DORIAN LPG LTD.
LPG · Deep Sea Foreign Transportation of Freight · 42.8M shares · -7%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$4M (gross $4M, SBC $8M)
Reference price $44.08 · est. market cap ~$1.9B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B82Scaled, modern VLGC owner with top-decile margins and revenue growth, strong cash and a conservative balance sheet.
Strengths
- Operating margin 97.9th pct and net margin 94th pct with 96th-pct revenue growth
- Solid liquidity (current ratio 2.7) and modest leverage (D/E 0.40); returning capital via dividends
- Young, fuel-efficient ECO fleet below industry-average age
Risks
- ~99% of revenue via the related-party Helios Pool, concentrating commercial exposure
- Highly cyclical single-segment LPG shipping with volatile spot rates and orderbook supply
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~99% of revenue from one customer/distributor — ” For the years ended March 31, 2026, 2025 and 2024 approximately 99%, 97% and 95% of our revenues, respectively, were generated through the Helios Pool as net pool revenues—related party
- Strong balance sheetStrong balance sheet — $327M cash & investments
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$409,500, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -7%/yr over 4y
- Insider sellingInsider selling — 7 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$4M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
43.6%
Net margin
40.2%
Return on equity
17.0%
Return on assets
10.3%
ROIC
10.4%
Revenue growth (QoQ)
27.8%
Net-income growth
114.8%
Debt / equity
0.4×
Net debt / EBITDA
0.5×
Current ratio
2.7×
EBITDA
$282M
Tangible book value
$1.1B
Cash & investments
$327M
Stock comp / revenue
2.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Tan Christina | Sell | 5.7K | $44.08 |
| 2026-05-22 | Kalborg Ted | Sell | 15K | $45.06 |
| 2026-04-09 | Lycouris John | Sell | 7.0K | $35.72 |
| 2026-04-08 | Lycouris John | Sell | 3.0K | $35.00 |
| 2026-03-31 | Lunde Marit | Grant | 6.5K | — |
| 2026-03-31 | McAvity Thomas Malcolm | Grant | 6.7K | — |
| 2026-03-31 | Ross Mark H | Grant | 6.0K | — |
| 2026-03-31 | Tan Christina | Grant | 6.5K | — |
| 2026-03-31 | LORENTZEN OIVIND | Grant | 6.3K | — |
| 2026-03-31 | Kalborg Ted | Grant | 6.5K | — |
| 2026-02-18 | Hansen Tim Truels | Sell | 35K | $35.19 |
| 2026-02-18 | Young Theodore B. | Sell | 10K | $34.84 |
| 2026-01-14 | Hansen Tim Truels | Sell | 25K | $28.85 |
| 2026-01-07 | HADJIPATERAS JOHN C | Buy | 15K | $27.30 |
| 2025-11-14 | Hadjipateras Alexander C. | Gift | 1.1K | — |
| 2025-11-14 | HADJIPATERAS JOHN C | Gift | 20K | — |
| 2025-10-27 | HADJIPATERAS JOHN C | Gift | 1.5K | — |
| 2025-09-16 | Hadjipateras Alexander C. | Sell | 5.0K | $32.38 |
| 2025-08-27 | Hadjipateras Alexander C. | Sell | 5.0K | $31.96 |
| 2025-08-05 | Young Theodore B. | Grant | 41K | — |
| 2025-08-05 | Hansen Tim Truels | Grant | 36K | — |
| 2025-08-05 | Lycouris John | Grant | 36K | — |
| 2025-08-05 | Lycouris John | Tax withheld | 5.6K | $30.76 |
| 2025-08-05 | Lycouris John | Tax withheld | 4.6K | $30.76 |
| 2025-08-05 | Hadjipateras Alexander C. | Grant | 26K | — |
| 2025-08-05 | Hadjipateras Alexander C. | Tax withheld | 3.0K | $30.76 |
| 2025-08-05 | Hadjipateras Alexander C. | Tax withheld | 3.5K | $30.76 |
| 2025-08-05 | Hadjipateras Alexander C. | Tax withheld | 3.5K | $30.76 |
| 2025-08-05 | Young Theodore B. | Tax withheld | 6.4K | $30.76 |
| 2025-08-05 | Young Theodore B. | Tax withheld | 5.1K | $30.76 |
| 2025-08-05 | Young Theodore B. | Tax withheld | 5.1K | $30.76 |
| 2025-08-05 | HADJIPATERAS JOHN C | Grant | 71K | — |
| 2025-08-05 | HADJIPATERAS JOHN C | Tax withheld | 11K | $30.76 |
| 2025-08-05 | HADJIPATERAS JOHN C | Tax withheld | 13K | $30.76 |
| 2025-08-05 | HADJIPATERAS JOHN C | Tax withheld | 1.9K | $30.76 |
| 2025-08-05 | HADJIPATERAS JOHN C | Tax withheld | 11K | $30.76 |
| 2025-04-08 | HADJIPATERAS JOHN C | Buy | 12K | $17.75 |
| 2025-04-08 | HADJIPATERAS JOHN C | Buy | 12K | $17.75 |
| 2025-04-08 | HADJIPATERAS JOHN C | Buy | 5.0K | $17.75 |
| 2025-03-31 | LORENTZEN OIVIND | Grant | 5.2K | — |
| 2025-03-31 | Ross Mark H | Grant | 2.8K | — |
| 2025-03-31 | Tan Christina | Grant | 5.4K | — |
| 2025-03-31 | McAvity Thomas Malcolm | Grant | 5.5K | — |
| 2025-03-31 | Kalborg Ted | Grant | 5.5K | — |
| 2025-03-31 | Lunde Marit | Grant | 5.4K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-20 | ResultsExhibits | filing ↗ |
| 2026-05-07 | Reg FDExhibits | filing ↗ |
| 2026-05-05 | Exec/director changeExhibits | filing ↗ |
| 2026-03-26 | Reg FDExhibits | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2026-01-30 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001596993-26-000028 ↗ |
| 10-K | 2026-05-27 | 2026-03-31 | 0001596993-26-000025 ↗ |
| 8-K | 2026-05-20 | 2026-05-20 | 0001596993-26-000022 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001596993-26-000019 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001596993-26-000016 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001596993-26-000013 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001596993-26-000010 ↗ |
| 10-Q | 2026-02-05 | 2025-12-31 | 0001596993-26-000007 ↗ |
| 8-K | 2026-01-30 | 2026-01-30 | 0001596993-26-000004 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001596993-25-000052 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001596993-25-000049 ↗ |
| 8-K | 2025-09-11 | 2025-09-05 | 0001596993-25-000046 ↗ |