Detailed financial statements for TORM plc (TRMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
TORM plc operates as a global product tanker company, focusing on the marine transportation of refined petroleum products, such as gasoline, jet fuel, and naphtha, alongside crude oil. As of March 23, 2022, the company maintained an active fleet of approximately 85 vessels. Established in 1889, its main office is situated in London, United Kingdom.
Analysis Summary
TORM plc reported revenue of $1.39B in the most recent fiscal year, growing at a 5-year CAGR of 13.2%. Net income reached $296.0M, with a 27.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.3%, operating margin 39.0%, net margin 35.4%. Free cash flow grew at 25.8% CAGR over 5 years.
At the current price of $41.05, TRMD trades at a P/E of 6.39 and an ROE of 26.98%. Market capitalisation stands at $4.2B.
Balance sheet quality for TRMD: current ratio of 1.3, net debt of $848.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $197.6M represents 67% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $680.1M | $657.0M | $635.4M | $692.6M | $747.4M | $619.5M | $1.44B | $1.52B | $1.56B | $1.39B |
| Cost of Revenue | $365.6M | $382.9M | $400.0M | $377.9M | $349.8M | $371.8M | $598.5M | $579.6M | $610.5M | $915.7M |
| Gross Profit | $314.6M | $274.1M | $235.4M | $314.7M | $397.5M | $247.7M | $844.9M | $940.8M | $948.7M | $474.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $41.4M | $45.0M | $47.8M | $47.7M | $50.8M | $51.5M | $55.0M | $82.9M | $95.6M | $118.6M |
| Operating Expenses | $237.0M | $233.8M | $230.2M | $108.9M | $258.6M | $246.3M | $243.4M | $242.2M | $289.9M | $118.6M |
| Operating Income | -$107.2M | $39.5M | $2.8M | $205.9M | $138.9M | $1.4M | $601.5M | $698.6M | $658.8M | $355.6M |
| EBITDA | $14.4M | $170.3M | $119.6M | $316.2M | $258.6M | $132.5M | $744.4M | $857.4M | $871.8M | $605.5M |
| Interest Expense | $33.2M | $40.6M | $40.7M | $52.9M | $77.8M | $42.4M | $48.7M | $56.1M | $69.9M | $76.7M |
| Pre-tax Income | -$141.7M | $3.2M | -$33.2M | $166.8M | $89.5M | -$40.7M | $556.7M | $652.0M | $609.5M | $306.3M |
| Income Tax | $760,000 | $777,000 | $1.6M | $784,000 | $1.4M | $1.3M | -$5.9M | $4.0M | -$2.0M | $9.5M |
| Net Income | -$142.5M | $2.4M | -$34.8M | $166.0M | $88.1M | -$42.1M | $562.8M | $648.3M | $612.5M | $296.0M |
| EPS | $-2.27 | $0.04 | $-0.48 | $2.25 | $1.27 | $-0.54 | $7.03 | $7.75 | $6.54 | $3.01 |
| EPS (Diluted) | $-2.27 | $0.04 | $-0.48 | $2.25 | $1.27 | $-0.54 | $6.90 | $7.48 | $6.36 | $2.96 |
| Shares Outstanding (Diluted) | $62.9M | $62.0M | $73.1M | $74.0M | $74.3M | $78.1M | $82.8M | $86.7M | $96.3M | $100.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $343.1M | $355.0M | $395.8M | $649.2M |
| Gross Profit | $124.4M | $134.8M | $157.7M | $371.9M |
| Operating Income | $97.4M | $98.2M | $135.1M | $348.2M |
| EBITDA | $155.8M | $160.0M | $199.5M | $407.5M |
| Net Income | $77.7M | $87.4M | $120.5M | $331.4M |
| EPS | $0.79 | $0.88 | $1.19 | $3.24 |
| EPS (Diluted) | $0.77 | $0.88 | $1.17 | $3.18 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76.0M | $134.2M | $127.4M | $56.9M | $89.5M | $144.8M | $320.5M | $265.5M | $271.9M | $163.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $70.7M | $83.1M | $86.0M | $94.1M | $64.1M | $88.3M | $263.3M | $219.7M | $209.1M | $237.9M |
| Inventory | $31.6M | $33.2M | $39.4M | $34.8M | $22.5M | $48.8M | $72.0M | $61.7M | $68.4M | $66.4M |
| Total Current Assets | $181.3M | $261.5M | $269.3M | $215.9M | $243.7M | $363.3M | $739.7M | $691.2M | $615.3M | $530.7M |
| Property, Plant & Equipment | $1.56B | $1.38B | $1.45B | $1.78B | $1.75B | $1.96B | $1.87B | $2.17B | $2.84B | $2.82B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $1.8M | $1.8M | $1.7M | $1.8M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | $1.9M | $1.8M | $2.0M | $4.0M |
| Total Assets | $1.57B | $1.65B | $1.71B | $2.00B | $2.00B | $2.33B | $2.61B | $2.87B | $3.47B | $3.36B |
| Accounts Payable | $28.5M | $26.1M | $35.1M | $47.1M | $14.3M | $35.3M | $48.5M | $43.1M | $50.0M | $40.9M |
| Short-term Debt | $75.7M | $91.7M | $94.4M | $99.0M | $102.9M | $209.0M | $117.1M | $172.7M | $165.3M | $288.2M |
| Total Current Liabilities | $151.8M | $156.1M | $167.1M | $194.9M | $196.7M | $307.2M | $206.4M | $265.4M | $285.4M | $400.5M |
| Long-term Debt | $593.9M | $629.2M | $633.0M | $756.4M | $739.5M | $926.5M | $849.8M | $886.9M | $1.06B | $712.7M |
| Total Liabilities | $790.7M | $855.5M | $867.2M | $996.2M | $981.2M | $1.28B | $1.11B | $1.20B | $1.39B | $1.16B |
| Retained Earnings | $782.5M | $785.7M | $752.1M | $920.0M | $939.2M | $899.5M | $1.30B | $1.38B | $1.47B | $1.79B |
| Total Equity | $780.6M | $791.0M | $847.2M | $1.01B | $1.02B | $1.05B | $1.50B | $1.66B | $2.07B | $2.20B |
| Total Debt | $683.2M | $749.1M | $749.6M | $855.4M | $842.4M | $1.14B | $966.9M | $1.06B | $1.23B | $1.01B |
| Net Debt | $607.2M | $614.9M | $622.2M | $798.5M | $752.9M | $990.6M | $646.4M | $794.1M | $954.4M | $848.4M |
| Working Capital | $29.5M | $105.3M | $102.2M | $21.0M | $47.0M | $56.1M | $533.3M | $425.8M | $329.9M | $130.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$107.2M | $2.4M | -$34.8M | $166.0M | $88.1M | -$42.1M | $562.8M | $661.3M | $584.5M | $296.0M |
| Depreciation & Amortization | $122.2M | $114.5M | $114.5M | $110.1M | $121.9M | $130.9M | $139.0M | $152.3M | $183.2M | $222.6M |
| Stock-based Compensation | $2.0M | $1.9M | $2.1M | $1.9M | $1.7M | $2.3M | $2.9M | 0 | 0 | 0 |
| Change in Working Capital | $8.3M | -$13.0M | -$12.7M | $11.9M | $29.4M | -$67.9M | -$185.6M | $48.8M | $45.6M | -$34.8M |
| Operating Cash Flow | $171.1M | $109.8M | $70.7M | $171.1M | $235.8M | $47.9M | $502.0M | $821.3M | $789.0M | $517.6M |
| Capital Expenditure | -$119.4M | -$145.1M | -$202.4M | -$384.3M | -$173.1M | -$319.8M | -$119.3M | -$519.9M | -$555.8M | -$320.1M |
| Acquisitions | 0 | $33.4M | $26.0M | -$275,000 | 0 | 0 | $1.1M | $169.7M | $124.6M | $149.2M |
| Stock Repurchased | -$22.1M | 0 | 0 | 0 | -$1.3M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$25.0M | -$1.2M | 0 | 0 | -$70.6M | 0 | -$166.7M | -$598.2M | -$528.0M | -$207.2M |
| Free Cash Flow | $51.7M | -$35.3M | -$131.7M | -$213.3M | $62.8M | -$271.8M | $382.7M | $301.4M | $233.2M | $197.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.4% | -3.3% | +9.0% | +7.9% | -17.1% | +133.0% | +5.3% | +2.6% | -10.9% | |
| Net Income Growth (YoY) | +101.7% | -1,544.9% | +577.4% | -46.9% | -147.8% | +1,437.2% | +15.2% | -5.5% | -51.7% | |
| EPS Growth (YoY) | +101.8% | -1,300.0% | +568.8% | -43.6% | -142.5% | +1,401.9% | +10.2% | -15.6% | -54.0% | |
| Shares Change (YoY) | -1.4% | +17.9% | +1.2% | +0.4% | +5.1% | +6.0% | +4.7% | +11.1% | +3.9% | |
| FCF Growth (YoY) | -168.2% | -273.4% | -61.9% | +129.4% | -533.2% | +240.8% | -21.2% | -22.6% | -15.3% | |
| Gross Margin | 46.3% | 41.7% | 37.0% | 45.4% | 53.2% | 40.0% | 58.5% | 61.9% | 60.8% | 34.1% |
| Operating Margin | -15.8% | 6.0% | 0.4% | 29.7% | 18.6% | 0.2% | 41.7% | 45.9% | 42.3% | 25.6% |
| EBITDA Margin | 2.1% | 25.9% | 18.8% | 45.7% | 34.6% | 21.4% | 51.6% | 56.4% | 55.9% | 43.6% |
| Net Margin | -21.0% | 0.4% | -5.5% | 24.0% | 11.8% | -6.8% | 39.0% | 42.6% | 39.3% | 21.3% |
| FCF Margin | 7.6% | -5.4% | -20.7% | -30.8% | 8.4% | -43.9% | 26.5% | 19.8% | 15.0% | 14.2% |
| Effective Tax Rate | -0.5% | 24.4% | -4.7% | 0.5% | 1.6% | -3.3% | -1.1% | 0.6% | -0.3% | 3.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.82 | $-0.57 | $-1.80 | $-2.88 | $0.84 | $-3.48 | $4.62 | $3.48 | $2.42 | $1.97 |
| Dividends Per Share | $0.40 | $0.02 | $0.00 | $0.00 | $0.95 | $0.00 | $2.01 | $6.90 | $5.48 | $2.07 |
| Shares Outstanding (Basic) | $62.8M | $62.0M | $72.5M | $74.0M | $74.3M | $78.1M | $81.3M | $83.6M | $93.6M | $98.2M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 26.98% |
| Return on Invested Capital | 18.31% |
| Return on Assets | 16.17% |
| Gross Margin | 45.27% |
| Operating Margin | 38.97% |
| Net Margin | 35.42% |
Financial Health
| Debt / Equity | 0.42 |
| Current Ratio | 2.27 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.55 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3.35 | 190.00 | -12.25 | 4.82 | 5.55 | -14.74 | 4.15 | 3.92 | 2.97 | 6.50 |
| P/B | 0.61 | 0.60 | 0.50 | 0.80 | 0.51 | 0.59 | 1.58 | 1.53 | 0.88 | 0.87 |
| P/S | 0.70 | 0.72 | 0.67 | 1.16 | 0.70 | 1.00 | 1.64 | 1.67 | 1.17 | 1.38 |
| Gross Margin | 46.3% | 41.7% | 37.0% | 45.4% | 53.2% | 40.0% | 58.5% | 61.9% | 60.8% | 34.1% |
| Operating Margin | -15.8% | 6.0% | 0.4% | 29.7% | 18.6% | 0.2% | 41.7% | 45.9% | 42.3% | 25.6% |
| Net Margin | -21.0% | 0.4% | -5.5% | 24.0% | 11.8% | -6.8% | 39.0% | 42.6% | 39.3% | 21.3% |
Related companies: DHT · DKL · GEL · INSW · KNTK · NOG
Explore sector: Industrials · Marine Shipping
More sections of TRMD: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks