This page shows Dorian Lpg Ltd (LPG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A capital-heavy business converts uneven earnings into cash and then channels that cash into deleveraging and payouts.
From FY2024 to FY2025, operating margin reset from58.6% to31.9% , showing that earnings can swing much faster than the underlying asset base. Even so, cash conversion stayed resilient: operating cash flow was$173M against net income of$90.2M , so the income statement weakened more than liquidity did.
The balance sheet became more conservative during the weaker year. Cash rose to
Shareholder payouts appear to be anchored more to cash generation than to reported earnings alone. In FY2025, dividends paid were
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Dorian Lpg Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dorian Lpg Ltd has an operating margin of 43.6%, meaning the company retains $44 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 31.9% the prior year.
Dorian Lpg Ltd's revenue surged 36.3% year-over-year to $481.5M, reflecting rapid business expansion. This strong growth earns a score of 21/100.
Dorian Lpg Ltd carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Dorian Lpg Ltd's current ratio of 2.67 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Dorian Lpg Ltd's ROE of 17.0% shows moderate profitability relative to equity, earning a score of 49/100. This is up from 8.6% the prior year.
Dorian Lpg Ltd scores 2.63, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.9B) relative to total liabilities ($732.7M). This signals moderate financial risk that warrants monitoring.
Dorian Lpg Ltd passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Dorian Lpg Ltd generates $1.09 in operating cash flow ($210.1M OCF vs $193.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Dorian Lpg Ltd earns $7.2 in operating income for every $1 of interest expense ($210.2M vs $29.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Dorian Lpg Ltd generated $481.5M in revenue in fiscal year 2026. This represents an increase of 36.3% from the prior year.
Dorian Lpg Ltd's EBITDA was $281.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.7% from the prior year.
Dorian Lpg Ltd reported $193.7M in net income in fiscal year 2026. This represents an increase of 114.8% from the prior year.
Dorian Lpg Ltd earned $4.54 per diluted share (EPS) in fiscal year 2026. This represents an increase of 112.1% from the prior year.
Cash & Balance Sheet
Dorian Lpg Ltd held $327.4M in cash against $460.2M in long-term debt as of fiscal year 2026.
Dorian Lpg Ltd paid $2.45 per share in dividends in fiscal year 2026. This represents a decrease of 33.8% from the prior year.
Dorian Lpg Ltd had 43M shares outstanding in fiscal year 2026. This represents an increase of 0.1% from the prior year.
Margins & Returns
Dorian Lpg Ltd's operating margin was 43.6% in fiscal year 2026, reflecting core business profitability. This is up 11.8 percentage points from the prior year.
Dorian Lpg Ltd's net profit margin was 40.2% in fiscal year 2026, showing the share of revenue converted to profit. This is up 14.7 percentage points from the prior year.
Dorian Lpg Ltd's ROE was 17.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the prior year.
Capital Allocation
Dorian Lpg Ltd spent $7.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 11.9% from the prior year.
LPG Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $153.3M+27.8% | $120.0M-3.3% | $124.1M+47.3% | $84.2M+11.0% | $75.9M-5.9% | $80.7M-2.1% | $82.4M-27.9% | $114.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $10.8M-10.3% | $12.0M-29.0% | $16.9M | N/A | $7.5M-54.6% | $16.5M+57.9% | $10.4M |
| Operating Income | $83.9M+63.6% | $51.3M-13.5% | $59.3M+280.6% | $15.6M+6.1% | $14.7M-37.2% | $23.4M+22.5% | $19.1M-65.6% | $55.5M |
| Interest Expense | N/A | $7.1M-7.0% | $7.6M-1.5% | $7.7M | N/A | $8.9M-5.9% | $9.4M-0.8% | $9.5M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $81.0M+71.7% | $47.2M-14.8% | $55.4M+449.3% | $10.1M+24.6% | $8.1M-62.1% | $21.4M+126.6% | $9.4M-81.6% | $51.3M |
| EPS (Diluted) | $1.90+71.2% | $1.11-14.6% | $1.30+441.7% | $0.24+26.3% | $0.19-62.0% | $0.50+127.3% | $0.22-82.4% | $1.25 |
LPG Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+5.3% | $1.8B-0.1% | $1.8B+1.8% | $1.7B-1.7% | $1.8B-2.3% | $1.8B-2.2% | $1.9B-2.6% | $1.9B |
| Current Assets | $450.3M+14.8% | $392.3M+2.7% | $381.9M+2.7% | $371.7M-2.8% | $382.4M-7.9% | $415.2M-5.5% | $439.5M-5.6% | $465.5M |
| Cash & Equivalents | $327.4M+11.2% | $294.5M+9.8% | $268.3M-3.5% | $277.9M-12.3% | $316.9M+0.7% | $314.5M-9.8% | $348.6M-1.3% | $353.3M |
| Inventory | $2.4M+8.5% | $2.3M-5.7% | $2.4M-0.9% | $2.4M-3.9% | $2.5M+6.8% | $2.3M-3.4% | $2.4M+2.3% | $2.4M |
| Accounts Receivable | $2.0M+24.7% | $1.6M-32.6% | $2.4M+56.4% | $1.6M+14.3% | $1.4M+37.0% | $991K-4.2% | $1.0M+42.1% | $728K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $732.7M+5.9% | $692.1M-3.0% | $713.6M-0.1% | $714.3M-2.5% | $732.6M-2.5% | $751.6M-2.8% | $773.0M-2.4% | $791.9M |
| Current Liabilities | $168.8M+3.9% | $162.5M+41.3% | $115.0M+2.8% | $111.8M+3.7% | $107.9M+3.1% | $104.6M+0.6% | $104.0M+2.8% | $101.2M |
| Long-Term Debt | $460.2M+10.8% | $415.4M-12.0% | $472.2M-2.7% | $485.5M-2.7% | $498.8M-2.6% | $512.0M-2.5% | $525.2M-2.4% | $538.4M |
| Total Equity | $1.1B+4.9% | $1.1B+1.8% | $1.1B+3.1% | $1.0B-1.1% | $1.0B-2.1% | $1.1B-1.8% | $1.1B-2.8% | $1.1B |
| Retained Earnings | $400.0M+14.6% | $348.9M+5.9% | $329.6M+9.9% | $299.9M-3.6% | $311.1M-6.6% | $333.0M-6.0% | $354.4M-8.6% | $387.8M |
LPG Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $82.1M+1.7% | $80.8M+74.1% | $46.4M+5597.7% | $814K-98.4% | $50.2M+106.9% | $24.3M-57.7% | $57.3M+39.1% | $41.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$64.2M-380.7% | -$13.4M-0.7% | -$13.3M-333.7% | -$3.1M+6.7% | -$3.3M-7.2% | -$3.1M-1478.4% | $222K+117.7% | -$1.3M |
| Financing Cash Flow | $15.0M+136.5% | -$41.2M+3.6% | -$42.7M-15.5% | -$37.0M+17.2% | -$44.7M+20.1% | -$56.0M+8.9% | -$61.4M-299.3% | $30.8M |
| Dividends Paid | $29.8M+7.5% | $27.7M+5.1% | $26.3M+24.2% | $21.2M-28.8% | $29.8M-30.1% | $42.6M-2.5% | $43.7M+8.2% | $40.4M |
| Share Buybacks | $2.3M+82682.0% | -$3K-100.1% | $2.9M+59.5% | $1.8M-9.2% | $2.0M | $0 | N/A | N/A |
LPG Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 54.8%+12.0pp | 42.8%-5.1pp | 47.8%+29.3pp | 18.5%-0.9pp | 19.4%-9.6pp | 29.0%+5.8pp | 23.2%-25.3pp | 48.5% |
| Net Margin | 52.9%+13.5pp | 39.3%-5.3pp | 44.6%+32.7pp | 12.0%+1.3pp | 10.7%-15.8pp | 26.5%+15.0pp | 11.4%-33.4pp | 44.9% |
| Return on Equity | 7.1%+2.8pp | 4.3%-0.8pp | 5.2%+4.2pp | 1.0%+0.2pp | 0.8%-1.2pp | 2.0%+1.1pp | 0.9%-3.7pp | 4.6% |
| Return on Assets | 4.3%+1.7pp | 2.6%-0.5pp | 3.1%+2.5pp | 0.6%+0.1pp | 0.4%-0.7pp | 1.2%+0.7pp | 0.5%-2.2pp | 2.7% |
| Current Ratio | 2.67+0.3 | 2.41-0.9 | 3.320.0 | 3.32-0.2 | 3.54-0.4 | 3.97-0.3 | 4.22-0.4 | 4.60 |
| Debt-to-Equity | 0.40+0.0 | 0.38-0.1 | 0.44-0.0 | 0.470.0 | 0.480.0 | 0.480.0 | 0.480.0 | 0.48 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Dorian Lpg Ltd's annual revenue?
Dorian Lpg Ltd (LPG) reported $481.5M in total revenue for fiscal year 2026. This represents a 36.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dorian Lpg Ltd's revenue growing?
Dorian Lpg Ltd (LPG) revenue grew by 36.3% year-over-year, from $353.3M to $481.5M in fiscal year 2026.
Is Dorian Lpg Ltd profitable?
Yes, Dorian Lpg Ltd (LPG) reported a net income of $193.7M in fiscal year 2026, with a net profit margin of 40.2%.
What is Dorian Lpg Ltd's EBITDA?
Dorian Lpg Ltd (LPG) had EBITDA of $281.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Dorian Lpg Ltd have?
As of fiscal year 2026, Dorian Lpg Ltd (LPG) had $327.4M in cash and equivalents against $460.2M in long-term debt.
What is Dorian Lpg Ltd's operating margin?
Dorian Lpg Ltd (LPG) had an operating margin of 43.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Dorian Lpg Ltd's net profit margin?
Dorian Lpg Ltd (LPG) had a net profit margin of 40.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Dorian Lpg Ltd pay dividends?
Yes, Dorian Lpg Ltd (LPG) paid $2.45 per share in dividends during fiscal year 2026.
What is Dorian Lpg Ltd's return on equity (ROE)?
Dorian Lpg Ltd (LPG) has a return on equity of 17.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Dorian Lpg Ltd's operating cash flow?
Dorian Lpg Ltd (LPG) generated $210.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Dorian Lpg Ltd's total assets?
Dorian Lpg Ltd (LPG) had $1.9B in total assets as of fiscal year 2026, including both current and long-term assets.
What is Dorian Lpg Ltd's current ratio?
Dorian Lpg Ltd (LPG) had a current ratio of 2.67 as of fiscal year 2026, which is generally considered healthy.
What is Dorian Lpg Ltd's debt-to-equity ratio?
Dorian Lpg Ltd (LPG) had a debt-to-equity ratio of 0.40 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dorian Lpg Ltd's return on assets (ROA)?
Dorian Lpg Ltd (LPG) had a return on assets of 10.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Dorian Lpg Ltd's Altman Z-Score?
Dorian Lpg Ltd (LPG) has an Altman Z-Score of 2.63, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dorian Lpg Ltd's Piotroski F-Score?
Dorian Lpg Ltd (LPG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dorian Lpg Ltd's earnings high quality?
Dorian Lpg Ltd (LPG) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dorian Lpg Ltd cover its interest payments?
Dorian Lpg Ltd (LPG) has an interest coverage ratio of 7.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dorian Lpg Ltd?
Dorian Lpg Ltd (LPG) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.