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Marine shipping · Industrials · Fiscal year ends Dec 31
TORM reported revenue of $1.3B in the fiscal year ended Dec 2025, down 14.1% from the year before. Operating income was $356M, an operating margin of 26.6%, and net income was $286M. Operating cash flow of $499M less capital expenditure of $309M left free cash flow of $190M. Net debt was $845M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 620 | 1,443 | 1,520 | 1,559 | 1,340 |
| Operating income | 1.4 | 602 | 699 | 659 | 356 |
| Interest expense | 42.4 | 48.8 | 60.9 | 74.1 | 74.4 |
| Pre-tax income | −40.7 | 557 | 652 | 610 | 295 |
| Income tax | 1.3 | −5.9 | 4.0 | −2.0 | 9.2 |
| Net income | −42.1 | 563 | 648 | 612 | 286 |
| Diluted EPS | −0.54 | 6.80 | 7.48 | 6.36 | 2.85 |
| Diluted shares | 78.4 | 82.8 | 86.7 | 96.3 | 100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 145 | 321 | 266 | 272 | 158 |
| Receivables | 84.0 | 260 | 211 | 184 | 215 |
| Inventory | 48.8 | 72.0 | 61.7 | 68.4 | 66.5 |
| Current assets | 363 | 740 | 691 | 615 | 532 |
| Net PP&E | 1,961 | 1,865 | – | – | – |
| Goodwill | 0.0 | 1.8 | 1.8 | 1.7 | 1.8 |
| Total assets | 2,331 | 2,614 | 2,870 | 3,470 | 3,367 |
| Payables | 35.3 | 48.5 | 43.1 | 50.0 | 41.0 |
| Current liabilities | 307 | 206 | 265 | 285 | 401 |
| Short-term debt | 209 | 117 | 173 | 165 | 289 |
| Long-term debt | 926 | 850 | 887 | 1,061 | 714 |
| Total liabilities | 1,279 | 1,111 | 1,204 | 1,395 | 1,164 |
| Shareholders' equity | 1,052 | 1,501 | 1,664 | 2,074 | 2,203 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 47.9 | 502 | 805 | 827 | 499 |
| Capital expenditure | 320 | 119 | 510 | 582 | 309 |
| Free cash flow | −272 | 383 | 295 | 244 | 190 |
| Depreciation & amortisation | 131 | 139 | 149 | 192 | 215 |
| Stock-based compensation | 2.3 | 2.9 | 23.0 | 30.3 | 34.1 |
| Acquisitions | 0.0 | −1.1 | 0.0 | 0.0 | – |
| Dividends paid | 0.0 | 167 | 586 | 553 | 200 |
| Dividend per share | 0.00 | 0.00 | 7.01 | 5.86 | 2.02 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 133.0% | 5.3% | 2.6% | −14.1% |
| Operating income growth (YoY) | – | 42987.4% | 16.1% | −5.7% | −45.9% |
| EPS growth (YoY) | – | – | 10.0% | −15.0% | −55.2% |
| Operating margin | 0.2% | 41.7% | 45.9% | 42.3% | 26.6% |
| Net margin | −6.8% | 39.0% | 42.6% | 39.2% | 21.4% |
| Return on equityBlank when equity is negative | −4.0% | 37.5% | 38.9% | 29.5% | 13.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.1% | 25.0% | 26.8% | 20.7% | 12.0% |
| Free cash flow margin | −43.9% | 26.5% | 19.4% | 15.7% | 14.2% |
| Cash conversion (CFO ÷ net income) | −1.14x | 0.89x | 1.24x | 1.35x | 1.74x |
| Receivable days | 49 | 66 | 51 | 43 | 59 |
| Interest cover | 0.03x | 12.3x | 11.5x | 8.89x | 4.79x |
| Debt ÷ equity | 1.08x | 0.64x | 0.64x | 0.59x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 991 | 646 | 794 | 954 | 845 |
| Current ratio | 1.18x | 3.58x | 2.60x | 2.16x | 1.33x |
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.