BW LPG Limited
BWLP Energy Oil & Gas Midstream
BW LPG Limited’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 0.52% from fiscal 2024. In the quarter to June 2026, revenue fell 3.06%, EPS grew 243.5%, free cash flow grew 1,336.3% and total debt fell 18.6%, each against the same quarter a year earlier.
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BW LPG Limited (BWLP) Piotroski F-score
BW LPG Limited's Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.49% | 12.13% | Pass | 1 |
| Positive operating cash flow | 567.40m | 749.14m | Pass | 1 |
| Rising return on assets | 7.49% | 12.13% | Fail | 0 |
| Cash flow above net income | 325.09m | 394.85m | Pass | 1 |
| Falling long-term leverage | 0.25 | 0.26 | Pass | 1 |
| Rising current ratio | 1.53 | 1.11 | Pass | 1 |
| No new shares issued | 151,406,000 | 133,609,000 | Fail | 0 |
| Rising gross margin | 18.05% | 19.76% | Fail | 0 |
| Rising asset turnover | 1.11 | 1.22 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| GLNG Golar LNG Limited compare | 8 |
| DHT DHT Holdings, Inc. compare | 7 |
| STNG Scorpio Tankers Inc. compare | 6 |
| BWLP BW LPG Limited | 5 |
| TNK Teekay Tankers Ltd. compare | 4 |
| EE Excelerate Energy, Inc. compare | 4 |
| TRMD TORM PLC compare | 4 |
| CMBT CMB.TECH nv compare | 3 |
| SUNC SunocoCorp LLC compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover