Recent News
On February 5, 2026 the company reported results for the quarter ended December 31, 2025, including revenues of $120.0 million, net income of $47.2 million ($1.11 EPS), and an irregular cash dividend of $0.70 per share declared payable in late February 2026. In mid-January 2026 independent market commentary noted upgrades to Dorian LPG’s relative-strength metrics and highlighted improving technical formation and momentum.
Technical Analysis
Directional strength: ADX at 43.11 signals a very strong trend in place; DI+ at 36.36 is increasing and DI- at 11.39 is decreasing, a combination that reads as bullish momentum driving the near-term price bias.
MACD momentum: MACD sits at 1.84 and trends higher while the signal line rests at 1.46; the MACD sits above its signal line, indicating bullish momentum that supports continued upside in the weeks ahead.
MRO signal: The MRO reads 18.72 and is increasing, which implies the current price sits above the computed target and introduces potential mean-reversion pressure; this tempers the immediate upside implied by momentum indicators and the WMDST undervaluation.
Price structure and breadth: Price closed at $35.52, trading above the 12‑ and 26‑day EMAs and above the 20/50/200-day averages, and sits close to the 52‑week high—this alignment favors continuation of the current move. RSI at 62.55 and rising confirms bullish momentum without an extreme reading. Volume on the day (376,383) sits below the 10‑day average, reducing conviction until volume expands.
Fundamental Analysis
Earnings and cashflow: Reported EPS of $1.11 missed the $1.17 estimate by $0.06, a -5.13% surprise. Net income totaled $47.19 million and adjusted operating cash flow and free cash flow remain strong: operating cash flow $80.8 million and free cash flow $67.4 million, with a free cash flow yield of 5.79%—above the industry peer mean of 2.36%—supporting the company’s capacity for shareholder returns.
Profitability: EBIT stands at $54.3 million and the EBIT margin equals 45.23%, comfortably above the industry peer mean of 11.57% and even above the industry peer high of 39.42%. QoQ the EBIT margin contracted by 10.91%, while YoY it expanded by 20.62%, indicating strong absolute profitability but short-term margin compression versus the prior quarter.
Liquidity and capital allocation: Cash and short‑term investments total $294.5 million and the cash ratio equals 181.27%; the current ratio sits at 2.41, reflecting ample short‑term liquidity. Dividends paid totaled $27.7 million in the period and dividend coverage sits at 1.70x, consistent with the company’s recent irregular cash returns program.
Leverage and coverage: Total debt stands at $673.6 million with net debt of $218.7 million. Debt/EBITDA reads roughly 9.31x while interest coverage equals 7.68x, below the industry peer mean interest coverage of 12.28x; leverage appears meaningful relative to operating cashflow, though interest expense remains covered multiple times by operating earnings.
Returns and growth: Return on equity measures 4.35%, above the industry peer mean of 3.65% but slightly below the industry peer median of 4.65%. Revenue expanded YoY by 54.22% while QoQ revenue shows a sharp contraction per the provided quarter-over-quarter metric; earnings growth registers negative on recent periods but year-over-year performance shows improvement in margins and profitability.
Valuation context: P/E equals 24.55, below the industry peer mean of 54.22; price-to-book equals 1.07, which sits below the industry peer low of 1.42; free cash flow yield at 5.79% compares favorably to the industry peer mean of 2.36%. The current valuation as determined by WMDST classifies the stock as under‑valued given strong cash generation, high operating margins, and below‑peer multiples, though higher leverage and the recent EPS miss moderate the near-term fundamental outlook.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 268.4 M |
| Operating Cash Flow | $ 80.8 M | |
| Capital Expenditures | $ -13.35 M | |
| Change In Working Capital | $ 4.5 M | |
| Dividends Paid | $ -27.69 M | |
| Cash Flow Delta | $ 26.2 M | |
| End Period Cash Flow | $ 294.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 120.0 M | |
| Forward Revenue | $ 20.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 57.9 M | |
| Depreciation | $ 18.1 M | |
| Depreciation and Amortization | $ 18.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 68.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 62.1 M | |
| EBITDA | $ 72.4 M | |
| EBIT | $ 54.3 M | |
| Operating Income | $ 52.0 M | |
| Interest Income | $ 2.7 M | |
| Interest Expense | $ 7.1 M | |
| Net Interest Income | $ -4.33 M | |
| Income Before Tax | $ 47.2 M | |
| Tax Provision | — | |
| Tax Rate | 21.0 % | |
| Net Income | $ 47.2 M | |
| Net Income From Continuing Operations | $ 47.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.17 | |
| EPS Actual | $ 1.11 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -5.128 % | |
| Forward EPS | $ 0.74 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 392.3 M | |
| Cash and Short-Term Investments | $ 294.5 M | |
| Cash | $ 294.5 M | |
| Net Receivables | $ 1.6 M | |
| Inventory | $ 2.3 M | |
| Long-Term Investments | $ 3.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.7 M | |
| Short-Term Debt | $ 97.7 M | |
| Total Current Liabilities | $ 162.5 M | |
| Net Debt | $ 218.7 M | |
| Total Debt | $ 673.6 M | |
| Total Liabilities | $ 692.1 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 348.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 25.40 | |
| Shares Outstanding | 42.744 M | |
| Revenue Per-Share | $ 2.81 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.5 B | |
| Enterprise Multiple | 21.332 | |
| Enterprise Multiple QoQ | 4.099 % | |
| Enterprise Multiple YoY | 25.09 % | |
| Enterprise Multiple IPRWA | high: 114.216 median: 54.64 mean: 49.427 LPG: 21.332 low: -28.845 |
|
| EV/R | 12.871 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.638 | |
| Asset To Liability | 2.569 | |
| Debt To Capital | 0.383 | |
| Debt To Assets | 0.379 | |
| Debt To Assets QoQ | -3.425 % | |
| Debt To Assets YoY | 1180.135 % | |
| Debt To Assets IPRWA | high: 0.6 LPG: 0.379 mean: 0.252 median: 0.149 low: 0.001 |
|
| Debt To Equity | 0.62 | |
| Debt To Equity QoQ | -5.254 % | |
| Debt To Equity YoY | 1130.399 % | |
| Debt To Equity IPRWA | high: 1.634 LPG: 0.62 mean: 0.584 median: 0.323 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.073 | |
| Price To Book QoQ | -6.778 % | |
| Price To Book YoY | 5.692 % | |
| Price To Book IPRWA | high: 4.609 mean: 2.744 median: 2.531 low: 1.423 LPG: 1.073 |
|
| Price To Earnings (P/E) | 24.553 | |
| Price To Earnings QoQ | 12.235 % | |
| Price To Earnings YoY | -58.341 % | |
| Price To Earnings IPRWA | high: 406.342 mean: 54.216 median: 40.933 LPG: 24.553 low: -287.212 |
|
| PE/G Ratio | -1.608 | |
| Price To Sales (P/S) | 9.711 | |
| Price To Sales QoQ | -1.866 % | |
| Price To Sales YoY | -27.791 % | |
| Price To Sales IPRWA | high: 27.509 LPG: 9.711 mean: 7.921 median: 6.455 low: 2.847 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 35.703 | |
| Forward PE/G | -2.339 | |
| Forward P/S | 58.794 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.192 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.067 | |
| Asset Turnover Ratio QoQ | -4.082 % | |
| Asset Turnover Ratio YoY | 53.867 % | |
| Asset Turnover Ratio IPRWA | high: 0.294 mean: 0.185 median: 0.184 LPG: 0.067 low: 0.0 |
|
| Receivables Turnover | 59.099 | |
| Receivables Turnover Ratio QoQ | -5.294 % | |
| Receivables Turnover Ratio YoY | -25.815 % | |
| Receivables Turnover Ratio IPRWA | LPG: 59.099 high: 2.898 mean: 1.504 median: 1.342 low: 0.9 |
|
| Inventory Turnover | 24.964 | |
| Inventory Turnover Ratio QoQ | 12.26 % | |
| Inventory Turnover Ratio YoY | 18.186 % | |
| Inventory Turnover Ratio IPRWA | LPG: 24.964 high: 6.351 mean: 1.65 median: 1.128 low: 0.0 |
|
| Days Sales Outstanding (DSO) | 1.544 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -5.889 | |
| Cash Conversion Cycle Days QoQ | -52.524 % | |
| Cash Conversion Cycle Days YoY | -53.679 % | |
| Cash Conversion Cycle Days IPRWA | high: 241.381 median: 78.422 mean: 69.072 LPG: -5.889 low: -7.923 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.522 | |
| CapEx To Revenue | -0.111 | |
| CapEx To Depreciation | -0.737 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 229.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.813 | |
| Current Ratio | 2.415 | |
| Current Ratio QoQ | -27.283 % | |
| Current Ratio YoY | -39.148 % | |
| Current Ratio IPRWA | high: 6.277 LPG: 2.415 mean: 1.814 median: 1.357 low: 0.701 |
|
| Quick Ratio | 2.401 | |
| Quick Ratio QoQ | -27.246 % | |
| Quick Ratio YoY | -39.153 % | |
| Quick Ratio IPRWA | high: 23.548 mean: 2.645 LPG: 2.401 median: 1.0 low: 0.324 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.306 | |
| Cost Of Debt | 0.814 % | |
| Interest Coverage Ratio | 7.678 | |
| Interest Coverage Ratio QoQ | -7.359 % | |
| Interest Coverage Ratio YoY | 125.534 % | |
| Interest Coverage Ratio IPRWA | high: 32.75 mean: 12.277 median: 9.656 LPG: 7.678 low: -113.959 |
|
| Operating Cash Flow Ratio | 0.408 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 11.4 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.704 | |
| Dividend Payout Ratio | 0.587 | |
| Dividend Rate | $ 0.65 | |
| Dividend Yield | 0.024 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.136 % | |
| Revenue Growth | -3.305 % | |
| Revenue Growth QoQ | -106.984 % | |
| Revenue Growth YoY | 54.223 % | |
| Revenue Growth IPRWA | high: 16.86 % median: 5.364 % mean: 4.322 % LPG: -3.305 % low: -16.696 % |
|
| Earnings Growth | -15.267 % | |
| Earnings Growth QoQ | -103.964 % | |
| Earnings Growth YoY | -166.794 % | |
| Earnings Growth IPRWA | high: 100.0 % mean: 11.185 % LPG: -15.267 % median: -37.143 % low: -180.0 % |
|
| MARGINS | ||
| Gross Margin | 51.736 % | |
| Gross Margin QoQ | -9.229 % | |
| Gross Margin YoY | 38.224 % | |
| Gross Margin IPRWA | high: 79.99 % LPG: 51.736 % mean: 25.603 % median: 23.734 % low: 9.037 % |
|
| EBIT Margin | 45.226 % | |
| EBIT Margin QoQ | -10.911 % | |
| EBIT Margin YoY | 20.619 % | |
| EBIT Margin IPRWA | LPG: 45.226 % high: 39.415 % mean: 11.565 % median: 7.975 % low: -37.704 % |
|
| Return On Sales (ROS) | 43.321 % | |
| Return On Sales QoQ | -9.435 % | |
| Return On Sales YoY | 15.538 % | |
| Return On Sales IPRWA | high: 48.4 % LPG: 43.321 % mean: 15.607 % median: 13.133 % low: -118.628 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 67.4 M | |
| Free Cash Flow Yield | 5.788 % | |
| Free Cash Flow Yield QoQ | 114.37 % | |
| Free Cash Flow Yield YoY | 193.212 % | |
| Free Cash Flow Yield IPRWA | LPG: 5.788 % high: 3.75 % median: 2.695 % mean: 2.363 % low: -8.205 % |
|
| Free Cash Growth | 103.385 % | |
| Free Cash Growth QoQ | -106.55 % | |
| Free Cash Growth YoY | -267.863 % | |
| Free Cash Growth IPRWA | high: 264.758 % LPG: 103.385 % mean: 102.737 % median: 102.681 % low: -242.069 % |
|
| Free Cash To Net Income | 1.429 | |
| Cash Flow Margin | 55.264 % | |
| Cash Flow To Earnings | 1.405 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.653 % | |
| Return On Assets QoQ | -15.456 % | |
| Return On Assets YoY | 128.51 % | |
| Return On Assets IPRWA | LPG: 2.653 % high: 2.636 % median: 2.187 % mean: 1.694 % low: -6.561 % |
|
| Return On Capital Employed (ROCE) | 3.359 % | |
| Return On Equity (ROE) | 0.043 | |
| Return On Equity QoQ | -16.291 % | |
| Return On Equity YoY | 117.459 % | |
| Return On Equity IPRWA | high: 0.081 median: 0.047 LPG: 0.043 mean: 0.036 low: -0.107 |
|
| DuPont ROE | 4.386 % | |
| Return On Invested Capital (ROIC) | 2.681 % | |
| Return On Invested Capital QoQ | -14.153 % | |
| Return On Invested Capital YoY | -130.369 % | |
| Return On Invested Capital IPRWA | high: 4.034 % LPG: 2.681 % mean: 2.035 % median: 1.867 % low: -6.633 % |
|