The company maintains a disciplined capital structure with a Debt/Equity ratio of 0.44 as of 2026Q1, representing a strategic improvement from the 0.61 peak observed in 2024Q4.
| Total Current Assets | 867.71M | 636.72M | 677.93M | 878.71M | 742.68M | 451.81M | 374.7M | 387.98M | 188.85M | 276.01M | 165.61M |
| Cash & Short-Term Investments | 289.02M | 243.58M | 282.45M | 290.82M | 289.03M | 135.75M | 118.52M | 112.21M | 50.08M | 57.85M | 81.1M |
| Cash Only | 274.46M | 241.99M | 279.68M | 287.55M | 285.74M | 132.51M | 90.26M | 112.21M | 50.08M | 56.55M | 80.56M |
| Short-Term Investments | 14.56M | 1.6M | 2.77M | 3.27M | 3.29M | 3.25M | 28.26M | 0 | 0 | 1.3M | 539K |
| Accounts Receivable | 186.39M | 243.3M | 211.2M | 275.95M | 168.48M | 169.44M | 168.46M | 171.59M | 92.75M | 88.69M | 60.28M |
| Days Sales Outstanding | 27.05 | 24.08 | 22.9 | 32.93 | 40.24 | 51.16 | 68.9 | 76.51 | 69.03 | 65.14 | 44.52 |
| Inventory | 107.45M | 123.87M | 76.71M | 188.59M | 136.52M | 54.52M | 15.06M | 40.68M | 28.02M | 19.42M | 12.69M |
| Days Inventory Outstanding | 12.38 | 14.33 | 9.96 | 29.17 | 44.18 | 21.89 | 12.09 | 37.41 | 33.83 | 24.73 | 23.82 |
| Other Current Assets | 284.85M | 25.95M | 107.57M | 108.11M | 136.1M | 81.11M | 30.04M | 54.7M | 31.73M | 119.73M | 13.27M |
| Total Non-Current Assets | 2.48B | 2.52B | 2.64B | 1.64B | 1.83B | 1.91B | 2.04B | 2.16B | 2.07B | 2.18B | 2.43B |
| Property, Plant & Equipment | 2.47B | 2.48B | 2.6B | 1.61B | 1.78B | 1.9B | 1.9B | 2.07B | 2.01B | 2.14B | 2.41B |
| Fixed Asset Turnover | 1.44x | 1.49x | 1.30x | 1.90x | 0.86x | 0.64x | 0.47x | 0.40x | 0.24x | 0.23x | 0.20x |
| Goodwill | 0 | 355.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 297.5K | 0 | 636K | 1.24M | 1.37M | 1.88M | 1.95M | 1M | 0 | 0 | 0 |
| Long-Term Investments | 89.08M | 29.2M | 23.43M | 11.3M | 42.54M | 10.51M | 138.24M | 91.46M | 64.73M | 40.87M | 7.7M |
| Other Non-Current Assets | 0 | 0 | 18.33M | 20.06M | 5.91K | -2.36K | 133.21M | 87.88M | 0 | 2.65M | 7.56M |
| Total Assets | 3.35B | 3.15B | 3.32B | 2.52B | 2.57B | 2.36B | 2.42B | 2.55B | 2.26B | 2.46B | 2.59B |
| Asset Turnover | 1.09x | 1.17x | 1.01x | 1.21x | 0.59x | 0.51x | 0.37x | 0.32x | 0.22x | 0.20x | 0.19x |
| Asset Growth % | 78.34% | -5% | 31.74% | -1.96% | 8.88% | -2.29% | -5.21% | 12.81% | -7.96% | -5.34% | - |
| Total Current Liabilities | 590.09M | 425.56M | 610.11M | 655.34M | 496.01M | 219.23M | 256.78M | 270M | 173.12M | 305.43M | 496.51M |
| Accounts Payable | 204.87M | 212.65M | 97.74M | 222M | 165.86M | 38.57M | 6.42M | 7.46M | 6.22M | 4.87M | 28.52M |
| Days Payables Outstanding | 29.15 | 24.6 | 12.69 | 34.33 | 53.67 | 15.48 | 5.15 | 6.87 | 7.51 | 6.2 | 53.53 |
| Short-Term Debt | 174.34M | 122.71M | 230.34M | 212.43M | 116.15M | 82.51M | 126.79M | 140.86M | 134.19M | 265.48M | 426.38M |
| Deferred Revenue (Current) | 0 | 0 | 1.33M | 0 | 2.84M | 4.59M | 6.63M | 7.49M | 1.82M | 1.91M | 2.77M |
| Other Current Liabilities | 191.61M | 24.38M | 41.67M | 102.43M | 47.79M | 17.96M | 50.61M | 27.3M | 117K | 170K | 10.46M |
| Current Ratio | 1.47x | 1.50x | 1.11x | 1.34x | 1.50x | 2.06x | 1.46x | 1.44x | 1.09x | 0.90x | 0.33x |
| Quick Ratio | 1.29x | 1.21x | 0.99x | 1.05x | 1.22x | 1.81x | 1.40x | 1.29x | 0.93x | 0.84x | 0.31x |
| Cash Conversion Cycle | 10.28 | 13.81 | 20.17 | 27.76 | 30.75 | 57.56 | 75.84 | 107.06 | 95.35 | 83.66 | 14.81 |
| Total Non-Current Liabilities | 728.13M | 803.57M | 772.82M | 278.96M | 471.45M | 757.93M | 908.28M | 1.1B | 1.1B | 1.08B | 979.98M |
| Long-Term Debt | 666.46M | 730.33M | 711.66M | 199.92M | 362.22M | 659.78M | 730.73M | 923.18M | 1.1B | 1.08B | 979.59M |
| Capital Lease Obligations | 239.51M | 72.83M | 60.59M | 78.36M | 106.28M | 86.14M | 143.43M | 167.65M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 101.51K | 410.96K | 569K | 679K | 2.95M | 12.96M | 34.12M | 11.21M | 1.86M | 117K | 389K |
| Total Liabilities | 1.32B | 1.23B | 1.38B | 934.3M | 967.46M | 977.15M | 1.17B | 1.37B | 1.28B | 1.38B | 1.48B |
| Total Debt | 902.38M | 990.15M | 1.17B | 570.19M | 708.9M | 873.73M | 1.04B | 1.28B | 1.23B | 1.34B | 1.41B |
| Net Debt | 627.92M | 748.17M | 893.62M | 282.64M | 423.16M | 741.22M | 953.82M | 1.17B | 1.18B | 1.28B | 1.33B |
| Debt / Equity | 0.44x | 0.51x | 0.61x | 0.36x | 0.44x | 0.63x | 0.83x | 1.09x | 1.25x | 1.24x | 1.26x |
| Debt / EBITDA | 1.24x | 1.74x | 2.03x | 0.78x | 1.78x | 2.94x | 2.36x | 3.22x | 12.56x | 11.03x | 6.83x |
| Net Debt / EBITDA | 0.86x | 1.31x | 1.55x | 0.39x | 1.06x | 2.49x | 2.16x | 2.93x | 12.05x | 10.56x | 6.44x |
| Interest Coverage | 10.17x | 6.52x | 19.73x | 18.06x | 8.42x | 5.53x | 5.39x | 4.57x | 0.06x | -0.16x | 4.04x |
| Total Equity | 2.03B | 1.93B | 1.94B | 1.59B | 1.6B | 1.38B | 1.25B | 1.18B | 983.63M | 1.07B | 1.12B |
| Equity Growth % | 43.05% | -0.63% | 22.18% | -1.1% | 15.84% | 10.59% | 6.31% | 19.69% | -8.38% | -3.92% | - |
| Book Value per Share | 13.37 | 12.68 | 14.44 | 11.92 | 11.84 | 9.96 | 9.05 | 8.49 | 7.02 | 7.57 | 8.18 |
| Total Shareholders' Equity | 1.91B | 1.83B | 1.81B | 1.47B | 1.48B | 1.37B | 1.25B | 1.18B | 983.14M | 1.07B | 1.11B |
| Common Stock | 623.01M | 619.81M | 619.87M | 1.4M | 1.43M | 1.42M | 1.42M | 1.42M | 1.42M | 1.42M | 1.42M |
| Retained Earnings | 687.23M | 605.15M | 565.79M | 609.48M | 559.4M | 460.07M | 377.53M | 260.29M | 46.05M | 124.94M | 167.63M |
| Treasury Stock | -47.62M | -50.37M | -48.26M | -56.44M | -47.63M | -23.29M | -16.89M | -14.43M | -12.7M | -1.56M | -457K |
| Accumulated OCI | 648.07M | 658.14M | 667.76M | -56.49M | -9.78M | -42.44M | -86.21M | -45.69M | 658.56M | 655.65M | 651.93M |
| Minority Interest | 119.08M | 95.54M | 132.46M | 116.1M | 120.37M | 13.82M | 0 | 0 | 482K | 3.29M | 7.04M |
Trading Segment Capital Intensity
According to reported financial statements, BWLP has expanded its total asset base from $2.3 billion in 2024Q1 to $3.3 billion by 2026Q1, a trend that suggests an aggressive capital deployment strategy that has outpaced the company's ability to grow its underlying equity base proportionally.
The rapid increase in total assets appears driven by fleet expansion and the integration of the Product Services segment, which necessitates higher working capital. Investors should monitor whether this asset growth translates into sustainable returns on invested capital or if it merely reflects a bloated balance sheet that dilutes long-term shareholder value.
Based on the company's reported figures, BWLP maintains a disciplined capital structure with a Debt/Equity ratio of 0.44 as of 2026Q1, which represents a significant improvement from the 0.61 peak observed in 2024Q4, suggesting a strategic focus on deleveraging despite ongoing fleet investment requirements.
The current debt profile appears manageable, providing the company with sufficient financial flexibility to navigate the cyclical nature of the VLGC market. However, the reliance on debt to fund asset growth warrants caution, as any sustained downturn in shipping rates could quickly impair the company's ability to service these obligations.
As indicated by the balance sheet data, net PPE accounts for approximately $2.5 billion of the $3.3 billion total asset base in 2026Q1, confirming that the business remains fundamentally asset-heavy and highly sensitive to the valuation and maintenance requirements of its large-scale VLGC fleet.
The concentration of value in physical shipping assets implies that the company's financial health is inextricably linked to vessel utilization and market-wide charter rates. The minimal goodwill on the balance sheet suggests that the company has avoided overpaying for acquisitions, which is a positive indicator of management's disciplined approach to capital allocation.
Based on recent quarterly filings, BWLP's current ratio has stabilized at 1.47 as of 2026Q1, providing a sufficient liquidity buffer to cover short-term liabilities while managing the inherent working capital volatility associated with its Product Services and commodity trading operations.
While the current ratio appears adequate, the absolute cash position of $274.5 million may be insufficient to absorb prolonged operational shocks if the trading segment experiences significant margin compression. Investors should monitor the cash runway closely, as the company's liquidity is highly dependent on the timing of trade settlements and charter payments.
Quick answers to the most common questions about buying BWLP stock.
As of 2025, BW LPG Limited (BWLP) had total assets of $3.15B including $636.7M in current assets.
BW LPG Limited (BWLP) carries total debt of $990.2M, offset by $243.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BW LPG Limited (BWLP) has total shareholders' equity (book value) of $1.83B ($12.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BW LPG Limited (BWLP) reported a current ratio of 1.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.