The business behind the dividend
| Measure | LPG | Median | Formula |
|---|---|---|---|
| Return on equity | 17.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 12.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 43.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 40.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.49x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 7.19x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.67x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.64x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.09x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 17.0% | 8.6% | 30.0% | 19.7% | 7.8% | 9.8% | 11.4% | -5.6% | -2.1% | -0.1% | 8.6% |
| Return on capital employed | 12.4% | 7.0% | 20.2% | 13.0% | 5.8% | 7.5% | 10.0% | -0.5% | 0.2% | 0.8% | 7.0% |
| Operating margin | 43.6% | 31.9% | 58.6% | 50.9% | 33.7% | 36.7% | 48.3% | -5.0% | 2.4% | 8.4% | 33.7% |
| Net margin | 40.2% | 25.5% | 54.8% | 44.2% | 26.2% | 29.3% | 33.5% | -32.2% | -12.8% | -0.9% | 26.2% |
| Debt to equity | 0.49x | 0.53x | 0.59x | 0.75x | 0.72x | 0.62x | 0.65x | 0.76x | 0.79x | 0.77x | 0.65x |
| Current ratio | 2.67x | 3.54x | 3.62x | 2.50x | 3.25x | 1.87x | 1.64x | 1.04x | 1.65x | 0.75x | 1.87x |
| Cash conversion | 1.09x | 1.92x | 1.26x | 1.30x | 1.65x | 1.84x | 1.51x | — | — | — | 1.51x |
How it compares in industrials
Among the 16 industrials companies here measured on operating cash flow, Dorian LPG pays out less than 4 of them. The median for that group is 28.0%, against this company’s 50.0%.
Closest on operating cash flow
- Safe Bulkers (SB) 28.0%
- Alibaba Group Holding (BABA) 44.3%
- SFL (SFL) 46.8%
- Himalaya Shipping (HSHP) 52.0%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →