TORM plc
- Open
- 33.00
- Day high
- 33.45
- Day low
- 32.90
- Prev close
- 32.81
- Volume
- 169K
- Mkt cap
- $3.4B
- P/E (TTM)
- 5.5
- EPS (TTM)
- $6.10
- P/B
- 1.3
- P/S
- 2.0
- Yield
- 4.19%
- Per share
- $1.40
- ▼Insiders net selling $0 over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
TORM plc (TRMD) is a Energy company listed on NASDAQ. The stock is up 50% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
TORM plc (TRMD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TRMD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 26, 2026 | $3.31 | $3.25 | -1.8% | $512M | +2.6% |
| May 13, 2026 | $1.33 | $1.18 | -11.3% | $286M | -3.8% |
| Nov 6, 2025 | $0.82 | $0.77 | -5.6% | $343M | +25.7% |
| Aug 14, 2025 | $0.57 | $0.58 | +1.8% | $315M | +51.8% |
| May 8, 2025 | $0.64 | $0.62 | -3.1% | $329M | +55.8% |
| Mar 6, 2025 | $0.81 | $0.75 | -7.4% | $305M | +38.4% |
| Nov 7, 2024 | $1.22 | $1.35 | +10.7% | $372M | +32.6% |
| Aug 15, 2024 | $2.02 | $2.02 | +0.0% | $438M | +33.5% |
| Mar 7, 2024 | $1.75 | $1.56 | -10.9% | $398M | +30.6% |
| Nov 9, 2023 | $1.32 | $1.42 | +7.6% | $358M | +53.0% |
| Aug 17, 2023 | $2.03 | $2.14 | +5.4% | $384M | +33.7% |
| May 11, 2023 | $2.23 | $1.80 | -19.3% | $390M | +39.2% |
TRMD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | Balle Kimofficer: Chief Financial Officer | Buy | 254 | — |
| May 20, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Sell | 30,603 | $31.94 |
| May 20, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Sell | 348,411 | $31.94 |
| May 20, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Option | 85,066 | $22.47 |
| May 20, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Sell | 170,133 | $32.30 |
| May 20, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Option | 85,067 | $20.51 |
| Apr 10, 2026 | Meldgaard Jacob Balslevdirector, officer: Chief Executive Officer | Grant | 225,200 | — |
Source: TRMD SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full TRMD insider & 13F page →TORM plc company profile
Overview
TORM plc (NASDAQ:TRMD) is a Danish-founded product tanker company that has been operating in the maritime transportation industry since 1889. Originally established in Denmark, the company relocated its headquarters to London, United Kingdom, and went public on NASDAQ in February 2018. TORM specializes in the seaborne transportation of refined petroleum products and crude oil globally, operating one of the world's largest fleets of product tankers with approximately 85-96 vessels depending on fleet expansion activities.
Business
TORM operates in the oil and gas midstream sector, specifically focusing on the maritime transportation of refined petroleum products. The company's core business involves operating product tankers - specialized ships designed to transport refined oil products such as gasoline, jet fuel, naphtha, and diesel fuel from refineries to end markets worldwide. The product tanker industry serves as a critical link in the global energy supply chain, connecting oil refineries with fuel distribution terminals and end consumers. Unlike crude oil tankers that transport unrefined petroleum from production sites to refineries, product tankers carry the finished petroleum products that power transportation, aviation, and industrial activities globally. TORM's fleet consists of three main vessel categories: Long Range 2 (LR2) tankers with capacity of approximately 90,000-120,000 deadweight tons, Long Range 1 (LR1) tankers with capacity of 55,000-80,000 deadweight tons, and Medium Range (MR) tankers with capacity of 25,000-55,000 deadweight tons. Each vessel type serves different trade routes and cargo requirements, with LR2s typically handling longer international routes, while MRs focus on regional and coastal distribution. The company operates as a single business segment focused entirely on product tanker transportation, generating virtually all revenue from time charter equivalent earnings from its vessel operations.
Competitive moat
TORM's competitive moat is moderate but not particularly strong. The company benefits from several defensive characteristics typical of the shipping industry, including high capital requirements for vessel acquisition, specialized operational expertise in product tanker management, and established relationships with major oil companies and traders. The company's scale advantage with nearly 90 vessels provides operational flexibility and negotiating power with customers. However, the product tanker industry is fundamentally commoditized, with charter rates determined primarily by global supply-demand dynamics rather than company-specific advantages. TORM faces competition from numerous other product tanker operators worldwide, and customers can relatively easily switch between different vessel operators based primarily on availability and pricing. The company's main competitive advantages are its operational efficiency, modern fleet management practices, and financial flexibility to capitalize on market opportunities through fleet expansion during attractive periods. TORM has also invested in scrubber technology to comply with environmental regulations, providing some operational advantage in certain markets. Potential disruption could come from the long-term energy transition toward renewable fuels and electric vehicles, which could reduce demand for refined petroleum products over time. However, this transition is expected to occur gradually over decades, and emerging markets' growing energy needs may offset developed market declines in the medium term.
Risks & safety
TORM demonstrates a strong margin of safety with robust financial metrics and conservative debt management. 1. Liquidity and Debt: Cash and short-term investments of $362 million as of Q1 2025, with current ratio of 2.55x indicating strong short-term liquidity. Net interest-bearing debt of $832 million represents a conservative 27% loan-to-value ratio against fleet value of approximately $3.9 billion. 2. Valuation Metrics: Trading at attractive valuation multiples with P/E ratio of 6.38x, EV/EBITDA of 4.35x, and price-to-book ratio of 0.75x, suggesting the stock trades below intrinsic value. 3. Cash Generation: Strong free cash flow generation of $55 million in Q1 2025, with historically consistent cash flow from operations. The company maintains a disciplined capital allocation approach with regular dividend distributions. 4. Other Considerations: Fleet diversification across vessel types and trade routes, experienced management team with long industry track record, and cyclical industry positioning near what appears to be reasonable valuation levels relative to asset values.
Recent development
Over the past few years, TORM has pursued an aggressive fleet expansion strategy, acquiring 18 secondhand vessels since 2022 while selectively divesting older tonnage. The company acquired 10 vessels in 2023 and 8 MR vessels in 2024 for $340 million, demonstrating opportunistic capital deployment during attractive market conditions. The company has maintained a spot market-focused strategy, keeping most of its fleet exposed to variable charter rates rather than locking into long-term fixed contracts. This approach maximized earnings during the exceptionally strong 2022-2024 market period but also exposes the company to rate volatility. TORM has made significant investments in environmental compliance, installing scrubbers on 68 out of 85 planned vessels to meet sulfur emission regulations. The company has also established ambitious sustainability targets, achieving a 40% carbon intensity reduction by 2024 and targeting net-zero emissions by 2050. Capital allocation discipline has been a key focus, with the company returning substantial cash to shareholders through dividends while maintaining financial flexibility. Total dividend distributions reached $378 million in 2022, demonstrating management's commitment to returning excess cash during strong market periods. The company has also pursued selective fleet modernization, focusing acquisitions on 10-15 year old vessels rather than expensive newbuildings, allowing for attractive returns while maintaining reasonable fleet age profiles.
TRMD company profile · for informational purposes only — not investment advice.
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