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Dorian LPG
(NYSE:LPG)
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Rating:76Outperform
Price Target:
$41.00
â–²(18.43% Upside)
Action:Reiterated
Date:06/23/26
The score is driven primarily by strong financial performance (high margins, positive free cash flow, and improving leverage) and attractive valuation (low P/E and high yield). These are tempered by a mixed technical picture and ongoing cyclical/geopolitical and regulatory risks highlighted in the latest earnings call, while recent corporate actions support the longer-term strategy.
Positive Factors
High Profitability
Sustained very high margins indicate durable earnings power for a shipping operator, supporting cash generation through cycles. Strong margin structure improves ability to cover fixed vessel costs, fund drydocks, and sustain dividends and reinvestment when rates normalize.
Negative Factors
Cyclical Earnings & Volume Volatility
Material swings in revenue and earnings reflect the industry’s sensitivity to trade volumes and freight rates. This reduces forecastability of free cash flow and complicates capital allocation, making long-term planning and consistent returns more challenging.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained very high margins indicate durable earnings power for a shipping operator, supporting cash generation through cycles. Strong margin structure improves ability to cover fixed vessel costs, fund drydocks, and sustain dividends and reinvestment when rates normalize.
Read all positive factors
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.76B
Dividend Yield13.08%
Average Volume (3M)719.87K
Price to Earnings (P/E)9.5
Beta (1Y)1.15
Revenue Growth36.27%
EPS Growth109.57%
CountryUS
Employees602
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.55
Shares Outstanding42,782,680
10 Day Avg. Volume616,993
30 Day Avg. Volume719,872
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.28
Price to Sales (P/S)3.03
P/FCF Ratio12.53
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$53.67Price Target Upside55.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)6.98
Revenue Forecast (FY)$588.25M
Dorian LPG Business Overview & Revenue Model
Company Description
Dorian LPG Ltd., alongside its affiliates, operates worldwide in the shipping industry, specializing in the transportation of liquefied petroleum gas (LPG) with its fleet of dedicated vessels. The company's core business involves the ownership and...
How the Company Makes Money
Dorian LPG makes money by earning freight revenue from chartering its LPG carriers to customers who need LPG transported between export and import markets. Its primary revenue stream is vessel charter hire, generated under (1) spot market voyages,...
Dorian LPG Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance in the quarter: very high TCEs (second-highest in company history), robust adjusted EBITDA ($106.6M), healthy cash generation ($82M from operations) and significant shareholder distributions (nearly $770M paid since 2021). Strategic fleet actions (delivery of a dual-fuel/ammonia-capable VLGC, sale of COBRA with a gain, planned repurchase of Corsair) and solid liquidity (free cash $327.4M, undrawn revolver $42.9M) support a constructive outlook. However, material near-term challenges remain: geopolitical disruptions (Strait of Hormuz closure, regional conflict), elevated Panama Canal auction fees and congestion, a quarter-on-quarter decline in seaborne volumes, and regulatory uncertainty around IMO frameworks. Management emphasizes a judicious capital allocation approach balancing dividends, debt management, and opportunistic fleet reinvestment. Overall, the positive financial results and clear capital discipline outweigh the cyclical and geopolitical headwinds described.Positive Updates
Delivery of New Dual-Fuel/Ammonia-Capable VLGC (Aireon)
Took delivery in late March of the 93,000 CBM Aireon (fully ammonia-capable, dual-fuel). Ship immediately began contributing to earnings (P&L impact expected in Q1 FY2027). With Aireon, Dorian now operates 6 dual-fuel vessels (20% of fleet on low-emission fuel) and the vessel reduces CO2 by ~20% when operating on LPG.
Negative Updates
Geopolitical Disruption and Market Uncertainty
Regional conflict and the closure of the Strait of Hormuz created significant market uncertainty and disrupted trade flows. Management flagged potential demand destruction if disruptions persist and noted that outcomes remain highly uncertain, making future availability and rates unpredictable.
Read all updates
Q4-2026 Updates
Positive
Negative
Delivery of New Dual-Fuel/Ammonia-Capable VLGC (Aireon)
Took delivery in late March of the 93,000 CBM Aireon (fully ammonia-capable, dual-fuel). Ship immediately began contributing to earnings (P&L impact expected in Q1 FY2027). With Aireon, Dorian now operates 6 dual-fuel vessels (20% of fleet on low-emission fuel) and the vessel reduces CO2 by ~20% when operating on LPG.
Read all positive updates
Company Guidance
Management guided to continued disciplined capital allocation while highlighting these key metrics and near‑term expectations: delivery of the 93,000 CBM dual‑fuel/ammonia‑capable Aireon (P&L impact in FY2027 Q1), free cash of $327.4M and cash flow from operations of $82M (~$2/share) at March 31, 2026, quarter‑end debt $565.8M (pro‑forma $524.7M after recent transactions) with debt/total book cap 33.2% and net debt/total cap 14%, an undrawn revolver of $42.9M, and a projected cash cost of ~$26,000/day (ex‑drydock). Operational and chartering metrics included Helios Pool spot/COA TCE $65,600/day, pool TCE ~ $63,300/day, Dorian TCE per available day ~$63,615 (FY avg $52,238/day), utilization cited at 78%, daily OpEx $9,548, adjusted EBITDA $106.6M, cash interest expense $6.6M, principal amortization ~ $13M, and an expected Aireon interest impact of ~$800k for the coming quarter. Capital actions noted: a $1.00 irregular dividend (and a $1.00 regular dividend declared), repurchase of Corsair (~$24.2M) and sale of Cobra (paid $16.5M debt, ~$30M expected gain).Dorian LPG Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 481.51M | 353.34M | 560.72M | 389.75M | 274.22M |
| Gross Profit | 260.50M | 152.69M | 365.24M | 228.05M | 112.99M |
| EBITDA | 294.66M | 192.98M | 414.12M | 265.87M | 158.19M |
| Net Income | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M |
Balance Sheet | |||||
| Total Assets | 1.87B | 1.78B | 1.84B | 1.71B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 327.41M | 316.88M | 294.04M | 148.80M | 236.76M |
| Total Debt | 709.64M | 712.98M | 797.34M | 816.09M | 670.96M |
| Total Liabilities | 732.70M | 732.55M | 814.12M | 835.07M | 687.21M |
| Stockholders Equity | 1.14B | 1.05B | 1.02B | 873.85M | 920.15M |
Cash Flow | |||||
| Free Cash Flow | 116.30M | 154.06M | 355.59M | 155.27M | 95.51M |
| Operating Cash Flow | 210.14M | 173.01M | 388.45M | 224.06M | 118.70M |
| Investing Cash Flow | -93.84M | -7.36M | -34.80M | -76.34M | 68.77M |
| Financing Cash Flow | -105.90M | -131.29M | -219.72M | -235.23M | -35.18M |
Dorian LPG Technical Analysis
Positive
34.62
Price Trends
40.77
Positive
37.56
Positive
31.89
Positive
Market Momentum
0.48
Negative
60.98
Neutral
76.32
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 below the 20-day moving average (MA) of 39.01, below the 50-day MA of 40.77, and above the 200-day MA of 31.89, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 60.98 is Neutral, neither overbought nor oversold. The STOCH value of 76.32 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.43B | 5.82 | 21.40% | 3.72% | -2.29% | 31.43% | |
76 Outperform | $1.76B | 9.47 | 17.91% | 13.08% | 36.27% | 109.57% | |
75 Outperform | $1.28B | 12.80 | 8.94% | 1.27% | -1.33% | 28.23% | |
75 Outperform | $122.61M | 1.88 | 14.03% | 5.08% | <0.01% | 28.26% | |
71 Outperform | $1.63B | 21.83 | 10.36% | 12.31% | -4.20% | -26.95% | |
69 Neutral | $1.63B | 13.39 | 18.90% | 6.93% | 9.54% | 13.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
LPG
Dorian LPG
43.09
17.50
68.35%
GLP
Global Partners
48.35
0.47
0.98%
TNK
Teekay Tankers
71.91
29.04
67.73%
NVGS
Navigator Holdings
21.00
5.30
33.74%
DLNG
Dynagas LNG Partners
3.38
0.02
0.72%
FLNG
FLEX LNG
30.56
10.10
49.34%
Dorian LPG Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Dorian LPG Orders New Dual-Fuel Panamax VLGC
Positive
Jun 23, 2026
On June 23, 2026, Dorian LPG Ltd. said it has ordered a new 90,000 cbm dual-fuel Panamax VLGC from HD Hyundai for delivery in July 2029 at a price of about $115 million, featuring a shaft generator to improve power efficiency and cut emissions. Th...
Dividends
Dorian LPG Declares Irregular Special Cash Dividend Payout
Positive
May 7, 2026
On May 7, 2026, Dorian LPG Ltd. announced that its board had declared an irregular cash dividend of $1.00 per share of common stock, returning approximately $42.8 million to shareholders. The dividend will be paid on or about May 28, 2026, to shar...
Business Operations and StrategyExecutive/Board Changes
Dorian LPG Expands Board, Adds Veteran Maritime Executive
Positive
May 5, 2026
On May 5, 2026, Dorian LPG’s board of directors expanded its size from eight to nine members and unanimously appointed Christopher J. Wiernicki as a Class I director, effective immediately. The move adds a veteran maritime executive with fou...
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.