Frontline plc

NYSE:FRO Stock Report

Market Cap: US$7.7b

Frontline Future Growth

Future criteria checks 1/6

Frontline's revenue and earnings are forecast to decline at 17.4% and 17.8% per annum respectively. EPS is expected to decline by 14.3% per annum. Return on equity is forecast to be 31.5% in 3 years.

Key information

-17.8%

Earnings growth rate

-14.34%

EPS growth rate

Oil and Gas earnings growth10.9%
Revenue growth rate-17.4%
Future return on equity31.49%
Analyst coverage

Good

Last updated26 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 21

FRO: Winter Tanker Setup Will Face Reversion Risk And Softer Margins

Analysts have lifted their Frontline price target from $28.50 to $38.00, reflecting updated views on fair value, discount rate, revenue trends, profit margins and future P/E, informed by recent Street research that includes both a higher target from BTIG and a downgrade to In Line at Evercore ISI on reversion risk. Analyst Commentary Recent Street research on Frontline points to a more balanced tone, with some bullish adjustments to price targets alongside a clearer set of risks.
Seeking Alpha • May 06

Frontline: Strong Dividends Today, But Rates Must Stay High To Justify Valuation (Rating Downgrade)

Summary Frontline is downgraded to hold due to elevated valuation and near-term fleet reduction ahead of newbuild deliveries. FRO's dividend policy remains attractive, distributing all adjusted earnings, but short-term payouts may be constrained by fewer vessels despite strong rates. The company maintains a robust liquidity position, with $705 million total liquidity and no major debt maturities until 2030. Valuation at 1.3x NAV limits upside; rate sustainability and the Strait of Hormuz reopening are key binary catalysts for FRO's near-term performance. Read the full article on Seeking Alpha
Narrative Update • May 03

FRO: Higher Earnings Quality Will Be Supported By Margins And Dividend Strength

Analysts now see Frontline's fair value at $45.00, down $1.00 from $46.00. The change reflects updated views on revenue trends, profit margins, and P/E assumptions after recent mixed Street research that included both price target hikes and a downgrade to In Line.
Narrative Update • Apr 18

FRO: Higher Earnings Quality Will Be Driven By Margins And Winter Strength

Analysts raised their price target on Frontline by $5, citing updated assumptions around revenue trends, profit margins, and future P/E expectations that support the new valuation. Analyst Commentary Bullish analysts see the higher price target for Frontline as a signal that the market may not fully reflect current assumptions around revenue, margins, and P/E.
Narrative Update • Apr 04

FRO: Winter Strength And Fleet Renewal Will Support Future Earnings Quality

Analysts have raised their fair value estimate for Frontline from $31.00 to $46.00, referencing updated assumptions around discount rates, revenue trends, profit margins, and future P/E that they see reflected in recent price target increases and rating changes on the stock. Analyst Commentary Recent Street research points to a more constructive view on Frontline, with bullish analysts adjusting both ratings and targets in a way that lines up with the higher fair value estimate.
Narrative Update • Mar 20

FRO: Fleet Renewal Will Support Higher Future Earnings Multiples

Analysts have raised their average price target for Frontline by $5 to $28.33, citing recent upgrades and a modest adjustment to valuation inputs, including a slightly higher discount rate and updated forward P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts see the higher average price target of $28.33 as consistent with their updated forward P/E assumptions, suggesting the current valuation still leaves room for upside if execution aligns with forecasts.
Narrative Update • Mar 06

FRO: Fleet Renewal And Time Charters Will Support Higher Future Earnings Multiples

Analysts have lifted their Frontline price target by $9.25 to $41.25, citing updated expectations around fair value, discount rates, revenue growth, profit margins, and future P/E assumptions as reflected in recent rating and target changes. Analyst Commentary Recent research takes a more constructive view on Frontline, with price targets clustered around the mid to high $20s and some analysts now willing to ascribe higher fair value based on updated assumptions for earnings power and risk.
Narrative Update • Feb 20

FRO: Fleet Renewal And Time Charters Will Shape Balanced Forward Risk Profile

Analysts have raised their Frontline price target by $0.50 to $32.00, citing updated assumptions that include different revenue trends, higher profit margins, and a lower expected future P/E multiple. Analyst Commentary Recent research updates on Frontline highlight a mix of optimism on earnings power and some caution around how much of that is already reflected in the share price.
Narrative Update • Feb 06

FRO: Modern Fleet Expansion Will Be Positioned To Capture Higher Winter Rates

Analysts have lifted their fair value estimate for Frontline from US$29.50 to US$31.50, citing updated assumptions on discount rates, revenue trends, margins and future P/E that align with recent Street research, which highlights higher price targets and improving views on the stock. Analyst Commentary Recent Street research has turned more constructive on Frontline, with higher price targets and rating upgrades feeding into the refreshed fair value estimate.
Analysis Article • Jan 29

Frontline plc (NYSE:FRO) Stocks Shoot Up 27% But Its P/E Still Looks Reasonable

Frontline plc ( NYSE:FRO ) shareholders would be excited to see that the share price has had a great month, posting a...
Narrative Update • Jan 23

FRO: Winter Tanker Strength Will Support Upside For Renewed VLCC Fleet

Analysts have adjusted their price target on Frontline to US$31 from US$30, citing recent rating upgrades and higher targets from firms that see a promising tanker market setup heading into the winter season. Analyst Commentary Recent Street research has leaned more positive on Frontline, with bullish analysts pointing to a constructive tanker backdrop into the winter season and adjusting their views accordingly.
Narrative Update • Jan 09

FRO: Winter Tanker Setup And Higher Cash Returns Will Drive Upside

Narrative Update: Frontline Analyst Price Target Shift Analysts have lifted their fair value estimate for Frontline from $20.00 to $28.50, citing a revised price target of $26 and a generally more favorable tanker market setup into the winter season. Analyst Commentary Recent research commentary around Frontline highlights a more constructive view on the tanker setup into the winter season, with a higher fair value estimate and a revised price target of $26.
Narrative Update • Dec 14

FRO: Winter Tanker Market Will Drive Upside For VLCC Heavy Fleet

Analysts have lifted their price target on Frontline to $30.00 from $25.00, citing a promising winter tanker market setup and expectations that the company’s modern, VLCC heavy fleet will outperform smaller tankers, supporting stronger margins and earnings. Analyst Commentary Bullish analysts are highlighting Frontline as a key beneficiary of what they view as a constructive winter tanker market, pointing to strong fundamentals and improving earnings visibility.
Narrative Update • Nov 30

FRO: Modern VLCC Fleet Is Expected To Capture Higher Winter Rates

Frontline's analyst price target has increased from $27.80 to $29.50 per share. Analysts cite an encouraging tanker market outlook and expectations that its modern fleet will outperform in the coming season.
Analysis Article • Nov 27

Frontline (NYSE:FRO) Has Announced That Its Dividend Will Be Reduced To $0.19

Frontline plc ( NYSE:FRO ) is reducing its dividend from last year's comparable payment to $0.19 on the 19th of...
Narrative Update • Nov 15

FRO: Winter Season Will Shape Earnings Amid Modern Fleet Advantage

Analysts have increased their price target for Frontline from $27.20 to $27.80 per share, citing improved profit margin forecasts and a favorable outlook for the company's modern tanker fleet this winter. Analyst Commentary Recent Street Research highlights a generally optimistic outlook on Frontline, with analysts adjusting their models and price targets upward ahead of the winter tanker season.
Narrative Update • Nov 01

FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum

Analysts have raised their price target for Frontline from $26.40 to $27.20. They cite greater profit margins and a stronger tanker market outlook heading into the winter season.
Narrative Update • Oct 17

US Gulf Exports And Eco Fleet Will Boost Tanker Demand

Analysts have raised Frontline's price target by $1.00 to $26.40, citing expectations for the company's modern, VLCC-heavy fleet to outperform during the upcoming winter season. Analyst Commentary Bullish Takeaways Bullish analysts are raising price targets, reflecting greater confidence in the company's valuation outlook.
Narrative Update • Oct 03

US Gulf Exports And Eco Fleet Will Boost Tanker Demand

Frontline's analyst price target has been increased by $0.62 to $25.40, as analysts cite anticipated outperformance from the company's modern, large vessel fleet and improving sector dynamics. Analyst Commentary Bullish analysts have responded positively to Frontline's updated fleet and market position, leading to higher price targets and renewed investor confidence.
Narrative Update • Sep 17

US Gulf Exports And Eco Fleet Will Boost Tanker Demand

The modest increase in Frontline's consensus analyst price target to $24.78 reflects slightly improved revenue growth expectations, despite projections remaining negative. What's in the News Frontline plc announced a dividend of $0.36 per share for the second quarter of 2025.
Analysis Article • Sep 05

Frontline's (NYSE:FRO) Shareholders Have More To Worry About Than Only Soft Earnings

The subdued market reaction suggests that Frontline plc's ( NYSE:FRO ) recent earnings didn't contain any surprises...
Analysis Article • Jul 28

Is Frontline (NYSE:FRO) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Seeking Alpha • Mar 24

Frontline: Challenges, Opportunities, And Tanker Business In 2025

Summary Frontline is one of the largest oil tanker companies, and like all companies in this field, Frontline is highly susceptible to market cycles. The financial situation of the company does not look the best, which is related to the specifics of its business. Frontline will be interested in buying closer to $14 per share. Read the full article on Seeking Alpha
Seeking Alpha • Jan 01

Frontline: One Of The Most Aggressive Capital Structure In The Tanker Industry

Summary With a fleet of 82 tankers and a combined capacity of 17.9 million deadweight tons, Frontline is one of the world's largest tanker operators. With an average age of 6.4 years, Frontline's portfolio is also one of the youngest in the industry, second only to the one owned by Okeanis Eco Tankers. Using spot rates at the end of November 2024, Frontline would generate approximately $314.0 million in free cash flow annually, the equivalent of a free cash flow yield of ~10%. The aggressive capital structure composed of 53% debt is the key reason behind my hold rating. Although the debt load is manageable at current rates, it could change pretty quickly. Read the full article on Seeking Alpha
Seeking Alpha • Sep 17

Frontline: Tanker Market Strategy And Ongoing Disruptions (Podcast Transcript)

Summary Value Investor's Edge Live returns with the latest episode focused on the crude oil shipping sector. Frontline is the largest US-listed crude tanker owner with a roughly $5B market capitalization. CEO Lars Barstad joined us in early September to share current strategy and market insights. We reviewed the current tanker market conditions, disruptions in Red Sea, and ongoing Russian sanctions, along with weaker Chinese demand. Despite ongoing seasonal weakness, Frontline is optimistic about long-term market balances and potential for higher rates driven by low order books and supply constraints and aims to return roughly 80%. An audio recording with time stamps is included below, along with a full-length transcript. Read the full article on Seeking Alpha
Seeking Alpha • Sep 10

The Tanker Titan: Frontline Well-Positioned To Get Lucky

Summary Shipping companies are in a good position due to the energy transition, despite volatility and environmental uncertainties impacting investment in transport capacity. Frontline's stock trades at ~$22, with forward earnings estimates at $2.66 for 2024 and $3.14 for 2025, reflecting a 7x forward earnings multiple. The shadow fleet's older, uninsured vessels increase short-term supply but may reverse the impact in the long term; order book growth is manageable. Frontline's liquidity and strategy to pay out excess cash flow make it a decent hold, with potential for strong returns from unexpected events. Read the full article on Seeking Alpha
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New Narrative • Sep 02

Winter Demand Surge And Strategic Fleet Optimization Propel Oil Transporter's Earnings And Market Position

Seasonal upticks in oil demand and a growing compliant versus noncompliant fleet divide could raise Frontline's freight rates, enhancing revenue and margins.
Seeking Alpha • Aug 09

Frontline Plc's Stock And Fleet Are On The Upswing

Summary Frontline plc stock is rated as a buy-to-strong buy opportunity after a recent drop in share price. Growth opportunities in the marine shipping industry outweigh risks, with demand for crude tankers expected to remain high in the coming years. Frontline plc has a high dividend yield of 10.9% and strong financial metrics, despite accumulating debt to finance its fleet of tankers. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:FRO - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,4846649529694
12/31/20271,6448009521,0876
12/31/20262,3521,8251,6911,8526
3/31/20262,251905592927N/A
12/31/20251,965379670682N/A
9/30/20251,766218557567N/A
6/30/20251,824238615624N/A
3/31/20251,900348686703N/A
12/31/20242,050496-179736N/A
9/30/20242,040547-1,720669N/A
6/30/20241,927595-1,680707N/A
3/31/20241,883638-1,622758N/A
12/31/20231,802656-775856N/A
9/30/20231,917777742978N/A
6/30/20231,922826527847N/A
3/31/20231,710646163635N/A
12/31/20221,43047650385N/A
9/30/20221,114252-298211N/A
6/30/202290363-326136N/A
3/31/2022773-15-35093N/A
12/31/2021749-15-38885N/A
9/30/2021711-40-16364N/A
6/30/202178650-20200N/A
3/31/20211,003276204411N/A
12/31/20201,221413-120604N/A
9/30/20201,384531-59686N/A
6/30/20201,324464-152583N/A
3/31/20201,130265-310387N/A
12/31/2019957140N/A280N/A
9/30/201983657N/A206N/A
6/30/201983669N/A176N/A
3/31/201981045N/A132N/A
12/31/2018741-9N/A46N/A
9/30/2018702-283N/A22N/A
6/30/2018655-309N/A34N/A
3/31/2018637-306N/A63N/A
12/31/2017645-265N/A130N/A
9/30/20176422N/A154N/A
6/30/201766031N/A192N/A
3/31/201770265N/A244N/A
12/31/2016752117N/A286N/A
9/30/2016724157N/A339N/A
6/30/2016674214N/A323N/A
3/31/2016585278N/A279N/A
12/31/2015452286N/A207N/A
9/30/2015376294N/A142N/A
6/30/2015324291N/A110N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FRO's earnings are forecast to decline over the next 3 years (-17.8% per year).

Earnings vs Market: FRO's earnings are forecast to decline over the next 3 years (-17.8% per year).

High Growth Earnings: FRO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: FRO's revenue is expected to decline over the next 3 years (-17.4% per year).

High Growth Revenue: FRO's revenue is forecast to decline over the next 3 years (-17.4% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FRO's Return on Equity is forecast to be high in 3 years time (31.5%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/01 17:39
End of Day Share Price 2026/05/29 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Frontline plc is covered by 16 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Gregory LewisBTIG
Marius FurulyCarnegie Investment Bank AB