BW LPG Limited (BWLP) 10-Year Financial Performance & Capital Metrics

BWLP • • Industrial / General

IndustrialsMarine ShippingSpecialized Gas CarriersLPG Carriers

AboutBW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. The company operates through Shipping and Product Services segments. The company involved in the transportation of liquefied petroleum gas to oil companies, and trading and utility companies. It also offers integrated liquified petroleum gas (LPG) delivery services and support; wholesale and trade of LPG; and management services. It owns and operates LPG vessels and a fleet of very large gas carriers. The company was formerly known as BW Gas LPG Holding Limited and changed its name to BW LPG Limited in September 2013. BW LPG Limited was founded in 1935 and is headquartered in Singapore.Show more

Revenue $3.56B +20.9%
EBITDA $635M -15.3%
Net Income $354M -24.6%
EPS (Diluted) 2.64 -25.2%
Gross Margin 19.17% +9.8%
EBITDA Margin 17.82% -30.0%
Operating Margin 12.17% -31.5%
Net Margin 9.94% -37.7%
ROE 20.11% -31.8%
ROIC 13.84% -31.4%
Debt/Equity 0.61 +68.4%
Interest Coverage 20.24 +5.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 34.2%
✓Healthy 5Y average net margin of 16.7%
✓Trading at only 1.0x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y34.2%

3Y43.39%

TTM3.02%

Profit (Net Income) CAGR

10Y-

5Y5.25%

3Y24.22%

TTM-55.04%

EPS CAGR

10Y-

5Y5.92%

3Y26.63%

TTM-58.38%

ROCE

10Y Avg10.4%

5Y Avg15.25%

3Y Avg19.01%

Latest18.96%

Peer Comparison

LPG Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWLPBW LPG Limited	2.17B	14.32	5.42	20.91%	5.99%	11.34%	6.79%	0.61
GASSStealthGas Inc.	293.2M	7.89	4.15	16.54%	35.02%	9.18%		0.14

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	494.16M	496.98M	490.43M	818.6M	892.47M	1.21B	1.53B	2.95B	3.56B
Revenue Growth %	-	0.01%	-0.01%	0.67%	0.09%	0.35%	0.26%	0.93%	0.21%
Cost of Goods Sold+	194.44M	286.67M	302.23M	396.88M	454.52M	909.19M	1.13B	2.43B	2.88B
COGS % of Revenue	0.39%	0.58%	0.62%	0.48%	0.51%	0.75%	0.74%	0.83%	0.81%
Gross Profit+	299.72M	210.31M	188.2M	421.72M	437.94M	299.71M	400.3M	514.89M	683.32M
Gross Margin %	0.61%	0.42%	0.38%	0.52%	0.49%	0.25%	0.26%	0.17%	0.19%
Gross Profit Growth %	-	-0.3%	-0.11%	1.24%	0.04%	-0.32%	0.34%	0.29%	0.33%
Operating Expenses+	190.92M	217.82M	185.01M	150.92M	163.1M	152.47M	158.18M	-8.84M	249.63M
OpEx % of Revenue	0.39%	0.44%	0.38%	0.18%	0.18%	0.13%	0.1%	-0%	0.07%
Selling, General & Admin	183.99M	208.39M	187.85M	150.92M	163.1M	152.47M	158.18M	28.85M	30.12M
SG&A % of Revenue	0.37%	0.42%	0.38%	0.18%	0.18%	0.13%	0.1%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-6.93M	9.43M	2.84M	0	0	0	0	-37.69M	0
Operating Income+	108.79M	-7.51M	3.19M	270.8M	274.84M	147.23M	242.12M	523.73M	433.69M
Operating Margin %	0.22%	-0.02%	0.01%	0.33%	0.31%	0.12%	0.16%	0.18%	0.12%
Operating Income Growth %	-	-1.07%	1.43%	83.78%	0.01%	-0.46%	0.64%	1.16%	-0.17%
EBITDA+	205.85M	121.18M	97.82M	397.29M	442.45M	297.4M	398.49M	749.84M	635.03M
EBITDA Margin %	0.42%	0.24%	0.2%	0.49%	0.5%	0.25%	0.26%	0.25%	0.18%
EBITDA Growth %	-	-0.41%	-0.19%	3.06%	0.11%	-0.33%	0.34%	0.88%	-0.15%
D&A (Non-Cash Add-back)	97.06M	128.69M	94.63M	126.49M	167.61M	150.17M	156.37M	226.11M	201.34M
EBIT	50.19M	3.31M	-17.85M	332.91M	314.05M	220.29M	266.74M	553.65M	444.81M
Net Interest Income+	-30.17M	-46.58M	-44.12M	-53.87M	-46.44M	-36.87M	-29.79M	-19.14M	-6.68M
Interest Income	183.43K	898.45K	5.09M	5.36M	4.55M	3.35M	1.9M	8.16M	14.75M
Interest Expense	30.12M	47.48M	49.21M	59.23M	50.99M	40.22M	31.69M	27.3M	21.43M
Other Income/Expense	-29.49M	-48.28M	-47.86M	-54.17M	-37.37M	-36.62M	-31.18M	-19.77M	-8.73M
Pretax Income+	23.29M	-44.17M	-67.06M	273.68M	263.05M	180.07M	235.05M	503.96M	424.96M
Pretax Margin %	0.05%	-0.09%	-0.14%	0.33%	0.29%	0.15%	0.15%	0.17%	0.12%
Income Tax+	227.34K	549.78K	167.31K	2.35M	548.63K	507.38K	1.05M	10.96M	30.09M
Effective Tax Rate %	1.02%	0.98%	1%	1%	0.93%	1.03%	0.97%	0.93%	0.83%
Net Income+	23.69M	-43.14M	-67.11M	274.31M	243.85M	184.82M	227.4M	469.96M	354.3M
Net Margin %	0.05%	-0.09%	-0.14%	0.34%	0.27%	0.15%	0.15%	0.16%	0.1%
Net Income Growth %	-	-2.82%	-0.56%	5.09%	-0.11%	-0.24%	0.23%	1.07%	-0.25%
Net Income (Continuing)	23.63M	-44.8M	-72.39M	271.33M	243.85M	179.57M	234M	493M	394.87M
Discontinued Operations	0	0	0	-467.58K	0	0	0	0	0
Minority Interest	7.04M	3.29M	482K	0	0	13.82M	120.37M	116.1M	132.46M
EPS (Diluted)+	0.17	-0.30	-0.48	1.98	1.94	1.30	1.65	3.53	2.64
EPS Growth %	-	-2.76%	-0.6%	5.13%	-0.02%	-0.33%	0.27%	1.14%	-0.25%
EPS (Basic)	0.17	-0.30	-0.48	1.98	1.94	1.30	1.65	3.53	2.64
Diluted Shares Outstanding	136.58M	141.78M	140.22M	138.72M	138.23M	138.95M	135.42M	133.03M	134.19M
Basic Shares Outstanding	136.58M	141.78M	140.22M	138.72M	138.23M	138.95M	135.42M	133.03M	134.2M
Dividend Payout Ratio	4.32%	-	-	0.22%	0.57%	0.52%	0.55%	0.86%	1.1%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	165.61M	276.01M	188.85M	387.98M	374.7M	451.81M	742.68M	878.71M	677.93M
Cash & Short-Term Investments	81.1M	57.85M	50.08M	112.21M	118.52M	135.75M	289.03M	290.82M	282.45M
Cash Only	80.56M	56.55M	50.08M	112.21M	90.26M	132.51M	285.74M	287.55M	279.68M
Short-Term Investments	539K	1.3M	0	0	28.26M	3.25M	3.29M	3.27M	2.77M
Accounts Receivable	60.28M	88.69M	92.75M	171.59M	168.46M	169.44M	168.48M	275.95M	211.2M
Days Sales Outstanding	44.52	65.14	69.03	76.51	68.9	51.16	40.24	34.17	21.63
Inventory	12.69M	19.42M	28.02M	40.68M	15.06M	54.52M	136.52M	188.59M	76.71M
Days Inventory Outstanding	23.82	24.73	33.83	37.41	12.09	21.89	44.18	28.3	9.72
Other Current Assets	13.27M	119.73M	31.73M	54.7M	30.04M	81.11M	136.1M	108.11M	107.57M
Total Non-Current Assets+	2.43B	2.18B	2.07B	2.16B	2.04B	1.91B	1.83B	1.64B	2.64B
Property, Plant & Equipment	2.41B	2.14B	2.01B	2.07B	1.9B	1.9B	1.78B	1.61B	2.6B
Fixed Asset Turnover	0.20x	0.23x	0.24x	0.40x	0.47x	0.64x	0.86x	1.83x	1.37x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	1M	1.95M	1.88M	1.37M	1.24M	636K
Long-Term Investments	7.7M	40.87M	64.73M	91.46M	138.24M	10.51M	42.54M	11.3M	23.43M
Other Non-Current Assets	7.56M	2.65M	0	87.88M	133.21M	-2.36K	5.91K	20.06M	18.33M
Total Assets+	2.59B	2.46B	2.26B	2.55B	2.42B	2.36B	2.57B	2.52B	3.32B
Asset Turnover	0.19x	0.20x	0.22x	0.32x	0.37x	0.51x	0.59x	1.17x	1.07x
Asset Growth %	-	-0.05%	-0.08%	0.13%	-0.05%	-0.02%	0.09%	-0.02%	0.32%
Total Current Liabilities+	496.51M	305.43M	173.12M	270M	256.78M	219.23M	496.01M	655.34M	610.11M
Accounts Payable	28.52M	4.87M	6.22M	7.46M	6.42M	38.57M	165.86M	222M	97.74M
Days Payables Outstanding	53.53	6.2	7.51	6.87	5.15	15.48	53.67	33.31	12.39
Short-Term Debt	426.38M	265.48M	134.19M	140.86M	126.79M	82.51M	116.15M	212.43M	230.34M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	10.46M	170K	117K	27.3M	50.61M	17.96M	47.79M	102.43M	41.67M
Current Ratio	0.33x	0.90x	1.09x	1.44x	1.46x	2.06x	1.50x	1.34x	1.11x
Quick Ratio	0.31x	0.84x	0.93x	1.29x	1.40x	1.81x	1.22x	1.05x	0.99x
Cash Conversion Cycle	14.81	83.66	95.35	107.06	75.84	57.56	30.75	29.16	18.97
Total Non-Current Liabilities+	979.98M	1.08B	1.1B	1.1B	908.28M	757.93M	471.45M	278.96M	772.82M
Long-Term Debt	979.59M	1.08B	1.1B	923.18M	730.73M	659.78M	362.22M	199.92M	711.66M
Capital Lease Obligations	0	0	0	167.65M	143.43M	86.14M	106.28M	78.36M	60.59M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	389K	117K	1.86M	11.21M	34.12M	12.96M	2.95M	679K	569K
Total Liabilities	1.48B	1.38B	1.28B	1.37B	1.17B	977.15M	967.46M	934.3M	1.38B
Total Debt+	1.41B	1.34B	1.23B	1.28B	1.04B	873.73M	708.9M	570.19M	1.17B
Net Debt	1.33B	1.28B	1.18B	1.17B	953.82M	741.22M	423.16M	282.64M	893.62M
Debt / Equity	1.26x	1.24x	1.25x	1.09x	0.83x	0.63x	0.44x	0.36x	0.61x
Debt / EBITDA	6.83x	11.03x	12.56x	3.22x	2.36x	2.94x	1.78x	0.76x	1.85x
Net Debt / EBITDA	6.44x	10.56x	12.05x	2.93x	2.16x	2.49x	1.06x	0.38x	1.41x
Interest Coverage	3.61x	-0.16x	0.06x	4.57x	5.39x	3.66x	7.64x	19.18x	20.24x
Total Equity+	1.12B	1.07B	983.63M	1.18B	1.25B	1.38B	1.6B	1.59B	1.94B
Equity Growth %	-	-0.04%	-0.08%	0.2%	0.06%	0.11%	0.16%	-0.01%	0.22%
Book Value per Share	8.18	7.57	7.02	8.49	9.05	9.96	11.84	11.92	14.44
Total Shareholders' Equity	1.11B	1.07B	983.14M	1.18B	1.25B	1.37B	1.48B	1.47B	1.81B
Common Stock	1.42M	1.42M	1.42M	1.42M	1.42M	1.42M	1.43M	1.4M	619.87M
Retained Earnings	167.63M	124.94M	46.05M	260.29M	377.53M	460.07M	559.4M	609.48M	565.79M
Treasury Stock	-457K	-1.56M	-12.7M	-14.43M	-16.89M	-23.29M	-47.63M	-56.44M	-48.26M
Accumulated OCI	651.93M	655.65M	658.56M	640.23M	599.71M	642.67M	679.05M	-56.49M	667.76M
Minority Interest	7.04M	3.29M	482K	0	0	13.82M	120.37M	116.1M	132.46M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	205.9M	29.21M	42.92M	318.29M	426.83M	267.8M	471.8M	513.36M	749.14M
Operating CF Margin %	0.42%	0.06%	0.09%	0.39%	0.48%	0.22%	0.31%	0.17%	0.21%
Operating CF Growth %	-	-0.86%	0.47%	6.42%	0.34%	-0.37%	0.76%	0.09%	0.46%
Net Income	23.69M	-43.14M	-67.11M	274.31M	268.11M	179.99M	223.04M	469.96M	424.96M
Depreciation & Amortization	97.06M	128.69M	94.63M	126.49M	167.61M	150.17M	156.37M	217.88M	202.18M
Stock-Based Compensation	0	0	0	214K	227K	465K	1.37M	1.7M	2.02M
Deferred Taxes	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	210.69M	308.62M	231.74M	314.29M	347.83M	244.33M	214.19M	5.88M	-54.28M
Working Capital Changes	34.29M	-53.79M	-13.02M	-81.27M	-19.11M	715.78K	96.98M	-182.05M	145.26M
Change in Receivables	35.65M	-26.82M	-5.63M	-69.6M	-11.17M	-1.28M	109.84M	-116.9M	112.69M
Change in Inventory	-3.53M	-6.81M	-8.08M	-12.69M	28.17M	-38.07M	-50.23M	-54.65M	111.89M
Change in Payables	2.17M	-20.16M	-355.31K	19.74M	-19.39M	32.29M	34.36M	54.69M	0
Cash from Investing+	-224.07M	24.47M	66.16M	44.04M	-8.5M	71.53M	188.28M	68.57M	-541.21M
Capital Expenditures	-224.29M	-90.17M	-11.06M	-10.11M	-73.04M	-182.9M	-45.41M	-121.08M	-602.01M
CapEx % of Revenue	0.45%	0.18%	0.02%	0.01%	0.08%	0.15%	0.03%	0.04%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	42.14M	-36.58M	-29.61M	9.64M	24.48M	16.81M	7.39M	189.65M	88.62M
Cash from Financing+	5.27M	-77.95M	-115.16M	-326.5M	-473.75M	-267.96M	-566.17M	-645.29M	-138.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	-102.34M	0	0	-59.71M	-139.21M	-96.9M	-124.28M	-405.49M	-388.46M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-8.18M	-3.56M	3.81M	-28.89M	-31.59M	-45.8M	-733K	-112.75M	-60.19M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-18.39M	-60.96M	31.86M	308.18M	353.79M	84.91M	426.4M	396.68M	147.13M
FCF Margin %	-0.04%	-0.12%	0.06%	0.38%	0.4%	0.07%	0.28%	0.13%	0.04%
FCF Growth %	-	-2.31%	1.52%	8.67%	0.15%	-0.76%	4.02%	-0.07%	-0.63%
FCF per Share	-0.13	-0.43	0.23	2.22	2.56	0.61	3.15	2.98	1.10
FCF Conversion (FCF/Net Income)	8.69x	-0.68x	-0.64x	1.16x	1.75x	1.45x	2.07x	1.09x	2.11x
Interest Paid	0	0	0	0	0	0	0	0	17.82M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.12%	-3.94%	-6.52%	25.39%	20.08%	14.02%	15.22%	29.47%	20.11%
Return on Invested Capital (ROIC)	3.34%	-0.23%	0.11%	9.02%	9.06%	5.1%	8.75%	20.17%	13.84%
Gross Margin	60.65%	42.32%	38.38%	51.52%	49.07%	24.79%	26.19%	17.47%	19.17%
Net Margin	4.79%	-8.68%	-13.68%	33.51%	27.32%	15.29%	14.88%	15.95%	9.94%
Debt / Equity	1.26x	1.24x	1.25x	1.09x	0.83x	0.63x	0.44x	0.36x	0.61x
Interest Coverage	3.61x	-0.16x	0.06x	4.57x	5.39x	3.66x	7.64x	19.18x	20.24x
FCF Conversion	8.69x	-0.68x	-0.64x	1.16x	1.75x	1.45x	2.07x	1.09x	2.11x
Revenue Growth	-	0.57%	-1.32%	66.91%	9.02%	35.46%	26.42%	92.86%	20.91%

Revenue by Segment

	2024
Cargo Sales	2.52B
Cargo Sales Growth	-
Spot Voyages	773.04M
Spot Voyages Growth	-
Time Charter	189.76M
Time Charter Growth	-
Shipping income	27.7M
Shipping income Growth	-

Frequently Asked Questions

Valuation & Price

BW LPG Limited (BWLP) has a price-to-earnings (P/E) ratio of 5.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BW LPG Limited (BWLP) reported $3.63B in revenue for fiscal year 2024. This represents a 634% increase from $494.2M in 2016.

BW LPG Limited (BWLP) grew revenue by 20.9% over the past year. This is strong growth.

Yes, BW LPG Limited (BWLP) is profitable, generating $217.2M in net income for fiscal year 2024 (9.9% net margin).

Dividend & Returns

Yes, BW LPG Limited (BWLP) pays a dividend with a yield of 20.22%. This makes it attractive for income-focused investors.

BW LPG Limited (BWLP) has a return on equity (ROE) of 20.1%. This is excellent, indicating efficient use of shareholder capital.

BW LPG Limited (BWLP) had negative free cash flow of $221.2M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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BW LPG Limited (BWLP) 10-Year Financial Performance & Capital Metrics

BWLP • • Industrial / General

IndustrialsMarine ShippingSpecialized Gas CarriersLPG Carriers

Revenue $3.56B +20.9%
EBITDA $635M -15.3%
Net Income $354M -24.6%
EPS (Diluted) 2.64 -25.2%
Gross Margin 19.17% +9.8%
EBITDA Margin 17.82% -30.0%
Operating Margin 12.17% -31.5%
Net Margin 9.94% -37.7%
ROE 20.11% -31.8%
ROIC 13.84% -31.4%
Debt/Equity 0.61 +68.4%
Interest Coverage 20.24 +5.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 34.2%
✓Healthy 5Y average net margin of 16.7%
✓Trading at only 1.0x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y34.2%

3Y43.39%

TTM3.02%

Profit (Net Income) CAGR

10Y-

5Y5.25%

3Y24.22%

TTM-55.04%

EPS CAGR

10Y-

5Y5.92%

3Y26.63%

TTM-58.38%

ROCE

10Y Avg10.4%

5Y Avg15.25%

3Y Avg19.01%

Latest18.96%

Peer Comparison

LPG Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWLPBW LPG Limited	2.17B	14.32	5.42	20.91%	5.99%	11.34%	6.79%	0.61
GASSStealthGas Inc.	293.2M	7.89	4.15	16.54%	35.02%	9.18%		0.14

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	494.16M	496.98M	490.43M	818.6M	892.47M	1.21B	1.53B	2.95B	3.56B
Revenue Growth %	-	0.01%	-0.01%	0.67%	0.09%	0.35%	0.26%	0.93%	0.21%
Cost of Goods Sold+	194.44M	286.67M	302.23M	396.88M	454.52M	909.19M	1.13B	2.43B	2.88B
COGS % of Revenue	0.39%	0.58%	0.62%	0.48%	0.51%	0.75%	0.74%	0.83%	0.81%
Gross Profit+	299.72M	210.31M	188.2M	421.72M	437.94M	299.71M	400.3M	514.89M	683.32M
Gross Margin %	0.61%	0.42%	0.38%	0.52%	0.49%	0.25%	0.26%	0.17%	0.19%
Gross Profit Growth %	-	-0.3%	-0.11%	1.24%	0.04%	-0.32%	0.34%	0.29%	0.33%
Operating Expenses+	190.92M	217.82M	185.01M	150.92M	163.1M	152.47M	158.18M	-8.84M	249.63M
OpEx % of Revenue	0.39%	0.44%	0.38%	0.18%	0.18%	0.13%	0.1%	-0%	0.07%
Selling, General & Admin	183.99M	208.39M	187.85M	150.92M	163.1M	152.47M	158.18M	28.85M	30.12M
SG&A % of Revenue	0.37%	0.42%	0.38%	0.18%	0.18%	0.13%	0.1%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-6.93M	9.43M	2.84M	0	0	0	0	-37.69M	0
Operating Income+	108.79M	-7.51M	3.19M	270.8M	274.84M	147.23M	242.12M	523.73M	433.69M
Operating Margin %	0.22%	-0.02%	0.01%	0.33%	0.31%	0.12%	0.16%	0.18%	0.12%
Operating Income Growth %	-	-1.07%	1.43%	83.78%	0.01%	-0.46%	0.64%	1.16%	-0.17%
EBITDA+	205.85M	121.18M	97.82M	397.29M	442.45M	297.4M	398.49M	749.84M	635.03M
EBITDA Margin %	0.42%	0.24%	0.2%	0.49%	0.5%	0.25%	0.26%	0.25%	0.18%
EBITDA Growth %	-	-0.41%	-0.19%	3.06%	0.11%	-0.33%	0.34%	0.88%	-0.15%
D&A (Non-Cash Add-back)	97.06M	128.69M	94.63M	126.49M	167.61M	150.17M	156.37M	226.11M	201.34M
EBIT	50.19M	3.31M	-17.85M	332.91M	314.05M	220.29M	266.74M	553.65M	444.81M
Net Interest Income+	-30.17M	-46.58M	-44.12M	-53.87M	-46.44M	-36.87M	-29.79M	-19.14M	-6.68M
Interest Income	183.43K	898.45K	5.09M	5.36M	4.55M	3.35M	1.9M	8.16M	14.75M
Interest Expense	30.12M	47.48M	49.21M	59.23M	50.99M	40.22M	31.69M	27.3M	21.43M
Other Income/Expense	-29.49M	-48.28M	-47.86M	-54.17M	-37.37M	-36.62M	-31.18M	-19.77M	-8.73M
Pretax Income+	23.29M	-44.17M	-67.06M	273.68M	263.05M	180.07M	235.05M	503.96M	424.96M
Pretax Margin %	0.05%	-0.09%	-0.14%	0.33%	0.29%	0.15%	0.15%	0.17%	0.12%
Income Tax+	227.34K	549.78K	167.31K	2.35M	548.63K	507.38K	1.05M	10.96M	30.09M
Effective Tax Rate %	1.02%	0.98%	1%	1%	0.93%	1.03%	0.97%	0.93%	0.83%
Net Income+	23.69M	-43.14M	-67.11M	274.31M	243.85M	184.82M	227.4M	469.96M	354.3M
Net Margin %	0.05%	-0.09%	-0.14%	0.34%	0.27%	0.15%	0.15%	0.16%	0.1%
Net Income Growth %	-	-2.82%	-0.56%	5.09%	-0.11%	-0.24%	0.23%	1.07%	-0.25%
Net Income (Continuing)	23.63M	-44.8M	-72.39M	271.33M	243.85M	179.57M	234M	493M	394.87M
Discontinued Operations	0	0	0	-467.58K	0	0	0	0	0
Minority Interest	7.04M	3.29M	482K	0	0	13.82M	120.37M	116.1M	132.46M
EPS (Diluted)+	0.17	-0.30	-0.48	1.98	1.94	1.30	1.65	3.53	2.64
EPS Growth %	-	-2.76%	-0.6%	5.13%	-0.02%	-0.33%	0.27%	1.14%	-0.25%
EPS (Basic)	0.17	-0.30	-0.48	1.98	1.94	1.30	1.65	3.53	2.64
Diluted Shares Outstanding	136.58M	141.78M	140.22M	138.72M	138.23M	138.95M	135.42M	133.03M	134.19M
Basic Shares Outstanding	136.58M	141.78M	140.22M	138.72M	138.23M	138.95M	135.42M	133.03M	134.2M
Dividend Payout Ratio	4.32%	-	-	0.22%	0.57%	0.52%	0.55%	0.86%	1.1%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	165.61M	276.01M	188.85M	387.98M	374.7M	451.81M	742.68M	878.71M	677.93M
Cash & Short-Term Investments	81.1M	57.85M	50.08M	112.21M	118.52M	135.75M	289.03M	290.82M	282.45M
Cash Only	80.56M	56.55M	50.08M	112.21M	90.26M	132.51M	285.74M	287.55M	279.68M
Short-Term Investments	539K	1.3M	0	0	28.26M	3.25M	3.29M	3.27M	2.77M
Accounts Receivable	60.28M	88.69M	92.75M	171.59M	168.46M	169.44M	168.48M	275.95M	211.2M
Days Sales Outstanding	44.52	65.14	69.03	76.51	68.9	51.16	40.24	34.17	21.63
Inventory	12.69M	19.42M	28.02M	40.68M	15.06M	54.52M	136.52M	188.59M	76.71M
Days Inventory Outstanding	23.82	24.73	33.83	37.41	12.09	21.89	44.18	28.3	9.72
Other Current Assets	13.27M	119.73M	31.73M	54.7M	30.04M	81.11M	136.1M	108.11M	107.57M
Total Non-Current Assets+	2.43B	2.18B	2.07B	2.16B	2.04B	1.91B	1.83B	1.64B	2.64B
Property, Plant & Equipment	2.41B	2.14B	2.01B	2.07B	1.9B	1.9B	1.78B	1.61B	2.6B
Fixed Asset Turnover	0.20x	0.23x	0.24x	0.40x	0.47x	0.64x	0.86x	1.83x	1.37x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	1M	1.95M	1.88M	1.37M	1.24M	636K
Long-Term Investments	7.7M	40.87M	64.73M	91.46M	138.24M	10.51M	42.54M	11.3M	23.43M
Other Non-Current Assets	7.56M	2.65M	0	87.88M	133.21M	-2.36K	5.91K	20.06M	18.33M
Total Assets+	2.59B	2.46B	2.26B	2.55B	2.42B	2.36B	2.57B	2.52B	3.32B
Asset Turnover	0.19x	0.20x	0.22x	0.32x	0.37x	0.51x	0.59x	1.17x	1.07x
Asset Growth %	-	-0.05%	-0.08%	0.13%	-0.05%	-0.02%	0.09%	-0.02%	0.32%
Total Current Liabilities+	496.51M	305.43M	173.12M	270M	256.78M	219.23M	496.01M	655.34M	610.11M
Accounts Payable	28.52M	4.87M	6.22M	7.46M	6.42M	38.57M	165.86M	222M	97.74M
Days Payables Outstanding	53.53	6.2	7.51	6.87	5.15	15.48	53.67	33.31	12.39
Short-Term Debt	426.38M	265.48M	134.19M	140.86M	126.79M	82.51M	116.15M	212.43M	230.34M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	10.46M	170K	117K	27.3M	50.61M	17.96M	47.79M	102.43M	41.67M
Current Ratio	0.33x	0.90x	1.09x	1.44x	1.46x	2.06x	1.50x	1.34x	1.11x
Quick Ratio	0.31x	0.84x	0.93x	1.29x	1.40x	1.81x	1.22x	1.05x	0.99x
Cash Conversion Cycle	14.81	83.66	95.35	107.06	75.84	57.56	30.75	29.16	18.97
Total Non-Current Liabilities+	979.98M	1.08B	1.1B	1.1B	908.28M	757.93M	471.45M	278.96M	772.82M
Long-Term Debt	979.59M	1.08B	1.1B	923.18M	730.73M	659.78M	362.22M	199.92M	711.66M
Capital Lease Obligations	0	0	0	167.65M	143.43M	86.14M	106.28M	78.36M	60.59M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	389K	117K	1.86M	11.21M	34.12M	12.96M	2.95M	679K	569K
Total Liabilities	1.48B	1.38B	1.28B	1.37B	1.17B	977.15M	967.46M	934.3M	1.38B
Total Debt+	1.41B	1.34B	1.23B	1.28B	1.04B	873.73M	708.9M	570.19M	1.17B
Net Debt	1.33B	1.28B	1.18B	1.17B	953.82M	741.22M	423.16M	282.64M	893.62M
Debt / Equity	1.26x	1.24x	1.25x	1.09x	0.83x	0.63x	0.44x	0.36x	0.61x
Debt / EBITDA	6.83x	11.03x	12.56x	3.22x	2.36x	2.94x	1.78x	0.76x	1.85x
Net Debt / EBITDA	6.44x	10.56x	12.05x	2.93x	2.16x	2.49x	1.06x	0.38x	1.41x
Interest Coverage	3.61x	-0.16x	0.06x	4.57x	5.39x	3.66x	7.64x	19.18x	20.24x
Total Equity+	1.12B	1.07B	983.63M	1.18B	1.25B	1.38B	1.6B	1.59B	1.94B
Equity Growth %	-	-0.04%	-0.08%	0.2%	0.06%	0.11%	0.16%	-0.01%	0.22%
Book Value per Share	8.18	7.57	7.02	8.49	9.05	9.96	11.84	11.92	14.44
Total Shareholders' Equity	1.11B	1.07B	983.14M	1.18B	1.25B	1.37B	1.48B	1.47B	1.81B
Common Stock	1.42M	1.42M	1.42M	1.42M	1.42M	1.42M	1.43M	1.4M	619.87M
Retained Earnings	167.63M	124.94M	46.05M	260.29M	377.53M	460.07M	559.4M	609.48M	565.79M
Treasury Stock	-457K	-1.56M	-12.7M	-14.43M	-16.89M	-23.29M	-47.63M	-56.44M	-48.26M
Accumulated OCI	651.93M	655.65M	658.56M	640.23M	599.71M	642.67M	679.05M	-56.49M	667.76M
Minority Interest	7.04M	3.29M	482K	0	0	13.82M	120.37M	116.1M	132.46M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	205.9M	29.21M	42.92M	318.29M	426.83M	267.8M	471.8M	513.36M	749.14M
Operating CF Margin %	0.42%	0.06%	0.09%	0.39%	0.48%	0.22%	0.31%	0.17%	0.21%
Operating CF Growth %	-	-0.86%	0.47%	6.42%	0.34%	-0.37%	0.76%	0.09%	0.46%
Net Income	23.69M	-43.14M	-67.11M	274.31M	268.11M	179.99M	223.04M	469.96M	424.96M
Depreciation & Amortization	97.06M	128.69M	94.63M	126.49M	167.61M	150.17M	156.37M	217.88M	202.18M
Stock-Based Compensation	0	0	0	214K	227K	465K	1.37M	1.7M	2.02M
Deferred Taxes	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	210.69M	308.62M	231.74M	314.29M	347.83M	244.33M	214.19M	5.88M	-54.28M
Working Capital Changes	34.29M	-53.79M	-13.02M	-81.27M	-19.11M	715.78K	96.98M	-182.05M	145.26M
Change in Receivables	35.65M	-26.82M	-5.63M	-69.6M	-11.17M	-1.28M	109.84M	-116.9M	112.69M
Change in Inventory	-3.53M	-6.81M	-8.08M	-12.69M	28.17M	-38.07M	-50.23M	-54.65M	111.89M
Change in Payables	2.17M	-20.16M	-355.31K	19.74M	-19.39M	32.29M	34.36M	54.69M	0
Cash from Investing+	-224.07M	24.47M	66.16M	44.04M	-8.5M	71.53M	188.28M	68.57M	-541.21M
Capital Expenditures	-224.29M	-90.17M	-11.06M	-10.11M	-73.04M	-182.9M	-45.41M	-121.08M	-602.01M
CapEx % of Revenue	0.45%	0.18%	0.02%	0.01%	0.08%	0.15%	0.03%	0.04%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	42.14M	-36.58M	-29.61M	9.64M	24.48M	16.81M	7.39M	189.65M	88.62M
Cash from Financing+	5.27M	-77.95M	-115.16M	-326.5M	-473.75M	-267.96M	-566.17M	-645.29M	-138.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	-102.34M	0	0	-59.71M	-139.21M	-96.9M	-124.28M	-405.49M	-388.46M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-8.18M	-3.56M	3.81M	-28.89M	-31.59M	-45.8M	-733K	-112.75M	-60.19M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-18.39M	-60.96M	31.86M	308.18M	353.79M	84.91M	426.4M	396.68M	147.13M
FCF Margin %	-0.04%	-0.12%	0.06%	0.38%	0.4%	0.07%	0.28%	0.13%	0.04%
FCF Growth %	-	-2.31%	1.52%	8.67%	0.15%	-0.76%	4.02%	-0.07%	-0.63%
FCF per Share	-0.13	-0.43	0.23	2.22	2.56	0.61	3.15	2.98	1.10
FCF Conversion (FCF/Net Income)	8.69x	-0.68x	-0.64x	1.16x	1.75x	1.45x	2.07x	1.09x	2.11x
Interest Paid	0	0	0	0	0	0	0	0	17.82M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.12%	-3.94%	-6.52%	25.39%	20.08%	14.02%	15.22%	29.47%	20.11%
Return on Invested Capital (ROIC)	3.34%	-0.23%	0.11%	9.02%	9.06%	5.1%	8.75%	20.17%	13.84%
Gross Margin	60.65%	42.32%	38.38%	51.52%	49.07%	24.79%	26.19%	17.47%	19.17%
Net Margin	4.79%	-8.68%	-13.68%	33.51%	27.32%	15.29%	14.88%	15.95%	9.94%
Debt / Equity	1.26x	1.24x	1.25x	1.09x	0.83x	0.63x	0.44x	0.36x	0.61x
Interest Coverage	3.61x	-0.16x	0.06x	4.57x	5.39x	3.66x	7.64x	19.18x	20.24x
FCF Conversion	8.69x	-0.68x	-0.64x	1.16x	1.75x	1.45x	2.07x	1.09x	2.11x
Revenue Growth	-	0.57%	-1.32%	66.91%	9.02%	35.46%	26.42%	92.86%	20.91%

Revenue by Segment

	2024
Cargo Sales	2.52B
Cargo Sales Growth	-
Spot Voyages	773.04M
Spot Voyages Growth	-
Time Charter	189.76M
Time Charter Growth	-
Shipping income	27.7M
Shipping income Growth	-

Frequently Asked Questions

Valuation & Price

BW LPG Limited (BWLP) has a price-to-earnings (P/E) ratio of 5.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BW LPG Limited (BWLP) reported $3.63B in revenue for fiscal year 2024. This represents a 634% increase from $494.2M in 2016.

BW LPG Limited (BWLP) grew revenue by 20.9% over the past year. This is strong growth.

Yes, BW LPG Limited (BWLP) is profitable, generating $217.2M in net income for fiscal year 2024 (9.9% net margin).

Dividend & Returns

Yes, BW LPG Limited (BWLP) pays a dividend with a yield of 20.22%. This makes it attractive for income-focused investors.

BW LPG Limited (BWLP) has a return on equity (ROE) of 20.1%. This is excellent, indicating efficient use of shareholder capital.

BW LPG Limited (BWLP) had negative free cash flow of $221.2M in fiscal year 2024, likely due to heavy capital investments.