TORM plc Class A Common Stock (TRMD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.9	$3.26	-16.4%	—	—	—
Q1 26	$1.23	$1.17	-4.9%	—	$402M	—
Q4 25	$0.85	$0.85	0.0%	—	$352.6M	—
Q3 25	$0.77	$0.84	+9.1%	—	$342.6M	—
Q2 25	$0.57	$0.53	-7.0%	—	$315.2M	—
Q1 25	$0.66	$0.62	-6.1%	—	$329.1M	—
Q4 24	$0.66	$0.69	+4.5%	—	$305.4M	—
Q3 24	$1.22	$1.35	+10.7%	—	$372.1M	—
Q2 24	$2.02	$2.02	0.0%	—	$437.7M	—
Q1 24	$2.21	$2.08	-5.9%	—	$444.1M	—
Q4 23	$1.75	$2.1	+20.0%	—	$387.8M	—
Q3 23	$1.17	$1.41	+20.5%	—	$358.1M	—
Q2 23	$1.71	$2.13	+24.6%	—	$384.3M	—
Q1 23	$2.23	$1.8	-19.3%	—	$390.2M	—
Q4 22	$2.82	$4.45	+57.8%	—	$447.4M	—
Q3 22	$2.38	$19.9	+738.2%	—	$448.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.91	—	—	$1.3B	—
FY24	—	$6.54	—	—	$1.6B	—
FY23	—	$7.75	—	—	$1.5B	—
FY22	—	$6.92	—	—	$1.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$680.1M	$657M	$635.4M	$692.6M	$747.4M	$619.5M	$1.4B	$1.5B	$1.6B	$1.3B
YoY change	+25.9%	-3.4%	-3.29%	+9.01%	+7.9%	-17.1%	+133%	+5.34%	+2.55%	-14.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	680.1M	657M	635.4M	692.6M	747.4M	619.5M	1.4B	1.5B	1.6B	1.3B
Cost of revenue	365.6M	382.9M	400M	377.9M	349.8M	371.8M	598.5M	579.6M	610.5M	636.1M
Gross profit	314.6M	274.1M	235.4M	314.7M	397.5M	247.7M	844.9M	940.8M	948.7M	703.4M
Gross margin	46.3%	41.7%	37%	45.4%	53.2%	40%	58.5%	61.9%	60.8%	52.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	41.4M	45M	47.8M	47.7M	50.8M	51.5M	55M	82.9M	95.6M	113.8M
Operating expenses	237M	233.8M	230.2M	223.6M	248.3M	241.6M	251.1M	292.5M	341.2M	366.1M
Operating income	77.6M	40.3M	5.1M	91.1M	149.2M	6.1M	593.7M	648.2M	607.5M	337.3M
Operating margin	11.4%	6.14%	0.81%	13.2%	20%	0.99%	41.1%	42.6%	39%	25.2%
Non-operating income, net	-184.7M	-1.3M	-1.8M	114.9M	-11.3M	-4.7M	7.7M	50.4M	50.6M	19.3M
Pretax income	-141.7M	3.2M	-33.2M	166.8M	89.5M	-40.7M	556.7M	652M	609.5M	295.2M
Income tax	760K	777K	1.6M	784K	1.4M	1.3M	-5.9M	4M	-2M	9.2M
Net income	-142.5M	2.4M	-34.8M	166M	88.1M	-42.1M	562.6M	648M	611.5M	286M
Net margin	-21%	0.37%	-5.47%	24%	11.8%	-6.79%	39%	42.6%	39.2%	21.4%
EBITDA	195M	152.2M	119M	200.9M	269.6M	137.1M	737M	811.8M	821.2M	559.5M
EPS	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.92	7.75	6.54	2.91
Diluted EPS	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.8	7.48	6.36	2.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	358.1M	387.8M	444.1M	437.7M	372.1M	305.4M	329.1M	315.2M	342.6M	352.6M	402M	—
Cost of revenue	151.6M	159.7M	155.4M	157.2M	155.4M	142.6M	163.7M	157.1M	159M	156.4M	174.2M	—
Gross profit	206.5M	228.1M	288.7M	280.5M	216.7M	162.8M	165.4M	158.1M	183.6M	196.2M	227.8M	—
Gross margin	57.7%	58.8%	65%	64.1%	58.2%	53.3%	50.3%	50.2%	53.6%	55.6%	56.7%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	19M	24.4M	26.2M	23.8M	22.6M	23M	25.9M	24.5M	29.2M	29.2M	23M	—
Operating expenses	73.5M	72.6M	83M	86.7M	85.5M	85.9M	92.5M	88.9M	85.9M	98.6M	90.5M	—
Operating income	133M	155.4M	205.7M	193.8M	131.2M	76.9M	72.9M	69.2M	97.7M	97.6M	137.3M	—
Operating margin	37.1%	40.1%	46.3%	44.3%	35.3%	25.2%	22.2%	22%	28.5%	27.7%	34.2%	—
Non-operating income, net	7M	39.9M	17M	10.5M	11.1M	11.9M	9.4M	5.4M	1.3M	3.1M	4M	—
Pretax income	127.7M	184.8M	210.8M	193.1M	130.8M	74.8M	68.3M	60.4M	78.8M	87.6M	124M	—
Income tax	3.4M	235K	1.6M	-1.1M	100K	-2.6M	5.4M	1.7M	1.2M	800K	1.6M	—
Net income	124.3M	184.6M	209.2M	194.2M	130.7M	77.4M	62.9M	58.7M	77.6M	86.8M	122.4M	—
Net margin	34.7%	47.6%	47.1%	44.4%	35.1%	25.3%	19.1%	18.6%	22.7%	24.6%	30.4%	—
EBITDA	175.4M	197.9M	255.2M	248.3M	187.5M	130.4M	130M	124.9M	154.3M	150.5M	198.6M	—
EPS	1.47	—	2.34	2.08	1.38	—	0.64	0.6	0.79	—	1.21	3.31
Diluted EPS	1.42	—	2.26	2.02	1.35	—	0.62	0.58	0.77	—	1.18	3.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	801.9M	521.7M	621.7M	2.4B	2.5B	—	1.9B	3.5B
Enterprise value	—	—	—	1.6B	1.3B	1.6B	3B	3.3B	—	2.8B	4.2B
Shares outstanding	62.9M	62M	73.1M	74M	74M	78.1M	81.3M	83.6M	93.6M	98.2M	98.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	4.83	5.92	—	4.22	3.92	—	6.72	5.62
P/S	—	—	—	1.16	0.7	1	1.64	1.67	—	1.44	1.99
P/B	—	—	—	0.8	0.51	0.59	1.58	1.53	—	0.87	1.54
EV/EBITDA	—	—	—	7.96	4.73	11.8	4.1	4.11	—	4.95	4.59
EV/Sales	—	—	—	2.31	1.71	2.6	2.09	2.19	—	2.07	2.39
Earnings yield	—	—	—	20.7%	16.9%	—	23.7%	25.5%	—	14.9%	17.8%
FCF yield	—	—	—	-26.6%	12%	-43.7%	16.1%	11.6%	—	9.81%	0.44%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	46.3%	41.7%	37%	45.4%	53.2%	40%	58.5%	61.9%	60.8%	52.5%	56.7%
Operating margin	11.4%	6.14%	0.81%	13.2%	20%	0.99%	41.1%	42.6%	39%	25.2%	53.6%
Net margin	-21%	0.37%	-5.47%	24%	11.8%	-6.79%	39%	42.6%	39.2%	21.4%	35.5%
ROE	-18.3%	0.3%	-4.11%	16.5%	8.66%	-4%	37.4%	38.9%	29.5%	13%	26.8%
ROA	-9.07%	0.15%	-2.03%	8.29%	4.41%	-1.81%	21.5%	22.6%	17.6%	8.49%	11.9%
ROIC	5.59%	2.17%	0.35%	5.02%	8.29%	0.3%	27.6%	26.2%	20.1%	10.7%	12.5%
Return on tangible assets	-9.07%	0.15%	-2.03%	8.29%	4.41%	-1.81%	21.6%	22.6%	17.7%	8.52%	9.81%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.19	1.67	1.61	1.11	1.24	1.18	3.58	2.6	2.16	1.33	2.27
Quick ratio	0.99	1.46	1.38	0.93	1.12	1.02	3.24	2.37	1.92	1.16	1.2
Debt / equity	0.88	0.95	0.88	0.85	0.83	1.08	0.64	0.64	0.59	0.46	0.42
Debt / assets	0.43	0.45	0.44	0.43	0.42	0.49	0.37	0.37	0.35	0.3	0.31
Net debt / EBITDA	3.11	4.04	5.23	3.97	2.79	7.22	0.88	0.98	1.16	1.51	1.41
Interest coverage	-3.79	1.1	0.07	5.24	2.9	0.04	12.4	11.7	9.67	5.27	5.98
Effective tax rate	0%	24.4%	0%	0.47%	1.58%	0%	0%	0.62%	0%	3.12%	1.51%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.8	10.6	8.69	9.36	10.1	7.93	17.8	18.2	16.7	13.6	17.5
EPS (basic)	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.92	7.75	6.54	2.91	2.91
EPS (diluted)	-2.27	0.04	-0.48	2.24	1.19	-0.54	6.8	7.48	6.36	2.85	6.08
Book value per share	12.4	12.8	11.6	13.6	13.7	13.5	18.5	19.9	22.2	22.4	22.3
FCF per share	0.82	-0.57	-1.8	-2.88	0.85	-3.48	4.7	3.53	2.6	1.92	0.82
Cash per share	1.21	2.16	1.74	0.77	1.21	1.85	3.94	3.18	2.9	1.61	3.68
Capex per share	1.9	1.83	2.4	4.36	1.21	3.97	0.16	4.11	4.83	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	17.6%	17.3%	27.6%	46.6%	12%	50%	0.88%	22.6%	29%	—	—
Capex / operating cash flow	768.7%	75.2%	167%	97.6%	32.1%	346.1%	2.24%	37.3%	49.1%	—	—
Payout ratio	-17.5%	51.5%	0%	0%	80.1%	0%	29.6%	90.5%	90.5%	69.8%	39.8%
Dividend yield	—	—	—	0%	13.5%	0%	7.03%	23.1%	—	10.4%	28.1%

Yield

28.1%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.40

ex-dividend Sep 10, 2026

Payout ratio

40%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$2.40
May 28, 2026	$0.70
Mar 12, 2026	$0.70
Nov 20, 2025	$0.62
Aug 22, 2025	$0.40
May 22, 2025	$0.40
Mar 20, 2025	$0.60
Nov 21, 2024	$1.20

Split history

Date	Ratio

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$358.1M	$387.8M	$444.1M	$437.7M	$372.1M	$305.4M	$329.1M	$315.2M	$342.6M	$352.6M	$402M	—
YoY change	-20.1%	-13.3%	+13.8%	+13.9%	+3.91%	-21.2%	-25.9%	-28%	-7.93%	+15.5%	+22.2%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	76M	134.2M	127.4M	56.9M	89.5M	144.8M	320.5M	265.5M	271.9M	158.1M
Receivables	62.5M	71.3M	86M	89.9M	58.6M	84M	259.5M	211M	183.9M	214.7M
Inventory	31.6M	33.2M	39.4M	34.8M	22.5M	48.8M	72M	61.7M	68.4M	66.5M
Total current assets	181.3M	261.5M	269.3M	215.9M	243.7M	363.3M	739.7M	691.3M	615.3M	531.9M
Property, plant & equipment	1B	952.7M	1.4B	1.8B	1.7B	2B	1.9B	2.2B	2.8B	2.8B
Goodwill & intangibles	0	—	—	—	—	0	7.4M	7.4M	7.4M	11.6M
Total assets	1.6B	1.6B	1.7B	2B	2B	2.3B	2.6B	2.9B	3.5B	3.4B
Accounts payable	28.5M	26.1M	35.1M	47.1M	14.3M	35.3M	48.5M	43.1M	50M	41M
Short-term debt	89.3M	94.6M	94.4M	99M	102.9M	209M	117.1M	172.7M	165.3M	288.8M
Total current liabilities	151.8M	156.1M	167.1M	194.9M	196.7M	307.2M	206.4M	265.5M	285.4M	401.4M
Long-term debt	593.9M	654.5M	655.2M	756.4M	739.5M	926.5M	849.8M	886.9M	1.1B	714.3M
Total liabilities	790.7M	855.5M	867.2M	996.2M	981.2M	1.3B	1.1B	1.2B	1.4B	1.2B
Shareholders' equity	780.6M	791M	847.2M	1B	1B	1.1B	1.5B	1.7B	2.1B	2.2B
Total debt	683.2M	749.1M	749.6M	855.4M	842.4M	1.1B	966.9M	1.1B	1.2B	1B
Net debt	607.2M	614.9M	622.2M	798.5M	752.9M	990.6M	646.4M	794.1M	954.4M	845M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	269M	270.7M	265.5M	559.6M	532.4M	398.3M	271.9M	362.3M	369.8M	219.7M	158.1M	196.4M
Receivables	226.3M	203.7M	211M	258.2M	244.1M	187.9M	183.9M	196.3M	170.9M	184.8M	214.7M	249.6M
Inventory	66.9M	70.6M	61.7M	70.4M	69.4M	64.3M	68.4M	72.5M	69.5M	65M	66.5M	82.5M
Total current assets	688.2M	675.1M	691.3M	961.8M	915.9M	694.6M	615.3M	694.2M	682.8M	517.7M	531.9M	575.5M
Property, plant & equipment	2.2B	2.1B	2.2B	2.5B	2.5B	2.7B	2.8B	2.8B	2.7B	2.7B	2.8B	2.9B
Goodwill & intangibles	7.2M	6.8M	7.4M	7.4M	8M	8M	7.4M	8.4M	8.2M	8.4M	11.6M	11.4M
Total assets	2.9B	2.8B	2.9B	3.5B	3.5B	3.4B	3.5B	3.5B	3.4B	3.2B	3.4B	3.5B
Accounts payable	38.5M	45.6M	43.1M	41.7M	47.4M	41.1M	50M	53.1M	45.2M	36.1M	41M	67.2M
Short-term debt	297.5M	194.2M	172.7M	182.9M	175M	168.7M	165.3M	161.4M	156.2M	121.9M	288.8M	286.7M
Total current liabilities	385.4M	289.5M	265.5M	265.1M	287.7M	280.8M	285.4M	272.2M	266.1M	218.9M	401.4M	410.9M
Long-term debt	856.2M	893.8M	886.9M	1.1B	1.1B	1B	1.1B	1B	969.8M	777.5M	714.3M	795.1M
Total liabilities	1.3B	1.2B	1.2B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1B	1.2B	1.3B
Shareholders' equity	1.6B	1.6B	1.7B	2.1B	2B	2B	2.1B	2.1B	2.1B	2.2B	2.2B	2.3B
Total debt	1.2B	1.1B	1.1B	1.3B	1.3B	1.2B	1.2B	1.2B	1.1B	899.4M	1B	1.1B
Net debt	884.7M	817.3M	794.1M	746.2M	725.6M	814M	954.4M	820M	756.2M	679.7M	845M	885.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-142.5M	2.4M	-34.8M	166M	88.1M	-42.1M	562.6M	648M	611.5M	286M
Depreciation & amortization	122.2M	114.5M	114.5M	110.1M	121.9M	130.9M	139M	149.3M	192M	214.5M
Stock-based compensation	2M	1.9M	2M	1.9M	1.7M	2.3M	2.2M	22.5M	30.2M	34.1M
Change in working capital	5.6M	-4.7M	-14.2M	12.6M	14.6M	-45M	-175.2M	49.6M	39.4M	-29.7M
Operating cash flow	15.5M	151.2M	105.2M	330.4M	278.2M	89.5M	567.5M	920M	920.3M	498.9M
Capital expenditure	-119.4M	-113.7M	-175.6M	-322.5M	-89.4M	-309.8M	-12.7M	-343.3M	-451.8M	—
Investing cash flow	-119.4M	-113.7M	-175.6M	-322.8M	-119.8M	-290.6M	11.9M	-370M	-441M	13.9M
Dividends paid	-25M	-1.2M	0	0	-70.6M	0	-166.7M	-586.4M	-553.3M	-199.7M
Share repurchases	-22.1M	0	0	0	-1.3M	0	0	—	—	—
Financing cash flow	-145.6M	62.7M	196M	88.7M	-82.5M	298M	-337.6M	-489.4M	-378.3M	-460.1M
Net change in cash	-249.5M	100.2M	125.6M	96.3M	75.9M	96.9M	241.9M	60.6M	101M	52.7M
Free cash flow	51.7M	-35.3M	-131.7M	-213.3M	62.8M	-271.8M	382M	294.9M	243.3M	188.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	185.5M	124.3M	184.6M	209.2M	194.2M	130.7M	77.4M	62.9M	58.7M	77.6M	86.8M	122.4M
Depreciation & amortization	37.1M	38.2M	39M	43.1M	46.8M	49.4M	52.7M	53.3M	52.1M	53.1M	56M	59.7M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	206.2M	193.2M	231.7M	276M	257.5M	197.4M	119.8M	145.5M	161.3M	119.5M	135M	135.9M
Capital expenditure	-102.5M	-5.6M	-20.1M	-175.2M	1.3M	-150M	-127.9M	35.5M	—	—	—	—
Investing cash flow	-102.6M	-6.1M	-19.7M	-160.7M	11.6M	-149.9M	-142M	43.6M	1.2M	-400K	5M	2.4M
Dividends paid	-336.6M	-126.6M	-123.2M	0	-267.7M	-170M	-115.6M	0	-97.7M	-39.2M	-62.8M	-71.4M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-231.6M	-201.7M	-143.4M	252.8M	-309.6M	-234.1M	-87.4M	-47.3M	-157.7M	-266.6M	11.5M	52M
Net change in cash	-128M	-14.6M	68.6M	368.1M	-40.5M	-186.6M	-109.6M	141.8M	4.8M	-147.5M	151.5M	190.3M
Free cash flow	73.9M	178.9M	42.5M	-55.1M	260.3M	63.8M	-25.7M	55.1M	133.2M	83M	-82.7M	-48.4M

TORM plc Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement