DORIAN LPG LTD.
$48.17
+0.37 (+0.77%) · delayed · Nov 13, 2026
Five-year price
52w $23.76 to $59.97
- Market cap
- $2.1B
- Enterprise value
- $2.3B
- P/E
- 10.6×
- 10.1× on 3y avg EPS
- EV / EBIT
- 11.0×
- FCF yield
- 10.2%
- ROIC
- 12.1%
- Debt / equity
- 0.49
- Piotroski F
- 6/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 11.0%
- ●ROE > 15% (5y avg)5y avg ROE 16.6%
- ○Stable operating marginsMargin volatility 10.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 130% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.8%
- ●Shrinking share countDiluted shares -14.5% over 5y
Value
100
- ●P/E below 15P/E 10.6
- ●EV/EBIT below 12EV/EBIT 11.0
- ●FCF yield above 6%FCF yield 10.2%
- ●Price below Graham NumberGraham Number $52.04
- ●P/B below 3P/B 1.8
Safety
80
- ●Debt / equity below 0.5D/E 0.49
- ●Debt payable in < 4 yrs of earningsNet debt $0.2B
- ○Interest coverage > 8xCoverage 7.8x
- ●Current ratio > 1.5Current ratio 2.67
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
50
- ○Adequate size (revenue > $2B)Revenue $0.5B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.67
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 10.1
- ●P/E × P/B ≤ 22.5Product 18.4
Valuation lab
What do you have to believe?
At $48.17, the market is pricing in about −2.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $233M · 43M shares · 5y revenue CAGR 8.8%
Intrinsic value
$120.62
Price
$48.17
Margin of safety
60%
What the price implies
The market is paying for −2.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 167 | 159 | 158 | 333 | 316 | 274 | 390 | 561 | 353 | 482 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 14 | 4 | (8) | 161 | 116 | 92 | 198 | 329 | 113 | 210 |
| Operating margin | 8.4% | 2.4% | -5.0% | 48.3% | 36.7% | 33.7% | 50.9% | 58.6% | 31.9% | 43.6% |
| Pre-tax income | — | — | — | — | — | — | — | — | — | — |
| Income tax | — | — | — | — | — | — | — | — | — | — |
| Net income | (1) | (20) | (51) | 112 | 93 | 72 | 172 | 307 | 90 | 194 |
| EPS (diluted) | -0.03 | -0.38 | -0.93 | 2.07 | 1.86 | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 |
| Diluted shares | 54 | 54 | 55 | 54 | 50 | 40 | 40 | 40 | 42 | 43 |
Who owns it