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LPG

Dorian LPG Ltd.

LPG

Dorian LPG Ltd. • NYSE
$24.78 ▲ 0.81% (+0.20)
Market Cap $1.05 B
52w High $32.79
52w Low $16.66
Dividend Yield 2.45%
P/E 11.16
Volume 233.94K
Outstanding Shares 42.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $120.627M ▲ $25.851M ▲ $55.382M ▲ 45.912% ▲ $1.3 ▲ $79.296M ▲
Q1-2026 $84.212M ▲ $16.265M ▲ $10.082M ▲ 11.972% ▲ $0.24 ▲ $36.176M ▲
Q4-2025 $75.888M ▼ $7.633M ▲ $8.092M ▼ 10.663% ▼ $0.19 ▼ $31.018M ▼
Q3-2025 $80.667M ▼ $6.809M ▼ $21.362M ▲ 26.482% ▲ $0.5 ▲ $47.744M ▲
Q2-2025 $82.433M $15.823M $9.429M 11.438% $0.22 $36.238M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $268.303M ▼ $1.78B ▲ $713.626M ▼ $1.067B ▲
Q1-2026 $277.921M ▼ $1.749B ▼ $714.284M ▼ $1.035B ▼
Q4-2025 $316.878M ▼ $1.779B ▼ $732.554M ▼ $1.046B ▼
Q3-2025 $324.534M ▼ $1.82B ▼ $751.55M ▼ $1.069B ▼
Q2-2025 $358.522M $1.861B $772.992M $1.088B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $55.382M ▲ $46.406M ▲ $-13.256M ▼ $-42.737M ▼ $-9.619M ▲ $33.15M ▲
Q1-2026 $10.082M ▲ $814.474K ▼ $-3.057M ▲ $-37M ▲ $-38.951M ▼ $-2.242M ▼
Q4-2025 $8.092M ▼ $50.196M ▲ $-3.276M ▼ $-44.702M ▲ $2.348M ▲ $36.92M ▲
Q3-2025 $21.362M ▲ $24.259M ▼ $-3.056M ▼ $-55.979M ▲ $-34.889M ▼ $21.416M ▼
Q2-2025 $9.429M $57.334M $221.722K $-61.438M $-3.867M $55.756M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
Net pool revenues related party
Net pool revenues related party
 $70.00M ▲$100.00M ▲$130.00M ▲$100.00M ▼
Other revenue net
Other revenue net
 $0 ▲$0 ▲$0 ▲$0 ▲
Time charter revenues
Time charter revenues
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Dorian LPG’s earnings have come off an exceptionally strong year and look more “normal” now, but still healthier than a few years ago. Revenue and profit margins remain solid, just not at the unusually high levels seen in the prior year’s peak shipping market. The business continues to generate meaningful operating profit, which suggests its cost structure and fleet efficiency are working well. Overall, the income statement shows a cyclical business that has cooled from a boom year but is still clearly profitable.

Balance Sheet

Balance Sheet The balance sheet looks relatively sturdy and stable. Total assets have grown modestly, supported by investment in the fleet, while shareholders’ equity has steadily increased, which points to value being built over time. Debt remains significant but appears manageable, especially given the improving equity base and rising cash balances. The trend of higher cash and stable or slightly lower debt suggests a gradual strengthening of the financial position and a bit more resilience against downturns.

Cash Flow

Cash Flow Cash generation has been a bright spot. Operating cash flow has consistently covered the company’s spending on vessels and other capital needs, leaving room for positive free cash flow in each of the past several years. The company has not been aggressively expanding its fleet recently, which helps keep investment spending modest and supports surplus cash. This pattern indicates that even as earnings normalize, the business still has the ability to fund itself and potentially handle debt and shareholder returns from internal cash rather than external financing.

Competitive Edge

Competitive Edge Dorian LPG holds a strong niche position in transporting liquefied petroleum gas with a modern, fuel‑efficient fleet of large gas carriers. Its membership in the Helios LPG Pool gives it commercial scale and flexibility, helping it keep ships productively employed and maintain bargaining power with customers. A balanced mix of spot and time-charter exposure allows it to benefit from strong markets while maintaining some stability when rates soften. Key risks to this position include the inherently volatile nature of shipping rates, competition from other modern fleets, and regulatory or environmental changes that could alter cost structures or required investments.

Innovation and R&D

Innovation and R&D While it does not do traditional lab-style R&D, Dorian LPG invests heavily in technical and environmental upgrades to its ships. Dual-fuel engines, scrubbers, and hydrodynamic improvements all aim to cut fuel use and emissions, which can lower costs and make the fleet more attractive to environmentally focused customers. Its early move into ships that can also carry ammonia positions it to participate in potential future clean-fuel trade flows. The main uncertainties are how quickly alternative fuels and carbon-reduction technologies will scale, and whether future rules will require even more costly upgrades than currently planned.

Summary

Overall, Dorian LPG looks like a cyclical but currently profitable shipping company that has used the good years to strengthen its balance sheet and modernize its fleet. Earnings have come down from a standout period but remain solid, supported by efficient operations and steady cash generation. Its competitive edge rests on a young, fuel‑efficient fleet, a strong commercial pool, and a proactive stance on environmental technologies and future cargoes like ammonia. The key things to watch going forward are freight rate cycles, leverage levels, ongoing fleet investments, and how well the company adapts to the evolving regulatory and energy landscape.

NEWS

November 6, 2025 · 6:00 AM UTC

Dorian LPG Ltd. Declares Irregular Cash Dividend of $0.65 Per Share And Announces Second Quarter Fiscal Year 2026 Financial Results

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November 5, 2025 · 1:00 AM UTC

Vopak reports strong performance, driven by a resilient portfolio

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October 30, 2025 · 6:00 AM UTC

Dorian LPG Ltd. Announces Second Quarter 2026 Earnings and Conference Call Date

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October 16, 2025 · 1:03 AM UTC

BW LPG Limited - Update on BW LPG's Product Services Q3 2025 Segment Performance

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September 4, 2025 · 1:02 AM UTC

BW LPG Limited – Ex dividend US$0.22 on the Oslo Stock Exchange today

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