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TORM plc (TRMD) Financials

TRMD
FY2025 annual
Revenue $1.3B -14.1% YoY
Net Income $286.0M -53.2% YoY
Free Cash Flow $190.4M -22.1% YoY
Operating Cash Flow $498.9M -39.7% YoY
Market Cap $4.2B as of Oct 14, 2026
Price / Sales 3.2x on $1.3B revenue, FY2025
Price / Earnings 14.8x on $286.0M net income, FY2025
Price / Book 1.9x on $2.2B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Feb 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TRMD SEC filings page.

TORM plc (TRMD) reported $1.3B in revenue for fiscal year 2025, down 14.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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 TRMD FY2025

TORM still turns earnings into cash, but FY2025 combined weaker profitability with a sharply more debt-funded balance sheet.

Operating cash flow fell from $826.8M in FY2024 to $498.9M in FY2025, but the decline was less severe than the fall in net income. FY2025 cash flow still exceeded net income, while free-cash-flow margin slipped only to 14.2% from 15.7%, showing that lower capital spending and cash conversion cushioned the earnings contraction.

Revenue fell 14.1% in FY2025, while net profit margin compressed to 21.4% from 39.2%. Earnings therefore proved more sensitive than volume, suggesting that operating conditions or costs absorbed disproportionate pressure rather than moving proportionally with the top line.

Long-term debt rose from $6.4M to $1.0B as the balance sheet became more borrowing-dependent. Debt-to-equity reached 0.5x while the current ratio fell to 1.3x, indicating greater leverage and a thinner short-term cushion than FY2024.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 37 / 100
Financial Health Score 37/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of TORM plc'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.

Profitability
0

Not available for TORM plc, and counted as zero in the overall score.

Growth
25

TORM plc's revenue declined 14.1% year-over-year, from $1.6B to $1.3B. This contraction results in a growth score of 25/100.

Leverage
65

TORM plc carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
51

TORM plc's current ratio of 1.33 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
79

TORM plc converts 14.2% of revenue into free cash flow ($190.4M). This strong cash generation earns a score of 79/100.

Returns
0

Not available for TORM plc, and counted as zero in the overall score.

Piotroski F-Score Partial
3/8

TORM plc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.74x

For every $1 of reported earnings, TORM plc generates $1.74 in operating cash flow ($498.9M OCF vs $286.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt
$158.1M
YoY-41.9%
QoQ-56.1%
5Y CAGR-0.1%

TORM plc held $158.1M in cash against $1.0B in long-term debt as of Q4 2025.

Shares Outstanding
101M
YoY+3.6%

TORM plc had 101M shares outstanding in Q4 2025. This represents an increase of 3.6% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

TRMD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRMD quarterly income statement
MetricQ4'2520-FQ2'256-KQ4'2420-FQ2'246-KQ4'2320-FQ3'2310-QQ2'2310-QQ1'2310-Q
Interest ExpenseN/A$17.8M-5.8%N/A$18.9M+5.0%N/A$16.5M+32.0%$18.0M+50.0%$12.5M
Income TaxN/A$1.7M+254.5%N/A-$1.1M-10.0%N/A$3.4M+1600.0%-$1.0M-350.0%$1.5M
Net IncomeN/A$58.7M-69.8%N/A$194.2M+4.7%N/A$124.3M-42.7%$185.4M+73.9%$153.6M
Diluted Shares (Avg)N/A101M+4.6%N/A96M+11.2%N/A88M+6.1%87MN/A

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, EPS (Basic), EPS (Diluted).

TRMD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRMD quarterly balance sheet
MetricQ4'2520-FQ2'256-KQ4'2420-FQ2'246-KQ4'2320-FQ3'2310-QQ2'2310-QQ1'2310-Q
Total Assets$3.4B-3.0%$3.4B-2.0%$3.5B+20.9%$3.5B+21.1%$2.9B+9.8%$2.8B+10.3%$2.9B+18.2%N/A
Current Assets$531.9M-13.6%$682.8M-25.5%$615.3M-11.0%$915.9M+33.1%$691.2M-6.6%$675.1M+3.7%$688.2M+22.1%N/A
Cash & Equivalents$158.1M-41.9%$359.8M-31.7%$271.9M+2.4%$527.1M+120.5%$265.5M-17.2%$240.3M+7.3%$239.1M+79.4%$380.9M
Inventory$66.5M-2.8%$69.5M+0.1%$68.4M+10.9%$69.4M+3.7%$61.7M-14.3%$70.6M-2.5%$66.9MN/A
Goodwill$1.8M+5.9%$1.8M0.0%$1.7M-5.6%$1.8M0.0%$1.8M0.0%$1.7M-10.5%$1.8MN/A
Total Liabilities$1.2B-16.5%$1.3B-9.3%$1.4B+15.8%$1.4B+9.9%$1.2B+8.4%$1.2B+8.5%$1.3B+7.3%N/A
Current Liabilities$401.4M+40.6%$266.1M-7.5%$285.4M+7.5%$287.7M-25.4%$265.4M+28.6%$289.5M+35.9%$385.4M+53.9%N/A
Non-Current Liabilities$763.0M-31.2%$1.0B-9.8%$1.1B+18.2%$1.1B+24.8%$938.7M+3.8%$949.5M+2.3%$908.9M-4.9%N/A
Long-Term Debt$1.0B$1.1B-10.5%N/A$1.3B+9.0%N/A$1.1B+9.3%$1.2B+9.6%N/A
Total Equity$2.2B+6.2%$2.1B+3.1%$2.1B+24.5%$2.0B+30.5%$1.7B+10.8%$1.6B+11.8%$1.6B+28.9%N/A
Retained Earnings$1.8B+21.6%$1.6B+4.5%$1.5B+6.5%$1.5B+17.2%$1.4B+6.5%$1.3B+10.6%$1.3B+28.7%N/A

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments.

TRMD Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRMD quarterly cash flow statement
MetricQ4'2520-FQ2'256-KQ4'2420-FQ2'246-KQ4'2320-FQ3'2310-QQ2'2310-QQ1'2310-Q
Operating Cash FlowN/AN/AN/AN/A$194.9M-21.3%$202.9M+22.7%$192.6M$214.7M
Depreciation & AmortizationN/AN/AN/AN/A$39.0M+9.9%$38.2M+13.0%$37.0M$35.0M
Capital ExpendituresN/AN/AN/AN/A$152.2M+1107.9%$23.9M-49.3%$118.5M$215.1M
Free Cash FlowN/AN/AN/AN/A$42.7M-81.8%$179.0M+51.4%$74.1M-$400K
Investing Cash FlowN/AN/AN/AN/A-$20.1M-1016.7%-$6.1M-122.3%-$102.8M-$241.6M
Financing Cash FlowN/AN/AN/AN/A-$149.6M-0.2%-$195.6M-92.0%-$231.5M$87.3M
Dividends PaidN/AN/AN/AN/A$123.2M+3.2%$126.6M+167.7%$336.6MN/A

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

TRMD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TRMD quarterly financial ratios
MetricQ4'2520-FQ2'256-KQ4'2420-FQ2'246-KQ4'2320-FQ3'2310-QQ2'2310-QQ1'2310-Q
Return on EquityN/A2.8%-6.7ppN/A9.5%-2.3ppN/A7.9%-7.5pp11.8%+3.1ppN/A
Return on AssetsN/A1.7%-3.9ppN/A5.6%-0.9ppN/A4.4%-4.1pp6.5%+2.1ppN/A
Current Ratio1.33-0.8x2.57-0.6x2.16-0.4x3.18+1.4x2.60-1.0x2.33-0.7x1.79-0.5xN/A
Debt-to-Equity0.46-0.2x0.53-0.1x0.67-0.1x0.62-0.1x0.72+0.7x0.690.0x0.74-0.1xN/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
TORM plc TRMD FY2025 $1.3B $286.0M 21.3% $4.2B 37/100
International Seaways, Inc. INSW FY2025 $843.3M $309.3M 36.7% $6.2B 51/100
Genesis Energy, L.P. GEL FY2025 $1.6B -$440.4M -27.0% $1.8B 33/100
Scorpio Tankers Inc. STNG FY2025 $938.2M $344.3M 36.7% $4.4B 32/100
CMB.TECH NV CMBT FY2025 $1.7B $139.1M 8.3% $6.1B 32/100
Excelerate Energy, Inc. EE FY2025 $1.2B $167.0M 13.6% $1.1B 52/100

Frequently Asked Questions

What is TORM plc's annual revenue?

TORM plc (TRMD) reported $1.3B in total revenue for fiscal year 2025. This represents a -14.1% 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 TORM plc's revenue growing?

TORM plc (TRMD) revenue declined by 14.1% year-over-year, from $1.6B to $1.3B in fiscal year 2025.

Is TORM plc profitable?

Yes, TORM plc (TRMD) reported a net income of $286.0M in fiscal year 2025, with a net profit margin of 21.3%.

As of fiscal year 2025, TORM plc (TRMD) had $158.1M in cash and equivalents against $1.0B in long-term debt.

TORM plc (TRMD) had a net profit margin of 21.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

TORM plc (TRMD) has a return on equity of 13.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

TORM plc (TRMD) generated $190.4M in free cash flow during fiscal year 2025. This represents a -22.1% change compared to the previous fiscal year. 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.

TORM plc (TRMD) generated $498.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

TORM plc (TRMD) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

TORM plc (TRMD) invested $308.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

TORM plc (TRMD) had 101M shares outstanding as of fiscal year 2025.

TORM plc (TRMD) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.

TORM plc (TRMD) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

TORM plc (TRMD) had a return on assets of 8.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

TORM plc (TRMD) trades at 14.8x earnings, its market capitalization divided by net income of $286.0M net income, FY2025. The market capitalization is $4.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

TORM plc (TRMD) trades at 3.2x sales, its market capitalization divided by revenue of $1.3B revenue, FY2025. The market capitalization is $4.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

TORM plc (TRMD) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

TORM plc (TRMD) has an earnings quality ratio of 1.74x, 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.

TORM plc (TRMD) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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