Dorian LPG Ltd. Financial Ratios — LPG Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Return on Common Equity (%)	- -	157.92	138.68	-0.91	-13.9	-45.87	79.04	37.99	25.19	67.15	100.8	26.16	54.38
Return on Assets (%)	- -	2.61	8.82	-0.08	-1.17	-3.03	6.78	5.69	4.51	10.4	17.34	4.99	10.61
Return on Capital (%)	- -	13.47	23.14	- -	- -	- -	17.57	12.99	9.91	20.24	31.07	11.22	20.65
Return on Invested Capital (%)	- -	3.32	11.1	- -	- -	- -	9.92	7.27	5.41	12.09	18.73	6.29	11.75
Gross Margin (%)	26.82	44.85	64.81	19.9	17.25	15.2	54.76	46.75	41.21	58.51	65.14	43.21	54.46
EBITDA Margin (%)	37.16	43.81	69.89	47.21	43.41	36.22	68.75	61.33	55.27	67.16	70.89	51.58	58.91
Operating Margin (%)	14.82	30.27	55.16	8.36	2.41	-5.04	48.31	36.75	31.05	50.89	58.64	31.88	44.01
Incremental Operating Margin (%)	- -	36.42	69.17	119.54	125.14	- -	96.37	257.1	74.21	98	76.31	104.25	77.45
Pretax Margin (%)	9.56	24.26	44.84	-0.86	-12.8	-32.24	33.54	29.3	26.23	44.24	54.83	25.52	40.22
Profit Margin (%)	9.56	24.26	44.84	-0.86	-12.8	-32.24	33.54	29.3	26.23	44.24	54.83	25.52	40.22
Net Income to Common Margin (%)	9.56	24.26	44.84	-0.86	-12.8	-32.24	33.54	29.3	26.23	44.24	54.83	25.52	40.22
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	111.33	127.92	52.78	173.45	54.22
Sustainable Growth Rate (%)	- -	157.92	138.68	-0.91	-13.9	-45.87	79.04	37.99	-2.85	-18.75	47.6	-19.21	24.9

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Total Debt	129	202	814	751	760	696	662	609	671	816	797	713	710
ST Debt	10	17	68	67	66	64	63	62	80	77	87	90	147
LT Debt	119	185	746	684	694	632	600	548	591	739	711	623	562
Total Debt/EBITDA	11.69	4.43	4.03	9.5	10.99	12.17	2.89	3.14	4.43	3.12	2.01	3.91	2.5
Net Debt/EBITDA	-13.66	-0.06	3.8	9.28	9.49	11.63	2.56	2.64	2.81	1.94	0.81	1.3	0.82
Total Debt/EBIT	29.31	6.41	5.1	53.67	197.82	-87.48	4.11	5.25	7.88	4.11	2.42	6.33	3.35
Net Debt/EBIT	-34.25	-0.09	4.81	52.45	170.88	-83.6	3.64	4.41	5	2.57	0.98	2.1	1.1
EBITDA to Interest Expense	15.86	-54.07	21.18	3.2	2.52	1.56	7.08	8.94	7.64	8.72	10.46	5.49	10.62
EBITDA-CapEx/Interest Expense	-232.29	318.78	21.14	3.2	2.52	1.56	6.47	8.51	6.48	6.43	9.59	4.92	7.1
EBIT to Interest Expense	6.33	-37.36	16.72	0.57	0.14	-0.22	4.98	5.36	4.29	6.61	8.65	3.39	7.93
Interest Expense	1	-1	10	25	27	37	32	22	20	30	38	33	27
Common Equity/Total Assets	0.39	2.61	8.6	8.99	7.86	5.27	11.81	18.33	17.5	13.6	20.55	17.52	21.4
Long-Term Debt/Equity (%)	17.21	21.15	75.73	70.08	72.34	69.26	61.37	57.85	64.19	84.57	69.44	59.57	49.37
Long-Term Debt/Capital (%)	90.21	80.07	76.73	75.34	77.42	80.83	69.75	60.91	62.03	70.49	60.49	60.82	50.65
Long-Term Debt/Total Assets (%)	14.18	16.8	40.51	39.17	39.98	38.89	35.86	34.63	36.75	43.25	38.68	35.04	30.04
Total Debt/Equity (%)	18.6	23.13	82.62	76.94	79.21	76.31	67.77	64.36	72.92	93.39	77.9	68.16	62.3
Total Debt/Capital (%)	97.49	87.57	83.72	82.72	84.77	89.06	77.03	67.76	70.46	77.84	67.86	69.58	63.92
Total Debt/Total Assets (%)	15.32	18.38	44.2	43	43.77	42.85	39.6	38.53	41.74	47.75	43.39	40.09	37.91
Net Debt to Equity	-21.73	-0.33	77.91	75.2	68.42	72.93	60.07	54.11	46.31	58.26	31.57	22.64	20.5
Net Debt/Capital (%)	102.26	-11.07	82.9	82.39	82.78	88.61	72.35	62.49	59.56	56.59	36.2	33.47	29.83
EBITDA	11	46	202	79	69	57	229	194	152	262	397	182	284
EBITDA-CapEx	-161	-269	202	79	69	57	209	184	128	193	365	163	190
Operating Income (Loss)	4	32	160	14	4	-8	161	116	85	198	329	113	212

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Cash Ratio	18.76	7.26	0.53	0.2	1.26	0.4	0.74	0.97	2.5	1.57	2.89	2.94	1.94
Current Ratio	21.18	8.27	1.2	0.75	1.65	1.04	1.64	1.87	3.25	2.5	3.62	3.54	2.67
Quick Ratio	19	8.09	1.15	0.69	1.59	0.97	1.54	1.65	3.11	2.38	3.41	3.4	2.53
CFO/Avg Current Liab	- -	1.19	2.6	0.6	0.68	0.11	2.06	2.04	1.34	2.37	3.96	1.65	1.52
Common Equity/Total Assets	0.39	2.61	8.6	8.99	7.86	5.27	11.81	18.33	17.5	13.6	20.55	17.52	21.4
Long-Term Debt/Equity (%)	17.21	21.15	75.73	70.08	72.34	69.26	61.37	57.85	64.19	84.57	69.44	59.57	49.37
Long-Term Debt/Capital (%)	90.21	80.07	76.73	75.34	77.42	80.83	69.75	60.91	62.03	70.49	60.49	60.82	50.65
Long-Term Debt/Total Assets (%)	14.18	16.8	40.51	39.17	39.98	38.89	35.86	34.63	36.75	43.25	38.68	35.04	30.04
Total Debt/Equity (%)	18.6	23.13	82.62	76.94	79.21	76.31	67.77	64.36	72.92	93.39	77.9	68.16	62.3
Total Debt/Capital (%)	97.49	87.57	83.72	82.72	84.77	89.06	77.03	67.76	70.46	77.84	67.86	69.58	63.92
Total Debt/Total Assets (%)	15.32	18.38	44.2	43	43.77	42.85	39.6	38.53	41.74	47.75	43.39	40.09	37.91
CFO/Total Liabilities	4.89	11.34	17.63	6.76	7.37	1.25	24.33	26.87	17.27	26.83	47.71	23.62	28.68
CFO/CapEx	0.04	0.08	326.67	6,142.14	410.38	185.85	8.44	17.94	5.12	3.26	11.82	9.13	2.24
Altman's Z-Score	0.49	2.39	0.95	0.63	0.56	0.45	1.1	1.37	1.26	1.47	2.5	1.61	2.3

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Accounts Receivable Turnover	- -	8.39	25.2	2,829.77	917.85	183.73	302.44	617.63	519.71	188.5	284.5	350.47	283.72
Days Sales Outstanding	- -	43.49	14.49	0.13	0.4	1.99	1.21	0.59	0.7	1.94	1.28	1.04	1.29
Inventory Turnover	- -	25.9	35.94	55.1	57.41	64.99	73.44	84.04	75.45	65.88	77.63	81.86	88.59
Days Inventory Outstanding	- -	14.09	10.16	6.62	6.36	5.62	4.97	4.34	4.84	5.54	4.7	4.46	4.12
Accounts Payable Turnover	- -	15.67	16.71	19.34	19.59	19.81	14.52	14.39	16.67	15.93	18.6	18.47	22.44
Accounts Payable Turnover Days	- -	23.29	21.84	18.87	18.63	18.43	25.14	25.37	21.89	22.91	19.62	19.76	16.27
Cash Conversion Cycle	- -	34.29	2.8	-12.12	-11.88	-10.82	-18.97	-20.43	-16.35	-15.44	-13.64	-14.26	-10.86
Inventory to Cash Days	- -	29.4	4.33	-6.5	-5.96	-3.63	-3.76	-3.75	-4.14	-3.6	-3.42	-3.42	-2.83
Inventories	1	3	2	3	2	2	2	2	2	3	2	3	2
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1	3	2	3	2	2	2	2	2	3	2	3	2

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Market Capitalization	- -	732	532	506	402	352	443	653	582	798	1,550	941	1,456
- Cash & Cash Equivalents	279	205	46	17	104	31	48	79	237	149	283	317	327
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	129	202	814	751	760	696	662	609	671	816	797	713	710
Enterprise Value	-150	729	1,300	1,240	1,059	1,017	1,042	1,183	1,017	1,465	2,053	1,337	1,838
Total Capital	132	231	973	908	896	782	860	899	952	1,048	1,175	1,025	1,110
Total Debt/Capital (%)	97.49	87.57	83.72	82.72	84.77	89.06	77.03	67.76	70.46	77.84	67.86	69.58	63.92
Total Debt / EV	-0.86	0.28	0.63	0.61	0.72	0.69	0.64	0.51	0.66	0.56	0.39	0.53	0.39
EV/Sales	- -	7	4.5	7.41	6.64	6.43	3.12	3.75	3.71	3.76	3.66	3.79	3.82
EV/EBITDA	- -	15.99	6.43	15.69	15.3	17.76	4.54	6.11	6.71	5.6	5.16	7.34	6.48
EV/EBIT	- -	23.13	8.15	88.62	275.55	- -	6.47	10.19	11.94	7.39	6.24	11.87	8.67
EV/Cash Flow to Firm	- -	29.43	8.1	16.15	12.5	22.34	5.17	6.16	7.34	5.77	4.81	6.49	7.76
EV/Free Cash Flow to Firm	- -	2.15	8.07	16.14	12.48	22.31	4.7	5.87	6.29	4.54	4.47	5.94	5.56
Diluted Market Cap	- -	732	532	506	402	352	443	653	586	802	1,556	941	1,459
Diluted Enterprise Value	-150	729	1,300	1,240	1,059	1,017	1,056	1,183	1,020	1,469	2,071	1,337	1,841
EV per Share	- -	12.98	22.96	25.8	19.72	18.56	20.49	23.78	25.29	36.62	50.95	31.74	43.18
TTM Sales	30	104	289	167	159	158	333	316	274	390	561	353	482
TTM EBITDA	11	46	202	79	69	57	229	194	152	262	397	182	284
TTM Operating Income	4	32	160	14	4	-8	161	116	85	198	329	113	212
TTM Cash Flow to Firm	8	25	161	77	85	46	201	192	139	254	426	206	237
TTM Free Cash Flow to Firm	180	339	161	77	85	46	221	202	162	323	459	225	331

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Price/Free Cash Flow	- -	2.15	3.51	9.71	7.01	39.38	2.34	3.63	4.13	2.74	3.69	4.9	4.8
EV/EBIT	- -	23.13	8.15	88.62	275.55	- -	6.47	10.19	11.94	7.39	6.24	11.87	8.67
Enterprise Value	-150	729	1,300	1,240	1,059	1,017	1,042	1,183	1,017	1,465	2,053	1,337	1,838
Low Price	- -	9.94	8.67	5.07	6.2	5.26	6.08	7.2	10.77	12.9	19.25	19.36	16.66
EV/Sales	- -	7	4.5	7.41	6.64	6.43	3.12	3.75	3.71	3.76	3.66	3.79	3.82
EV/EBITDA	- -	15.99	6.43	15.69	15.3	17.76	4.54	6.11	6.71	5.6	5.16	7.34	6.48
Price/Earnings	- -	28.98	4.1	- -	- -	- -	3.96	7.06	8.09	4.63	5.04	10.44	7.52
Price/Earnings Average	- -	36.65	5.49	-271.33	-20.67	-7.71	4.85	5.32	7.31	4.01	4.1	15.47	6.04
Price/Earnings High	- -	55.45	7.68	-416.67	-28.55	-9.46	7.58	8.01	8.76	5.45	6.49	24.14	8.44
Price/Earnings Low	- -	22.11	3.79	-169	-16.32	-5.66	2.76	3.87	6.02	2.99	2.52	9.05	3.66
Price/Book Value	- -	25.53	3.36	3.22	2.95	4.11	2.24	2.25	2.07	3.43	4.1	3.02	3.63
Price/Book Value Average	- -	32.29	4.5	2.49	3.09	4.59	2.75	1.7	1.87	2.97	3.34	4.48	2.92
Price/Book Value High	- -	48.85	6.29	3.83	4.27	5.63	4.29	2.56	2.24	4.05	5.29	6.98	4.08
Price/Book Value Low	- -	19.48	3.1	1.55	2.44	3.37	1.57	1.24	1.54	2.22	2.05	2.62	1.77
Price/Tangible Book Value	- -	0.84	0.54	0.52	0.42	0.39	0.45	0.69	0.63	0.91	1.51	0.9	1.28
Price/Tangible Book Value Average	- -	1.06	0.72	0.4	0.44	0.43	0.56	0.52	0.57	0.79	1.23	1.33	1.03
Price/Tangible Book Value High	- -	1.6	1.01	0.62	0.61	0.53	0.87	0.78	0.68	1.08	1.95	2.08	1.43
Price/Tangible Book Value Low	- -	0.64	0.5	0.25	0.35	0.32	0.32	0.38	0.47	0.59	0.76	0.78	0.62
Price/Sales	- -	7.03	1.84	3.02	2.52	2.23	1.33	2.07	2.12	2.05	2.76	2.66	3.02
Price/Sales Average	- -	8.89	2.46	2.34	2.65	2.49	1.63	1.56	1.92	1.77	2.25	3.95	2.43
Price/Sales High	- -	13.45	3.44	3.59	3.66	3.05	2.54	2.35	2.3	2.41	3.56	6.16	3.39
Price/Sales Low	- -	5.36	1.7	1.46	2.09	1.82	0.93	1.13	1.58	1.32	1.38	2.31	1.47
Price/Cash Flow	- -	28.57	3.52	9.71	7.02	39.59	2.62	3.83	4.91	3.56	3.99	5.44	6.93
Price/Cash Flow Average	- -	36.13	4.72	7.51	7.37	44.21	3.21	2.89	4.43	3.08	3.25	8.06	5.57
Price/Cash Flow High	- -	54.66	6.6	11.53	10.17	54.27	5.02	4.35	5.31	4.2	5.14	12.58	7.78
Price/Cash Flow Low	- -	21.8	3.25	4.68	5.81	32.44	1.83	2.1	3.65	2.3	2	4.71	3.37
Price/Free Cash Flow Average	- -	2.72	4.7	7.51	7.35	43.98	2.87	2.74	3.73	2.37	3.01	7.27	3.86
Price/Free Cash Flow High	- -	4.12	6.58	11.53	10.15	53.98	4.48	4.12	4.47	3.23	4.76	11.34	5.39
Price/Free Cash Flow Low	- -	1.64	3.24	4.68	5.8	32.26	1.63	1.99	3.07	1.77	1.85	4.25	2.34
EV/Sales Average	- -	8.86	5.12	6.72	6.77	6.7	3.47	3.24	3.5	3.49	3.17	5.07	3.22
EV/Sales High	- -	13.42	6.1	7.97	7.78	7.26	4.38	4.02	3.88	4.13	4.48	7.28	4.19
EV/Sales Low	- -	5.34	4.35	5.84	6.21	6.04	2.77	2.81	3.16	3.04	2.3	3.43	2.27
EV/EBITDA Average	-13.66	20.23	7.32	14.23	15.59	18.49	5.05	5.28	6.33	5.19	4.47	9.83	5.47
EV/EBITDA High	-13.66	30.64	8.73	16.88	17.91	20.05	6.38	6.56	7.02	6.14	6.32	14.12	7.11
EV/EBITDA Low	-13.66	12.18	6.23	12.37	14.3	16.66	4.03	4.58	5.72	4.52	3.25	6.65	3.85
EV/EBIT Average	-34.25	29.28	9.28	80.41	280.66	-132.93	7.18	8.81	11.28	6.85	5.4	15.9	7.33
EV/EBIT High	-34.25	44.34	11.06	95.38	322.51	-144.15	9.07	10.95	12.5	8.11	7.64	22.84	9.52
EV/EBIT Low	-34.25	17.63	7.89	69.86	257.53	-119.79	5.73	7.65	10.18	5.97	3.92	10.76	5.15
Last Price	- -	13.03	9.4	10.53	7.49	6.42	8.71	13.13	14.49	19.94	38.46	22.34	34.2
High Price	- -	24.93	17.59	12.5	10.85	8.8	16.68	14.9	15.68	23.51	49.54	51.66	38.4
Enterprise Value Average	-150	923	1,480	1,125	1,078	1,058	1,157	1,023	960	1,358	1,776	1,791	1,553
Enterprise Value High	-150	1,398	1,764	1,335	1,239	1,148	1,462	1,272	1,064	1,608	2,511	2,573	2,017
Enterprise Value Low	-150	556	1,259	978	989	954	923	888	867	1,183	1,291	1,212	1,091

Shares Outstanding	57	58	56	55	55	55	51	41	40	40	41	43	43
Diluted Weighted Avg Shares	57	56	57	48	54	55	51	50	40	40	40	42	43
Basic Weighted Avg Shares	57	56	57	48	54	55	51	50	40	40	40	42	43
Revenue per Share	0.52	1.85	5.11	3.48	2.97	2.88	6.56	6.35	6.82	9.74	13.92	8.39	11.31
EBITDA per Share	0.19	0.81	3.57	1.64	1.29	1.04	4.51	3.89	3.77	6.54	9.86	4.33	6.66
Operating Income per Share	0.08	0.56	2.82	0.29	0.07	-0.15	3.17	2.33	2.12	4.96	8.16	2.67	4.98
Basic EPS, GAAP	0.05	0.45	2.29	-0.03	-0.38	-0.93	2.2	1.86	1.79	4.31	7.63	2.14	4.55
Basic EPS from Cont Ops	0.05	0.45	2.29	-0.03	-0.38	-0.93	2.2	1.86	1.79	4.31	7.63	2.14	4.55
Diluted EPS, GAAP	0.05	0.45	2.29	-0.03	-0.38	-0.93	2.2	1.86	1.78	4.29	7.6	2.14	4.54
Diluted EPS from Cont Ops	0.05	0.45	2.29	-0.03	-0.38	-0.93	2.2	1.86	1.78	4.29	7.6	2.14	4.54
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	1.99	5.51	4.03	3.71	2.47
Cash Flow per Share	0.13	0.46	2.67	1.08	1.07	0.16	3.33	3.43	2.95	5.6	9.64	4.11	4.94
Free Cash Flow per Basic Share	-2.9	-5.14	2.66	1.08	1.06	0.16	2.93	3.24	2.38	3.88	8.82	3.66	2.73
Cash & Equivalents per Share	4.91	3.65	0.82	0.35	1.93	0.57	1.25	1.59	5.89	3.72	7.3	7.52	7.69
Book Value per Share	0.06	0.51	2.8	3.27	2.54	1.56	3.88	5.83	7	5.81	9.37	7.4	9.41
Tangible Book Value per Share	12.17	15.54	17.4	20.31	17.87	16.66	19.22	19.03	22.9	21.84	25.4	24.83	26.76

Dorian LPG Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)