Dynagas LNG Partners LP
DLNGdata completeness 75%15 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
Dynagas LNG Partners LP earns about 12% on equity, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $7.7 and $15.1 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $01 | $02 | $11.6M3 | $02 | — |
| Net income | $53.3M4 | $54M5 | $35.9M6 | $51.6M6 | $61.6M6 |
| Operating cash flow | $79.6M7 | $57.3M8 | $64.4M9 | $92.2M9 | $90.3M9 |
| Capital expenditure | $010 | $3.64M11 | $4.24M12 | $27,00012 | — |
| Free cash flow (derived) | $79.6M7 | $53.7M8 | $60.2M9 | $92.1M9 | — |
| Total debt | $1.12B13 | $994.1M14 | $839.2M15 | $641.4M16 | $554.1M16 |
| Cash & equivalents | $47M17 | $48.6M18 | $73.8M19 | $68.2M19 | $41M19 |
| Diluted shares | 36.5M | 36.8M | 36.8M | 36.8M | 36.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $129.45 of net worth that earned you $16.86 last year, against $151.58 of debt.
It earned about 12% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 51% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $7.7 and $15.1 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$60.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$60.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$53.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $9.47 |
| Base | 0.0% | $9.47 |
| Bull | 5.0% | $15.16 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001104659-24-052555 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-033744 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-040882 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-052555 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-033744 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-040882 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-052555 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-033744 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-040882 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-23-110539 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-033744 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-040882 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001193125-23-110539 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001104659-24-052555 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001104659-25-033744 (LongTermDebtCurrent)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-040882 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-052555 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-033744 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-040882 (CashAndCashEquivalentsAtCarryingValue)