Frontline Financials

FRO

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2022 Currency USD FYE December

This page shows Frontline (FRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 24/100

Based on FY2021 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Frontline has an operating margin of 1.6%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is down from 41.6% the prior year.

Growth

Frontline's revenue declined 38.6% year-over-year, from $1.2B to $749.4M. This contraction results in a growth score of 0/100.

Leverage

Frontline has a moderate D/E ratio of 1.29. This balance of debt and equity financing earns a leverage score of 63/100.

Liquidity

Frontline's current ratio of 1.14 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.

Altman Z-Score Grey Zone

2.17

Frontline scores 2.17, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($8.1B) relative to total liabilities ($2.5B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Weak

2/9

Frontline passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-5.65x

For every $1 of reported earnings, Frontline generates $-5.65 in operating cash flow ($62.9M OCF vs -$11.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.2x

Frontline earns $0.2 in operating income for every $1 of interest expense ($12.2M vs $61.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$749.4M

YoY-38.6%

5Y CAGR-0.1%

10Y CAGR+0.4%

Frontline generated $749.4M in revenue in fiscal year 2021. This represents a decrease of 38.6% from the prior year.

EBITDA

$168.6M

YoY-74.4%

5Y CAGR-11.9%

Frontline's EBITDA was $168.6M in fiscal year 2021, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 74.4% from the prior year.

Free Cash Flow

N/A

Net Income

-$11.1M

YoY-102.7%

Frontline reported -$11.1M in net income in fiscal year 2021. This represents a decrease of 102.7% from the prior year.

EPS (Diluted)

$-0.06

YoY-102.9%

Frontline earned $-0.06 per diluted share (EPS) in fiscal year 2021. This represents a decrease of 102.9% from the prior year.

Cash & Debt

$113.1M

YoY-35.3%

5Y CAGR-11.0%

10Y CAGR-3.4%

Frontline held $113.1M in cash against $2.1B in long-term debt as of fiscal year 2021.

Dividends Per Share

$0.00

YoY-100.0%

Frontline paid $0.00 per share in dividends in fiscal year 2021. This represents a decrease of 100.0% from the prior year.

Shares Outstanding

204M

YoY+3.0%

5Y CAGR+3.7%

Frontline had 204M shares outstanding in fiscal year 2021. This represents an increase of 3.0% from the prior year.

Gross Margin

N/A

Operating Margin

1.6%

YoY-40.0pp

5Y CAGR-21.9pp

10Y CAGR+57.9pp

Frontline's operating margin was 1.6% in fiscal year 2021, reflecting core business profitability. This is down 40.0 percentage points from the prior year.

Net Margin

-1.5%

YoY-35.3pp

5Y CAGR-17.0pp

10Y CAGR+71.7pp

Frontline's net profit margin was -1.5% in fiscal year 2021, showing the share of revenue converted to profit. This is down 35.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FRO Income Statement

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$749.4M-38.6%	$1.2B+27.6%	$957.3M+29.0%	$742.3M+14.8%	$646.3M-14.3%	$754.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.9M-37.0%	$44.2M-1.7%	$45.0M+20.7%	$37.3M-0.8%	$37.6M+1.6%	$37.0M
Operating Income	$12.2M-97.6%	$507.8M+112.0%	$239.5M+189.6%	$82.7M+142.1%	-$196.3M-210.6%	$177.5M
Interest Expense	$61.4M-14.9%	$72.2M-23.6%	$94.5M+1.3%	$93.3M+33.6%	$69.8M+23.2%	$56.7M
Income Tax	$4.6M+33192.9%	-$14K-104.6%	$307K-2.8%	$316K+9.0%	$290K-15.9%	$345K
Net Income	-$11.1M-102.7%	$412.9M+195.0%	$140.0M+1676.3%	-$8.9M+96.6%	-$264.9M-326.4%	$117.0M
EPS (Diluted)	$-0.06-102.9%	$2.09+167.9%	$0.78+1660.0%	$-0.05+96.8%	$-1.56	N/A

Metric	Q2'22	Q2'21	Q2'21	Q4'20	Q2'20	Q4'19	Q2'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$121.2M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$7.3M	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	-$100.1M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$22.9M	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$94K	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	-$120.3M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRO Balance Sheet

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$4.1B+5.1%	$3.9B+6.0%	$3.7B+20.1%	$3.1B-1.8%	$3.1B+5.6%	$3.0B
Current Assets	$332.7M-12.0%	$378.3M-15.6%	$448.5M+45.5%	$308.2M-4.2%	$321.6M-16.2%	$383.6M
Cash & Equivalents	$113.1M-35.3%	$174.7M+0.3%	$174.2M+162.1%	$66.5M-36.2%	$104.1M-48.5%	$202.4M
Inventory	$80.8M+39.6%	$57.9M-13.2%	$66.7M-3.1%	$68.8M+11.4%	$61.7M+63.7%	$37.7M
Accounts Receivable	$63.4M+54.8%	$41.0M-35.2%	$63.2M+17.2%	$54.0M+8.9%	$49.6M+1.0%	$49.1M
Goodwill	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M-50.1%	$225.3M
Total Liabilities	$2.5B+6.8%	$2.3B+5.4%	$2.2B+14.3%	$1.9B-1.7%	$1.9B+32.7%	$1.5B
Current Liabilities	$292.7M+4.0%	$281.4M-66.8%	$848.1M+295.9%	$214.2M-3.5%	$222.0M+21.5%	$182.7M
Long-Term Debt	$2.1B+8.0%	$2.0B+57.0%	$1.3B-22.1%	$1.6B+9.8%	$1.5B+60.4%	$914.6M
Total Equity	$1.7B+2.5%	$1.6B+6.8%	$1.5B+29.7%	$1.2B-2.0%	$1.2B-20.8%	$1.5B
Retained Earnings	-$3.1M-139.0%	$8.0M+105.2%	-$155.1M+47.4%	-$295.1M-8.3%	-$272.5M-899.9%	$34.1M

Metric	Q2'22	Q2'21	Q2'21	Q4'20	Q2'20	Q4'19	Q2'19	Q4'18
Total Assets	$4.4B+6.0%	$4.1B+3.4%	$4.0B+1.6%	$3.9B-3.3%	$4.1B+9.6%	$3.7B+16.7%	$3.2B+3.0%	$3.1B
Current Assets	$573.8M+72.5%	$332.7M+0.3%	$331.6M-12.3%	$378.3M-19.2%	$468.5M+4.5%	$448.5M+52.7%	$293.7M-4.7%	$308.2M
Cash & Equivalents	$119.8M+6.0%	$113.1M-19.4%	$140.4M-19.7%	$174.7M-22.2%	$224.7M+29.0%	$174.2M+91.9%	$90.8M+36.6%	$66.5M
Inventory	$125.2M+55.0%	$80.8M+9.8%	$73.6M+27.2%	$57.9M+27.9%	$45.2M-32.1%	$66.7M+17.3%	$56.8M-17.4%	$68.8M
Accounts Receivable	$56.7M-10.6%	$63.4M+37.3%	$46.2M+12.8%	$41.0M-37.9%	$65.9M+4.2%	$63.2M+15.9%	$54.6M+1.1%	$54.0M
Goodwill	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M
Total Liabilities	$2.5B-0.2%	$2.5B+4.1%	$2.4B+2.7%	$2.3B-3.3%	$2.4B+9.1%	$2.2B+11.9%	$2.0B+2.1%	$1.9B
Current Liabilities	$542.8M+85.5%	$292.7M-31.4%	$426.7M+51.6%	$281.4M-57.8%	$666.3M-21.4%	$848.1M+256.5%	$237.9M+11.1%	$214.2M
Long-Term Debt	$1.9B-10.1%	$2.1B+12.4%	$1.9B-3.9%	$2.0B+19.1%	$1.7B+31.8%	$1.3B-22.8%	$1.6B+0.9%	$1.6B
Total Equity	$1.9B+15.4%	$1.7B+2.4%	$1.6B+0.1%	$1.6B-3.2%	$1.7B+10.3%	$1.5B+24.3%	$1.2B+4.4%	$1.2B
Retained Earnings	$75.1M+2499.8%	-$3.1M-130.4%	$10.3M+28.2%	$8.0M-86.9%	$61.4M+139.6%	-$155.1M+38.9%	-$254.0M+13.9%	-$295.1M

FRO Cash Flow Statement

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$62.9M-89.6%	$604.1M+115.6%	$280.2M+506.8%	$46.2M-64.6%	$130.5M-54.4%	$286.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$363.1M+49.3%	-$716.0M-275.7%	-$190.6M+4.3%	-$199.2M+72.4%	-$722.5M-82.2%	-$396.4M
Financing Cash Flow	$223.6M+80.0%	$124.2M+525.4%	$19.9M-82.9%	$116.1M-76.5%	$493.8M+915.8%	$48.6M
Dividends Paid	$0-100.0%	$312.4M+1486.7%	$19.7M+5000.5%	$386K-99.2%	$51.4M-68.8%	$164.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q2'22	Q2'21	Q2'21	Q4'20	Q2'20	Q4'19	Q2'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$71.8M+518.4%	-$17.2M-172.4%	$23.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$313.2M-2294.2%	-$13.1M+50.3%	-$26.3M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$514.8M+11466.2%	$4.5M+118.4%	-$24.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRO Financial Ratios

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.6%-40.0pp	41.6%+16.6pp	25.0%+13.9pp	11.1%+41.5pp	-30.4%-53.9pp	23.5%
Net Margin	-1.5%-35.3pp	33.8%+19.2pp	14.6%+15.8pp	-1.2%+39.8pp	-41.0%-56.5pp	15.5%
Return on Equity	N/A	25.6%+16.3pp	9.3%	N/A	N/A	7.8%
Return on Assets	-0.3%-10.8pp	10.5%+6.7pp	3.8%+4.1pp	-0.3%+8.2pp	-8.5%-12.4pp	3.9%
Current Ratio	1.14-0.2	1.34+0.8	0.53-0.9	1.440.0	1.45-0.7	2.10
Debt-to-Equity	1.29+0.1	1.22+0.4	0.83-0.6	1.38+0.1	1.24+0.6	0.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'22	Q2'21	Q2'21	Q4'20	Q2'20	Q4'19	Q2'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-82.5%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-99.2%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.06-0.1	1.14+0.4	0.78-0.6	1.34+0.6	0.70+0.2	0.53-0.7	1.23-0.2	1.44
Debt-to-Equity	1.00-0.3	1.29+0.1	1.17-0.0	1.22+0.2	0.99+0.2	0.83-0.5	1.34-0.0	1.38
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Frontline's annual revenue?

Frontline (FRO) reported $749.4M in total revenue for fiscal year 2021. This represents a -38.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Frontline's revenue growing?

Frontline (FRO) revenue declined by 38.6% year-over-year, from $1.2B to $749.4M in fiscal year 2021.

Is Frontline profitable?

No, Frontline (FRO) reported a net income of -$11.1M in fiscal year 2021, with a net profit margin of -1.5%.

What is Frontline's earnings per share (EPS)?

Frontline (FRO) reported diluted earnings per share of $-0.06 for fiscal year 2021. This represents a -102.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Frontline's EBITDA?

Frontline (FRO) had EBITDA of $168.6M in fiscal year 2021, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Frontline have?

As of fiscal year 2021, Frontline (FRO) had $113.1M in cash and equivalents against $2.1B in long-term debt.

What is Frontline's operating margin?

Frontline (FRO) had an operating margin of 1.6% in fiscal year 2021, reflecting the profitability of core business operations before interest and taxes.

What is Frontline's net profit margin?

Frontline (FRO) had a net profit margin of -1.5% in fiscal year 2021, representing the share of revenue converted into profit after all expenses.

What is Frontline's operating cash flow?

Frontline (FRO) generated $62.9M in operating cash flow during fiscal year 2021, representing cash generated from core business activities.

What are Frontline's total assets?

Frontline (FRO) had $4.1B in total assets as of fiscal year 2021, including both current and long-term assets.

How many shares does Frontline have outstanding?

Frontline (FRO) had 204M shares outstanding as of fiscal year 2021.

What is Frontline's current ratio?

Frontline (FRO) had a current ratio of 1.14 as of fiscal year 2021, which is considered adequate.

What is Frontline's debt-to-equity ratio?

Frontline (FRO) had a debt-to-equity ratio of 1.29 as of fiscal year 2021, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Frontline's return on assets (ROA)?

Frontline (FRO) had a return on assets of -0.3% for fiscal year 2021, measuring how efficiently the company uses its assets to generate profit.

What is Frontline's Altman Z-Score?

Frontline (FRO) has an Altman Z-Score of 2.17, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Frontline's Piotroski F-Score?

Frontline (FRO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Frontline's earnings high quality?

Frontline (FRO) has an earnings quality ratio of -5.65x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Frontline cover its interest payments?

Frontline (FRO) has an interest coverage ratio of 0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Frontline?

Frontline (FRO) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.