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Dorian LPG cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$205M in Q2 FY27 · $398M over twelve months

Operating cash flow$205M
Free cash flow+$205M
Cash / net income1.0×

Analysis

In Q2 FY27, Dorian LPG generated $205M of operating cash flow. That is $158M more than in Q2 FY26 ($46.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $398M; the largest uses were net borrowing (+) / repaid (−) ($337M), dividends ($143M), buybacks ($4.7M); besides operations, cash came from other financing ($286M), other investing ($112M); the cash balance rose by $310M.

Operating cash flow was $205M against net income of $214M — 1.0× profit, roughly in line with earnings. The largest differences: gains on disposals −$63.6M, depreciation & amortization +$15.8M, stock-based pay +$5.8M.

Free cash flow

Dorian LPG: free cash flow by quarterDorian LPG: free cash flow by quarter$24.3MQ3 FY25$50.2MQ4 FY25$814KQ1 FY26$46.4MQ2 FY26$80.8MQ3 FY26$82.1MQ4 FY26$30.5MQ1 FY27$205MQ2 FY27
Operating cash flow less capital spending.
Dorian LPG: operating cash flow against capital spendingDorian LPG: operating cash flow against capital spendingOperating cash flowCapital spending$24.3M$0Q3 FY25$50.2M$0Q4 FY25$814K$0Q1 FY26$46.4M$0Q2 FY26$80.8M$0Q3 FY26$82.1M$0Q4 FY26$30.5M$0Q1 FY27$205M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow $205M, Capital spending $0.

Capital allocation, year by year

Dorian LPG: where the cash came from (up) and went (down), by fiscal yearDorian LPG: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $119MFY22: Net borrowing $67.9MFY22: Asset sales $90.5MFY22: Capital spending −$23.2MFY22: Buybacks −$21.4MFY22: Dividends −$80.1M$277MFY22FY23: Operating cash flow $224MFY23: Net borrowing −$6.5MFY23: Capital spending −$68.8MFY23: Buybacks −$1.7MFY23: Dividends −$221M$224MFY23FY24: Operating cash flow $388MFY24: Net borrowing −$53.1MFY24: Buybacks −$3.9MFY24: Dividends −$162M$388MFY24FY25: Operating cash flow $173MFY25: Net borrowing −$53.0MFY25: Shares issued $89.0MFY25: Buybacks −$6.3MFY25: Dividends −$156M$262MFY25FY26: Operating cash flow $210MFY26: Net borrowing $8.4MFY26: Buybacks −$7.0MFY26: Dividends −$105M$219MFY26
Over these 5 years operating cash flow totalled $1.1B; the largest uses were dividends ($724M) and net borrowing ($113M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$579M
Debt$477M
Net cash$101M
Due within a year$100M

Dorian LPG funds itself: free cash flow was $398M over the last twelve months, and $579M of cash and investments stands against $477M of debt ($100M due within a year, 5.8× covered by cash).

Dorian LPG: debt maturities by year (FY26)Dorian LPG: debt maturities by year (FY26)$100MYear 1$50.5MYear 2$96.6MYear 3$145MYear 4$50.5MYear 5$124MAfter year 5
Principal due in each year as disclosed in the annual report, against $579M of cash and investments now.

Where the cash came from and went

Dorian LPG: sources (+) and uses (−) of cash, Q2 FY27Dorian LPG: sources (+) and uses (−) of cash, Q2 FY27Net borrowing (+) / repaid (−)−$257MCash drawn (+) / kept (−)−$237MOther financing$223MOperating cash flow$205MAsset & business sales$166MOther investing−$57.1MDividends−$43.4MExchange rates−$16K
Dorian LPG: sources (+) and uses (−) of cash, TTM to Q2 FY27Dorian LPG: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$398MNet borrowing (+) / repaid (−)−$337MCash drawn (+) / kept (−)−$310MOther financing$286MDividends−$143MOther investing$112MBuybacks−$4.7MExchange rates−$195K

From profit to cash

Dorian LPG: net income to operating cash flow, Q2 FY27Dorian LPG: net income to operating cash flow, Q2 FY27Net income$214MDepreciation & amortization$15.8MStock-based pay$5.8MGains on disposals−$63.6MOther non-cash−$398KReceivables$1.7MPayables$45KAccrued liabilities−$248KOperating cash flow$205M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$205M—−$43.4M−$257M−$237M$205M
Q1 FY27$30.5M—−$42.5M−$53.4M−$14.7M$30.5M
Q4 FY26$82.1M−$2.3M−$29.8M−$13.5M−$32.9M$82.1M
Q3 FY26$80.8M$3K−$27.7M−$13.5M−$26.2M$80.8M
Q2 FY26$46.4M−$2.9M−$26.3M−$13.5M$9.6M$46.4M
Q1 FY26$814K−$1.8M−$21.2M−$14.0M$39.0M$814K
Q4 FY25$50.2M−$2.0M−$29.8M−$12.9M−$2.3M$50.2M
Q3 FY25$24.3M—−$42.6M−$13.4M$34.9M$24.3M

Dorian LPG: income statement and cash flow

Dorian LPG, Q2 FY27: revenue $221M (+78% year over year), operating margin 97.3%. The chart follows the revenue to costs, profit and cash.

Dorian LPG: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.