TickerGuard
Buy Day today: Good (62) Broad market participation · no major macro event
LPG

Dorian LPG Ltd

Energy · Oil & Gas Midstream · listed since 2014

58.30$ +0.8% vs. previous close Closing price · As of: Sep 17, 2026
🔔 Watch stock
Add to watchlist

Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions guidance repeatedly missed

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

There is no substance risk here: no going-concern language, no negative equity, no dilution, $342.1 million of cash against $507.5 million of debt and $1,236.5 million of equity as of June 30, 2026, and a management team that sells old ships above carrying value rather than ordering new ones at the peak. Red would be wrong. Green would be wrong too: one material operating question stays open — what the profit will consist of once the geopolitical detours disappear and there are no more ships to sell. The company has already shown how quickly $307.4 million of annual net income turns into $90.2 million (fiscal 2024 and 2025), and in the record quarter only a fifth of reported profit arrived as cash. Where the evidence sits between two levels, the more cautious one applies. The share price plays no part in this rating. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Dorian LPG posted the best result in its history for the quarter ended June 30, 2026: $138.3 million of net income, $3.24 per diluted share and a TCE rate of $75,926 per available day. Three findings temper the number: $30.1 million came from selling a ship (adjusted net income is $107.2 million), only $30.5 million of it arrived as operating cash because the Helios Pool receivable rose to $211.9 million, and the record rates are attributed by the company to the de facto closure of the Strait of Hormuz. The balance sheet is very strong and management is acting counter-cyclically. The low price-to-earnings ratio of roughly 6 measures the top of the cycle, not the substance — on fiscal 2025 earnings it would be roughly 20. Not investment advice.

Earnings power in the upswing

In the quarter ended June 30, 2026 revenue rose to $187.9 million (up 123.1 percent) and adjusted EBITDA to $165.4 million, while daily vessel operating expenses fell from $11,466 to $10,356. Even adjusted for the vessel sale, the result is $2.52 per diluted share — nearly ten times the prior-year quarter.

Balance sheet & funding

As of June 30, 2026 the company held $342.1 million of cash and $1,236.5 million of equity against $507.5 million of debt; net debt of roughly $165 million continues to fall. On August 5, 2026 the CFO cited a cash balance of "almost $600 million" after sale proceeds landed. No going-concern language, no dilution, and a largely hedged loan book.

Quality of the record profit

$30.1 million of the $138.3 million quarterly profit came from selling the VLGC Cobra (Form 10-Q for the quarter ended June 30, 2026, Note 5), which is why the company itself reports adjusted net income of only $107.2 million. At the same time just $30.5 million reached the bank account, because the Helios Pool receivable rose from $123.4 million to $211.9 million. A record that is still largely outstanding.

Freight cycle & geopolitics

The daily rate per ship jumped from $39,726 to $75,926 — per the filing on higher spot rates, per the August 5, 2026 call on the de facto closure of the Strait of Hormuz. Annual net income has already fallen once from $307.4 million (FY 2024) to $90.2 million (FY 2025), down 71 percent with an unchanged fleet. Daily cash costs of $26,000 to $27,000 do not move with it.

Capital allocation & fleet policy

Rather than ordering ships at the peak, Dorian sells old ones above carrying value: $166.4 million for the Corsair and Constellation in July 2026, roughly $63.5 million above book, with another sale announced. Only one newbuilding is on order, for 2029 delivery. Fleet carrying value fell from $1,189.3 million to $971.0 million in a single quarter — counter-cyclically right, but the earnings base is shrinking.

Dividend policy

Since September 2021 the company has distributed $19.65 per share and nearly $811 million against $974 million of cumulative net income (CFO, August 5, 2026). The quarterly report nonetheless labels the payments irregular dividends, and the board may increase, decrease or eliminate them at any time in its sole discretion. Recent tranches ranged from $0.50 to $1.00 per share.

Worth Noting

Occasion and data cut-off: rewritten on the occasion of the Form 10-Q for the quarter ended June 30, 2026 (first quarter of fiscal 2027), filed August 5, 2026, together with the earnings release (Exhibit 99.1 to the Form 8-K of the same day). All filings dated August 5, 2026 or later were reviewed; nothing new was filed between the quarterly report and the editorial cut-off on August 6, 2026. Price and valuation data are dated August 5, 2026.

Identity and legal form: Dorian LPG Ltd., CIK 0001596993, ISIN MHY2106R1100, listed on the New York Stock Exchange. A Marshall Islands corporation headquartered in Stamford, Connecticut, with operations managed from Athens/Piraeus. Despite the offshore domicile it is a U.S. domestic issuer filing Forms 10-K and 10-Q as a large accelerated filer, with no former names and no successor CIK. Fiscal year ends March 31 — the second calendar quarter of 2026 is the first quarter of fiscal 2027.

Share count and market-capitalization cross-check: 42,782,681 shares outstanding per the cover page of the quarterly report (as of July 30, 2026), unchanged from March 31, 2026; 54,647,868 shares issued less 11,865,187 treasury shares. No convertible instruments. 42,782,681 shares at $43.05 (August 5, 2026) gives roughly $1.84 billion, matching the fundamental data — the deviation is far below one fifth. The book value in the fundamental data ($26.62) still refers to March 31, 2026; this analysis uses the filed figure of roughly $28.90 as of June 30, 2026.

Earnings-call review: no in-house transcripts were on file for LPG (query on August 6, 2026 returned zero rows). The analysis therefore draws on the public transcripts of the ten calls from fiscal 2024 Q3 through fiscal 2027 Q1 — the calls of May 20, 2026 and August 5, 2026 were pulled in full and every quote verified word for word — plus the verbatim chief-executive comments in eight earnings releases filed with the SEC between November 2, 2023 and August 5, 2026. Finding across the series: on ships, shipyards and costs management delivers, but rate guidance came in too high five quarters running (December 2024 through December 2025), and since the December 2025 quarter call no forward booking rates are given at all. Also notable, on the August 5, 2026 call the chief executive calls concern about a peace deal "silly" while his own chartering executive describes peace prospects as "fragile" in the same conversation, and the dividend rationale is almost identical in both calls. One transcript discrepancy (the ordinal number of the dividend, May 20, 2026) was not adopted — the cumulative amounts and the SEC earnings releases govern.

One-off items and adjusted figures: the reported quarterly profit of $138.3 million includes a $30.1 million gain on the sale of the Cobra (May 6, 2026) and a $0.9 million unrealized gain on derivatives. The company itself reports $107.2 million, or $2.52 per diluted share, as adjusted net income. The following quarter will add an expected gain of roughly $63.5 million from the Corsair and Constellation, plus a further gain from the announced sale of the Clermont. Extrapolating the unadjusted quarterly or trailing twelve-month profit would be misleading.

AI classification: unchanged as neutral. The only mention of artificial intelligence in the Form 10-Q for the quarter ended June 30, 2026 is once again the generic cybersecurity boilerplate in the cautionary statement list (misuse or misapplication of AI in the business). No AI revenue, no documented operational AI use, no specific AI business risk. The existing file dated July 10, 2026 remains valid.

Special-situation screening (SEC EDGAR, CIK 1596993): no Form 15 or Form 25 in the relevant period — the only Form 15-12B dates from January 26, 2018 and did not concern the listed common stock. No going concern, no strategic review, no pending takeover; the unsolicited stock-for-stock approach by BW LPG and the associated proxy campaign date from 2018 and were withdrawn later that year. On July 24, 2026 the board amended the executive severance plan, removing carve-outs from the change-of-control definition that were "no longer appropriate in view of the Company's current shareholders" (Form 8-K filed July 30, 2026, Item 5.02). The finding does not clear the materiality threshold for a separate side-find entry but is documented here.

Read the Full Deep Dive Dorian LPG after the record quarter: why a price-to-earnings ratio of 6 proves nothing here Dorian LPG posted the best result in its history for the quarter ended June 30, 2026: $138.3 million in net income, $3.24 per diluted share, and a time charter equivalent rate of $75,926 per available day. On trailing twelve-month earnings the stock now trades at roughly six times profit. We read the quarterly report — and found three things that put that number in its place: $30.1 million came from selling a ship, only $30.5 million of the profit arrived as operating cash, and the freight-rate record rests on a closed strait. Buy this stock and you are not buying a shipowner. You are buying a chokepoint. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LPG since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

52-week range: 23.90 $ to 58.30 $ · Last price: 58.30 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 2.6$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 43m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 86.0%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.8

Performance

Perf. 1M ?Price performance over the last month. -15.50%
Perf. 3M ?Price performance over the last 3 months. 8.30%
Perf. 6M ?Price performance over the last 6 months. 53.00%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 74.80%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -23.2%
Perf. 1Y ?Price performance over the last 12 months. 99.91%
Perf. 3Y ?Price performance over the last 3 years. 191.13%
Perf. 5Y ?Price performance over the last 5 years. 1,003.92%
Perf. 10Y ?Price performance over the last 10 years. 2,417.70%
Perf. Since Inception ?Price performance since the first available trading day (05/08/2014) — with a complete history, that is since the IPO. 634.79%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 49.50$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 47.70$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 37.40$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 75.4
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 36.3%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 41.6%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 12.4
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 5.8
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 2.2
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 4.4
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 6.5
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 11.4

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 72.9%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 55.2%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 55.6%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 17.7%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 10.5%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 60.9%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.6
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 7.37
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. very solid 8 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 105.20%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). –
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 36.27%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. -28.89%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -52.10%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 5.90%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 3.95$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 49.1%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 0Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 0Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 83
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. Top 10% 96
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (69 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Oil & Gas Midstream

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Dorian LPG Ltd LPG 2.6 12.4 6.5 72.9 55.2 36.3 99.9
Williams Companies Inc WMB 86.8 31.7 14.9 63.6 33.6 13.8 25.4
Enterprise Products Partners LP EPD 83.1 13.3 11.5 13.3 11.8 -6.4 27.7
Energy Transfer LP ET 72.6 14.4 8.2 17.5 10.4 -0.1 29.1
Kinder Morgan Inc KMI 69.0 21.5 13.1 49.4 29.9 12.5 18.1
Targa Resources Inc TRGP 60.2 29.5 14.9 43.2 20.9 3.1 74.9
MPLX LP MPLX 59.5 12.6 11.7 55.7 38.3 8.4 22.6
ONEOK Inc OKE 57.5 16.6 11.6 27.2 14.9 55.4 34.7
Cheniere Energy Inc LNG 55.8 47.4 10.4 36.9 -53.8 24.4 15.1
Median of companies shown 60.2 16.6 11.6 43.2 20.9 12.5 27.7

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2017 · Revenue: 167 $M 2017 · Operating income: 14 $M 2017 · Net income: -1 $M 2018 · Revenue: 159 $M 2018 · Operating income: 4 $M 2018 · Net income: -20 $M 2019 · Revenue: 158 $M 2019 · Operating income: -8 $M 2019 · Net income: -51 $M 2020 · Revenue: 333 $M 2020 · Operating income: 161 $M 2020 · Net income: 112 $M 2021 · Revenue: 316 $M 2021 · Operating income: 116 $M 2021 · Net income: 93 $M 2022 · Revenue: 274 $M 2022 · Operating income: 92 $M 2022 · Net income: 72 $M 2023 · Revenue: 390 $M 2023 · Operating income: 198 $M 2023 · Net income: 172 $M 2024 · Revenue: 561 $M 2024 · Operating income: 329 $M 2024 · Net income: 307 $M 2025 · Revenue: 353 $M 2025 · Operating income: 113 $M 2025 · Net income: 90 $M 2026 · Revenue: 482 $M 2026 · Operating income: 207 $M 2026 · Net income: 194 $M
2017201820192020202120222023202420252026
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2017 167 14 -1 -0.03 52 976 1,746
2018 159 4 -20 -0.38 57 959 1,736
2019 158 -8 -51 -0.93 9 913 1,625
2020 333 161 112 2.07 169 977 1,672
2021 316 116 93 1.86 171 947 1,582
2022 274 92 72 1.78 171 947 1,582
2023 390 198 172 4.29 119 920 1,607
2024 561 329 307 7.60 388 1,024 1,838
2025 353 113 90 2.14 173 1,046 1,779
2026 482 207 194 4.55 210 1,139 1,872

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 80.7 $M Q4 2025: Q1 · 75.9 $M Q1 2025: Q2 · 84.2 $M Q2 2025: Q3 · 124.1 $M Q3 2025: Q4 · 120.0 $M Q4 2026: Q1 · 153.3 $M Q1 2026: Q2 · 187.9 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 0.50 -79.70 81 -50.50 26.50 24 21
2025: Q1 0.19 -90.30 76 -46.30 10.70 50 37
2025: Q2 0.24 -81.10 84 -26.40 12.00 1 -2
2025: Q3 1.30 486.80 124 50.60 44.60 46 33
2025: Q4 1.11 120.90 120 48.70 39.30 81 97
2026: Q1 1.90 904.70 153 102.00 52.90 82 63
2026: Q2 3.24 1,250.00 188 123.20 73.60 31 31

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 16 of our scanner strategies — each hit links to the scanner.

Growth

Quality & Balance Sheet

Breakout & Setup

Momentum & Trend

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Strong Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 4
Price Target (average) 54.60$
Distance to price -6.3% The price target sits 6.3% below the current price.

Distribution of Recommendations

Strong Buy 3
Buy 1
Hold 0
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
03/31/2027 7.84 6.28 – 9.81 630 71.5% 3
03/31/2028 4.68 3.29 – 6.40 416 -40.3% 4

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 0.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $223.3M
Market cap $2.56B
Free cash flow in year ten $224.3M
Terminal value as a share of market value 46.2%

For comparison: over the past five years free cash flow shrank by 6.3% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Neutral

Geprüft am 10.07.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr per 31.03.2026 (eingereicht 27.05.2026), das Vorjahres-10-K (per 31.03.2025) und die vier jüngsten Quartalsberichte (10-Q). In den ausgewerteten SEC-Filings von Dorian LPG findet sich kein wesentlicher KI-Bezug: Dorian ist ein Betreiber sehr großer Gastanker (VLGC) für den Transport von Flüssiggas — KI ist weder Umsatzquelle noch als operatives Werkzeug hervorgehoben. Die einzigen Erwähnungen von „artificial intelligence“ sind generische Cybersecurity- und Vorausschau-Floskeln in den Risk Factors und der Cautionary-Statement-Liste („the misuse or intentional or unintentional misapplication of artificial intelligence in our business“ sowie „the risk associated with the use of emerging technologies, such as artificial intelligence and quantum computing for nefarious purposes“) — kein konkretes, auf das eigene Reederei-Geschäftsmodell bezogenes KI-Risiko im Sinne des Kriterienkatalogs und keine belegte operative KI-Nutzung. Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) bleibt es damit bei „neutral“; Boilerplate-Risikofloskeln begründen kein „bedroht“.

View the full file — quotes, sources, reviewed filings

Filings Reviewed: 10-Q 2026-02-05 · 10-Q 2025-11-06 · 10-Q 2025-08-04 · 10-Q 2025-01-31 · 10-K 2026-05-27 · 10-K 2025-05-29

Rated on July 10, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Operationally, Dorian LPG delivers: the newbuilding, the ammonia retrofits and the drydocking program were executed over two years exactly as announced, and fiscal 2026 ended with record results. The quarterly guidance is a different story: for five consecutive quarters (fiscal 2025-Q3 through 2026-Q3) the booking rate quoted on the call exceeded the rate later realized, once by roughly 13,000 dollars per day. After analysts called out two of these misses, management stopped giving in-call guidance altogether and moved it to later in the quarter. Holders should therefore read management's rate indications as a ceiling, not as an expected value.

Red flags guidance repeatedly missed 10 calls reviewed, 2024-Q3 through 2026-Q4 · As of August 2, 2026

Five straight quarters below the quoted booking rate

On the 2025-Q2 call the CFO quoted over 40,000 dollars per day for the December quarter; roughly 36,100 was realized (2025-Q3). For the March quarter over 37,000 was quoted, roughly 35,300 delivered (2025-Q4); for the June quarter roughly 42,000, with 39,726 delivered (2026-Q1). The starkest gap came from 2026-Q1: over 67,000 dollars per day for about 70 percent of days was quoted for the September quarter, while 53,725 was realized (2026-Q2) — the Jefferies analyst raised the gap directly on the call. The subsequent 57,000 indication also fell short (50,333 realized in 2026-Q3). Management cites revenue timing, discharge options and drydock days; but the direction of the miss was the same five times: downward.

After the misses, in-call guidance was pulled

In 2026-Q2 the CFO, when asked, still assured that the new 57,000 guidance should be much more on target — it missed again. On the 2026-Q3 call there were then, for the first time in years, no forward booking figures; they would in future be published later in the quarter, as that would be more useful for investors. In 2026-Q4 the company again only said the figures would come shortly. The stated rationale is defensible, but the timing stands out: the change came immediately after two quarters in which analysts had openly raised the misses. An honest assessment of the company's own hit rate was never offered.

Metrics and guidance basis changed repeatedly

In 2024-Q4 management switched its guidance presentation: instead of percent of days booked with the associated rate (still over 100,000 dollars for over 60 percent of days in 2024-Q3), it began quoting a rate across all available pool days. In 2025-Q2 the definition of available days was additionally changed (unscheduled off-hire now deducted) and the operating-days metric was dropped entirely. Both changes were openly explained and justified as industry practice, but each landed in a quarter with weaker rates. Together with the later guidance withdrawal, a pattern emerges: presentation gets adjusted when the numbers turn uncomfortable.

2024 winter optimism misfired, dividend cut twice

In late October 2024 (2025-Q2 call) management was optimistic ahead of the seasonally strong winter period. On the 2025-Q3 call it had to concede that the winter spike failed to appear for the first time in four years, and cut the dividend from 1.00 to 0.70 dollars per share; 2025-Q4 brought a further cut to 0.50 dollars. In fairness, the dividend was always declared irregular and results-dependent — the cuts break no promise. But the episode shows that management's invariably confident market outlook has little predictive power: the tone at 91,000 dollars spot was the same as at 30,000.

Fleet commitments were kept throughout

The pattern in rate guidance contrasts with a clean record on hard commitments. The ammonia-capable newbuilding ordered in 2024-Q3 was delivered at the end of March 2026 as announced and financed with a 62.9 million dollar loan exactly as flagged in 2026-Q3 (2026-Q4). The two additional ammonia retrofits promised in 2025-Q3 were executed on schedule in 2025, and the large drydocking program of twelve dockings was fully completed by early 2026 (2026-Q3). Cost indications (around 26,000 dollars cash cost per day) also held steady over the years. Operationally this management is predictable — just not in its rate forecasts.

Management promises

  • 2024-Q3 — Newbuilding of an ammonia-capable VLGC/VLAC at Hanwha in South Korea, delivery in 2026. Per the 2026-Q4 call the vessel was delivered at the end of March 2026 and is contributing to earnings immediately — delivered on the dot. kept
  • 2025-Q3 — Two more existing VLGCs to be retrofitted for ammonia cargo during 2025. The second retrofit was completed per 2025-Q4, and the third followed on schedule in the final quarter of 2025 per 2026-Q3. kept
  • 2026-Q1 — For the September 2025 quarter, about 70 percent of days were said to be booked at a rate in excess of 67,000 dollars per day. 53,725 dollars per day was realized (2026-Q2) — a gap of roughly 13,000 dollars that the Jefferies analyst raised openly on the call; it was attributed to revenue timing and drydock days. broken
  • 2026-Q2 — The new guidance of about 57,000 dollars per day for the December quarter was said to be much more on target this time and a good barometer. 50,333 dollars per day was realized (2026-Q3). Instead of an explanation, management changed its guidance practice on that same call and has since released booking figures only later in the quarter. broken
  • 2026-Q3 — The final payment of about 62 million dollars for the newbuilding was to be financed via a loan facility. Per 2026-Q4, 62.9 million dollars was borrowed at delivery at 125 basis points over SOFR — exactly as announced. kept

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q3 through 2026-Q4.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

6 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 7.3%
  • More than 10% revenue growth is expected for the coming year -28.9%
  • Share count grows by less than 3% a year 1.9%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 60.4%
  • Gross margin at 40% or higher and without meaningful erosion 54.1%
  • Goodwill from acquisitions does not grow faster than revenue 0.0%
  • Net debt below twice EBITDA 1.3 x EBITDA
  • Operating cash flow covers the profits of the last three years 180 m
  • Return on capital at 15% or higher, or up versus two years ago 12.2%
  • Insiders hold at least 10% or are net buyers 14.2%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

4/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 12.5%
  • Exp. sales growth 3Y > 5% -7.1%
  • EBIT growth 10Y > 5% 34.9%
  • Exp. EBIT growth 3Y > 5% 1.5%
  • Net debt < 4x EBIT 1.8x
  • EBIT positive, 10Y straight 9
  • Max. EBIT decline < 50% 100.0%
  • Return on equity > 15% 17.0%
  • ROCE > 15% 12.2%
  • Expected return > 10% 6.1%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 11, 2026 Lunde Marit Director Sell 12,104 54.42 658,700
Sep 10, 2026 Young Theodore B. Chief Financial Officer Sell 11,919 54.50 649,586
Sep 10, 2026 Hadjipateras Alexander C. Chief Operating Officer Sell 5,000 54.13 270,650
Sep 9, 2026 Hansen Tim Truels Chief Commercial Officer Sell 50,000 53.12 2,655,890
Sep 9, 2026 Young Theodore B. Chief Financial Officer Sell 5,000 54.01 270,040
Sep 8, 2026 Young Theodore B. Chief Financial Officer Sell 9,081 53.25 483,536
Aug 11, 2026 Hansen Tim Truels Chief Commercial Officer Sell 25,000 45.04 1,126,100
Aug 5, 2026 Lycouris John Head of Energy Transition Other 3,573 43.05 153,818
Aug 5, 2026 Lycouris John Head of Energy Transition Other 5,585 43.05 240,434
Aug 5, 2026 Lycouris John Head of Energy Transition Other 4,634 43.05 199,494

View all insider transactions →

The company

About the Company

Dorian LPG Ltd. beschäftigt sich zusammen mit seinen Tochtergesellschaften mit dem Transport von Flüssiggas über seine LPG-Tanker weltweit.

CEO Insider Trades (12 Mo.)
buying own stock
Employees
602
Headquarters
Stamford, CT
Address
27 Signal Road, 06902 Stamford, United States
Phone
203 674 9900
IPO Date
05/08/2014
ISIN
MHY2106R1100

Management

Management
Name Title Birth Year
John C. Hadjipateras Chairman of the Board, President & CEO 1950
Theodore B. Young CFO, Treasurer and Principal Financial & Accounting Officer 1967
Alexander C. Hadjipateras Chief Operating Officer 1979
John C. Lycouris Head of Energy Transition & Director 1950
Tim T. Hansen Chief Commercial Officer 1969
Nigel Grey-Turner Vice President of Chartering, Insurance & Legal –
Constantine J. Markakis President & CEO of Dorian LPG Management - Athens –
Taro Rasmussen Vice President of Chartering –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 09/14/2026 DORIAN LPG LTD. (LPG): Submission of Matters to a Vote of Security Holders SEC ↗
  • 09/03/2026 DORIAN LPG LTD. (LPG): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
  • 08/04/2026 DORIAN LPG LTD. (LPG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
  • 07/30/2026 DORIAN LPG LTD. (LPG): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
  • 07/15/2026 DORIAN LPG LTD. (LPG): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

Was this page helpful to you?