Frontline Financials

FRO

Source SEC Filings (10-K/10-Q) Updated Mar 27, 2026 Currency USD FYE March

This page shows Frontline (FRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI FRO FY2025 2026-04-22

FY2025 shows an asset-heavy cash recycler, with minimal reinvestment needs letting operating cash pass through to free cash and financing uses.

In FY2025, cash conversion was unusually clean: $682.5M of operating cash flow turned into $669.9M of free cash flow. Because capital spending was only $12.5M, the existing asset base rather than fresh reinvestment did the work, and cash generation outran net income of $379.1M.

The balance sheet looks less debt-led than liability-led: long-term debt was only $451K and debt-to-equity nearly zero, yet total liabilities still stood at $3.24B. That points to obligations sitting outside classic term borrowings, so headline leverage understates how much of the asset base is claimed by others.

The year’s cash surplus did not stay on the balance sheet: financing outflows of $869.6M exceeded dividends of $207.0M, so cash was pushed back out rather than accumulated. With only $251.3M of cash against $5.75B of assets, this business appears built to recycle cash, not warehouse it.

Financial Health Signals

Financial Profile 67/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Frontline's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Frontline's revenue surged 163.0% year-over-year to $2.0B, reflecting rapid business expansion. This strong growth earns a score of 78/100.

Leverage

100

Frontline carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Frontline's current ratio of 1.43 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (51% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

100

Frontline converts 34.0% of revenue into free cash flow ($669.9M). This strong cash generation earns a score of 100/100.

Returns

Frontline's ROE of 15.1% shows moderate profitability relative to equity, earning a score of 39/100. This is up from -0.7% the prior year.

Piotroski F-Score Strong

7/9

Frontline passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.80x

For every $1 of reported earnings, Frontline generates $1.80 in operating cash flow ($682.5M OCF vs $379.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0B

YoY+163.0%

5Y CAGR+25.0%

10Y CAGR+13.0%

Frontline generated $2.0B in revenue in fiscal year 2025. This represents an increase of 163.0% from the prior year.

EBITDA

N/A

Net Income

$379.1M

YoY+3500.4%

Frontline reported $379.1M in net income in fiscal year 2025. This represents an increase of 3500.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$669.9M

Frontline generated $669.9M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt

$251.3M

YoY+122.3%

5Y CAGR+19.3%

10Y CAGR+6.6%

Frontline held $251.3M in cash against $451K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

223M

YoY+9.4%

5Y CAGR+5.6%

Frontline had 223M shares outstanding in fiscal year 2025. This represents an increase of 9.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

19.2%

YoY+20.7pp

5Y CAGR+60.2pp

10Y CAGR+33.5pp

Frontline's net profit margin was 19.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 20.7 percentage points from the prior year.

Return on Equity

15.1%

YoY+15.8pp

5Y CAGR+37.4pp

10Y CAGR+84.3pp

Frontline's ROE was 15.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$12.5M

Frontline invested $12.5M in capex in fiscal year 2025, funding long-term assets and infrastructure.

FRO Income Statement

Metric	FY25	FY21	FY20	FY19	FY18	FY17
Revenue	$2.0B+163.0%	$749.4M-38.6%	$1.2B+27.6%	$957.3M+29.0%	$742.3M+14.8%	$646.3M
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	N/A	$27.9M-37.0%	$44.2M-1.7%	$45.0M+20.7%	$37.3M-0.8%	$37.6M
Operating Income	N/A	$12.2M-97.6%	$507.8M+112.0%	$239.5M+189.6%	$82.7M+142.1%	-$196.3M
Interest Expense	-$217.4M-453.9%	$61.4M-14.9%	$72.2M-23.6%	$94.5M+1.3%	$93.3M+33.6%	$69.8M
Income Tax	$6.0M+30.0%	$4.6M+33192.9%	-$14K-104.6%	$307K-2.8%	$316K+9.0%	$290K
Net Income	$379.1M+3500.4%	-$11.1M-102.7%	$412.9M+195.0%	$140.0M+1676.3%	-$8.9M+96.6%	-$264.9M
EPS (Diluted)	N/A	$-0.06-102.9%	$2.09+167.9%	$0.78+1660.0%	$-0.05+96.8%	$-1.56

Metric	Q1'23	Q3'22	Q1'22	Q3'21	Q1'21	Q3'20	Q1'20	Q3'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRO Balance Sheet

Metric	FY25	FY21	FY20	FY19	FY18	FY17
Total Assets	$5.8B+39.7%	$4.1B+5.1%	$3.9B+6.0%	$3.7B+20.1%	$3.1B-1.8%	$3.1B
Current Assets	$707.3M+112.6%	$332.7M-12.0%	$378.3M-15.6%	$448.5M+45.5%	$308.2M-4.2%	$321.6M
Cash & Equivalents	$251.3M+122.3%	$113.1M-35.3%	$174.7M+0.3%	$174.2M+162.1%	$66.5M-36.2%	$104.1M
Inventory	$120.1M+48.6%	$80.8M+39.6%	$57.9M-13.2%	$66.7M-3.1%	$68.8M+11.4%	$61.7M
Accounts Receivable	$134.0M+111.3%	$63.4M+54.8%	$41.0M-35.2%	$63.2M+17.2%	$54.0M+8.9%	$49.6M
Goodwill	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M0.0%	$112.5M
Total Liabilities	$3.2B+31.6%	$2.5B+6.8%	$2.3B+5.4%	$2.2B+14.3%	$1.9B-1.7%	$1.9B
Current Liabilities	$494.7M+69.0%	$292.7M+4.0%	$281.4M-66.8%	$848.1M+295.9%	$214.2M-3.5%	$222.0M
Long-Term Debt	$451K-100.0%	$2.1B+8.0%	$2.0B+57.0%	$1.3B-22.1%	$1.6B+9.8%	$1.5B
Total Equity	$2.5B+51.9%	$1.7B+2.5%	$1.6B+6.8%	$1.5B+29.7%	$1.2B-2.0%	$1.2B
Retained Earnings	$679.5M+21809.6%	-$3.1M-139.0%	$8.0M+105.2%	-$155.1M+47.4%	-$295.1M-8.3%	-$272.5M

Metric	Q1'23	Q3'22	Q1'22	Q3'21	Q1'21	Q3'20	Q1'20	Q3'19
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	FY25	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	$682.5M+984.4%	$62.9M-89.6%	$604.1M+115.6%	$280.2M+506.8%	$46.2M-64.6%	$130.5M
Capital Expenditures	$12.5M	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$669.9M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$25.0M+106.9%	-$363.1M+49.3%	-$716.0M-275.7%	-$190.6M+4.3%	-$199.2M+72.4%	-$722.5M
Financing Cash Flow	-$869.6M-489.0%	$223.6M+80.0%	$124.2M+525.4%	$19.9M-82.9%	$116.1M-76.5%	$493.8M
Dividends Paid	$207.0M	$0-100.0%	$312.4M+1486.7%	$19.7M+5000.5%	$386K-99.2%	$51.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'23	Q3'22	Q1'22	Q3'21	Q1'21	Q3'20	Q1'20	Q3'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	FY25	FY21	FY20	FY19	FY18	FY17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	1.6%-40.0pp	41.6%+16.6pp	25.0%+13.9pp	11.1%+41.5pp	-30.4%
Net Margin	19.2%+20.7pp	-1.5%-35.3pp	33.8%+19.2pp	14.6%+15.8pp	-1.2%+39.8pp	-41.0%
Return on Equity	15.1%+15.8pp	-0.7%-26.3pp	25.6%+16.3pp	9.3%+10.0pp	-0.8%+21.6pp	-22.3%
Return on Assets	6.6%+6.9pp	-0.3%-10.8pp	10.5%+6.7pp	3.8%+4.1pp	-0.3%+8.2pp	-8.5%
Current Ratio	1.43+0.3	1.14-0.2	1.34+0.8	0.53-0.9	1.440.0	1.45
Debt-to-Equity	0.00-1.3	1.29+0.1	1.22+0.4	0.83-0.6	1.38+0.1	1.24
FCF Margin	34.0%	N/A	N/A	N/A	N/A	N/A

Metric	Q1'23	Q3'22	Q1'22	Q3'21	Q1'21	Q3'20	Q1'20	Q3'19
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	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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 $2.0B in total revenue for fiscal year 2025. This represents a 163.0% 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 grew by 163% year-over-year, from $749.4M to $2.0B in fiscal year 2025.

Is Frontline profitable?

Yes, Frontline (FRO) reported a net income of $379.1M in fiscal year 2025, with a net profit margin of 19.2%.

How much debt does Frontline have?

As of fiscal year 2025, Frontline (FRO) had $251.3M in cash and equivalents against $451K in long-term debt.

What is Frontline's net profit margin?

Frontline (FRO) had a net profit margin of 19.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Frontline's return on equity (ROE)?

Frontline (FRO) has a return on equity of 15.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Frontline's free cash flow?

Frontline (FRO) generated $669.9M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Frontline's operating cash flow?

Frontline (FRO) generated $682.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Frontline's total assets?

Frontline (FRO) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Frontline's capital expenditures?

Frontline (FRO) invested $12.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Frontline have outstanding?

Frontline (FRO) had 223M shares outstanding as of fiscal year 2025.

What is Frontline's current ratio?

Frontline (FRO) had a current ratio of 1.43 as of fiscal year 2025, which is considered adequate.

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

Frontline (FRO) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, 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 6.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Frontline's Piotroski F-Score?

Frontline (FRO) has a Piotroski F-Score of 7 out of 9, indicating strong 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 to 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 1.80x, considered cash-backed (high 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.

How financially healthy is Frontline?

Frontline (FRO) scores 67 out of 100 on our Financial Profile, indicating strong 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.