Revenue appears range-bound rather than growing, with 2026Q2 sales of $42.9M marking a 9.2% year-over-year decline and gross margin compressing to 38.4% from 49.9% in 2024Q1, though SG&A reductions to $2.9M held operating margin at 31.5%.
StealthGas Inc. (GASS) annual income statement — 22-year revenue, gross profit & net income history
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 169.65M | 173.16M | 167.26M | 143.53M | 152.76M | 150.2M | 145M | 144.26M | 164.33M | 154.31M | 144.13M | 141.32M | 131.97M | 121.48M | 119.21M | 118.28M | 111.41M | 113.05M | 112.55M | 90M | 73.26M | 36.64M | 1.46M |
| Revenue Growth % | -2.03% | 3.53% | 16.54% | -6.04% | 1.7% | 3.59% | 0.52% | -12.21% | 6.49% | 7.06% | 1.99% | 7.08% | 8.64% | 1.9% | 0.79% | 6.17% | -1.45% | 0.44% | 25.06% | 22.84% | 99.92% | 2417.58% | - |
| Cost of Goods Sold | 109.93M | 105.3M | 92.88M | 92.68M | 80.08M | 89M | 71.31M | 73.94M | 90.89M | 82.19M | 81.88M | 74.13M | 60.31M | 53.99M | 45.36M | 57.83M | 54.73M | 49.79M | 39.47M | 32.37M | 9.44M | 2.69M | 337.18K |
| COGS % of Revenue | - | 60.81% | 55.53% | 64.57% | 52.42% | 59.26% | 49.18% | 51.25% | 55.31% | 53.26% | 56.81% | 52.46% | 45.7% | 44.44% | 38.05% | 48.89% | 49.13% | 44.04% | 35.07% | 35.96% | 12.88% | 7.34% | 23.17% |
| Gross Profit | 59.73M | 67.86M | 74.38M | 50.85M | 72.68M | 61.2M | 73.69M | 70.32M | 73.44M | 72.12M | 62.25M | 67.19M | 71.66M | 67.5M | 73.85M | 60.45M | 56.68M | 63.26M | 73.08M | 57.63M | 63.82M | 33.96M | 1.12M |
| Gross Margin % | 35.21% | 39.19% | 44.47% | 35.43% | 47.58% | 40.74% | 50.82% | 48.75% | 44.69% | 46.74% | 43.19% | 47.54% | 54.3% | 55.56% | 61.95% | 51.11% | 50.87% | 55.96% | 64.93% | 64.04% | 87.12% | 92.66% | 76.83% |
| Gross Profit Growth % | - | -8.76% | 46.27% | -30.04% | 18.76% | -16.95% | 4.79% | -4.25% | 1.83% | 15.86% | -7.34% | -6.25% | 6.18% | -8.61% | 22.17% | 6.66% | -10.4% | -13.44% | 26.81% | -9.71% | 87.96% | 2936.24% | - |
| Operating Expenses | 12.41M | 12.78M | 14.57M | 9.86M | 28.8M | 84.58M | 47.98M | 48.01M | 63.28M | 57.74M | 56.53M | 55.57M | 51.89M | 39.01M | 34.86M | 40.62M | 33.65M | 52.1M | 32.67M | 56.82M | 41.3M | 17.36M | 854.49K |
| OpEx % of Revenue | - | 7.38% | 8.71% | 6.87% | 18.85% | 56.31% | 33.09% | 33.28% | 38.51% | 37.42% | 39.22% | 39.32% | 39.32% | 32.11% | 29.24% | 34.34% | 30.2% | 46.09% | 29.03% | 63.13% | 56.38% | 47.38% | 58.71% |
| Selling, General & Admin | 9.07M | 8.33M | 14.57M | 9.86M | 8.65M | 10.17M | 7.9M | 9.44M | 10.07M | 10.1M | 10.46M | 10.11M | 8.65M | 7.62M | 7.15M | 7.41M | 7.99M | 24.54M | 9.39M | 5.02M | 3.46M | 2.25M | 116.22K |
| SG&A % of Revenue | - | 4.81% | 8.71% | 6.87% | 5.66% | 6.77% | 5.45% | 6.54% | 6.13% | 6.55% | 7.25% | 7.15% | 6.56% | 6.28% | 6% | 6.26% | 7.17% | 21.71% | 8.34% | 5.58% | 4.72% | 6.15% | 7.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 4.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.72M | 0 | 0 | 0 | 0 | 0 | 33.22M | 25.66M | 27.56M | 21.61M | 51.79M | 37.84M | 15.11M | 738.27K |
| Operating Income | 47.32M | 55.08M | 59.86M | 40.99M | 36.22M | 13.91M | 28.33M | 23.19M | 22.06M | 22.04M | 12.7M | 21.22M | 29.2M | 29.11M | 37.92M | 19.83M | 23.02M | 1.29M | 40.41M | 33.18M | 25.74M | 16.53M | 263.88K |
| Operating Margin % | 27.89% | 31.81% | 35.79% | 28.56% | 23.71% | 9.26% | 19.54% | 16.07% | 13.42% | 14.28% | 8.81% | 15.02% | 22.13% | 23.96% | 31.81% | 16.76% | 20.67% | 1.14% | 35.9% | 36.87% | 35.14% | 45.1% | 18.13% |
| Operating Income Growth % | - | -7.98% | 46.03% | 13.16% | 160.49% | -50.92% | 22.19% | 5.13% | 0.09% | 73.54% | -40.16% | -27.32% | 0.31% | -23.23% | 91.25% | -13.89% | 1689.58% | -96.82% | 21.79% | 28.88% | 55.77% | 6162.64% | - |
| EBITDA | 71.09M | 80.34M | 86.03M | 64.7M | 64.14M | 51.12M | 66.26M | 62.46M | 63.32M | 60.96M | 51.79M | 57.08M | 63.01M | 59.87M | 66.7M | 47.39M | 50.16M | 28.26M | 63.79M | 49.8M | 38.85M | 22.18M | 437.97K |
| EBITDA Margin % | 41.91% | 46.39% | 51.44% | 45.08% | 41.99% | 34.03% | 45.7% | 43.29% | 38.53% | 39.5% | 35.94% | 40.39% | 47.75% | 49.28% | 55.95% | 40.06% | 45.02% | 25% | 56.68% | 55.34% | 53.03% | 60.53% | 30.09% |
| EBITDA Growth % | -16.37% | -6.62% | 32.98% | 0.87% | 25.47% | -22.85% | 6.1% | -1.36% | 3.87% | 17.69% | -9.26% | -9.42% | 5.24% | -10.23% | 40.74% | -5.52% | 77.51% | -55.71% | 28.1% | 28.19% | 75.15% | 4964.13% | - |
| D&A (Non-Cash Add-back) | 23.78M | 25.25M | 26.18M | 23.71M | 27.92M | 37.22M | 37.93M | 39.27M | 41.26M | 38.92M | 39.1M | 35.86M | 33.81M | 30.76M | 28.78M | 27.56M | 27.13M | 26.97M | 23.39M | 16.62M | 13.1M | 5.65M | 174.09K |
| EBIT | 49.32M | 57.8M | 59.81M | 49.58M | 35.47M | -30.77M | 23.4M | 22.58M | 11.01M | 15.44M | 6.47M | 12.95M | 22M | 29.41M | 38.37M | 17.06M | 18.77M | 11.15M | 39.95M | 32.37M | 26.2M | 17.22M | 263.88K |
| Net Interest Income | 3.34M | 711.72K | -5.65M | -6.24M | -10.98M | -12.65M | -13.96M | -20.13M | -22.7M | -16.34M | -13.81M | -10.21M | -8.86M | -7.83M | -9.19M | -8.43M | -7.36M | -8.86M | -9.22M | -7.94M | -6.97M | 780.43K | 46 |
| Interest Income | 3.58M | 2.95M | 3.42M | 3.71M | 1.1M | 26.38K | 167.79K | 846.27K | 587.48K | 322.87K | 454.47K | 173.08K | 456.92K | 361.82K | 221.02K | 83.06K | 315.52K | 250.33K | 743.19K | 1.89M | 735.09K | 780.43K | 46 |
| Interest Expense | 247.85K | 2.24M | 9.06M | 9.96M | 12.08M | 12.68M | 14.13M | 20.98M | 23.29M | 16.66M | 14.27M | 10.39M | 9.31M | 8.19M | 9.41M | 8.51M | 7.67M | 9.11M | 9.96M | 9.83M | 7.71M | 0 | 0 |
| Other Income/Expense | 12.01M | 5.57M | 10.01M | 10.95M | -1.97M | -49.03M | -16.35M | -21.1M | -34.33M | -23.26M | -20.5M | -18.65M | -16.51M | -7.89M | -8.96M | -2.85M | -4.57M | -15.61M | -12.09M | -10.64M | -7.99M | -2.84M | -4.25K |
| Pretax Income | 59.33M | 60.65M | 69.86M | 51.94M | 34.25M | -35.12M | 11.98M | 2.09M | -12.28M | -1.22M | -7.8M | 2.57M | 12.69M | 21.22M | 28.96M | 16.98M | 18.45M | -14.32M | 39.21M | 30.48M | 17.76M | 13.69M | 259.63K |
| Pretax Margin % | 34.97% | 35.02% | 41.77% | 36.19% | 22.42% | -23.38% | 8.27% | 1.45% | -7.47% | -0.79% | -5.41% | 1.82% | 9.61% | 17.47% | 24.29% | 14.35% | 16.56% | -12.67% | 34.83% | 33.87% | 24.24% | 37.36% | 17.84% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.46K | 26.36K | 55.96K | 11.22K | 11.28M | 11.93M | 24.47M | 10.42M | -21.73M | 4.03M | 2.06M | 4.21K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.52% | 0.21% | 0.26% | 0.04% | 66.42% | 64.67% | -170.84% | 26.57% | -71.28% | 22.69% | 15.03% | 1.62% |
| Net Income | 59.33M | 60.65M | 69.86M | 51.94M | 34.25M | -35.12M | 11.98M | 2.09M | -12.28M | -1.22M | -7.8M | 2.57M | 12.69M | 21.22M | 28.96M | 8.55M | 11.09M | -13.31M | 29.99M | 22.54M | 18.49M | 14.54M | 259.68K |
| Net Margin % | 34.97% | 35.02% | 41.77% | 36.19% | 22.42% | -23.38% | 8.27% | 1.45% | -7.47% | -0.79% | -5.41% | 1.82% | 9.61% | 17.47% | 24.29% | 7.23% | 9.96% | -11.78% | 26.64% | 25.04% | 25.24% | 39.67% | 17.84% |
| Net Income Growth % | -2.56% | -13.19% | 34.51% | 51.63% | 197.52% | -393.07% | 472.56% | 117.05% | -907.73% | 84.38% | -403.83% | -79.77% | -40.21% | -26.73% | 238.7% | -22.93% | 183.33% | -144.39% | 33.05% | 21.88% | 27.22% | 5497.79% | - |
| Net Income (Continuing) | 59.33M | 60.65M | 69.86M | 51.94M | 34.25M | -35.12M | 11.98M | 2.09M | -12.28M | -1.22M | -7.8M | 2.57M | 12.69M | 21.22M | 28.96M | 8.55M | 11.09M | -13.31M | 29.99M | 22.54M | 18.49M | 14.54M | 259.68K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.61 | 1.69 | 1.90 | 1.37 | 0.90 | -0.93 | 0.31 | 0.05 | -0.31 | -0.03 | -0.20 | 0.06 | 0.32 | 0.75 | 1.41 | 0.41 | 0.51 | -0.60 | 1.35 | 1.26 | 1.31 | 1.84 | 0.04 |
| EPS Growth % | -4.68% | -11.05% | 38.69% | 52.22% | 196.77% | -400% | 491.6% | 116.9% | -913.07% | 84.7% | -433.33% | -81.25% | -57.33% | -46.81% | 243.9% | -19.61% | 185% | -144.44% | 7.14% | -3.82% | -28.8% | 4149.42% | - |
| EPS (Basic) | - | 1.69 | 1.90 | 1.38 | 0.90 | -0.93 | 0.31 | 0.05 | -0.31 | -0.03 | -0.20 | 0.06 | 0.32 | 0.75 | 1.41 | 0.41 | 0.51 | -0.60 | 1.36 | 1.26 | 1.31 | 1.84 | 0.04 |
| Diluted Shares Outstanding | 36.85M | 35.88M | 35.33M | 37.24M | 37.96M | 37.86M | 38.36M | 39.8M | 39.86M | 39.81M | 39.82M | 41.32M | 39.31M | 28.27M | 20.55M | 20.91M | 21.54M | 22.22M | 22.18M | 17.94M | 14.16M | 7.91M | 6M |
| Basic Shares Outstanding | 36.69M | 35.88M | 35.24M | 37.17M | 37.96M | 37.86M | 38.36M | 39.8M | 39.6M | 39.81M | 38.99M | 41.32M | 39.31M | 28.27M | 20.55M | 20.91M | 21.54M | 22.22M | 22.13M | 17.9M | 14.16M | 7.91M | 6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.78% | 60.85% | 57.59% | 68.79% | - |
Quick answers to the most common questions about buying GASS stock.
For fiscal year 2025, StealthGas Inc. (GASS) reported total revenue of $173.2M. This represents a 11796.6% increase compared to $1.5M in 2004.
StealthGas Inc. (GASS) is profitable, generating $60.6M in net income for the fiscal year ending 2025 with a net profit margin of 35.0%.
StealthGas Inc. (GASS) reported an operating income of $55.1M, resulting in an operating profit margin of 31.8%. This margin reflects the operational efficiency of the business before interest and taxes.
StealthGas Inc. (GASS) generated $67.9M in gross profit for the year, representing a gross profit margin of 39.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin compression amid revenue decline
Revenue Stalls in Narrow Band
Revenue appears range-bound rather than growing, with 2026Q2 sales of $42.9 million marking a 9.2% year-over-year decline despite a 27.3% surge in 2024Q4. According to the company's reported quarterly results, the ten-quarter revenue band of $39.4–$47.2 million suggests demand and charter coverage are cyclical rather than compounding.
The growth profile shows no durable trend: three of the last four quarters posted negative year-over-year revenue growth, and the 2025Q3 peak of $44.5 million was followed by a $39.4 million trough, implying earnings visibility depends on spot-rate timing rather than contracted volume expansion. The 2024Q4 spike of 27.3% appears to have been a rate-driven event rather than a step-change in the business, and investors should monitor whether 2026's sequential flattening ($42.8 million to $42.9 million) marks a floor or merely a pause.
Gross Margin Erosion vs Peers
StealthGas's gross margin has compressed from 49.9% in 2024Q1 to 38.4% in 2026Q2, an 1,150 basis-point erosion that places it well below Golar's 46.9% and FLEX LNG's 52.9%. As disclosed in the filings, this gap suggests limited pricing power relative to larger gas carrier operators.
The margin trajectory is concerning because the deterioration is not linear but stepped: the 48.6% print in 2025Q2 collapsed to 33.8% the very next quarter, indicating the business is exposed to abrupt charter-rate resets rather than enjoying the stable utilization economics that CLCO's 76.0% gross margin implies. With GASS's 38.4% now only modestly above Navigator's 30.1% — a peer with materially larger revenue scale — the reported figures suggest StealthGas sits in the mid-to-lower tier of its peer set on unit economics, which may cap re-rating potential even if rates recover.
Overhead Cuts Offset Margin Pressure
SG&A fell to $2.9 million in 2026Q2 from $4.1 million in 2024Q2, allowing operating margin to hold at 31.5% despite gross margin weakness. Based on the reported figures, overhead discipline rather than revenue strength appears to be shielding StealthGas's operating profitability.
Operating leverage currently runs in reverse: gross profit fell from $22.9 million in 2025Q2 to $16.5 million in 2026Q2 (a 28% decline), yet operating margin only slipped from 41.7% to 31.5% because SG&A was cut by roughly a quarter over the same span. This means the reported stability in operating income is increasingly a function of cost subtraction, and with SG&A already at $2.9 million and volatile quarter-to-quarter ($1.9 million to $4.1 million range), there may be limited further cushion if gross margins keep drifting toward the mid-30s.
Non-Operating Items Flatter Net Income
Net margin of 40.3% in 2026Q2 exceeded the 31.5% operating margin, with net income of $17.3 million surpassing operating income of $13.5 million. As shown in the income statements, stock-based compensation also dropped to zero from $2.2 million, flattering per-share comparisons.
Net income has exceeded operating income in eight of the ten reported quarters, a persistent gap that implies a meaningful share of bottom-line results is being generated below the operating line — warranting investigation into interest, tax, or other non-operating contributions before treating the 40.3% net margin as core earnings power. The cessation of stock-based compensation (from $2.2 million in 2024Q4 to $0 in the last two quarters) mechanically lowers the cost base, so the $0.47 EPS in 2026Q2 should not be read as purely operational improvement, particularly since EPS still declined 17.5% year over year.
COGS Dominates Cost Structure
COGS consumed 61.5% of 2026Q2 revenue at $26.4 million, versus 51.5% in 2025Q2, making vessel operating costs the dominant swing factor in reported profitability. According to recent quarterly disclosures, the absence of R&D spending means cost sensitivity rests almost entirely on fuel, crew, and charter expenses.
The cost structure is highly concentrated: with R&D at zero across all ten quarters and SG&A averaging roughly 6% of revenue, more than 60% of each revenue dollar now flows to COGS, so even modest per-vessel cost inflation can erase the operating-margin gains achieved through overhead cuts. The 2024–2025 periods where COGS held near 50–57% of revenue produced gross margins above 40%; the swing to 61.5% in 2026Q2 appears to reflect either softer day rates against a largely fixed vessel cost base or higher voyage costs, and the distinction matters for judging whether the compression is cyclical or structural.
Margin Compression Meets Demand Weakness
The bear case centers on simultaneous revenue contraction and margin compression: 2026Q2 revenue fell 9.2% while gross margin dropped to 38.4%, and 2025Q4's 34.4% reading shows pressure recurring. A short-seller would note net income exceeded operating income in eight of ten quarters, warranting further investigation.
Critically, the 2025Q3–2026Q2 stretch shows gross margin oscillating between 33.8% and 38.4% — materially below the 41.8–49.9% range sustained through 2024 — which suggests the higher-margin regime may have been the anomaly rather than the baseline, and the counter-case would argue consensus is anchoring on expired peak rates. Additionally, EPS growth has been negative in six of the last eight quarters despite cost cuts, implying that reported profitability improvement is not translating into per-share momentum; investors should treat the current 31.5% operating margin as cyclical support rather than evidence of a structurally higher earnings power.