DORIAN LPG LTD. LPG

Industrials SIC 4412 - Deep Sea Foreign Transportation of Freight NAICS Transportation and Warehousing › Water Transportation › Deep Sea, Coastal, and Great Lakes Water Transportation › Deep Sea Freight Transportation derived NYSE

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 full ammonia cargoes 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. Our founding executives have managed vessels in the LPG shipping market since 2002. As of May 22, 2026, our fleet consists of twenty-seven VLGCs, including one 93,000 cbm dual-fuel ECO-design Very Large Gas Carrier / Ammonia Carrier ("VLGC/AC"), one 84,000 cbm dual-fuel ECO-design VLGC; eighteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC/AC; four time chartered-in dual fuel Panamax size VLGCs; one time chartered-in ECO Panamax VLGC, and one time chartered-in modern VLGC. The twenty-seven vessels in our fleet, including the six time chartered-in vessels, as of May 22, 2026, have an aggregate carrying capacity of approximately 2.3 million cbm and an average age of 9.6 years. We provide in-house commercial services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool.

Last close 54.06 2026-10-23
Market cap $2.31B 2026-06-30 share count
52-week range 23.76 - 59.97

Valuation FY2025 figures against the last close

P/S4.8x
P/E11.9x
P/FCF11.0x
EV/EBITDA9.0x
Dividend yield4.5%
Diluted EPS4.54

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $481.5M$353.3M$560.7M$389.7M$274.2M$315.9M$333.4M$158.0M$159.3M$167.4M
SG&A $53.0M$42.6M$39.0M$32.1M$30.2M$33.9M$23.4M$24.4M$26.2M$21.7M
Total operating expenses $274.0M$243.3M$234.5M$193.8M$191.5M$202.1M$174.2M$168.5M$158.0M$155.9M
Operating income $210.2M$112.6M$328.8M$198.4M$92.4M$116.1M$161.1M-$8.0M$3.8M$14.0M
Net income $193.7M$90.2M$307.4M$172.4M$71.9M$92.6M$111.8M-$50.9M-$20.4M-$1.4M
EPS, basic 4.552.147.634.311.791.862.08-0.93-0.38-0.03
EPS, diluted 4.542.147.604.291.781.862.07-0.93-0.38-0.03
Shares, diluted (wtd. avg.) 42.6M42.2M40.5M40.2M40.4M49.8M54.1M54.5M54.0M54.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $327.4M$316.9M$282.5M$148.9M$236.8M$84.7M$87.4M$66.5M$129.4M$67.9M
Short-term investments ——$11.5M———$14.9M$599.9K——
Receivables $2.0M$1.4M$659.6K$3.3M$853.1K$202.2K$820.8K$1.4M$336.2K$11.0K
Inventory $2.4M$2.5M$2.4M$2.6M$2.3M$2.0M$2.0M$2.1M$2.0M$2.6M
Total current assets $450.3M$382.4M$368.9M$236.3M$307.9M$153.3M$139.6M$82.6M$135.2M$64.0M
Property, plant and equipment $1.22B$1.19B$1.23B$1.26B$1.25B$1.38B$1.44B$1.48B$1.54B$1.60B
Total assets $1.87B$1.78B$1.84B$1.71B$1.61B$1.58B$1.67B$1.63B$1.74B$1.75B
Accounts payable $8.0M$11.5M$10.2M$10.8M$9.5M$9.8M$13.6M$7.2M$6.3M$7.1M
Short-term debt $100.2M$54.5M$53.5M$53.1M$72.1M$51.8M$53.1M$64.0M$65.1M$66.0M
Total current liabilities $168.8M$107.9M$101.8M$94.6M$94.8M$82.1M$85.0M$79.4M$82.0M$85.8M
Long-term debt $460.2M$498.8M$551.5M$604.3M$590.7M$539.7M$581.9M$632.1M$694.0M$684.0M
Total liabilities $732.7M$732.6M$814.1M$835.1M$687.2M$634.8M$694.9M$712.7M$776.7M$770.2M
Retained earnings $400.0M$311.1M$377.1M$231.8M$280.8M$289.4M$196.8M$85.0M$135.9M$156.3M
Total equity $1.14B$1.05B$1.02B$873.8M$920.2M$946.8M$977.1M$912.7M$959.4M$976.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $210.1M$173.0M$388.4M$224.1M$118.7M$170.6M$169.0M$8.9M$57.2M$52.1M
Depreciation and amortisation $71.7M$69.6M$68.7M$63.4M$66.4M$68.5M$66.3M$65.2M$65.3M$65.1M
Stock-based compensation $11.0M$10.4M$8.3M$4.3M$3.3M$3.4M$3.2M$5.5M$5.1M$4.4M
Capital expenditure ———$68.8M$23.2M$9.5M$19.9M$4.0M$297.5K$1.9M
Investing cash flow -$93.8M-$7.4M-$34.8M-$76.3M$68.8M$1.0M-$33.1M-$4.5M-$437.0K-$1.9M
Financing cash flow -$105.9M-$131.3M-$219.7M-$235.2M-$35.2M-$174.5M-$114.7M-$67.0M$4.7M-$79.3M
Dividends paid $105.0M$156.4M$162.3M$220.6M$80.1M—————
Buybacks $7.0M$6.3M$3.9M$1.7M$21.4M$126.3M$50.6M$1.3M$1.2M$13.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-087088.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 167.4M Net income, FY2016: -1.4M Revenue, FY2017: 159.3M Net income, FY2017: -20.4M Revenue, FY2018: 158M Net income, FY2018: -50.9M Revenue, FY2019: 333.4M Net income, FY2019: 111.8M Revenue, FY2020: 315.9M Net income, FY2020: 92.6M Revenue, FY2021: 274.2M Net income, FY2021: 71.9M Revenue, FY2022: 389.7M Net income, FY2022: 172.4M Revenue, FY2023: 560.7M Net income, FY2023: 307.4M Revenue, FY2024: 353.3M Net income, FY2024: 90.2M Revenue, FY2025: 481.5M Net income, FY2025: 193.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $167.4M $159.3M $158.0M $333.4M $315.9M $274.2M $389.7M $560.7M $353.3M $481.5M
Gross profit — — — — — — — — — —
Net income -$1.4M -$20.4M -$50.9M $111.8M $92.6M $71.9M $172.4M $307.4M $90.2M $193.7M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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