At a glance
Dorian LPG Ltd is worth $2.31B, about 12 times its fiscal 2026 earnings. Revenue grew 36.3% to $481.5M in fiscal 2026, with 40.2% kept as profit; over 5 years it has grown 8.8% a year. It pays a 6.2% dividend yield, and returned $764.6M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +106.7% over the past year with dividends reinvested and +57.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.8% in the 2020 crash (S&P 500: 33.7%) and 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 1 month after the lows.
The business in plain English
Dorian LPG owns and operates very large gas carriers, or VLGCs. These are ocean-going ships that carry liquefied petroleum gas (LPG). As of May 22, 2026, its fleet had 27 VLGCs. Six of them were hired from other owners on time charters, which means renting a ship and its crew for a set period. The fleet could carry about 2.3 million cubic meters, and its average age was 9.6 years. Dorian is headquartered in the US but incorporated in the Marshall Islands.
Dorian makes money by hiring out its ships to move other companies' gas. All 27 trade through the Helios Pool, a 50/50 joint venture with MOL Energia, a subsidiary of Mitsui OSK Lines. The pool books single voyages at going spot rates or time charters of up to two years. It then splits net revenue among member ships by a formula. About 99% of Dorian's $481.5 million in revenue for the year ended March 31, 2026 came through the pool.
Customers have included energy companies such as Exxon Mobil, Chevron and Shell, traders such as Glencore and Vitol, and importers such as Indian Oil and SK Gas. Main routes run from the Arabian Gulf to Asia and from the US Gulf to Asia and Europe. Dorian reports a single segment. It gives no revenue split by region because charterers can trade its ships worldwide.
Price history
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LPG +106.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $187.9M, up 123.1% from a year earlier, and net income was $138.3M (+1271.6%).
- For fiscal 2026, revenue was $481.5M (+36.3% year over year; +8.8% a year from FY2021 to FY2026) with a 40.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +8.8% good |
|---|---|
| Operating margin | 43.6% good |
| Return on equity (FY2026) | 17% good |
| Return on assets (FY2026) | 10.3% good |
| Net cash (cash minus debt) | $-165.4M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $315.9M | $92.6M | $161.1M |
| FY2022 | $274.2M | $71.9M | $95.5M |
| FY2023 | $389.7M | $172.4M | $155.3M |
| FY2024 | $560.7M | $307.4M | — |
| FY2025 | $353.3M | $90.2M | — |
| FY2026 | $481.5M | $193.7M | — |
Valuation snapshot
| Market value | $2.31B |
|---|---|
| P/E ratio | 11.9 |
| Dividend yield | 6.2% |
Rank among 1514 US companies
Market value at each year end
Dorian LPG Ltd’s market value went from $764.6M at the end of 2022 to $2.31B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is up 122%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.31B | +121.5% |
| 2025 | $1.04B | -0.0% |
| 2024 | $1.04B | -41.4% |
| 2023 | $1.78B | +133.0% |
| 2022 | $764.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LPG price data to Oct 28, 2026 | +137.4% | +106.7% | +31.2% | +57.9% | +35.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +137.4% |
| 2025 | +9.7% |
| 2024 | -37.7% |
| 2023 | +171.4% |
| 2022 | +109.3% |
| 2021 | +12.5% |
| 2020 | -21.3% |
| 2019 | +165.5% |
| 2018 | -29.1% |
| 2017 | +0.1% |
| 2016 | -30.3% |
| 2015 | -15.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.3% over that stretch · deepest drop along the way 48.8%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 47.8% over that stretch · deepest drop along the way 23.5%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 16 sales ($11.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Tim Truels Hansen Chief Commercial Officer | sell | $2.7M |
| Feb 18, 2026 | Tim Truels Hansen Chief Commercial Officer | sell | $1.2M |
| Sep 21, 2026 | Oivind Lorentzen Director | sell | $1.1M |
| Aug 11, 2026 | Tim Truels Hansen Chief Commercial Officer | sell | $1.1M |
| Jun 30, 2026 | Tim Truels Hansen Chief Commercial Officer | sell | $708K |
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 5.8% | Dec 31, 2025 |
| Pacer US Small Cap Cash Cows ETF | 1.1% | Mar 31, 2025 |
ETFs with the most weight in LPG
| PXJ Invesco Oil & Gas Services ETF | 3.08% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 2.24% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.27% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.97% |
| DEEP Acquirers Small and Micro Deep Value ETF | 0.91% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.9% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.51% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.39% |
What could go wrong
- Nearly all revenue runs through one pool. About 99% of revenue in the year ended March 31, 2026 came through the Helios Pool, and a few customers supply much of it. A customer that fails to pay could cause losses.
- Only one narrow corner of shipping. Dorian and the Helios Pool operate only very large gas carriers moving LPG. With no other businesses to fall back on, a slump in this one niche hits the whole company.
- Freight rates swing with seasons and cycles. Spot rates (the going price for single voyages) swing with LPG demand, seasons and ship supply. Net income dropped from $307.4 million in the year to March 2024 to $90.2 million a year later.
- A wave of new ships on order. As of May 22, 2026, 124 VLGCs were on order for delivery by the end of 2029. The world fleet had 427. Too many ships chasing cargoes tends to push rates down.
- Panama Canal limits and higher tolls. Ships carrying US LPG to Asia often use the Panama Canal. Limits on VLGC transits or higher tolls there can force longer routes or raise costs, cutting into earnings.
- Debt and falling ship values. Total debt was $507.5 million as of June 30, 2026. If vessel values drop, Dorian could breach loan covenants (lender conditions) or have to write down the value of its ships.
Recent events
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
Dorian pays a large but uneven dividend. Its 10-K describes past dividends as irregular and gives no assurance of future ones. Dividends per share for fiscal years ending March 31 were $2.00 in 2022, $5.50 in 2023, $4.00 in 2024, $3.70 in 2025 and $2.45 in 2026, so there is no streak of increases. The 2026 dividend equaled about 54% of earnings, and the yield was 6.2% as of October 28, 2026. Buybacks were small: about $40 million over fiscal 2022 to 2026, against $724 million of dividends. The share count still rose 6.2% from July 2021 to July 2026.
The shares can swing sharply. In the 2020 COVID crash they fell 48.8% and took about 9.6 months to recover. Over the 2022 bear market they gained 47.8%, despite a 23.5% drop along the way. The largest decline in 12.5 years of price history was 78.3%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Dorian LPG make money?
Dorian LPG makes money by hiring out very large gas carriers that ship liquefied petroleum gas across oceans. As of May 22, 2026, all 27 of its ships traded through the Helios Pool. The pool is a joint venture with MOL Energia that books voyages and time charters and shares out net revenue. About 99% of revenue came through the pool in the year ended March 31, 2026. That year, revenue was $481.5 million and net income was $193.7 million.
Does Dorian LPG raise its dividend every year?
No. Dorian's dividend has gone up and down rather than rising each year, and its 10-K describes past dividends as irregular. Dividends per share rose from $2.00 in the fiscal year ended March 2022 to $5.50 a year later. They then fell to $4.00, $3.70 and $2.45 over the next three years. The fiscal 2026 dividend equaled about 54% of earnings, and the yield was 6.2% as of October 28, 2026. Future payments are not assured.
What is the Helios Pool?
The Helios Pool is a 50/50 joint venture between Dorian and MOL Energia, a subsidiary of Mitsui OSK Lines, launched on April 1, 2015. It markets member ships together and splits net revenue by a formula based on each ship's technical features. As of May 22, 2026, it ran 31 VLGCs: 27 from Dorian, two from MOL Energia and two from another participant. Dorian says pooling improves market coverage. However, about 99% of its revenue in the year to March 2026 came through this one channel.
Is Dorian LPG stock volatile?
Yes. Over the year to October 28, 2026, its volatility was 42.1%. Volatility measures how widely the price swings. The shares fell 37.7% in calendar 2024, then rose 137.4% in 2026 through October 28. The largest drop in 12.5 years of price history was 78.3%. Its beta, a gauge of how closely a stock follows the overall market, was 0.46. That means its moves have often been out of step with stocks in general.
How much debt does Dorian LPG have?
Dorian had $507.5 million of total debt as of June 30, 2026, against $342.1 million of cash and investments. That left net debt of about $165.4 million. Shareholders' equity was about $1.24 billion. In a September 4, 2026 filing, it reported a new major agreement and debt obligation. Its 10-K warns that loan covenants (conditions set by lenders) can limit its flexibility. It also warns that falling ship values could put it in breach of those terms.