Frontline
FRO · NYSEDeep Sea Foreign Transportation of Freight · Fiscal year ends Dec 31
Frontline reported revenue of $640M in the fiscal year ended Dec 2021, up 49.5% from the year before. Operating income was $12M, an operating margin of 1.9%, and net income was −$11M. Net debt was $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 |
|---|---|---|---|---|---|
| Revenue | $646M | $742M | $628M | $428M | $640M |
| Operating income | −$196M | $83M | $240M | $508M | $12M |
| Interest expense | $70M | $93M | $94M | $72M | $61M |
| Income tax | $290,000 | $316,000 | $307,000 | −$14,000 | $5M |
| Net income | −$265M | −$9M | $140M | $413M | −$11M |
| Diluted EPS | −1.56 | −0.05 | 0.78 | 2.09 | −0.06 |
| Diluted shares | 170M | 170M | 179M | 198M | 199M |
Balance sheet
| Fiscal year | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 |
|---|---|---|---|---|---|
| Cash & equivalents | $104M | $66M | $174M | $175M | $113M |
| Receivables | $50M | $54M | $63M | $41M | $63M |
| Inventory | $62M | $69M | $67M | $58M | $81M |
| Current assets | $322M | $308M | $448M | $378M | $333M |
| Goodwill | $112M | $112M | $112M | $112M | $112M |
| Total assets | $3.1B | $3.1B | $3.7B | $3.9B | $4.1B |
| Current liabilities | $222M | $214M | $848M | $281M | $293M |
| Short-term debt | $113M | $120M | $439M | $167M | $189M |
| Long-term debt | $1.5B | $1.6B | $1.3B | $2B | $2.1B |
| Total liabilities | $1.9B | $1.9B | $2.2B | $2.3B | $2.5B |
| Shareholders' equity | $1.2B | $1.2B | $1.5B | $1.6B | $1.7B |
Cash flow
| Fiscal year | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $130M | $46M | $280M | $604M | $63M |
| Depreciation & amortisation | $142M | $123M | $118M | $139M | $148M |
| Dividends paid | $51M | $386,000 | $20M | $312M | $0 |
| Dividend per share | 0.30 | 0.00 | 0.10 | 1.60 | 0.00 |
Key ratios
| Fiscal year | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.8% | −15.3% | −31.8% | 49.5% |
| Operating income growth (YoY) | – | – | 189.6% | 112.0% | −97.6% |
| EPS growth (YoY) | – | – | – | 167.9% | −102.9% |
| Operating margin | −30.4% | 11.1% | 38.1% | 118.5% | 1.9% |
| Net margin | −41.0% | −1.2% | 22.3% | 96.4% | −1.7% |
| Return on equityBlank when equity is negative | −22.3% | −0.8% | 9.3% | 25.6% | −0.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.7% | 2.9% | 8.4% | 14.0% | 0.3% |
| Cash conversion (CFO ÷ net income) | −0.49x | −5.20x | 2.00x | 1.46x | −5.65x |
| Receivable days | 28 | 27 | 37 | 35 | 36 |
| Interest cover | −2.81x | 0.89x | 2.54x | 7.04x | 0.20x |
| Debt ÷ equity | 1.33x | 1.49x | 1.12x | 1.33x | 1.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.5B | $1.7B | $1.5B | $2B | $2.2B |
| Current ratio | 1.45x | 1.44x | 0.53x | 1.34x | 1.14x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.