LPG
Dorian LPG Ltd.
LPG's fundamentals are strong and it looks cheap: trading at 4.3x earnings, below its usual 6.8x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
LPG Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
LPG's revenue, profitability, cash flow and balance sheet are all currently strong.
LPG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 4.3x | $47.80 | — |
| Cheap | 5.1x | $57.48 | +20% |
| Forward | 6.6x | $47.80 | — |
| Fair | 6.8x | $76.36 | +60% |
| Expensive | 10x | $117 | +145% |
Historical ranges are pointers, not guarantees.
LPG's PE is in its cheap range at 4.3x. On analysts' estimates for next year's earnings, today's price would be 6.6x, in its fair range.
LPG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Decline | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect LPG's profitability to improve, but its revenue to decline. However, they disagree widely on these estimates.
LPG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.20 | -36% |
| Q3 2026 | $11.23 | +404% |
| Q2 2026 | $7.55 | +557% |
| Q1 2026 | $4.55 | +111% |
| Q4 2025 | $2.84 | -28% |
| Q3 2025 | $2.23 | -62% |
| Q2 2025 | $1.15 | -85% |
| Q1 2025 | $2.16 | -72% |
| Q4 2024 | $3.93 | -48% |
LPG's earnings per share have jumped to their highest in seven years: $11.23 over the past year, up from $2.23 the year before.
LPG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $221.3M | +78% |
| Q2 2026 | $187.9M | +123% |
| Q1 2026 | $153.3M | +102% |
| Q4 2025 | $120M | +49% |
| Q3 2025 | $124.1M | +51% |
| Q2 2025 | $84.2M | -26% |
| Q1 2025 | $75.9M | -46% |
| Q4 2024 | $80.7M | -51% |
LPG's revenue has grown year over year for five quarters in a row: $221M last quarter, up 78% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 97% | +50 points |
| Q2 2026 | 76% | +57 points |
| Q1 2026 | 55% | +35 points |
| Q4 2025 | 43% | +14 points |
| Q3 2025 | 48% | +25 points |
| Q2 2025 | 19% | -30 points |
| Q1 2025 | 19% | -39 points |
| Q4 2024 | 29% | -39 points |
LPG's operating margin was 97% last quarter, up 50 points from the same quarter a year ago, near the top of its range since 2019.
LPG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $204.9M | +342% |
| Q2 2026 | $30.5M | +3641% |
| Q3 2025 | $46.4M | -19% |
| Q2 2025 | $814.5K | -98% |
| Q3 2024 | $57.3M | -43% |
| Q2 2024 | $41.2M | -32% |
| Q4 2023 | $70.6M | +69% |
| Q3 2023 | $100.3M | +106% |
LPG's free cash flow has been positive every quarter for six years: $398M over the past year, up 173% from the year before.
LPG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +218K shares |
| 1 year | +0.7% | +310K shares |
| 3 years | +6.3% | +2.5M shares |
| 5 years | +7.1% | +2.8M shares |
| Available history | -21% | -11.2M shares |
LPG has 43M diluted shares, up 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | $2.3M |
| Q4 2025 | $2,766 |
| Q3 2025 | $2.9M |
| Q2 2025 | $1.8M |
| Q1 2025 | $2M |
| Q4 2024 | — |
| Q1 2024 | $1.2M |
| Q4 2023 | $62,857 |
LPG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 1.0x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.0x | Healthy |
LPG has more cash than debt.
LPG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.1 | Neutral |
| Stochastic | 41.9 | Neutral |
LPG's weekly RSI is 50 (neutral) and its Stochastic is 42 (neutral).
LPG PE vs Energy Sector
| Metric | LPG | Sector median | Relative |
|---|---|---|---|
| PE | 4.3x | 13x | 68% below |
| PE % | 8 | 61 | 53 pts below |
LPG is trading at 4.3x earnings, a 68% discount to the Energy sector's median of 13x.
LPG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.1 | 10% below |
| 20 week MA | $49.9 | 4.1% below |
| 50 week MA | $40.3 | 19% above |
| 100 week MA | $32.8 | 46% above |
| 200 week MA | $32.6 | 47% above |
LPG has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 47% above its 200-week average.
LPG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.9 | $11.8 | -21% |
| 2021 | $11.8 | $12.7 | +7.5% |
| 2022 | $12.7 | $19.5 | +54% |
| 2023 | $19.5 | $43.9 | +125% |
| 2024 | $43.9 | $23.9 | -45% |
| 2025 | $23.9 | $24.4 | +1.9% |
| 2026 YTD | $24.4 | $47.8 | +96% |
LPG's yearly returns have swung widely, from +125% in 2023 to −45% in 2024. It's up 96% so far in 2026.