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Marine shipping · Industrials · Fiscal year ends Mar 31
Dorian LPG reported revenue of $482M in the fiscal year ended Mar 2026, up 36.3% from the year before. Operating income was $210M, an operating margin of 43.6%, and net income was $194M. Net debt was $233M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 274 | 390 | 561 | 353 | 482 |
| Operating income | 92.4 | 198 | 329 | 113 | 210 |
| Interest expense | 20.1 | 31.4 | 40.5 | 35.8 | 29.2 |
| Net income | 71.9 | 172 | 307 | 90.2 | 194 |
| Diluted EPS | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 |
| Diluted shares | 40.4 | 40.2 | 40.5 | 42.2 | 42.6 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 237 | 149 | 283 | 317 | 327 |
| Receivables | 0.9 | 3.3 | 0.7 | 1.4 | 2.0 |
| Inventory | 2.3 | 2.6 | 2.4 | 2.5 | 2.4 |
| Current assets | 308 | 236 | 369 | 382 | 450 |
| Net PP&E | 1,255 | 1,264 | 1,232 | 1,187 | 1,216 |
| Total assets | 1,607 | 1,709 | 1,838 | 1,779 | 1,872 |
| Payables | 9.5 | 10.8 | 10.2 | 11.5 | 8.0 |
| Deferred revenue | 0.8 | 0.2 | – | – | – |
| Current liabilities | 94.8 | 94.6 | 102 | 108 | 169 |
| Short-term debt | 72.1 | 53.1 | 53.5 | 54.5 | 100 |
| Long-term debt | 591 | 604 | 552 | 499 | 460 |
| Total liabilities | 687 | 835 | 814 | 733 | 733 |
| Shareholders' equity | 920 | 874 | 1,024 | 1,046 | 1,139 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 119 | 224 | 388 | 173 | 210 |
| Capital expenditure | 23.2 | 68.8 | – | – | – |
| Free cash flow | 95.5 | 155 | – | – | – |
| Depreciation & amortisation | 66.4 | 63.4 | 68.7 | 69.6 | 71.7 |
| Stock-based compensation | 3.3 | 4.3 | 8.3 | 10.4 | 11.0 |
| Share buybacks | 21.4 | 1.7 | 3.9 | 6.3 | 7.0 |
| Dividends paid | 80.1 | 221 | 162 | 156 | 105 |
| Dividend per share | 2.00 | 5.50 | 4.00 | 3.70 | 2.45 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 42.1% | 43.9% | −37.0% | 36.3% |
| Operating income growth (YoY) | – | 114.7% | 65.8% | −65.7% | 86.6% |
| EPS growth (YoY) | – | 141.0% | 77.2% | −71.8% | 112.1% |
| Operating margin | 33.7% | 50.9% | 58.6% | 31.9% | 43.6% |
| Net margin | 26.2% | 44.2% | 54.8% | 25.5% | 40.2% |
| Return on equityBlank when equity is negative | 7.8% | 19.7% | 30.0% | 8.6% | 17.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.1% | 12.3% | 18.9% | 6.7% | 12.3% |
| Free cash flow margin | 34.8% | 39.8% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.65x | 1.30x | 1.26x | 1.92x | 1.09x |
| Receivable days | 1 | 3 | 0 | 1 | 2 |
| Interest cover | 4.59x | 6.32x | 8.12x | 3.15x | 7.19x |
| Debt ÷ equity | 0.72x | 0.75x | 0.59x | 0.53x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 426 | 509 | 323 | 236 | 233 |
| Current ratio | 3.25x | 2.50x | 3.62x | 3.54x | 2.67x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.