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Owner and operator of a fleet of very large gas carriers (VLGCs) transporting liquefied petroleum gas globally.
Owner and operator of a fleet of very large gas carriers (VLGCs) transporting liquefied petroleum gas globally.
Earns hire for its ships, either on time charters at agreed daily rates or by trading ships into a shared pool, the Helios pool, that markets vessels on the spot market and shares earnings among owners. Spot-linked income gives upside when shipping demand is strong and swings when it is weak.
In one line: A pure-play VLGC/LPG shipping company.
Moat: narrow (scale). Modern, US Gulf-focused VLGC fleet tied closely to booming US LPG export volumes.
Headquarters: Stamford, Connecticut · Founded: 2013 · Employees: 602
Size Dorian LPG (LPG) is a United States Energy company (Marine Shipping) with a market value of $1.99B, the 1795th largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.55 on 6 Nov 2026.
Performance Over six months the shares gained 15.5%, against +3.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 18 in its peer set.
Growth Revenue grew 81.1% over the last twelve months (peer median +21.1%); the operating margin is 52.0% (peer median 38.3%).
Valuation It trades at 5.4× forward earnings against a peer median of 5.0× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points above its cost of capital (8.0% WACC).
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $585M | $482M | $353M | $561M | $390M |
| Revenue growth | — | +36% | -37% | +44% | — |
| Gross profit | $354M | $261M | $153M | $365M | $228M |
| EBITDA | $375M | $279M | $180M | $424M | $270M |
| Net income | $322M | $194M | $90.2M | $307M | $172M |
| Free cash flow | $146M | $114M | $154M | $355M | $149M |
| Capital expenditure | $91.0M | $93.8M | $18.9M | $32.9M | $68.8M |
| Total debt | $646M | $709M | $713M | $797M | $816M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dorian LPG LPG | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% |
| BW LPG BWLPG.OL | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% |
| Navigator NVGS | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% |
| StealthGas GASS | n/a | -20% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LPG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.1% | -17.4% | 3rd lowest of 18 |
| 6-month return | +15.5% | +3.2% | 2nd highest of 18 |
| Distance from 52-week high | -22.4% | -21.5% | 6th lowest of 18 |
| Revenue growth (TTM) | +81.1% | +21.1% | 3rd highest of 18 |
| Operating margin | 52.0% | 38.3% | 4th highest of 18 |
| Forward P/E | 5.4× | 5.0× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.7% | -6.5% | 7th least demanding of 13 |
| Growth delivered (Del g) | +8.8% | +12.4% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -15.5 pp | -21.2 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +7.7 pp | +6.0 pp | 8th highest of 18 |
| EV / EBITDA | 6.1× | 6.6× | 8th cheapest of 17 |
| Net debt / EBITDA | 0.8× | 0.8× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Ardmore Shipping ASC | United States | $712M | -11% | +21% | 29% | 4.1× | -14.9% | +7.1% |