Dorian LPG Ltd. (LPG) 10-Year Financial Performance & Capital Metrics

LPG • • Industrial / General

EnergyMidstream Oil & GasMarine TransportationLPG Carrier Operators

AboutDorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas (LPG) through its LPG tankers worldwide. The company owns and operates very large gas carriers (VLGCs). As of May 27, 2022, its fleet consisted of twenty-two VLGCs. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.Show more

Revenue $353M -37.0%
EBITDA $182M -54.2%
Net Income $90M -70.7%
EPS (Diluted) 2.14 -71.8%
Gross Margin 43.21% -33.7%
EBITDA Margin 51.58% -27.2%
Operating Margin 31.88% -45.6%
Net Margin 25.52% -53.5%
ROE 8.71% -73.1%
ROIC 5.67% -64.6%
Debt/Equity 0.68 -12.5%
Interest Coverage 3.15 -61.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.1%
✓FCF machine: 43.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 36.0%
✓Trading at only 1.2x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13%

5Y1.17%

3Y8.82%

TTM-27.9%

Profit (Net Income) CAGR

10Y13.57%

5Y-4.22%

3Y7.82%

TTM-60.44%

EPS CAGR

10Y16.87%

5Y0.67%

3Y6.33%

TTM-62.2%

ROCE

10Y Avg7.46%

5Y Avg10.52%

3Y Avg12.98%

Latest6.61%

Peer Comparison

LPG Carrier Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVGSNavigator Holdings Ltd.	1.2B	18.26	15.34	2.89%	17.85%	8.16%	14.13%	0.49
LPGDorian LPG Ltd.	1.25B	29.23	13.66	-36.98%	26.26%	8.9%	12.3%	0.68

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	289.21M	167.45M	159.33M	158.03M	333.43M	315.94M	274.22M	389.75M	560.72M	353.34M
Revenue Growth %	1.78%	-0.42%	-0.05%	-0.01%	1.11%	-0.05%	-0.13%	0.42%	0.44%	-0.37%
Cost of Goods Sold+	101.78M	134.13M	131.86M	134.02M	150.85M	168.23M	161.23M	161.7M	195.48M	200.65M
COGS % of Revenue	0.35%	0.8%	0.83%	0.85%	0.45%	0.53%	0.59%	0.41%	0.35%	0.57%
Gross Profit+	187.43M	33.32M	27.48M	24.02M	182.58M	147.71M	112.99M	228.05M	365.24M	152.69M
Gross Margin %	0.65%	0.2%	0.17%	0.15%	0.55%	0.47%	0.41%	0.59%	0.65%	0.43%
Gross Profit Growth %	3.01%	-0.82%	-0.18%	-0.13%	6.6%	-0.19%	-0.24%	1.02%	0.6%	-0.58%
Operating Expenses+	27.89M	19.32M	23.64M	31.98M	21.52M	31.61M	20.6M	29.68M	36.41M	40.04M
OpEx % of Revenue	0.1%	0.12%	0.15%	0.2%	0.06%	0.1%	0.08%	0.08%	0.06%	0.11%
Selling, General & Admin	29.84M	21.73M	26.19M	34.46M	23.36M	33.89M	30.23M	32.09M	39M	42.63M
SG&A % of Revenue	0.1%	0.13%	0.16%	0.22%	0.07%	0.11%	0.11%	0.08%	0.07%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1.95M	-2.41M	-2.55M	-2.48M	-1.84M	-2.28M	-9.63M	-2.4M	-2.59M	-2.58M
Operating Income+	158.42M	13.99M	3.84M	-7.96M	161.07M	116.1M	92.4M	198.36M	328.83M	112.64M
Operating Margin %	0.55%	0.08%	0.02%	-0.05%	0.48%	0.37%	0.34%	0.51%	0.59%	0.32%
Operating Income Growth %	4.26%	-0.91%	-0.73%	-3.07%	21.23%	-0.28%	-0.2%	1.15%	0.66%	-0.66%
EBITDA+	201.01M	79.05M	69.17M	57.24M	229.22M	193.78M	158.83M	261.76M	397.5M	182.24M
EBITDA Margin %	0.7%	0.47%	0.43%	0.36%	0.69%	0.61%	0.58%	0.67%	0.71%	0.52%
EBITDA Growth %	3.55%	-0.61%	-0.12%	-0.17%	3%	-0.15%	-0.18%	0.65%	0.52%	-0.54%
D&A (Non-Cash Add-back)	42.59M	65.06M	65.33M	65.2M	68.15M	77.68M	66.43M	63.4M	68.67M	69.6M
EBIT	139.23M	23.25M	7.02M	-14.31M	144.2M	114.23M	91.76M	202.48M	345.46M	123.38M
Net Interest Income+	-12.61M	-28.83M	-35.22M	-38.89M	-34.65M	-27.17M	-26.72M	-33.99M	-30.99M	-20.59M
Interest Income	148.36K	137.56K	440.06K	1.76M	1.46M	421.46K	347.08K	3.81M	9.49M	15.22M
Interest Expense	12.76M	28.97M	35.66M	40.65M	36.11M	27.6M	27.07M	37.8M	40.48M	35.81M
Other Income/Expense	-28.73M	-15.44M	-24.24M	-42.98M	-49.23M	-23.54M	-20.46M	-25.92M	-21.38M	-22.47M
Pretax Income+	129.69M	-1.44M	-20.4M	-50.95M	111.84M	92.56M	71.94M	172.44M	307.45M	90.17M
Pretax Margin %	0.45%	-0.01%	-0.13%	-0.32%	0.34%	0.29%	0.26%	0.44%	0.55%	0.26%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	129.69M	-1.44M	-20.4M	-50.95M	111.84M	92.56M	71.94M	172.44M	307.45M	90.17M
Net Margin %	0.45%	-0.01%	-0.13%	-0.32%	0.34%	0.29%	0.26%	0.44%	0.55%	0.26%
Net Income Growth %	4.13%	-1.01%	-13.15%	-1.5%	3.2%	-0.17%	-0.22%	1.4%	0.78%	-0.71%
Net Income (Continuing)	129.69M	-1.44M	-20.4M	-50.95M	111.84M	92.56M	71.94M	172.44M	307.45M	90.17M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.29	-0.03	-0.38	-0.93	2.07	1.86	1.78	4.29	7.60	2.14
EPS Growth %	4.09%	-1.01%	-11.67%	-1.45%	3.23%	-0.1%	-0.04%	1.41%	0.77%	-0.72%
EPS (Basic)	2.29	-0.03	-0.38	-0.93	2.08	1.86	1.79	4.31	7.63	2.14
Diluted Shares Outstanding	56.63M	48.06M	54.04M	54.51M	54.12M	49.83M	40.37M	40.21M	40.45M	42.14M
Basic Shares Outstanding	56.63M	48.06M	53.69M	54.51M	53.88M	49.73M	40.2M	40.03M	40.28M	42.14M
Dividend Payout Ratio	-	-	-	-	-	-	1.11%	1.28%	0.53%	1.73%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	105.56M	63.97M	103.51M	82.59M	139.61M	153.34M	307.89M	236.3M	368.88M	382.36M
Cash & Short-Term Investments	46.41M	17.02M	103.51M	30.84M	63.31M	79.33M	236.76M	148.8M	294.04M	316.88M
Cash Only	46.41M	17.02M	103.51M	30.84M	48.39M	79.33M	236.76M	148.8M	282.51M	316.88M
Short-Term Investments	0	0	0	0	14.92M	0	0	0	11.53M	0
Accounts Receivable	54.61M	42.47M	27.22M	45.84M	67.67M	56.39M	58.64M	76.35M	53.01M	49.45M
Days Sales Outstanding	68.92	92.57	62.35	105.87	74.08	65.15	78.05	71.5	34.51	51.08
Inventory	2.29M	2.58M	2.01M	2.11M	2M	2.01M	2.27M	2.64M	2.39M	2.51M
Days Inventory Outstanding	8.21	7.02	5.57	5.75	4.83	4.36	5.13	5.96	4.47	4.56
Other Current Assets	0	0	0	599.95K	3.37M	5.32M	0	0	19.44M	13.52M
Total Non-Current Assets+	1.74B	1.68B	25.86M	1.54B	1.53B	1.43B	1.3B	1.47B	1.47B	1.4B
Property, Plant & Equipment	1.67B	1.6B	1.54B	1.48B	1.46B	1.39B	1.26B	1.42B	1.42B	1.35B
Fixed Asset Turnover	0.17x	0.10x	0.10x	0.11x	0.23x	0.23x	0.22x	0.27x	0.39x	0.26x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	76.52M	59.93M	61.88M	0	0	0	11.37M	0	0
Other Non-Current Assets	68.8M	1.96M	-1.57B	2.22M	67.64M	33.42M	36.86M	39.09M	44.65M	50.01M
Total Assets+	1.84B	1.75B	1.74B	1.63B	1.67B	1.58B	1.61B	1.71B	1.84B	1.78B
Asset Turnover	0.16x	0.10x	0.09x	0.10x	0.20x	0.20x	0.17x	0.23x	0.31x	0.20x
Asset Growth %	0.68%	-0.05%	-0.01%	-0.06%	0.03%	-0.05%	0.02%	0.06%	0.08%	-0.03%
Total Current Liabilities+	88.13M	85.77M	82.01M	79.37M	85.01M	82.08M	94.84M	94.6M	101.81M	107.88M
Accounts Payable	6.83M	7.08M	6.33M	7.21M	13.55M	9.83M	9.54M	10.81M	10.19M	11.55M
Days Payables Outstanding	24.48	19.25	17.52	19.64	32.79	21.33	21.6	24.39	19.02	21.01
Short-Term Debt	67.93M	65.98M	65.07M	63.97M	53.34M	52.02M	72.2M	53.64M	54.08M	54.98M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	853.98K	813.97K	208.56K	486.87K	679.26K
Other Current Liabilities	4.72M	1.89M	3.97M	2.97M	3.64M	2.4M	952.47K	1.29M	2.49M	959.21K
Current Ratio	1.20x	0.75x	1.26x	1.04x	1.64x	1.87x	3.25x	2.50x	3.62x	3.54x
Quick Ratio	1.17x	0.72x	1.24x	1.01x	1.62x	1.84x	3.22x	2.47x	3.60x	3.52x
Cash Conversion Cycle	52.65	80.34	50.4	91.98	46.11	48.18	61.58	53.07	19.96	34.63
Total Non-Current Liabilities+	768.45M	684.47M	694.69M	633.32M	609.89M	552.71M	592.37M	740.47M	712.3M	624.67M
Long-Term Debt	746.35M	683.99M	694.04M	632.12M	581.92M	539.65M	590.69M	604.26M	551.55M	498.77M
Capital Lease Obligations	0	0	0	0	17.65M	8.08M	0	134.78M	159.23M	124.42M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	22.1M	482.69K	651.57K	1.2M	10.32M	4.98M	1.69M	1.43M	1.53M	1.48M
Total Liabilities	856.58M	770.23M	776.7M	712.69M	694.91M	634.79M	687.21M	835.07M	814.12M	732.55M
Total Debt+	814.28M	749.96M	759.1M	696.09M	662.12M	609.35M	670.96M	816.09M	797.34M	712.98M
Net Debt	767.87M	732.95M	655.6M	665.25M	613.74M	530.02M	434.2M	667.29M	514.83M	396.1M
Debt / Equity	0.83x	0.77x	0.79x	0.76x	0.68x	0.64x	0.73x	0.93x	0.78x	0.68x
Debt / EBITDA	4.05x	9.49x	10.97x	12.16x	2.89x	3.14x	4.22x	3.12x	2.01x	3.91x
Net Debt / EBITDA	3.82x	9.27x	9.48x	11.62x	2.68x	2.74x	2.73x	2.55x	1.30x	2.17x
Interest Coverage	12.42x	0.48x	0.11x	-0.20x	4.46x	4.21x	3.41x	5.25x	8.12x	3.15x
Total Equity+	985.6M	976M	959.41M	912.68M	977.05M	946.83M	920.15M	873.85M	1.02B	1.05B
Equity Growth %	0.13%	-0.01%	-0.02%	-0.05%	0.07%	-0.03%	-0.03%	-0.05%	0.17%	0.02%
Book Value per Share	17.40	20.31	17.75	16.74	18.05	19.00	22.80	21.73	25.30	24.83
Total Shareholders' Equity	985.6M	976M	959.41M	912.68M	977.05M	946.83M	920.15M	873.85M	1.02B	1.05B
Common Stock	580.58K	583.42K	586.4K	588.83K	590.83K	510.71K	513.22K	516.31K	519.95K	543.24K
Retained Earnings	157.78M	156.34M	135.94M	84.99M	196.84M	289.4M	280.76M	231.84M	377.14M	311.14M
Treasury Stock	-20.94M	-33.9M	-35.22M	-36.48M	-87.18M	-99.86M	-121.23M	-122.9M	-126.84M	-133.1M
Accumulated OCI	0	-125.86M	-190.48M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	151.03M	52.1M	57.25M	8.88M	169.04M	170.6M	118.7M	224.06M	388.45M	173.01M
Operating CF Margin %	0.52%	0.31%	0.36%	0.06%	0.51%	0.54%	0.43%	0.57%	0.69%	0.49%
Operating CF Growth %	4.89%	-0.66%	0.1%	-0.84%	18.03%	0.01%	-0.3%	0.89%	0.73%	-0.55%
Net Income	129.69M	-1.44M	-20.4M	-50.95M	111.84M	92.56M	71.94M	172.44M	307.45M	90.17M
Depreciation & Amortization	42.59M	65.06M	65.33M	65.2M	68.15M	77.68M	66.43M	63.4M	68.67M	69.6M
Stock-Based Compensation	4.05M	4.39M	5.14M	5.48M	3.23M	3.36M	3.33M	4.28M	8.33M	10.42M
Deferred Taxes	10.14M	-27.27M	-12.6M	-153.81M	0	0	0	0	0	0
Other Non-Cash Items	2.64M	2.48M	7.19M	165.01M	14.96M	-9.55M	-5.16M	8.88M	19.59M	31.8M
Working Capital Changes	-38.08M	8.89M	12.59M	-22.06M	-29.14M	6.54M	-17.85M	-24.94M	-15.59M	-28.98M
Change in Receivables	22.74M	96.29K	-325.13K	-18.62M	-25.13M	11.27M	-3.17M	-19.08M	0	2.09M
Change in Inventory	1.09M	-292.67K	567.84K	-98.73K	115.43K	-11.26K	-258.89K	-376.04K	0	0
Change in Payables	1.04M	743.99K	-561.81K	793.92K	1.47M	212.17K	-115.29K	591.84K	-1.27M	-35.35K
Cash from Investing+	-910.41M	-1.98M	24.57M	-4.52M	-33.14M	1.02M	68.77M	-76.34M	-34.8M	-7.36M
Capital Expenditures	-895.53M	-1.92M	-437.04K	-4.02M	-20.02M	-9.51M	-23.19M	-68.78M	-32.85M	-18.95M
CapEx % of Revenue	3.1%	0.01%	0%	0.03%	0.06%	0.03%	0.08%	0.18%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-14.89M	-61.36K	25.01M	-499.69K	0	0	90.46M	0	0	0
Cash from Financing+	601.09M	-79.32M	4.67M	-67.01M	-114.65M	-174.48M	-35.18M	-235.23M	-219.72M	-131.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-80.08M	-220.6M	-162.26M	-156.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-13.99M	-99.78K	-3.11M	0	-40.55K	-4.18M	-1.66M	-6.51M	-407.5K	-4.59M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-744.5M	50.18M	56.81M	4.86M	149.01M	161.09M	95.51M	155.27M	355.59M	154.06M
FCF Margin %	-2.57%	0.3%	0.36%	0.03%	0.45%	0.51%	0.35%	0.4%	0.63%	0.44%
FCF Growth %	-1.58%	1.07%	0.13%	-0.91%	29.64%	0.08%	-0.41%	0.63%	1.29%	-0.57%
FCF per Share	-13.15	1.04	1.05	0.09	2.75	3.23	2.37	3.86	8.79	3.66
FCF Conversion (FCF/Net Income)	1.16x	-36.14x	-2.81x	-0.17x	1.51x	1.84x	1.65x	1.30x	1.26x	1.92x
Interest Paid	0	0	0	0	32.46M	21.79M	20.59M	31.07M	0	32.81M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.95%	-0.15%	-2.11%	-5.44%	11.84%	9.62%	7.71%	19.22%	32.41%	8.71%
Return on Invested Capital (ROIC)	9.06%	0.61%	0.17%	-0.37%	7.62%	5.68%	4.9%	10.28%	16.02%	5.67%
Gross Margin	64.81%	19.9%	17.25%	15.2%	54.76%	46.75%	41.21%	58.51%	65.14%	43.21%
Net Margin	44.84%	-0.86%	-12.8%	-32.24%	33.54%	29.3%	26.23%	44.24%	54.83%	25.52%
Debt / Equity	0.83x	0.77x	0.79x	0.76x	0.68x	0.64x	0.73x	0.93x	0.78x	0.68x
Interest Coverage	12.42x	0.48x	0.11x	-0.20x	4.46x	4.21x	3.41x	5.25x	8.12x	3.15x
FCF Conversion	1.16x	-36.14x	-2.81x	-0.17x	1.51x	1.84x	1.65x	1.30x	1.26x	1.92x
Revenue Growth	177.74%	-42.1%	-4.84%	-0.82%	110.99%	-5.25%	-13.2%	42.13%	43.87%	-36.98%

Revenue by Segment

	2019	2020	2021	2022	2023
Net pool revenues - related party	-	-	-	246.31M	364.55M
Net pool revenues - related party Growth	-	-	-	-	48.01%
Time charter revenues	-	-	-	22.38M	22.71M
Time charter revenues Growth	-	-	-	-	1.49%
Other revenue, net	-	-	-	5.54M	2.49M
Other revenue, net Growth	-	-	-	-	-55.02%
Net Pool Revenue Related Party	120.02M	298.08M	292.68M	-	-
Net Pool Revenue Related Party Growth	-	148.37%	-1.81%	-	-
Time Charter Revenue	37.73M	34.11M	19.49M	-	-
Time Charter Revenue Growth	-	-9.58%	-42.86%	-	-
Other Revenue	290.5K	1.24M	3.77M	-	-
Other Revenue Growth	-	326.73%	203.85%	-	-

Frequently Asked Questions

Valuation & Price

Dorian LPG Ltd. (LPG) has a price-to-earnings (P/E) ratio of 13.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Dorian LPG Ltd. (LPG) reported $361.4M in revenue for fiscal year 2025. This represents a 835% increase from $38.7M in 2013.

Dorian LPG Ltd. (LPG) saw revenue decline by 37.0% over the past year.

Yes, Dorian LPG Ltd. (LPG) is profitable, generating $94.9M in net income for fiscal year 2025 (25.5% net margin).

Dividend & Returns

Yes, Dorian LPG Ltd. (LPG) pays a dividend with a yield of 12.70%. This makes it attractive for income-focused investors.

Dorian LPG Ltd. (LPG) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Dorian LPG Ltd. (LPG) generated $89.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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