High-quality earnings are evidenced by an OCF/NI ratio frequently exceeding 1.50, allowing for robust free cash flow margins that often surpass 60% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 99.92M | 90.26M | 92.16M | 64.39M | 57.32M | 79.59M | 68.6M | 43.18M | 42.99M | 59.34M | 103.62M | 96.94M | 76.44M | 44.2M | 27.9M | 28.97M |
| Operating CF Margin % | - | 57.63% | 58.92% | 40.12% | 43.54% | 57.78% | 50.01% | 32.98% | 33.82% | 42.69% | 61.01% | 66.76% | 71.38% | 51.59% | 36% | 55.14% |
| Operating CF Growth % | 29.03% | -2.05% | 43.12% | 12.33% | -27.98% | 16.02% | 58.89% | 0.43% | -27.55% | -42.73% | 6.88% | 26.82% | 72.93% | 58.43% | -3.7% | - |
| Net Income | 65.5M | 61.64M | 51.59M | 35.85M | 54.01M | 53.26M | 34.05M | 3.61M | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Depreciation & Amortization | 32.41M | 32.28M | 33.39M | 31.95M | 31.81M | 31.71M | 31.8M | 30.68M | 30.33M | 30.32M | 30.39M | 24.39M | 17.82M | 13.58M | 13.62M | 13.58M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.8M | 2.56M | 3.35M | 6.1M | -21.36M | -7.1M | 6.29M | 10.5M | 8.55M | 12.63M | 9.25M | 1.76M | 785K | 1.11M | -5.1M | -11.16M |
| Working Capital Changes | -791K | -6.22M | 3.82M | -9.5M | -7.13M | 1.72M | -3.54M | -1.62M | 500K | -953K | -2.88M | 10.74M | 7.28M | -16.11M | -10.45M | 7.73M |
| Change in Receivables | -1.36M | 723K | -492K | -642K | 23K | 294K | -241K | -95K | 107K | -55K | 3K | -103K | 190K | 118K | 126K | -322K |
| Change in Inventory | -258.06K | -309K | -143K | 134K | 24K | -101K | -90K | 502K | -421K | 35K | -486K | 9K | -357K | -1.26M | -19.11M | 201K |
| Change in Payables | -978.83K | -864K | -636K | -5.28M | -9.53M | 1.28M | -1.03M | -101K | 1.15M | 1.58M | -1.1M | 1.81M | 310K | -3.16M | 3.8M | 307K |
| Cash from Investing | 0 | 0 | -27K | -4.24M | -3.63M | 0 | 0 | 0 | -409K | 0 | -37.47M | -205.04M | -404.53M | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | -27K | -4.24M | -3.63M | 0 | 0 | 0 | -409K | 0 | -37.47M | -205.04M | -404.53M | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | 57.63% | 0.02% | 2.64% | 2.76% | - | - | - | 0.32% | - | 22.06% | 141.21% | 377.75% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -118.1M | -117.38M | -97.73M | -66.27M | -70.84M | -57.55M | -59.83M | -86.89M | -132K | -49.47M | -32.84M | 120.44M | 334.36M | -38.53M | -27.9M | -28.97M |
| Debt Issued (Net) | -44.7M | -44.17M | -97.75M | -79.27M | -64.89M | -48M | -48M | -59.8M | -4.8M | 5.1M | 34.17M | 113.33M | 355.42M | -166.63M | -23.45M | -45.96M |
| Equity Issued (Net) | -1.1M | -1.32M | -247K | 0 | 0 | 3.41M | 297K | -139K | 53.14M | 0 | 0 | 144.89M | 120.64M | 0 | 0 | 0 |
| Dividends Paid | -72.29M | -71.89M | -14.78M | -11.56M | -11.56M | -11.56M | -11.56M | -16.39M | -48.42M | -66.86M | -66.86M | -62.21M | -131.13M | 0 | 0 | 0 |
| Share Repurchases | -1.09M | -1.31M | -247K | 0 | 0 | 0 | 0 | 139K | 0 | 0 | -119K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 15.05M | 24.56M | 5.62M | -1.4M | -564K | -10.56M | -48K | 12.29M | -155K | -75.57M | -10.56M | 128.1M | -4.45M | 16.98M |
| Net Change in Cash | -16.95M | -27.12M | -5.6M | -6.12M | -17.15M | 22.04M | 8.77M | -43.71M | 42.45M | 9.87M | 33.3M | 12.34M | 6.27M | 5.68M | 0 | 0 |
| Free Cash Flow | 78.87M | 0 | 92.13M | 60.15M | 53.69M | 79.59M | 68.6M | 43.18M | 42.59M | 59.34M | 66.15M | -108.1M | -328.09M | 44.2M | 27.9M | 28.97M |
| FCF Margin % | 50.09% | - | 58.91% | 37.48% | 40.78% | 57.78% | 50.01% | 32.98% | 33.5% | 42.69% | 38.94% | -74.45% | -306.37% | 51.59% | 36% | 55.14% |
| FCF Growth % | -20.06% | -100% | 53.16% | 12.04% | -32.54% | 16.02% | 58.89% | 1.39% | -28.23% | -10.29% | 161.19% | 67.05% | -842.21% | 58.43% | -3.7% | - |
| FCF per Share | 2.17 | - | 2.50 | 1.63 | 1.46 | 2.18 | 1.93 | 1.22 | 1.20 | 1.72 | 3.23 | -5.27 | -9.96 | 5.72 | 0.93 | 0.97 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.46x | 1.79x | 1.80x | 1.06x | 1.49x | 2.01x | 11.95x | 11.90x | 3.42x | 1.55x | 1.61x | 1.51x | 0.97x | 0.94x | 1.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical counterparty concentration risk
Based on reported financial data, DLNG consistently generates operating cash flow significantly exceeding net income, with an OCF/NI ratio frequently surpassing 1.50, suggesting that the partnership's reported earnings are of high quality and supported by substantial non-cash depreciation charges inherent in its specialized maritime asset base.
The persistent gap between net income and operating cash flow indicates that the partnership's accounting earnings are conservative and heavily influenced by non-cash depreciation. Investors should interpret this as a sign of operational health, as the cash generation is consistently sufficient to cover both debt service and the maintenance of its specialized ice-class fleet.
As reported in recent quarterly filings, DLNG maintains a consistent free cash flow trajectory, with margins frequently exceeding 60% of revenue, demonstrating that the partnership's long-term time-charter model effectively insulates its cash generation from the volatility typically observed in the broader LNG shipping spot market environment.
The stability of free cash flow suggests that the partnership is well-positioned to manage its capital structure without relying on external financing. This trend appears to validate the effectiveness of the long-term contract strategy in providing predictable liquidity for the partnership's ongoing operations.
According to historical cash flow statements, DLNG operates with remarkably low capital intensity, often reporting near-zero quarterly capital expenditures, which highlights the partnership's ability to preserve cash flow for debt reduction or distribution rather than reinvesting heavily into a fleet that is already fully deployed.
The lack of significant capital expenditure suggests that the partnership is currently in a harvest phase, prioritizing the utilization of existing assets over fleet expansion. While this supports short-term cash flow, analysts should monitor whether this low spending level is sustainable given the aging profile of the steam-turbine vessels.
Based on the provided quarterly data, DLNG exhibits manageable working capital fluctuations, with changes rarely exceeding $2 million per quarter, indicating that the partnership's revenue collection cycle is highly efficient and aligned with the predictable payment schedules of its long-term energy major charterers.
The minimal volatility in working capital suggests that the partnership faces little risk from delayed collections or inventory build-up. This operational efficiency reinforces the predictability of the cash flow profile, allowing management to forecast liquidity needs with a high degree of confidence.
As evidenced by recent financial disclosures, DLNG has utilized its robust cash flow primarily to facilitate debt repayment and opportunistic share repurchases, reflecting a disciplined capital allocation strategy that prioritizes balance sheet deleveraging over aggressive expansion or high-yield distributions to its common unitholders.
The focus on debt reduction appears to be a strategic response to the partnership's historical leverage profile, aiming to lower interest expenses and improve long-term solvency. Investors should monitor whether this conservative deployment continues as the partnership approaches its debt maturity targets.
Quick answers to the most common questions about buying DLNG stock.
Dynagas LNG Partners LP (DLNG) generated $90.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dynagas LNG Partners LP (DLNG) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Dynagas LNG Partners LP (DLNG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Dynagas LNG Partners LP (DLNG) returned $71.9M to shareholders via cash dividends and spent $1.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.