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Friday 6 November 2026 Export LPG’s income statement to Excel — free account

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.

Revenue
+78.4%
EPS
+285.4%
Free cash flow
+518.1%
Total debt
−9.32%

Quarter to September 2026, against a year earlier

46.51 0.43 +0.93%
Market cap
$2.0B
P/E
4.1×
Fwd P/E
4.7×
Dividend yield
2.90%
F-score
7/9
Altman Z
2.30
Beneish M
−1.82
Dividend safety
40/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Dorian LPG Ltd. (LPG) Beneish M-score

Alert me on Beneish M-score

Dorian LPG Ltd.'s Beneish M-score for fiscal 2026 is −1.82; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2026 −1.82 0.84
FY2025 −2.66 0.03
FY2024 −2.70 (1.73)
FY2023 −0.96 1.66
FY2022 −2.63 0.50
FY2021 −3.12 (1.34)
FY2020 −1.78 0.16
FY2019 −1.94 1.24
FY2018 −3.17 (0.68)
FY2017 −2.49 (0.78)

How fiscal 2026’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.47 — 1.35
Gross margin index 0.91 — 0.48
Asset quality index 0.93 — 0.38
Sales growth index 1.36 — 1.22
Depreciation index 1.00 — 0.11
SG&A index 0.91 — −0.16
Total accruals to total assets (0.01) — −0.04
Leverage index 0.99 — −0.32
Beneish M-score Elevated −1.82

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
FLNG Flex LNG Ltd. compare −3.2×
NGL NGL Energy Partners LP compare −3.2×
GEL Genesis Energy, L.P. compare −2.9×
GLP Global Partners LP compare −2.5×
NAT Nordic American Tankers Limited compare −2.4×
TEN Tsakos Energy Navigation Ltd compare −2.2×
TNK Teekay Tankers Ltd. compare −2.1×
LPG Dorian LPG Ltd. −1.8×
PBT Permian Basin Royalty Trust compare —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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