Dorian LPG Ltd.
LPG Energy Oil & Gas Midstream
Dorian LPG Ltd.’s revenue for fiscal 2026 (year ended March 2026) was $481.5 million, up 36.3% from fiscal 2025. In the quarter to June 2026, revenue grew 123.1%, EPS grew 1,254.2%, free cash flow grew 5,051.2% and total debt fell 5.94%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Dorian LPG Ltd. (LPG) Altman Z-score
Dorian LPG Ltd.'s Altman Z-score for fiscal 2026 is 2.30, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.30 | 0.69 |
| FY2025 | 1.61 | (0.89) |
| FY2024 | 2.50 | 1.02 |
| FY2023 | 1.47 | 0.20 |
| FY2022 | 1.27 | (0.10) |
| FY2021 | 1.37 | 0.24 |
| FY2020 | 1.13 | 0.68 |
| FY2019 | 0.45 | (0.11) |
| FY2018 | 0.56 | (0.12) |
| FY2017 | 0.68 | (0.27) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.21 | — | 0.30 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 1.98 | — | 1.19 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Grey zone | 2.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.07 | ||
Z and Z″ put Dorian LPG Ltd. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TNK Teekay Tankers Ltd. compare | 7.4× |
| LPG Dorian LPG Ltd. | 2.3× |
| NAT Nordic American Tankers Limited compare | 1.6× |
| TEN Tsakos Energy Navigation Ltd compare | 0.9× |
| FLNG Flex LNG Ltd. compare | 0.8× |
| GLP Global Partners LP compare | — |
| NGL NGL Energy Partners LP compare | — |
| GEL Genesis Energy, L.P. compare | — |
| PBT Permian Basin Royalty Trust compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets