Dorian LPG

LPG

Oil & Gas Midstream · Energy

Price

$51.13

+1.48 (+2.98%)

Market Cap

$2.19B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+5.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.4M (2022) → 42.6M (2026)

Winston Score History

The full picture

Dorian LPG Ltd. is a shipping company that transports liquefied petroleum gas — mainly propane and butane — across oceans in large specialized vessels called Very Large Gas Carriers (VLGCs). Its customers include energy companies, petrochemical producers, and commodity traders who need to move LPG from export hubs like the United States and Middle East to markets in Asia and Europe. Dorian operates one of the largest fleets of VLGCs in the world.

The company makes money by charging customers to use its ships, either through long-term contracts or shorter spot-market rates that change with supply and demand. It operates globally, with a fleet of roughly 25 vessels, and its scale and modern fuel-efficient ships give it a cost advantage over smaller competitors. The main risk is that revenue can swing sharply when spot shipping rates fall, since the company has meaningful exposure to the volatile spot market.

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

+123.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

14.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$342M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Dorian LPG grew revenue 123% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

66.7%

Premium pricing power — 66.7% gross margin

Profit after running costs

Operating Margin

75.9%

Excellent — 75.9% operating margin

Return on the money invested

ROCE

19.3%

Strong — 19.3% 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

+80.0%

Fast-growing sales (+80.0% YoY)

Profit growth

EPS YoY

+557.4%

Earnings growing fast (+557.4% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

75%

Modest — 75% of profit becomes cash

Spare cash per sale

FCF Margin

32.8%

Converts sales into free cash efficiently (32.8%)

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

0.41

Conservative — low debt load (0.41)

Covers its interest

Interest Cover

15.60x

Comfortably covers interest (15.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.8x

Attractive valuation — P/E 6.8

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

Cheaper or dearer next year

P/E vs Forward

-6.7

SLOWING

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

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Dividends

Dividend

Dividend Yield

8.09%

Healthy income — 8.09% yield

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

Dividend record

Dividend Growth

+19.6%

Dividend growing fast (19.6% YoY)

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