BW LPG Limited

BWLPG.OL

Marine Shipping · Industrials

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

BW LPG Limited is one of the world's largest owners and operators of very large gas carriers (VLGCs), the massive ships that transport liquefied petroleum gas (LPG) — mainly propane and butane — across oceans. Its customers include oil companies, commodity traders, and energy distributors who need to move LPG from production hubs like the Middle East and the United States to buyers in Asia and Europe. The company is a major player in a specialized corner of the shipping industry that most people never see but that keeps homes heated and factories running.

BW LPG earns money by charging customers to use its fleet, either through short-term spot market rates or longer fixed-rate contracts called time charters. It operates globally, with a fleet of roughly 40 or more VLGCs, and its scale gives it a cost and scheduling advantage over smaller rivals. The main risk the company faces is that shipping rates are highly cyclical and can drop sharply when too many new vessels enter the market or when global LPG demand slows.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+260.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

46.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 301M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

BW LPG Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.3%

Modest — 33.3% gross margin

Profit after running costs

Operating Margin

26.4%

Excellent — 26.4% operating margin

Return on the money invested

ROCE

17.5%

Strong — 17.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.0%

Slow sales growth (+5.0% YoY)

Profit growth

EPS YoY

+25.9%

Earnings growing fast (+25.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

457%

Turns 457% of profit into real cash

Spare cash per sale

FCF Margin

40.4%

Converts sales into free cash efficiently (40.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

2.71x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.7x

no trend

Attractive valuation — P/E 9.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

10.84%

no trend

Healthy income — 10.84% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-2.6%

no trend

Dividend cut (-2.6% YoY) — warning sign

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