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Dorian LPG Ltd.

Dorian LPG Ltd.

NYSE•LPG
CEO: Mr. John C. Hadjipateras
Sector: Energy
Industry: Oil & Gas Midstream
Listing Date: 2014-05-08
Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas through its LPG tankers worldwide. It owns and operates twenty-five very large gas carriers. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.
Contact Information
27 Signal Road, Stamford, CT, 06902, United States
203-674-9900
www.dorianlpg.com
Market Cap
$1.14B
P/E (TTM)
23.3
19
Dividend Yield
6.7%
52W High
$32.79
52W Low
$16.66
52W Range
62%
4.5
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q2 2026 Data

Revenue

$120.63M+46.33%
4-Quarter Trend

EPS

$1.30+490.91%
4-Quarter Trend

FCF

$33.15M-40.54%
4-Quarter Trend

2026 Q2 Earnings Highlights

Key Highlights

Strong Six-Month Net Income Net income reached $65.46M USD for six months, increasing $4.75M USD from prior period results.
Revenue Growth Driven By TCE Total revenues grew 5.8% to $208.28M USD for six months, driven by higher spot rates.
Improved Daily Charter Earnings Time charter equivalent rate averaged $47.05K USD per day, up $3.34K USD from prior year.
Strong Q3 EPS Performance Basic EPS for Q3 2025 was $1.30 USD, significantly higher than $0.22 USD reported in Q3 2024.

Risk Factors

Operating Cash Flow Decline Operating cash flow dropped to $47.22M USD for six months, impacted by Helios Pool working capital timing.
Geopolitical Shipping Disruptions Ongoing conflicts in Ukraine and Middle East threaten shipping routes, potentially causing delays and increased costs.
Vessel Upgrade Cost Commitments Commitments for newbuilding and scrubber fabrication total $75.13M USD, requiring future capital deployment.
Volatile Interest Rate Exposure Variable rate debt exposes earnings to SOFR fluctuations; $140.0M principal remains unhedged under the swap.

Outlook

New Dual-Fuel Vessel Delivery New 93,000 cbm VLGC/AC expected delivery from Hanwha in Q2 2026 for LPG or ammonia transport.
Balanced Chartering Strategy Maintained Continue balanced strategy employing fleet mix of multi-year time charters and spot market voyages.
Subsequent Dividend Declared Board declared subsequent irregular cash dividend of $0.65 per share, totaling $27.8M USD in November 2025.
Fleet Maintenance Expenditures Drydocking expenses expected to increase as fleet ages; current commitments for scrubbers total $749K USD.

Peer Comparison

Revenue (TTM)

MRC Global Inc.MRC
$2.76B
-13.7%
Bristow Group Inc.VTOL
$1.47B
+4.8%
Vermilion Energy Inc.VET
$1.43B
-5.9%

Gross Margin (Latest Quarter)

FLEX LNG Ltd.FLNG
53.3%
-2.4 pp
Vermilion Energy Inc.VET
52.7%
+0.1 pp
Dorian LPG Ltd.LPG
37.8%
-19.2 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
INVX$1.52B15.010.2%6.6%
FLNG$1.43B14.412.6%66.8%
VET$1.38B-10.5-6.6%29.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+14.4%
Steady Growth
4Q Net Income CAGR
+37.4%
Profitability Improved
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q2 2026

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $120.63M+46.3%
    |
    EPS: $1.30+490.9%
    Miss

  • Form 10-Q - Q1 2026

    Period End: Jun 30, 2025|Filed: Aug 4, 2025|
    Revenue: $84.21M-26.4%
    |
    EPS: $0.24-80.8%
    Miss

  • Form 10-K - FY 2025

    Period End: Mar 31, 2025|Filed: May 29, 2025|
    Revenue: $353.34M-37.0%
    |
    EPS: $2.14-72.0%
    Beat

  • Form 10-Q - Q3 2025

    Period End: Dec 31, 2024|Filed: Jan 31, 2025|
    Revenue: $80.67M-50.5%
    |
    EPS: $0.50-79.8%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $82.43M-43.0%
    |
    EPS: $0.22-88.4%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $114.35M+2.5%
    |
    EPS: $1.25-3.1%
    Beat

  • Form 10-K - FY 2024

    Period End: Mar 31, 2024|Filed: May 29, 2024|
    Revenue: $560.72M+43.9%
    |
    EPS: $7.63+77.0%
    Meet

  • Form 10-Q - Q3 2024

    Period End: Dec 31, 2023|Filed: Feb 1, 2024|
    Revenue: $163.06M+57.8%
    |
    EPS: $2.48+93.8%
    Beat