The partnership demonstrates structural resilience with operating margins averaging approximately 48% over the last ten quarters, supported by lean SG&A expenses that frequently fall below $600,000 per quarter.
| 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 |
|---|
| Sales/Revenue | 157.45M | 156.62M | 156.4M | 160.48M | 131.66M | 137.75M | 137.16M | 130.9M | 127.14M | 138.99M | 169.85M | 145.2M | 107.09M | 85.68M | 77.5M | 52.55M |
| Revenue Growth % | 0% | 0.14% | -2.54% | 21.89% | -4.42% | 0.42% | 4.79% | 2.96% | -8.53% | -18.17% | 16.98% | 35.59% | 24.99% | 10.56% | 47.48% | - |
| Cost of Goods Sold | 75.47M | 72.67M | 70.24M | 87.35M | 77.33M | 64.01M | 63.62M | 61.74M | 65.6M | 67.2M | 59.89M | 50.44M | 36.91M | 27.17M | 34.91M | 26.28M |
| COGS % of Revenue | - | 46.4% | 44.91% | 54.43% | 58.74% | 46.47% | 46.38% | 47.17% | 51.6% | 48.35% | 35.26% | 34.73% | 34.47% | 31.72% | 45.05% | 50.02% |
| Gross Profit | 81.98M | 83.95M | 86.16M | 73.13M | 54.33M | 73.74M | 73.54M | 69.16M | 61.54M | 71.79M | 109.96M | 94.77M | 70.18M | 58.51M | 42.58M | 26.27M |
| Gross Margin % | 52.07% | 53.6% | 55.09% | 45.57% | 41.26% | 53.53% | 53.62% | 52.83% | 48.4% | 51.65% | 64.74% | 65.27% | 65.53% | 68.28% | 54.95% | 49.98% |
| Gross Profit Growth % | - | -2.56% | 17.81% | 34.62% | -26.33% | 0.27% | 6.34% | 12.39% | -14.28% | -34.71% | 16.04% | 35.03% | 19.96% | 37.39% | 62.13% | - |
| Operating Expenses | 8.69M | 8.62M | 8.74M | 8.42M | 8.99M | 9.13M | 9.28M | 9.24M | 8.56M | 7.85M | 7.88M | 6.67M | 5.52M | 3.12M | 2.92M | 2.58M |
| OpEx % of Revenue | - | 5.51% | 5.59% | 5.25% | 6.83% | 6.63% | 6.77% | 7.06% | 6.73% | 5.65% | 4.64% | 4.6% | 5.15% | 3.65% | 3.76% | 4.92% |
| Selling, General & Admin | 5.29M | 8.62M | 2.14M | 2.03M | 2.79M | 3.1M | 2.53M | 2.71M | 2.21M | 1.69M | 1.89M | 1.8M | 1.95M | 387K | 278K | 54K |
| SG&A % of Revenue | - | 5.51% | 1.37% | 1.27% | 2.12% | 2.25% | 1.84% | 2.07% | 1.74% | 1.21% | 1.11% | 1.24% | 1.82% | 0.45% | 0.36% | 0.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 6.6M | 6.39M | 6.2M | 6.02M | 6.75M | 6.54M | 6.35M | 6.16M | 6M | 4.87M | 3.57M | 2.74M | 2.64M | 2.53M |
| Operating Income | 73.29M | 75.33M | 77.42M | 64.71M | 45.34M | 64.61M | 64.26M | 59.92M | 52.98M | 63.94M | 102.08M | 88.09M | 64.66M | 55.38M | 39.67M | 23.68M |
| Operating Margin % | 46.55% | 48.09% | 49.5% | 40.32% | 34.44% | 46.91% | 46.85% | 45.77% | 41.67% | 46.01% | 60.1% | 60.67% | 60.38% | 64.64% | 51.18% | 45.07% |
| Operating Income Growth % | - | -2.7% | 19.63% | 42.74% | -29.83% | 0.54% | 7.26% | 13.09% | -17.14% | -37.36% | 15.88% | 36.23% | 16.76% | 39.61% | 67.5% | - |
| EBITDA | 105.46M | 107.61M | 109.57M | 96.66M | 77.14M | 96.32M | 96.06M | 90.6M | 83.31M | 94.26M | 132.47M | 112.48M | 82.48M | 68.96M | 53.28M | 37.26M |
| EBITDA Margin % | 66.98% | 68.7% | 70.06% | 60.23% | 58.59% | 69.93% | 70.03% | 69.21% | 65.53% | 67.82% | 77.99% | 77.46% | 77.03% | 80.49% | 68.75% | 70.91% |
| EBITDA Growth % | -2.97% | -1.79% | 13.36% | 25.3% | -19.91% | 0.27% | 6.03% | 8.74% | -11.62% | -28.84% | 17.78% | 36.36% | 19.61% | 29.42% | 43% | - |
| D&A (Non-Cash Add-back) | 32.17M | 32.28M | 32.15M | 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 |
| EBIT | 73.85M | 75.33M | 81.63M | 73.26M | 79.67M | 72.02M | 58.2M | 50.25M | 50.5M | 57.11M | 99.74M | 85.98M | 63.9M | 53.87M | 38.39M | 22.61M |
| Net Interest Income | -19.15M | -20.04M | -28.63M | -36.62M | -27.08M | -21.42M | -26.84M | -48.76M | -49.44M | -46.08M | -34.99M | -27.94M | -14.3M | -9.73M | -9.41M | -3.97M |
| Interest Income | 0 | 0 | 1.41M | 2.59M | 829K | 0 | 221K | 2.33M | 1.05M | 203K | 0 | 0 | 221K | 0 | 1K | 4K |
| Interest Expense | 19.15M | 20.04M | 30.04M | 39.21M | 27.91M | 21.42M | 27.06M | 51.09M | 50.49M | 46.28M | 34.99M | 27.94M | 14.52M | 9.73M | 9.41M | 3.79M |
| Other Income/Expense | -7.79M | -13.68M | -25.83M | -28.84M | 8.67M | -11.35M | -30.21M | 0 | -49.37M | -46.6M | -35.23M | -28.04M | -14.1M | -9.76M | -9.83M | -4.86M |
| Pretax Income | 65.5M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 3.61M | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Pretax Margin % | 41.6% | 39.36% | 32.99% | 22.35% | 41.02% | 38.67% | 24.83% | 2.76% | 2.84% | 12.47% | 39.36% | 41.36% | 47.21% | 53.25% | 38.5% | 35.82% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1555.96% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 65.5M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 3.61M | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Net Margin % | 41.6% | 39.36% | 32.99% | 22.35% | 41.02% | 38.67% | 24.83% | 2.76% | 2.84% | 12.47% | 39.36% | 41.36% | 47.21% | 53.25% | 38.5% | 35.82% |
| Net Income Growth % | 22.64% | 19.49% | 43.82% | -33.58% | 1.41% | 56.41% | 842.49% | 0% | -79.16% | -74.06% | 11.33% | 18.77% | 10.83% | 52.9% | 58.53% | - |
| Net Income (Continuing) | 65.5M | 61.64M | 51.59M | 35.87M | 54.01M | 53.26M | 34.05M | 0 | 3.61M | 17.34M | 66.85M | 60.05M | 50.56M | 45.62M | 29.84M | 18.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 102K | 78K | 36K | -5K | -28K | -16K | 47K | 97K | 95K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.80 | 1.69 | 1.05 | 0.66 | 1.15 | 1.14 | 0.63 | -1.48 | 0.10 | 0.27 | 1.69 | 1.60 | 1.58 | 2.95 | 0.99 | 0.63 |
| EPS Growth % | 24.14% | 60.95% | 59.09% | -42.61% | 0.88% | 80.95% | 142.57% | -1580% | -62.96% | -84.02% | 5.63% | 1.27% | -46.44% | 197.98% | 57.14% | - |
| EPS (Basic) | - | 1.69 | 1.05 | 0.66 | 1.15 | 1.14 | 0.63 | -1.48 | 0.10 | 0.27 | 1.69 | 1.60 | 1.58 | 2.95 | 0.99 | 0.63 |
| Diluted Shares Outstanding | 36.38M | 36.56M | 36.78M | 36.8M | 36.8M | 36.5M | 35.55M | 35.49M | 35.49M | 34.55M | 20.5M | 20.5M | 32.95M | 7.73M | 29.97M | 29.97M |
| Basic Shares Outstanding | 36.38M | 36.56M | 36.78M | 36.8M | 36.8M | 36.5M | 35.55M | 35.49M | 35.49M | 34.55M | 20.5M | 20.5M | 32.95M | 7.73M | 29.97M | 29.97M |
| Dividend Payout Ratio | - | 27.4% | 28.65% | 32.23% | 21.41% | 21.71% | - | 453.67% | 1340.22% | 385.59% | 100% | 103.59% | 85.07% | - | - | - |
Geopolitical counterparty concentration risk
As reported in financial statements, DLNG maintains a highly consistent revenue profile, with quarterly figures hovering near $39 million, reflecting the predictable nature of its long-term time-charter model rather than the volatility typically associated with the broader LNG shipping spot market and its cyclical demand fluctuations.
The partnership's revenue trajectory appears remarkably flat, which is a hallmark of its infrastructure-like business model. While this provides insulation from spot market downturns, it also suggests limited organic growth potential without fleet expansion or significant contract repricing events.
Based on DLNG's reported figures, the partnership sustains robust operating margins, which averaged approximately 48% over the last ten quarters, indicating that the specialized nature of its ice-class fleet allows for premium pricing that effectively offsets the high fixed costs inherent in maritime operations.
The consistency in operating margins suggests that the partnership has successfully managed its vessel operating expenses despite inflationary pressures in the maritime labor market. Investors should monitor whether future dry-docking cycles or regulatory compliance costs begin to compress these margins as the fleet ages.
According to recent SEC filings, DLNG demonstrates significant expense discipline, with SG&A costs remaining exceptionally low relative to revenue, often falling below $600,000 per quarter, which highlights the efficiency of its lean corporate structure in managing a specialized fleet of long-term contracted LNG carriers.
The minimal SG&A footprint suggests that the partnership operates with a highly centralized management team focused primarily on contract administration. This cost structure is advantageous, as it ensures that the majority of gross profit flows directly to the bottom line, provided that vessel-level operating costs remain controlled.
As indicated by the partnership's reliance on specific sub-arctic projects, the primary risk to the income statement is not operational inefficiency, but rather the potential for geopolitical sanctions or regulatory shifts to disrupt the employment of its older steam-turbine vessels, as noted in recent filings.
While the current income statement appears stable, the concentration of revenue in specific Russian-linked energy projects warrants extreme caution. Any regulatory or geopolitical event that forces a premature retirement of these assets could lead to significant impairment charges, fundamentally altering the partnership's long-term earnings capacity.
Quick answers to the most common questions about buying DLNG stock.
For fiscal year 2025, Dynagas LNG Partners LP (DLNG) reported total revenue of $156.6M. This represents a 198.1% increase compared to $52.5M in 2011.
Dynagas LNG Partners LP (DLNG) is profitable, generating $61.6M in net income for the fiscal year ending 2025 with a net profit margin of 39.4%.
Dynagas LNG Partners LP (DLNG) reported an operating income of $75.3M, resulting in an operating profit margin of 48.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Dynagas LNG Partners LP (DLNG) generated $84.0M in gross profit for the year, representing a gross profit margin of 53.6%. This demonstrates the company's core pricing power and production efficiency.