The company maintains a conservative financial profile with a debt-to-equity ratio of 0.62 as of 2026Q4, providing substantial insulation against interest rate volatility.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Total Current Assets | 450.25M | 382.36M | 368.88M | 236.3M | 307.89M | 153.34M | 139.61M | 82.59M | 103.51M | 63.97M | 105.56M | 233.21M | 315.09M | 6.16M |
| Cash & Short-Term Investments | 327.41M | 316.88M | 294.04M | 148.8M | 236.76M | 79.33M | 63.31M | 30.84M | 103.51M | 17.02M | 46.41M | 204.82M | 279.13M | 1.04M |
| Cash Only | 327.41M | 316.88M | 282.51M | 148.8M | 236.76M | 79.33M | 48.39M | 30.84M | 103.51M | 17.02M | 46.41M | 204.82M | 279.13M | 1.04M |
| Short-Term Investments | 0 | 0 | 11.53M | 0 | 0 | 0 | 14.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 99.08M | 49.45M | 53.01M | 76.35M | 58.64M | 56.39M | 67.67M | 45.84M | 27.22M | 42.47M | 54.61M | 23.23M | 3.61M | 1.14M |
| Days Sales Outstanding | 75.1 | 51.08 | 34.51 | 71.5 | 78.05 | 65.15 | 74.08 | 105.87 | 62.35 | 92.57 | 68.92 | 81.44 | 44.42 | 10.81 |
| Inventory | 2.44M | 2.51M | 2.39M | 2.64M | 2.27M | 2.01M | 2M | 2.11M | 2.01M | 2.58M | 2.29M | 3.38M | 1.06M | 1.71M |
| Days Inventory Outstanding | 4.03 | 4.56 | 4.47 | 5.96 | 5.13 | 4.36 | 4.83 | 5.75 | 5.57 | 7.02 | 8.21 | 21.45 | 17.81 | 29.28 |
| Other Current Assets | 21.32M | 13.52M | 19.44M | 0 | 0 | 5.32M | 3.37M | 599.95K | 0 | 0 | 0 | 0 | 30.95M | 2.26M |
| Total Non-Current Assets | 1.42B | 1.4B | 1.47B | 1.47B | 1.3B | 1.43B | 1.53B | 1.54B | 25.86M | 1.68B | 1.74B | 865.89M | 525.16M | 188.29M |
| Property, Plant & Equipment | 1.36B | 1.35B | 1.42B | 1.42B | 1.26B | 1.39B | 1.46B | 1.48B | 1.54B | 1.6B | 1.67B | 818.62M | 518.1M | 187.08M |
| Fixed Asset Turnover | 0.35x | 0.26x | 0.39x | 0.27x | 0.22x | 0.23x | 0.23x | 0.11x | 0.10x | 0.10x | 0.17x | 0.13x | 0.06x | 0.21x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.42M | 0 | 0 | 11.37M | 0 | 0 | 0 | 61.88M | 59.93M | 76.52M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 54.38M | 50.01M | 44.65M | 39.09M | 36.86M | 33.42M | 67.64M | 2.22M | -1.57B | 1.96M | 68.8M | 47.27M | 7.06M | 1.21M |
| Total Assets | 1.87B | 1.78B | 1.84B | 1.71B | 1.61B | 1.58B | 1.67B | 1.63B | 1.74B | 1.75B | 1.84B | 1.1B | 840.25M | 194.45M |
| Asset Turnover | 0.26x | 0.20x | 0.31x | 0.23x | 0.17x | 0.20x | 0.20x | 0.10x | 0.09x | 0.10x | 0.16x | 0.09x | 0.04x | 0.20x |
| Asset Growth % | 5.23% | -3.21% | 7.53% | 6.32% | 1.63% | -5.4% | 2.87% | -6.38% | -0.58% | -5.21% | 67.61% | 30.81% | 332.12% | - |
| Total Current Liabilities | 168.83M | 107.88M | 101.81M | 94.6M | 94.84M | 82.08M | 85.01M | 79.37M | 82.01M | 85.77M | 88.13M | 28.2M | 14.88M | 31.6M |
| Accounts Payable | 7.99M | 11.55M | 10.19M | 10.81M | 9.54M | 9.83M | 13.55M | 7.21M | 6.33M | 7.08M | 6.83M | 5.22M | 2.4M | 3.31M |
| Days Payables Outstanding | 13.2 | 21.01 | 19.02 | 24.39 | 21.6 | 21.33 | 32.79 | 19.64 | 17.52 | 19.25 | 24.48 | 33.2 | 40.42 | 56.81 |
| Short-Term Debt | 146.83M | 54.98M | 54.08M | 53.64M | 72.2M | 52.02M | 53.34M | 63.97M | 65.07M | 65.98M | 67.93M | 15.68M | 9.61M | 12.11M |
| Deferred Revenue (Current) | 1.98M | 679.26K | 486.87K | 208.56K | 813.97K | 853.98K | 2.07M | 4.26M | 5.56M | 7.31M | 4.61M | 1.12M | 554.11K | 0 |
| Other Current Liabilities | 11.33M | 959.21K | 2.49M | 1.29M | 952.47K | 2.4M | 3.64M | 2.97M | 3.97M | 1.89M | 4.72M | 2.69M | 1.44M | 16.17M |
| Current Ratio | 2.67x | 3.54x | 3.62x | 2.50x | 3.25x | 1.87x | 1.64x | 1.04x | 1.26x | 0.75x | 1.20x | 8.27x | 21.18x | 0.19x |
| Quick Ratio | 2.65x | 3.52x | 3.60x | 2.47x | 3.22x | 1.84x | 1.62x | 1.01x | 1.24x | 0.72x | 1.17x | 8.15x | 21.11x | 0.14x |
| Cash Conversion Cycle | 65.94 | 34.63 | 19.96 | 53.07 | 61.58 | 48.18 | 46.11 | 91.98 | 50.4 | 80.34 | 52.65 | 69.69 | 21.81 | -16.73 |
| Total Non-Current Liabilities | 563.87M | 624.67M | 712.3M | 740.47M | 592.37M | 552.71M | 609.89M | 633.32M | 694.69M | 684.47M | 768.45M | 197.69M | 133.17M | 150.09M |
| Long-Term Debt | 460.23M | 498.77M | 551.55M | 604.26M | 590.69M | 539.65M | 581.92M | 632.12M | 694.04M | 683.99M | 746.35M | 184.67M | 119.11M | 150.09M |
| Capital Lease Obligations | 102.06M | 124.42M | 159.23M | 134.78M | 0 | 8.08M | 17.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.58M | 1.48M | 1.53M | 1.43M | 1.69M | 4.98M | 10.32M | 1.2M | 651.57K | 482.69K | 22.1M | 13.02M | 14.06M | 0 |
| Total Liabilities | 732.7M | 732.55M | 814.12M | 835.07M | 687.21M | 634.79M | 694.91M | 712.69M | 776.7M | 770.23M | 856.58M | 225.89M | 148.05M | 181.69M |
| Total Debt | 709.12M | 712.98M | 797.34M | 816.09M | 670.96M | 609.35M | 662.12M | 696.09M | 759.1M | 749.96M | 814.28M | 200.34M | 128.72M | 162.2M |
| Net Debt | 381.71M | 396.1M | 514.83M | 667.29M | 434.2M | 530.02M | 613.74M | 665.25M | 655.6M | 732.95M | 767.87M | -4.48M | -150.41M | 161.16M |
| Debt / Equity | 0.62x | 0.68x | 0.78x | 0.93x | 0.73x | 0.64x | 0.68x | 0.76x | 0.79x | 0.77x | 0.83x | 0.23x | 0.19x | 12.71x |
| Debt / EBITDA | 2.54x | 3.91x | 2.01x | 3.12x | 4.22x | 3.14x | 2.89x | 12.16x | 10.97x | 9.49x | 4.05x | 4.53x | 11.69x | 10.79x |
| Net Debt / EBITDA | 1.37x | 2.17x | 1.30x | 2.55x | 2.73x | 2.74x | 2.68x | 11.62x | 9.48x | 9.27x | 3.82x | -0.10x | -13.66x | 10.72x |
| Interest Coverage | 7.09x | 3.45x | 8.53x | 5.36x | 3.39x | 4.14x | 3.99x | -0.35x | 0.20x | 0.80x | 10.91x | 84.46x | 2.23x | - |
| Total Equity | 1.14B | 1.05B | 1.02B | 873.85M | 920.15M | 946.83M | 977.05M | 912.68M | 959.41M | 976M | 985.6M | 873.21M | 692.2M | 12.76M |
| Equity Growth % | 8.88% | 2.21% | 17.13% | -5.03% | -2.82% | -3.09% | 7.05% | -4.87% | -1.7% | -0.97% | 12.87% | 26.15% | 5325.7% | - |
| Book Value per Share | 26.74 | 24.83 | 25.30 | 21.73 | 22.80 | 19.00 | 18.05 | 16.74 | 17.75 | 20.31 | 17.40 | 15.54 | 12.17 | 0.22 |
| Total Shareholders' Equity | 1.14B | 1.05B | 1.02B | 873.85M | 920.15M | 946.83M | 977.05M | 912.68M | 959.41M | 976M | 985.6M | 873.21M | 692.2M | 12.76M |
| Common Stock | 546.48K | 543.24K | 519.95K | 516.31K | 513.22K | 510.71K | 590.83K | 588.83K | 586.4K | 583.42K | 580.58K | 580.58K | 483.65K | 73.88M |
| Retained Earnings | 400.02M | 311.14M | 377.14M | 231.84M | 280.76M | 289.4M | 196.84M | 84.99M | 135.94M | 156.34M | 157.78M | 28.09M | 2.83M | -61.12M |
| Treasury Stock | -140.12M | -133.1M | -126.84M | -122.9M | -121.23M | -99.86M | -87.18M | -36.48M | -35.22M | -33.9M | -20.94M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190.48M | -125.86M | 0 | -19.25M | -6.56M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Freight Rate Volatility
According to quarterly financial data, Dorian LPG has successfully reduced its total debt from $817.7 million in 2024Q3 to $709.1 million by 2026Q4, signaling a disciplined approach to capital management that strengthens the company's financial position against potential downturns in the volatile LPG shipping market.
The consistent reduction in debt levels, coupled with a stable equity base, suggests management is prioritizing balance sheet health over aggressive expansion during periods of high freight rates. This trajectory implies a lower interest burden and increased financial flexibility, which may provide a competitive advantage if market conditions necessitate opportunistic vessel acquisitions or further capital returns.
As reported in recent balance sheets, Dorian LPG maintains a debt-to-equity ratio of 0.62 as of 2026Q4, a figure that appears notably conservative for the capital-intensive shipping industry and suggests a high degree of insulation from interest rate volatility and potential refinancing risks.
The company's ability to maintain such low leverage while operating a modern fleet indicates that cash flow generation is sufficient to cover debt service without reliance on external financing. Investors should monitor whether this low leverage is a permanent strategic choice or a temporary posture intended to navigate the upcoming influx of newbuild vessel supply across the sector.
Based on reported figures, Dorian LPG's asset base is heavily concentrated in net PPE, which stood at $1.4 billion in 2026Q4, reflecting the company's asset-heavy business model and the significant capital investment required to maintain a modern, fuel-efficient fleet of ECO-design VLGCs.
The absence of goodwill on the balance sheet suggests that the company's asset valuation is grounded in tangible vessel value rather than acquisition premiums, which reduces the risk of future impairment charges. This asset composition implies that the company's competitive positioning is directly tied to the physical performance and regulatory compliance of its vessels.
As indicated by the financial statements, Dorian LPG held $327.4 million in cash as of 2026Q4, maintaining a current ratio of 2.67, which provides a substantial buffer to manage the lumpy working capital requirements and periodic dry-docking expenses inherent in the international shipping business.
The liquidity position appears more than adequate to cover short-term obligations, even during periods of market softness where spot rates may compress. This cash-rich profile suggests the company is well-positioned to weather operational disruptions or trade route shifts without needing to access expensive credit facilities.
Quick answers to the most common questions about buying LPG stock.
As of 2026, Dorian LPG Ltd. (LPG) had total assets of $1.87B including $450.3M in current assets.
Dorian LPG Ltd. (LPG) carries total debt of $709.1M, offset by $327.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dorian LPG Ltd. (LPG) has total shareholders' equity (book value) of $1.14B ($26.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dorian LPG Ltd. (LPG) reported a current ratio of 2.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.