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 $14.24 and $15.89 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) | $79.6M7,10 | $53.7M8,11 | $60.2M9,12 | $92.1M9,12 | — |
| Total debt | $562M13 | $497M14 | $419.6M15 | $320.7M16 | $277.1M16 |
| 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). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $129.45 of net worth that earned you $16.86 last year, against $75.79 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 $14.24 and $15.89 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$60.2M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$60.2M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$53.3M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.89 |
| Base | 0.0% | $15.89 |
| Bull | 5.0% | $21.26 |
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.
This page is free, and so is every other company on MeritValue.
Connect the MeritValue MCP server to Claude or another MCP client, ask about Dynagas LNG Partners LP, and get these exact figures with their filing receipts — not an improvised DCF.
Get a free key →Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.
See pricing →Follow DLNG and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 20-F filed 2024-04-26 · period ending 2021-12-31 · accession 0001104659-24-052555 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2025-04-10 · periods ending 2022-12-31, 2024-12-31 · accession 0001104659-25-033744 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2026-04-08 · period ending 2023-12-31 · accession 0001104659-26-040882 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2024-04-26 · period ending 2021-12-31 · accession 0001104659-24-052555 (NetIncomeLoss)
- 20-F filed 2025-04-10 · period ending 2022-12-31 · accession 0001104659-25-033744 (NetIncomeLoss)
- 20-F filed 2026-04-08 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-040882 (NetIncomeLoss)
- 20-F filed 2024-04-26 · period ending 2021-12-31 · accession 0001104659-24-052555 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-04-10 · period ending 2022-12-31 · accession 0001104659-25-033744 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-04-08 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-040882 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2023-04-21 · period ending 2021-12-31 · accession 0001193125-23-110539 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-04-10 · period ending 2022-12-31 · accession 0001104659-25-033744 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2026-04-08 · periods ending 2023-12-31, 2024-12-31 · accession 0001104659-26-040882 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2023-04-21 · period ending 2021-12-31 · accession 0001193125-23-110539 (LongTermDebt)
- 20-F filed 2024-04-26 · period ending 2022-12-31 · accession 0001104659-24-052555 (LongTermDebt)
- 20-F filed 2025-04-10 · period ending 2023-12-31 · accession 0001104659-25-033744 (LongTermDebt)
- 20-F filed 2026-04-08 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-040882 (LongTermDebt)
- 20-F filed 2024-04-26 · period ending 2021-12-31 · accession 0001104659-24-052555 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2025-04-10 · period ending 2022-12-31 · accession 0001104659-25-033744 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2026-04-08 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-040882 (CashAndCashEquivalentsAtCarryingValue)