Start here if you're new
what it is
Dorian LPG owns giant ships that move liquefied petroleum gas around the world for a fee.
how it gets paid
Last year Dorian Lpg made $353M in revenue. owned eco vlgcs was the main engine at $249M, or 70% of sales.
why it's growing
Revenue grew 365.6% last year. EDGAR shows latest-quarter revenue up 174% vs. prior year and EPS up 138% vs. prior year.
what just happened
The quarter was about scale: revenue hit $328M and EPS reached $2.64 as freight markets stayed strong.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
13.4x trailing p/e — the market's not buying it — or you found a deal
7.0% return on capital — nothing to write home about
$2.14 fy2024 eps est
xvary composite: 45/100 — below average
What they do
Dorian LPG owns giant ships that move liquefied petroleum gas around the world for a fee.
This business is simple and brutal. You either have the ships when rates spike, or you watch someone else collect the money. Dorian had 27 VLGCs as of September 30, 2025, and that scale matters because very large gas carriers (VLGCs → the biggest LPG shipping vessels → the company can haul more cargo per voyage) are the whole game here.
How they make money
$353M
annual revenue · their business grew +365.6% last year
owned eco vlgcs
$249M
dual-fuel eco vlgc
$17M
modern owned vlgc
$13M
chartered-in panamax vlgcs
$52M
other chartered-in vlgcs
$22M
The products that matter
owns and runs gas carriers
VLGC Fleet
25 ships · $353M revenue
This is the whole story: 25 vessels generated the full $353M revenue base. If VLGC economics weaken, there is nowhere else for the earnings to hide.
~10% market share
fixed-rate vessel charters
Time Charter Revenue
$265M · 75% of revenue
This was the larger revenue bucket at $265M. It gives you more visibility than spot exposure, but it still depends on the same freight market underneath.
main revenue source
fleet growth and replacement
Newbuild VLGC/VLAC
93,000 cubic meters · late march 2026
One new 93,000-cubic-meter vessel is due in late March 2026. In a tight market, that adds earning power. In a weak one, it is just more capacity entering a softer tape.
next fleet catalyst
Key numbers
31.9%
operating margin
Operating margin → profit after running the business → so what: this is a shipping company still keeping about 32 cents from each revenue dollar.
$597M
long-term debt
Long-term debt → money owed over years → so what: that is a big fixed claim on a company with cyclical earnings.
13.4x
trailing p/e
P/E → stock price versus profits → so what: you are not paying a luxury multiple for a company that just printed explosive revenue growth.
27
vlgc fleet
Fleet size → number of ships earning charter revenue → so what: every rate cycle hits a 27-ship base, not a tiny niche operator.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 30 / 100
- long-term debt $597M (32% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LPG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was about scale: revenue hit $328M and EPS reached $2.64 as freight markets stayed strong.
EDGAR shows latest-quarter revenue up 174% vs. prior year and EPS up 138% vs. prior year. Quiet part out loud: when spot rates cooperate, this business prints money fast.
$328M
revenue
$2.64
eps
31.9%
operating margin
the number that mattered
$328 million matters most because annual revenue was $353 million, which means one quarter nearly matched the entire trailing-year total shown in the provided data.
source: company earnings report, 2026
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What could go wrong
the #1 risk is china's tariff whiplash on u.s. lpg cargoes.
high
China tariff whiplash
China imposed a 34% tariff on U.S. LPG in April 2025, raised it to 125%, then cut it to 10% for 90 days. That kind of policy swing changes trade flows faster than ship owners can adapt.
Estimated impact: $35M–$53M of annual revenue could be at risk if tariffs snap back higher.
med
Freight-rate dependency
This is still a rate business. Revenue depends on spot and period charter pricing for VLGCs, and those prices move with global LPG supply, fleet availability, and trade routes.
The 75% operating margin cited in stronger periods is not a permanent feature. If rates fall, profitability compresses fast.
low
Single-market exposure
All 25 vessels are in the same broad ship class, and the newbuild due in late March 2026 adds more of the same. There is no offsetting segment if VLGC conditions weaken.
All $353M of revenue comes from one market. Diversification is not part of the thesis.
All $353M of revenue sits inside the VLGC market, and tariff whiplash alone puts an estimated $35M–$53M of it at risk.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Whether the cheap p/e stays cheap for the right reason
13.4x trailing earnings looks inexpensive. If the $2.14 earnings view keeps falling, the stock is less of a bargain than the headline multiple suggests.
calendar
Late march 2026 vessel delivery
One 93,000-cubic-meter VLGC/VLAC is expected to arrive in late March 2026. You want that ship entering service into firm rates, not weaker ones.
risk
The next move in china's tariff window
The current 10% tariff is temporary. If policy jumps back toward 34% or worse, route economics get uglier fast.
trend
How quickly opinion swings on rate durability
The stock saw one upgrade and one downgrade in the last 90 days. Same company. Same fleet. The debate is about freight staying power.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts think this is one of those stocks where the next quarter can look very different from the last one.
estimate direction
$2.14
The earnings estimate is down 21.4% a year. Translation: the street expects normalization, not another freight-rate party.
source: institutional data
Institutional activity
institutional ownership data for LPG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$30
current price
n/a
target midpoint · n/a from current
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