Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 6.3x · ROE 12.9%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.0B | $1.5B | $2.0B | $1.0B | $764M | $912M | $1.2B | $627M | $588M | $572M |
| Enterprise Value | $3.6B | $2.7B | $2.4B | $2.3B | $1.5B | $1.5B | $1.9B | $2.3B | $1.8B | $1.9B | $1.9B |
| P/E Ratio → | 11.51 | 7.99 | 4.56 | 4.26 | 4.69 | 4.23 | 3.40 | 4.31 | — | — | 24.65 |
| P/S Ratio | 0.78 | 0.54 | 0.45 | 0.65 | 0.69 | 0.63 | 1.02 | 1.45 | 1.28 | 1.18 | 1.16 |
| P/B Ratio | 1.49 | 1.03 | 0.79 | 1.26 | 0.65 | 0.55 | 0.73 | 1.01 | 0.64 | 0.55 | 0.51 |
| P/FCF | 8.05 | 5.59 | 10.38 | 5.05 | 2.28 | 6.40 | 2.75 | 3.79 | 8.08 | — | 48.35 |
| P/OCF | 5.27 | 3.66 | 2.03 | 3.90 | 2.07 | 2.49 | 2.29 | 3.55 | 7.02 | 8.14 | 2.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.74 | 0.72 | 0.75 | 0.96 | 1.25 | 2.09 | 2.87 | 3.68 | 3.76 | 3.84 |
| EV / EBITDA | 6.33 | 4.80 | 4.18 | 3.14 | 3.69 | 5.06 | 4.22 | 5.91 | 18.46 | 15.41 | 9.22 |
| EV / EBIT | 11.77 | 7.41 | 5.72 | 4.13 | 5.52 | 6.77 | 6.79 | 8.67 | 565.34 | — | 17.44 |
| EV / FCF | — | 7.69 | 16.46 | 5.76 | 3.21 | 12.60 | 5.63 | 7.53 | 23.28 | — | 160.34 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.4% | 14.4% | 16.5% | 22.8% | 26.2% | 24.8% | 49.1% | 51.5% | 38.4% | 42.3% | 60.7% |
| Operating Margin | 8.3% | 8.3% | 11.5% | 16.4% | 15.8% | 12.2% | 30.8% | 33.1% | 0.7% | -1.5% | 22.0% |
| Net Profit Margin | 6.8% | 6.8% | 9.9% | 15.9% | 14.6% | 14.9% | 30.0% | 33.5% | -13.7% | -8.7% | 4.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 19.0% | 30.6% | 14.9% | 13.7% | 22.1% | 25.4% | -6.5% | -3.9% | 2.1% |
| ROA | 7.7% | 7.7% | 11.5% | 19.2% | 9.0% | 7.5% | 10.8% | 11.4% | -2.8% | -1.7% | 0.9% |
| ROIC | 8.4% | 8.4% | 12.4% | 19.3% | 8.7% | 5.1% | 9.1% | 9.0% | 0.1% | -0.2% | 3.3% |
| ROCE | 11.3% | 11.3% | 16.9% | 25.4% | 11.5% | 6.8% | 12.4% | 12.4% | 0.2% | -0.4% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.61 | 0.36 | 0.44 | 0.63 | 0.83 | 1.09 | 1.25 | 1.24 | 1.26 |
| Debt / EBITDA | 1.74 | 1.74 | 2.03 | 0.78 | 1.78 | 2.94 | 2.36 | 3.22 | 12.56 | 11.03 | 6.83 |
| Net Debt / Equity | — | 0.39 | 0.46 | 0.18 | 0.26 | 0.54 | 0.76 | 0.99 | 1.20 | 1.19 | 1.19 |
| Net Debt / EBITDA | 1.31 | 1.31 | 1.55 | 0.39 | 1.06 | 2.49 | 2.16 | 2.93 | 12.05 | 10.56 | 6.44 |
| Debt / FCF | — | 2.10 | 6.08 | 0.71 | 0.92 | 6.20 | 2.88 | 3.73 | 15.20 | — | 111.99 |
| Interest Coverage | 6.52 | 6.52 | 19.73 | 18.06 | 8.42 | 5.53 | 5.39 | 4.57 | 0.06 | -0.16 | 4.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.11 | 1.34 | 1.50 | 2.06 | 1.46 | 1.44 | 1.09 | 0.90 | 0.33 |
| Quick Ratio | 1.21 | 1.21 | 0.99 | 1.05 | 1.22 | 1.81 | 1.40 | 1.29 | 0.93 | 0.84 | 0.31 |
| Cash Ratio | 0.57 | 0.57 | 0.46 | 0.44 | 0.58 | 0.62 | 0.46 | 0.42 | 0.29 | 0.19 | 0.16 |
| Asset Turnover | — | 1.17 | 1.01 | 1.21 | 0.59 | 0.51 | 0.37 | 0.32 | 0.22 | 0.20 | 0.19 |
| Inventory Turnover | 25.47 | 25.47 | 36.65 | 12.51 | 8.26 | 16.68 | 30.19 | 9.76 | 10.79 | 14.76 | 15.33 |
| Days Sales Outstanding | — | 24.08 | 22.90 | 32.93 | 40.24 | 51.16 | 68.90 | 76.51 | 69.03 | 65.14 | 44.52 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.2% | 10.3% | 25.5% | 20.3% | 12.1% | 13.0% | 13.9% | 5.0% | — | — | 18.3% |
| Payout Ratio | 82.5% | 82.5% | 116.1% | 83.1% | 56.8% | 55.3% | 47.2% | 21.7% | — | — | 442.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 12.5% | 21.9% | 23.5% | 21.3% | 23.6% | 29.4% | 23.2% | — | — | 4.1% |
| FCF Yield | 12.4% | 17.9% | 9.6% | 19.8% | 43.8% | 15.6% | 36.3% | 26.4% | 12.4% | — | 2.1% |
| Buyback Yield | 1.6% | 2.3% | 0.0% | 1.2% | 2.5% | 0.7% | 0.3% | 0.1% | 1.8% | 0.2% | 0.0% |
| Total Shareholder Yield | 8.8% | 12.6% | 25.5% | 21.4% | 14.6% | 13.7% | 14.1% | 5.2% | 1.8% | 0.2% | 18.3% |
| Shares Outstanding | — | $152M | $134M | $133M | $135M | $139M | $138M | $139M | $140M | $142M | $137M |
Commodity Trading Margin Volatility
According to recent market data, BWLP trades at a forward P/E of 4.40, which suggests that investors are heavily discounting future earnings potential compared to the TTM P/E of 10.63, likely reflecting skepticism regarding the sustainability of current shipping rates and trading segment contributions.
The significant spread between trailing and forward multiples indicates that the market anticipates a normalization of earnings, potentially driven by the influx of newbuild VLGC capacity. Investors should monitor whether this valuation gap narrows as the company's NYSE listing increases visibility, or if the market continues to apply a conglomerate discount due to the integration of the Product Services segment.
Based on reported figures, BWLP's ROIC has fluctuated significantly, peaking at 7.6% in 2023Q4 before compressing to 1.3% in 2025Q1, illustrating the difficulty of maintaining high returns on invested capital while simultaneously scaling the asset-heavy shipping fleet and the capital-intensive trading arm.
The volatility in ROIC suggests that the company's capital allocation strategy is currently struggling to generate consistent value above its cost of capital. This trend warrants further investigation into whether the recent fleet investments will eventually drive margin expansion or if the capital intensity of the trading segment will continue to dilute overall returns.
As reported in quarterly filings, BWLP's asset turnover has remained relatively low, ranging from 0.23 to 0.42 over the last ten quarters, which highlights the structural capital intensity inherent in operating a large-scale VLGC fleet compared to more agile, asset-light maritime service providers.
The variability in the cash conversion cycle, which reached a high of 22 days in 2024Q4, appears to be heavily influenced by the inventory requirements of the Product Services segment. This suggests that operational efficiency is increasingly tied to commodity trading cycles rather than just the optimization of vessel utilization and voyage management.
According to the company's balance sheet data, BWLP maintains a disciplined capital structure with a D/E ratio of 0.44 as of 2026Q1, which represents a notable improvement from the 0.61 peak observed in 2024Q4, indicating a strategic focus on deleveraging despite ongoing fleet expansion.
The company's ability to maintain an interest coverage ratio as high as 23.46 in 2026Q1 suggests that debt service remains comfortable even during periods of market volatility. This healthy leverage profile provides a necessary buffer against the inherent risks of the commodity trading business, allowing the company to navigate cyclical downturns without immediate refinancing pressure.
The P/S ratio is frequently misapplied to BWLP, as it fails to account for the 'grossing up' of revenue caused by the Product Services segment, which obscures the underlying profitability of the core shipping business and leads to an inaccurate assessment of the company's true earning power.
Analysts should prioritize Time Charter Equivalent (TCE) income and net voyage revenue over headline sales figures to avoid being misled by the pass-through costs of commodity trading. Relying on standard P/S multiples for this business model may lead to an undervaluation of the shipping segment's operational leverage and an overestimation of the trading segment's contribution to long-term shareholder value.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BWLP stock.
BW LPG Limited's current P/E ratio is 11.5x. The historical average is 7.3x. This places it at the 88th percentile of its historical range.
BW LPG Limited's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
BW LPG Limited's return on equity (ROE) is 12.9%. The historical average is 13.0%.
Based on historical data, BW LPG Limited is trading at a P/E of 11.5x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BW LPG Limited's current dividend yield is 7.17% with a payout ratio of 82.5%.
BW LPG Limited has 14.4% gross margin and 8.3% operating margin.
BW LPG Limited's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.