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Dorian LPG (LPG)
NYSE:LPG
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Dorian LPG
(NYSE:LPG)
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Rating:66Neutral
Price Target:
$31.00
â–²(6.06% Upside)
Dorian LPG's overall stock score is driven by its strong financial performance and attractive valuation, supported by a solid dividend yield. However, technical indicators suggest a bearish trend, which, along with some challenges noted in the earnings call, tempers the overall score.
Positive Factors
Operational Efficiency
Improved operational efficiency through cost management enhances profitability and competitiveness, supporting long-term financial health.
Market Position
Record LPG liftings indicate strong demand and market position, reinforcing Dorian LPG's role in global energy logistics.
Dividend Payments
Consistent dividend payments reflect strong cash generation and shareholder value commitment, indicating financial stability.
Negative Factors
Profitability Margins
Declining margins suggest potential cost pressures, which could impact long-term profitability if not addressed.
Free Cash Flow
Negative free cash flow growth could constrain future liquidity and investment capacity, affecting long-term strategic initiatives.
Market Volatility
Geopolitical volatility can disrupt operations and earnings, posing risks to stability and strategic planning.
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.24B
Dividend Yield13.08%
Average Volume (3M)461.22K
Price to Earnings (P/E)13.1
Beta (1Y)1.09
Revenue Growth-27.21%
EPS Growth-62.22%
CountryUS
Employees577
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.31
Shares Outstanding42,838,116
10 Day Avg. Volume520,498
30 Day Avg. Volume461,220
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)0.90
Price to Sales (P/S)2.66
P/FCF Ratio6.11
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue4.71
Enterprise Value/Gross Profit10.03
Enterprise Value/Ebitda8.76
Forecast
1Y Price Target
$33.00Price Target Upside12.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.7
Revenue Forecast (FY)$448.86M
Dorian LPG Business Overview & Revenue Model
Company DescriptionDorian 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 27, 2022, its fleet consisted of twenty-two VLGCs. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.
How the Company Makes MoneyDorian LPG generates revenue primarily through the transportation of LPG on its fleet of VLGCs. The company operates under a time charter and spot market model, where it earns income by leasing its vessels to customers for a specified duration (time charters) or by engaging in one-off contracts (spot charters) based on current market rates. Additionally, Dorian LPG may benefit from long-term contracts with major energy companies, providing a stable revenue stream. The company also focuses on operational efficiency and cost management to maximize profitability. Fluctuations in LPG demand, shipping rates, and operational costs significantly influence its earnings, making the company's performance closely tied to global energy market dynamics.
Dorian LPG Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 29, 2026
Earnings Call Sentiment Positive
The earnings call presented positive developments such as strong dividend payments, market improvements, and operational efficiency. However, these were tempered by challenges like unexpected TCE revenue shortfalls and market volatility. Despite these issues, the company's strong financial position and strategic initiatives reflect a generally positive outlook.Q2-2026 Updates
Positive Updates
Dividend Declaration
Dorian LPG declared a dividend of $0.65 per share totaling $27.8 million, marking their 17th dividend payment, with total dividends distributed reaching over $695 million and total capital returned to shareholders at almost $925 million.
VLGC Market Improvement
The VLGC market improved in the third calendar quarter, with the Baltic Index averaging $68,000 per day, up from $48,000 in the second quarter and $33,000 in the first quarter, more than doubling from the start of the year.
Record Seaborne LPG Liftings
Global seaborne LPG liftings reached a record high of 37.21 million tons, supported by record quarterly exports from North America and Saudi Arabia.
Strong Financial Metrics
The company achieved TCE revenue per available day of $53,725, generated over $30 million in free cash flow to equity during the quarter, and reported adjusted EBITDA of $85.7 million.
Operational Efficiency
Daily OpEx for the quarter was down over 6% from the prior quarter, reflecting efficient cost management by the technical management team.
Negative Updates
Unrealized TCE Revenue
Despite strong market conditions, the realized TCE revenue was lower than expected due to timing discrepancies, dry docking days, and other accounting factors.
Market Volatility
The VLGC market faced volatility due to geopolitical factors, including increased Panama Canal congestion and repositioning due to U.S. port service fees.
Dry Docking Impact
An unusually large number of dry docks due to 5- and 7.5-year docking cycles affected operational availability and financial metrics.
Company Guidance
During the Dorian LPG Second Quarter 2026 Earnings Conference Call, significant financial metrics and operational updates were provided. The company declared a $0.65 per share dividend, totaling $27.8 million, marking its 17th dividend payment and bringing total dividends to over $695 million and total capital returned to almost $925 million. The VLGC market saw improvements, with the Baltic Index averaging $68,000 per day, peaking at just under $80,000 in mid-August. Dorian LPG achieved a TCE revenue per available day of $53,725, generating over $30 million in free cash flow to equity. The fleet's operational expenses were $9,474 per day, excluding dry docking costs, and the adjusted EBITDA was reported at $85.7 million. The company's debt stood at $530 million, with a net debt to total capitalization ratio of 16.4%. Dorian LPG also focused on energy efficiency, noting scrubber vessel savings of $1,363,000 and highlighted its commitment to sustainability with ongoing investments in fuel efficiency and emission reductions.Dorian LPG Financial Statement Overview
Summary
Dorian LPG demonstrates robust revenue growth and maintains a solid balance sheet with moderate leverage. While profitability margins have declined, they remain healthy. Cash flow generation is adequate, though recent negative free cash flow growth warrants attention. Overall, the company is in a stable financial position with opportunities for improvement in profitability and cash flow management.Income Statement
Dorian LPG shows strong revenue growth with a 12.88% increase in TTM, indicating positive momentum. Gross profit margin is healthy at 36.91%, and net profit margin stands at 15.15%, reflecting solid profitability. However, margins have decreased compared to previous periods, suggesting potential cost pressures.75
Positive
Balance Sheet
The company's debt-to-equity ratio is 0.67, indicating moderate leverage and a stable financial structure. Return on equity is relatively low at 4.62%, suggesting room for improvement in generating returns for shareholders. The equity ratio is strong, highlighting a solid asset base.70
Positive
Cash Flow
Operating cash flow to net income ratio is 1.19, showing adequate cash generation relative to earnings. However, free cash flow growth is negative at -5.63%, which could be a concern for future liquidity. The free cash flow to net income ratio is 0.84, indicating a decent conversion of earnings to cash.65
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 361.39M | 353.34M | 560.72M | 389.75M | 274.22M | 315.94M |
| Gross Profit | 169.57M | 152.69M | 365.24M | 228.05M | 112.99M | 147.71M |
| EBITDA | 194.23M | 192.98M | 414.12M | 265.87M | 158.19M | 191.91M |
| Net Income | 94.92M | 90.17M | 307.45M | 172.44M | 71.94M | 92.56M |
Balance Sheet | ||||||
| Total Assets | 1.78B | 1.78B | 1.84B | 1.71B | 1.61B | 1.58B |
| Cash, Cash Equivalents and Short-Term Investments | 268.30M | 316.88M | 294.04M | 148.80M | 236.76M | 79.33M |
| Total Debt | 698.47M | 712.98M | 797.34M | 816.09M | 670.96M | 609.35M |
| Total Liabilities | 713.63M | 732.55M | 814.12M | 835.07M | 687.21M | 634.79M |
| Stockholders Equity | 1.07B | 1.05B | 1.02B | 873.85M | 920.15M | 946.83M |
Cash Flow | ||||||
| Free Cash Flow | 89.24M | 154.06M | 355.59M | 155.27M | 95.51M | 161.09M |
| Operating Cash Flow | 121.68M | 173.01M | 388.45M | 224.06M | 118.70M | 170.60M |
| Investing Cash Flow | -22.65M | -7.36M | -34.80M | -76.34M | 68.77M | 1.02M |
| Financing Cash Flow | -180.42M | -131.29M | -219.72M | -235.23M | -35.18M | -174.48M |
Dorian LPG Technical Analysis
Positive
29.23
Price Trends
25.74
Positive
27.72
Positive
25.94
Positive
Market Momentum
0.97
Negative
74.12
Negative
93.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPG, the sentiment is Positive. The current price of 29.23 is above the 20-day moving average (MA) of 25.92, above the 50-day MA of 25.74, and above the 200-day MA of 25.94, indicating a bullish trend. The MACD of 0.97 indicates Negative momentum. The RSI at 74.12 is Negative, neither overbought nor oversold. The STOCH value of 93.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPG.
Dorian LPG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.20B | 12.21 | 8.57% | 1.27% | 2.46% | 33.89% | |
76 Outperform | $1.43B | 14.82 | 12.79% | 12.31% | -3.20% | 6.76% | |
71 Outperform | $142.84M | 2.52 | 12.11% | 5.08% | 4.34% | 18.88% | |
68 Neutral | $2.12B | 6.82 | 17.02% | 3.72% | -20.11% | -26.44% | |
66 Neutral | $1.24B | 13.13 | 8.81% | 13.08% | -27.21% | -62.22% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $1.51B | 21.18 | 11.24% | 6.93% | 4.10% | -36.72% |
* Energy Sector Average
LPG
Dorian LPG
29.23
5.54
23.39%
GLP
Global Partners
45.32
-4.03
-8.17%
TNK
Teekay Tankers
59.81
17.13
40.14%
NVGS
Navigator Holdings
18.26
1.83
11.17%
DLNG
Dynagas LNG Partners
3.82
-0.92
-19.41%
FLNG
FLEX LNG
27.12
4.23
18.48%
Dorian LPG Corporate Events
DividendsFinancial Disclosures
Dorian LPG Announces Irregular Cash Dividend
Positive
Nov 6, 2025
On November 6, 2025, Dorian LPG Ltd. announced an irregular cash dividend of $0.65 per share, amounting to approximately $27.8 million, payable on December 2, 2025. The company also reported strong financial results for the second quarter of fiscal year 2026, with revenues of $124.1 million and a net income of $55.4 million. The increase in revenues was driven by higher Time Charter Equivalent rates and a record in global seaborne LPG volumes, supported by increased exports from the U.S. and the Middle East.
The most recent analyst rating on (LPG) stock is a Hold with a $31.00 price target. To see the full list of analyst forecasts on Dorian LPG stock, see the LPG 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.