StealthGas Inc.
GASSdata completeness 100%17 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
StealthGas Inc. earns about 6% on equity, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $14.99 and $131.28 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 | $150.2M1 | $152.8M2 | $143.5M3 | $167.3M3 | $173.2M3 |
| Net income | −$35.1M4 | $34.3M5 | $51.9M6 | $69.9M6 | $60.6M6 |
| Operating cash flow | $41M7 | $66.6M8 | $77.4M9 | $103.5M9 | $85.2M9 |
| Capital expenditure | $25.2M10 | $24.2M11 | $85,20112 | $106.2M12 | $412,42812 |
| Free cash flow (derived) | $15.8M7 | $42.3M8 | $77.4M9 | −$2.67M9 | $84.8M9 |
| Total debt | $597M13 | $556.1M14 | $247.7M15 | $170.8M16 | $016 |
| Cash & equivalents | $31.3M17 | $55.8M18 | $77.2M19 | $80.7M19 | $99.1M19 |
| Diluted shares | 37.9M | 37.2M | 37.2M | 35.3M | 35.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $192.31 of net worth that earned you $16.9 and generated $23.61 of cash last year, against $0 of debt.
It earned about 6% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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 $14.99 and $131.28 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
- fcfGrowth20.0%
- fcfBase$77.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$77.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$51.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $33.55 |
| Base | 20.0% | $73.02 |
| Bull | 20.0% | $73.02 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= 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 0001193125-24-118756 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-100460 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-183385 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-118756 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-100460 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-183385 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-118756 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-100460 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-183385 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-118756 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-100460 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-183385 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001193125-23-122209 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001193125-24-118756 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001193125-25-100460 (LongTermDebtNoncurrent)
- 20-F · period ending 2024-12-31 · accession 0001193125-26-183385 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-118756 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-100460 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-183385 (CashAndCashEquivalentsAtCarryingValue)