Dorian LPG (LPG)
NYSE:LPG
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Dorian LPG
(NYSE:LPG)
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Rating:74Outperform
Price Target:
$38.00
â–²(9.76% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by strong financial performance (high margins, solid free cash flow, improved leverage) and attractive valuation (low P/E plus high dividend yield). Neutral-to-moderate technical momentum and the key risk of shipping-rate volatility/supply additions temper the upside, though recent high-rate forward coverage supports near-term visibility.
Positive Factors
Strong margins & cash generation
Sustained high TTM margins and strong free cash flow signal durable earnings power from fleet operations. High cash conversion (≈93%) supports reinvestment, dividend capacity and debt paydown across cycles, providing financial flexibility even when freight markets soften.
Negative Factors
Cyclical freight exposure
The VLGC business is structurally cyclical; large annual swings in revenue and profit reduce visibility for earnings and capital allocation. Even with strong recent results, cyclical downturns can quickly compress margins, free cash flow and shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong margins & cash generation
Sustained high TTM margins and strong free cash flow signal durable earnings power from fleet operations. High cash conversion (≈93%) supports reinvestment, dividend capacity and debt paydown across cycles, providing financial flexibility even when freight markets soften.
Read all positive factors
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.50B
Dividend Yield13.08%
Average Volume (3M)558.82K
Price to Earnings (P/E)5.5
Beta (1Y)1.11
Revenue Growth-27.21%
EPS Growth-62.22%
CountryUS
Employees577
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.11
Shares Outstanding42,744,102
10 Day Avg. Volume354,880
30 Day Avg. Volume558,818
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 Cap1.33
Enterprise Value/Revenue4.96
Enterprise Value/Gross Profit9.90
Enterprise Value/Ebitda9.24
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)4.42
Revenue Forecast (FY)$463.19M
Dorian LPG Business Overview & Revenue Model
Company Description
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 27, 2022, its fleet consist...
How the Company Makes Money
Dorian LPG makes money primarily by earning freight revenue from operating its VLGC fleet. Its core revenue stream comes from chartering vessels to customers under two main commercial arrangements: (1) time charters, where a customer hires a ship ...
Dorian LPG Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call presented a solid operational and financial picture: strong chartering results (TCEs near $50k/day), healthy adjusted EBITDA ($74.2M), rising free cash and continued shareholder returns, combined with fleet efficiency gains (AER ~10% better than IMO target) and completion of major docking programs. Offsetting these positives were notable market headwinds and volatility (Saudi CP adjustment, China port fees), temporary lower scrubber economics due to bunker price dynamics, near-term fleet supply additions (~36 VLGCs in 2026) and some opportunity cost from prior time-charter fixes. Management emphasized liquidity and low leverage, and signaled financing for a $62M newbuilding payment, while deferring detailed forward booking guidance given market volatility. Overall, the positives (strong earnings, cash, fleet efficiency and shareholder returns) outweigh the lowlights, though rate volatility and supply dynamics warrant monitoring.Positive Updates
Strong Chartering Performance (TCE)
Reported TCE per available day of $50,333 for the quarter; Helios Pool spot and COA TCE of $50,500 per day. Spot exposure in the Helios Pool was approximately 90% for the 29 vessels, providing high upside to spot rate improvements.
Negative Updates
Market Volatility Driven by Pricing and Policy Shocks
Freight markets were challenged by a lower-than-anticipated Saudi contract price (October) that narrowed arbitrage and by retaliatory/ambiguous China port service fees tied to USTR Section 301, which caused rerouting, added costs and short-term market disruption. Baltic index averaged lower than the prior quarter before recovering into 2026.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Chartering Performance (TCE)
Reported TCE per available day of $50,333 for the quarter; Helios Pool spot and COA TCE of $50,500 per day. Spot exposure in the Helios Pool was approximately 90% for the 29 vessels, providing high upside to spot rate improvements.
Read all positive updates
Company Guidance
Management deferred detailed forward-booking guidance until later in the quarter due to rate volatility but provided point estimates and balance-sheet targets: Q3 TCE per available day was $50,333 (Helios Pool spot/COA TCE $50,500) with ~90% spot exposure in the 29‑vessel pool; adjusted EBITDA was $74.2M; daily OpEx (ex‑drydock) ~$9,558; and free cash was $294.5M (up ~$25M QoQ). For the March quarter they expect TCI expense of $18–19M (last quarter $18.2M, ~ $33k/day hire), cash G&A ~$8.7M (core ~$6.7M), total cash interest was $6.8M last quarter with a current debt cost ~5%, and they project cash cost/day of ~ $27,000 for the coming year (ex‑drydock/scrubber capex). Capital-allocation guidance: an irregular dividend of $0.70/share (~$29.9M) payable ~Feb 24, 2026 (record Feb 9), debt of $516M (debt/total cap 32.2%, net debt/total cap 13.8%), an undrawn $50M revolver plus $100M accordion, and an expected ~$62M cash payment at late‑March delivery of the 93,000 cbm Hanwha newbuilding (to be financed); they also expect to complete the docking cycle with one dry docking this quarter.Dorian LPG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 400.69M | 353.34M | 560.72M | 389.75M | 274.22M | 315.94M |
| Gross Profit | 200.78M | 152.69M | 365.24M | 228.05M | 112.99M | 147.71M |
| EBITDA | 215.24M | 192.98M | 414.12M | 265.87M | 158.19M | 191.91M |
| Net Income | 120.74M | 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 | 294.49M | 316.88M | 294.04M | 148.80M | 236.76M | 79.33M |
| Total Debt | 786.26M | 712.98M | 797.34M | 816.09M | 670.96M | 609.35M |
| Total Liabilities | 692.11M | 732.55M | 814.12M | 835.07M | 687.21M | 634.79M |
| Stockholders Equity | 1.09B | 1.05B | 1.02B | 873.85M | 920.15M | 946.83M |
Cash Flow | ||||||
| Free Cash Flow | 164.92M | 154.06M | 355.59M | 155.27M | 95.51M | 161.09M |
| Operating Cash Flow | 178.19M | 173.01M | 388.45M | 224.06M | 118.70M | 170.60M |
| Investing Cash Flow | -32.94M | -7.36M | -34.80M | -76.34M | 68.77M | 1.02M |
| Financing Cash Flow | -165.64M | -131.29M | -219.72M | -235.23M | -35.18M | -174.48M |
Dorian LPG Technical Analysis
Positive
34.62
Price Trends
33.09
Positive
29.12
Positive
28.33
Positive
Market Momentum
0.41
Negative
57.37
Neutral
74.72
Neutral
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 34.62 is above the 20-day moving average (MA) of 33.03, above the 50-day MA of 33.09, and above the 200-day MA of 28.33, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 57.37 is Neutral, neither overbought nor oversold. The STOCH value of 74.72 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.67B | 5.26 | 18.37% | 3.72% | -20.11% | -26.44% | |
75 Outperform | $150.29M | 2.24 | 13.16% | 5.08% | 4.34% | 18.88% | |
74 Outperform | $1.50B | 5.49 | 11.41% | 13.08% | -27.21% | -62.22% | |
68 Neutral | $1.31B | 11.65 | 8.19% | 1.27% | 2.46% | 33.89% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $1.61B | 17.89 | 12.24% | 6.93% | 4.10% | -36.72% | |
57 Neutral | $1.60B | 15.66 | 9.96% | 12.31% | -3.20% | 6.76% |
* Energy Sector Average
LPG
Dorian LPG
35.00
17.75
102.93%
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47.44
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TNK
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77.04
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NVGS
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20.09
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66.79%
DLNG
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4.11
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21.78%
FLNG
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30.17
10.78
55.63%
Dorian LPG Corporate Events
Business Operations and StrategyFinancial Disclosures
Dorian LPG Highlights Strong Forward Charter Coverage Rates
Positive
Mar 26, 2026
On March 26, 2026, Dorian LPG reported that for the quarter ending March 31, 2026, it had already fixed 99% of its available vessel calendar days at rates exceeding $58,000 per day. The high level of forward charter coverage at robust day rates un...
DividendsFinancial Disclosures
Dorian LPG Announces Irregular Cash Dividend and Update
Neutral
Jan 30, 2026
On January 30, 2026, Dorian LPG’s board declared an irregular cash dividend of $0.70 per share, returning about $29.9 million to shareholders, with payment scheduled around February 24, 2026 to investors of record as of February 9, 2026, and...
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.