StealthGas Inc. (GASS) 10-Year Financial Performance & Capital Metrics

GASS • • Industrial / General

IndustrialsMarine ShippingSpecialized Gas CarriersLPG Carriers

AboutStealthGas Inc., together with its subsidiaries, provides seaborne transportation services to liquefied petroleum gas (LPG) producers and users internationally. It also provides crude oil and natural gas. The company's carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer; and refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals. As of December 31, 2021, it had a fleet of 44 LPG carriers with a total capacity of 389,426 cubic meters; three medium range product carriers with a total capacity of 140,000 deadweight tons (dwt); and one Aframax crude oil tanker with a total capacity of 115,804 dwt. StealthGas Inc. was incorporated in 2004 and is based in Athens, Greece.Show more

Revenue $167M +16.5%
EBITDA $86M +33.0%
Net Income $70M +34.5%
EPS (Diluted) 1.90 +38.7%
Gross Margin 44.47% +25.5%
EBITDA Margin 51.44% +14.1%
Operating Margin 35.79% +25.3%
Net Margin 41.77% +15.4%
ROE 11.88% +22.1%
ROIC 7.32% +58.9%
Debt/Equity 0.14 -39.8%
Interest Coverage 6.60 +60.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 101.7%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 5.1% through buybacks
✓Healthy 5Y average net margin of 17.1%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.4%

5Y3%

3Y3.65%

TTM12.23%

Profit (Net Income) CAGR

10Y18.6%

5Y101.69%

3Y-

TTM-3.84%

EPS CAGR

10Y19.5%

5Y105.06%

3Y-

TTM-4.4%

ROCE

10Y Avg3.54%

5Y Avg4.88%

3Y Avg6.49%

Latest8.89%

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 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	141.32M	144.13M	154.31M	164.33M	144.26M	145M	150.2M	152.76M	143.53M	167.26M
Revenue Growth %	0.07%	0.02%	0.07%	0.06%	-0.12%	0.01%	0.04%	0.02%	-0.06%	0.17%
Cost of Goods Sold+	74.13M	81.88M	82.19M	90.89M	73.94M	71.31M	89M	80.08M	92.68M	92.88M
COGS % of Revenue	0.52%	0.57%	0.53%	0.55%	0.51%	0.49%	0.59%	0.52%	0.65%	0.56%
Gross Profit+	67.19M	62.25M	72.12M	73.44M	70.32M	73.69M	61.2M	72.68M	50.85M	74.38M
Gross Margin %	0.48%	0.43%	0.47%	0.45%	0.49%	0.51%	0.41%	0.48%	0.35%	0.44%
Gross Profit Growth %	-0.06%	-0.07%	0.16%	0.02%	-0.04%	0.05%	-0.17%	0.19%	-0.3%	0.46%
Operating Expenses+	55.57M	56.53M	57.74M	63.28M	48.01M	47.98M	84.58M	28.8M	9.86M	14.57M
OpEx % of Revenue	0.39%	0.39%	0.37%	0.39%	0.33%	0.33%	0.56%	0.19%	0.07%	0.09%
Selling, General & Admin	10.11M	10.46M	10.1M	10.07M	9.44M	7.9M	10.17M	8.65M	9.86M	14.57M
SG&A % of Revenue	0.07%	0.07%	0.07%	0.06%	0.07%	0.05%	0.07%	0.06%	0.07%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	-16.72M	0	0	0	0	0	0	0
Operating Income+	21.22M	12.7M	22.04M	22.06M	23.19M	28.33M	13.91M	36.22M	40.99M	59.86M
Operating Margin %	0.15%	0.09%	0.14%	0.13%	0.16%	0.2%	0.09%	0.24%	0.29%	0.36%
Operating Income Growth %	-0.27%	-0.4%	0.74%	0%	0.05%	0.22%	-0.51%	1.6%	0.13%	0.46%
EBITDA+	57.08M	51.79M	60.96M	63.32M	62.46M	66.26M	51.12M	64.14M	64.7M	86.03M
EBITDA Margin %	0.4%	0.36%	0.4%	0.39%	0.43%	0.46%	0.34%	0.42%	0.45%	0.51%
EBITDA Growth %	-0.09%	-0.09%	0.18%	0.04%	-0.01%	0.06%	-0.23%	0.25%	0.01%	0.33%
D&A (Non-Cash Add-back)	35.86M	39.1M	38.92M	41.26M	39.27M	37.93M	37.22M	27.92M	23.71M	26.18M
EBIT	12.95M	6.47M	15.44M	11.01M	22.58M	23.4M	-30.77M	35.47M	49.58M	59.81M
Net Interest Income+	-10.21M	-13.81M	-16.34M	-22.7M	-20.13M	-13.96M	-12.65M	-10.98M	-6.24M	-5.65M
Interest Income	173.08K	454.47K	322.87K	587.48K	846.27K	167.79K	26.38K	1.1M	3.71M	3.42M
Interest Expense	10.39M	14.27M	16.66M	23.29M	20.98M	14.13M	12.68M	12.08M	9.96M	9.06M
Other Income/Expense	-18.65M	-20.5M	-23.26M	-34.33M	-21.1M	-16.35M	-49.03M	-1.97M	10.95M	10.01M
Pretax Income+	2.57M	-7.8M	-1.22M	-12.28M	2.09M	11.98M	-35.12M	34.25M	51.94M	69.86M
Pretax Margin %	0.02%	-0.05%	-0.01%	-0.07%	0.01%	0.08%	-0.23%	0.22%	0.36%	0.42%
Income Tax+	13.46K	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	2.57M	-7.8M	-1.22M	-12.28M	2.09M	11.98M	-35.12M	34.25M	51.94M	69.86M
Net Margin %	0.02%	-0.05%	-0.01%	-0.07%	0.01%	0.08%	-0.23%	0.22%	0.36%	0.42%
Net Income Growth %	-0.8%	-4.04%	0.84%	-9.08%	1.17%	4.73%	-3.93%	1.98%	0.52%	0.35%
Net Income (Continuing)	2.57M	-7.8M	-1.22M	-12.28M	2.09M	11.98M	-35.12M	34.25M	51.94M	69.86M
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)+	0.06	-0.20	-0.03	-0.31	0.05	0.31	-0.93	0.90	1.37	1.90
EPS Growth %	-0.81%	-4.33%	0.85%	-9.13%	1.17%	4.92%	-4%	1.97%	0.52%	0.39%
EPS (Basic)	0.06	-0.20	-0.03	-0.31	0.05	0.31	-0.93	0.90	1.38	1.90
Diluted Shares Outstanding	41.32M	39.82M	39.81M	39.86M	39.8M	38.36M	37.86M	37.96M	37.24M	35.33M
Basic Shares Outstanding	41.32M	38.99M	39.81M	39.6M	39.8M	38.36M	37.86M	37.96M	37.17M	35.24M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

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+	123.37M	76.48M	62.84M	138.87M	77.93M	48.05M	51.71M	104.73M	120.82M	92.07M
Cash & Short-Term Investments	100.06M	64.99M	51.75M	64.5M	68.47M	38.24M	31.3M	82.27M	77.2M	80.65M
Cash Only	100.06M	64.99M	51.75M	64.5M	68.47M	38.24M	31.3M	55.77M	77.2M	80.65M
Short-Term Investments	0	0	0	0	0	0	0	26.5M	0	0
Accounts Receivable	4.86M	4.03M	3.87M	2.89M	4.53M	3.72M	2.24M	4.81M	4.56M	6.21M
Days Sales Outstanding	12.54	10.21	9.15	6.42	11.46	9.37	5.45	11.5	11.6	13.56
Inventory	2.92M	2.81M	2.76M	2.35M	2.45M	3.69M	2.77M	3.06M	1.98M	3.89M
Days Inventory Outstanding	14.36	12.52	12.27	9.42	12.08	18.87	11.37	13.97	7.8	15.29
Other Current Assets	14.29M	0	3.23M	68.04M	1.74M	1.62M	14.75M	13.9M	35.67M	580.87K
Total Non-Current Assets+	914.5M	925.46M	933.39M	897.86M	875.5M	895.95M	746.96M	716.81M	576.39M	640.17M
Property, Plant & Equipment	908.72M	919.49M	923.64M	884.75M	838.61M	838.87M	681.44M	651.88M	504.39M	608.21M
Fixed Asset Turnover	0.16x	0.16x	0.17x	0.19x	0.17x	0.17x	0.22x	0.23x	0.28x	0.28x
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	5.39M	5.44M	8.81M	13.11M	24.5M	43.18M	53.32M	46.63M	41.53M	27.72M
Other Non-Current Assets	390K	540.41K	941.76K	0	12.39M	13.9M	12.2M	18.3M	30.46M	4.24M
Total Assets+	1.04B	1B	996.23M	1.04B	953.44M	944.01M	798.67M	821.53M	697.21M	732.24M
Asset Turnover	0.14x	0.14x	0.15x	0.16x	0.15x	0.15x	0.19x	0.19x	0.21x	0.23x
Asset Growth %	0.1%	-0.03%	-0.01%	0.04%	-0.08%	-0.01%	-0.15%	0.03%	-0.15%	0.05%
Total Current Liabilities+	103.71M	81.37M	78.75M	103.49M	66.38M	63.06M	58.71M	56.56M	38.67M	43.94M
Accounts Payable	8.33M	8.73M	10.51M	10.35M	9.03M	9.97M	8.59M	11.84M	9.95M	10.99M
Days Payables Outstanding	41.01	38.91	46.67	41.56	44.59	51.05	35.24	53.96	39.2	43.2
Short-Term Debt	74.93M	54.59M	41.97M	41.73M	40.74M	40.55M	31.84M	30.08M	16.62M	23.33M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	297.66K	7.89M	14.21M	30.08M	37.57K	141.45K	7.17M	1.34M	0	4.69M
Current Ratio	1.19x	0.94x	0.80x	1.34x	1.17x	0.76x	0.88x	1.85x	3.12x	2.10x
Quick Ratio	1.16x	0.91x	0.76x	1.32x	1.14x	0.70x	0.83x	1.80x	3.07x	2.01x
Cash Conversion Cycle	-14.11	-16.17	-25.25	-25.72	-21.04	-22.81	-18.41	-28.49	-19.8	-14.36
Total Non-Current Liabilities+	351.11M	346.6M	344M	371.98M	327.87M	316.35M	265.19M	247.05M	108.88M	61.77M
Long-Term Debt	347.23M	343.29M	342.94M	371.51M	325.25M	311.25M	261.96M	247.03M	106.92M	61.56M
Capital Lease Obligations	0	0	0	0	0	0	0	0	28.21K	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.82M	3.31M	1.05M	465.39K	2.62M	5.1M	3.15M	0	0	213.56K
Total Liabilities	454.82M	427.97M	422.75M	475.47M	394.25M	379.41M	323.9M	303.61M	147.55M	105.71M
Total Debt+	422.16M	397.89M	384.91M	413.24M	366.46M	351.8M	293.9M	277.11M	123.64M	84.89M
Net Debt	322.1M	332.89M	333.15M	348.74M	297.99M	313.55M	262.6M	221.34M	46.44M	4.24M
Debt / Equity	0.72x	0.69x	0.67x	0.74x	0.66x	0.62x	0.62x	0.54x	0.22x	0.14x
Debt / EBITDA	7.40x	7.68x	6.31x	6.53x	5.87x	5.31x	5.75x	4.32x	1.91x	0.99x
Net Debt / EBITDA	5.64x	6.43x	5.47x	5.51x	4.77x	4.73x	5.14x	3.45x	0.72x	0.05x
Interest Coverage	2.04x	0.89x	1.32x	0.95x	1.11x	2.01x	1.10x	3.00x	4.12x	6.60x
Total Equity+	583.05M	573.98M	573.48M	561.25M	559.19M	564.6M	474.77M	517.93M	549.66M	626.53M
Equity Growth %	-0.02%	-0.02%	-0%	-0.02%	-0%	0.01%	-0.16%	0.09%	0.06%	0.14%
Book Value per Share	14.11	14.41	14.41	14.08	14.05	14.72	12.54	13.64	14.76	17.73
Total Shareholders' Equity	583.05M	573.98M	573.48M	561.25M	559.19M	564.6M	474.77M	517.93M	549.66M	626.53M
Common Stock	442.85K	442.85K	442.85K	445.5K	445.5K	431.84K	435.27K	435.27K	453.43K	370.41K
Retained Earnings	102.49M	94.69M	93.47M	80.85M	82.94M	94.93M	59.8M	94.06M	145.99M	215.86M
Treasury Stock	-20.49M	-22.52M	-22.52M	-22.52M	-24.36M	-25.37M	-25.37M	-25.37M	-44.45M	0
Accumulated OCI	-393.29K	25.43K	617.89K	673.98K	-2.26M	-4.95M	-3.1M	5.19M	731.81K	387.61K
Minority Interest	0	0	0	0	0	0	0	0	0	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+	48.05M	36.15M	52.35M	37.81M	30.82M	52.11M	41.04M	66.56M	77.44M	103.5M
Operating CF Margin %	0.34%	0.25%	0.34%	0.23%	0.21%	0.36%	0.27%	0.44%	0.54%	0.62%
Operating CF Growth %	-0.13%	-0.25%	0.45%	-0.28%	-0.18%	0.69%	-0.21%	0.62%	0.16%	0.34%
Net Income	2.57M	-7.8M	-1.22M	-12.28M	2.09M	11.98M	-35.12M	34.25M	51.94M	69.86M
Depreciation & Amortization	35.86M	39.1M	38.92M	41.26M	39.27M	37.93M	37.22M	27.92M	23.71M	26.89M
Stock-Based Compensation	1.14M	340.38K	129.25K	338.36K	611.64K	0	610.79K	610.79K	2.59M	7.33M
Deferred Taxes	6.5M	5.29M	6.51M	12.09M	1.1M	0	36.35M	0	0	0
Other Non-Cash Items	392.12K	520.01K	495.8K	668.5K	885.19K	2.94M	1.16M	1.09M	-321.75K	3.86M
Working Capital Changes	1.6M	-1.29M	7.51M	-4.27M	-13.14M	-741.59K	824.19K	2.69M	-472.07K	-4.44M
Change in Receivables	-1.53M	825.84K	-179.04K	531.8K	-1.51M	874.83K	-977K	-2.68M	238.63K	-1.97M
Change in Inventory	-39.99K	117.74K	46.82K	-302.87K	617.47K	-1.24M	644.08K	-819.07K	1.37M	-1.67M
Change in Payables	-183.9K	462.21K	1.3M	381.94K	-1.32M	761.19K	262.57K	3.33M	-1.81M	0
Cash from Investing+	-165.01M	-44.01M	-48.91M	-78.55M	34.24M	-58.07M	-19.25M	-17.26M	111.34M	-64.48M
Capital Expenditures	-155.07M	-56.22M	-60.61M	-108.3M	-2.99M	-48.12M	-25.22M	-24.23M	-85.2K	-106.17M
CapEx % of Revenue	1.1%	0.39%	0.39%	0.66%	0.02%	0.33%	0.17%	0.16%	0%	0.63%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.93M	12.21M	11.7M	29.74M	23.67M	20.48M	9.61M	17.34M	80.24M	41.69M
Cash from Financing+	87.9M	-27.21M	-14.07M	57.27M	-62.37M	-23.12M	-29.13M	-25.85M	-174.18M	-38.25M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.17M	-712.61K	-815.26K	-1.72M	4.11M	-4.54M	-6.77M	-1.67M	-228.82K	322.24K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-107.02M	-20.06M	-8.26M	-70.49M	27.83M	3.99M	15.81M	42.33M	77.36M	-2.67M
FCF Margin %	-0.76%	-0.14%	-0.05%	-0.43%	0.19%	0.03%	0.11%	0.28%	0.54%	-0.02%
FCF Growth %	-0.43%	0.81%	0.59%	-7.53%	1.39%	-0.86%	2.96%	1.68%	0.83%	-1.03%
FCF per Share	-2.59	-0.50	-0.21	-1.77	0.70	0.10	0.42	1.12	2.08	-0.08
FCF Conversion (FCF/Net Income)	18.72x	-4.64x	-42.98x	-3.08x	14.72x	4.35x	-1.17x	1.94x	1.49x	1.48x
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)	0.44%	-1.35%	-0.21%	-2.16%	0.37%	2.13%	-6.76%	6.9%	9.73%	11.88%
Return on Invested Capital (ROIC)	1.88%	1.05%	1.82%	1.82%	1.97%	2.45%	1.29%	3.68%	4.6%	7.32%
Gross Margin	47.54%	43.19%	46.74%	44.69%	48.75%	50.82%	40.74%	47.58%	35.43%	44.47%
Net Margin	1.82%	-5.41%	-0.79%	-7.47%	1.45%	8.27%	-23.38%	22.42%	36.19%	41.77%
Debt / Equity	0.72x	0.69x	0.67x	0.74x	0.66x	0.62x	0.62x	0.54x	0.22x	0.14x
Interest Coverage	2.04x	0.89x	1.32x	0.95x	1.11x	2.01x	1.10x	3.00x	4.12x	6.60x
FCF Conversion	18.72x	-4.64x	-42.98x	-3.08x	14.72x	4.35x	-1.17x	1.94x	1.49x	1.48x
Revenue Growth	7.08%	1.99%	7.06%	6.49%	-12.21%	0.52%	3.59%	1.7%	-6.04%	16.54%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Time Charter	97.2M	104.1M	97.25M	-	-	115M	124.08M	152.83M
Time Charter Growth	-	7.10%	-6.58%	-	-	-	7.90%	23.17%
Voyage Charter	26.92M	34.27M	24.02M	-	-	32.16M	18.27M	10.51M
Voyage Charter Growth	-	27.27%	-29.91%	-	-	-	-43.19%	-42.44%
Other Income Revenues	1.43M	1.32M	1.23M	-	800.18K	3.27M	1.18M	3.92M
Other Income Revenues Growth	-	-7.60%	-6.87%	-	-	308.26%	-63.78%	231.19%
Bareboat	27.65M	24.65M	21.76M	-	-	2.34M	-	-
Bareboat Growth	-	-10.85%	-11.69%	-	-	-	-	-
Demurrage	-	-	-	2.4M	-	-	-	-
Demurrage Growth	-	-	-	-	-	-	-	-
Ballast Bonus	160K	-	-	-	-	-	-	-
Ballast Bonus Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

StealthGas Inc. (GASS) has a price-to-earnings (P/E) ratio of 4.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

StealthGas Inc. (GASS) reported $177.3M in revenue for fiscal year 2024. This represents a 50% increase from $118.3M in 2011.

StealthGas Inc. (GASS) grew revenue by 16.5% over the past year. This is strong growth.

Yes, StealthGas Inc. (GASS) is profitable, generating $62.1M in net income for fiscal year 2024 (41.8% net margin).

Dividend & Returns

StealthGas Inc. (GASS) has a return on equity (ROE) of 11.9%. This is reasonable for most industries.

StealthGas Inc. (GASS) generated $72.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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