Dorian LPG Ltd. (LPG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+257.2%

$183.66

vs $51.42 price

Levered DCF

$152.12

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.7

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	7.52×	10.44×	5.36×	4.63×	8.09×	7.06×	4.19×	-7.03×
P/B	1.28×	0.9×	1.61×	0.91×	0.63×	0.69×	0.48×	0.39×
P/S	3.03×	2.66×	2.94×	2.05×	2.12×	2.07×	1.41×	2.26×
EV / EBITDA	6.24×	6.93×	5.22×	5.51×	6.43×	6.16×	5.1×	20.08×
Gross margin	54.1%	43.2%	65.1%	58.5%	41.2%	46.8%	54.8%	15.2%
Operating margin	43.1%	31.9%	58.6%	50.9%	33.7%	36.7%	48.3%	-5.0%
Net margin	40.2%	25.5%	54.8%	44.2%	26.2%	29.3%	33.5%	-32.2%
Current ratio	2.67×	3.54×	3.62×	2.5×	3.25×	1.87×	1.64×	1.04×
Debt / equity	0.62×	0.68×	0.78×	0.93×	0.73×	0.64×	0.68×	0.76×
Interest coverage	7.09×	3.15×	8.12×	5.25×	3.41×	4.21×	4.46×	-0.2×
Dividend yield	7.2%	16.6%	9.9%	27.6%	13.7%	0.0%	0.0%	0.0%
Payout ratio	54.2%	173.4%	52.8%	127.9%	111.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.0%	8.6%	30.0%	19.7%	7.8%	9.8%	11.4%	-5.6%
Return on invested capital	11.2%	6.4%	18.0%	11.7%	5.8%	7.4%	9.8%	-0.5%
Return on assets	10.3%	5.1%	16.7%	10.1%	4.5%	5.9%	6.7%	-3.1%
Free cash flow yield	8.0%	16.4%	21.6%	19.5%	16.4%	24.7%	31.8%	1.4%
Earnings yield	13.3%	9.6%	18.7%	21.6%	12.3%	14.2%	23.8%	-14.3%
Enterprise value	$1.8B	$1.3B	$2.2B	$1.5B	$1B	$1.2B	$1.1B	$1B
Net debt / EBITDA	1.3×	2.05×	1.24×	2.51×	2.74×	2.76×	2.89×	13.07×
Cash conversion cycle (days)	66	35	20	53	62	48	46	92