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LPGDorian LPG Ltd.
$53.16$2.3B
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Dorian LPG Ltd. (LPG) Balance Sheet

14Y historyFree accessUpdated daily

The company maintains a conservative financial profile with a debt-to-equity ratio of 0.62 as of 2026Q4, providing substantial insulation against interest rate volatility.

Income StatementBalance SheetCash FlowRatios

LPG Balance Sheet

Annual statement

LPG Balance Sheet

Dorian LPG Ltd. (LPG) balance sheet — 14-year assets, liabilities & shareholders' equity history

AnnualQuarterly
MetricTTMMar'26Mar'25Mar'24Mar'23Mar'22Mar'21Mar'20Mar'19Mar'18Mar'17Mar'16Mar'15Mar'14Mar'13
Total Current Assets719.09M450.25M382.36M368.88M236.3M307.89M153.34M139.61M82.59M103.51M63.97M105.56M233.21M315.09M6.16M
Cash & Short-Term Investments342.14M327.41M316.88M294.04M148.8M236.76M79.33M63.31M30.84M103.51M17.02M46.41M204.82M279.13M1.04M
Cash Only342.14M327.41M316.88M282.51M148.8M236.76M79.33M48.39M30.84M103.51M17.02M46.41M204.82M279.13M1.04M
Short-Term Investments00011.53M00014.92M0000000
Accounts Receivable216M99.08M49.45M53.01M76.35M58.64M56.39M67.67M45.84M27.22M42.47M54.61M23.23M3.61M1.14M
Days Sales Outstanding75.3775.151.0834.5171.578.0565.1574.08105.8762.3592.5768.9281.4444.4210.81
Inventory2.58M2.44M2.51M2.39M2.64M2.27M2.01M2M2.11M2.01M2.58M2.29M3.38M1.06M1.71M
Days Inventory Outstanding4.134.034.564.475.965.134.364.835.755.577.028.2121.4517.8129.28
Other Current Assets134.45M21.32M13.52M19.44M005.32M3.37M599.95K000030.95M2.26M
Total Non-Current Assets1.18B1.42B1.4B1.47B1.47B1.3B1.43B1.53B1.54B25.86M1.68B1.74B865.89M525.16M188.29M
Property, Plant & Equipment1.14B1.36B1.35B1.42B1.42B1.26B1.39B1.46B1.48B1.54B1.6B1.67B818.62M518.1M187.08M
Fixed Asset Turnover0.45x0.35x0.26x0.39x0.27x0.22x0.23x0.23x0.11x0.10x0.10x0.17x0.13x0.06x0.21x
Goodwill000000000000000
Intangible Assets000000000000000
Long-Term Investments33.69M2.42M0011.37M00061.88M59.93M76.52M0000
Other Non-Current Assets47.25M54.38M50.01M44.65M39.09M36.86M33.42M67.64M2.22M-1.57B1.96M68.8M47.27M7.06M1.21M
Total Assets1.9B1.87B1.78B1.84B1.71B1.61B1.58B1.67B1.63B1.74B1.75B1.84B1.1B840.25M194.45M
Asset Turnover0.32x0.26x0.20x0.31x0.23x0.17x0.20x0.20x0.10x0.09x0.10x0.16x0.09x0.04x0.20x
Asset Growth %7.28%5.23%-3.21%7.53%6.32%1.63%-5.4%2.87%-6.38%-0.58%-5.21%67.61%30.81%332.12%-
Total Current Liabilities220.85M168.83M107.88M101.81M94.6M94.84M82.08M85.01M79.37M82.01M85.77M88.13M28.2M14.88M31.6M
Accounts Payable8.69M7.99M11.55M10.19M10.81M9.54M9.83M13.55M7.21M6.33M7.08M6.83M5.22M2.4M3.31M
Days Payables Outstanding12.8413.221.0119.0224.3921.621.3332.7919.6417.5219.2524.4833.240.4256.81
Short-Term Debt158.67M100.69M54.98M54.08M53.64M72.2M52.02M53.34M63.97M65.07M65.98M67.93M15.68M9.61M12.11M
Deferred Revenue (Current)4.91M1.98M679.26K486.87K208.56K813.97K853.98K2.07M4.26M5.56M7.31M4.61M1.12M554.11K0
Other Current Liabilities558K6.5M959.21K1.33M1.29M952.47K2.4M3.64M2.97M3.97M1.89M4.72M2.69M1.44M16.17M
Current Ratio3.26x2.67x3.54x3.62x2.50x3.25x1.87x1.64x1.04x1.26x0.75x1.20x8.27x21.18x0.19x
Quick Ratio3.24x2.65x3.52x3.60x2.47x3.22x1.84x1.62x1.01x1.24x0.72x1.17x8.15x21.11x0.14x
Cash Conversion Cycle66.6665.9434.6319.9653.0761.5848.1846.1191.9850.480.3452.6569.6921.81-16.73
Total Non-Current Liabilities444.46M563.87M624.67M712.3M740.47M592.37M552.71M609.89M633.32M694.69M684.47M768.45M197.69M133.17M150.09M
Long-Term Debt348.87M460.23M498.77M551.55M604.26M590.69M539.65M581.92M632.12M694.04M683.99M746.35M184.67M119.11M150.09M
Capital Lease Obligations433.66M102.06M124.42M159.23M134.78M08.08M17.65M0000000
Deferred Tax Liabilities000000000000000
Other Non-Current Liabilities1.47M1.58M1.48M1.53M1.43M1.69M4.98M10.32M1.2M651.57K482.69K22.1M13.02M14.06M0
Total Liabilities665.31M732.7M732.55M814.12M835.07M687.21M634.79M694.91M712.69M776.7M770.23M856.58M225.89M148.05M181.69M
Total Debt646.24M709.64M712.98M797.34M816.09M670.96M609.35M662.12M696.09M759.1M749.96M814.28M200.34M128.72M162.2M
Net Debt304.1M382.23M396.1M514.83M667.29M434.2M530.02M613.74M665.25M655.6M732.95M767.87M-4.48M-150.41M161.16M
Debt / Equity0.52x0.62x0.68x0.78x0.93x0.73x0.64x0.68x0.76x0.79x0.77x0.83x0.23x0.19x12.71x
Debt / EBITDA1.59x2.54x3.91x2.01x3.12x4.22x3.14x2.89x12.16x10.97x9.49x4.05x4.53x11.69x10.79x
Net Debt / EBITDA0.75x1.37x2.17x1.30x2.55x2.73x2.74x2.68x11.62x9.48x9.27x3.82x-0.10x-13.66x10.72x
Interest Coverage16.49x7.62x3.45x8.53x5.36x3.39x4.14x3.99x-0.35x0.20x0.80x10.91x84.46x2.23x-
Total Equity1.24B1.14B1.05B1.02B873.85M920.15M946.83M977.05M912.68M959.41M976M985.6M873.21M692.2M12.76M
Equity Growth %27.98%8.88%2.21%17.13%-5.03%-2.82%-3.09%7.05%-4.87%-1.7%-0.97%12.87%26.15%5325.7%-
Book Value per Share28.9426.7424.8325.3021.7322.8019.0018.0516.7417.7520.3117.4015.5412.170.22
Total Shareholders' Equity1.24B1.14B1.05B1.02B873.85M920.15M946.83M977.05M912.68M959.41M976M985.6M873.21M692.2M12.76M
Common Stock546.48K546.48K543.24K519.95K516.31K513.22K510.71K590.83K588.83K586.4K583.42K580.58K580.58K483.65K73.88M
Retained Earnings495.52M400.02M311.14M377.14M231.84M280.76M289.4M196.84M84.99M135.94M156.34M157.78M28.09M2.83M-61.12M
Treasury Stock-140.12M-140.12M-133.1M-126.84M-122.9M-121.23M-99.86M-87.18M-36.48M-35.22M-33.9M-20.94M000
Accumulated OCI000000000-190.48M-125.86M0-19.25M-6.56M0
Minority Interest000000000000000

Key Metrics

Growth RegimeExpanding
ProfitabilityStrong
Balance SheetFortress
Cash FlowRobust
Top Statement Risk

Cyclical Freight Rate Volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Deleveraging Enhances Balance Sheet Resilience

According to quarterly financial data, Dorian LPG has successfully reduced its total debt from $817.7 million in 2024Q3 to $709.1 million by 2026Q4, signaling a disciplined approach to capital management that strengthens the company's financial position against potential downturns in the volatile LPG shipping market.

The consistent reduction in debt levels, coupled with a stable equity base, suggests management is prioritizing balance sheet health over aggressive expansion during periods of high freight rates. This trajectory implies a lower interest burden and increased financial flexibility, which may provide a competitive advantage if market conditions necessitate opportunistic vessel acquisitions or further capital returns.

Conservative Leverage Supports Operational Stability

As reported in recent balance sheets, Dorian LPG maintains a debt-to-equity ratio of 0.62 as of 2026Q4, a figure that appears notably conservative for the capital-intensive shipping industry and suggests a high degree of insulation from interest rate volatility and potential refinancing risks.

The company's ability to maintain such low leverage while operating a modern fleet indicates that cash flow generation is sufficient to cover debt service without reliance on external financing. Investors should monitor whether this low leverage is a permanent strategic choice or a temporary posture intended to navigate the upcoming influx of newbuild vessel supply across the sector.

Asset Quality Anchored by Fleet

Based on reported figures, Dorian LPG's asset base is heavily concentrated in net PPE, which stood at $1.4 billion in 2026Q4, reflecting the company's asset-heavy business model and the significant capital investment required to maintain a modern, fuel-efficient fleet of ECO-design VLGCs.

The absence of goodwill on the balance sheet suggests that the company's asset valuation is grounded in tangible vessel value rather than acquisition premiums, which reduces the risk of future impairment charges. This asset composition implies that the company's competitive positioning is directly tied to the physical performance and regulatory compliance of its vessels.

Robust Liquidity Buffers Against Volatility

As indicated by the financial statements, Dorian LPG held $327.4 million in cash as of 2026Q4, maintaining a current ratio of 2.67, which provides a substantial buffer to manage the lumpy working capital requirements and periodic dry-docking expenses inherent in the international shipping business.

The liquidity position appears more than adequate to cover short-term obligations, even during periods of market softness where spot rates may compress. This cash-rich profile suggests the company is well-positioned to weather operational disruptions or trade route shifts without needing to access expensive credit facilities.

LPG — Frequently Asked Questions

Quick answers to the most common questions about buying LPG stock.

What are the total assets of Dorian LPG Ltd. (LPG)?

As of 2026, Dorian LPG Ltd. (LPG) had total assets of $1.87B including $450.3M in current assets.

How much debt does Dorian LPG Ltd. (LPG) have?

Dorian LPG Ltd. (LPG) carries total debt of $709.6M, offset by $327.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Dorian LPG Ltd.?

Dorian LPG Ltd. (LPG) has total shareholders' equity (book value) of $1.14B ($26.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Dorian LPG Ltd.'s current ratio and liquidity?

Dorian LPG Ltd. (LPG) reported a current ratio of 2.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.