Dorian LPG (LPG) Financials

$24.55 -0.43 (-1.72%)

As of 03:09 PM Eastern

Annual Income Statements for Dorian LPG

This table shows Dorian LPG's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	25	130	-1.44	-20	-51	112	93	72	172	307	90
Consolidated Net Income / (Loss)	25	130	-1.44	-20	-51	112	93	72	172	307	90
Net Income / (Loss) Continuing Operations	25	130	-1.44	-20	-51	112	93	72	172	307	90
Total Pre-Tax Income	25	130	-1.44	-20	-51	112	93	72	172	307	90
Total Operating Income	30	158	14	3.84	-7.96	161	116	92	198	329	113
Total Gross Profit	60	230	101	95	158	261	218	179	291	434	222
Total Revenue	104	289	170	162	158	335	316	274	390	561	353
Operating Revenue	103	288	170	162	158	335	316	274	390	561	353
Total Cost of Revenue	44	59	69	67	0.00	75	97	95	98	127	131
Operating Cost of Revenue	44	59	69	67	-	75	97	95	98	127	131
Total Operating Expenses	30	72	87	92	166	99	102	87	93	105	110
Selling, General & Admin Expense	14	30	22	26	24	23	34	30	32	39	43
Depreciation Expense	14	43	65	65	65	66	68	66	63	69	70
Other Operating Expenses / (Income)	-0.09	-1.95	-	-	66	9.86	-	-2.37	-2.40	-2.59	-2.58
Total Other Income / (Expense), net	-4.83	-29	-15	-24	-43	-49	-24	-20	-26	-21	-22
Interest Expense	0.29	13	-	-4.12	41	-	28	27	38	40	36
Interest & Investment Income	0.42	0.15	0.14	0.44	1.76	1.46	0.42	0.35	3.81	9.49	15
Other Income / (Expense), net	-4.96	-16	-16	-29	-4.09	-51	3.64	6.26	8.08	9.61	-1.88
Basic Earnings per Share	$0.45	$2.29	($0.03)	($0.38)	($0.93)	$2.08	$1.86	$1.79	$4.31	$7.63	$2.14
Weighted Average Basic Shares Outstanding	56.18M	56.66M	54.08M	54.04M	54.51M	53.88M	49.73M	40.20M	40.03M	40.28M	42.13M
Diluted Earnings per Share	$0.45	$2.29	($0.03)	($0.38)	($0.93)	$2.07	$1.86	$1.78	$4.29	$7.60	$2.14
Weighted Average Diluted Shares Outstanding	56.18M	56.71M	54.08M	54.04M	54.51M	54.12M	49.83M	40.37M	40.21M	40.45M	42.23M
Weighted Average Basic & Diluted Shares Outstanding	56.18M	56.66M	54.08M	54.04M	54.51M	50.83M	41.09M	40.14M	40.38M	40.62M	42.65M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$2.00	$5.50	$4.00	$3.70

This table shows Dorian LPG's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	20	51	76	52	77	100	79	51	9.43	21	8.09
Consolidated Net Income / (Loss)	20	51	76	52	77	100	79	51	9.43	21	8.09
Net Income / (Loss) Continuing Operations	20	51	76	52	77	100	79	51	9.43	21	8.09
Total Pre-Tax Income	20	51	76	52	77	100	79	51	9.43	21	8.09
Total Operating Income	28	57	84	56	80	110	82	55	19	23	15
Total Gross Profit	52	80	83	81	110	135	74	82	52	48	40
Total Revenue	76	103	134	112	145	163	141	114	82	81	76
Operating Revenue	76	103	134	112	145	163	141	114	82	81	76
Total Cost of Revenue	24	24	50	31	34	28	67	32	30	33	36
Operating Cost of Revenue	24	24	-	31	34	28	67	32	30	33	36
Total Operating Expenses	24	22	-0.62	25	30	24	-8.86	27	33	24	25
Selling, General & Admin Expense	8.18	6.95	7.55	9.22	14	7.66	8.55	10	16	7.46	8.28
Depreciation Expense	16	16	16	17	17	17	18	17	17	17	18
Other Operating Expenses / (Income)	-0.56	-0.64	-24	-0.62	-0.68	-0.65	-	-0.65	-0.64	-0.66	-0.65
Total Other Income / (Expense), net	-7.83	-6.23	-7.76	-3.90	-3.98	-10	-3.14	-4.19	-9.67	-2.02	-6.60
Interest Expense	12	8.64	9.21	10	10	10	9.69	9.52	9.44	8.88	7.97
Interest & Investment Income	0.77	1.17	1.47	1.69	2.03	2.90	2.86	3.73	4.46	3.80	3.23
Other Income / (Expense), net	3.40	1.24	-0.02	4.81	4.31	-3.19	3.68	1.60	-4.69	3.07	-1.86
Basic Earnings per Share	$0.51	$1.28	$1.90	$1.29	$1.90	$2.48	$1.96	$1.25	$0.22	$0.50	$0.17
Weighted Average Basic Shares Outstanding	40.02M	40.09M	40.03M	40.14M	40.28M	40.35M	40.28M	40.91M	42.49M	42.57M	42.13M
Diluted Earnings per Share	$0.51	$1.27	$1.89	$1.28	$1.89	$2.47	$1.96	$1.25	$0.22	$0.50	$0.17
Weighted Average Diluted Shares Outstanding	40.16M	40.25M	40.21M	40.38M	40.41M	40.51M	40.45M	41.12M	42.60M	42.60M	42.23M
Weighted Average Basic & Diluted Shares Outstanding	40.35M	40.35M	40.38M	40.39M	40.61M	40.59M	40.62M	42.62M	42.80M	42.80M	42.65M

This table details how cash moves in and out of Dorian LPG's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	-74	-158	-29	61	-63	21	-2.66	152	-88	134	34
Net Cash From Operating Activities	26	151	52	57	8.88	169	171	119	224	388	173
Net Cash From Continuing Operating Activities	26	151	52	57	8.88	169	171	119	224	388	173
Net Income / (Loss) Continuing Operations	25	130	-1.44	-20	-51	112	93	72	172	307	90
Consolidated Net Income / (Loss)	25	130	-1.44	-20	-51	112	93	72	172	307	90
Depreciation Expense	14	43	65	65	65	66	68	66	63	69	70
Amortization Expense	0.83	2.50	3.71	7.51	3.14	4.78	14	5.89	5.60	1.24	1.22
Non-Cash Adjustments To Reconcile Net Income	5.35	5.60	2.68	0.97	5.27	-4.85	-13	3.27	12	34	44
Changes in Operating Assets and Liabilities, net	-20	-29	-18	3.84	-14	-8.99	8.88	-29	-29	-23	-32
Net Cash From Investing Activities	-312	-910	-1.92	-0.44	-4.52	-33	1.02	69	-76	-35	-7.36
Net Cash From Continuing Investing Activities	-312	-910	-1.92	-0.44	-4.52	-33	1.02	69	-76	-35	-7.36
Purchase of Property, Plant & Equipment	-315	-896	-1.92	-0.44	-4.02	-20	-9.51	-23	-0.00	0.00	0.00
Purchase of Investments	-	-	-	0.00	-0.50	-15	-4.74	-2.25	-11	-5.98	-0.21
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	1.77	15	3.74	3.72	4.03	12
Other Investing Activities, net	2.24	-18	-	-	-	-	0.00	-	-69	-33	-19
Net Cash From Financing Activities	214	601	-79	4.67	-67	-115	-174	-35	-235	-220	-131
Net Cash From Continuing Financing Activities	214	601	-79	4.67	-67	-115	-174	-35	-235	-220	-131
Repayment of Debt	-21	-55	-66	-255	-131	-64	-104	-232	-359	-54	-53
Repurchase of Common Equity	-1.39	-21	-13	-1.22	-1.31	-51	-126	-21	-1.67	-3.94	-11
Payment of Dividends	-	-	-	-	-	0.00	0.00	-80	-221	-162	-156
Issuance of Debt	80	677	-	261	65	0.00	55	298	346	0.00	0.00
Issuance of Common Equity	156	-	-	-	-	-	-	-	0.00	0.00	89
Effect of Exchange Rate Changes	-1.30	-0.11	-	-0.01	-0.25	-0.32	0.21	-0.17	-0.45	-0.22	0.01
Cash Interest Paid	0.07	8.35	25	28	37	32	22	21	31	38	33

This table details how cash moves in and out of Dorian LPG's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-14	-11	19	6.75	36	16	74	71	-3.87	-35	2.35
Net Cash From Operating Activities	49	43	98	63	100	71	154	41	57	24	50
Net Cash From Continuing Operating Activities	50	42	98	63	100	71	154	41	57	24	50
Net Income / (Loss) Continuing Operations	20	51	76	52	77	100	79	51	9.43	21	8.09
Consolidated Net Income / (Loss)	20	51	76	52	77	100	79	51	9.43	21	8.09
Depreciation Expense	16	16	16	17	17	17	18	17	17	17	18
Amortization Expense	1.54	7.51	-6.81	0.31	0.31	0.30	-21	0.32	0.31	0.30	0.28
Non-Cash Adjustments To Reconcile Net Income	-0.29	6.10	7.37	4.32	7.15	13	28	7.58	15	14	7.32
Changes in Operating Assets and Liabilities, net	12	-39	5.74	-9.75	-0.72	-60	51	-35	16	-29	17
Net Cash From Investing Activities	-2.25	-0.86	-66	-2.34	-7.01	-0.54	-25	-1.25	0.22	-3.06	-3.28
Net Cash From Continuing Investing Activities	-2.25	-0.86	-66	-2.34	-7.01	-0.54	-25	-1.25	0.22	-3.06	-3.28
Purchase of Property, Plant & Equipment	-0.44	-0.86	-59	-2.34	-5.01	-0.60	-25	-1.25	-1.58	-2.84	5.67
Sale and/or Maturity of Investments	-	-	1.72	-	-	4.03	-	-	-	-	10
Net Cash From Financing Activities	-61	-54	-12	-54	-57	-54	-55	31	-61	-56	-45
Net Cash From Continuing Financing Activities	-61	-54	-12	-54	-57	-54	-55	31	-61	-56	-45
Repayment of Debt	-260	-14	-28	-13	-13	-13	-14	-13	-13	-13	-13
Repurchase of Common Equity	-0.72	-	-	-0.32	-2.39	-0.06	-1.17	0.00	-4.26	-4.59	-2.01
Payment of Dividends	-40	-40	-40	-40	-41	-40	-40	-40	-44	-43	-30
Effect of Exchange Rate Changes	-	-	-0.23	-0.12	-0.07	0.03	-0.06	-0.03	0.02	-0.11	0.13
Cash Interest Paid	7.10	8.36	9.05	9.69	9.72	10	9.04	8.92	8.77	9.43	5.69

This table presents Dorian LPG's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	1,099	1,842	1,746	1,736	1,625	1,672	1,582	1,607	1,709	1,838	1,779
Total Current Assets	233	106	64	135	83	140	153	308	236	369	382
Cash & Equivalents	205	46	17	104	31	48	79	237	149	283	317
Short-Term Investments	-	-	-	-	0.60	15	-	-	0.00	12	0.00
Accounts Receivable	23	55	42	27	46	68	56	59	76	53	49
Inventories, net	3.38	2.29	2.58	2.01	2.11	2.00	2.01	2.27	2.64	2.39	2.51
Prepaid Expenses	1.78	2.25	1.90	2.47	3.20	3.27	10	10	8.51	14	14
Other Current Assets	-	-	-	-	-	-	-	-	0.00	5.14	0.00
Plant, Property, & Equipment, net	819	1,668	1,604	1,539	1,479	1,438	1,377	1,255	1,264	1,232	1,187
Total Noncurrent Assets	47	69	78	62	64	95	51	45	209	236	209
Other Noncurrent Operating Assets	14	0.39	7.80	16	8.67	36	28	25	197	236	209
Total Liabilities & Shareholders' Equity	1,099	1,842	1,746	1,736	1,625	1,672	1,582	1,607	1,709	1,838	1,779
Total Liabilities	226	857	770	777	713	695	635	687	835	814	733
Total Current Liabilities	28	88	86	82	79	85	82	95	95	102	108
Short-Term Debt	16	66	66	65	64	62	61	72	53	54	55
Accounts Payable	5.75	7.53	7.09	6.67	7.70	14	9.95	9.58	11	10	12
Accrued Expenses	5.65	9.72	5.39	4.70	3.44	4.08	8.77	3.80	5.64	3.95	5.39
Dividends Payable	-	-	-	-	-	-	0.00	0.49	1.26	1.15	0.92
Current Deferred Revenue	1.12	4.61	7.31	5.56	4.26	2.07	0.85	0.81	0.21	0.49	0.68
Other Current Liabilities	-	-	-	-	0.00	2.61	1.10	8.07	24	32	35
Total Noncurrent Liabilities	198	768	684	695	633	610	553	592	740	712	625
Long-Term Debt	185	746	684	694	632	582	540	591	604	552	499
Other Noncurrent Operating Liabilities	13	22	0.48	0.65	1.20	28	13	1.69	136	161	126
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Equity & Noncontrolling Interests	873	986	976	959	913	977	947	920	874	1,024	1,046
Total Preferred & Common Equity	873	986	976	959	913	977	947	920	874	1,024	1,046
Total Common Equity	873	986	976	959	913	977	947	920	874	1,024	1,046
Common Stock	845	849	854	859	864	867	757	761	765	773	868
Retained Earnings	28	158	156	136	85	197	289	281	232	377	311
Treasury Stock	-	-21	-34	-35	-36	-87	-100	-121	-123	-127	-133

This table presents Dorian LPG's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2021	6/30/2022	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024
Total Assets	1,528	1,523	1,488	1,530	1,704	1,784	1,820	1,912	1,861	1,820
Total Current Assets	217	230	208	228	241	277	339	466	440	415
Cash & Equivalents	116	156	141	130	156	192	208	353	349	315
Short-Term Investments	-	-	-	-	-	-	-	12	9.89	10
Accounts Receivable	47	62	55	86	72	67	113	80	62	75
Inventories, net	2.36	2.19	2.34	2.61	2.38	2.68	2.57	2.38	2.43	2.35
Prepaid Expenses	8.38	10	9.15	9.42	11	16	15	14	14	13
Other Current Assets	43	-	-	-	-	-	-	3.87	2.03	0.95
Plant, Property, & Equipment, net	1,269	1,248	1,233	1,220	1,251	1,238	1,224	1,218	1,204	1,189
Total Noncurrent Assets	42	45	47	82	212	268	257	228	218	216
Other Noncurrent Operating Assets	21	25	27	61	200	259	247	228	218	216
Total Liabilities & Shareholders' Equity	1,528	1,523	1,488	1,530	1,704	1,784	1,820	1,912	1,861	1,820
Total Liabilities	604	679	663	693	818	861	836	792	773	752
Total Current Liabilities	95	72	71	84	97	105	102	101	104	105
Short-Term Debt	79	52	52	52	53	85	53	54	54	88
Accounts Payable	9.63	7.96	8.69	16	11	12	11	7.99	9.96	9.25
Accrued Expenses	3.91	5.05	5.24	6.20	6.92	5.10	4.17	4.54	4.05	3.51
Dividends Payable	0.25	0.92	0.75	1.01	1.15	0.64	0.89	1.41	0.53	0.76
Current Deferred Revenue	1.63	0.00	0.81	0.12	0.28	2.32	0.42	0.56	1.55	0.70
Other Current Liabilities	0.21	5.79	3.47	8.40	24	0.02	32	33	34	2.29
Total Noncurrent Liabilities	509	607	592	609	721	755	734	691	669	647
Long-Term Debt	507	605	590	577	591	578	565	538	525	512
Other Noncurrent Operating Liabilities	2.46	2.34	2.14	32	130	177	169	152	144	135
Total Equity & Noncontrolling Interests	924	844	825	837	886	923	984	1,120	1,088	1,069
Total Preferred & Common Equity	924	844	825	837	886	923	984	1,120	1,088	1,069
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	924	844	825	837	886	923	984	1,120	1,088	1,069
Common Stock	760	761	763	764	766	770	771	859	865	867
Retained Earnings	286	205	185	196	243	279	338	388	354	333
Treasury Stock	-121	-122	-123	-123	-123	-126	-126	-127	-131	-131

This table displays calculated financial ratios and metrics derived from Dorian LPG's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	177.74%	-41.27%	-4.69%	-2.38%	112.15%	-5.77%	-13.20%	42.13%	43.87%	-36.98%
EBITDA Growth	0.00%	367.82%	-64.15%	-28.74%	17.56%	222.33%	11.41%	-15.41%	61.10%	48.26%	-55.53%
EBIT Growth	0.00%	466.21%	-101.11%	-1,480.26%	51.71%	1,015.89%	8.48%	-17.61%	109.25%	63.94%	-67.27%
NOPAT Growth	0.00%	426.48%	-93.82%	-72.55%	-307.27%	2,989.94%	-27.92%	-20.41%	114.68%	65.77%	-65.74%
Net Income Growth	0.00%	413.40%	-101.11%	-1,314.93%	-149.73%	319.53%	-17.24%	-22.29%	139.72%	78.29%	-70.67%
EPS Growth	0.00%	408.89%	-101.31%	-1,166.67%	-144.74%	322.58%	-10.14%	-4.30%	141.01%	77.16%	-71.84%
Operating Cash Flow Growth	0.00%	489.42%	-65.50%	9.88%	-84.48%	1,802.83%	0.92%	-30.42%	88.77%	73.37%	-55.46%
Free Cash Flow Firm Growth	0.00%	0.00%	107.46%	35.85%	-41.53%	339.03%	-6.51%	21.60%	-17.36%	111.58%	-54.85%
Invested Capital Growth	0.00%	103.58%	-2.52%	-4.16%	-2.99%	-1.48%	-3.67%	-7.97%	1.91%	-2.66%	-3.92%
Revenue Q/Q Growth	0.00%	20.90%	-17.22%	-4.94%	-5.37%	23.78%	0.81%	-7.18%	16.52%	1.28%	-15.64%
EBITDA Q/Q Growth	0.00%	19.43%	-40.99%	-12.54%	886.96%	-10.11%	32.09%	-2.09%	6.55%	-4.85%	-28.75%
EBIT Q/Q Growth	0.00%	14.86%	-103.49%	-55.33%	81.41%	-17.23%	67.72%	5.71%	16.21%	0.68%	-39.80%
NOPAT Q/Q Growth	0.00%	24.82%	-79.09%	-69.05%	-127.67%	49.82%	-2.91%	-8.71%	30.45%	-0.42%	-37.53%
Net Income Q/Q Growth	0.00%	9.58%	-108.60%	-36.19%	-32.47%	68.28%	18.74%	-10.73%	30.83%	1.06%	-44.10%
EPS Q/Q Growth	0.00%	10.10%	-110.00%	-35.71%	-30.99%	69.67%	22.37%	-1.11%	30.79%	0.93%	-45.55%
Operating Cash Flow Q/Q Growth	0.00%	73.97%	-55.56%	30.57%	-25.38%	36.70%	16.64%	-30.90%	43.66%	16.92%	-37.55%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-50.99%	17.55%	23.03%	26.80%	11.02%	-16.41%	7.28%	29.02%	-25.11%
Invested Capital Q/Q Growth	0.00%	-0.97%	0.07%	-0.97%	-1.69%	-0.77%	-2.16%	-0.01%	2.57%	-3.55%	-4.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.30%	79.54%	59.33%	58.90%	100.00%	77.71%	69.14%	65.43%	74.78%	77.38%	62.91%
EBITDA Margin	38.47%	64.79%	39.56%	29.58%	35.62%	54.11%	63.97%	62.35%	70.67%	72.83%	51.39%
Operating Margin	28.90%	54.78%	8.24%	2.37%	-5.04%	48.04%	36.75%	33.70%	50.89%	58.64%	31.88%
EBIT Margin	24.13%	49.20%	-0.93%	-15.42%	-7.63%	32.92%	37.90%	35.98%	52.97%	60.36%	31.35%
Profit (Net Income) Margin	24.26%	44.84%	-0.85%	-12.60%	-32.24%	33.36%	29.30%	26.23%	44.24%	54.83%	25.52%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.52%	91.14%	91.29%	81.74%	422.72%	101.32%	77.31%	72.92%	83.53%	90.84%	81.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.60%	12.49%	0.58%	0.17%	-0.36%	10.53%	7.79%	6.58%	14.59%	24.29%	8.60%
ROIC Less NNEP Spread (ROIC-NNEP)	16.41%	4.01%	-1.03%	-3.35%	-7.57%	2.12%	3.34%	2.24%	8.99%	19.01%	0.42%
Return on Net Nonoperating Assets (RNNOA)	-0.71%	1.46%	-0.73%	-2.27%	-5.09%	1.31%	1.84%	1.13%	4.63%	8.12%	0.11%
Return on Equity (ROE)	2.89%	13.95%	-0.15%	-2.11%	-5.44%	11.84%	9.62%	7.71%	19.22%	32.41%	8.71%
Cash Return on Invested Capital (CROIC)	0.00%	-55.75%	3.14%	4.41%	2.67%	12.01%	11.53%	14.88%	12.70%	26.99%	12.60%
Operating Return on Assets (OROA)	2.59%	9.68%	-0.09%	-1.43%	-0.72%	6.70%	7.36%	6.19%	12.45%	19.09%	6.13%
Return on Assets (ROA)	2.61%	8.82%	-0.08%	-1.17%	-3.03%	6.78%	5.69%	4.51%	10.40%	17.34%	4.99%
Return on Common Equity (ROCE)	2.89%	13.95%	-0.15%	-2.11%	-5.44%	11.84%	9.62%	7.71%	19.22%	32.41%	8.71%
Return on Equity Simple (ROE_SIMPLE)	2.89%	13.16%	-0.15%	-2.13%	-5.58%	11.45%	9.78%	7.82%	19.73%	30.04%	8.62%
Net Operating Profit after Tax (NOPAT)	30	158	9.80	2.69	-5.57	161	116	92	198	329	113
NOPAT Margin	28.90%	54.78%	5.77%	1.66%	-3.53%	48.04%	36.75%	33.70%	50.89%	58.64%	31.88%
Net Nonoperating Expense Percent (NNEP)	-12.81%	8.48%	1.61%	3.52%	7.21%	8.41%	4.45%	4.34%	5.60%	5.28%	8.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	7.04%
Cost of Revenue to Revenue	42.70%	20.46%	40.67%	41.10%	0.00%	22.29%	30.86%	34.57%	25.22%	22.62%	37.09%
SG&A Expenses to Revenue	13.58%	10.32%	12.79%	16.18%	15.46%	6.97%	10.73%	11.02%	8.23%	6.96%	12.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.40%	24.76%	51.10%	56.53%	105.04%	29.67%	32.40%	31.74%	23.88%	18.74%	31.03%
Earnings before Interest and Taxes (EBIT)	25	142	-1.58	-25	-12	110	120	99	206	338	111
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	40	187	67	48	56	181	202	171	275	408	182
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.39	0.30	0.32	0.24	0.21	0.26	0.38	0.39	0.78	1.49	0.89
Price to Tangible Book Value (P/TBV)	0.39	0.30	0.32	0.24	0.21	0.26	0.38	0.39	0.78	1.49	0.89
Price to Revenue (P/Rev)	3.31	1.02	1.86	1.39	1.23	0.76	1.13	1.32	1.75	2.72	2.65
Price to Earnings (P/E)	13.63	2.27	0.00	0.00	0.00	2.29	3.87	5.02	3.95	4.96	10.38
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.23%	32.56%	13.32%	16.92%
Earnings Yield	7.33%	44.11%	0.00%	0.00%	0.00%	43.64%	25.86%	19.92%	25.30%	20.17%	9.63%
Enterprise Value to Invested Capital (EV/IC)	0.41	0.62	0.63	0.55	0.56	0.55	0.60	0.58	0.86	1.37	0.91
Enterprise Value to Revenue (EV/Rev)	3.26	3.67	6.18	5.44	5.43	2.49	2.77	2.87	3.02	3.27	3.32
Enterprise Value to EBITDA (EV/EBITDA)	8.49	5.66	15.62	18.40	15.25	4.60	4.33	4.60	4.28	4.49	6.46
Enterprise Value to EBIT (EV/EBIT)	13.53	7.45	0.00	0.00	0.00	7.55	7.30	7.98	5.71	5.42	10.59
Enterprise Value to NOPAT (EV/NOPAT)	11.30	6.69	107.12	327.70	0.00	5.18	7.53	8.52	5.94	5.58	10.41
Enterprise Value to Operating Cash Flow (EV/OCF)	13.27	7.02	20.14	15.39	96.61	4.93	5.13	6.63	5.26	4.72	6.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.90	12.30	20.50	4.54	5.09	3.77	6.83	5.02	7.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.82	0.77	0.79	0.76	0.66	0.63	0.72	0.75	0.59	0.53
Long-Term Debt to Equity	0.21	0.76	0.70	0.72	0.69	0.60	0.57	0.64	0.69	0.54	0.48
Financial Leverage	-0.04	0.36	0.71	0.68	0.67	0.62	0.55	0.51	0.52	0.43	0.27
Leverage Ratio	1.24	1.58	1.83	1.80	1.80	1.74	1.69	1.71	1.85	1.87	1.75
Compound Leverage Factor	1.25	1.44	1.67	1.47	7.59	1.77	1.31	1.25	1.54	1.70	1.42
Debt to Total Capital	18.66%	45.19%	43.45%	44.17%	43.27%	39.73%	38.83%	41.87%	42.93%	37.15%	34.59%
Short-Term Debt to Total Capital	1.46%	3.69%	3.82%	3.79%	3.98%	3.84%	3.97%	4.55%	3.47%	3.29%	3.41%
Long-Term Debt to Total Capital	17.20%	41.51%	39.63%	40.39%	39.29%	35.89%	34.86%	37.32%	39.46%	33.87%	31.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	81.34%	54.81%	56.55%	55.83%	56.73%	60.27%	61.17%	58.13%	57.07%	62.85%	65.41%
Debt to EBITDA	5.00	4.34	11.16	15.85	12.37	3.55	2.97	3.88	2.39	1.48	3.05
Net Debt to EBITDA	-0.11	4.09	10.91	13.69	11.81	3.18	2.56	2.49	1.81	0.76	1.30
Long-Term Debt to EBITDA	4.61	3.98	10.18	14.50	11.23	3.21	2.67	3.45	2.19	1.35	2.75
Debt to NOPAT	6.66	5.13	76.56	282.30	-124.89	4.00	5.18	7.17	3.31	1.84	4.91
Net Debt to NOPAT	-0.15	4.84	74.83	243.81	-119.25	3.59	4.45	4.61	2.51	0.95	2.10
Long-Term Debt to NOPAT	6.14	4.71	69.83	258.10	-113.42	3.61	4.65	6.39	3.05	1.68	4.43
Altman Z-Score	1.34	0.75	0.45	0.37	0.31	0.84	1.10	1.09	1.41	2.50	1.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.27	1.20	0.75	1.65	1.04	1.64	1.87	3.25	2.50	3.62	3.54
Quick Ratio	8.09	1.15	0.69	1.59	0.97	1.54	1.65	3.11	2.38	3.41	3.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-707	53	72	42	184	172	209	173	365	165
Operating Cash Flow to CapEx	8.15%	16.92%	2,714.21%	13,099.37%	220.95%	844.16%	1,793.76%	0.00%	325.74%	1,182.38%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-55.42	0.00	0.00	1.03	0.00	6.23	7.72	4.57	9.03	4.61
Operating Cash Flow to Interest Expense	88.63	11.84	0.00	0.00	0.22	0.00	6.18	4.39	5.93	9.60	4.83
Operating Cash Flow Less CapEx to Interest Expense	-999.49	-58.15	0.00	0.00	0.12	0.00	5.84	6.87	4.11	8.78	4.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.20	0.09	0.09	0.09	0.20	0.19	0.17	0.24	0.32	0.20
Accounts Receivable Turnover	7.76	7.43	3.50	4.65	4.33	5.91	5.09	4.77	5.77	8.67	6.90
Inventory Turnover	20.06	20.90	28.37	28.96	0.00	36.38	48.70	44.36	40.05	50.36	53.47
Fixed Asset Turnover	0.16	0.23	0.10	0.10	0.10	0.23	0.22	0.21	0.31	0.45	0.29
Accounts Payable Turnover	10.76	8.91	9.45	9.67	0.00	6.89	8.14	9.71	9.64	12.08	12.06
Days Sales Outstanding (DSO)	47.04	49.12	104.31	78.56	84.37	61.79	71.66	76.55	63.21	42.11	52.92
Days Inventory Outstanding (DIO)	18.20	17.46	12.86	12.60	0.00	10.03	7.50	8.23	9.11	7.25	6.83
Days Payable Outstanding (DPO)	33.92	40.96	38.63	37.75	0.00	52.98	44.82	37.60	37.84	30.21	30.27
Cash Conversion Cycle (CCC)	31.32	25.63	78.54	53.41	84.37	18.84	34.34	47.19	34.48	19.14	29.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	836	1,701	1,658	1,589	1,542	1,519	1,463	1,347	1,372	1,336	1,283
Invested Capital Turnover	0.12	0.23	0.10	0.10	0.10	0.22	0.21	0.20	0.29	0.41	0.27
Increase / (Decrease) in Invested Capital	0.00	865	-43	-69	-47	-23	-56	-117	26	-37	-52
Enterprise Value (EV)	340	1,060	1,049	881	858	834	874	787	1,179	1,835	1,172
Market Capitalization	344	294	316	226	194	256	358	361	682	1,524	936
Book Value per Share	$18.05	$17.22	$17.76	$17.41	$16.54	$18.15	$18.98	$22.92	$21.66	$25.21	$24.44
Tangible Book Value per Share	$18.05	$17.22	$17.76	$17.41	$16.54	$18.15	$18.98	$22.92	$21.66	$25.21	$24.44
Total Capital	1,074	1,798	1,726	1,719	1,609	1,621	1,548	1,583	1,531	1,629	1,599
Total Debt	200	813	750	759	696	644	601	663	657	605	553
Total Long-Term Debt	185	746	684	694	632	582	540	591	604	552	499
Net Debt	-4.48	766	733	656	665	578	516	426	497	311	236
Capital Expenditures (CapEx)	315	893	1.92	0.44	4.02	20	9.51	-67	69	33	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	16	37	27	15	36	50	48	48	46	27	12
Debt-free Net Working Capital (DFNWC)	221	84	44	118	67	117	133	285	195	321	329
Net Working Capital (NWC)	205	17	-22	53	3.22	55	71	213	142	267	274
Net Nonoperating Expense (NNE)	4.83	29	11	23	45	49	24	20	26	21	22
Net Nonoperating Obligations (NNO)	-38	715	682	630	629	542	516	426	498	312	237
Total Depreciation and Amortization (D&A)	15	45	69	73	68	71	82	72	69	70	71
Debt-free, Cash-free Net Working Capital to Revenue	15.24%	12.89%	15.99%	9.12%	22.62%	14.97%	15.20%	17.64%	11.81%	4.74%	3.42%
Debt-free Net Working Capital to Revenue	211.94%	28.94%	26.01%	73.06%	42.52%	34.86%	41.99%	103.98%	49.98%	57.18%	93.10%
Net Working Capital to Revenue	196.88%	6.03%	-12.83%	32.86%	2.04%	16.29%	22.56%	77.69%	36.36%	47.63%	77.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.45	$2.29	($0.03)	($0.38)	($0.93)	$2.08	$1.86	$1.79	$4.31	$7.63	$2.14
Adjusted Weighted Average Basic Shares Outstanding	58.06M	55.63M	54.97M	54.04M	55.17M	53.88M	49.73M	40.20M	40.03M	40.28M	42.13M
Adjusted Diluted Earnings per Share	$0.45	$2.29	($0.03)	($0.38)	($0.93)	$2.07	$1.86	$1.78	$4.29	$7.60	$2.14
Adjusted Weighted Average Diluted Shares Outstanding	58.06M	55.63M	54.97M	54.04M	55.17M	54.12M	49.83M	40.37M	40.21M	40.45M	42.23M
Adjusted Basic & Diluted Earnings per Share	$0.45	$0.00	$0.00	$0.00	($0.93)	$2.08	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.06M	55.63M	54.97M	55.23M	54.51M	50.83M	41.09M	40.14M	40.38M	40.62M	42.65M
Normalized Net Operating Profit after Tax (NOPAT)	22	112	9.80	2.69	1.44	113	81	60	139	230	79
Normalized NOPAT Margin	21.19%	38.62%	5.77%	1.66%	0.91%	33.63%	25.72%	21.73%	35.63%	41.05%	22.32%
Pre Tax Income Margin	24.26%	44.84%	-0.85%	-12.60%	-32.24%	33.36%	29.30%	26.23%	44.24%	54.83%	25.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	86.93	11.15	0.00	0.00	-0.30	0.00	4.34	3.64	5.46	8.36	3.09
NOPAT to Interest Expense	104.08	12.42	0.00	0.00	-0.14	0.00	4.21	3.41	5.25	8.12	3.15
EBIT Less CapEx to Interest Expense	-1,001.19	-58.83	0.00	0.00	-0.40	0.00	3.99	6.13	3.64	7.55	3.09
NOPAT Less CapEx to Interest Expense	-984.04	-57.57	0.00	0.00	-0.24	0.00	3.86	5.90	3.43	7.31	3.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	111.33%	127.92%	52.78%	173.45%
Augmented Payout Ratio	5.50%	16.15%	-898.41%	-5.98%	-2.57%	45.28%	136.40%	141.03%	128.89%	54.06%	185.49%

This table displays calculated financial ratios and metrics derived from Dorian LPG's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.32%	50.62%	70.52%	45.22%	90.47%	57.82%	5.29%	2.50%	-43.03%	-50.53%	-46.33%
EBITDA Growth	44.61%	82.41%	40.08%	50.11%	108.40%	51.85%	-10.76%	-3.67%	-68.59%	-64.55%	-70.49%
EBIT Growth	124.29%	145.35%	52.38%	86.54%	168.84%	82.42%	2.74%	-5.55%	-83.01%	-75.31%	-85.09%
NOPAT Growth	47.20%	154.95%	123.56%	92.15%	186.05%	91.92%	-1.67%	-0.27%	-76.27%	-78.81%	-82.17%
Net Income Growth	44.03%	209.17%	114.85%	108.15%	276.70%	95.02%	4.23%	-0.84%	-87.68%	-78.63%	-89.79%
EPS Growth	45.71%	209.76%	114.77%	106.45%	270.59%	94.49%	3.70%	-2.34%	-88.36%	-79.76%	-91.33%
Operating Cash Flow Growth	38.07%	183.59%	227.55%	85.56%	103.95%	65.17%	57.36%	-34.84%	-42.84%	-65.66%	-67.46%
Free Cash Flow Firm Growth	-47.31%	-61.24%	-62.27%	-189.45%	-69.45%	-4.69%	104.64%	105.46%	336.78%	0.00%	-43.63%
Invested Capital Growth	-3.19%	-0.66%	1.91%	0.00%	4.41%	3.52%	-2.66%	-1.17%	-5.55%	-2.88%	-3.92%
Revenue Q/Q Growth	-1.11%	36.01%	29.34%	-16.52%	29.70%	12.69%	-13.71%	-18.73%	-27.91%	-2.14%	-5.92%
EBITDA Q/Q Growth	-4.94%	67.70%	12.70%	-16.45%	31.98%	22.19%	-37.62%	-9.81%	-56.96%	37.88%	-30.67%
EBIT Q/Q Growth	-2.64%	86.21%	42.62%	-27.85%	40.31%	26.36%	-19.68%	-33.68%	-74.76%	83.60%	-51.49%
NOPAT Q/Q Growth	-2.80%	104.33%	45.72%	-33.61%	44.70%	37.09%	-25.34%	-32.66%	-65.58%	22.45%	-37.17%
Net Income Q/Q Growth	-18.26%	152.39%	48.29%	-31.96%	47.93%	30.66%	-20.74%	-35.28%	-81.62%	126.56%	-62.12%
EPS Q/Q Growth	-17.74%	149.02%	48.82%	-32.28%	47.66%	30.69%	-20.65%	-36.22%	-82.40%	127.27%	-66.00%
Operating Cash Flow Q/Q Growth	44.25%	-13.03%	129.17%	-35.45%	58.54%	-29.57%	118.34%	-73.27%	39.08%	-57.69%	106.92%
Free Cash Flow Firm Q/Q Growth	-95.08%	-7.64%	-12.49%	-2,351.46%	101.68%	188.14%	87.88%	-39.98%	34.43%	-34.03%	5.83%
Invested Capital Q/Q Growth	0.00%	0.83%	2.57%	-0.58%	1.54%	-0.03%	-3.55%	0.95%	-2.96%	2.79%	-4.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.04%	77.20%	62.23%	72.49%	76.32%	82.63%	52.25%	72.08%	63.43%	59.12%	52.56%
EBITDA Margin	64.52%	79.56%	69.33%	69.38%	70.60%	76.55%	58.76%	65.21%	38.93%	54.85%	40.42%
Operating Margin	37.04%	55.65%	62.69%	49.86%	55.62%	67.67%	58.55%	48.51%	23.17%	28.99%	19.36%
EBIT Margin	41.52%	56.85%	62.68%	54.17%	58.60%	65.71%	61.16%	49.91%	17.48%	32.79%	16.91%
Profit (Net Income) Margin	26.74%	49.62%	56.89%	46.36%	52.88%	61.31%	56.31%	44.85%	11.44%	26.48%	10.66%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	64.40%	87.28%	90.76%	85.58%	90.23%	93.31%	92.07%	89.86%	65.45%	80.77%	63.07%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	8.23%	13.87%	17.97%	31.03%	20.23%	27.49%	24.25%	20.15%	8.62%	8.90%	5.22%
ROIC Less NNEP Spread (ROIC-NNEP)	6.61%	12.62%	16.30%	29.40%	19.41%	25.19%	23.47%	18.97%	5.79%	8.30%	2.82%
Return on Net Nonoperating Assets (RNNOA)	3.68%	7.53%	8.40%	8.13%	10.69%	12.46%	10.03%	6.69%	1.96%	2.74%	0.75%
Return on Equity (ROE)	11.92%	21.39%	26.38%	39.16%	30.92%	39.95%	34.27%	26.84%	10.58%	11.63%	5.97%
Cash Return on Invested Capital (CROIC)	11.93%	11.99%	12.70%	-167.01%	16.14%	20.80%	26.99%	25.41%	25.55%	16.14%	12.60%
Operating Return on Assets (OROA)	8.30%	12.45%	14.73%	14.25%	17.66%	21.69%	19.34%	15.56%	4.81%	7.54%	3.30%
Return on Assets (ROA)	5.34%	10.87%	13.37%	12.20%	15.94%	20.24%	17.81%	13.98%	3.15%	6.09%	2.08%
Return on Common Equity (ROCE)	11.92%	21.39%	26.38%	39.16%	30.92%	39.95%	34.27%	26.84%	10.58%	11.63%	5.97%
Return on Equity Simple (ROE_SIMPLE)	11.77%	15.74%	0.00%	22.51%	27.67%	30.92%	0.00%	27.42%	22.05%	15.10%	0.00%
Net Operating Profit after Tax (NOPAT)	28	57	84	56	80	110	82	55	19	23	15
NOPAT Margin	37.04%	55.65%	62.69%	49.86%	55.62%	67.67%	58.55%	48.51%	23.17%	28.99%	19.36%
Net Nonoperating Expense Percent (NNEP)	1.62%	1.24%	1.68%	1.63%	0.83%	2.30%	0.77%	1.18%	2.83%	0.60%	2.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	6.89%	-	-	-	1.40%	0.92%
Cost of Revenue to Revenue	31.96%	22.80%	37.77%	27.51%	23.68%	17.37%	47.75%	27.92%	36.57%	40.88%	47.44%
SG&A Expenses to Revenue	10.76%	6.72%	5.65%	8.26%	9.38%	4.70%	6.07%	9.12%	19.97%	9.25%	10.91%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.00%	21.55%	-0.46%	22.64%	20.69%	14.96%	-6.30%	23.57%	40.27%	30.13%	33.20%
Earnings before Interest and Taxes (EBIT)	32	59	84	60	85	107	86	57	14	26	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	82	93	77	102	125	83	75	32	44	31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.52	0.76	0.78	1.04	1.13	1.62	1.49	1.52	1.35	0.98	0.89
Price to Tangible Book Value (P/TBV)	0.52	0.76	0.78	1.04	1.13	1.62	1.49	1.52	1.35	0.98	0.89
Price to Revenue (P/Rev)	1.43	1.90	1.75	2.17	2.11	2.88	2.72	3.02	2.93	2.49	2.65
Price to Earnings (P/E)	4.42	4.82	3.95	4.61	4.07	5.23	4.96	5.55	6.11	6.47	10.38
Dividend Yield	42.09%	34.94%	32.56%	28.55%	15.55%	12.76%	13.32%	9.53%	11.62%	16.41%	16.92%
Earnings Yield	22.63%	20.75%	25.30%	21.68%	24.59%	19.12%	20.17%	18.01%	16.36%	15.46%	9.63%
Enterprise Value to Invested Capital (EV/IC)	0.70	0.85	0.86	1.02	1.08	1.44	1.37	1.43	1.29	0.98	0.91
Enterprise Value to Revenue (EV/Rev)	3.10	3.39	3.02	3.29	3.04	3.60	3.27	3.43	3.37	3.15	3.32
Enterprise Value to EBITDA (EV/EBITDA)	4.20	4.39	4.28	4.64	4.23	5.01	4.49	4.76	5.03	5.17	6.46
Enterprise Value to EBIT (EV/EBIT)	6.51	6.39	5.71	5.96	5.22	5.92	5.42	5.76	6.37	7.17	10.59
Enterprise Value to NOPAT (EV/NOPAT)	7.94	7.46	5.94	6.21	5.41	6.03	5.58	5.88	6.31	7.31	10.41
Enterprise Value to Operating Cash Flow (EV/OCF)	7.25	7.27	5.26	5.52	4.93	5.99	4.72	5.27	5.21	4.76	6.78
Enterprise Value to Free Cash Flow (EV/FCFF)	5.78	7.05	6.83	0.00	6.86	7.03	5.02	5.61	4.90	5.99	7.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.78	0.75	0.75	0.73	0.72	0.63	0.59	0.53	0.53	0.56	0.53
Long-Term Debt to Equity	0.71	0.69	0.69	0.67	0.63	0.57	0.54	0.48	0.48	0.48	0.48
Financial Leverage	0.56	0.60	0.52	0.28	0.55	0.49	0.43	0.35	0.34	0.33	0.27
Leverage Ratio	1.73	1.82	1.85	1.87	1.87	1.84	1.87	1.80	1.81	1.77	1.75
Compound Leverage Factor	1.12	1.59	1.68	1.60	1.69	1.72	1.72	1.62	1.19	1.43	1.10
Debt to Total Capital	43.75%	42.91%	42.93%	42.12%	41.79%	38.58%	37.15%	34.58%	34.73%	35.97%	34.59%
Short-Term Debt to Total Capital	3.55%	3.55%	3.47%	3.48%	5.35%	3.34%	3.29%	3.13%	3.22%	5.28%	3.41%
Long-Term Debt to Total Capital	40.21%	39.35%	39.46%	38.64%	36.45%	35.24%	33.87%	31.45%	31.50%	30.69%	31.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	56.25%	57.09%	57.07%	57.88%	58.21%	61.42%	62.85%	65.42%	65.27%	64.03%	65.41%
Debt to EBITDA	2.90	2.43	2.39	2.14	1.87	1.56	1.48	1.46	1.73	2.35	3.05
Net Debt to EBITDA	2.26	1.93	1.81	1.59	1.30	1.01	0.76	0.56	0.65	1.08	1.30
Long-Term Debt to EBITDA	2.67	2.23	2.19	1.96	1.63	1.42	1.35	1.33	1.57	2.01	2.75
Debt to NOPAT	5.48	4.14	3.31	2.86	2.39	1.87	1.84	1.80	2.17	3.33	4.91
Net Debt to NOPAT	4.28	3.29	2.51	2.12	1.66	1.21	0.95	0.69	0.82	1.53	2.10
Long-Term Debt to NOPAT	5.04	3.80	3.05	2.63	2.08	1.71	1.68	1.64	1.97	2.84	4.43
Altman Z-Score	0.94	1.19	1.17	1.34	1.49	2.06	2.04	2.20	1.92	1.57	1.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.93	2.72	2.50	2.50	2.63	3.31	3.62	4.60	4.22	3.97	3.54
Quick Ratio	2.77	2.58	2.38	2.36	2.46	3.14	3.41	4.39	4.04	3.82	3.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	72	66	58	-1,309	22	63	119	71	96	63	67
Operating Cash Flow to CapEx	11,062.76%	4,948.28%	167.13%	2,697.94%	2,003.44%	11,773.10%	619.39%	3,292.76%	3,632.70%	853.42%	0.00%
Free Cash Flow to Firm to Interest Expense	5.99	7.69	6.31	-125.78	2.13	6.28	12.28	7.50	10.17	7.13	8.41
Operating Cash Flow to Interest Expense	4.10	4.95	10.64	6.08	9.72	7.01	15.93	4.33	6.07	2.73	6.30
Operating Cash Flow Less CapEx to Interest Expense	4.06	4.85	4.27	5.86	9.24	6.95	13.35	4.20	5.91	2.41	7.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.22	0.24	0.26	0.30	0.33	0.32	0.31	0.28	0.23	0.20
Accounts Receivable Turnover	7.00	4.50	5.77	6.31	8.05	5.54	8.67	7.41	7.77	4.46	6.90
Inventory Turnover	36.67	31.57	40.05	56.49	55.30	55.44	50.36	53.89	48.45	52.25	53.47
Fixed Asset Turnover	0.23	0.27	0.31	0.34	0.40	0.45	0.45	0.46	0.41	0.35	0.29
Accounts Payable Turnover	8.32	6.33	9.64	13.42	13.15	10.48	12.08	13.30	11.06	12.43	12.06
Days Sales Outstanding (DSO)	52.13	81.11	63.21	57.85	45.32	65.86	42.11	49.25	46.96	81.89	52.92
Days Inventory Outstanding (DIO)	9.95	11.56	9.11	6.46	6.60	6.58	7.25	6.77	7.53	6.99	6.83
Days Payable Outstanding (DPO)	43.85	57.70	37.84	27.20	27.76	34.84	30.21	27.45	33.01	29.36	30.27
Cash Conversion Cycle (CCC)	18.23	34.98	34.48	37.11	24.16	37.61	19.14	28.58	21.48	59.52	29.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,327	1,338	1,372	1,364	1,385	1,385	1,336	1,348	1,308	1,345	1,283
Invested Capital Turnover	0.22	0.25	0.29	0.62	0.36	0.41	0.41	0.42	0.37	0.31	0.27
Increase / (Decrease) in Invested Capital	-44	-8.93	26	1,364	59	47	-37	-16	-77	-40	-52
Enterprise Value (EV)	930	1,135	1,179	1,397	1,501	1,991	1,835	1,932	1,687	1,319	1,172
Market Capitalization	429	635	682	919	1,039	1,591	1,524	1,704	1,467	1,043	936
Book Value per Share	$20.56	$20.75	$21.66	$21.93	$22.86	$24.23	$25.21	$27.57	$25.53	$24.96	$24.44
Tangible Book Value per Share	$20.56	$20.75	$21.66	$21.93	$22.86	$24.23	$25.21	$27.57	$25.53	$24.96	$24.44
Total Capital	1,467	1,467	1,531	1,530	1,586	1,602	1,629	1,712	1,667	1,669	1,599
Total Debt	642	629	657	644	663	618	605	592	579	600	553
Total Long-Term Debt	590	577	604	591	578	565	552	538	525	512	499
Net Debt	501	500	497	478	461	400	311	227	220	276	236
Capital Expenditures (CapEx)	0.44	0.86	59	2.34	5.01	0.60	25	1.25	1.58	2.84	-5.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	67	46	42	65	82	27	53	30	74	12
Debt-free Net Working Capital (DFNWC)	189	196	195	198	257	290	321	418	389	399	329
Net Working Capital (NWC)	137	144	142	145	172	237	267	364	335	311	274
Net Nonoperating Expense (NNE)	7.83	6.23	7.76	3.90	3.98	10	3.14	4.19	9.67	2.02	6.60
Net Nonoperating Obligations (NNO)	501	500	498	479	462	401	312	228	220	276	237
Total Depreciation and Amortization (D&A)	17	23	8.88	17	17	18	-3.38	17	18	18	18
Debt-free, Cash-free Net Working Capital to Revenue	16.01%	19.88%	11.81%	10.01%	13.15%	14.80%	4.74%	9.42%	5.97%	17.70%	3.42%
Debt-free Net Working Capital to Revenue	63.14%	58.69%	49.98%	46.66%	52.08%	52.50%	57.18%	74.17%	77.66%	95.18%	93.10%
Net Working Capital to Revenue	45.79%	43.11%	36.36%	34.12%	34.89%	42.84%	47.63%	64.65%	66.93%	74.14%	77.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.51	$1.28	$1.90	$1.29	$1.90	$2.48	$1.96	$1.25	$0.22	$0.50	$0.17
Adjusted Weighted Average Basic Shares Outstanding	40.02M	40.09M	40.03M	40.14M	40.28M	40.35M	40.28M	40.91M	42.49M	42.57M	42.13M
Adjusted Diluted Earnings per Share	$0.51	$1.27	$1.89	$1.28	$1.89	$2.47	$1.96	$1.25	$0.22	$0.50	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	40.16M	40.25M	40.21M	40.38M	40.41M	40.51M	40.45M	41.12M	42.60M	42.60M	42.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.35M	40.35M	40.38M	40.39M	40.61M	40.59M	40.62M	42.62M	42.80M	42.80M	42.65M
Normalized Net Operating Profit after Tax (NOPAT)	20	40	59	39	56	77	58	39	13	16	10
Normalized NOPAT Margin	25.93%	38.95%	43.89%	34.90%	38.94%	47.37%	40.98%	33.96%	16.22%	20.29%	13.55%
Pre Tax Income Margin	26.74%	49.62%	56.89%	46.36%	52.88%	61.31%	56.31%	44.85%	11.44%	26.48%	10.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.63	6.80	9.09	5.81	8.22	10.63	8.89	6.00	1.53	2.98	1.61
NOPAT to Interest Expense	2.35	6.66	9.10	5.35	7.80	10.95	8.51	5.83	2.02	2.63	1.84
EBIT Less CapEx to Interest Expense	2.59	6.70	2.73	5.58	7.74	10.57	6.31	5.87	1.36	2.66	2.32
NOPAT Less CapEx to Interest Expense	2.31	6.56	2.73	5.12	7.32	10.89	5.93	5.70	1.86	2.31	2.55
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	185.63%	167.20%	127.92%	80.86%	63.31%	53.26%	52.78%	52.81%	68.66%	103.50%	173.45%
Augmented Payout Ratio	187.86%	168.48%	128.89%	81.39%	64.37%	54.17%	54.06%	53.99%	70.95%	109.70%	185.49%

Key Financial Trends

Dorian LPG’s Q4 2025 results show strong cash generation and balance sheet progress, but revenue and earnings took a significant dip versus prior periods. Here are the key takeaways:

Generated $67.0 M in free cash flow, more than covering the $29.8 M dividend payment
Operating cash flow remained robust at $50.2 M
Modest CapEx of $5.7 M helped preserve cash
Reduced net debt by about $39 M sequentially, to $236 M
Maintained strong liquidity with a current ratio of 3.54×
Gross margin held at 52.6%, reflecting shipping charter profitability
Moderate leverage: net debt/EBITDA of 1.30× (debt/EBITDA 3.05×)
Revenue plunged 46.3% year-over-year, reflecting lower charter rates
EBITDA fell 70.5% y/y and EBIT dropped 85.1% y/y
EPS declined to $0.17 from $0.50 in Q3 2025
Net income decreased 89.8% year-over-year
Dividend payout ratio exceeded 173% of earnings, raising sustainability concerns
Net non-operating expense of $6.6 M weighed on pre-tax income

06/30/25 02:30 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Dorian LPG's Financials

When does Dorian LPG's fiscal year end?

According to the most recent income statement we have on file, Dorian LPG's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

How has Dorian LPG's net income changed over the last 10 years?

Dorian LPG's net income appears to be on an upward trend, with a most recent value of $90.17 million in 2025, rising from $25.26 million in 2015. The previous period was $307.45 million in 2024. View Dorian LPG's forecast to see where analysts expect Dorian LPG to go next.

What is Dorian LPG's operating income?

Dorian LPG's total operating income in 2025 was $112.64 million, based on the following breakdown:

Total Gross Profit: $222.29 million
Total Operating Expenses: $109.64 million

How has Dorian LPG's revenue changed over the last 10 years?

Over the last 10 years, Dorian LPG's total revenue changed from $104.13 million in 2015 to $353.34 million in 2025, a change of 239.3%.

How much debt does Dorian LPG have?

Dorian LPG's total liabilities were at $732.55 million at the end of 2025, a 10.0% decrease from 2024, and a 224.3% increase since 2015.

How much cash does Dorian LPG have?

In the past 10 years, Dorian LPG's cash and equivalents has ranged from $17.02 million in 2017 to $316.88 million in 2025, and is currently $316.88 million as of their latest financial filing in 2025.

How has Dorian LPG's book value per share changed over the last 10 years?

Over the last 10 years, Dorian LPG's book value per share changed from 18.05 in 2015 to 24.44 in 2025, a change of 35.4%.

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This page (NYSE:LPG) was last updated on 6/30/2025 by MarketBeat.com Staff

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Dorian LPG (LPG) Financials

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Dorian LPG (LPG) Financials

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