Dorian LPG
LPG on NYSE. Dorian LPG transports liquefied petroleum gas by ship for energy and trading companies. Market value $2.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 7.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 11 cents a year. Above 10 is good.
Quality score: 85 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$56.45 a share, 138% above its 1-year low
Over the past year the price has ranged from $23.76 to $59.97.
Dividend: 4.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $274m | $390m | $561m | $353m | $482m |
| Operating margin | |||||
| Operating margin | 33.7% | 50.9% | 58.6% | 31.9% | 43.6% |
| Debt to equity | |||||
| Debt to equity | 0.72 | 0.75 | 0.59 | 0.53 | 0.49 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.49× equity
- Revenue growth, five yearsSlow, 8.8% a year
- Buying back its own sharesNo, 6% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $188 million last quarter, up 123% on a year ago.
- Profit: $138 million, up 1272% on a year ago.
- It keeps 58 cents of each $1 of sales as operating profit, up from 23 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $165 million more than cash, down from $262 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $82m |
| December 2024 | $81m |
| March 2025 | $76m |
| June 2025 | $84m |
| September 2025 | $124m |
| December 2025 | $120m |
| March 2026 | $153m |
| June 2026 | $188m |
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $21m |
| March 2025 | $8m |
| June 2025 | $10m |
| September 2025 | $55m |
| December 2025 | $47m |
| March 2026 | $81m |
| June 2026 | $138m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 May 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 284 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $39m | <0.1% | Added |
| Tweedy, BrowneTweedy Browne partners | $1m | 0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $858,718 | <0.1% | Cut |
| GMOJeremy Grantham | $207,497 | <0.1% | New |
Largest holders overall
- BlackRock$208mAdded
- Dimensional Fund Advisors LP$91mAdded
- American Century Companies$58mAdded
- Vanguard Portfolio Management$54mAdded
- State Street$51mAdded
- Geode Capital Management$44mAdded
- First Eagle Investment Management$39mAdded
- TWO Sigma Investments, LP$29mCut
- Qube Research & Technologies$29mAdded
- Charles Schwab Investment Management$22mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Dimensional Fund Advisors LPPassive investor5.8%−1.0 ptsSince 31 December 2025
- Pacer Advisors, Inc.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Dimensional Fund Advisors LP Passive investor | 5.8%−1.0 pts | 31 December 2025 | |
Pacer Advisors, Inc. Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $409,500 of shares on the open market. 8 sold $12m.
- LORENTZEN OIVINDDirectorSold
- Date
- 21 September 2026
- Shares
- 20,000
- Price
- $56.81
- Value
- $1m
- Tan ChristinaDirectorSold
- Date
- 17 September 2026
- Shares
- 10,000
- Price
- $58.65
- Value
- $586,500
- Lunde MaritDirectorSold
- Date
- 11 September 2026
- Shares
- 12,104
- Price
- $54.42
- Value
- $658,700
- Young Theodore B.Chief Financial OfficerSold
- Date
- 10 September 2026
- Shares
- 11,919
- Price
- $54.50
- Value
- $649,586
- Hadjipateras Alexander C.Chief Operating OfficerSold
- Date
- 10 September 2026
- Shares
- 5,000
- Price
- $54.13
- Value
- $270,650
- Hansen Tim TruelsChief Commercial OfficerSold
- Date
- 9 September 2026
- Shares
- 50,000
- Price
- $53.12
- Value
- $3m
- Young Theodore B.Chief Financial OfficerSold
- Date
- 9 September 2026
- Shares
- 5,000
- Price
- $54.01
- Value
- $270,040
- Young Theodore B.Chief Financial OfficerSold
- Date
- 8 September 2026
- Shares
- 9,081
- Price
- $53.25
- Value
- $483,536
- Hansen Tim TruelsChief Commercial OfficerSold
- Date
- 11 August 2026
- Shares
- 25,000
- Price
- $45.04
- Value
- $1m
- Hansen Tim TruelsChief Commercial OfficerSold
- Date
- 30 June 2026
- Shares
- 20,000
- Price
- $35.38
- Value
- $707,526
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | LORENTZEN OIVIND Director | Sold | 20,000 | $56.81 | $1m |
| 17 September 2026 | Tan Christina Director | Sold | 10,000 | $58.65 | $586,500 |
| 11 September 2026 | Lunde Marit Director | Sold | 12,104 | $54.42 | $658,700 |
| 10 September 2026 | Young Theodore B. Chief Financial Officer | Sold | 11,919 | $54.50 | $649,586 |
| 10 September 2026 | Hadjipateras Alexander C. Chief Operating Officer | Sold | 5,000 | $54.13 | $270,650 |
| 9 September 2026 | Hansen Tim Truels Chief Commercial Officer | Sold | 50,000 | $53.12 | $3m |
| 9 September 2026 | Young Theodore B. Chief Financial Officer | Sold | 5,000 | $54.01 | $270,040 |
| 8 September 2026 | Young Theodore B. Chief Financial Officer | Sold | 9,081 | $53.25 | $483,536 |
| 11 August 2026 | Hansen Tim Truels Chief Commercial Officer | Sold | 25,000 | $45.04 | $1m |
| 30 June 2026 | Hansen Tim Truels Chief Commercial Officer | Sold | 20,000 | $35.38 | $707,526 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 May 2026, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.