezmax tankers, and $92.4 thousand for LR2/Aframax tankers. A $4.3 million decrease in vessel operating expenses and a $4.8 million decrease in adjusted interest expense from the previous quarter also helped.
Following the delivery of the remaining new VLCC tankers and the sale of two tankers in the same class, the fleet will consist of 40 VLCC tankers, 19 Suezmax tankers, and 18 Aframax/LR2 tankers. The fleet's average age will be 6.6 years, and all vessels will be ECO-design. 69% of the vessels will be fitted with exhaust gas cleaning systems. The presence of 40 VLCC tankers gives the company concentrated exposure to the long-haul crude transportation market.
Automated analysis for informational purposes only — not investment advice.
Management said on August 28, 2026 that crude exports from within the Strait of Hormuz had fallen by 82%, alongside heightened risks in the Gulf of Oman, the Red Sea, and the Black Sea. Longer shipping routes and multiple STS transfers increased idle days per VLCC tanker by 23%, despite lower volumes of some transported oil. This tightening of the effective vessel supply supported the freight rates received by Frontline. However, the continuation of the effect depends on the duration of the disruptions and the ability of the United States, China, and other countries to continue drawing down inventories.
On August 28, 2026, the company estimated average cash breakeven rates for the following twelve months at approximately $23.8 thousand per day for VLCC tankers, $25.7 thousand for Suezmax tankers, and $22.2 thousand for LR2 tankers. The fleet average is approximately $23.9 thousand per day including drydocking costs and declines to $22.3 thousand excluding them. The plan includes drydocking 7 VLCC tankers, 7 Suezmax tankers, and 8 LR2 tankers during that period. The fleet's average daily operating expense, excluding drydocking, was $8.7 thousand in Q2 fiscal 2026.
The VLCC orderbook reached approximately 33.5% of the existing fleet according to the August 28, 2026 presentation. Management believes the ratio approaches 40% when excluding approximately 166 to 167 vessels that do not participate in the effective commercial market. Across the vessel classes in which Frontline operates, the orderbook-to-fleet ratio approaches the mid-30% range. Meanwhile, 578 vessels will move toward 20 years of age within five years, but management explained that assuming no scrapping leaves the risk of excess supply in place.
As of June 30, 2026, Frontline disclosed strong liquidity, including $1.2 billion of cash and cash equivalents according to the unit stated in the call, in addition to $91 million of undrawn revolving facility capacity. There are no material debt maturities until 2030, and the weighted average interest margin is expected to decline from 178 to 126 basis points upon completion of the Q3 fiscal 2026 measures. Commitments for nine new vessels total $601 million, compared with secured new financing of up to $737 million. Management also confirmed that its policy focuses on distributing funds to shareholders and distributed the approximately $270 million proceeds from the sale of two VLCC tankers instead of reinvesting them at prevailing asset prices.
