DORIAN LPG LTD.
LPG · Industrials · $1.8B mkt cap · FY2026 filings · Narrow moat ·
Wonderful & reasonably priced
The five investor questions
2015–2026: revenue 104129149.00 to 481511242.00, increasing; diluted EPS 0.45 to 4.54, increasing.
Not enough years of gross-margin data to score pricing power.
Median ROIC 6.6%, above the 12% hurdle in 20% of years.
Net debt/EBITDA 0.8x, interest coverage 7x.
Owner earnings +13.6%/yr, share count shrinking (buybacks).
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $172.4M
- Value range / share
- $44.79–$72.55
- Conservative high estimate / share
- $72.55
- Recent price
- $43.09
- Price vs. high estimate
- 41% below high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
14 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $104.1M (FY2015) to $481.5M (FY2026) — about 14.9% a year compounded over 11 years.
It earned 12.1% on invested capital in FY2026, with a median of 6.6% across 12 filed years. The Returns on Capital filter above scores it 14/100.
The balance sheet carried $560.4M of total debt in FY2026 against $193.7M of owner earnings — roughly 2.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 57/100.
The share count fell 11.5% between FY2014 and FY2026 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 100/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in LPG’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in LPG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How DORIAN LPG LTD.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored LPG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, LPG did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#97 of 423 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #95RAVE RAVE RESTAURANT GROUP, INC.63.9 out of 100, Narrow moatNarrow moat
- #96FERG Ferguson Enterprises Inc.63.8 out of 100, Narrow moatNarrow moat
- #98MGSD MAITONG SUNSHINE CULTURAL DEVELOPMENT CO., LIMITED63.6 out of 100, Narrow moatNarrow moat
- #99MWA MUELLER WATER PRODUCTS, INC.63.4 out of 100, Narrow moatNarrow moat
Compare LPG with its nearest peers →All Industrials companies on the Index →
Common questions about LPG
- Does DORIAN LPG LTD. have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores DORIAN LPG LTD. (LPG) 63.6 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 84, pricing power not measurable from the filings, returns on capital 14, balance-sheet safety 57, capital discipline 100.
- Is LPG trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $44.79–$72.55 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 4% growth, capped at 4% and 18×. Versus a recent price of $43.09, that is 41% below high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has LPG's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 63.6 out of 100 (narrow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.