What are the investment strengths of Dorian LPG Ltd (LPG)?

Dividend yield 12.8% covered 1.3x by FCF (89M FCF vs 26M dividends paid) with 268M cash buffer for rate weakness Below book value (0.99x P/B) prices in significant rate decline; tangible assets fully cover market cap

What are the investment risks for Dorian LPG Ltd (LPG)?

Shipping rates are cyclical - 343% EPS growth signals peak; mean reversion would crush earnings and dividend 698M total debt at 30M interest expense (8% of revenue TTM) vulnerable if rates rise or cash flows drop

Dorian LPG Ltd

LPG

—

Build a strategy around LPG

Dorian LPG Ltd AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

EPS growth 343% 1Y vs industry median -16% while revenue grew 51% - massive operating leverage in upcycle[EPS Growth 1Y]
Trading at 0.99x book value with 12.8% dividend yield (2.80/share TTM) - priced for cycle downturn[P/B Ratio]
Debt/equity 0.65x with 268M cash (25% of market cap) - balance sheet can weather rate volatility[Debt to Equity]

Watch Triggers

Total Revenue TTM: Declines >15% from 365M — Signals rate cycle turning; operating leverage works both ways
Dividends Paid Per Share TTM: Cut below 2.00/share — Dividend cut would signal management expects prolonged downturn
Free Cash Flow TTM: Falls below dividend payout (26M) — Unsustainable dividend forces balance sheet drawdown or cut

Bull Case

Dividend yield 12.8% covered 1.3x by FCF (89M FCF vs 26M dividends paid) with 268M cash buffer for rate weakness

Dividends Paid Per Share TTMFree Cash Flow TTMCash and Equivalents

Below book value (0.99x P/B) prices in significant rate decline; tangible assets fully cover market cap

P/B RatioTangible Book Value

Bear Case

Shipping rates are cyclical - 343% EPS growth signals peak; mean reversion would crush earnings and dividend

EPS Growth 1YTotal Revenue 1Y Growth

698M total debt at 30M interest expense (8% of revenue TTM) vulnerable if rates rise or cash flows drop

Total DebtInterest Expense TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

40%

Leverage LPG's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.

Take Me to The Editor

Forward Thesis

FCF generation will compress as LPG shipping rates normalize from cycle peak

1-3yhigh

TTM revenue 365M up 51% reflects peak rates
89M FCF (24% margin) unsustainable at mid-cycle
Capital-intensive fleet requires ongoing maintenance capex

Operating margin 31% vs industry 27% medianCapex 32M TTM on 1.3B PPE (2.4% maintenance)3Y revenue CAGR 18% masks cyclicality

Valuation Context

Caveats

LPG Fundamentals

Transportation and Warehousing → Pipeline Transportation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.86B		—
Enterprise Value	$2.24B		—
P/E Ratio	9.6		—
Total Revenue - TTM	$481.51M	+36.3%	—
Earnings Per Share (diluted) - TTM	$4.54	+110.9%	—
Operating Margin - TTM	44.0%	+12.1%	—
Net Margin - TTM	40.2%	+14.7%	—
Free Cash Flow - TTM	$116.3M	-24.5%	—
Return on Common Equity - TTM	17.7%	+9.0%	—
Beta 5Y (Monthly)	unknown		—

LPG Dividend History

19 dividends

2026

$1.7000

05/18/26$1.0000

02/09/26$0.7000

2025

$2.4500

11/17/25$0.6500

08/12/25$0.6000

05/16/25$0.5000

02/05/25$0.7000

2024

$5.0000

11/05/24$1.0000

08/08/24$1.0000

05/07/24$2.0000

02/02/24$1.0000

2023

$4.0000

10/19/23$1.0000

08/09/23$1.0000

05/05/23$1.0000

02/14/23$1.0000

2022

$5.5000

11/04/22$1.0000

08/12/22$1.0000

05/13/22$2.5000

01/13/22$1.0000

2021

$1.0000

08/06/21$1.0000

LPG Stock Splits

No stock splits

LPG SEC Filings

Filing Date	Report Date	Report Type	Filing Link
05/27/26	03/31/26	10-K	0001596993-26-000025
02/05/26	12/31/25	10-Q	0001596993-26-000007
11/06/25	09/30/25	10-Q	0001596993-25-000049
08/04/25	06/30/25	10-Q	0001596993-25-000042
05/29/25	03/31/25	10-K	0001596993-25-000034
01/31/25	12/31/24	10-Q	0001596993-25-000013
10/31/24	09/30/24	10-Q	0001596993-24-000056
08/01/24	06/30/24	10-Q	0001596993-24-000043
05/29/24	03/31/24	10-K	0001596993-24-000030
02/01/24	12/31/23	10-Q	0001596993-24-000010
11/02/23	09/30/23	10-Q	0001596993-23-000065
08/02/23	06/30/23	10-Q	0001596993-23-000045
06/02/23	03/31/23	10-K	0001596993-23-000033
02/01/23	12/31/22	10-Q	0001596993-23-000011
11/02/22	09/30/22	10-Q	0001596993-22-000068
08/03/22	06/30/22	10-Q	0001596993-22-000050
06/02/22	03/31/22	10-K	0001596993-22-000028
02/03/22	12/31/21	10-Q	0001596993-22-000011
11/03/21	09/30/21	10-Q	0001596993-21-000056
08/04/21	06/30/21	10-Q	0001596993-21-000040
06/02/21	03/31/21	10-K	0001596993-21-000026
02/02/21	12/31/20	10-Q	0001596993-21-000013
11/02/20	09/30/20	10-Q	0001596993-20-000033
08/04/20	06/30/20	10-Q	0001596993-20-000024
06/12/20	03/31/20	10-K	0001596993-20-000019
02/05/20	12/31/19	10-Q	0001596993-20-000006
10/31/19	09/30/19	10-Q	0001596993-19-000020
08/07/19	06/30/19	10-Q	0001596993-19-000013
05/30/19	03/31/19	10-K	0001596993-19-000010
02/04/19	12/31/18	10-Q	0001596993-19-000003
10/31/18	09/30/18	10-Q	0001596993-18-000030
08/09/18	06/30/18	10-Q	0001596993-18-000022
06/28/18	03/31/18	10-K	0001596993-18-000015
02/08/18	12/31/17	10-Q	0001596993-18-000009
11/09/17	09/30/17	10-Q	0001596993-17-000024
07/31/17	06/30/17	10-Q	0001596993-17-000015
06/14/17	03/31/17	10-K	0001596993-17-000010
01/30/17	12/31/16	10-Q	0001596993-17-000004
10/28/16	09/30/16	10-Q	0001596993-16-000036
07/28/16	06/30/16	10-Q	0001596993-16-000030
05/31/16	03/31/16	10-K	0001596993-16-000015
01/29/16	12/31/15	10-Q	0001596993-16-000003
10/30/15	09/30/15	10-Q	0000919574-15-007536
08/05/15	06/30/15	10-Q	0000919574-15-005644
06/04/15	03/31/15	10-K	0000919574-15-004764
02/05/15	12/31/14	6-K	0000919574-15-000973
11/06/14	09/30/14	6-K	0000919574-14-006050
09/03/14	06/30/14	6-K	0000919574-14-005063
07/30/14	03/31/14	20-F	0000919574-14-004164
05/09/14	12/31/13	424B4	0001047469-14-004790
11/06/14	09/30/13	6-K	0000919574-14-006050