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StealthGas Inc (GASS)
NASDAQ:GASS
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StealthGas
(NASDAQ:GASS)
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Rating:83Outperform
Price Target:
$9.00
▲(3.45% Upside)
Action:ReiteratedDate:01/13/26
The score is driven primarily by strong financial performance (high profitability and a near-zero leverage balance sheet) and an attractive low earnings multiple (P/E ~4.5). Technicals are supportive but capped by overbought momentum (RSI ~78.9, Stoch ~93.4), and cash-flow variability (volatile free cash flow) is a key risk factor.
Positive Factors
Debt Elimination
Eliminating debt enhances financial stability and flexibility, allowing the company to reinvest in growth opportunities without the burden of interest payments.
Revenue Growth
Consistent revenue growth indicates strong market demand and effective business operations, positioning the company well for future expansion.
Operational Efficiency
Improved operational efficiency through higher EBIT margins suggests effective cost management and the ability to generate more profit from revenues.
Negative Factors
Eco Wizard Incident
The incident with Eco Wizard affects revenue and highlights operational risks in the shipping industry, potentially impacting future earnings.
Reduced Joint Venture Income
Decreased joint venture income can limit growth opportunities and reduce overall profitability, affecting long-term financial performance.
Negative Free Cash Flow
Negative free cash flow indicates potential liquidity constraints, which could limit the company's ability to fund new projects or weather economic downturns.
StealthGas (GASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$330.96M
Dividend YieldN/A
Average Volume (3M)104.41K
Price to Earnings (P/E)5.2
Beta (1Y)0.65
Revenue Growth12.23%
EPS Growth-5.22%
CountryUS
Employees602
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.34
Shares Outstanding36,978,680
10 Day Avg. Volume111,154
30 Day Avg. Volume104,409
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.32
Price to Sales (P/S)1.19
P/FCF Ratio-74.59
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue1.48
Enterprise Value/Gross Profit3.63
Enterprise Value/Ebitda2.90
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.27
Revenue Forecast (FY)$153.70M
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 generates revenue through the chartering of its gas carrier fleet, which transports LPG and other gases for clients on both short-term and long-term contracts. The company earns income based on the rates set in these charters, which can vary according to market conditions and demand for gas transportation. StealthGas also benefits from operational efficiencies and cost management strategies that enhance profitability. Additionally, the company may engage in partnerships with energy producers and other shipping companies, allowing it to expand its service offerings and increase its market reach. Fluctuations in global energy prices and shipping rates can significantly impact its earnings, making market conditions a critical factor in its financial performance.
StealthGas Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| 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 overall fundamentals: very high profitability (TTM net margin ~35%, EBITDA margin ~51%) and a materially strengthened balance sheet with near-zero leverage. Operating cash flow supports earnings (~1.3x net income), but free cash flow has been volatile (including negative in 2024) and margins have slipped vs. 2024.Income Statement
Profitability is a clear strength: TTM (Trailing-Twelve-Months) net margin is ~35% with EBITDA margin ~51%, and profitability has been strong since 2022 after a loss in 2021. Revenue has grown in the most recent periods (TTM up vs. 2024; 2024 up vs. 2023), indicating improving demand/charter economics. The main weakness is some margin slippage versus 2024 (net margin ~42% in 2024 vs. ~35% TTM) and a history of earnings volatility (notably 2021).86
Very Positive
Balance Sheet
The balance sheet has strengthened materially. TTM shows extremely low reported debt relative to equity (near-zero leverage) and equity remains a very large portion of the capital base, which meaningfully reduces financial risk. Returns on equity are solid (about 9–11% in recent periods), though not consistently high. A key watch item is the large change in debt levels from prior years (moderate leverage in 2022–2024 to near-zero TTM), which may reflect timing, repayments, or classification changes.92
Very Positive
Cash Flow
Cash generation is generally strong: TTM operating cash flow is healthy and covers net income well (operating cash flow is ~1.3x net income), and free cash flow is positive with free cash flow at ~88% of net income. However, free cash flow has been volatile—2024 free cash flow was negative despite positive operating cash flow, and TTM free cash flow is down versus the prior period—suggesting variability in capital spending or working-capital movements.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 177.26M | 167.26M | 143.53M | 152.76M | 150.20M | 145.00M |
| Gross Profit | 72.51M | 74.38M | 50.85M | 72.68M | 61.20M | 73.69M |
| EBITDA | 90.66M | 85.89M | 73.28M | 63.39M | 6.44M | 61.33M |
| Net Income | 62.07M | 69.86M | 51.94M | 34.25M | -35.12M | 11.98M |
Balance Sheet | ||||||
| Total Assets | 697.87M | 732.24M | 697.21M | 821.53M | 798.67M | 944.01M |
| Cash, Cash Equivalents and Short-Term Investments | 69.71M | 80.65M | 77.20M | 82.27M | 31.30M | 38.24M |
| Total Debt | 137.78K | 84.89M | 123.64M | 277.11M | 293.90M | 351.80M |
| Total Liabilities | 21.47M | 105.71M | 147.55M | 303.61M | 323.90M | 379.41M |
| Stockholders Equity | 676.40M | 626.53M | 549.66M | 517.93M | 474.77M | 564.60M |
Cash Flow | ||||||
| Free Cash Flow | 72.06M | -2.67M | 77.36M | 42.33M | 15.81M | 3.99M |
| Operating Cash Flow | 82.07M | 103.50M | 77.44M | 66.56M | 41.04M | 52.11M |
| Investing Cash Flow | -801.31K | -64.48M | 111.34M | -17.26M | -19.25M | -58.07M |
| Financing Cash Flow | -88.92M | -38.25M | -174.18M | -25.85M | -29.13M | -23.12M |
StealthGas Technical Analysis
Positive
8.70
Price Trends
7.72
Positive
7.20
Positive
6.92
Positive
Market Momentum
0.28
Negative
72.65
Negative
97.34
Negative
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 8.7 is above the 20-day moving average (MA) of 8.17, above the 50-day MA of 7.72, and above the 200-day MA of 6.92, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 72.65 is Negative, neither overbought nor oversold. The STOCH value of 97.34 is Negative, 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 | $330.96M | 5.16 | 9.65% | ― | 12.23% | -5.22% | |
80 Outperform | $481.63M | 3.49 | 33.15% | 4.95% | 7.26% | 6.60% | |
69 Neutral | $665.42M | 18.61 | 6.46% | 2.80% | -26.81% | -78.30% | |
66 Neutral | $302.99M | 14.21 | 7.65% | 4.94% | -8.99% | -68.66% | |
64 Neutral | $607.50M | 31.61 | 4.23% | 3.57% | 14.21% | -36.71% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $298.70M | 23.65 | 3.54% | 2.34% | -5.45% | 139.59% |
* Industrials Sector Average
GASS
StealthGas
8.95
3.51
64.52%
DSX
Diana Shipping
2.58
0.82
46.76%
ESEA
Euroseas
68.74
42.82
165.22%
SHIP
Seanergy Maritime
14.35
7.71
116.24%
ASC
Ardmore Shipping
16.38
7.45
83.37%
PANL
Pangaea Logistics Solutions
9.35
4.49
92.55%
StealthGas Corporate Events
StealthGas Inc. Reports Increased Q3 2025 Profits Amid Fleet Expansion
Nov 25, 2025
StealthGas Inc. announced its financial results for the third quarter and nine months ending September 30, 2025, on November 25, 2025. The company reported a net income of $13.3 million for the third quarter, a 10% increase from the previous year, despite flat net revenues due to increased voyage expenses. The company successfully repaid all debt obligations for its fully owned fleet, totaling $85.9 million in repayments for the first nine months of 2025, and maintained a strong cash position. The increase in revenue was driven by an expanded fleet and improved market conditions, though costs rose due to higher voyage and operating expenses.
The most recent analyst rating on (GASS) stock is a Buy with a $7.50 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.