Frontline - Public Comps and Valuation Multiples

Frontline Overview

About Frontline

Frontline PLC is an international shipping company engaged in the seaborne transportation of crude oil and oil products. Group operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. Its geographical area of operation includes Arabian Gulf, West African, the North Sea, and the Caribbean. Frontline earns revenue through voyage charters, time charters, and a finance lease. It is also involved in the charter, purchase, and sale of vessels.

Founded

1992

HQ

Employees

Website

frontlineplc.cy

Sectors

Energy Services
Fossil Fuels

Financials

LTM Revenue $1.2B

LTM EBITDA $952M

EV

$8.9B

Valuation Multiples

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Frontline Financials

As of December 2025, Frontline reported last 12-month revenue of $1.2B and EBITDA of $952M.

In the same period, Frontline generated $981M in LTM gross profit and $403M in net income.

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Frontline P&L

In the most recent fiscal year, Frontline reported revenue of $2.1B and EBITDA of $1.1B.

Frontline expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$1.2B	XXX	$2.1B	XXX	XXX	XXX
Gross Profit	$981M	XXX	$706M	XXX	XXX	XXX
Gross Margin	79%	XXX	34%	XXX	XXX	XXX
EBITDA	$952M	XXX	$1.1B	XXX	XXX	XXX
EBITDA Margin	77%	XXX	56%	XXX	XXX	XXX
EBIT	$622M	XXX	$670M	XXX	XXX	XXX
EBIT Margin	50%	XXX	33%	XXX	XXX	XXX
Net Profit	$403M	XXX	$496M	XXX	XXX	XXX
Net Margin	32%	XXX	24%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Frontline including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $952M. In the most recent fiscal year, Frontline achieved $2.1B in revenue and $1.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$981M	Analyst estimates available to subscribers	$706M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	78.8% gross margin	Analyst estimates available to subscribers	34.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$952M	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	76.5% EBITDA margin	Analyst estimates available to subscribers	55.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$622M	Analyst estimates available to subscribers	$670M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	50.0% EBIT margin	Analyst estimates available to subscribers	32.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$403M	Analyst estimates available to subscribers	$496M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	32.4% net profit margin	Analyst estimates available to subscribers	24.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Frontline

This financial data table provides comprehensive performance metrics for Frontline, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Frontline generated $1.2B in revenue over the last twelve months.
The company achieved $952M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $981M.
Net income over the last twelve months reached $403M.

Fiscal Year Performance

In the most recent fiscal year, Frontline reported $2.1B in total revenue.
Fiscal year EBITDA was $1.1B.
The company maintained a gross profit margin of 34.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 55.8%.
Net profit margin reached 24.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Frontline. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Frontline Stock Performance

Frontline has current market cap of $5.9B, and EV of $8.9B.

Market Cap Evolution

Frontline Stock Data

As of January 16, 2026, Frontline's stock price is $26.

See Frontline trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.9B	$5.9B	XXX	XXX	XXX	XXX	$1.81

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Frontline Valuation Multiples

Frontline's trades at 7.2x EV/Revenue multiple, and 9.3x EV/EBITDA.

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Frontline Financial Valuation Multiples

As of January 16, 2026, Frontline has market cap of $5.9B and EV of $8.9B.

Equity research analysts estimate Frontline's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Frontline has a P/E ratio of 14.5x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$5.9B	XXX	$5.9B	XXX	XXX	XXX
EV (current)	$8.9B	XXX	$8.9B	XXX	XXX	XXX
EV/Revenue	7.2x	XXX	7.2x	XXX	XXX	XXX
EV/EBITDA	9.3x	XXX	9.3x	XXX	XXX	XXX
EV/EBIT	14.3x	XXX	14.3x	XXX	XXX	XXX
EV/Gross Profit	9.1x	XXX	n/a	XXX	XXX	XXX
P/E	14.5x	XXX	14.5x	XXX	XXX	XXX
EV/FCF	12.7x	XXX	12.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Frontline Margins & Growth Rates

Frontline's last 12 month revenue growth is 20%

Frontline's revenue per employee in the last FY averaged $23.6M, while opex per employee averaged $0.4M for the same period.

Frontline's rule of 40 is 79% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Frontline's rule of X is 125% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Frontline Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	20%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	77%	XXX	77%	XXX	XXX	XXX
EBITDA Growth	26%	XXX	-5%	XXX	XXX	XXX
Rule of 40	79%	XXX	96%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	125%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$23.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	2%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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