Dynagas LNG Partners LP (DLNG) 10-Year Financial Performance & Capital Metrics

DLNG • • Industrial / General

EnergyMidstream Oil & GasLNG Infrastructure & ShippingLNG Carrier Operators

AboutDynagas LNG Partners LP, through its subsidiaries, operates in the seaborne transportation industry worldwide. The company owns and operates liquefied natural gas (LNG) carriers. As of April 29, 2022, its fleet consisted of six LNG carriers with an aggregate carrying capacity of approximately 914,100 cubic meters. Dynagas GP LLC serves as the general partner of Dynagas LNG Partners LP. The company was incorporated in 2013 and is headquartered in Athens, Greece.Show more

Revenue $156M -2.5%
EBITDA $110M +13.4%
Net Income $52M +43.8%
EPS (Diluted) 1.05 +59.1%
Gross Margin 55.09% +20.9%
EBITDA Margin 70.06% +16.3%
Operating Margin 49.5% +22.8%
Net Margin 32.99% +47.6%
ROE 11.06% +34.4%
ROIC 7.58% +30.2%
Debt/Equity 0.66 -29.3%
Interest Coverage 2.58 +56.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 70.2%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 58.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 32.0%
✓Trading at only 0.3x book value

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.86%

5Y3.62%

3Y4.33%

TTM4.34%

Profit (Net Income) CAGR

10Y0.2%

5Y70.19%

3Y-1.06%

TTM25.09%

EPS CAGR

10Y-4%

5Y-

3Y-2.7%

TTM26.15%

ROCE

10Y Avg7.97%

5Y Avg8.36%

3Y Avg9.2%

Latest12.76%

Peer Comparison

LNG Carrier Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLNGGolar LNG Limited	4.05B	39.53	82.35	-12.75%	17.96%	2.54%		0.62
FLNGFLEX LNG Ltd.	1.47B	27.12	12.44	-3.95%	28.05%	13.34%	12.46%	2.24
GLOP-PAGasLog Partners LP	1.19B	25.89	8.81	-10.45%	31.3%	12.15%	21.51%	0.08
DLNGDynagas LNG Partners LP	138.98M	3.82	3.64	-2.54%	37.92%	13%	66.29%	0.66
SEAL-PBSeapeak LLC		25.45	-27.36	-2.21%	-27.59%	-8.42%		1.21

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	145.2M	169.85M	138.99M	127.14M	130.9M	137.16M	137.75M	131.66M	160.48M	156.4M
Revenue Growth %	0.36%	0.17%	-0.18%	-0.09%	0.03%	0.05%	0%	-0.04%	0.22%	-0.03%
Cost of Goods Sold+	50.44M	59.89M	67.2M	65.6M	61.74M	63.62M	64.01M	77.33M	87.35M	70.24M
COGS % of Revenue	0.35%	0.35%	0.48%	0.52%	0.47%	0.46%	0.46%	0.59%	0.54%	0.45%
Gross Profit+	94.77M	109.96M	71.79M	61.54M	69.16M	73.54M	73.74M	54.33M	73.13M	86.16M
Gross Margin %	0.65%	0.65%	0.52%	0.48%	0.53%	0.54%	0.54%	0.41%	0.46%	0.55%
Gross Profit Growth %	0.35%	0.16%	-0.35%	-0.14%	0.12%	0.06%	0%	-0.26%	0.35%	0.18%
Operating Expenses+	6.67M	7.88M	7.85M	8.56M	9.24M	9.28M	9.13M	8.99M	8.42M	8.74M
OpEx % of Revenue	0.05%	0.05%	0.06%	0.07%	0.07%	0.07%	0.07%	0.07%	0.05%	0.06%
Selling, General & Admin	1.8M	1.89M	1.69M	2.21M	2.71M	2.53M	3.1M	2.79M	2.03M	2.14M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4.87M	6M	6.16M	6.35M	6.54M	6.75M	6.02M	6.2M	6.39M	6.6M
Operating Income+	88.09M	102.08M	63.94M	52.98M	59.92M	64.26M	64.61M	45.34M	64.71M	77.42M
Operating Margin %	0.61%	0.6%	0.46%	0.42%	0.46%	0.47%	0.47%	0.34%	0.4%	0.49%
Operating Income Growth %	0.36%	0.16%	-0.37%	-0.17%	0.13%	0.07%	0.01%	-0.3%	0.43%	0.2%
EBITDA+	112.48M	132.47M	94.26M	83.31M	90.6M	96.06M	96.32M	77.14M	96.66M	109.57M
EBITDA Margin %	0.77%	0.78%	0.68%	0.66%	0.69%	0.7%	0.7%	0.59%	0.6%	0.7%
EBITDA Growth %	0.36%	0.18%	-0.29%	-0.12%	0.09%	0.06%	0%	-0.2%	0.25%	0.13%
D&A (Non-Cash Add-back)	24.39M	30.39M	30.32M	30.33M	30.68M	31.8M	31.71M	31.81M	31.95M	32.15M
EBIT	85.98M	99.74M	57.11M	50.5M	50.25M	58.2M	72.02M	79.67M	73.26M	81.63M
Net Interest Income+	-27.94M	-34.99M	-46.08M	-49.44M	-48.76M	-26.84M	-21.42M	-27.08M	-36.62M	-28.63M
Interest Income	0	0	203K	1.05M	2.33M	221K	0	829K	2.59M	1.41M
Interest Expense	27.94M	34.99M	46.28M	50.49M	51.09M	27.06M	21.42M	27.91M	39.21M	30.04M
Other Income/Expense	-28.04M	-35.23M	-46.6M	-49.37M	0	-30.21M	-11.35M	8.67M	-28.84M	-25.83M
Pretax Income+	60.05M	66.85M	17.34M	3.61M	3.61M	34.05M	53.26M	54.01M	35.87M	51.59M
Pretax Margin %	0.41%	0.39%	0.12%	0.03%	0.03%	0.25%	0.39%	0.41%	0.22%	0.33%
Income Tax+	0	0	0	0	56.22M	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	60.05M	66.85M	17.34M	3.61M	3.61M	34.05M	53.26M	54.01M	35.87M	51.59M
Net Margin %	0.41%	0.39%	0.12%	0.03%	0.03%	0.25%	0.39%	0.41%	0.22%	0.33%
Net Income Growth %	0.19%	0.11%	-0.74%	-0.79%	0%	8.42%	0.56%	0.01%	-0.34%	0.44%
Net Income (Continuing)	60.05M	66.85M	17.34M	3.61M	0	34.05M	53.26M	54.01M	35.87M	51.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	95K	97K	47K	-16K	-28K	-5K	36K	78K	102K	0
EPS (Diluted)+	1.60	1.69	0.27	0.10	-1.48	0.63	1.14	1.15	0.66	1.05
EPS Growth %	0.01%	0.06%	-0.84%	-0.63%	-15.8%	1.43%	0.81%	0.01%	-0.43%	0.59%
EPS (Basic)	1.60	1.69	0.27	0.10	-1.48	0.63	1.14	1.15	0.66	1.05
Diluted Shares Outstanding	20.5M	20.5M	34.55M	35.49M	35.49M	35.55M	36.5M	36.8M	36.8M	36.78M
Basic Shares Outstanding	20.5M	20.5M	34.55M	35.49M	35.49M	35.55M	36.5M	36.8M	36.8M	36.78M
Dividend Payout Ratio	1.04%	1%	3.86%	13.4%	4.54%	-	0.22%	0.21%	0.32%	0.29%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	25.81M	60.2M	70.4M	112.96M	18.17M	27.12M	51.17M	74.22M	105.04M	78.16M
Cash & Short-Term Investments	24.29M	57.59M	67.46M	109.92M	16.21M	24.98M	47.57M	48.6M	73.75M	68.16M
Cash Only	24.29M	57.59M	67.46M	109.92M	16.21M	24.98M	47.02M	48.6M	73.75M	68.16M
Short-Term Investments	0	0	0	0	0	0	555K	0	0	0
Accounts Receivable	103K	100K	155K	48K	143K	384K	90K	67K	6.79M	5.09M
Days Sales Outstanding	0.26	0.21	0.41	0.14	0.4	1.02	0.24	0.19	15.44	11.89
Inventory	348K	834K	799K	1.22M	718K	808K	909K	885K	751K	894K
Days Inventory Outstanding	2.52	5.08	4.34	6.79	4.24	4.64	5.18	4.18	3.14	4.65
Other Current Assets	460K	878K	883K	1.09M	0	0	1.14M	24.67M	23.75M	216K
Total Non-Current Assets+	1.06B	1.02B	982.57M	947.38M	916.7M	884.9M	861.46M	837.44M	803.87M	768.99M
Property, Plant & Equipment	1.04B	1.01B	977.3M	947.38M	916.7M	884.9M	853.19M	825.11M	797.36M	765.21M
Fixed Asset Turnover	0.14x	0.17x	0.14x	0.13x	0.14x	0.16x	0.16x	0.16x	0.20x	0.20x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	19.78M	12.51M	5.27M	0	0	0	0	0	0	0
Long-Term Investments	26.35M	26.35M	1.35M	342K	52.09M	51.72M	8.27M	12.33M	5.44M	3.14M
Other Non-Current Assets	26.35M	26.35M	1.35M	-342K	-52.09M	-51.72M	0	0	1.07M	640K
Total Assets+	1.11B	1.11B	1.05B	1.06B	989.19M	965.84M	965.48M	947.71M	908.91M	847.15M
Asset Turnover	0.13x	0.15x	0.13x	0.12x	0.13x	0.14x	0.14x	0.14x	0.18x	0.18x
Asset Growth %	0.26%	-0%	-0.05%	0.01%	-0.07%	-0.02%	-0%	-0.02%	-0.04%	-0.07%
Total Current Liabilities+	51.35M	53.06M	22.9M	272.74M	64.64M	62.84M	64.93M	70.27M	458.76M	83.9M
Accounts Payable	4.93M	3.06M	4.5M	5.74M	5.5M	4.37M	5.65M	8.04M	13.81M	13.18M
Days Payables Outstanding	35.71	18.64	24.43	31.92	32.49	25.09	32.24	37.93	57.73	68.49
Short-Term Debt	27.47M	31.69M	510K	251.75M	45.48M	45.72M	45.95M	46.25M	419.58M	43.64M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-230K	0	2.07M	-306K	2.2M	1.33M	247K	1.47M	0	0
Current Ratio	0.50x	1.13x	3.07x	0.41x	0.28x	0.43x	0.79x	1.06x	0.23x	0.93x
Quick Ratio	0.50x	1.12x	3.04x	0.41x	0.27x	0.42x	0.77x	1.04x	0.23x	0.92x
Cash Conversion Cycle	-32.94	-13.34	-19.68	-24.99	-27.85	-19.43	-26.81	-33.56	-39.15	-51.96
Total Non-Current Liabilities+	687.82M	684.75M	711.7M	461.06M	607.67M	566.5M	519.07M	453.51M	1.91M	278.46M
Long-Term Debt	652.82M	684.75M	711.7M	461.06M	607.67M	561.97M	516.02M	450.78M	0	277.07M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	-36.09M	-2.07M	-2.81M	-6.29M	-6.35M	0	-6.1M	-5.46M	0	0
Other Non-Current Liabilities	35M	0	0	0	0	1.33M	3.05M	2.73M	0	0
Total Liabilities	740.26M	738.84M	736M	736.95M	675.48M	629.34M	584M	523.78M	460.67M	362.35M
Total Debt+	680.28M	716.44M	714.35M	712.82M	653.15M	607.68M	561.97M	497.03M	419.58M	320.72M
Net Debt	655.99M	658.84M	646.89M	602.9M	636.95M	582.7M	514.95M	494.69M	345.83M	252.56M
Debt / Equity	1.85x	1.95x	2.24x	2.18x	2.08x	1.81x	1.47x	1.17x	0.94x	0.66x
Debt / EBITDA	6.05x	5.41x	7.58x	8.56x	7.21x	6.33x	5.83x	6.44x	4.34x	2.93x
Net Debt / EBITDA	5.83x	4.97x	6.86x	7.24x	7.03x	6.07x	5.35x	6.41x	3.58x	2.31x
Interest Coverage	3.15x	2.92x	1.38x	1.05x	1.17x	2.38x	3.02x	1.62x	1.65x	2.58x
Total Equity+	367.93M	367.93M	318.37M	326.49M	313.71M	336.49M	381.52M	424.01M	448.24M	484.8M
Equity Growth %	0.24%	0%	-0.13%	0.03%	-0.04%	0.07%	0.13%	0.11%	0.06%	0.08%
Book Value per Share	17.94	17.94	9.22	9.20	8.84	9.47	10.45	11.52	12.18	13.18
Total Shareholders' Equity	367.84M	367.84M	318.32M	326.5M	313.74M	336.5M	381.48M	423.93M	448.14M	484.8M
Common Stock	294.62M	294.62M	245.1M	199.4M	187.02M	209.78M	254.77M	297.22M	321.42M	358.09M
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	95K	97K	47K	-16K	-28K	-5K	36K	78K	102K	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	96.94M	103.62M	59.34M	42.99M	43.18M	68.6M	79.59M	57.32M	64.39M	92.16M
Operating CF Margin %	0.67%	0.61%	0.43%	0.34%	0.33%	0.5%	0.58%	0.44%	0.4%	0.59%
Operating CF Growth %	0.27%	0.07%	-0.43%	-0.28%	0%	0.59%	0.16%	-0.28%	0.12%	0.43%
Net Income	60.05M	66.85M	17.34M	3.61M	3.61M	34.05M	53.26M	54.01M	35.85M	51.59M
Depreciation & Amortization	24.39M	30.39M	30.32M	30.33M	30.68M	31.8M	31.71M	31.81M	31.95M	33.39M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	1.76M	9.25M	12.63M	8.55M	10.5M	6.29M	-7.1M	-21.36M	6.1M	3.35M
Working Capital Changes	10.74M	-2.88M	-953K	500K	-1.62M	-3.54M	1.72M	-7.13M	-9.5M	3.82M
Change in Receivables	-103K	3K	-55K	107K	-95K	-241K	294K	23K	-642K	-492K
Change in Inventory	9K	-486K	35K	-421K	502K	-90K	-101K	24K	134K	-143K
Change in Payables	1.81M	-1.1M	1.58M	1.15M	-101K	-1.03M	1.28M	-9.53M	-5.28M	-636K
Cash from Investing+	-205.04M	-37.47M	0	-409K	0	0	0	-3.63M	-4.24M	-27K
Capital Expenditures	-205.04M	-37.47M	0	-409K	0	0	0	-3.63M	-4.24M	-27K
CapEx % of Revenue	1.41%	0.22%	-	0%	-	-	-	0.03%	0.03%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	120.44M	-32.84M	-49.47M	-132K	-86.89M	-59.83M	-57.55M	-70.84M	-66.27M	-97.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-62.21M	-66.86M	-66.86M	-48.42M	-16.39M	-11.56M	-11.56M	-11.56M	-11.56M	-14.78M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-75.57M	-155K	12.29M	-48K	-10.56M	-564K	-1.4M	5.62M	24.56M	15.05M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-108.1M	66.15M	59.34M	42.59M	43.18M	68.6M	79.59M	53.69M	60.15M	92.13M
FCF Margin %	-0.74%	0.39%	0.43%	0.33%	0.33%	0.5%	0.58%	0.41%	0.37%	0.59%
FCF Growth %	0.67%	1.61%	-0.1%	-0.28%	0.01%	0.59%	0.16%	-0.33%	0.12%	0.53%
FCF per Share	-5.27	3.23	1.72	1.20	1.22	1.93	2.18	1.46	1.63	2.50
FCF Conversion (FCF/Net Income)	1.61x	1.55x	3.42x	11.90x	11.95x	2.01x	1.49x	1.06x	1.80x	1.79x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.04%	18.17%	5.05%	1.12%	1.13%	10.47%	14.84%	13.41%	8.23%	11.06%
Return on Invested Capital (ROIC)	7.01%	7.47%	4.81%	4.19%	4.78%	5.16%	5.34%	3.84%	5.82%	7.58%
Gross Margin	65.27%	64.74%	51.65%	48.4%	52.83%	53.62%	53.53%	41.26%	45.57%	55.09%
Net Margin	41.36%	39.36%	12.47%	2.84%	2.76%	24.83%	38.67%	41.02%	22.35%	32.99%
Debt / Equity	1.85x	1.95x	2.24x	2.18x	2.08x	1.81x	1.47x	1.17x	0.94x	0.66x
Interest Coverage	3.15x	2.92x	1.38x	1.05x	1.17x	2.38x	3.02x	1.62x	1.65x	2.58x
FCF Conversion	1.61x	1.55x	3.42x	11.90x	11.95x	2.01x	1.49x	1.06x	1.80x	1.79x
Revenue Growth	35.59%	16.98%	-18.17%	-8.53%	2.96%	4.79%	0.42%	-4.42%	21.89%	-2.54%

Frequently Asked Questions

Valuation & Price

Dynagas LNG Partners LP (DLNG) has a price-to-earnings (P/E) ratio of 3.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Dynagas LNG Partners LP (DLNG) reported $158.3M in revenue for fiscal year 2024. This represents a 201% increase from $52.5M in 2011.

Dynagas LNG Partners LP (DLNG) saw revenue decline by 2.5% over the past year.

Yes, Dynagas LNG Partners LP (DLNG) is profitable, generating $60.0M in net income for fiscal year 2024 (33.0% net margin).

Dividend & Returns

Yes, Dynagas LNG Partners LP (DLNG) pays a dividend with a yield of 10.52%. This makes it attractive for income-focused investors.

Dynagas LNG Partners LP (DLNG) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

Dynagas LNG Partners LP (DLNG) generated $102.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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