Dorian LPG LTD. key statistics and ratios

In fiscal 2026, Dorian LPG LTD. had return on equity of 17.7%, an operating margin of 43.6%, debt equal to 49.7% of equity and a current ratio of 2.67. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Dorian LPG LTD.: financial ratios, annual
Fiscal year	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
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%
Return on equity	2.9%	14.0%	−0.1%	−2.1%	−5.4%	11.8%	9.6%	7.7%	19.2%	32.4%	8.7%	17.7%	27.1%
Return on assets	2.3%	8.8%	−0.1%	−1.2%	−3.0%	6.8%	5.7%	4.5%	10.4%	17.3%	5.0%	10.6%	17.1%
Asset turnover	0.09	0.20	0.09	0.09	0.09	0.20	0.19	0.17	0.24	0.32	0.20	0.26	0.31
Current ratio	8.27	1.20	0.75	1.65	1.04	1.64	1.87	3.25	2.50	3.62	3.54	2.67	3.26
Debt to equity	22.9%	84.9%	78.9%	80.8%	77.8%	66.1%	63.6%	72.8%	75.9%	59.6%	53.3%	49.7%	41.4%
Interest cover (operating income ÷ interest)	11.3x	11.0x	0.6x	0.1x	n/m	5.0x	5.4x	4.6x	6.3x	8.1x	3.1x	7.2x	—
Capital spending as % of revenue	301.7%	309.5%	1.1%	0.2%	2.5%	6.0%	3.0%	8.5%	17.6%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	<−999%	−573.7%	—	—	—	133.4%	174.0%	132.8%	90.0%	126.3%	191.9%	108.5%	74.5%
Dividends ÷ net income	—	—	—	—	—	—	—	111.3%	127.9%	52.8%	173.4%	54.2%	39.3%
Dividends and buybacks ÷ free cash flow	—	—	25.8%	2.1%	26.7%	34.0%	78.4%	106.2%	143.1%	42.8%	94.0%	53.3%	52.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Dorian LPG LTD.: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Operating margin	23.2%	29.0%	19.4%	18.5%	35.3%	42.8%	54.8%	75.9%
Net margin	11.4%	26.5%	10.7%	12.0%	44.6%	39.3%	52.9%	73.6%
Free-cash-flow margin	69.6%	30.1%	66.1%	1.0%	37.4%	67.3%	53.6%	16.2%
Current ratio	4.22	3.97	3.54	3.32	3.32	2.41	2.67	3.26
Debt to equity	53.2%	53.0%	52.9%	52.1%	49.4%	47.3%	49.2%	41.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Dorian LPG LTD.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dorian LPG LTD.