Frontline (Frontline) EBIT

: $932 Mil (TTM As of Sep. 2023)

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Frontline's earnings before interest and taxes (EBIT) for the three months ended in Sep. 2023 was $146 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Sep. 2023 was $932 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Frontline's annualized ROC % for the quarter that ended in Sep. 2023 was 11.09%. Frontline's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 was 15.28%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Frontline's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Sep. 2023 was 13.63%.

Frontline EBIT Historical Data

The historical data trend for Frontline's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Frontline Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

EBIT

85.19

234.75

485.15

45.97

569.11

Frontline Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
EBIT																166.18	269.56	244.86	272.02	145.86

Competitive Comparison

For the Oil & Gas Midstream subindustry, Frontline's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Frontline EV-to-EBIT Distribution

For the Oil & Gas industry and Energy sector, Frontline's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Frontline's EV-to-EBIT falls into.

Frontline EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Sep. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $932 Mil.

Frontline (NYSE:FRO) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Frontline's annualized ROC % for the quarter that ended in Sep. 2023 is calculated as:

	ROC % (Q: Sep. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Sep. 2023 ))	/ count )
=	459.008 * ( 1 - 0% )	/	( (4167.784	+	4110.335)	/ 2 )
=	459.008	/	4139.0595
=	11.09 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	4701.735	-	103.95	-	( 519.136	-	max(0, 467.574	-	897.575	+	519.136	))
=	4167.784

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	4600.015	-	110.816	-	( 515.58	-	max(0, 476.941	-	855.805	+	515.58	))
=	4110.335

Note: The Operating Income data used here is four times the quarterly (Sep. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Frontline's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Sep. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	583.428	/	( ( (3625.041 + max(246.549, 0))	+	(3566.779 + max(197.235, 0)) )	/	2 )
=	583.428	/	( ( 3871.59	+	3764.014 )	/	2 )
=	583.428	/	3817.802
=	15.28 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(133.406	+	211.428	+	5.6650000000001)	-	(103.95	+	0	+	0)
=	246.549

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(145.276	+	156.402	+	6.3729999999999)	-	(110.816	+	0	+	-5.6843418860808E-14)
=	197.235

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Frontline's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Sep. 2023 )
	=	932.292	/	6838.199
	=	13.63 %

Frontline EBIT Related Terms

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Frontline (Frontline) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Frontline Plc (NYSE:FRO) » Definitions » EBIT

Comparable Companies

ETRN DTM ENLC STNG AM PAGP VNOM NS HESM INSW TSX:ENB EPD ET WMB OKE MPLX TSX:TRP KMI LNG TRGP

Traded in Other Exchanges

FROo:Sweden FRO:Norway FRO1:Mexico FROo:UK 0REH:UK HF6:Germany

Address

8, John Kennedy Street, 7th floor, Iris House, Office 740B, Limassol, CYP, 3106

Website

https://www.frontlineplc.cy

Frontline Plc is an international shipping company engaged in the seaborne transportation of crude oil and oil products. Group operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. Its geographical area of operation includes Arabian Gulf, West African, the North Sea, and the Caribbean. Frontline earns revenue through voyage charters, time charters, and a finance lease. It is also involved in the charter, purchase, and sale of vessels.