Dorian LPG Ltd
NYSE: LPG · ENERGY · OIL & GAS MIDSTREAM
Updated 2026-06-05
Dorian LPG Ltd (LPG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.57M | $38.66M | $29.63M | $104.13M | $289.21M | $167.45M | $159.33M | $158.03M | $333.43M | $315.94M | $274.22M | $389.75M | $560.72M | $353.34M | $481.51M |
| Revenue growth (YoY) | — | +11.8% | -23.4% | +251.4% | +177.7% | -42.1% | -4.8% | -0.8% | +111.0% | -5.2% | -13.2% | +42.1% | +43.9% | -37.0% | +36.3% |
| Cost of revenue | $16.93M | $21.30M | $21.69M | $57.43M | $101.78M | $134.13M | $131.86M | $134.02M | $150.85M | $168.23M | $161.23M | $161.70M | $195.48M | $200.65M | $221.01M |
| Gross profit | $17.64M | $17.37M | $7.95M | $46.70M | $187.43M | $33.32M | $27.48M | $24.02M | $182.58M | $147.71M | $112.99M | $228.05M | $365.24M | $152.69M | $260.50M |
| Gross margin | 51.0% | 44.9% | 26.8% | 44.8% | 64.8% | 19.9% | 17.2% | 15.2% | 54.8% | 46.8% | 41.2% | 58.5% | 65.1% | 43.2% | 54.1% |
| R&D | — | — | — | $0.00 | — | $0.00 | $0.00 | — | — | — | — | — | — | — | — |
| SG&A | $1.91M | $1.98M | $3.56M | $15.27M | $29.84M | $21.73M | $26.19M | $34.46M | $23.36M | $33.89M | $30.23M | $32.09M | $39.00M | $42.63M | $53.02M |
| Operating income | $3.88M | $3.36M | $4.39M | $30.09M | $158.42M | $13.99M | $3.84M | $-7.96M | $161.07M | $116.10M | $92.40M | $198.36M | $328.83M | $112.64M | $207.48M |
| Operating margin | 11.2% | 8.7% | 14.8% | 28.9% | 54.8% | 8.4% | 2.4% | -5.0% | 48.3% | 36.7% | 33.7% | 50.9% | 58.6% | 31.9% | 43.1% |
| EBITDA | — | $9.74M | $11.03M | $45.61M | $202.13M | $79.05M | $69.17M | $50.89M | $212.34M | $191.91M | $158.19M | $265.87M | $414.12M | $192.98M | $279.22M |
| EBITDA margin | 0.0% | 25.2% | 37.2% | 43.8% | 69.9% | 47.2% | 43.4% | 32.2% | 63.7% | 60.7% | 57.7% | 68.2% | 73.9% | 54.6% | 58.0% |
| EBIT | — | $-1.93M | $4.41M | $31.52M | $159.54M | $13.99M | $3.84M | $-14.31M | $144.20M | $114.23M | $91.76M | $202.48M | $345.46M | $123.38M | $207.48M |
| Interest expense | $0.00 | $0.00 | $1.58M | $289090.00 | $12.76M | $28.97M | $35.66M | $40.65M | $36.11M | $27.60M | $27.07M | $37.80M | $40.48M | $35.81M | $29.25M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | — | $-4.85M | $2.83M | $25.26M | $129.69M | $-1.44M | $-20.40M | $-50.95M | $111.84M | $92.56M | $71.94M | $172.44M | $307.45M | $90.17M | $193.67M |
| Net income growth (YoY) | — | — | +158.4% | +791.4% | +413.4% | -101.1% | -1314.9% | -149.7% | +319.5% | -17.2% | -22.3% | +139.7% | +78.3% | -70.7% | +114.8% |
| Profit margin | 0.0% | -12.5% | 9.6% | 24.3% | 44.8% | -0.9% | -12.8% | -32.2% | 33.5% | 29.3% | 26.2% | 44.2% | 54.8% | 25.5% | 40.2% |
Frequently asked questions
What is Dorian LPG Ltd's revenue?
Dorian LPG Ltd's trailing twelve-month revenue is $474.89M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is LPG?
In its most recent fiscal year, LPG ran a gross margin of 54.10%, an operating margin of 43.09%, and a net margin of 40.22%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does LPG generate?
LPG produced $116.30M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is LPG's balance sheet healthy?
LPG holds $327.41M in cash and equivalents against $460.23M in long-term debt, on $1.14B of shareholder equity. That debt is best read against the cash flow the business throws off each year.