LPGDORIAN LPG LTD.

Deep Sea Foreign Transportation Of Freight

Revenue: $482M; 36% YoY
Operating margin: 43.6%; 37% YoY
EBITDA: $282M; 55% YoY
Market cap: $2.3B
Employees: —
Net debt / EBITDA: 0.6×; $165M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
108% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$274M	$390M	$561M	$353M	$482M	36%
Operating income	$92M	$198M	$329M	$113M	$210M	87%
Net income	$72M	$172M	$307M	$90M	$194M	115%
Operating cash flow	$119M	$224M	$388M	$173M	$210M	21%
Capex	$23M	$69M	—	—	—
Stock-based comp	$3M	$4M	$8M	$10M	$11M	5.8%
Buybacks	$21M	$2M	$4M	$6M	$7M	12%
Dividends	$80M	$221M	$162M	$156M	$105M	33%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 21, 2024	HADJIPATERAS JOHN C	SC 13D/A	11.5%	Passive
Nov 8, 2022	KENSICO CAPITAL MANAGEMENT CORP	SC 13D/A	4.8%	Passive
Aug 25, 2022	KENSICO CAPITAL MANAGEMENT CORP	SC 13D/A	5.9%	Passive
Aug 19, 2022	HADJIPATERAS JOHN C	SC 13D/A	13.8%	Passive
Aug 9, 2022	KENSICO CAPITAL MANAGEMENT CORP	SC 13D/A	6.9%	Passive
Apr 8, 2022	KENSICO CAPITAL MANAGEMENT CORP	SC 13D/A	8.0%	Passive
Mar 22, 2022	KENSICO CAPITAL MANAGEMENT CORP	SC 13D/A	9.2%	Passive
Mar 16, 2022	HADJIPATERAS JOHN C	SC 13D/A	11.3%	Passive
Jun 25, 2021	HADJIPATERAS JOHN C	SC 13D/A	11.6%	Passive
Apr 9, 2021	HADJIPATERAS JOHN C	SC 13D/A	11.5%	Passive

Insider trading

Open-market buys, 12 mo: $410K · 1
Open-market sells, 12 mo: $12M · 17
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$6M	$7M	582	407
FY2025	$5M	$4M	348	238
FY2024	$4M	$6M	535	228
FY2023	$3M	$3M	240	148
FY2022	$2M	$2M	128	124