TRMDNasdaqDeep Sea Foreign Transportation of FreightFiscal year ends December 31
TORM plc
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 26, 2026
$37.61−0.59 (-1.54%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 13.2
- Dividend yield
- 5.37%
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
26.6%+8.0 pts over 5 years
Net margin
21.3%+9.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -14.1% | -2.5% | +12.4% | +9.5% | |
| Operating income | -45.9% | -16.0% | +20.7% | +9.6% | |
| Net income | -53.4% | -20.3% | +26.5% | – | |
| EPS, diluted | -55.2% | -25.2% | +19.1% | +1.7% | |
| Free cash flow | -22.1% | -20.8% | +24.9% | – | |
| Dividend per share | -65.5% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 13.3% | |
| Return on assets | – | 4.4% | 8.3% | |
| Current ratio | 1.19 | 1.24 | 1.33 | |
| Debt to equity | – | 0.83 | 0.46 | |
| Net debt to EBITDA | – | 2.89× | 1.48× | |
| Interest coverage | -2.9× | 2.8× | 4.8× | |
| Capex to revenue | – | 23.2% | 23.0% | |
| Diluted shares | 63M | 74M | 100M |
Where the cash went
Fiscal 2021 to 2025, five years combined
TORM generated $2.68B from operations and spent $3.35B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$2.68B
Used
$3.35B
Capital expenditure$1.84B55%Dividends$1.51B45%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.3%
×Asset turnover0.39×
×Equity multiplier1.60×
=Return on equity, FY202513.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.3% | 0.39× | 1.60× | 13.3% |
| FY2024 | 39.3% | 0.49× | 1.70× | 32.8% |
| FY2023 | 42.6% | 0.55× | 1.73× | 41.0% |
| FY2022 | 39.0% | 0.58× | 1.94× | 44.1% |
| FY2021 | -6.8% | 0.29× | 2.09× | -4.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$285.30M
- Cash generatingOperating cash flow above zero$498.90M
- Return on assets improvedROA up on the prior year21.3% → 8.2%
- Earnings backed by cashOperating cash flow above net income$498.90M vs $285.30M
- Less leverageLong-term debt to assets fell30.6% → 21.2%
- Better liquidityCurrent ratio rose2.16 → 1.33
- No dilutionShare count did not rise96M → 100M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.54 → 0.39