Torm Plc Financials

TRMD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Torm Plc (TRMD) financial statements, including the 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 2026-04-22

TORM’s results show a cash-generative but cyclical earnings model where capex flexibility and a new debt layer cushion weaker profits.

From FY2023 to FY2025, net income fell from $648.0M to $286.0M, yet free cash flow held up better because operating cash flow stayed positive and capital spending was cut from $509.7M to $308.5M. The non-obvious point is that this business’s cash output depends not only on earnings swings, but also on how aggressively management chooses to reinvest in assets each year.

FY2025 materially changed the balance-sheet posture: long-term debt rose to $1.0B from $6.4M. That looks more like a financing reset than loss-driven deterioration, because total equity still climbed to $2.20B while retained earnings continued to build.

Near-term flexibility is still positive, but the liquidity buffer is thinner: the current ratio fell to 1.3x and cash declined to $158.1M in FY2025. With dividends still consuming $199.7M, shareholder returns are being supported by ongoing cash generation, though with less room for timing swings than in the prior two years.

Financial Health Signals

Financial Profile 44/100

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 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.

Growth

Torm Plc's revenue declined 14.1% year-over-year, from $1.6B to $1.3B. This contraction results in a growth score of 23/100.

Leverage

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 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Torm Plc's current ratio of 1.33 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Torm Plc has a free cash flow margin of 14.2%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Torm Plc's ROE of 13.0% shows moderate profitability relative to equity, earning a score of 62/100. This is down from 29.5% the prior year.

Piotroski F-Score Weak

3/9

Torm Plc passes 3 of 9 financial strength tests. 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

Export CSV

Earnings & Revenue

Revenue

$1.3B

YoY-14.1%

5Y CAGR+12.4%

10Y CAGR+9.5%

Torm Plc generated $1.3B in revenue in fiscal year 2025. This represents a decrease of 14.1% from the prior year.

EBITDA

N/A

Net Income

$286.0M

YoY-53.2%

5Y CAGR+26.6%

10Y CAGR+8.5%

Torm Plc reported $286.0M in net income in fiscal year 2025. This represents a decrease of 53.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$190.4M

YoY-22.1%

5Y CAGR+24.9%

Torm Plc generated $190.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.1% from the prior year.

Cash & Debt

$158.1M

YoY-41.9%

5Y CAGR+12.0%

10Y CAGR-0.6%

Torm Plc held $158.1M in cash against $1.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

101M

YoY+3.6%

5Y CAGR+6.2%

Torm Plc had 101M shares outstanding in fiscal year 2025. This represents an increase of 3.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.3%

YoY-17.9pp

5Y CAGR+9.6pp

10Y CAGR-2.0pp

Torm Plc's net profit margin was 21.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.9 percentage points from the prior year.

Return on Equity

13.0%

YoY-16.5pp

5Y CAGR+4.3pp

10Y CAGR+0.1pp

Torm Plc's ROE was 13.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$308.5M

YoY-47.0%

5Y CAGR+12.3%

10Y CAGR+2.0%

Torm Plc invested $308.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 47.0% from the prior year.

TRMD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.3B-14.1%	$1.6B+2.6%	$1.5B+5.3%	$1.4B+133.0%	$619.5M-17.1%	$747.4M
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	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$800K+33.3%	$600K+20.0%	$500K+150.0%	$200K-33.3%	$300K-80.0%	$1.5M
Income Tax	$9.2M+560.0%	-$2.0M-150.0%	$4.0M+167.8%	-$5.9M-539.0%	$1.3M-5.0%	$1.4M
Net Income	$286.0M-53.2%	$611.5M-5.6%	$648.0M+15.2%	$562.6M+1436.7%	-$42.1M-147.8%	$88.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
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	$1.7M	N/A	-$1.1M	N/A	$3.4M+440.0%	-$1.0M-166.7%	$1.5M
Net Income	N/A	$58.7M	N/A	$194.2M	N/A	$124.3M-33.0%	$185.4M+20.7%	$153.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRMD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B-3.0%	$3.5B+20.9%	$2.9B+9.8%	$2.6B+12.1%	$2.3B+16.6%	$2.0B
Current Assets	$531.9M-13.6%	$615.3M-11.0%	$691.2M-6.6%	$739.7M+103.6%	$363.3M+49.1%	$243.7M
Cash & Equivalents	$158.1M-41.9%	$271.9M+2.4%	$265.5M-17.2%	$320.5M+121.3%	$144.8M+61.8%	$89.5M
Inventory	$66.5M-2.8%	$68.4M+10.9%	$61.7M-14.3%	$72.0M+47.5%	$48.8M+117.3%	$22.5M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.8M+5.9%	$1.7M-5.6%	$1.8M0.0%	$1.8M	$0	$0
Total Liabilities	$1.2B-16.5%	$1.4B+15.8%	$1.2B+8.4%	$1.1B-13.2%	$1.3B+30.3%	$981.2M
Current Liabilities	$401.4M+40.6%	$285.4M+7.5%	$265.4M+28.6%	$206.4M-32.8%	$307.2M+56.2%	$196.7M
Long-Term Debt	$1.0B+15573.4%	$6.4M+56.1%	$4.1M+64.0%	$2.5M-32.4%	$3.7M-40.3%	$6.2M
Total Equity	$2.2B+6.2%	$2.1B+24.5%	$1.7B+10.8%	$1.5B+42.9%	$1.1B+3.4%	$1.0B
Retained Earnings	$1.8B+21.6%	$1.5B+6.5%	$1.4B+6.5%	$1.3B+44.3%	$899.5M-4.2%	$939.2M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$3.4B-0.9%	$3.4B-2.1%	$3.5B+0.1%	$3.5B+20.7%	$2.9B+2.2%	$2.8B-1.8%	$2.9B	N/A
Current Assets	$531.9M-22.1%	$682.8M+11.0%	$615.3M-32.8%	$915.9M+32.5%	$691.2M+2.4%	$675.1M-1.9%	$688.2M	N/A
Cash & Equivalents	$158.1M-56.1%	$359.8M+32.3%	$271.9M-48.4%	$527.1M+98.5%	$265.5M+10.5%	$240.3M+0.5%	$239.1M-37.2%	$380.9M
Inventory	$66.5M-4.3%	$69.5M+1.6%	$68.4M-1.4%	$69.4M+12.5%	$61.7M-12.6%	$70.6M+5.5%	$66.9M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.8M0.0%	$1.8M+5.9%	$1.7M-5.6%	$1.8M0.0%	$1.8M+5.9%	$1.7M-5.6%	$1.8M	N/A
Total Liabilities	$1.2B-9.7%	$1.3B-7.6%	$1.4B-1.9%	$1.4B+18.1%	$1.2B-2.8%	$1.2B-4.3%	$1.3B	N/A
Current Liabilities	$401.4M+50.8%	$266.1M-6.8%	$285.4M-0.8%	$287.7M+8.4%	$265.4M-8.3%	$289.5M-24.9%	$385.4M	N/A
Long-Term Debt	$1.0B-10.9%	$1.1B+17493.8%	$6.4M-99.5%	$1.3B+30582.9%	$4.1M-99.6%	$1.1B-5.7%	$1.2B	N/A
Total Equity	$2.2B+4.5%	$2.1B+1.6%	$2.1B+1.5%	$2.0B+22.7%	$1.7B+6.2%	$1.6B+0.2%	$1.6B	N/A
Retained Earnings	$1.8B+11.5%	$1.6B+9.0%	$1.5B-4.1%	$1.5B+11.0%	$1.4B+5.2%	$1.3B+0.3%	$1.3B	N/A

TRMD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$498.9M-39.7%	$826.8M+2.7%	$805.0M+60.4%	$502.0M+947.0%	$47.9M-79.7%	$235.8M
Capital Expenditures	$308.5M-47.0%	$582.4M+14.3%	$509.7M+327.2%	$119.3M-62.7%	$319.8M+84.8%	$173.1M
Free Cash Flow	$190.4M-22.1%	$244.4M-17.2%	$295.3M-22.8%	$382.7M+240.8%	-$271.8M-533.2%	$62.8M
Investing Cash Flow	-$152.6M+65.5%	-$442.1M-19.3%	-$370.6M-3379.6%	$11.3M+103.9%	-$290.6M-142.6%	-$119.8M
Financing Cash Flow	-$460.1M-21.6%	-$378.3M+22.7%	-$489.4M-45.0%	-$337.6M-213.3%	$298.0M+457.6%	-$83.3M
Dividends Paid	$199.7M-63.9%	$553.3M-5.6%	$586.4M+251.8%	$166.7M	$0-100.0%	$70.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$1.3M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	N/A	N/A	N/A	N/A	$194.9M-3.9%	$202.9M+5.3%	$192.6M-10.3%	$214.7M
Capital Expenditures	N/A	N/A	N/A	N/A	$152.2M+536.8%	$23.9M-79.8%	$118.5M-44.9%	$215.1M
Free Cash Flow	N/A	N/A	N/A	N/A	$42.7M-76.1%	$179.0M+141.6%	$74.1M+18625.0%	-$400K
Investing Cash Flow	N/A	N/A	N/A	N/A	-$20.1M-229.5%	-$6.1M+94.1%	-$102.8M+57.5%	-$241.6M
Financing Cash Flow	N/A	N/A	N/A	N/A	-$149.6M+23.5%	-$195.6M+15.5%	-$231.5M-365.2%	$87.3M
Dividends Paid	N/A	N/A	N/A	N/A	$123.2M-2.7%	$126.6M-62.4%	$336.6M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRMD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	21.3%-17.9pp	39.2%-3.4pp	42.6%+3.6pp	39.0%+45.8pp	-6.8%-18.6pp	11.8%
Return on Equity	13.0%-16.5pp	29.5%-9.4pp	38.9%+1.5pp	37.4%+41.4pp	-4.0%-12.7pp	8.7%
Return on Assets	8.5%-9.1pp	17.6%-5.0pp	22.6%+1.1pp	21.5%+23.3pp	-1.8%-6.2pp	4.4%
Current Ratio	1.33-0.8	2.16-0.4	2.60-1.0	3.58+2.4	1.18-0.1	1.24
Debt-to-Equity	0.46+0.5	0.000.0	0.000.0	0.000.0	0.000.0	0.01
FCF Margin	14.2%-1.5pp	15.7%-3.8pp	19.4%-7.1pp	26.5%+70.4pp	-43.9%-52.3pp	8.4%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
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	2.8%	N/A	9.5%	N/A	7.9%-3.9pp	11.8%	N/A
Return on Assets	N/A	1.7%	N/A	5.6%	N/A	4.4%-2.0pp	6.5%	N/A
Current Ratio	1.33-1.2	2.57+0.4	2.16-1.0	3.18+0.6	2.60+0.3	2.33+0.5	1.79	N/A
Debt-to-Equity	0.46-0.1	0.53+0.5	0.00-0.6	0.62+0.6	0.00-0.7	0.69-0.0	0.74	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

International Seaways INSW

$4.5B

Genesis Energy L P GEL

$2.0B

Scorpio Tankers STNG

$4.3B

Cmb.Tech CMBT

$4.3B

Excelerate Energy, Inc. EE

$1.1B

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%.

How much debt does Torm Plc have?

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

What is Torm Plc's net profit margin?

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.

What is Torm Plc's return on equity (ROE)?

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.

What is Torm Plc's free cash flow?

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.

What is Torm Plc's operating cash flow?

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

What are Torm Plc's total assets?

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

What are Torm Plc's capital expenditures?

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

How many shares does Torm Plc have outstanding?

Torm Plc (TRMD) had 101M shares outstanding as of fiscal year 2025.

What is Torm Plc's current ratio?

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

What is Torm Plc's debt-to-equity ratio?

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.

What is Torm Plc's return on assets (ROA)?

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.

What is Torm Plc's Piotroski F-Score?

Torm Plc (TRMD) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Torm Plc's earnings high quality?

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.

How financially healthy is Torm Plc?

Torm Plc (TRMD) scores 44 out of 100 on our Financial Profile, indicating moderate 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.