Tearsheet

Dorian LPG (LPG)

Market Price (2/20/2026): $35.15 | Market Cap: $1.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Dorian LPG (LPG)

Market Price (2/20/2026): $35.15
Market Cap: $1.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 9.0%	Trading close to highs Dist 52W High is -0.7%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%	Weak multi-year price returns 2Y Excs Rtn is -18%	Key risks LPG key risks include [1] extreme freight rate volatility directly impacting profitability, Show more.
2	Low stock price volatility Vol 12M is 45%
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 13%, Dividend Yield is 5.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 9.0%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
2	Low stock price volatility Vol 12M is 45%
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	Trading close to highs Dist 52W High is -0.7%
5	Weak multi-year price returns 2Y Excs Rtn is -18%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%
7	Key risks LPG key risks include [1] extreme freight rate volatility directly impacting profitability, Show more.

Valuation, Metrics & Events

	2/20/26	2025	2024	2023	2022
Share Price CYE	$35.15	$24.34	$24.37	$43.87	$18.95
Market Cap CYE ($ Bil)	1.5	1.0	1.0	1.8	0.8
Total Debt ($ Bil)	0.7	0.7	0.7	0.8	0.7
Total Cash ($ Bil)	0.3	0.3	0.3	0.2	0.1
Enterprise Value ($ Bil)	1.9	1.7	1.7	2.6	1.5
Valuation Ratios
P/S TTM	3.7	2.6	2.5	3.2	2.3
P/EBIT TTM	10.1	7.0	5.3	5.3	4.7
P/E TTM	12.4	8.6	6.4	5.8	5.8
P/FCF TTM	11.1	7.7	4.2	6.7	5.2
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.6	1.5	1.3
P/EBIT TTM (Sector)	9.3	7.6	6.0	5.7	4.0
P/E TTM (Sector)	14.6	11.6	9.6	8.1	5.2
P/FCF TTM (Sector)	9.8	8.2	7.2	7.4	5.0

	2/20/26	2025	2024
Share Price CYE	$35.15	$24.34	$24.37
Market Cap CYE ($ Bil)	1.5	1.0	1.0
Total Debt ($ Bil)	0.7	0.7	0.7
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	1.9	1.7	1.7
Valuation Ratios
P/S TTM	3.7	2.6	2.5
P/EBIT TTM	10.1	7.0	5.3
P/E TTM	12.4	8.6	6.4
P/FCF TTM	11.1	7.7	4.2
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.6
P/EBIT TTM (Sector)	9.3	7.6	6.0
P/E TTM (Sector)	14.6	11.6	9.6
P/FCF TTM (Sector)	9.8	8.2	7.2

	LPG	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.4
Rev Chg Q	48.7%	7.5%
Rev Chg LTM	-3.5%	6.5%
Rev Chg 3Y Avg	12.3%	5.6%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	35.0%	18.8%
CFO/Rev LTM	44.1%	20.7%
Net Inc Mgn	29.9%	12.8%
VALUATION	LOW
P/S	3.7	3.4
P/CFO	8.4	16.3
P/FCF	11.1	21.6
P/E	12.4	25.0
STABILITY	GOOD
Debt/Equity	0.45	0.20
Cash/Assets	0.17	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
2/05/2026	Earnings Release	Rev: $119 Mil (A) vs. $105 Mil (E) EPS: 1.11 (A) vs. $1.39 (E)
2/09/2026	Dividend	Amount: $0.70 Payment On: 2/24/2026
Upcoming
5/20/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Dorian LPG (LPG) stock has gained about 30% since 10/31/2025 because of the following key factors:

1. Strong Third Quarter Fiscal Year 2026 Financial Results Driven by Increased Time Charter Equivalent (TCE) Rates. Dorian LPG reported revenues of $120.0 million for the three months ended December 31, 2025, marking a 48.7% increase from $80.7 million in the same period the previous year. Net income for the quarter rose to $47.2 million, or $1.11 per diluted share, compared to $21.4 million, or $0.50 per diluted share, in the prior year. The company's Time Charter Equivalent (TCE) rate per available day for its fleet reached $50,333, representing a 39.5% increase from $36,071 in the prior year, primarily attributed to higher spot rates and lower bunker prices.

2. Robust Global Demand and Record Seaborne LPG Trade. The global seaborne LPG trade achieved a new quarterly record in the December 2025 quarter, surpassing 37 million tons for the first time, with significant contributions from North America and the Middle East. U.S. VLGC exports increased by 8.3% year-over-year to 28.0 million tons in the first half of 2025, while Middle Eastern exports grew by 4.9% to 20.7 million tons during the same period. This strong trade growth has led to elevated Very Large Gas Carrier (VLGC) rates, with US Gulf-Japan VLGC rates jumping 11% to $66,634 per day in late January 2026 following the resumption of loadings after a winter storm. Projections for 2026 anticipate average VLGC rates to be slightly higher at $53,000 per day, compared to $48,000 per day in 2025.

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Stock Movement Drivers

Fundamental Drivers

The 27.7% change in LPG stock from 10/31/2025 to 2/19/2026 was primarily driven by a 97.2% change in the company's Net Income Margin (%).

(LTM values as of)	10312025	2192026	Change
Stock Price ($)	27.54	35.16	27.7%
Change Contribution By:
Total Revenues ($ Mil)	323	404	25.0%
Net Income Margin (%)	15.1%	29.9%	97.2%
P/E Multiple	23.9	12.4	-48.0%
Shares Outstanding (Mil)	42	43	-0.4%
Cumulative Contribution			27.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/19/2026

	Return	Correlation
LPG	27.7%
Market (SPY)	0.4%	21.3%
Sector (XLE)	25.2%	8.4%

Fundamental Drivers

The 30.5% change in LPG stock from 7/31/2025 to 2/19/2026 was primarily driven by a 17.1% change in the company's Net Income Margin (%).

(LTM values as of)	7312025	2192026	Change
Stock Price ($)	26.94	35.16	30.5%
Change Contribution By:
Total Revenues ($ Mil)	353	404	14.4%
Net Income Margin (%)	25.5%	29.9%	17.1%
P/E Multiple	12.7	12.4	-2.4%
Shares Outstanding (Mil)	43	43	-0.1%
Cumulative Contribution			30.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/19/2026

	Return	Correlation
LPG	30.5%
Market (SPY)	8.6%	31.6%
Sector (XLE)	27.6%	19.6%

Fundamental Drivers

The 64.3% change in LPG stock from 1/31/2025 to 2/19/2026 was primarily driven by a 119.6% change in the company's P/E Multiple.

(LTM values as of)	1312025	2192026	Change
Stock Price ($)	21.40	35.16	64.3%
Change Contribution By:
Total Revenues ($ Mil)	419	404	-3.5%
Net Income Margin (%)	38.5%	29.9%	-22.4%
P/E Multiple	5.6	12.4	119.6%
Shares Outstanding (Mil)	43	43	-0.1%
Cumulative Contribution			64.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/19/2026

	Return	Correlation
LPG	64.3%
Market (SPY)	14.7%	38.3%
Sector (XLE)	29.0%	47.5%

Fundamental Drivers

The 161.2% change in LPG stock from 1/31/2023 to 2/19/2026 was primarily driven by a 123.6% change in the company's P/E Multiple.

(LTM values as of)	1312023	2192026	Change
Stock Price ($)	13.46	35.16	161.2%
Change Contribution By:
Total Revenues ($ Mil)	301	404	34.3%
Net Income Margin (%)	32.3%	29.9%	-7.4%
P/E Multiple	5.5	12.4	123.6%
Shares Outstanding (Mil)	40	43	-6.1%
Cumulative Contribution			161.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/19/2026

	Return	Correlation
LPG	161.2%
Market (SPY)	74.7%	30.7%
Sector (XLE)	34.7%	38.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
LPG Return	13%	110%	171%	-38%	10%	49%	551%
Peers Return	36%	14%	7%	49%	8%	16%	208%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	83%
Monthly Win Rates [3]
LPG Win Rate	58%	67%	83%	25%	42%	100%
Peers Win Rate	70%	63%	55%	72%	57%	100%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
LPG Max Drawdown	-10%	-3%	-16%	-42%	-27%	0%
Peers Max Drawdown	-1%	-5%	-12%	-5%	-9%	-3%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ENB, WMB, KMI, TRP, OKE.
[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] 2026 data is for the year up to 2/19/2026 (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 ENB, WMB, KMI, TRP, OKE

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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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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The key risks to Dorian LPG's business are primarily driven by the inherent volatility of the shipping industry and increasing external pressures.

1. Freight Rate Volatility

The liquefied petroleum gas (LPG) shipping business is characterized by significant freight rate volatility, which is identified as a major risk for Dorian LPG. VLGC (Very Large Gas Carrier) spot rates are notoriously cyclical and highly sensitive to market downturns, leading to substantial fluctuations in net income. For example, TCE (Time Charter Equivalent) rates halved year-over-year in late 2024, resulting in an 80% drop in quarterly net income for the company. Profitability and dividends are directly impacted if rates fall below the breakeven point, which is approximately $25,000 per day. The company's earnings and cash flow are expected to vary significantly from year to year due to this cyclical nature.

2. Regulatory and Environmental Pressures

Dorian LPG faces increasing regulatory and environmental pressures within the shipping industry, particularly concerning emissions reduction and the adoption of cleaner technologies. Compliance with evolving regulations, such as the EU Emissions Trading System, necessitates ongoing investment in eco-friendly solutions and can lead to increased operational costs. Failure to adapt to these changes could result in operational restrictions, higher expenses, and a potential negative impact on the company's market position. The transition to a low-carbon economy presents both compliance and reputational risks.

3. Geopolitical Factors and Trade Policy Risks

Geopolitical frictions and trade policy uncertainties pose a significant risk to the demand for LPG shipping. Trade relations between major importing and exporting nations, such as the U.S. and China, can lead to substantial shifts in LPG trade flows and export volumes. For instance, U.S. LPG exports to China plummeted by 76% in June 2025 due to renewed trade tensions and tariff policy uncertainty, directly affecting the market for VLGCs. Such disruptions can force changes in cracker feedstock preferences and impact overall demand for LPG transportation.

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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.

Interactive Breakdown

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Better Bets vs. Dorian LPG (LPG)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

OKE (16.4% | 1.7x)

ONEOK

KNTK (15.2% | 1.6x)

Kinetik

TNK (12.8% | 2.7x)

Teekay Tankers

TK (26.9% | 0.9x)

Teekay

NAT (92.1% | 3.5x)

Nordic American Tankers

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

OKE (16.4% | 9.3x)

ONEOK

VNOM (14.4% | 10.5x)

Viper Energy

TK (26.9% | 3.2x)

Teekay

Higher Rev Chg LTM (Value for LPG: -3.5%)

OKE (58.4%)

ONEOK

ENB (21.9%)

Enbridge

KMI (12.2%)

Kinder Morgan

TRP (10.7%)

TC Energy

WMB (9.0%)

Williams Companies

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

INSW (16.7%)

International Seaways

OKE (16.4%)

ONEOK

KNTK (15.2%)

Kinetik

VNOM (14.4%)

Viper Energy

DHT (13.7%)

DHT

Higher Op Mgn LTM (Value for LPG: 35.0%)

DTM (48.6%)

DT Midstream

TRP (44.4%)

TC Energy

VG (37.2%)

Venture Global

LNG (37.2%)

Cheniere Energy

PBA (36.5%)

Pembina Pipeline

Higher CFO/Rev LTM (Value for LPG: 44.1%)

AM (74.1%)

Antero Midstream

DTM (73.0%)

DT Midstream

TRP (48.2%)

TC Energy

WMB (48.2%)

Williams Companies

VG (47.3%)

Venture Global

Higher FCF/Rev LTM (Value for LPG: 33.5%)

AM (61.2%)

Antero Midstream

FLNG (44.6%)

Flex LNG

HESM (44.3%)

Hess Midstream

DTM (40.3%)

DT Midstream

STNG (37.7%)

Scorpio Tankers

Higher Total Yield (Value for LPG: 13.1%)

TNK (14.9%)

Teekay Tankers

ENB (14.0%)

Enbridge

PBA (13.5%)

Pembina Pipeline

HESM (13.4%)

Hess Midstream

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

OKE (16.4% | 1.7x)

ONEOK

FANG (20.8% | 3.3x)

Diamondback Energy

FTI (14.5% | 2.6x)

TechnipFMC

PR (48.7% | 2.5x)

Permian Resources

NE (36.2% | 2.2x)

Noble

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

OKE (16.4% | 9.3x)

ONEOK

FANG (20.8% | 9.0x)

Diamondback Energy

PR (48.7% | 6.3x)

Permian Resources

VNOM (14.4% | 10.5x)

Viper Energy

RIG (14.6% | 10.2x)

Transocean

Higher Rev Chg LTM (Value for LPG: -3.5%)

ENB (21.9%)

Enbridge

WMB (9.0%)

Williams Companies

CNQ (8.3%)

Canadian Natural Resources

COP (8.2%)

ConocoPhillips

SLB (-1.6%)

SLB

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

PR (48.7%)

Permian Resources

CCJ (23.6%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

FTI (14.5%)

TechnipFMC

Higher Op Mgn LTM (Value for LPG: 35.0%)

TPL (75.8%)

Texas Pacific Land

TRP (44.4%)

TC Energy

LNG (37.2%)

Cheniere Energy

EQT (37.0%)

EQT

FANG (36.5%)

Diamondback Energy

Higher CFO/Rev LTM (Value for LPG: 44.1%)

EQT (60.3%)

EQT

FANG (57.3%)

Diamondback Energy

TRP (48.2%)

TC Energy

WMB (48.2%)

Williams Companies

EOG (45.2%)

EOG Resources

Higher FCF/Rev LTM (Value for LPG: 33.5%)

AM (61.2%)

Antero Midstream

TALO (57.8%)

Talos Energy

HESM (44.3%)

Hess Midstream

DTM (40.3%)

DT Midstream

STNG (37.7%)

Scorpio Tankers

Higher Total Yield (Value for LPG: 13.1%)

APA (18.0%)

APA

ENB (14.0%)

Enbridge

MTDR (13.9%)

Matador Resources

PBA (13.5%)

Pembina Pipeline

HESM (13.4%)

Hess Midstream

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

UBER (17.7% | 2.9x)

Uber Technologies

COF (13.4% | 2.7x)

Capital One Financial

PGR (20.6% | 1.4x)

Progressive

MCK (13.3% | 0.3x)

McKesson

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

B (16.0% | 10.1x)

Barrick Mining

APO (89.3% | 8.6x)

Apollo Global Management

CCL (33.2% | 9.3x)

Carnival

IBKR (48.1% | 3.9x)

Interactive Brokers

VICI (23.5% | 8.7x)

VICI Properties

Higher Rev Chg LTM (Value for LPG: -3.5%)

NVDA (65.2%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

Higher Op Mgn LTM (Value for LPG: 35.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.7%)

Microsoft

LLY (45.6%)

Eli Lilly

META (41.4%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for LPG: 44.1%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MU (53.6%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

Higher FCF/Rev LTM (Value for LPG: 33.5%)

BAC (57.3%)

Bank of America

V (55.4%)

Visa

MA (50.1%)

Mastercard

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for LPG: 13.1%)

CMCSA (21.9%)

Comcast

ALL (17.6%)

Allstate

VZ (15.2%)

Verizon Communications

MFC (14.9%)

Manulife Financial

MO (13.8%)

Altria

Best Bets in Energy

What You Pay

P/EBIT (Value for LPG: 10.1x)

AM (13.3x)

Antero Midstream

TPL (57.3x)

Texas Pacific Land

MGY (11.3x)

Magnolia Oil & Gas

INSW (13.0x)

International Seaways

DTM (18.7x)

DT Midstream

CTRA (10.8x)

Coterra Energy

WHD (15.7x)

Cactus

EQT (12.0x)

EQT

EOG (9.2x)

EOG Resources

CRC (8.0x)

California Resources

P/E (Value for LPG: 12.4x)

AM (24.3x)

Antero Midstream

TPL (70.4x)

Texas Pacific Land

MGY (15.2x)

Magnolia Oil & Gas

INSW (15.2x)

International Seaways

DTM (33.4x)

DT Midstream

CTRA (14.7x)

Coterra Energy

WHD (23.3x)

Cactus

EQT (21.0x)

EQT

EOG (12.1x)

EOG Resources

CRC (12.9x)

California Resources

What You Get

Rev Chg 3Y Avg (Value for LPG: 12.3%)

AM (8.4%)

Antero Midstream

TPL (5.7%)

Texas Pacific Land

MGY (-6.9%)

Magnolia Oil & Gas

INSW (16.7%)

International Seaways

DTM (9.6%)

DT Midstream

CTRA (-5.3%)

Coterra Energy

WHD (22.9%)

Cactus

EQT (-2.8%)

EQT

EOG (-7.6%)

EOG Resources

CRC (5.3%)

California Resources

Rev Chg LTM (Value for LPG: -3.5%)

AM (7.0%)

Antero Midstream

TPL (12.5%)

Texas Pacific Land

MGY (-0.3%)

Magnolia Oil & Gas

INSW (-23.6%)

International Seaways

DTM (20.4%)

DT Midstream

CTRA (25.1%)

Coterra Energy

WHD (-3.8%)

Cactus

EQT (64.8%)

EQT

EOG (-5.0%)

EOG Resources

CRC (33.9%)

California Resources

Rev Chg Q (Value for LPG: 48.7%)

AM (3.1%)

Antero Midstream

TPL (17.0%)

Texas Pacific Land

MGY (-2.7%)

Magnolia Oil & Gas

INSW (-12.8%)

International Seaways

DTM (26.6%)

DT Midstream

CTRA (33.7%)

Coterra Energy

WHD (-10.0%)

Cactus

EQT (49.8%)

EQT

EOG (-2.3%)

EOG Resources

CRC (-11.9%)

California Resources

FCF/Rev 3Y Avg (Value for LPG: 46.8%)

AM (55.3%)

Antero Midstream

TPL (47.9%)

Texas Pacific Land

MGY (33.1%)

Magnolia Oil & Gas

INSW (29.6%)

International Seaways

DTM (25.8%)

DT Midstream

CTRA (24.8%)

Coterra Energy

WHD (23.5%)

Cactus

EQT (23.5%)

EQT

EOG (22.1%)

EOG Resources

CRC (22.0%)

California Resources

[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	Date
0	DASHBOARDS
1	Dorian LPG Earnings Notes	12/16/2025
2	How Low Can Dorian LPG Stock Really Go?	10/17/2025
3	Why Dorian LPG Stock Moved: LPG Stock Has Gained 292% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
4	LPG Dip Buy Analysis	07/10/2025
5	Time To Buy Dorian LPG Stock?	05/16/2025
6	Dorian LPG (LPG) Valuation Ratios Comparison	05/15/2025
7	Dorian LPG Total Shareholder Return (TSR): -34.8% in 2025 and 43.4% 3-yr compounded annual returns (above peer average)	03/07/2025
8	Dorian LPG (LPG) Operating Cash Flow Comparison	02/17/2025
9	Dorian LPG (LPG) Net Income Comparison	02/15/2025
10	Dorian LPG (LPG) Operating Income Comparison	02/15/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to LPG.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	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	50.3%	50.3%	-2.1%
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	38.7%	38.7%	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	31.4%	31.4%	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	28.3%	28.3%	-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	55.6%	55.6%	-0.7%
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

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CDNL	Cardinal Infrastructure	1.2	31.3%	33.4%
RELY	Remitly Global	3.6	25.9%	24.2%
TALK	Talkspace	0.8	22.9%	33.1%
HLF	Herbalife	2.0	18.3%	51.8%
ULS	UL Solutions	16.6	16.0%	4.8%
COLD	Americold Realty Trust	4.0	15.7%	8.0%
OMC	Omnicom	15.7	15.4%	0.2%
CAPR	Capricor Therapeutics	1.3	14.2%	1.0%
NP	Neptune Insurance	2.8	12.7%	-29.9%
PRG	PROG	1.6	11.9%	37.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALIT	Alight	0.4	-38.2%	-58.5%
CAR	Avis Budget	3.4	-21.5%	-24.6%
BTDR	Bitdeer Technologies	1.7	-17.4%	-29.2%
EPAM	EPAM Systems	7.7	-17.0%	-32.1%
TCMD	Tactile Systems Technology	0.6	-14.5%	-2.6%
POOL	Pool	8.1	-14.5%	-4.5%
CORT	Corcept Therapeutics	3.5	-14.0%	-1.6%
W	Wayfair	10.3	-13.0%	-20.8%
MD	Pediatrix Medical	1.6	-12.2%	-9.8%
HTZ	Hertz Global	1.5	-11.7%	-8.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FSLY	Fastly	2.7	94.1%	77.5%
SSII	SS Innovations International	0.9	32.5%	-22.5%
IBRX	ImmunityBio	8.2	31.7%	334.8%
CGNX	Cognex	9.4	30.0%	55.5%
MASI	Masimo	9.5	29.8%	34.8%
CDNL	Cardinal Infrastructure	1.2	29.5%	33.4%
RELY	Remitly Global	3.6	29.4%	24.2%
TPH	Tri Pointe Homes	4.0	25.5%	47.2%
IRDM	Iridium Communications	2.4	25.0%	32.8%
ONDS	Ondas	3.0	23.4%	16.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ALIT	Alight	0.4	-43.0%	-58.5%
UPB	Upstream Bio	0.5	-41.9%	-68.5%
BTDR	Bitdeer Technologies	1.7	-33.8%	-29.2%
GETY	Getty Images	0.3	-29.3%	-44.6%
OCUL	Ocular Therapeutix	1.3	-23.3%	-42.1%
SXC	SunCoke Energy	0.6	-23.0%	-9.3%
EPAM	EPAM Systems	7.7	-21.8%	-32.1%
NRGV	Energy Vault	0.5	-21.7%	-31.0%
HRI	Herc	4.8	-20.6%	-2.8%
TMQ	Trilogy Metals	0.6	-20.1%	-15.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	2.7	105.8%	77.5%
NKTR	Nektar Therapeutics	1.4	103.9%	74.7%
PLSE	Pulse Biosciences	1.7	81.3%	82.7%
LITE	Lumentum	44.7	78.1%	72.5%
VAL	Valaris	6.5	70.1%	83.5%
IPGP	IPG Photonics	5.5	65.1%	81.6%
MOD	Modine Manufacturing	11.5	60.3%	63.7%
ICHR	Ichor	1.6	56.5%	159.6%
EVMN	Evommune	0.9	56.1%	67.8%
PKST	Peakstone Realty Trust	0.8	49.9%	44.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-72.5%	-68.5%
U	Unity Software	7.8	-55.5%	-58.1%
FIGR	Figure Technology Solutions	3.4	-54.1%	-19.4%
FUBO	FuboTV	0.4	-50.6%	-49.6%
HIMS	Hims & Hers Health	3.6	-48.1%	-51.3%
KD	Kyndryl	2.9	-47.4%	-51.8%
ALIT	Alight	0.4	-47.1%	-58.5%
BTDR	Bitdeer Technologies	1.7	-45.5%	-29.2%
NSP	Insperity	1.0	-44.5%	-34.9%
NRGV	Energy Vault	0.5	-44.3%	-31.0%

Peer Comparisons

Peers to compare with:

Financials

	LPG	ENB	WMB	KMI	TRP	OKE	Median
Name	Dorian L.	Enbridge	Williams.	Kinder M.	TC Energy	ONEOK
Mkt Price	35.16	51.59	72.17	32.54	62.51	86.88	57.05
Mkt Cap	1.5	112.5	88.2	72.3	65.0	54.8	68.7
Rev LTM	404	65,194	11,495	16,937	15,239	31,564	16,088
Op Inc LTM	142	11,528	3,941	4,715	6,762	5,907	5,311
FCF LTM	135	3,105	1,722	2,891	2,060	2,920	2,476
FCF 3Y Avg	216	6,033	2,458	3,357	839	2,763	2,610
CFO LTM	178	12,270	5,540	5,917	7,346	5,664	5,790
CFO 3Y Avg	262	13,024	5,484	6,014	7,437	4,801	5,749

Growth & Margins

	LPG	ENB	WMB	KMI	TRP	OKE	Median
Name	Dorian L.	Enbridge	Williams.	Kinder M.	TC Energy	ONEOK
Rev Chg LTM	-3.5%	21.9%	9.0%	12.2%	10.7%	58.4%	11.4%
Rev Chg 3Y Avg	12.3%	8.8%	0.8%	-3.2%	7.4%	16.4%	8.1%
Rev Chg Q	48.7%	5.9%	10.2%	13.1%	16.5%	71.9%	14.8%
QoQ Delta Rev Chg LTM	10.8%	1.5%	2.4%	3.2%	4.0%	12.9%	3.6%
Op Mgn LTM	35.0%	17.7%	34.3%	27.8%	44.4%	18.7%	31.1%
Op Mgn 3Y Avg	45.9%	19.0%	35.5%	28.1%	43.6%	21.2%	31.8%
QoQ Delta Op Mgn LTM	4.1%	0.2%	1.6%	0.7%	1.3%	-0.9%	1.0%
CFO/Rev LTM	44.1%	18.8%	48.2%	34.9%	48.2%	17.9%	39.5%
CFO/Rev 3Y Avg	56.8%	25.0%	49.8%	38.2%	53.0%	21.5%	44.0%
FCF/Rev LTM	33.5%	4.8%	15.0%	17.1%	13.5%	9.3%	14.2%
FCF/Rev 3Y Avg	46.8%	12.2%	22.5%	21.4%	5.5%	12.7%	17.0%

Valuation

	LPG	ENB	WMB	KMI	TRP	OKE	Median
Name	Dorian L.	Enbridge	Williams.	Kinder M.	TC Energy	ONEOK
Mkt Cap	1.5	112.5	88.2	72.3	65.0	54.8	68.7
P/S	3.7	1.7	7.7	4.3	4.3	1.7	4.0
P/EBIT	10.1	7.6	19.1	15.3	7.8	8.6	9.4
P/E	12.4	15.0	37.2	23.7	18.5	16.4	17.4
P/CFO	8.4	9.2	15.9	12.2	8.8	9.7	9.4
Total Yield	13.1%	14.0%	5.4%	7.8%	10.8%	6.1%	9.3%
Dividend Yield	5.0%	7.3%	2.7%	3.6%	5.4%	0.0%	4.3%
FCF Yield 3Y Avg	17.3%	7.1%	4.4%	6.8%	1.4%	6.4%	6.6%
D/E	0.4	0.9	0.3	0.4	0.9	0.6	0.5
Net D/E	0.3	0.9	0.3	0.4	0.9	0.6	0.5

Returns

	LPG	ENB	WMB	KMI	TRP	OKE	Median
Name	Dorian L.	Enbridge	Williams.	Kinder M.	TC Energy	ONEOK
1M Rtn	26.0%	11.5%	17.3%	17.5%	15.2%	18.9%	17.4%
3M Rtn	45.5%	8.8%	23.5%	23.0%	16.5%	26.3%	23.2%
6M Rtn	17.8%	11.1%	27.0%	23.9%	24.1%	20.8%	22.4%
12M Rtn	68.7%	29.7%	28.1%	26.2%	42.9%	-7.5%	28.9%
3Y Rtn	128.8%	62.1%	163.7%	115.3%	99.2%	51.2%	107.2%
1M Excs Rtn	25.0%	10.5%	16.4%	16.6%	14.2%	18.0%	16.5%
3M Excs Rtn	38.3%	7.2%	18.6%	18.2%	13.1%	25.1%	18.4%
6M Excs Rtn	15.3%	5.9%	22.7%	18.8%	17.9%	14.7%	16.6%
12M Excs Rtn	55.3%	16.4%	17.2%	14.9%	29.4%	-19.0%	16.8%
3Y Excs Rtn	56.3%	-9.1%	93.3%	41.7%	35.9%	-20.4%	38.8%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	2/5/2026	5/29/2025	5/29/2024	6/2/2023	6/2/2022	6/2/2021	6/12/2020
Key Financials
Total Revenue	404	353	561	390	274	316	333
EBITDA	220	193	414	266	158	192	212
Operating Income	142	113	329	198	85	116	161
Net Income	121	90	307	172	72	93	112
EPS	2.84	2.14	7.63	4.31	1.79	1.86	2.08
Growth Rates
Total Revenue Growth	-3.5%	-37.0%	43.9%	42.1%	-13.2%	-5.2%	111.0%
EBITDA Growth	-17.1%	-53.4%	55.8%	68.1%	-17.6%	-9.6%	317.2%
Operating Income Growth	-21.5%	-65.7%	65.8%	133.0%	-26.7%	-27.9%	2123.0%
Net Income Growth	-25.2%	-70.7%	78.3%	139.7%	-22.3%	-17.2%	319.5%
Margins
EBITDA Margin	54.6%	54.6%	73.9%	68.2%	57.7%	60.7%	63.7%
Operating Income Margin	35.0%	31.9%	58.6%	50.9%	31.0%	36.7%	48.3%
Net Income Margin	29.9%	25.5%	54.8%	44.2%	26.2%	29.3%	33.5%
Cash & Debt
Total Cash	294	317	294	149	237	79	63
Total Debt	674	713	797	816	671	609	662
Net Debt / (Cash)	379	396	503	667	434	530	599
Cash Flows
Net Cash from Operations	178	173	388	224	119	171	169
Free Cash from Operations	135	154	356	155	96	161	149
Returns to Shareholders
Dividends	105	156	162	221	80	-0	-0
Share Repurchases	7	6	4	2	21	126	51

$ Mil \| FY: 3/31	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	12/31/2025	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
Filing Date	2/5/2026	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
Key Financials Quarterly
Total Revenue	120	124	84	76	81	82	114	141	163	145	112	134
Ebitda	72	81	36	31	48	36	78	104	127	104	79	86
Operating Income	52	59	16	15	23	19	55	82	110	80	56	84
Net Income	47	55	10	8	21	9	51	79	100	77	52	76
EPS	1.11	1.30	0.24	0.19	0.50	0.22	1.25	1.96	2.48	1.90	1.29	1.90
Key Financials TTM
Total Revenue TTM	404	365	323	353	419	501	564	561	553	493	424	390
Ebitda TTM	220	196	151	193	266	346	413	414	396	347	294	266
Operating Income TTM	142	113	73	113	180	267	329	329	330	277	225	198
Net Income TTM	121	95	49	90	161	240	307	307	304	256	199	172
Growth Rates Quarterly
Total Revenue Growth	48.7%	50.5%	-26.4%	-46.3%	-50.5%	-43.0%	2.5%	5.8%	57.8%	90.5%	45.2%	67.9%
EBITDA Growth	51.6%	123.3%	-53.6%	-70.2%	-62.5%	-65.1%	-1.0%	21.0%	63.1%	104.8%	54.3%	90.6%
Operating Income Growth	122.3%	210.8%	-71.9%	-82.2%	-78.8%	-76.3%	-0.3%	-1.7%	91.9%	186.0%	92.2%	148.7%
Net Income Growth	120.9%	487.4%	-80.3%	-89.8%	-78.6%	-87.7%	-0.8%	4.2%	95.0%	276.7%	108.2%	114.9%
Margins Quarterly
EBITDA Margin	60.3%	65.2%	43.0%	40.9%	59.2%	44.0%	68.2%	73.6%	78.1%	71.8%	70.6%	64.3%
Operating Income Margin	43.3%	47.8%	18.5%	19.4%	29.0%	23.2%	48.5%	58.3%	67.7%	55.6%	49.9%	62.7%
Net Income Margin	39.3%	44.6%	12.0%	10.7%	26.5%	11.4%	44.9%	56.0%	61.3%	52.9%	46.4%	56.9%
Cash & Debt
Total Cash	294	268	278	317	325	359	365	294	208	192	156	149
Total Debt	674	698	690	713	734	755	776	797	818	839	797	816
Net Debt / (Cash)	379	430	412	396	409	396	411	503	609	647	641	667
Cash Flows Quarterly
FCF from Operations	81	46	1	50	24	57	41	154	71	100	63	98
Cash Flows TTM
FCF from Operations TTM	178	122	133	173	277	323	366	388	332	304	253	224
Returns to Shareholders Quarterly
Dividends	28	26	21	30	43	44	40	40	40	41	40	40
Share Repurchases	-0	3	2	2	-0	4	-0	1	0	2	0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	21.3%	23.1%	6.2%	5.9%	9.2%	7.6%	21.8%	32.2%	39.1%	27.6%	19.2%	28.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.5%	11.0%	7.2%	11.3%	17.8%	26.8%	32.3%	32.1%	29.2%	23.8%	19.4%	16.7%

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	$35.16
Market Cap ($ Bil)	1.5
First Trading Date	05/08/2014
Distance from 52W High	-0.7%
	50 Days	200 Days
DMA Price	$27.39	$26.20
DMA Trend	up	up
Distance from DMA	28.4%	34.2%
	3M	1YR
Volatility	33.3%	44.9%
Downside Capture	-103.68	35.12
Upside Capture	134.74	84.29
Correlation (SPY)	17.2%	38.9%

LPG Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.08	-0.38	0.47	0.83	0.90	0.86
Up Beta	-0.52	-0.63	-0.40	0.87	0.75	0.80
Down Beta	0.45	-0.09	1.33	1.46	1.51	1.03
Up Capture	175%	54%	43%	60%	58%	69%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	13	21	31	62	121	386
Down Capture	-307%	-180%	20%	46%	61%	90%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	7	20	30	63	127	359

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LPG
LPG	67.6%	44.8%	1.28	-
Sector ETF (XLE)	24.0%	25.2%	0.81	46.7%
Equity (SPY)	13.0%	19.4%	0.51	38.9%
Gold (GLD)	71.2%	25.5%	2.08	11.2%
Commodities (DBC)	7.3%	16.9%	0.25	39.5%
Real Estate (VNQ)	6.4%	16.7%	0.20	24.0%
Bitcoin (BTCUSD)	-30.2%	44.9%	-0.66	13.5%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LPG
LPG	42.0%	43.0%	0.95	-
Sector ETF (XLE)	24.6%	26.4%	0.84	47.1%
Equity (SPY)	13.4%	17.0%	0.62	27.9%
Gold (GLD)	22.0%	17.1%	1.05	10.8%
Commodities (DBC)	11.0%	19.0%	0.47	32.0%
Real Estate (VNQ)	4.8%	18.8%	0.16	19.1%
Bitcoin (BTCUSD)	6.9%	57.1%	0.34	8.7%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LPG
LPG	23.5%	48.4%	0.62	-
Sector ETF (XLE)	11.8%	29.6%	0.43	46.6%
Equity (SPY)	15.8%	17.9%	0.76	35.4%
Gold (GLD)	15.0%	15.6%	0.80	4.8%
Commodities (DBC)	8.7%	17.6%	0.41	33.0%
Real Estate (VNQ)	6.8%	20.7%	0.29	25.4%
Bitcoin (BTCUSD)	67.7%	66.7%	1.07	9.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	1.5 Mil
Short Interest: % Change Since 1152026	-3.8%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	3
Basic Shares Quantity	42.6 Mil
Short % of Basic Shares	3.6%

Returns Analyses

	Title
0	How Low Can Dorian LPG Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
1/30/2026	1.0%
11/6/2025	2.3%	-0.1%	-7.8%
8/1/2025	6.5%	13.4%	14.9%
5/15/2025	1.7%	-13.0%	7.8%
1/24/2025	2.7%	1.7%	-7.8%
10/24/2024	2.2%	-5.0%	-12.2%
7/24/2024	0.8%	-0.8%	-5.0%
5/15/2024	-0.9%	1.8%	-8.3%
...
SUMMARY STATS
# Positive	16	16	12
# Negative	8	7	11
Median Positive	2.3%	4.6%	13.2%
Median Negative	-2.8%	-5.0%	-7.8%
Max Positive	6.5%	22.2%	39.0%
Max Negative	-12.7%	-13.0%	-22.7%

	Forward Returns
1/30/2026	1.0%
11/6/2025	2.3%	-0.1%	-7.8%
8/1/2025	6.5%	13.4%	14.9%
5/15/2025	1.7%	-13.0%	7.8%
1/24/2025	2.7%	1.7%	-7.8%
10/24/2024	2.2%	-5.0%	-12.2%
7/24/2024	0.8%	-0.8%	-5.0%
5/15/2024	-0.9%	1.8%	-8.3%
1/25/2024	-3.3%	-11.8%	-13.3%
10/26/2023	-0.7%	22.2%	39.0%
7/27/2023	2.4%	2.4%	-5.2%
5/17/2023	2.6%	6.3%	11.6%
1/27/2023	4.6%	19.4%	23.0%
10/27/2022	3.5%	14.4%	17.2%
8/3/2022	-5.6%	0.9%	-7.8%
5/19/2022	1.3%	4.4%	-0.8%
1/26/2022	3.3%	3.8%	15.3%
10/27/2021	2.2%	16.8%	7.5%
8/2/2021	1.1%	-2.4%	9.7%
5/12/2021	2.3%	4.9%	4.8%
1/25/2021	-3.5%	1.0%	11.3%
11/2/2020	-0.2%	11.4%	32.3%
5/27/2020	-12.7%	-11.7%	-13.7%
2/5/2020	-2.3%	1.6%	-22.7%
SUMMARY STATS
# Positive	16	16	12
# Negative	8	7	11
Median Positive	2.3%	4.6%	13.2%
Median Negative	-2.8%	-5.0%	-7.8%
Max Positive	6.5%	22.2%	39.0%
Max Negative	-12.7%	-13.0%	-22.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/05/2026	10-Q
09/30/2025	11/06/2025	10-Q
06/30/2025	08/04/2025	10-Q
03/31/2025	05/29/2025	10-K
12/31/2024	01/31/2025	10-Q
09/30/2024	10/31/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/29/2024	10-K
12/31/2023	02/01/2024	10-Q
09/30/2023	11/02/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	06/02/2023	10-K
12/31/2022	02/01/2023	10-Q
09/30/2022	11/02/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	06/02/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hadjipateras, Alexander C	Chief Operating Officer	Direct	Sell	9162025	32.38	5,000	161,900	2,896,067	Form
2	Hadjipateras, Alexander C	Chief Operating Officer	Direct	Sell	8292025	31.96	5,000	159,800	3,018,302	Form
3	Hadjipateras, John C	President and CEO	Direct	Buy	4102025	17.75	12,500	221,875	32,382,852	Form
4	Hadjipateras, John C	President and CEO	Spouse	Buy	4102025	17.75	12,500	221,875	2,458,375	Form
5	Hadjipateras, John C	President and CEO	Trust	Buy	4102025	17.75	5,000	88,750	544,286	Form

LPG Trade Sentinel

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Dorian LPG (LPG)

Market Price (2/20/2026): $35.15 | Market Cap: $1.5 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Dorian LPG (LPG)

Market Price (2/20/2026): $35.15Market Cap: $1.5 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Dorian LPG (LPG)

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

Share Repurchases

Share Issuance

Capital Expenditures

Interactive Breakdown

Better Bets vs. Dorian LPG (LPG)

INDUSTRY: Oil & Gas Storage & Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

Higher Rev Chg LTM (Value for LPG: -3.5%)

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

Higher Op Mgn LTM (Value for LPG: 35.0%)

Higher CFO/Rev LTM (Value for LPG: 44.1%)

Higher FCF/Rev LTM (Value for LPG: 33.5%)

Higher Total Yield (Value for LPG: 13.1%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

Higher Rev Chg LTM (Value for LPG: -3.5%)

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

Higher Op Mgn LTM (Value for LPG: 35.0%)

Higher CFO/Rev LTM (Value for LPG: 44.1%)

Higher FCF/Rev LTM (Value for LPG: 33.5%)

Higher Total Yield (Value for LPG: 13.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LPG: 12.3% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LPG: 12.3% | 10.6x)

Higher Rev Chg LTM (Value for LPG: -3.5%)

Higher Rev Chg 3Y Avg (Value for LPG: 12.3%)

Higher Op Mgn LTM (Value for LPG: 35.0%)

Higher CFO/Rev LTM (Value for LPG: 44.1%)

Higher FCF/Rev LTM (Value for LPG: 33.5%)

Higher Total Yield (Value for LPG: 13.1%)

Best Bets in Energy

P/EBIT (Value for LPG: 10.1x)

P/E (Value for LPG: 12.4x)

Rev Chg 3Y Avg (Value for LPG: 12.3%)

Rev Chg LTM (Value for LPG: -3.5%)

Rev Chg Q (Value for LPG: 48.7%)

FCF/Rev 3Y Avg (Value for LPG: 46.8%)

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Market Price (2/20/2026): $35.15 | Market Cap: $1.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (2/20/2026): $35.15
Market Cap: $1.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation