Revenue growth remains highly volatile, fluctuating from a 27.3% expansion in 2024Q4 to a 9.4% contraction in 2025Q4, while gross margins have trended downward to 34.3% as of 2026Q1.
| 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 | 173.98M | 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 % | 3.73% | 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 | 107.79M | 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 | 66.19M | 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 % | 38.05% | 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 | 12.72M | 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 | 9.23M | 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 | 53.48M | 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 % | 30.74% | 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 | 77.87M | 80.46M | 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 % | 44.76% | 46.47% | 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 % | -4.26% | -6.47% | 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) | 24.39M | 25.38M | 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 | 56.81M | 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 | 2.31M | 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 | 3.14M | 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 | 834.19K | 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 | 8.99M | 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 | 62.47M | 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 % | 35.91% | 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 | 62.47M | 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 % | 35.91% | 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 % | -5.69% | -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) | 62.47M | 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) | 1.71 | 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 % | -7.49% | -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 | 36.46M | 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 | 36.42M | 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% | - |
Regional trade route volatility
As indicated by the quarterly income statements, StealthGas has experienced inconsistent top-line performance, with revenue growth fluctuating from a 9.4% contraction in 2025Q4 to a 27.3% expansion in 2024Q4, suggesting that the company's reliance on spot market voyages creates significant sensitivity to regional LPG demand cycles.
The erratic revenue trajectory appears to stem from the company's dual-exposure model, where spot market volatility frequently offsets the stability of long-term time charters. Investors should monitor whether the recent revenue stabilization in 2026Q1 represents a sustainable floor or merely a temporary reprieve from broader maritime trade headwinds.
Based on the provided financial data, gross margins have trended downward from a peak of 52.5% in 2023Q4 to 34.3% in 2026Q1, suggesting that the company is struggling to maintain pricing power amidst rising vessel operating expenses and potential shifts in the global LPG supply-demand balance.
The erosion of gross margins implies that the company's specialized small-scale carrier niche may be facing increased competitive pressure or higher maintenance costs associated with an aging fleet. This margin contraction warrants further investigation into whether the company can pass through inflationary cost pressures to its regional industrial customers.
According to the reported income statements, net income has exhibited extreme variance, such as the 61.7% net margin observed in 2024Q2, which suggests that bottom-line results are frequently influenced by non-operating gains or asset sales rather than core operational efficiency in the pressurized gas carrier segment.
The disconnect between operating income and net income suggests that investors should be wary of relying on headline EPS figures as a proxy for recurring profitability. The presence of significant non-operating items may mask underlying operational weakness, necessitating a focus on core operating margins to gauge true performance.
As reported in the financial filings, SG&A expenses have remained relatively contained, ranging between $1.9M and $4.1M per quarter, which indicates that management has maintained strict administrative discipline even as gross profitability has faced significant downward pressure over the last ten quarters of operations.
While the management of overhead costs appears prudent, the lack of R&D investment suggests a defensive posture that may limit the company's ability to innovate or modernize its fleet. Investors should monitor whether this cost discipline is sufficient to protect operating margins if the current revenue volatility persists.
While the reported 0.00% debt/equity ratio suggests a fortress balance sheet, the lack of consistent dividend payouts despite high cash levels, as seen in the $99M cash balance, raises questions about whether this capital is being efficiently deployed to drive long-term shareholder value creation.
The market may be misinterpreting the company's debt-free status as a sign of strength, when it could instead reflect a lack of viable growth opportunities or a conservative capital allocation strategy that leaves capital trapped. This warrants further investigation into whether the company's cash-heavy position is a strategic advantage or a sign of stagnant operational growth.
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.