| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | 1 | — |
| Sell | — | — | — | — | — | — | — | 1 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | 3.80 |
—
—
—
|
| 2025 | 2.02 |
—
—
—
—
|
| 2024 | 5.86 |
—
—
—
—
|
| 2023 | 7.01 |
—
—
—
—
|
| 2022 | 2.04 |
—
—
|
| 2020 | 1.05 |
—
—
—
|
| 2017 | 0.02 |
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 295.60 | 291.20 | 163.50 | 368.20 |
| Receivables | 271.50 | 243.50 | 238.40 | 350.50 |
| Inventory | 61.70 | 68.40 | 66.50 | 111.80 |
| Other | 47.20 | — | 24.40 | — |
| 691.20 | 615.30 | 531.90 | 846.60 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 43.10 | 50.00 | 41.00 | 81.80 |
| ST’ Debt | 172.70 | 165.30 | 288.80 | 237.00 |
| Other | 49.00 | 69.40 | 71.30 | 53.80 |
| 265.40 | 285.40 | 401.40 | 372.70 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 402.00 | 662.80 | — | — |
—
|
| ’25 | 329.10 | 315.20 | 342.60 | 352.60 |
1,339.50
|
| ’24 | 444.10 | 437.70 | 372.10 | 305.30 |
1,559.20
|
| ’23 | 390.20 | 384.30 | 358.10 | 387.80 |
1,520.40
|
| ’22 | 209.40 | 338.50 | 448.10 | 447.35 |
1,443.35
|
| ’21 | 124.10 | 150.80 | 155.50 | 189.13 |
619.53
|
| ’20 | 242.60 | 227.80 | 160.70 | 116.26 |
747.36
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 135.90 | 319.50 | — | — |
—
|
| ’25 | 83.10 | 161.30 | 119.50 | 135.00 |
498.90
|
| ’24 | 186.60 | 281.80 | 237.70 | 120.70 |
826.80
|
| ’23 | 214.70 | 192.60 | 202.80 | 194.90 |
805.00
|
| ’22 | 17.90 | 71.10 | 165.30 | 247.61 |
501.91
|
| ’21 | 9.80 | 13.40 | 12.00 | 12.75 |
47.95
|
| ’20 | 49.80 | 113.30 | 52.60 | 20.10 |
235.80
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (19.10) | 245.40 | — | — |
—
|
| ’25 | 118.40 | 165.20 | 116.30 | (67.50) |
332.40
|
| ’24 | 11.20 | 282.40 | 87.70 | (7.40) |
373.90
|
| ’23 | (0.40) | 89.90 | 197.20 | 174.40 |
461.10
|
| ’22 | (29.00) | 101.30 | 181.70 | 234.58 |
488.58
|
| ’21 | (31.20) | (146.10) | (49.80) | (34.71) |
(261.81)
|
| ’20 | (9.60) | 75.30 | 80.00 | 0.71 |
146.41
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.18 | 3.25 | — | — |
—
|
| ’25 | 0.62 | 0.58 | 0.77 | 0.87 |
2.85
|
| ’24 | 2.26 | 2.02 | 1.35 | 0.75 |
6.36
|
| ’23 | 1.80 | 2.14 | 1.42 | 2.10 |
7.48
|
| ’22 | 0.12 | 1.31 | 2.63 | 2.73 |
6.80
|
| ’21 | (0.28) | 0.03 | (0.19) | (0.10) |
(0.54)
|
| ’20 | 0.75 | 0.96 | 0.01 | (0.53) |
1.19
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 6.17 | 22.31 | 17.77 | 13.60 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.65 | 36.60 | 40.47 | 23.67 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 355 | 370 | 479 | 481 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.07 | 4.11 | 3.26 | 2.78 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,443.35 | 1,520.40 | 1,559.20 | 1,339.50 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 86.00% | 85.79% | 84.28% | 81.16% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 556.66 | 652.00 | 609.50 | 295.20 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.57% | 42.88% | 39.09% | 22.04% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 562.57 | 648.00 | 611.50 | 286.00 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 139.02 | 149.30 | 192.00 | 214.50 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.75 | 18.19 | 16.66 | 13.64 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 6.92 | 7.75 | 6.54 | 2.91 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.17 | 9.63 | 8.83 | 5.08 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.16) | (4.11) | (4.84) | (1.70) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.01 | 5.52 | 3.99 | 3.38 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.50 | 19.93 | 22.17 | 22.43 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 81.30 | 83.60 | 93.60 | 98.20 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 3.96 | 4.06 | 2.96 | 6.73 | — | — | — |
PE Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.54 | 1.73 | 1.17 | 1.44 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.48 | 1.58 | 0.88 | 0.87 | — | — | — |
PB Ratio
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.99 | 2.23 | 1.77 | 2.06 | — | — | — |
EV/Sales
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.86 | 7.37 | 7.37 | 8.31 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 501.91 | 805.00 | 826.80 | 498.90 | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.34) | (343.90) | (452.90) | (166.50) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 488.58 | 461.10 | 373.90 | 332.40 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 533.32 | 425.80 | 329.90 | 130.50 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 966.93 | 1,059.60 | 1,226.30 | 1,003.10 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 643.12 | 764.00 | 935.10 | 839.60 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,503.67 | 1,666.00 | 2,074.80 | 2,202.60 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.76% | 23.64% | 19.32% | 8.35% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.29% | 16.67% | 12.61% | 6.93% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 44.04% | 40.91% | 32.75% | 13.34% | — | — | — |
ROE
|
TORM PLC (TRMD), a product tanker operator, has surged from $680 million in revenues in 2016 to a peak of $1.56 billion in 2024—a 129% leap—fueled by geopolitical shocks like Russia’s 2022 Ukraine invasion, which spiked rates via sanctions and rerouting. Yet this cyclical boom shows signs of fading: revenues per share dipped 8.4% in 2024, EPS fell 15.6% to $6.54, and free cash flow per share halved to $3.99 amid surging capex for fleet renewal. High margins (EBT at 42.9% in 2023) and ROE topping 40% reflect operational leverage, but normalizing markets, ballooning debt to $1.23 billion, and insider silence signal caution.
The balance sheet boasts $2.07 billion in equity and elite returns, yet leverage risks amplify in a high-rate environment, with EV/Sales at 1.77x and ROIC fading. Historical volatility—from 2016 delisting lows to pandemic swings and war windfalls—underscores shipping’s feast-or-famine nature, now pressured by potential oversupply and aging fleets. Valuation appears cheap at 3x PE and 0.88x PB versus historical norms, trading at a 3% discount to analyst targets, but tight consensus (just 4% average upside) hints at limited runway.
Analysts project steady revenues through 2027, but contrarians warn of diminishing returns: capex pressures, geopolitical wildcards like Red Sea tensions or China slowdowns, and cycle normalization could crush rates. With no insider buys amid $600 million profits, TORM offers a tactical trade—buy dips, hedge highs—but chasing the boom’s tail risks regret in this volatile sector.
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