FRO
EnergyFrontline Ltd. · Oil & Gas Midstream · $8B
What is Frontline Ltd.?
Frontline Ltd. is a global seaborne transportation company specializing in crude oil and oil products. Operating one of the larger publicly traded tanker fleets, it connects oil producers to refiners and end markets across the world.
Frontline generates revenue by chartering its fleet of oil and product tankers to customers who need to move crude oil and refined products across international shipping lanes. The company earns income through time charters, spot market voyages, and vessel sales. It also actively manages its fleet through purchases and disposals, adjusting capacity in response to tanker market conditions. This business model ties Frontline's financial performance closely to global oil demand and freight rate cycles.
Frontline was founded in 1985 and is headquartered in Hamilton, Bermuda.
- Crude oil tanker transportation across major global trade routes
- Oil product tanker services for refined petroleum cargoes
- Time charter and spot market voyage contracts
- Fleet management including vessel purchase and sale
Is FRO a Good Stock to Buy?
UQS Score rates FRO as Below Average overall, reflecting meaningful structural challenges despite some redeeming characteristics.
Frontline's Quality pillar stands out as Good relative to its overall profile, suggesting the business maintains reasonable operational standards. The Valuation pillar is rated Attractive, meaning the stock does not appear expensive relative to its fundamentals — a potential point of interest for value-oriented investors.
The Moat, Growth, and Risk pillars all register as Weak, pointing to limited competitive differentiation, uncertain earnings trajectory, and elevated exposure to cyclical freight rate swings.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FRO pay dividends?
Yes — Frontline Ltd. pays a dividend.
Frontline pays a regular dividend, which is notable in the tanker shipping sector where payouts often fluctuate with freight rates. The dividend can appeal to income-focused investors, though the cyclical nature of tanker earnings means distributions may vary over time. Investors should weigh the income potential against the inherent volatility of shipping market conditions.
When does FRO report earnings?
Frontline reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Tanker shipping results tend to move with global crude trade volumes and spot freight rates, which can shift significantly quarter to quarter. Frontline's earnings reflect this cyclicality, with periods of strong cash generation followed by softer stretches when rates compress.
For the most recent quarter's results, visit Frontline Ltd.'s investor relations page directly.
FRO Price History
+490.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Frontline Ltd.?
Based on Frontline Ltd.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
FRO Long-term Outlook
Frontline's Growth and Risk pillars both carry Weak ratings, suggesting the near-term fundamental outlook is cautious. The tanker market remains sensitive to OPEC production decisions, global oil demand trends, and geopolitical disruptions to trade routes. While the Attractive Valuation label indicates the stock is not priced for perfection, the weak growth profile means investors should not expect a rapid improvement in earnings trajectory without a meaningful shift in freight market conditions.
Growth drivers
- Potential recovery in global crude oil trade volumes
- Fleet renewal and capacity optimization improving utilization
- Geopolitical rerouting of oil flows extending voyage distances
Key risks
- Cyclical freight rate declines compressing revenue and dividends
- Weak competitive moat leaving Frontline exposed to rate competition
- Regulatory and environmental compliance costs for aging tanker fleets
FRO vs Peers
Frontline operates in the broader energy infrastructure and transportation space alongside several midstream and pipeline-oriented peers.
Hess Midstream focuses on gathering, processing, and storage infrastructure tied to onshore US production, offering a more fee-based, contract-driven revenue model than Frontline's spot-rate-sensitive tanker business.
South Bow operates pipeline infrastructure in North America, providing more stable, regulated cash flows compared to the volatile freight rate environment Frontline navigates.
Antero Midstream provides gathering and compression services primarily for natural gas, representing a different commodity exposure and a more predictable contract-backed revenue structure than ocean tanker shipping.
Frequently Asked Questions
What does Frontline Ltd. do?
Frontline Ltd. is a tanker shipping company that transports crude oil and refined oil products across international sea routes. It owns and operates a fleet of tankers, earning revenue through voyage charters, time charters, and vessel transactions. The company serves oil producers, traders, and refiners worldwide.
Does FRO pay dividends?
Yes, Frontline pays a regular dividend. Because tanker shipping earnings are tied to volatile freight rates, the dividend amount can fluctuate over time. Income investors should monitor the company's quarterly results and payout announcements to track any changes to the distribution.
When does FRO report earnings?
Frontline reports financial results on a quarterly basis, in line with standard practice for exchange-listed companies. For the exact timing of upcoming earnings releases, check Frontline's official investor relations page, as our data source does not cover specific future dates.
Is FRO a good stock to buy?
UQS Score rates FRO as Below Average overall. While the Valuation pillar is Attractive and Quality is rated Good, the Moat, Growth, and Risk pillars are all Weak. This profile suggests meaningful headwinds that investors should weigh carefully. View the full pillar breakdown on UQS for a complete picture.
Is FRO overvalued?
The UQS Valuation pillar for FRO is rated Attractive, indicating the stock does not appear expensive relative to its fundamentals at current levels. However, an attractive valuation alone does not offset the weak growth and risk profile — context across all five pillars matters.
How does FRO compare to its competitors?
Frontline's closest listed peers in the energy infrastructure space include Hess Midstream, South Bow Corporation, and Antero Midstream. Unlike those midstream operators, Frontline's revenue is directly exposed to spot tanker freight rates rather than long-term pipeline or processing contracts, making it more cyclically sensitive.
What is FRO's market cap bracket?
Frontline Ltd. is classified as a mid-cap company. This places it in a segment of the market that typically offers more liquidity than small-cap names but less institutional coverage than large-cap peers in the energy sector.
Who founded Frontline Ltd.?
Frontline was founded in 1985. The company's early history and founding leadership are well documented through public corporate filings and financial press archives. The company is currently headquartered in Hamilton, Bermuda.
Is FRO a long-term quality investment?
From a long-term quality standpoint, FRO's UQS profile raises caution. The Weak Moat rating suggests limited durable competitive advantages, and the Weak Growth and Risk pillars indicate structural challenges. The Good Quality rating offers some reassurance, but long-term investors should review the full analysis available to Pro members.
What is the main competitive advantage of Frontline?
Frontline's scale and fleet size provide some operational leverage in the tanker market, but the UQS Moat pillar is rated Weak, reflecting that tanker shipping is a largely commoditized industry. Freight rates, not brand or technology, drive most of the competitive dynamic in this sector.
What sector does FRO belong to?
Frontline operates in the Energy sector, specifically within marine transportation of crude oil and petroleum products. It sits at the intersection of energy logistics and shipping, making it sensitive to both oil demand cycles and global trade patterns.
Is FRO a growth stock or value stock?
Based on UQS pillar labels, FRO leans toward a value-oriented profile — the Valuation pillar is Attractive while the Growth pillar is Weak. This combination suggests the stock may appeal more to value or income investors than to those seeking high earnings growth.
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Pro Analysis
FRO — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 47.5 | 77.6 | 19.0 | 30.8 | 33.0 | 82.0 | -0.6 |
| May 16, 2026 | 48.1 | 78.2 | 19.0 | 30.8 | 33.0 | 84.7 | +0.2 |
| May 14, 2026 | 47.9 | 78.2 | 19.0 | 30.8 | 33.0 | 83.7 | +0.2 |
| May 12, 2026 | 47.7 | 77.9 | 19.0 | 30.8 | 33.0 | 82.2 | -0.3 |
| May 7, 2026 | 48.0 | 78.2 | 19.0 | 30.8 | 33.0 | 84.2 | -0.1 |
| May 6, 2026 | 48.1 | 78.2 | 19.0 | 30.8 | 33.0 | 84.9 | 0.0 |
| May 3, 2026 | 48.1 | 78.2 | 19.0 | 30.8 | 33.0 | 84.8 | -0.2 |
| Apr 26, 2026 | 48.3 | 78.2 | 19.0 | 30.8 | 33.0 | 86.0 | +0.2 |
| Apr 25, 2026 | 48.1 | 78.2 | 19.0 | 30.8 | 33.0 | 84.6 | 0.0 |
| Apr 24, 2026 | 48.1 | 78.2 | 19.0 | 30.8 | 33.0 | 84.7 | +0.3 |
FRO — Pillar Breakdown
Quality
— 84.3/100 (25%)Frontline Ltd. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 30.8/100 (20%)Frontline Ltd. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 51.4/100 (15%)Frontline Ltd. has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 89.6/100 (15%)Frontline Ltd. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 19/100 (25%)Frontline Ltd. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FRO.
Score Composition
Financial Data
More Stock Analysis
How is the FRO UQS Score Calculated?
The UQS (Unified Quality Score) for Frontline Ltd. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Frontline Ltd.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Frontline Ltd. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.