BW LPG Ltd
BWLP · Transportation Services · EDGAR filings ↗
Grade
B74Well-run LPG shipping owner-operator with above-average returns and strong free cash flow.
Strengths
- High returns for the sector: ROA 9.2% (89th pct), ROE 15% (79th pct), strong FCF (77th pct)
- Healthy interest coverage (6.6, 76th pct) and moderate leverage (D/E 0.44)
Risks
- Highly cyclical, spot-exposed VLGC rates (69% of revenue at spot) with net income down 27%
- Customer concentration in top five and regulatory/port-fee uncertainty
Notable findings
- Strong balance sheetStrong balance sheet — $242M cash & investments
Key metrics
Return on equity
15.0%
Return on assets
9.2%
ROIC
9.9%
Net-income growth
-26.6%
Debt / equity
0.4×
Interest coverage
6.6×
Current ratio
1.5×
Free cash flow
$385M
Tangible book value
$1.9B
Cash & investments
$242M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001104659-26-037215 ↗ |
| 20-F | 2025-03-28 | 2024-12-31 | 0001104659-25-028922 ↗ |