Tearsheet

Dorian LPG (LPG)

Market Price (12/4/2025): $25.17 | Market Cap: $1.1 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Dorian LPG (LPG)

Market Price (12/4/2025): $25.17
Market Cap: $1.1 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 7.0%	Weak multi-year price returns 2Y Excs Rtn is -77%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Low stock price volatility Vol 12M is 46%
3	Megatrend and thematic drivers Megatrends include Global Energy Supply Chains, and US Energy Independence. Themes include LPG Shipping, Energy Commodity Logistics, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 7.0%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Low stock price volatility Vol 12M is 46%
3	Megatrend and thematic drivers Megatrends include Global Energy Supply Chains, and US Energy Independence. Themes include LPG Shipping, Energy Commodity Logistics, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -77%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$25.17	$22.18	$35.65	$13.14
Market Cap CYE ($ Bil)	1.1	0.9	1.4	0.5
Total Debt ($ Bil)	0.7	0.7	0.8	0.8
Total Cash ($ Bil)	0.3	0.3	0.3	0.1
Enterprise Value ($ Bil)	1.5	1.6	2.2	1.3
Valuation Ratios
P/S TTM	3.5	2.9	3.1	1.9
P/EBIT TTM	10.3	8.3	5.1	3.8
P/E TTM	13.4	11.4	5.8	4.4
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0

	12/4/25	2024
Share Price CYE	$25.17	$22.18
Market Cap CYE ($ Bil)	1.1	0.9
Total Debt ($ Bil)	0.7	0.7
Total Cash ($ Bil)	0.3	0.3
Enterprise Value ($ Bil)	1.5	1.6
Valuation Ratios
P/S TTM	3.5	2.9
P/EBIT TTM	10.3	8.3
P/E TTM	13.4	11.4
Sector Ratios
P/S TTM (Sector)	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0
P/E TTM (Sector)	0.0	0.0

	LPG	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.4
Rev Chg Q	50.5%	7.1%
Rev Chg LTM	-27.2%	6.1%
Rev Chg 3Y Avg	12.8%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	31.0%	18.8%
CFO/Rev LTM	33.4%	20.5%
Net Inc Mgn	26.0%	13.1%
VALUATION	LOW
P/S	3.5	3.2
P/CFO	10.5	15.8
P/FCF	14.3	20.5
P/E	13.5	23.5
STABILITY	GOOD
Debt/Equity	0.55	0.20
Cash/Assets	0.15	0.07

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Metric	Value	Date	Source
Time Charter Equivalent (TCE) Rate per Available Day	$53,725	9302025	Link
Vessel Operating Expenses per Day	$10,705	9302025	Link
Fleet Utilization	93.6%	12312023	Link
Available Days	2290	9302025	Link
Number of VLGCs in Fleet	22	11062025	Link
Number of Scrubber-Fitted Vessels	16	11062025	Link
Number of Dual-Fuel LPG Vessels	5	11062025	Link

Recent
11/06/2025	Earnings Release	Rev: $120 Mil (A) vs. $120 Mil (E) EPS: 1.31 (A) vs. $1.45 (E)
11/17/2025	Dividend	Amount: $0.65 Payment On: 12/02/2025
Upcoming
2/06/2026	Earnings Release	Rev: $114 Mil (E) EPS: $1.27 (E)

LPG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Dorian LPG's Q1 Fiscal Year 2026 Earnings Miss. Dorian LPG reported its first-quarter fiscal year 2026 financial results on August 1, 2025, revealing a significant miss on both earnings per share (EPS) and revenue compared to analyst expectations. The company posted an EPS of $0.27, falling short of the anticipated $0.73, and revenue of $84.2 million against a forecast of $88.4 million. This performance led to a 7.26% drop in the stock's pre-market trading.

2. Dorian LPG's Q2 Fiscal Year 2026 Earnings Miss. On November 6, 2025, Dorian LPG announced its second-quarter fiscal year 2026 financial results, again missing both EPS and revenue forecasts. The reported EPS was $1.31, below the expected $1.37, and revenue of $124.1 million also fell short of the $125.14 million forecast. Following this announcement, the stock declined by 6.46% in pre-market trading and saw a further 7% decrease in extended trading.

Stock Movement Drivers

Fundamental Drivers

The -15.9% change in LPG stock from 9/3/2025 to 12/3/2025 was primarily driven by a -56.5% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	29.73	24.99	-15.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	323.20	364.83	12.88%
Net Income Margin (%)	15.15%	26.02%	71.73%
P/E Multiple	25.76	11.20	-56.53%
Shares Outstanding (Mil)	42.43	42.54	-0.26%
Cumulative Contribution			-15.94%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
LPG	-15.9%
Market (SPY)	6.2%	41.6%
Sector (XLE)	3.8%	35.5%

Fundamental Drivers

The 19.9% change in LPG stock from 6/4/2025 to 12/3/2025 was primarily driven by a 13.8% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	20.85	24.99	19.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	353.34	364.83	3.25%
Net Income Margin (%)	25.52%	26.02%	1.95%
P/E Multiple	9.84	11.20	13.82%
Shares Outstanding (Mil)	42.55	42.54	0.04%
Cumulative Contribution			19.86%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
LPG	19.9%
Market (SPY)	15.1%	28.4%
Sector (XLE)	13.0%	40.7%

Fundamental Drivers

The 13.1% change in LPG stock from 12/3/2024 to 12/3/2025 was primarily driven by a 186.1% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	22.10	24.99	13.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	501.24	364.83	-27.21%
Net Income Margin (%)	47.87%	26.02%	-45.65%
P/E Multiple	3.91	11.20	186.07%
Shares Outstanding (Mil)	42.49	42.54	-0.10%
Cumulative Contribution			13.05%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
LPG	13.1%
Market (SPY)	14.3%	34.8%
Sector (XLE)	-0.5%	53.2%

Fundamental Drivers

The 75.9% change in LPG stock from 12/4/2022 to 12/3/2025 was primarily driven by a 91.3% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	14.20	24.99	75.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	300.98	364.83	21.22%
Net Income Margin (%)	32.27%	26.02%	-19.38%
P/E Multiple	5.85	11.20	91.34%
Shares Outstanding (Mil)	40.02	42.54	-6.28%
Cumulative Contribution			75.25%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
LPG	-30.5%
Market (SPY)	53.2%	30.4%
Sector (XLE)	15.0%	44.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LPG Return	-21%	13%	110%	171%	-38%	10%	246%
Peers Return	-20%	38%	27%	13%	50%	9%	159%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
LPG Win Rate	42%	58%	67%	83%	25%	50%
Peers Win Rate	43%	73%	65%	60%	72%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
LPG Max Drawdown	-58%	-10%	-3%	-16%	-42%	-27%
Peers Max Drawdown	-56%	-0%	-1%	-8%	-3%	-6%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ET, MPLX, ENB, WMB, KMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	LPG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-24.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	32.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	107 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	152.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	778 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-57.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	134.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	231 days	120 days

Compare to ET, MPLX, ENB, WMB, KMI

In The Past

Dorian LPG's stock fell -24.6% during the 2022 Inflation Shock from a high on 1/12/2021. A -24.6% loss requires a 32.6% gain to breakeven.

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About Dorian LPG (LPG)

Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas (LPG) through its LPG tankers worldwide. The company owns and operates very large gas carriers (VLGCs). As of May 19, 2021, its fleet consisted of twenty-three VLGCs. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Dorian LPG:

FedEx for liquefied petroleum gas (LPG)
The Maersk of LPG shipping

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LPG Transportation: Providing global seaborne transportation of liquefied petroleum gas (LPG) through its fleet of Very Large Gas Carriers (VLGCs).

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Dorian LPG (symbol: LPG) operates Very Large Gas Carriers (VLGCs) for the international transportation of liquefied petroleum gas. As such, it sells primarily to other companies (B2B). Based on the company's annual reports (10-K filings) for the years ended March 31, 2023, 2022, and 2021: For the year ended March 31, 2023, Dorian LPG reported that no single customer accounted for 10% or more of its voyage revenues, indicating a highly diversified customer base in its most recent fiscal year. However, in previous years, certain customers did account for a significant portion of revenues:

For the year ended March 31, 2022, Trafigura accounted for 10.6% of voyage revenues. Trafigura is a private company.
For the year ended March 31, 2021, B.B. Energy (Asia) Pte. Ltd. accounted for 11.2% of voyage revenues. B.B. Energy is a private company.

Beyond these specific instances, Dorian LPG consistently states that it serves a diverse base of customers, which generally includes:

National oil companies
Oil and gas majors
Trading companies

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Hyundai Heavy Industries Co., Ltd. (KRX: 322000)
Hanwha Ocean Co., Ltd. (KRX: 042660)

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John C. Hadjipateras, Chairman, Chief Executive Officer and President

Mr. Hadjipateras has been actively involved in the management of shipping companies since 1972. He served as the Managing Director of Peninsular Maritime Ltd. in London from 1972 to 1992, and subsequently as President of Eagle Ocean, which provides chartering, sale and purchase, protection and indemnity insurance, and shipping finance services. Mr. Hadjipateras also served as a director of SEACOR Holdings Inc., a global provider of marine transportation equipment and logistics services, from 2000 to 2013.

Theodore B. Young, Chief Financial Officer and Treasurer

Mr. Young has served as Chief Financial Officer and Treasurer of Dorian LPG (USA) LLC since July 2013 and as Head of Corporate Development for Eagle Ocean from 2011 to 2013. Prior to joining Dorian LPG, he had an extensive career in private equity and investment banking. From 2004 to 2011, Mr. Young was a Senior Managing Director and member of the Investment Committee at Irving Place Capital (IPC), where he focused on investments in the industrial, transportation, and business services sectors. Before IPC, he was a Principal at Harvest Partners, a New York-based middle-market buyout firm, from 1997 to 2004, where he was active in industrial transactions and played a key role in the firm's multinational investment strategy. His investment banking career included roles at Merrill Lynch and Co. and SBC Warburg Dillon Read. Mr. Young also served on the board of MC Shipping, Inc.

Alexander C. Hadjipateras, Chief Operating Officer

Mr. Hadjipateras serves as the Chief Operating Officer of Dorian LPG Ltd. He has also been Senior Executive Vice President of Dorian LPG (USA) LLC and Managing Director of Dorian LPG Management Corp. (Athens) since July 2022, and previously held the role of Executive Vice President of Business Development. His primary areas of focus include commercial strategy, sale and purchase, and the management of the Company's operations in Athens, Greece. Since joining Eagle Ocean in 2006, he has been involved in managing its Aframax and VLGC newbuilding program. Before Eagle Ocean, Mr. Hadjipateras worked as a Business Development Manager at Avenue A / Razorfish, a digital consultancy and ad-agency.

Constantine J. Markakis, President and Chief Executive Officer, Dorian LPG Management Corp.

Mr. Markakis has served as President and Chief Executive Officer of Dorian LPG Management Corp. (Athens) since 2013. In this role, he has been instrumental in the expansion of the office and fleet, overseeing the delivery of 19 New Building VLGCs between July 2014 and February 2016. He has also had a long tenure with Dorian (Hellas) S.A., serving as Secretary / Treasurer / Director from 1984 to 1998, and as President / Director from 1998 to the present.

Tim Hansen, Chief Commercial Officer/Director Dorian LPG (DK) ApS

Mr. Hansen joined Dorian LPG in 2014 as a Chartering Manager. In 2015, he became the Managing Director for the Helios LPG Pool London Office. He began his career at sea with A.P. Moeller Maersk, progressing through the ranks in tankers, container, and dry cargo vessels, and concluding his seafaring career as a captain of various sized LPG carriers.

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AI Generated Analysis | Feedback

Dorian LPG Ltd. (symbol: LPG) primarily operates in the global liquefied petroleum gas (LPG) shipping market, specifically focusing on Very Large Gas Carriers (VLGCs). The company's main services include the transportation of LPG and offering in-house commercial and technical management services for its fleet.

The addressable market sizes for Dorian LPG's main products and services are as follows:

Global Very Large Gas Carrier (VLGC) Market: The Very Large Gas Carrier (VLGC) market is projected to reach USD 2.5 billion by 2024 and is forecasted to expand to USD 4.8 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 7.20% globally.
Global LPG Transportation Market: The global LPG transportation market size was estimated at USD 7.5 billion in 2023 and is projected to reach USD 12.8 billion by 2032, growing at a CAGR of 6.2% during the forecast period.

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Expected Drivers of Future Revenue Growth for Dorian LPG (LPG)

Dorian LPG, a leading owner and operator of Very Large Gas Carriers (VLGCs), is poised for future revenue growth driven by several key factors over the next 2-3 years:

Fleet Expansion and Modernization: Dorian LPG is actively expanding and modernizing its fleet. The company expanded its fleet with one owned and three chartered dual-fuel newbuildings in Q4 2024 and anticipates the delivery of a newbuilding VLGC/Ammonia Carrier in 2026. This expansion directly increases its carrying capacity, positioning the company for higher potential revenue days and the ability to service evolving market demands, such as ammonia transportation.
Sustained Strong Global LPG Demand and Exports: Record LPG exports from key regions like the U.S. and the Middle East are expected to continue supporting the demand for VLGC shipping services. U.S. LPG production hit a quarterly record in Q1 2025, leading to the highest quarterly export on record for Q1 and the third highest overall. This robust demand underpins the need for Dorian LPG's fleet to transport liquefied petroleum gas worldwide.
Favorable Time Charter Equivalent (TCE) Rates: An environment of strong demand and efficient operations has led to, and is anticipated to continue supporting, favorable Time Charter Equivalent (TCE) rates. In Q2 2026, TCE rates reportedly increased by 45% to over $53,700 per day, driven by firm spot prices and lower bunker costs. Sustained high TCE rates directly translate into higher revenue per operating day for Dorian LPG's vessels.
Operational Efficiency and Sustainability Initiatives: Dorian LPG's strategic focus on improving energy efficiency through scrubber installations and dual-fuel technology enhances its operational performance and competitiveness. The use of scrubbers and dual-fuel vessels results in significant savings from fuel differentials, making LPG an economically attractive fuel source for their dual-fuel vessels and potentially securing more business due to environmental compliance and cost-effectiveness.
U.S. Terminal Expansion and Production Growth: Increased production in the U.S. and ongoing U.S. terminal expansion projects are expected to support a balanced freight market and healthy earnings. The expansion of export infrastructure in the U.S. facilitates higher volumes of LPG exports, directly benefiting shipping companies like Dorian LPG by providing more cargo opportunities and driving utilization of their fleet.

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Share Repurchases

Dorian LPG had annual share buybacks of $21.365 million in 2022, $1.67 million in 2023, and $3.94 million in 2024.
As of September 30, 2025, total purchases under the 2022 Common Share Repurchase Authority amounted to 261,500 shares for an aggregate consideration of $5.6 million.
In February 2020, Dorian LPG doubled its buyback program limit to $100 million.

Share Issuance

In June 2024, Dorian LPG issued 2,000,000 common shares at a price of $44.50 per share through a public offering.
For the fiscal year ended March 31, 2025, net proceeds from common share issuance were $84.4 million, derived from gross proceeds of $89.0 million less $4.6 million in offering costs.

Capital Expenditures

For the fiscal year ended March 31, 2025, net cash used in investing activities included $18.9 million for payments towards a vessel under construction and vessel capital expenditures.
On November 24, 2023, the company entered into an agreement for a new 93,000 cbm VLGC/Ammonia Carrier, expected to be delivered in the second calendar quarter of 2026.
Dorian LPG is making strategic investments in eco-friendly and dual-fuel vessels for fleet modernization and sustainability, including plans for retrofitting vessels to transport ammonia and scrubber installations expected in fiscal years 2024 and 2025.

Better Bets than Dorian LPG (LPG)

	LPG	Better Performance than LPG
Metric	Value	INDUSTRY: Oil & Gas Storage & Transportation
Rev Chg LTM	-27.2%	OKE (58.4%), ENB (32.3%), TRP (24.5%), WMB (9.0%), KMI (8.3%)
Rev Chg 3Y Avg	12.8%	INSW (16.7%), OKE (16.4%), KNTK (15.2%), DHT (13.7%), TNK (12.8%)
Op Mgn LTM	31.0%	TRP (43.1%), LNG (37.2%), PBA (36.5%), VG (34.4%), WMB (34.3%)
CFO/Rev LTM	33.4%	TRP (51.4%), WMB (48.2%), VG (41.7%), PBA (41.6%), KMI (34.9%)
FCF/Rev LTM	24.5%	AM (60.7%), HESM (44.3%), DTM (40.3%), WES (38.7%), PBA (31.7%)
Total Yield	14.6%	TNK (21.8%), WES (18.3%), DHT (16.9%), INSW (16.7%), EE (15.2%)
P/S	3.5	OKE (1.5), ENB (1.7), TRGP (2.1), LNG (2.7), PBA (2.9)
P/Op Inc	11.2	LNG (7.3), OKE (7.8), PBA (8.0), TRP (9.0), ENB (9.8)

	LPG	Better Performance than LPG
Metric	Value	SECTOR: Energy
Rev Chg LTM	-27.2%	ENB (32.3%), WMB (9.0%), COP (8.2%), XOM (-3.3%), CVX (-3.6%)
Rev Chg 3Y Avg	12.8%	PR (48.7%), CCJ (24.2%), FANG (20.8%), OKE (16.4%), FTI (14.5%)
Op Mgn LTM	31.0%	TRP (43.1%), LNG (37.2%), FANG (36.5%), WMB (34.3%), EOG (33.4%)
CFO/Rev LTM	33.4%	FANG (57.3%), TRP (51.4%), WMB (48.2%), EOG (45.2%), KMI (34.9%)
FCF/Rev LTM	24.5%	WES (38.7%), PBA (31.7%), EQT (31.6%), TPL (30.5%), CCJ (28.1%)
Total Yield	14.6%	APA (21.6%), WES (18.3%), CNQ (17.1%), SU (15.9%), DVN (15.1%)
P/S	3.5	XOM (1.4), CNQ (1.5), CVX (1.6), ENB (1.7), COP (2.0)
P/Op Inc	11.2	CNQ (7.4), EOG (8.0), TRP (9.0), COP (9.4), ENB (9.8)

	LPG	Better Performance than LPG
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-27.2%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	12.8%	NVDA (92.0%), AVGO (24.0%), BRK-B (19.8%), META (17.3%), MSFT (13.2%)
Op Mgn LTM	31.0%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	33.4%	META (56.8%), MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%)
FCF/Rev LTM	24.5%	V (53.9%), MA (52.5%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%)
Total Yield	14.6%	CMCSA (23.8%), MFC (17.0%), VZ (16.8%), TD (16.6%), UPS (15.4%)
P/S	3.5	UNH (0.7), WMT (1.1), COST (1.5), HD (2.2), BRK-B (2.7)
P/Op Inc	11.2	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Energy Sector
	LPG
What You Pay
P/E	13.4
P/EBIT	10.2
What You Get
Rev Chg Q	50.5%
Rev Chg LTM	-27.2%
Rev Chg 3Y Avg	12.8%
FCF/Rev 3Y Avg	43.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold Dorian LPG Stock If It Fell Another 30%?	Return
2	Why Dorian LPG Stock Moved: LPG Stock Has Gained 293% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	LPG Dip Buy Analysis
4	Time To Buy Dorian LPG Stock?	Buy or Fear
5	Dorian LPG (LPG) Valuation Ratios Comparison	Financials
6	Dorian LPG Total Shareholder Return (TSR): -34.8% in 2025 and 44.5% 3-yr compounded annual returns (above peer average)
7	Dorian LPG (LPG) Operating Cash Flow Comparison	Financials
8	Dorian LPG (LPG) Net Income Comparison	Financials
9	Dorian LPG (LPG) Operating Income Comparison	Financials
10	Dorian LPG (LPG) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to LPG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%
LPG_1312024_Quality_Momentum_RoomToRun_10%	01312024	LPG	Dorian LPG	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	14.8%	-24.1%	-32.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%
LPG_1312024_Quality_Momentum_RoomToRun_10%	01312024	LPG	Dorian LPG	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	14.8%	-24.1%	-32.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Dorian LPG

Peers to compare with:

Financials

	LPG	ET	MPLX	ENB	WMB	KMI	Median
Name	Dorian L.	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Mkt Price	24.99	-	-	47.75	61.55	27.17	37.46
Mkt Cap	1.1	-	-	104.1	75.2	60.4	67.8
Rev LTM	365	79,757	11,420	64,234	11,495	16,416	13,956
Op Inc LTM	113	9,240	4,626	11,199	3,941	4,459	4,542
FCF LTM	89	5,189	4,686	4,054	1,722	2,757	3,406
FCF 3Y Avg	207	6,095	4,589	6,707	2,458	3,375	3,982
CFO LTM	122	10,841	6,088	12,821	5,540	5,735	5,912
CFO 3Y Avg	250	10,217	5,708	13,191	5,484	5,918	5,813

Growth & Margins

	LPG	ET	MPLX	ENB	WMB	KMI	Median
Name	Dorian L.	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Rev Chg LTM	-27.2%	-4.7%	6.3%	32.3%	9.0%	8.3%	7.3%
Rev Chg 3Y Avg	12.8%	-3.0%	2.5%	8.6%	0.8%	-4.3%	1.6%
Rev Chg Q	50.5%	-3.9%	4.6%	-1.6%	10.2%	12.1%	7.4%
QoQ Delta Rev Chg LTM	12.9%	-1.0%	1.1%	-0.4%	2.4%	2.8%	1.8%
Op Mgn LTM	31.0%	11.6%	40.5%	17.4%	34.3%	27.2%	29.1%
Op Mgn 3Y Avg	46.8%	10.8%	40.6%	19.1%	35.5%	27.6%	31.5%
QoQ Delta Op Mgn LTM	8.5%	0.1%	-0.4%	0.1%	1.6%	-0.5%	0.1%
CFO/Rev LTM	33.4%	13.6%	53.3%	20.0%	48.2%	34.9%	34.1%
CFO/Rev 3Y Avg	53.2%	12.7%	52.8%	25.6%	49.8%	37.5%	43.7%
FCF/Rev LTM	24.5%	6.5%	41.0%	6.3%	15.0%	16.8%	15.9%
FCF/Rev 3Y Avg	43.8%	7.5%	42.5%	13.5%	22.5%	21.5%	22.0%

Valuation

	LPG	ET	MPLX	ENB	WMB	KMI	Median
Name	Dorian L.	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
Mkt Cap	1.1	-	-	104.1	75.2	60.4	67.8
P/S	3.5	-	-	1.7	6.7	3.8	3.7
P/EBIT	10.2	-	-	8.4	16.7	14.1	12.2
P/E	13.4	-	-	18.3	32.7	23.1	20.7
P/CFO	10.4	-	-	8.6	14.0	11.0	10.7
Total Yield	14.6%	-	-	12.9%	6.2%	8.4%	10.7%
Dividend Yield	7.1%	-	-	7.4%	3.1%	4.1%	5.6%
FCF Yield 3Y Avg	15.9%	-	-	8.3%	4.7%	7.2%	7.8%
D/E	0.6	-	-	0.9	0.4	0.5	0.5
Net D/E	0.3	-	-	0.9	0.4	0.5	0.4

Returns

	LPG	ET	MPLX	ENB	WMB	KMI	Median
Name	Dorian L.	Energy T.	MPLX	Enbridge	Williams.	Kinder M.
1M Rtn	-13.2%	-	-	3.9%	4.3%	4.2%	4.0%
3M Rtn	-15.9%	-	-	0.2%	7.5%	2.8%	1.5%
6M Rtn	19.9%	-	-	5.3%	4.1%	-0.9%	4.7%
12M Rtn	13.1%	-	-	16.4%	12.6%	3.4%	12.8%
3Y Rtn	75.9%	-	-	43.5%	102.0%	68.6%	72.3%
1M Excs Rtn	-13.2%	-	-	3.9%	4.3%	4.2%	4.1%
3M Excs Rtn	-22.0%	-	-	-4.8%	2.5%	-2.5%	-3.6%
6M Excs Rtn	5.1%	-	-	-9.4%	-10.6%	-15.7%	-10.0%
12M Excs Rtn	-1.3%	-	-	3.1%	-4.7%	-13.2%	-3.0%
3Y Excs Rtn	18.2%	-	-	-31.4%	38.1%	0.7%	9.5%

Financials

Annual
Quarterly

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	11/6/2025	5/29/2025	5/29/2024	6/2/2023	6/2/2022	6/2/2021	6/12/2020
Key Financials
Total Revenue	365	353	561	390	274	316	333
EBITDA	196	193	414	266	158	192	212
Operating Income	113	113	329	198	85	116	161
Net Income	95	90	307	172	72	93	112
EPS	2.23	2.14	7.63	4.31	1.79	1.86	2.08
Growth Rates
Total Revenue Growth	-27.2%	-37.0%	43.9%	42.1%	-13.2%	-5.2%	111.0%
EBITDA Growth	-43.3%	-53.4%	55.8%	68.1%	-17.6%	-9.6%	317.2%
Operating Income Growth	-57.7%	-65.7%	65.8%	133.0%	-26.7%	-27.9%	2123.0%
Net Income Growth	-60.4%	-70.7%	78.3%	139.7%	-22.3%	-17.2%	319.5%
Margins
EBITDA Margin	53.7%	54.6%	73.9%	68.2%	57.7%	60.7%	63.7%
Operating Income Margin	31.0%	31.9%	58.6%	50.9%	31.0%	36.7%	48.3%
Net Income Margin	26.0%	25.5%	54.8%	44.2%	26.2%	29.3%	33.5%
Cash & Debt
Total Cash	268	317	294	149	237	79	63
Total Debt	698	713	797	816	671	609	662
Net Debt / (Cash)	430	396	503	667	434	530	599
Cash Flows
Net Cash from Operations	122	173	388	224	119	171	169
Free Cash from Operations	89	154	356	155	96	161	149
Returns to Shareholders
Dividends	120	156	162	221	80	-0	-0
Share Repurchases	7	6	4	2	21	126	51

$ Mil \| FY: 3/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/4/2025	5/29/2025	1/31/2025	10/31/2024	8/1/2024	5/29/2024	2/1/2024	11/2/2023	8/2/2023	6/2/2023	2/1/2023
Key Financials Quarterly
Total Revenue	124	84	76	81	82	114	141	163	145	112	134	103
Ebitda	81	36	31	48	36	78	104	127	104	79	86	78
Operating Income	59	16	15	23	19	55	82	110	80	56	84	57
Net Income	55	10	8	21	9	51	79	100	77	52	76	51
EPS	1.30	0.24	0.19	0.50	0.22	1.25	1.96	2.48	1.90	1.29	1.90	1.28
Key Financials TTM
Total Revenue TTM	365	323	353	419	501	564	561	553	493	424	390	336
Ebitda TTM	196	151	193	266	346	413	414	396	347	294	266	225
Operating Income TTM	113	73	113	180	267	329	329	330	277	225	198	148
Net Income TTM	95	49	90	161	240	307	307	304	256	199	172	132
Growth Rates Quarterly
Total Revenue Growth	50.5%	-26.4%	-46.3%	-50.5%	-43.0%	2.5%	5.8%	57.8%	90.5%	45.2%	67.9%	50.6%
EBITDA Growth	123.3%	-53.6%	-70.2%	-62.5%	-65.1%	-1.0%	21.0%	63.1%	104.8%	54.3%	90.6%	80.6%
Operating Income Growth	210.8%	-71.9%	-82.2%	-78.8%	-76.3%	-0.3%	-1.7%	91.9%	186.0%	92.2%	148.7%	155.0%
Net Income Growth	487.4%	-80.3%	-89.8%	-78.6%	-87.7%	-0.8%	4.2%	95.0%	276.7%	108.2%	114.9%	209.2%
Margins Quarterly
EBITDA Margin	65.2%	43.0%	40.9%	59.2%	44.0%	68.2%	73.6%	78.1%	71.8%	70.6%	64.3%	75.6%
Operating Income Margin	47.8%	18.5%	19.4%	29.0%	23.2%	48.5%	58.3%	67.7%	55.6%	49.9%	62.7%	55.6%
Net Income Margin	44.6%	12.0%	10.7%	26.5%	11.4%	44.9%	56.0%	61.3%	52.9%	46.4%	56.9%	49.6%
Cash & Debt
Total Cash	268	278	317	325	359	365	294	208	192	156	149	130
Total Debt	698	690	713	734	755	776	797	818	839	797	816	668
Net Debt / (Cash)	430	412	396	409	396	411	503	609	647	641	667	538
Cash Flows Quarterly
FCF from Operations	46	1	50	24	57	41	154	71	100	63	98	43
Cash Flows TTM
FCF from Operations TTM	122	133	173	277	323	366	388	332	304	253	224	156
Returns to Shareholders Quarterly
Dividends	26	21	30	43	44	40	40	40	41	40	40	40
Share Repurchases	3	2	2	-0	4	-0	1	0	2	0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	23.1%	6.2%	5.9%	9.2%	7.6%	21.8%	32.2%	39.1%	27.6%	19.2%	28.2%	21.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.0%	7.2%	11.3%	17.8%	26.8%	32.3%	32.1%	29.2%	23.8%	19.4%	16.7%	14.0%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
International transportation of liquid petroleum gas with its fleet of vessels	561
Net pool revenues - related party		365	246	293	298
Other revenues, net		2	6	4	1
Time charter revenues		23	22	19	34
Total	561	390	274	316	333

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
International transportation of liquid petroleum gas with its fleet of vessels	326
Total	326

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
International transportation of liquid petroleum gas with its fleet of vessels	305
Total	305

Price Behavior

Price Behavior

Market Price	$24.99
Market Cap ($ Bil)	1.1
First Trading Date	05/08/2014
Distance from 52W High	-21.7%
	50 Days	200 Days
DMA Price	$26.87	$24.70
DMA Trend	up	down
Distance from DMA	-7.0%	1.2%
	3M	1YR
Volatility	32.7%	46.0%
Downside Capture	170.94	50.40
Upside Capture	42.49	55.65
Correlation (SPY)	40.7%	34.8%

LPG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.17	1.18	1.18	0.93	0.81	0.91
Up Beta	-0.45	-0.09	0.21	0.71	0.75	0.80
Down Beta	1.62	1.67	1.75	1.78	1.32	1.07
Up Capture	55%	55%	33%	76%	41%	83%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	30	62	120	387
Down Capture	201%	179%	181%	55%	61%	97%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	20	33	63	126	356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of LPG With Other Asset Classes (Last 1Y)
	LPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.6%	-1.1%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	45.7%	24.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.40	-0.09	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		53.2%	34.8%	8.7%	39.1%	17.1%	13.6%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of LPG With Other Asset Classes (Last 5Y)
	LPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.2%	22.4%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	43.7%	27.1%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.90	0.76	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		48.3%	28.0%	9.8%	31.4%	18.3%	11.2%

Based On 10-Year Data

		Comparison of LPG With Other Asset Classes (Last 10Y)
	LPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.7%	7.1%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	48.5%	29.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.49	0.29	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		47.5%	36.1%	3.5%	33.4%	25.7%	9.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,374,131
Short Interest: % Change Since 10312025	-7.1%
Average Daily Volume	586,552
Days-to-Cover Short Interest	2.34
Basic Shares Quantity	42,535,822
Short % of Basic Shares	3.2%

Returns Analyses

	Title
0	Would You Still Hold Dorian LPG Stock If It Fell Another 30%?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5292025	10-K 3/31/2025
12312024	1312025	10-Q 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5292024	10-K 3/31/2024
12312023	2012024	10-Q 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	6022023	10-K 3/31/2023
12312022	2012023	10-Q 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	6022022	10-K 3/31/2022
12312021	2032022	10-Q 12/31/2021

External Quote Links

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7	FinViz

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Dorian LPG (LPG)

Market Price (12/4/2025): $25.17 | Market Cap: $1.1 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Dorian LPG (LPG)

Market Price (12/4/2025): $25.17Market Cap: $1.1 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

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Market Price (12/4/2025): $25.17 | Market Cap: $1.1 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (12/4/2025): $25.17
Market Cap: $1.1 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation