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Dorian LPG LTD. (LPG) stock

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NYSE: LPG NYSE Marine Transportation Next results ~November 5, 2026

B+ Fundamentals grade

Dorian LPG LTD. is a US-listed company in the marine transportation industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$76–$140 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 102% above it.

Price used: $51.16, November 2, 2026

Dorian LPG LTD. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 8 selling1 purchase and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds145 adding, 107 cuttingOf 42 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Dorian LPG files

Where Dorian LPG LTD. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $585m, up 81.1% on a year earlier, faster than the 36.3% growth a quarter earlier. Free-cash-flow margin rose to 28.8% from 19.1% a year earlier. Operating margin widened to 55.0% from 22.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $139 a share, against a share price of $54.30.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Dorian LPG LTD.'s trailing-twelve-month revenue grew 81.1% year on year, with a free-cash-flow margin of 28.8%. Where it stands out: revenue growth of 81.1% ranks 3 of 40 marine transportation companies we cover. Where it lags: stock pay as % of revenue of 1.9% ranks 28 of 34 marine transportation companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$76–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 81.1% (+44.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $51.16 is 102% below our value per share of $100.
  • Fast growth. Revenue grew 81.1% over the last 12 months, against a median of 0.8% for marine transportation companies we cover.
  • Growth speeding up. The growth rate is 44.8 points higher than a quarter earlier.
  • High operating margin. 55.0% of revenue is left as operating profit, against a median of 19.8% for marine transportation companies we cover.
  • Margins widening. Operating margin is up 32.5 points on a year ago.

Things to watch

  • Weak cash conversion. Free cash flow was 52% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.9% ranks 28 of 34 marine transportation companies we cover (median 0.9%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Earnings expected to fall. The consensus expects earnings per share to fall 48% next year.

Latest results: FY2027 Q1

Filed August 5, 2026
Earnings per share
$2.52 against an average estimate of $2.08: beat by 21.1%
Revenue
$188m, up 123.1% on a year earlier
Share reaction
+2.0% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate $2.70

Dorian LPG's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.0%
  • 1 week-7.3%
  • 1 month-10.6%
  • This year+125.2%
  • 1 year+94.7%
  • 5 years+716.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$585M
Operating margin
55.0%
Net margin
55.0%
EPS (TTM, diluted)
$7.54

Growth

Revenue growth
+81.1%
Change in growth rate
+44.8 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$169M
FCF margin
28.8%
Stock pay % of revenue
1.9%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Shareholder vote
  4. Insider trade
  5. Agreement
  6. Insider trade
  7. Results
  8. Leadership
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dorian LPG LTD. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 3.5% a year for five years.That is slower than the 16.4% a year revenue growth Dorian LPG has delivered.

  • Priced in-3.5%
  • Last 12 months81.1%
  • 3 years a year11.3%
  • 5 years a year16.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($51.72, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$100
Price used
$51.72close November 3, 2026
Implied change
▲ +100%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dorian LPG LTD.'s free cash flow after stock-based pay with after-tax interest added back ($198M, FY2027 Q1 TTM), growing 9.2% and -1.3% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$76–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dorian LPG LTD.'s free cash flow after stock-based pay ( $198M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dorian LPG LTD. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$76–$140 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$37 ~$27–$44 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$35–$66 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$68 ~$53–$91 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$83 ~$71–$100 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$73 ~$37–$100 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dorian LPG LTD. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +53%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$86$118$160$214$284
8.5% $47$64$87$117$155$205
10% $38$51$68$91$121$158

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$4.00$4.48$3.19$2.73$3.71$5.59$7.18$13.48$29.96$19.52$32.63$51.16
Market value$227m$242m$172m$149m$201m$279m$290m$542m$1.2bn$824m$1.4bn$2.2bn
+ Net debt (− = net cash)$790m$753m$672m$679m$598m$523m$433m$515m$328m$241m$238m$170m
Enterprise value$1.0bn$996m$844m$828m$798m$801m$723m$1.1bn$1.5bn$1.1bn$1.6bn$2.4bn
Multiples
Price / sales 0.8x1.4x1.1x0.9x0.6x0.9x1.1x1.4x2.2x2.3x2.9x3.7x
Price / earnings 1.7x———1.8x3.0x4.0x3.1x3.9x9.1x7.2x6.8x
Price / free cash flow —4.8x3.0x30.3x1.3x1.7x3.0x3.5x3.1x4.8x6.6x9.1x
EV / EBITDA 5.1x12.6x12.2x14.5x3.5x4.3x4.6x4.0x3.9x5.8x5.8x6.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

65 /100

Moderate moat

How hard Dorian LPG's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.9% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 36.2%; its worst year was -6.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 30.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.1% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $188m and EPS of $2.70 (range $1.71 to $3.23) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.47 +107% $691m +45%
Next $4.91 −48% $410m −41%

Next year's EPS estimate has moved +30.7% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +34.3% on 90 days ago. In the last 30 days, 3 analysts raised Dorian LPG LTD.'s forecast and 0 cut it.

Consensus EPS forecast Dorian LPG LTD., last 90 days
$2.00 $4.00 $6.00 $8.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.05 Current fiscal year, 60 days ago: $6.85 Current fiscal year, 30 days ago: $7.75 Current fiscal year, 7 days ago: $7.75 Current fiscal year, Now: $9.47 $9.47 Next fiscal year, 90 days ago: $3.76 Next fiscal year, 60 days ago: $4.29 Next fiscal year, 30 days ago: $4.11 Next fiscal year, 7 days ago: $4.11 Next fiscal year, Now: $4.91 $4.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.05$3.76
60 days ago $6.85$4.29
30 days ago $7.75$4.11
7 days ago $7.75$4.11
Now $9.47$4.91

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.08 $2.52 +21.1%
Mar 2026 $1.29 $1.89 +46.0%
Dec 2025 $1.16 $1.11 −4.3%
Sept 2025 $1.50 $1.31 −12.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Dorian LPG LTD.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Dorian LPG LTD.'s revenue by +9.2% next year and -1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.0%, weight 62%) and the company's own record (+13.0%, weight 38%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315
  4. Jul 20261225

Counts of recommendations published by analysts covering Dorian LPG LTD., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
3.01
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
75%
of shares
Held by insiders
14.0%
of shares
Employees
602
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +94.7%

$26.27 on October 31, 2025 to $51.16

ThenNowEffect
Revenue (last 12 months) $323m $585m +81.1%
Net margin 15.1% 55.0% +263.1%
P/E multiple 22.8x 6.8x −70.3%
Share count 43m 43m −0.2%

Biggest factor: net margin.

Last 3 years +77.2%

$28.88 on November 3, 2023 to $51.16

ThenNowEffect
Revenue (last 12 months) $424m $585m +37.9%
Net margin 47.0% 55.0% +17.1%
P/E multiple 5.8x 6.8x +16.2%
Share count 40m 43m −5.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LPG+13%+110%+171%−38%+10%+125%
Industry peers (median)+27%+10%+20%−10%+22%+28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LPG58%67%83%25%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LPG−25%−24%−16%−53%−34%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from May 30, 2024 to April 4, 2025. Getting back needed a 170% gain, reached on May 18, 2026, 409 days after the low.

Price behaviour

52-week range
$22.34 – $58.31
From 52-week high
−12.3%
vs 50-day average
−5.7%
vs 200-day average
+24.1%
Volatility (1 year)
43%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.4%
After a week
4 up, 8 down
typical move ±6.1%
After a month
6 up, 6 down
typical move ±13.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +2.0% −0.4% +2.8% +23.1%
May 20, 2026 +8.3% +1.2% −1.5% −5.5%
February 5, 2026 +8.8% +0.6% +10.7% +18.1%
January 30, 2026 +0.3% +0.2% +8.8% +24.8%
November 6, 2025 −6.0% −1.0% −10.5% −14.9%
August 1, 2025 +0.1% −0.1% +6.7% +8.1%
May 22, 2025 −4.9% −0.6% −5.5% +8.4%
May 15, 2025 +1.3% +1.1% −13.3% +7.4%
January 31, 2025 −5.5% −1.2% −4.9% −17.2%
January 24, 2025 +0.4% −1.7% −0.7% −10.0%
October 31, 2024 −0.9% −1.5% −3.6% −14.5%
October 24, 2024 +2.7% +0.2% −4.5% −11.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Dorian LPG LTD.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dorian LPG LTD. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dorian LPG LTD.
$300M $400M $500M $600M FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $493.2M Revenue (TTM), FY24 Q3: $553M Revenue (TTM), FY24 Q4: $560.7M Revenue (TTM), FY25 Q1: $563.5M Revenue (TTM), FY25 Q2: $501.2M Revenue (TTM), FY25 Q3: $418.8M Revenue (TTM), FY25 Q4: $353.3M Revenue (TTM), FY26 Q1: $323.2M Revenue (TTM), FY26 Q2: $364.8M Revenue (TTM), FY26 Q3: $404.1M Revenue (TTM), FY26 Q4: $481.5M Revenue (TTM), FY27 Q1: $585.2M $585.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $493.2M
FY24 Q3 $553M
FY24 Q4 $560.7M
FY25 Q1 $563.5M
FY25 Q2 $501.2M
FY25 Q3 $418.8M
FY25 Q4 $353.3M
FY26 Q1 $323.2M
FY26 Q2 $364.8M
FY26 Q3 $404.1M
FY26 Q4 $481.5M
FY27 Q1 $585.2M
Revenue growth, TTM YoY Dorian LPG LTD.
-50% 0% 50% 100% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 63.9% Revenue growth, TTM YoY, FY24 Q3: 64.7% Revenue growth, TTM YoY, FY24 Q4: 43.9% Revenue growth, TTM YoY, FY25 Q1: 32.7% Revenue growth, TTM YoY, FY25 Q2: 1.6% Revenue growth, TTM YoY, FY25 Q3: -24.3% Revenue growth, TTM YoY, FY25 Q4: -37.0% Revenue growth, TTM YoY, FY26 Q1: -42.6% Revenue growth, TTM YoY, FY26 Q2: -27.2% Revenue growth, TTM YoY, FY26 Q3: -3.5% Revenue growth, TTM YoY, FY26 Q4: 36.3% Revenue growth, TTM YoY, FY27 Q1: 81.1% 81.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 63.9%
FY24 Q3 64.7%
FY24 Q4 43.9%
FY25 Q1 32.7%
FY25 Q2 1.6%
FY25 Q3 -24.3%
FY25 Q4 -37.0%
FY26 Q1 -42.6%
FY26 Q2 -27.2%
FY26 Q3 -3.5%
FY26 Q4 36.3%
FY27 Q1 81.1%
Operating margin (TTM) Dorian LPG LTD.
20% 30% 40% 50% 60% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 56.2% Operating margin (TTM), FY24 Q3: 59.7% Operating margin (TTM), FY24 Q4: 58.6% Operating margin (TTM), FY25 Q1: 58.3% Operating margin (TTM), FY25 Q2: 53.3% Operating margin (TTM), FY25 Q3: 43.1% Operating margin (TTM), FY25 Q4: 31.9% Operating margin (TTM), FY26 Q1: 22.5% Operating margin (TTM), FY26 Q2: 26.7% Operating margin (TTM), FY26 Q3: 31.0% Operating margin (TTM), FY26 Q4: 40.4% Operating margin (TTM), FY27 Q1: 55.0% 55.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 56.2%
FY24 Q3 59.7%
FY24 Q4 58.6%
FY25 Q1 58.3%
FY25 Q2 53.3%
FY25 Q3 43.1%
FY25 Q4 31.9%
FY26 Q1 22.5%
FY26 Q2 26.7%
FY26 Q3 31.0%
FY26 Q4 40.4%
FY27 Q1 55.0%
FCF margin (TTM) Dorian LPG LTD.
0% 20% 40% 60% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 48.5% FCF margin (TTM), FY24 Q3: 48.0% FCF margin (TTM), FY24 Q4: 57.0% FCF margin (TTM), FY25 Q1: 52.7% FCF margin (TTM), FY25 Q2: 50.7% FCF margin (TTM), FY25 Q3: 49.5% FCF margin (TTM), FY25 Q4: 29.3% FCF margin (TTM), FY26 Q1: 19.1% FCF margin (TTM), FY26 Q2: 13.8% FCF margin (TTM), FY26 Q3: 26.3% FCF margin (TTM), FY26 Q4: 28.7% FCF margin (TTM), FY27 Q1: 28.8% 28.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 48.5%
FY24 Q3 48.0%
FY24 Q4 57.0%
FY25 Q1 52.7%
FY25 Q2 50.7%
FY25 Q3 49.5%
FY25 Q4 29.3%
FY26 Q1 19.1%
FY26 Q2 13.8%
FY26 Q3 26.3%
FY26 Q4 28.7%
FY27 Q1 28.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Dorian LPG took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $482M
  2. Selling, general and admin $53M · 11.0%
  3. Other operating costs $218M · 45.3%
  4. Operating income $210M · 43.6%
  5. Interest and other $16.5M · 3.4%
  6. Net income $194M · 40.2%

Shares of revenue. Source: Dorian LPG's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 104 289 167 159 158 333 316 274 390 561 353 482 585
EBITDA 44 201 79 69 57 227 185 159 262 397 182 282 393
Operating income 30 158 14 4 −8 161 116 92 198 329 113 210 322
Net income 25 130 −1 −20 −51 112 93 72 172 307 90 194 322
Diluted EPS $0.45 $2.29 −$0.03 −$0.38 −$0.93 $2.07 $1.86 $1.78 $4.29 $7.60 $2.14 $4.54 $7.54
Growth (year on year)
Revenue — +177.7% −42.1% −4.8% −0.8% +111.0% −5.2% −13.2% +42.1% +43.9% −37.0% +36.3% +81.1%
EBITDA — +354.9% −60.7% −12.5% −17.3% +297.2% −18.8% −13.9% +64.8% +51.9% −54.2% +54.7% +173.5%
Operating income — +426.5% −91.2% −72.5% −307.3% — −27.9% −20.4% +114.7% +65.8% −65.7% +86.6% +342.1%
Net income — +413.4% −101.1% — — — −17.2% −22.3% +139.7% +78.3% −70.7% +114.8% +557.4%
Diluted EPS — +408.9% −101.3% — — — −10.1% −4.3% +141.0% +77.2% −71.8% +112.1% +555.8%
Margins
EBITDA margin 42.4% 69.5% 47.2% 43.4% 36.2% 68.2% 58.4% 57.9% 67.2% 70.9% 51.6% 58.5% 67.1%
Operating margin 28.9% 54.8% 8.4% 2.4% −5.0% 48.3% 36.7% 33.7% 50.9% 58.6% 31.9% 43.6% 55.0%
Net margin 24.3% 44.8% −0.9% −12.8% −32.2% 33.5% 29.3% 26.2% 44.2% 54.8% 25.5% 40.2% 55.0%
Free-cash-flow margin −277.1% −257.3% 30.0% 35.7% 3.1% 44.7% 51.0% 34.8% 39.8% 69.3% 49.0% 43.6% 41.0%
Cash flow
Cash from operations 26 151 52 57 9 169 171 119 224 388 173 210 240
Capital spending 314 895 2 0 4 20 9 23 69 0 0 0 0
Free cash flow −289 −744 50 57 5 149 161 96 155 388 173 210 240
Stock-based pay 2 4 4 5 5 3 3 3 4 8 10 11 11
Free cash flow after stock pay −291 −748 46 52 −1 146 158 92 151 380 163 199 229
Balance sheet
Cash 205 46 17 104 31 48 79 237 149 283 317 327 342
Total debt 200 836 770 775 710 646 602 670 664 610 557 566 512
Net debt (negative = net cash) −4 790 753 672 679 598 523 433 515 328 241 238 170
Diluted shares 56m 57m 54m 54m 55m 54m 50m 40m 40m 40m 42m 43m 43m
Returned to shareholders
Dividends — — — — — — — 80 221 162 156 105 126
Buybacks — 21 13 1 1 51 126 21 2 4 6 7 —
Total returned — 21 13 1 1 51 126 101 222 166 163 112 126

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $1.9bn
Short-term assets $719mLonger-term assets $1.2bn
What it owes, and who funded it · $1.9bn
Short-term liabilities $221mLonger-term liabilities $444mShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $719m of assets due within a year against $221m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $719m short-term assets against $444m of longer-dated liabilities.
  • More cash than debt $342m of cash against $508m of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $240m of operating cash flow against $508m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Dorian LPG LTD.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$7M
Dividends (TTM)
$126M
Returned to shareholders
81%
of free cash flow
Buybacks, last 3 fiscal years
$17.2M
Diluted share count
+0.2%
year over year
Total shareholder yield
6.1%
dividends 5.8% + buybacks 0.3% of market value
Dividend payout ratio
39%
of net income paid out

Competitors: side by side with peers

Closest by revenue in marine transportation
Last 12 months unless stated LPG NVGS CMDB PANL SFL GSL Median
Revenue, last 12 months $585m $587m $597m $710m $733m $766m $329m
Revenue growth, last 12 months 81.1% 3.6% — 22.5% −18.9% 7.8% 0.8%
Revenue growth, 3-year average 11.3% 35.0% — 9.3% 39.4% 74.9% 16.8%
Revenue growth, latest quarter 123.1% — — 19.4% — — 43.1%
Operating margin 55.0% 28.2% −5.1% 9.3% 18.6% 56.8% 18.6%
Operating margin, 3-year average 45.3% 14.4% — 8.4% 35.5% 33.4% 13.1%
Net margin 55.0% 17.1% −6.3% 6.7% −3.6% 54.3% 13.3%
Cash from operations / revenue 41.0% 34.4% 12.7% 9.8% 36.4% 68.9% 33.1%
Free-cash-flow margin 28.8% 19.9% 7.9% 9.8% 4.4% 67.1% 14.2%
Free-cash-flow margin, 3-year average 33.6% 27.5% — 10.4% 19.4% 54.5% 9.4%
Stock pay / revenue 1.9% 0.3% 0.4% 0.6% 0.1% 1.8% 0.7%
Change in share count 0.2% −5.3% >999% 18.4% 2.4% — 0.5%

Median of all 42 companies we cover in marine transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 marine transportation companies
Measure Company Peer median Rank
Revenue growth Growth 81.1% 0.8% 3 of 40
Change in growth rate Growth +44.8pp +0.7pp 6 of 40
Operating margin Profitability 55.0% 19.8% 5 of 40
Net margin Profitability 55.0% 13.4% 4 of 42
Free-cash-flow margin Cash generation 28.8% 13.6% 8 of 41
Stock pay as % of revenue Cash generation 1.9% 0.9% 28 of 34
Long-term debt as % of assets Balance sheet 18.3% 24.2% 14 of 35
Change in share count Balance sheet 0.2% 0.5% 19 of 39

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
280
Shares held vs prior quarter
▲ 7.9%
Positions opened / closed
51 / 20

Top buyers and sellers, Q2 2026: 145 institutions bought and 107 sold ; the biggest buyer was First Eagle Investment Management, LLC (+724K shares) and the biggest seller Invesco Ltd (−254K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $208M 6.0M 19.2% ▲ 3.9%
Dimensional Fund Advisors LP $91M 2.6M 8.4% ▲ 2.6%
American Century Companies Inc $58.1M 1.7M 5.4% ▲ 3.0%
Vanguard Portfolio Management LLC $54M 1.6M 5.0% ▲ 12.1%
State Street Corp $51.5M 1.5M 4.8% ▲ 4.1%
Geode Capital Management, LLC $43.7M 1.3M 4.0% ▲ 7.2%
First Eagle Investment Management, LLC $38.9M 1.1M 3.6% ▲ 183.3%
Two Sigma Investments, LP $29.1M 836K 2.7% ▼ 5.9%
Qube Research & Technologies Ltd $28.7M 825K 2.6% ▲ 31.9%
Charles Schwab Investment Management Inc $22.2M 639K 2.1% ▼ 5.9%
Focus Partners Wealth $21.9M 631K 2.0% —
AQR Capital Management LLC $20.5M 591K 1.9% ▲ 18.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dorian LPG LTD.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $409,500 1 trade by 1 insider, last 12 months Insider sales History → $12.1M 17 trades by 8 insiders · 0% under pre-set plans
Net ▼ $11.7M net selling
Insider Date Trade Shares Price Value
Lorentzen Oivind Director September 21, 2026 Sell 20,000 $56.81 $1.1M
Tan Christina Director September 17, 2026 Sell 10,000 $58.65 $586,500
Lunde Marit Director September 11, 2026 Sell 12,104 $54.42 $658,700
Hadjipateras Alexander C. Chief Operating Officer September 10, 2026 Sell 5,000 $54.13 $270,650
Young Theodore B. Chief Financial Officer September 10, 2026 Sell 11,919 $54.50 $649,586
Young Theodore B. Chief Financial Officer September 9, 2026 Sell 5,000 $54.01 $270,050
Hansen Tim Truels Chief Commercial Officer September 9, 2026 Sell 50,000 $53.12 $2.7M
Young Theodore B. Chief Financial Officer September 8, 2026 Sell 9,081 $53.25 $483,563
Hansen Tim Truels Chief Commercial Officer August 11, 2026 Sell 25,000 $45.04 $1.1M
Hansen Tim Truels Chief Commercial Officer June 30, 2026 Sell 20,000 $35.38 $707,600
Tan Christina Director June 11, 2026 Sell 5,708 $44.08 $251,609
Kalborg Ted Director May 22, 2026 Sell 15,373 $45.06 $692,707

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 20, 2026
  • February 5, 2026
  • January 30, 2026
  • November 6, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on Dorian LPG LTD. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dorian LPG LTD. in brief

What does Dorian LPG LTD. do?
Dorian LPG LTD. is a US-listed company in the marine transportation industry. Its financial year ends in March.
What is Dorian LPG LTD.'s stock ticker?
Dorian LPG LTD. trades under the ticker LPG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dorian LPG LTD.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dorian LPG LTD. reported revenue of $585M, 81.1% higher than a year earlier, according to its SEC filings.
What is Dorian LPG LTD.'s free cash flow?
Dorian LPG LTD.'s free-cash-flow margin is 28.8% of revenue over the trailing twelve months, ranking 8 of the 41 marine transportation companies we cover.
What is Dorian LPG LTD.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dorian LPG LTD.'s free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$76–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dorian LPG LTD.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and American Century Companies Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dorian LPG LTD. buying back stock, and does it pay a dividend?
Dorian LPG LTD. spent $7M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.2% over the year.
What is Dorian LPG LTD.'s market cap?
On November 2, 2026, Dorian LPG LTD.'s market capitalisation was about $2.2B, with a price-to-earnings ratio of 6.8 and net debt of $170M. Market figures come from third-party market data and may be delayed.
Does Dorian LPG LTD. pay a dividend?
Yes: Dorian LPG LTD. paid $126M in dividends over the trailing twelve months, a dividend yield of 5.77% and a payout ratio of 39.3%.
How much debt does Dorian LPG LTD. have?
Dorian LPG LTD.'s debt-to-equity ratio is 41.0%, from its latest balance sheet (54.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Dorian LPG LTD.'s competitors?
In our Marine Transportation peer group, the companies closest to Dorian LPG LTD. are Navigator Holdings Ltd., Costamare Bulkers Holdings Ltd, Pangaea Logistics Solutions Ltd., SFL Corp Ltd. and Global Ship Lease, Inc. The side-by-side comparison below sets their revenue, margins and growth against Dorian LPG LTD.'s.
Are insiders buying or selling Dorian LPG LTD. stock?
Over the last 12 months, Dorian LPG LTD.'s directors and officers reported 1 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Dorian LPG LTD.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dorian LPG LTD. announces its own schedule.