LPG

MKT CAP:$2B

Dorian LPG Ltd.

Market Cap

$2B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$37.29+$12.54 (+50.67%)

Apr 24, 2026

Company Details

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 ...

CEO

John C. Hadjipateras

IPO Date

May 8, 2014

Website

www.dorianlpg.com

Key Metrics TTM

Revenue

$401M

-4.3% YoY

Net Income

$121M

EPS (Diluted)

$2.84

Free Cash Flow

$165M

Revenue / Share

$9.41

Gross Margin

50.1%

Operating Margin

35.0%

Net Margin

30.1%

FCF Margin

41.2%

P/S

4.0x

P/E

13.3x

Earnings Reports

Q3 2026

Feb 4, 2026

$120M+48.7%EPS $1.11

Q2 2026

Nov 5, 2025

$121M+46.3%EPS $1.30

Q1 2026

Aug 4, 2025

$84M-26.4%EPS $0.24

FY 2025

May 29, 2025

$353M-37.0%EPS $2.14

Q4 2025

May 29, 2025

$76M-46.3%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$80M	$40M	$37M
Q1 23	$77M	$38M	$29M
Q2 23	$76M	$36M	$28M
Q3 23	$103M	$64M	$57M
Q4 23	$134M	$91M	$84M
Q1 24	$112M	$64M	$56M
Q2 24	$145M	$93M	$80M
Q3 24	$163M	$117M	$110M
Q4 24	$141M	$90M	$82M
Q1 25	$114M	$65M	$55M
Q2 25	$82M	$35M	$19M
Q3 25	$81M	$30M	$23M
Q4 25	$76M	$22M	$15M
Q1 26	$84M	$32M	$16M
Q2 26	$121M	$85M	$59M
Q3 26	$120M	$61M	$51M

Valuation

Quarter	P/S	P/E
Q4 22	5.8x	22.3x
Q1 23	5.6x	17.6x
Q2 23	5.3x	16.5x
Q3 23	4.8x	12.1x
Q4 23	4.1x	9.3x
Q1 24	3.8x	8.0x
Q2 24	3.2x	6.3x
Q3 24	2.9x	5.3x
Q4 24	2.9x	5.2x
Q1 25	2.8x	5.2x
Q2 25	3.2x	6.7x
Q3 25	3.8x	9.9x
Q4 25	4.5x	17.8x
Q1 26	5.0x	32.7x
Q2 26	4.4x	16.9x
Q3 26	4.0x	13.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$30M	$29M
Q1 23	$34M	$25M
Q2 23	$49M	$49M
Q3 23	$43M	$42M
Q4 23	$98M	$39M
Q1 24	$63M	$61M
Q2 24	$100M	$95M
Q3 24	$71M	$70M
Q4 24	$154M	$129M
Q1 25	$41M	$40M
Q2 25	$57M	$56M
Q3 25	$24M	$21M
Q4 25	$50M	$37M
Q1 26	$814.5K	-$2M
Q2 26	$46M	$33M
Q3 26	$81M	$97M

Capital Expenditures

Quarter	CapEx
Q4 22	$960.0K
Q1 23	$9M
Q2 23	$444.6K
Q3 23	$864.3K
Q4 23	$59M
Q1 24	$2M
Q2 24	$5M
Q3 24	$600.0K
Q4 24	$25M
Q1 25	$1M
Q2 25	$2M
Q3 25	$3M
Q4 25	$13M
Q1 26	$3M
Q2 26	$13M
Q3 26	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-20.1%	-21.0%
Q1 23	+22.0%	-3.7%
Q2 23	+20.4%	+8.8%
Q3 23	+50.6%	-0.5%
Q4 23	+67.9%	+18.4%
Q1 24	+45.2%	+16.8%
Q2 24	+90.5%	+34.2%
Q3 24	+57.8%	+15.0%
Q4 24	+5.8%	+19.7%
Q1 25	+2.5%	+5.3%
Q2 25	-43.0%	-1.4%
Q3 25	-50.5%	+8.6%
Q4 25	-46.3%	+2.6%
Q1 26	-26.4%	+16.5%
Q2 26	+46.3%	-3.2%
Q3 26	+48.7%	+21.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$716.1K	0.9%
Q1 23	$658.9K	0.9%
Q2 23	$2M	2.3%
Q3 23	$1M	1.0%
Q4 23	$836.5K	0.6%
Q1 24	$776.6K	0.7%
Q2 24	$4M	2.9%
Q3 24	$1M	0.8%
Q4 24	$2M	1.4%
Q1 25	$1M	1.1%
Q2 25	$6M	7.3%
Q3 25	$2M	2.1%
Q4 25	$1M	1.9%
Q1 26	$2M	2.1%
Q2 26	$5M	4.1%
Q3 26	$2M	1.7%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$7M	—
Q1 23	$9M	—
Q2 23	$8M	—
Q3 23	$7M	—
Q4 23	$8M	—
Q1 24	$9M	—
Q2 24	$14M	—
Q3 24	$8M	—
Q4 24	$9M	—
Q1 25	$10M	—
Q2 25	$16M	—
Q3 25	$7M	—
Q4 25	$8M	—
Q1 26	$17M	—
Q2 26	$12M	$144.5K
Q3 26	$11M	—

Revenue Segments

Quarter	Net pool revenues - related party	Other revenue, net	Time charter revenues
Q4 22	$72M	$2M	$6M
Q1 23	$70M	$410.8K	$6M
Q2 23	$71M	$185.5K	$5M
Q3 23	$97M	$792.9K	$6M
Q4 23	$127M	$1M	$5M
Q1 24	$104M	$752.9K	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$237M	$0	$237M
Q1 23	$156M	$0	$156M
Q2 23	$141M	$0	$141M
Q3 23	$130M	$0	$130M
Q4 23	$149M	$0	$149M
Q1 24	$156M	$0	$156M
Q2 24	$192M	$0	$192M
Q3 24	$208M	$0	$208M
Q4 24	$283M	$12M	$294M
Q1 25	$353M	$12M	$365M
Q2 25	$349M	$10M	$359M
Q3 25	$315M	$10M	$325M
Q4 25	$317M	$0	$317M
Q1 26	$278M	$0	$278M
Q2 26	$268M	$0	$268M
Q3 26	$294M	$0	$294M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	40M	+0.1%	-15.4%
Q1 23	40M	+0.1%	-2.5%
Q2 23	40M	+0.1%	+0.1%
Q3 23	40M	+0.2%	+0.6%
Q4 23	40M	-0.1%	+0.4%
Q1 24	40M	+0.4%	+0.6%
Q2 24	40M	+0.1%	+0.6%
Q3 24	41M	+0.3%	+0.6%
Q4 24	41M	+0.3%	+1.0%
Q1 25	41M	+1.2%	+1.8%
Q2 25	43M	+3.6%	+5.4%
Q3 25	43M	-0.0%	+5.2%
Q4 25	43M	+0.4%	+5.2%
Q1 26	43M	0.0%	+4.0%
Q2 26	43M	-0.3%	+0.1%
Q3 26	43M	-0.1%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$1M	79
Q1 23	$972.5K	79
Q2 23	$961.6K	79
Q3 23	$1M	79
Q4 23	$261.5K	511
Q1 24	$218.3K	511
Q2 24	$283.2K	511
Q3 24	$319.1K	511
Q4 24	$289.1K	489
Q1 25	$233.9K	489
Q2 25	$168.6K	489
Q3 25	$165.0K	489
Q4 25	$153.6K	494
Q1 26	$170.5K	494
Q2 26	$244.2K	494
Q3 26	$242.8K	494

Revenue / Employee