A Business at a Glance
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DORIAN LPG LTD.
LPG
$1.9B
Mkt Cap
$45.32
-0.64%
DORIAN LPG LTD. (LPG) has a current P/E ratio of 16.0, compared to its historical median P/E of 3.8. The stock is currently considered Expensive based on its historical valuation range.
DORIAN LPG LTD. (LPG) has a 5-year average return on invested capital (ROIC) of 14.2%. This indicates solid capital allocation.
DORIAN LPG LTD. (LPG) has a market capitalization of $1.9B. It is classified as a small-cap stock.
Yes, DORIAN LPG LTD. (LPG) pays a dividend with a trailing twelve-month yield of 5.43%. The company also returns capital through share buybacks, with a buyback yield of 0.36%.
Based on historical P/E analysis, DORIAN LPG LTD. (LPG) appears expensive. The current P/E of 16.0 is 324% above its historical median of 3.8. The estimated fair value CAGR (P/E method) is 23.1%.
DORIAN LPG LTD. (LPG) operates in the Deep Sea Foreign Transportation Of Freight industry, within the Industrials sector.
DORIAN LPG LTD. (LPG) reported annual revenue of $482 million in its most recent fiscal year, based on SEC EDGAR filings.
Unless otherwise indicated, references to "Dorian," the "Company," "we," "our," "us," or similar terms refer to Dorian LPG Ltd. and its subsidiaries. We use the term "VLGC" to refer to very large gas carriers and “VLGC/AC” to refer to very large gas carriers that are purpose built to transport ammonia in addition to LPG. We use the term "LPG" to refer to liquefied petroleum gas and we use the term "cbm" to refer to cubic meters in describing the carrying capacity of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "USD," and "$" in this report are to the lawful currency of the United States of America. Dorian was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of LPG. Specifically, Dorian and its subsidiaries are focused on owning and operating VLGCs in the LPG shipping industry.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 482M | 482M | 353M | 561M | 390M | 274M |
| Net Income | 194M | 194M | 90M | 307M | 172M | 72M |
| EPS | $4.54 | $4.54 | $2.14 | $7.60 | $4.29 | $1.78 |
| Free Cash Flow | 209M | 209M | 172M | 356M | 155M | 96M |
| ROIC | 15.3% | 16.2% | 8.7% | 24.6% | 14.9% | 6.7% |
| Gross Margin | 75.1% | 75.1% | 73.0% | 84.6% | 82.8% | 72.8% |
| Debt/Equity | 0.49 | 0.49 | 0.53 | 0.59 | 0.75 | 0.72 |
| Dividends/Share | $2.46 | $2.45 | $3.70 | $4.00 | $5.50 | $2.00 |
| Operating Income | 210M | 210M | 113M | 329M | 198M | 92M |
| Operating Margin | 43.6% | 43.6% | 31.9% | 58.6% | 50.9% | 33.7% |
| ROE | 17.0% | 17.7% | 8.7% | 32.4% | 19.2% | 7.7% |
| Shares Outstanding | 43M | 43M | 42M | 40M | 40M | 40M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 104M | 289M | 167M | 159M | 158M | 333M | 316M | 274M | 390M | 561M | 353M | 482M | 482M |
| Gross Margin | 58.5% | 84.1% | 73.5% | 75.5% | 73.3% | 84.3% | 75.3% | 72.8% | 82.8% | 84.6% | 73.0% | 75.1% | 75.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 14M | 30M | 22M | 26M | 24M | 23M | 34M | 30M | 32M | 39M | 43M | 53M | 53M |
| EBIT | 30M | 158M | 14M | 3.8M | -8.0M | 161M | 116M | 92M | 198M | 329M | 113M | 210M | 210M |
| Op. Margin | 28.9% | 54.8% | 8.4% | 2.4% | -5.0% | 48.3% | 36.7% | 33.7% | 50.9% | 58.6% | 31.9% | 43.6% | 43.6% |
| Net Income | 25M | 130M | -1.4M | -20M | -51M | 112M | 93M | 72M | 172M | 307M | 90M | 194M | 194M |
| Net Margin | 24.3% | 44.8% | -0.9% | -12.8% | -32.2% | 33.5% | 29.3% | 26.2% | 44.2% | 54.8% | 25.5% | 40.2% | 40.2% |
| Non-Recurring | 1.4M | -1.1M | 0 | 0 | 0 | 0 | 0 | 7.3M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | 12.2% | 0.8% | 0.2% | -0.5% | 10.5% | 7.8% | 6.7% | 14.9% | 24.6% | 8.7% | 16.2% | 15.3% |
| ROE | 3.2% | 14.0% | -0.1% | -2.1% | -5.4% | 11.8% | 9.6% | 7.7% | 19.2% | 32.4% | 8.7% | 17.7% | 17.0% |
| ROA | 2.6% | 8.8% | -0.1% | -1.2% | -3.0% | 6.8% | 5.7% | 4.5% | 10.4% | 17.3% | 5.0% | 10.6% | 10.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 26M | 151M | 52M | 57M | 8.9M | 169M | 171M | 119M | 224M | 388M | 173M | 210M | 210M |
| Free Cash Flow | -289M | -744M | 50M | 57M | 4.9M | 149M | 161M | 96M | 155M | 356M | 172M | 209M | 209M |
| Owner Earnings | 9.2M | 104M | -17M | -13M | -62M | 100M | 99M | 49M | 156M | 311M | 93M | 127M | 127M |
| CapEx | 314M | 895M | 1.9M | 298K | 4.0M | 20M | 9.5M | 23M | 69M | 33M | 1.0M | 748K | 748K |
| Maint. CapEx | 14M | 43M | 65M | 65M | 65M | 66M | 68M | 66M | 63M | 69M | 70M | 72M | 72M |
| Growth CapEx | 300M | 852M | 0 | 0 | 0 | 0 | 0 | 0 | 5.4M | 0 | 0 | 0 | 0 |
| D&A | 14M | 43M | 65M | 65M | 65M | 66M | 68M | 66M | 63M | 69M | 70M | 72M | 72M |
| CapEx/OCF | 1226.1% | 592.6% | 3.7% | 0.5% | 44.7% | 11.8% | 5.6% | 19.5% | 0.0% | 0.3% | 0.6% | N/A | 0.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 40M | 80M | 221M | 162M | 156M | 105M | 105M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | 18.4% | 31.8% | 49.9% | 16.5% | 13.0% | N/A | 5.4% |
| Share Buybacks | 0 | 21M | 13M | 1.2M | 1.3M | 51M | 126M | 21M | 1.7M | 3.9M | 6.3M | 7.0M | 7.0M |
| Buyback Yield | N/A | 8.8% | 6.0% | 0.7% | 0.9% | 25.8% | 41.4% | 6.9% | 0.3% | 0.3% | 0.7% | 0.0% | 0.4% |
| Stock-Based Comp | 2.3M | 4.1M | 4.4M | 5.1M | 5.5M | 3.2M | 3.4M | 3.3M | 4.3M | 8.3M | 10M | 11M | 11M |
| Debt Repayment | 9.6M | 41M | 66M | 252M | 130M | 64M | 99M | 230M | 352M | 53M | 53M | 55M | 55M |
| Balance Sheet | |||||||||||||
| Net Debt | -4.5M | 766M | 733M | 656M | 665M | 572M | 512M | 426M | 509M | 323M | 236M | 233M | 233M |
| Cash & Equiv. | 205M | 46M | 17M | 104M | 31M | 48M | 79M | 237M | 149M | 283M | 317M | 327M | 327M |
| Long-Term Debt | 185M | 746M | 684M | 694M | 632M | 582M | 540M | 591M | 604M | 552M | 499M | 460M | 460M |
| Debt/Equity | 0.23 | 0.82 | 0.77 | 0.79 | 0.76 | 0.65 | 0.62 | 0.72 | 0.75 | 0.59 | 0.53 | 0.49 | 0.49 |
| Interest Coverage | 11.3 | 11.0 | 0.6 | 0.1 | -0.2 | 5.0 | 5.4 | 4.6 | 6.3 | 8.1 | 3.1 | 7.2 | 7.2 |
| Equity | 873M | 986M | 976M | 959M | 913M | 977M | 947M | 920M | 874M | 1.0B | 1.0B | 1.1B | 1.1B |
| Total Assets | 1.1B | 1.8B | 1.7B | 1.7B | 1.6B | 1.7B | 1.6B | 1.6B | 1.7B | 1.8B | 1.8B | 1.9B | 1.9B |
| Total Liabilities | 226M | 857M | 770M | 777M | 713M | 695M | 635M | 687M | 835M | 814M | 733M | 733M | 733M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 28M | 158M | 156M | 136M | 85M | 197M | 289M | 281M | 232M | 377M | 311M | 400M | 400M |
| Working Capital | 205M | 17M | -22M | 53M | 3.2M | 55M | 71M | 213M | 142M | 267M | 274M | 281M | 281M |
| Current Assets | 233M | 106M | 64M | 135M | 83M | 140M | 153M | 308M | 236M | 369M | 382M | 450M | 450M |
| Current Liabilities | 28M | 88M | 86M | 82M | 79M | 85M | 82M | 95M | 95M | 102M | 108M | 169M | 169M |
| Per Share Data | |||||||||||||
| EPS | 0.45 | 2.29 | -0.03 | -0.38 | -0.93 | 2.07 | 1.86 | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 | 4.54 |
| Owner EPS | 0.16 | 1.84 | -0.36 | -0.25 | -1.13 | 1.84 | 1.98 | 1.21 | 3.89 | 7.70 | 2.21 | 2.99 | 2.99 |
| Book Value | 15.56 | 17.40 | 20.31 | 17.87 | 16.66 | 18.08 | 19.03 | 22.77 | 21.74 | 25.30 | 24.83 | 26.70 | 26.70 |
| Cash Flow/Share | 0.46 | 2.67 | 1.08 | 1.07 | 0.16 | 3.13 | 3.43 | 2.94 | 5.57 | 9.60 | 4.11 | 4.93 | 6.22 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 1.00 | 2.00 | 5.50 | 4.00 | 3.70 | 2.45 | 2.46 |
| Shares Out. | 56.1M | 56.6M | 48.1M | 53.7M | 54.8M | 54.0M | 49.8M | 40.4M | 40.2M | 40.5M | 42.1M | 42.7M | 42.7M |
| Valuation | |||||||||||||
| P/E Ratio | 12.8 | 1.8 | N/A | N/A | N/A | 1.8 | 3.3 | 4.3 | 3.4 | 4.1 | 9.6 | N/A | 10.0 |
| P/FCF | N/A | N/A | 4.3 | 3.2 | 29.9 | 1.3 | 1.9 | 3.2 | 3.8 | 3.6 | 5.0 | N/A | 9.2 |
| EV/EBIT | 10.6 | 6.5 | 67.8 | 207.4 | N/A | 5.1 | 6.8 | 6.2 | 5.8 | 5.0 | 7.5 | N/A | 10.3 |
| Price/Book | N/A | N/A | N/A | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.7 | 1.2 | 0.8 | N/A | 1.7 |
| Price/Sales | 4.0 | 1.1 | 1.0 | 1.2 | 1.1 | 0.8 | 0.7 | 0.9 | 1.1 | 1.7 | 3.4 | N/A | 4.0 |
| FCF Yield | -89.4% | -312.9% | 23.2% | 31.7% | 3.3% | 75.9% | 52.8% | 31.1% | 26.3% | 28.0% | 19.8% | N/A | 10.8% |
| Market Cap | 323M | 238M | 216M | 179M | 147M | 197M | 305M | 308M | 591M | 1.3B | 868M | 0 | 1.9B |
| Avg. Price | 7.37 | 5.63 | 3.63 | 3.52 | 3.20 | 4.77 | 4.40 | 6.23 | 11.01 | 24.24 | 28.45 | 0.00 | 45.32 |
| Year-End Price | 5.75 | 4.20 | 4.49 | 3.34 | 2.68 | 3.64 | 6.13 | 7.61 | 14.70 | 31.40 | 20.61 | 0.00 | 45.32 |
DORIAN LPG LTD. passes 6 of 9 quality checks, suggesting mixed fundamentals.
DORIAN LPG LTD. trades at 16.0x trailing earnings, compared to its 15-year median P/E of 3.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.6x vs a median of 3.6x. The company's 5-year average ROIC is 14.2% with a gross margin of 77.7%. Total shareholder yield (dividends + buybacks) is 5.8%. At current prices, the estimated annualized return to fair value is +29.9%.
DORIAN LPG LTD. (LPG) has a net profit margin of 40.2%. This is a strong margin indicating high profitability.
DORIAN LPG LTD. (LPG) generated $209 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DORIAN LPG LTD. (LPG) has a debt-to-equity ratio of 0.49. This indicates a conservatively financed balance sheet.
DORIAN LPG LTD. (LPG) reported earnings per share (EPS) of $4.54 in its most recent fiscal year.
DORIAN LPG LTD. (LPG) has a return on equity (ROE) of 17.7%. This indicates the company generates strong returns for shareholders.
DORIAN LPG LTD. (LPG) has a 5-year average gross margin of 77.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for DORIAN LPG LTD. (LPG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DORIAN LPG LTD. (LPG) has a book value per share of $26.70, based on its most recent annual SEC filing.