Dorian LPG Ltd. (LPG) Balance Sheet
LPG balance sheet, FY2026
March 31, 2026 · U.S. dollars$1.87B assets = $732.7M liabilities + $1.14B equity
Both columns are drawn to the same scale: what LPG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LPG financial health
Current ratio2.67
Comfortable · current assets cover current liabilities 2.67×
Debt / equity0.62
Moderate leverage · $0.62 of debt for each $1 of equity
Equity / assets60.9%
Equity-funded · of assets funded by shareholders
Cash / debt46.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
LPG balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.75BFY2017 | $1.87BFY2026 | +0.8%/yr | |
| Total liabilities | $770.2MFY2017 | $732.7MFY2026 | −0.6%/yr | |
| Shareholders’ equity | $976.0MFY2017 | $1.14BFY2026 | +1.7%/yr | |
| Cash & short-term investments | $17.0MFY2017 | $327.4MFY2026 | +38.9%/yr | |
| Total debt | $750.0MFY2017 | $709.6MFY2026 | −0.6%/yr | |
| Net cash (debt) | −$732.9MFY2017 | −$382.2MFY2026 | +$350.7M | |
| Working capital | −$21.8MFY2017 | $281.4MFY2026 | +$303.2M | |
| Book value per share | $20.31FY2017 | $26.74FY2026 | +3.1%/yr | |
| Current ratio | 0.75FY2017 | 2.67FY2026 | +1.92 | |
| Debt / equity | 0.77FY2017 | 0.62FY2026 | −0.15 | |
| Shares outstanding | 48.1MFY2017 | 42.6MFY2026 | −1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LPG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
LPG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
LPG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LPG balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $327.4M | $316.9M | $294.0M | $236.8M | $79.3M | $79.3M | $63.3M | $30.8M | $103.5M | $17.0M |
| Cash & equivalents | $327.4M | $316.9M | $282.5M | $236.8M | $79.3M | $79.3M | $48.4M | $30.8M | $103.5M | $17.0M |
| Short-term investments | — | $0 | $11.5M | $0 | — | $14.9M | $14.9M | $599,949 | $0 | $0 |
| Receivables | $99.1M | $49.4M | $53.0M | $58.6M | $56.4M | $56.4M | $67.7M | $45.8M | $27.2M | $42.5M |
| Inventory | $2.4M | $2.5M | $2.4M | $2.3M | $2.0M | $2.0M | $2.0M | $2.1M | $2.0M | $2.6M |
| Other current assets | $21.3M | $13.5M | $19.4M | $10.2M | $15.6M | $15.6M | $6.6M | $3.8M | $0 | $1.9M |
| Total current assets | $450.3M | $382.4M | $368.9M | $307.9M | $153.3M | $153.3M | $139.6M | $82.6M | $103.5M | $64.0M |
| Property, plant & equipment (net) | $1.36B | $1.35B | $1.42B | $1.26B | $1.39B | $1.39B | $1.46B | $1.48B | $1.54B | $1.60B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $11.4M | $26.3M | $23.1M | $23.1M | $26.2M | $34.1M | $25.6M |
| Other non-current assets | $56.8M | $50.0M | $44.7M | $25.5M | $7.1M | $10.3M | $44.5M | $37.9M | $59.2M | $52.8M |
| Total assets | $1.87B | $1.78B | $1.84B | $1.61B | $1.58B | $1.58B | $1.67B | $1.63B | $1.74B | $1.75B |
| Liabilities | ||||||||||
| Accounts payable | $8.0M | $11.5M | $10.2M | $9.5M | $9.8M | $9.8M | $13.6M | $7.2M | $6.3M | $7.1M |
| Short-term debt | $147.4M | $89.8M | $86.6M | $80.1M | $61.4M | $61.6M | $62.6M | $64.0M | $68.0M | $63.3M |
| Deferred revenue | $2.0M | $679,257 | $486,868 | $813,967 | $853,983 | $853,983 | $2.1M | $4.3M | $5.6M | $7.3M |
| Total current liabilities | $168.8M | $107.9M | $101.8M | $94.8M | $82.1M | $82.1M | $85.0M | $79.4M | $82.0M | $85.8M |
| Long-term debt | $460.2M | $498.8M | $551.5M | $604.3M | $590.7M | $539.7M | $581.9M | $632.1M | $694.0M | $684.0M |
| Lease obligations | $148.7M | $159.2M | $191.7M | $158.2M | $8.1M | $17.7M | $26.9M | — | — | — |
| Other long-term liabilities | $103.6M | $125.9M | $160.8M | $0 | $0 | $13.1M | $28.0M | $1.2M | $651,569 | $482,685 |
| Total liabilities | $732.7M | $732.6M | $814.1M | $687.2M | $634.8M | $634.8M | $694.9M | $712.7M | $776.7M | $770.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $546,478 | $543,244 | $519,950 | $513,217 | $510,715 | $510,715 | $590,833 | $588,826 | $586,402 | $583,422 |
| Retained earnings (deficit) | $400.0M | $311.1M | $377.1M | $280.8M | $289.4M | $289.4M | $196.8M | $85.0M | $135.9M | $156.3M |
| Treasury stock | — | — | — | — | — | −$99.9M | −$87.2M | −$36.5M | −$35.2M | −$33.9M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | −$254.8M | $0 | −$190.5M | −$125.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.14B | $1.05B | $1.02B | $920.2M | $946.8M | $946.8M | $977.1M | $912.7M | $959.4M | $976.0M |
| Key figures | ||||||||||
| Total debt | $709.6M | $713.0M | $797.3M | $684.4M | $652.1M | $609.3M | $662.1M | $696.1M | $759.1M | $750.0M |
| Net cash (debt) | −$382.2M | −$396.1M | −$503.3M | −$447.6M | −$572.8M | −$530.0M | −$598.8M | −$665.3M | −$655.6M | −$732.9M |
| Working capital | $281.4M | $274.5M | $267.1M | $213.1M | $71.3M | $71.3M | $54.6M | $3.2M | $21.5M | −$21.8M |
| Tangible book value | $1.14B | $1.05B | $1.02B | $920.2M | $946.8M | $946.8M | $977.1M | $912.7M | $959.4M | $976.0M |
| Book value per share | $26.74 | $24.83 | $25.30 | $22.88 | $23.46 | $19.00 | $18.05 | $16.74 | $17.75 | $20.31 |
| Shares outstanding | 42.6M | 42.1M | 40.5M | 40.2M | 40.4M | 49.8M | 54.1M | 54.5M | 54.0M | 48.1M |
| Current ratio | 2.67 | 3.54 | 3.62 | 3.25 | 1.87 | 1.87 | 1.64 | 1.04 | 1.26 | 0.75 |
| Quick ratio | 2.53 | 3.40 | 3.41 | 3.11 | 1.65 | 1.65 | 1.54 | 0.97 | 1.59 | 0.69 |
| Debt / equity | 0.62 | 0.68 | 0.78 | 0.74 | 0.69 | 0.64 | 0.68 | 0.76 | 0.79 | 0.77 |
| Equity / assets | 60.9% | 58.8% | 55.7% | 57.2% | 59.9% | 59.9% | 58.4% | 56.2% | 55.3% | 55.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $342.1M | $327.4M | $294.5M | $268.3M | $277.9M | $316.9M | $324.5M | $358.5M | $364.9M | $294.0M | $208.5M | $192.0M |
| Cash & equivalents | $342.1M | $327.4M | $294.5M | $268.3M | $277.9M | $316.9M | $314.5M | $348.6M | $353.3M | $282.5M | $208.5M | $192.0M |
| Short-term investments | — | — | — | — | — | $0 | $10.0M | $9.9M | $11.6M | $11.5M | $4.7M | — |
| Receivables | $216.0M | $99.1M | $73.3M | $92.1M | $76.3M | $49.4M | $74.6M | $62.0M | $80.0M | $53.0M | $113.3M | $67.0M |
| Inventory | $2.6M | $2.4M | $2.3M | $2.4M | $2.4M | $2.5M | $2.3M | $2.4M | $2.4M | $2.4M | $2.6M | $2.7M |
| Other current assets | $158.4M | $21.3M | $22.2M | $19.1M | $15.0M | $13.5M | $13.7M | $16.6M | $18.3M | $19.4M | $15.0M | $15.7M |
| Total current assets | $719.1M | $450.3M | $392.3M | $381.9M | $371.7M | $382.4M | $415.2M | $439.5M | $465.5M | $368.9M | $339.3M | $277.4M |
| Property, plant & equipment (net) | $1.14B | $1.36B | $1.33B | $1.34B | $1.32B | $1.35B | $1.36B | $1.38B | $1.40B | $1.42B | $1.42B | $1.45B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.7M | $9.5M |
| Other non-current assets | $47.2M | $56.8M | $57.4M | $56.2M | $53.0M | $50.0M | $48.4M | $42.4M | $44.6M | $44.7M | $47.7M | $51.4M |
| Total assets | $1.90B | $1.87B | $1.78B | $1.78B | $1.75B | $1.78B | $1.82B | $1.86B | $1.91B | $1.84B | $1.82B | $1.78B |
| Liabilities | ||||||||||||
| Accounts payable | $8.7M | $8.0M | $6.7M | $6.6M | $14.1M | $11.5M | $9.3M | $10.0M | $8.0M | $10.2M | $11.4M | $12.5M |
| Short-term debt | $203.2M | $147.4M | $145.6M | $101.4M | $89.5M | $89.8M | $88.1M | $87.4M | $86.7M | $86.6M | $85.4M | $84.8M |
| Deferred revenue | $1.9M | $2.0M | $501,203 | $560,649 | $620,097 | $679,257 | $695,512 | $1.5M | $556,427 | $486,868 | $417,408 | $2.3M |
| Total current liabilities | $220.9M | $168.8M | $162.5M | $115.0M | $111.8M | $107.9M | $104.6M | $104.0M | $101.2M | $101.8M | $102.5M | $105.3M |
| Long-term debt | $348.9M | $460.2M | $415.4M | $472.2M | $485.5M | $498.8M | $512.0M | $525.2M | $538.4M | $551.5M | $564.7M | $578.2M |
| Lease obligations | $138.7M | $148.7M | $160.4M | $172.1M | $150.8M | $159.2M | $167.6M | $175.8M | $183.8M | $191.7M | $199.6M | $207.2M |
| Other long-term liabilities | $95.6M | $103.6M | $114.2M | $126.4M | $116.9M | $125.9M | $134.9M | $143.7M | $152.3M | $160.8M | $169.1M | $177.2M |
| Total liabilities | $665.3M | $732.7M | $692.1M | $713.6M | $714.3M | $732.6M | $751.6M | $773.0M | $791.9M | $814.1M | $836.3M | $860.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $546,478 | $546,478 | $546,093 | $546,093 | $543,244 | $543,244 | $542,947 | $542,947 | $539,950 | $519,950 | $519,554 | $519,554 |
| Retained earnings (deficit) | $495.5M | $400.0M | $348.9M | $329.6M | $299.9M | $311.1M | $333.0M | $354.4M | $387.8M | $377.1M | $338.5M | $279.1M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $1.24B | $1.14B | $1.09B | $1.07B | $1.03B | $1.05B | $1.07B | $1.09B | $1.12B | $1.02B | $984.1M | $923.3M |
| Key figures | ||||||||||||
| Total debt | $646.2M | $709.6M | $786.3M | $698.5M | $690.4M | $713.0M | $733.5M | $754.8M | $775.9M | $797.3M | $817.7M | $838.7M |
| Net cash (debt) | −$304.1M | −$382.2M | −$491.8M | −$430.2M | −$412.5M | −$396.1M | −$409.0M | −$396.3M | −$411.0M | −$503.3M | −$609.2M | −$646.7M |
| Working capital | $498.2M | $281.4M | $229.8M | $266.9M | $259.8M | $274.5M | $310.5M | $335.5M | $364.3M | $267.1M | $236.9M | $172.1M |
| Tangible book value | $1.24B | $1.14B | $1.09B | $1.07B | $1.03B | $1.05B | $1.07B | $1.09B | $1.12B | $1.02B | $984.1M | $923.3M |
| Book value per share | $28.94 | $26.74 | $25.48 | $25.01 | $24.21 | $24.47 | $25.09 | $25.55 | $27.24 | $25.20 | $24.29 | $22.85 |
| Shares outstanding | 42.7M | 42.6M | 42.6M | 42.6M | 42.7M | 42.7M | 42.6M | 42.6M | 41.1M | 40.6M | 40.5M | 40.4M |
| Current ratio | 3.26 | 2.67 | 2.41 | 3.32 | 3.32 | 3.54 | 3.97 | 4.22 | 4.60 | 3.62 | 3.31 | 2.63 |
| Quick ratio | 2.53 | 2.53 | 2.26 | 3.13 | 3.17 | 3.40 | 3.81 | 4.04 | 4.39 | 3.41 | 3.14 | 2.46 |
| Debt / equity | 0.52 | 0.62 | 0.72 | 0.65 | 0.67 | 0.68 | 0.69 | 0.69 | 0.69 | 0.78 | 0.83 | 0.91 |
| Equity / assets | 65.0% | 60.9% | 61.1% | 59.9% | 59.2% | 58.8% | 58.7% | 58.5% | 58.6% | 55.7% | 54.1% | 51.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 27, 2026); data from EODHD.
LPG financial position
At the end of fiscal 2026 (March 31, 2026), Dorian LPG had total assets of $1.9 billion (up 5.2% from a year earlier), total liabilities of $732.7 million and shareholders' equity of $1.1 billion. It held $327.4 million in cash and short-term investments against $709.6 million of debt, net debt of $382.2 million. Its current ratio was 2.67. In the latest quarter (ended June 30, 2026) total assets were $1.9 billion and equity $1.2 billion.
Related: LPG income statement, LPG cash flow statement, LPG key metrics. See the LPG stock overview for the latest quote and news.
LPG balance sheet FAQ
What are Dorian LPG's total assets?
Dorian LPG reported total assets of $1.9 billion at the end of fiscal 2026 (March 31, 2026), compared with $1.8 billion a year earlier.
How much debt does Dorian LPG have?
Dorian LPG had $709.6 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.62.
How much cash does Dorian LPG have?
Dorian LPG held $327.4 million in cash and short-term investments at the end of fiscal 2026; with $709.6 million of debt that is net debt of $382.2 million.
What is Dorian LPG's book value?
Dorian LPG's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2026, or $26.74 per share.
What is Dorian LPG's current ratio?
Dorian LPG had current assets of $450.3 million and current liabilities of $168.8 million, a current ratio of 2.67 (it can cover its short-term obligations).