Education
About Us
Working with TipRanks
Follow Us
Stealthgas (GASS)
NASDAQ:GASS
Top Page
StealthGas
(NASDAQ:GASS)
Select Model
Select Model
Rating:83Outperform
Price Target:
$10.50
▲(11.11% Upside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by strong underlying financial performance (high profitability and a significantly de-levered balance sheet) and very attractive valuation (low P/E). Technicals are supportive due to strong trend/momentum, but overbought indicators raise near-term volatility risk. The latest earnings call reinforces balance-sheet strength and revenue visibility, while flagging operational and geopolitical headwinds.
Positive Factors
Deleveraged balance sheet
The company’s zero net-debt capital structure and large equity base materially reduce interest exposure and lower breakeven financing costs. This durable strength increases financial flexibility for drydocks, fleet optimization and shareholder returns, and cushions earnings through shipping cycles.
Strong profitability and margins
Sustained high margins and second-best annual profits reflect efficient operations and pricing power in LPG shipping. Strong profitability generates internal cash to fund replacements, drydock cycles and buybacks, improving resilience across cyclical rate swings and reducing reliance on external financing.
Visible forward revenue coverage
Meaningful multi-year contracted revenue and nearly half of next-year days secured cut spot exposure and increase revenue visibility. This structural forward cover aids planning for capex/drydocks, supports cash-flow forecasting, and smooths earnings sensitivity to short-term rate volatility.
Negative Factors
Cyclical, choppy revenue trends
StealthGas operates in a cyclical shipping market where utilization and charter rates swing. Choppy revenues and occasional negative free cash flow (e.g., 2024) create persistent forecast uncertainty, making capital allocation and return consistency vulnerable during prolonged soft rate periods.
Off‑hire vessel / incident risk
A damaged, impaired vessel reduces available earning days and raises repair, docking and potential uninsured loss risk. Protracted insurance resolution or further impairments could materially reduce cash generation and increase variability in fleet productivity over multiple quarters.
Rising voyage and operating costs
Significantly higher voyage and operating costs compress margins even with strong earnings. Persistent cost inflation (bunker, port, crew) and reduced JV earnings amplify margin pressure; combined with geopolitical and demand headwinds, this can cap free cash flow recovery during weaker rate cycles.
StealthGas (GASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$349.45M
Dividend YieldN/A
Average Volume (3M)206.82K
Price to Earnings (P/E)4.2
Beta (1Y)0.63
Revenue Growth12.23%
EPS Growth-5.22%
CountryUS
Employees602
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.36
Shares Outstanding36,978,680
10 Day Avg. Volume330,802
30 Day Avg. Volume206,823
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)0.36
Price to Sales (P/S)1.45
P/FCF Ratio2.97
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit3.72
Enterprise Value/Ebitda2.99
Forecast
1Y Price Target
$14.00Price Target Upside48.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.26
Revenue Forecast (FY)$154.90M
StealthGas Business Overview & Revenue Model
Company DescriptionStealthGas Inc., together with its subsidiaries, provides seaborne transportation services to liquefied petroleum gas (LPG) producers and users internationally. It also provides crude oil and natural gas. The company's carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer; and refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals. As of December 31, 2021, it had a fleet of 44 LPG carriers with a total capacity of 389,426 cubic meters; three medium range product carriers with a total capacity of 140,000 deadweight tons (dwt); and one Aframax crude oil tanker with a total capacity of 115,804 dwt. StealthGas Inc. was incorporated in 2004 and is based in Athens, Greece.
How the Company Makes MoneyStealthGas primarily makes money by chartering its LPG carriers to customers for the transportation of LPG. Its core revenue stream is freight/charter income earned under time-charter arrangements (where a charterer pays a contracted daily rate for use of a vessel for a set period) and spot/voyage employment (where revenue depends on market rates and voyages performed). Charter revenue is influenced by fleet utilization (days employed vs. idle), prevailing charter rates for pressurized and semi-refrigerated LPG carriers, and operating performance (e.g., minimizing off-hire days and controlling voyage/operating costs). Additional contributing factors to earnings typically include the company’s ability to renew or extend charters, reposition vessels into stronger markets, and manage vessel operating expenses and drydocking schedules; however, specific contractual terms, named counterparties, or partnership details are not available here and are therefore null.
StealthGas Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive strategic and financial picture: the company achieved strong full-year profitability (second-best on record), materially strengthened liquidity, and executed a successful deleveraging program that resulted in a zero bank-debt capital structure and meaningful interest savings. These strategic achievements provide resilience and optionality. Near-term operational and cost headwinds were evident in Q4 — lower utilization, an out-of-service vessel incident (Eco Wizard), doubled voyage expenses, and a sizeable reduction in JV earnings versus a prior-year one-off gain — which caused a quarterly revenue and earnings decline. Market and geopolitical risks (Iran/Houthi activity, flat Chinese imports and growing global export capacity) add uncertainty. Overall, the positive strategic accomplishments and improved balance sheet outweigh the short-term operational and market challenges.Q4-2025 Updates
Positive Updates
Strong Annual Profitability
Adjusted net income for FY2025 of $65.6M (referred to as ~$66M), the second-highest in company history; full-year revenues of $173.2M, up ~3.5% year-over-year; full-year EPS of $1.77, demonstrating sustained high profitability despite market volatility.
Successful Deleveraging — Debt-Free Capital Structure
Repaid $86M in bank debt during 2025 and $350M since 2023, resulting in zero bank debt at company level; significant interest savings with interest costs down ~$6.8M for the year and reduced interest expense of ~$1.4M in the quarter.
Material Improvement in Liquidity
Cash of $99M as of December 31, 2025, with free cash reported at $29M at year-end and noted to have grown to ~$110M currently; net proceeds of $25M received from the sale of two vessels and expected additional cash inflows of ~$29M from two vessels held for sale.
Visible Forward Revenue Coverage
$104M in contracted revenues secured for future periods up to 2029; 48% of fleet calendar days secured one year forward (as of March 2026), equating to roughly $66M in revenues for the remainder of 2026 — providing revenue visibility and lower spot exposure.
Active Asset Optimization & Shareholder Returns
Sold four vessels during the period (two delivered, two held for sale) as part of a strategy to replace older tonnage; executed share buybacks of $1.8M in 2025 and $21.2M total since 2023, returning capital to shareholders.
Strong Fleet Positioning and Low Cash-Flow Breakeven
Operating a 28-vessel fleet (only JV vessel financed), with >2/3 trading in higher-rate Northern Europe/Mediterranean markets; estimated cash-flow breakeven reduced to ~$6,500–$7,000 per vessel/day due to deleveraging and cost savings.
Negative Updates
Q4 Revenue and Earnings Weakness
Fourth-quarter revenues of $39.4M, down ~9.4% year-over-year; quarterly net income declined by ~10% to $12.8M (reported) with adjusted Q4 net income ~$13.3M versus $16.4M prior-year quarter; quarterly EPS $0.34 (reported) and $0.36 (adjusted).
Reduced Operational Utilization and Idle Time
Operational utilization fell to 89% in Q4 due to planned dry dockings and increased off-hire days, including a larger MGC vessel being out of action, which materially impacted quarterly results.
Significant Vessel Incident — Eco Wizard
Eco Wizard involved in an incident and moved to a dock in Latvia; vessel not generating revenue for an extended period and its book value impaired. Resolution and insurance discussions are ongoing, creating uncertainty despite no immediate P&L hit due to insurance coverage.
Material Increase in Voyage and Some Operating Costs
Voyage expenses doubled year-over-year (+$10.9M), primarily higher port and bunker costs tied to increased spot days; overall operating expenses (OpEx) rose by ~$4.1M for the year driven by added vessels from the JV and higher crew/technical costs.
Reduction in Joint Venture Earnings
Earnings from joint ventures decreased by ~$10.5M year-over-year, largely reflecting the absence of a prior-year JV one-off gain from a vessel sale, reducing comparability and total profitability.
Market & Geopolitical Risks and Demand Uncertainties
Ongoing geopolitical risks (Iran, potential Houthi attacks) create short-term volatility and navigation risk in key routes (e.g., Strait of Hormuz); demand headwinds include flat Chinese imports (0% growth in 2025) and potential oversupply risk as U.S. and Middle East export capacity expands.
Limited Buybacks During Q4
Share repurchases paused in Q4 due to share price appreciation — while not a financial weakness, this reduced near-term shareholder return activity relative to prior periods.
Company Guidance
The company’s near-term guidance is conservative but constructive: as of March it has 48% of fleet calendar days one year forward secured (covering about $66 million of revenues for the remainder of 2026) and roughly $104 million of contracted revenues through 2029; it expects five dry dockings in 2026 (two in Q1); cash was $99 million at 31‑Dec‑2025 (free cash of $29 million then, now ~ $110 million), total liabilities $21 million and net debt zero after repaying $86 million in 2025 and $350 million since 2023; management estimates fleet cash‑flow breakeven at $6,500–$7,000 per vessel per day; share buybacks total $21.2 million since 2023 ($1.8 million in 2025, none in Q4); four vessels sold (two delivered, two held for sale with expected proceeds ~ $29 million), Eco Invictus to be delivered this month and Eco Universe sale expected to book a profit on delivery in April, while the Eco Wizard remains impaired on the balance sheet with no P&L effect pending insurance resolution.StealthGas Financial Statement Overview
Summary
Strong profitability and improved margins, a markedly strengthened/delevered balance sheet (debt-to-equity near zero), and generally healthy operating cash flow. Offsetting factors are cyclical/choppy revenue trends and occasional free-cash-flow volatility (including a negative FCF year despite strong earnings).Income Statement
Profitability is strong and has improved meaningfully versus earlier years: 2025 shows high gross and operating profitability with a net margin around 35%, following an even stronger 2024 (~42%). The company has clearly rebounded from the 2021 loss to several consecutive profitable years. The key weakness is growth: revenue is choppy and slightly down in 2025 (about -2.3%) after modest growth in 2024, which is typical for a cyclical shipping business and can pressure earnings durability if rates soften.78
Positive
Balance Sheet
The balance sheet has strengthened substantially, highlighted by extremely low debt in 2025 (debt-to-equity near zero) versus materially higher leverage in 2020–2022. Equity is large relative to assets, and returns on equity are solid (high-single to low-double digits in recent years), indicating good profitability without relying on leverage. The main watch-out is that prior years showed higher debt levels, so investors should confirm the debt reduction is structural and sustainable through the cycle.90
Very Positive
Cash Flow
Cash generation is healthy: operating cash flow is strong in 2025 and comfortably supports obligations, and free cash flow in 2025 is robust and closely matches reported profit (free cash flow to net income ~1.0). That said, cash flow has been volatile—most notably 2024 showed negative free cash flow despite strong earnings—suggesting periodic heavy investment/working-capital swings that can create year-to-year variability in cash available to shareholders.83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 173.16M | 167.26M | 143.53M | 152.76M | 150.20M |
| Gross Profit | 67.86M | 74.38M | 50.85M | 72.68M | 61.20M |
| EBITDA | 80.34M | 85.89M | 73.28M | 63.39M | 6.44M |
| Net Income | 60.65M | 69.86M | 51.94M | 34.25M | -35.12M |
Balance Sheet | |||||
| Total Assets | 711.69M | 732.24M | 697.21M | 821.53M | 798.67M |
| Cash, Cash Equivalents and Short-Term Investments | 99.08M | 80.65M | 77.20M | 82.27M | 31.30M |
| Total Debt | 104.80K | 84.89M | 123.64M | 277.11M | 293.90M |
| Total Liabilities | 21.36M | 105.71M | 147.55M | 303.61M | 323.90M |
| Stockholders Equity | 690.33M | 626.53M | 549.66M | 517.93M | 474.77M |
Cash Flow | |||||
| Free Cash Flow | 84.77M | -2.67M | 77.36M | 42.33M | 15.81M |
| Operating Cash Flow | 85.18M | 103.50M | 77.44M | 66.56M | 41.04M |
| Investing Cash Flow | 16.68M | -64.48M | 111.34M | -17.26M | -19.25M |
| Financing Cash Flow | -87.31M | -38.25M | -174.18M | -25.85M | -29.13M |
StealthGas Technical Analysis
Positive
9.45
Price Trends
8.35
Positive
7.59
Positive
7.17
Positive
Market Momentum
0.27
Positive
57.24
Neutral
20.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GASS, the sentiment is Positive. The current price of 9.45 is above the 20-day moving average (MA) of 9.07, above the 50-day MA of 8.35, and above the 200-day MA of 7.17, indicating a bullish trend. The MACD of 0.27 indicates Positive momentum. The RSI at 57.24 is Neutral, neither overbought nor oversold. The STOCH value of 20.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GASS.
StealthGas Risk Analysis
StealthGas disclosed 59 risk factors in its most recent earnings report. StealthGas reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
StealthGas Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $349.45M | 4.15 | 9.08% | ― | 12.23% | -5.22% | |
80 Outperform | $493.06M | 2.77 | 32.77% | 4.95% | 7.26% | 6.60% | |
69 Neutral | $610.00M | 12.03 | 6.37% | 2.80% | -26.81% | -78.30% | |
66 Neutral | $269.63M | 9.07 | 7.83% | 4.94% | -8.99% | -68.66% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $461.80M | 9.19 | 4.60% | 3.57% | 14.21% | -36.71% | |
55 Neutral | $283.65M | 15.21 | 3.60% | 2.34% | -5.45% | 139.59% |
* Industrials Sector Average
GASS
StealthGas
9.45
3.67
63.49%
DSX
Diana Shipping
2.45
0.76
44.80%
ESEA
Euroseas
70.37
41.02
139.78%
SHIP
Seanergy Maritime
12.77
5.99
88.35%
ASC
Ardmore Shipping
14.95
5.19
53.14%
PANL
Pangaea Logistics Solutions
7.07
1.90
36.62%
StealthGas Corporate Events
StealthGas Posts Strong 2025 Profit and Clears Debt on Fully Owned Fleet
Mar 4, 2026
On March 2, 2026, StealthGas reported unaudited results for the fourth quarter and full year ended December 31, 2025, highlighting net income of $60.6 million and earnings per share of $1.64 for 2025, with fourth-quarter net income of $12.8 million, down 10% year-on-year amid lower revenue tied partly to the July 2025 incident that rendered the Eco Wizard inoperable. The company increased annual revenues to $173.2 million on a larger fleet and better market conditions, sharply reduced interest costs by repaying $85.9 million of debt in 2025 and $350 million since December 2022 so that all fully owned vessels are now unencumbered, strengthened liquidity to $99.1 million in cash, and continued capital returns via $1.8 million of share buybacks in 2025, moves that collectively improve balance sheet strength and earnings resilience while securing 48% of 2026 fleet days on period charters worth about $104 million in contracted revenue.
The most recent analyst rating on (GASS) stock is a Buy with a $9.50 price target. To see the full list of analyst forecasts on StealthGas stock, see the GASS Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.