DORIAN LPG LTD.
LPGdata completeness 88%12 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
DORIAN LPG LTD. earns about 17% on equity, comfortably above its ~9% cost of capital, but has diluted owners by 6% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $41.93 and $51.53 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $274.2M1 | $389.7M1 | $560.7M2 | $353.3M2 | $481.5M2 |
| Net income | $71.9M3 | $172.4M4 | $307.4M5 | $90.2M5 | $193.7M5 |
| Operating cash flow | $118.7M6 | $224.1M7 | $388.4M8 | $173M8 | $210.1M8 |
| Capital expenditure | $23.2M9 | $68.8M9 | — | — | — |
| Free cash flow (derived) | $95.5M6 | $155.3M7 | — | — | — |
| Total debt | $1.33B10 | $1.31B11 | $1.21B12 | $1.11B13 | $1.12B13 |
| Cash & equivalents | $236.8M14 | $148.8M15 | $282.5M16 | $316.9M16 | $327.4M16 |
| Diluted shares | 40.4M | 40.2M | 40.5M | 42.2M | 42.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $267.28 of net worth that earned you $45.45 last year, against $263.01 of debt.
It earned about 17% 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 up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 15% — 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 $41.93 and $51.53 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
- fcfGrowth5.0%
- fcfBase$155.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$155.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$172.4M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $33.44 |
| Base | 5.0% | $46.05 |
| Bull | 10.0% | $61.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2022-03-31 · accession 0001596993-23-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001596993-26-000025 (Revenues)
- 10-K · period ending 2022-03-31 · accession 0001596993-24-000030 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0001596993-25-000034 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0001596993-26-000025 (NetIncomeLoss)
- 10-K · period ending 2022-03-31 · accession 0001596993-24-000030 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0001596993-25-000034 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001596993-26-000025 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-03-31 · accession 0001596993-23-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-03-31 · accession 0001596993-23-000033 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-03-31 · accession 0001596993-24-000030 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-03-31 · accession 0001596993-25-000034 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-03-31 · accession 0001596993-26-000025 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-03-31 · accession 0001596993-24-000030 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-03-31 · accession 0001596993-25-000034 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0001596993-26-000025 (CashAndCashEquivalentsAtCarryingValue)