Revenue growth has shown volatility, peaking at 20.7% in 2022Q2 before moderating to 15.9% in 2023Q1, while gross margins remain sensitive to maintenance cycles, fluctuating between 39.3% and 59.7% over the observed period.
| 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 |
|---|
| Sales/Revenue | 384.64M | 278.22M | 356.26M | 397.84M | 371.03M | 326.14M | 333.66M | 378.69M | 352.54M | 311.47M | 228.74M | 199.69M | 119.04M | 64.14M | 0 |
| Revenue Growth % | 18.53% | -21.91% | -10.45% | 7.22% | 13.76% | -2.25% | -11.89% | 7.42% | 13.19% | 36.17% | 14.55% | 67.75% | 85.59% | - | - |
| Cost of Goods Sold | 165.22M | 186M | 183.77M | 177.22M | 166.61M | 167.69M | 168.3M | 173.36M | 157.44M | 131.65M | 101.15M | 89.48M | 48.58M | 25.33M | 0 |
| COGS % of Revenue | - | 66.85% | 51.58% | 44.55% | 44.9% | 51.42% | 50.44% | 45.78% | 44.66% | 42.27% | 44.22% | 44.81% | 40.81% | 39.5% | - |
| Gross Profit | 219.42M | 92.22M | 172.49M | 220.62M | 204.43M | 158.45M | 165.36M | 205.33M | 195.1M | 179.82M | 127.59M | 110.21M | 70.46M | 38.81M | 0 |
| Gross Margin % | 57.05% | 33.15% | 48.42% | 55.45% | 55.1% | 48.58% | 49.56% | 54.22% | 55.34% | 57.73% | 55.78% | 55.19% | 59.19% | 60.5% | - |
| Gross Profit Growth % | - | -46.54% | -21.81% | 7.92% | 29.01% | -4.18% | -19.46% | 5.24% | 8.5% | 40.94% | 15.77% | 56.4% | 81.57% | - | - |
| Operating Expenses | 18.46M | 13.79M | 16.42M | 23.97M | 17.51M | 13.36M | 18.96M | 19.4M | 19.37M | 14.51M | 11.71M | 10.99M | 5.76M | 1.49M | 30.13K |
| OpEx % of Revenue | - | 4.96% | 4.61% | 6.03% | 4.72% | 4.1% | 5.68% | 5.12% | 5.49% | 4.66% | 5.12% | 5.5% | 4.84% | 2.32% | - |
| Selling, General & Admin | 18.46M | 13.79M | 16.42M | 22.8M | 17.51M | 13.36M | 18.96M | 19.4M | 19.37M | 14.51M | 11.71M | 10.99M | 5.76M | 1.49M | 30.13K |
| SG&A % of Revenue | - | 4.96% | 4.61% | 5.73% | 4.72% | 4.1% | 5.68% | 5.12% | 5.49% | 4.66% | 5.12% | 5.5% | 4.84% | 2.32% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 167.48M | 78.43M | 156.07M | 196.65M | 186.92M | 145.09M | 146.4M | 48.14M | 179.44M | 165.32M | 115.88M | 99.22M | 64.7M | 37.28M | -30.13K |
| Operating Margin % | 43.54% | 28.19% | 43.81% | 49.43% | 50.38% | 44.49% | 43.88% | 12.71% | 50.9% | 53.08% | 50.66% | 49.69% | 54.35% | 58.13% | - |
| Operating Income Growth % | - | -49.75% | -20.63% | 5.21% | 28.83% | -0.9% | 204.14% | -73.17% | 8.54% | 42.66% | 16.79% | 53.35% | 73.54% | 123833.94% | - |
| EBITDA | 255.7M | 183.57M | 260.97M | 295.12M | 274.41M | 230.58M | 229.46M | 137.45M | 267.02M | 246.41M | 177.65M | 143.47M | 89.34M | 49.52M | 79.37K |
| EBITDA Margin % | 66.48% | 65.98% | 73.25% | 74.18% | 73.96% | 70.7% | 68.77% | 36.3% | 75.74% | 79.11% | 77.66% | 71.85% | 75.05% | 77.2% | - |
| EBITDA Growth % | 108.6% | -29.66% | -11.57% | 7.55% | 19% | 0.49% | 66.95% | -48.53% | 8.37% | 38.7% | 23.82% | 60.59% | 80.41% | 62292.12% | - |
| D&A (Non-Cash Add-back) | 88.22M | 105.14M | 104.9M | 98.47M | 87.49M | 85.49M | 83.06M | 89.31M | 87.58M | 81.09M | 61.77M | 44.25M | 24.64M | 12.24M | 109.5K |
| EBIT | 171.5M | 78.43M | 155.78M | 196.19M | 166.63M | 43.02M | 107.85M | 29.2M | 192.33M | 199.87M | 142.05M | 114.57M | 71.49M | 35.21M | -861.06K |
| Net Interest Income | -51.6M | -4.96M | -4.64M | -59.45M | -45.28M | -37.25M | -50.69M | -70.11M | -70.27M | -69.76M | -60.04M | -35.47M | -36.68M | -10.72M | 0 |
| Interest Income | 4.61M | 86K | 190K | 7.61M | 2.36M | 43K | 295K | 1.89M | 2.41M | 998K | 180.46K | 25.57K | 33K | 31.69K | 110.11K |
| Interest Expense | 56.21M | 5.04M | 4.83M | 67.06M | 47.64M | 37.3M | 50.99M | 72M | 66.29M | 53.6M | 36.2M | 27.2M | 27.49M | 8.99M | 0 |
| Other Income/Expense | -47.1M | -98.58M | -5.12M | -57.94M | -67.93M | -139.37M | 0 | -82.91M | -66.61M | -69.64M | -66.88M | -41.37M | -15.66M | -11.07M | -830.93K |
| Pretax Income | 120.38M | -20.15M | 150.95M | 138.71M | 118.99M | 5.73M | 56.86M | -34.77M | 115.51M | 112.83M | 77.34M | 72.04M | 29.17M | 26.22M | -861.06K |
| Pretax Margin % | 31.3% | -7.24% | 42.37% | 34.87% | 32.07% | 1.76% | 17.04% | -9.18% | 32.77% | 36.23% | 33.81% | 36.08% | 24.5% | 40.87% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79.2M | 72.32M | 36.28M | 25.57K | 27.49M | 0 | -861.06K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 68.57% | 64.09% | 46.9% | 0.04% | 94.23% | 0% | 100% |
| Net Income | 120.38M | -20.15M | 150.95M | 138.71M | 118.99M | 5.73M | 56.86M | -37.42M | 102.6M | 94.12M | 77.27M | 72.04M | 29.17M | 26.22M | 0 |
| Net Margin % | 31.3% | -7.24% | 42.37% | 34.87% | 32.07% | 1.76% | 17.04% | -9.88% | 29.1% | 30.22% | 33.78% | 36.08% | 24.5% | 40.87% | - |
| Net Income Growth % | 5331.64% | -113.35% | 8.82% | 16.58% | 1978% | -89.93% | 251.95% | -136.47% | 9.01% | 21.8% | 7.25% | 146.99% | 11.25% | - | - |
| Net Income (Continuing) | 120.38M | -20.15M | 150.95M | 138.71M | 118.99M | 5.73M | 56.86M | -34.77M | 128.05M | 148.1M | 92.47M | 83.75M | 49.04M | 26.22M | -861.06K |
| Discontinued Operations | 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 |
| EPS (Diluted) | 2.22 | -0.39 | 2.94 | 2.70 | 1.71 | -0.47 | 0.52 | -0.79 | 1.82 | 1.83 | 2.31 | 2.28 | 0.83 | 0.75 | 0.00 |
| EPS Growth % | 3224.33% | -113.27% | 8.89% | 57.89% | 463.83% | -190.38% | 165.82% | -143.41% | -0.55% | -20.78% | 1.32% | 174.7% | 10.67% | - | - |
| EPS (Basic) | - | -0.39 | 2.94 | 2.70 | 1.77 | -0.47 | 0.55 | -0.79 | 1.83 | 1.83 | 2.31 | 2.28 | 0.83 | 0.75 | 0.00 |
| Diluted Shares Outstanding | 54.33M | 51.35M | 51.35M | 51.35M | 54.24M | 50.55M | 50.59M | 47.25M | 43.91M | 47.16M | 33.45M | 28.58M | 35.1M | 35.1M | 35.1M |
| Basic Shares Outstanding | 52.77M | 51.35M | 51.35M | 51.35M | 52.5M | 50.55M | 48.06M | 47.25M | 43.82M | 47.11M | 33.43M | 28.58M | 35.1M | 35.1M | 35.1M |
| Dividend Payout Ratio | - | - | 248.2% | 191.42% | 1.76% | 35.17% | 122.33% | - | 115.1% | 300.1% | 188.33% | 322.9% | 709.89% | - | - |
Fleet Obsolescence and Regulatory Headwinds
According to the provided quarterly data, GasLog Partners experienced fluctuating revenue growth, peaking at 20.7% in 2022Q2 before moderating to 15.9% by 2023Q1, reflecting the inherent volatility of spot market exposure and the impact of scheduled vessel maintenance cycles on top-line performance.
The revenue trajectory appears heavily influenced by the timing of charter renewals and dry-docking schedules rather than organic fleet expansion. Investors should monitor whether the recent moderation in growth signals a strategic shift toward prioritizing contract stability over spot market participation as the fleet ages.
As reported in financial statements, gross margins demonstrated significant variance, ranging from a low of 39.3% in 2021Q2 to a high of 59.7% in 2022Q4, illustrating the high sensitivity of the cost structure to periodic dry-docking events and operational efficiency requirements.
The fluctuation in gross margins suggests that the company's profitability is highly susceptible to the timing of mandatory maintenance, which temporarily removes vessels from revenue-generating service. This volatility warrants further investigation into whether the current margin profile is sustainable given the increasing regulatory costs associated with older vessel propulsion systems.
Based on the income statement history, operating income has shown inconsistent scaling relative to gross profit, with operating margins swinging from a negative 71.6% in 2021Q4 to a peak of 54.8% in 2022Q3, indicating limited operating leverage during periods of high maintenance or impairment charges.
The lack of consistent operating leverage suggests that SG&A expenses, while relatively contained, cannot fully offset the volatility in direct vessel operating costs. This pattern implies that the company's profitability remains tethered to the operational performance of individual vessels rather than broad-based administrative efficiency.
Data from the income statement reveals that net income volatility, including a sharp loss in 2021Q4, suggests that the company's reliance on older Steam and TFDE vessels may create significant earnings risk as environmental regulations tighten and charterer preferences shift toward modern, fuel-efficient propulsion.
Short-sellers may focus on the potential for future impairment charges if the carrying value of older vessels exceeds their recoverable amount in a carbon-constrained market. The current earnings profile appears to mask the long-term risk that these assets may become increasingly difficult to re-charter at profitable rates.
Quick answers to the most common questions about buying GLOP-PA stock.
For fiscal year 2025, GasLog Partners LP (GLOP-PA) reported total revenue of $278.2M.
GasLog Partners LP (GLOP-PA) reported a net loss of $20.2M for the fiscal year ending 2025.
GasLog Partners LP (GLOP-PA) reported an operating income of $78.4M, resulting in an operating profit margin of 28.2%. This margin reflects the operational efficiency of the business before interest and taxes.
GasLog Partners LP (GLOP-PA) generated $92.2M in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.