Dorian LPG (LPG) Cash Flow: Operating & Free Cash Flow

Dorian LPG (LPG) Cash Flow Statement

In fiscal 2026 (fiscal year ended Mar 31, 2026), Dorian LPG generated $210.14M of operating cash flow and spent $93.84M on capital expenditures. That left free cash flow of $116.30M, down 24.5% from $154.06M a year earlier, or 24.2% of revenue. It returned $112.02M to shareholders through $105.01M in dividends and $7.01M in share buybacks.

Dorian LPG Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Dorian LPG Ltd. (LPG) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Operating Activities
Net Income	193.67	90.17	307.45	172.44	71.94	92.56	111.84	-50.95	-20.40	-1.44
Depreciation & Amortization	71.74	69.60	68.67	63.40	66.43	77.68	68.15	65.20	65.33	65.06
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-153.81	-12.60	-27.27
Stock Based Compensation	11.03	10.42	8.33	4.28	3.33	3.36	3.23	5.48	5.14	4.39
Change in Working Capital	-91.01	-37.48	-15.59	-24.94	-17.85	0.80	-29.14	-22.06	12.59	8.89
Change in Accounts Receivable	-7.50	-1.07	0.00	-19.08	-3.17	0.62	-25.13	-18.62	-0.33	0.10
Change in Inventory	0.00	0.00	0.00	-0.38	-0.26	-0.01	0.12	-0.10	0.57	-0.29
Change in Accounts Payable	-1.07	-0.04	-1.27	0.59	-0.12	0.21	1.47	0.79	-0.56	0.74
Change in Other Working Capital	-106.40	-37.79	-14.32	-6.07	-14.30	-4.33	-5.60	-4.13	12.91	8.34
Other Operating Activities	41.70	40.30	19.59	8.88	-5.16	-3.81	14.96	165.01	7.19	2.48
Net Cash from Operating Activities	210.14	173.01	388.45	224.06	118.70	170.60	169.04	8.88	57.25	52.10
Investing Activities
Capital Expenditures	-93.84	-18.95	-32.85	-68.78	-23.19	-9.51	-20.02	-4.02	-0.44	-1.92
Purchases of Investments	0.00	-0.21	-5.98	-11.28	-2.25	-4.74	-14.89	-0.50	-11.01	-0.06
Sales/Maturities of Investments	0.00	11.80	4.03	3.72	3.74	15.28	1.77	0.00	36.02	0.00
Other Investing Activities	0.00	0.00	0.00	0.00	90.46	0.00	0.00	-0.50	25.01	-0.06
Net Cash from Investing Activities	-93.84	-7.36	-34.80	-76.34	68.77	1.02	-33.14	-4.52	24.57	-1.98
Financing Activities
Debt Repayment	-54.50	-53.03	-53.11	-6.46	67.93	-99.42	-63.97	-65.70	9.01	-66.27
Common Stock Issued	0.00	89.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-7.01	-6.27	-3.94	-1.67	-21.36	-126.26	-50.64	-1.31	-1.22	-12.95
Dividends Paid	-105.01	-156.40	-162.26	-220.60	-80.08	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-2.28	-4.59	-0.41	-6.51	-1.66	-4.18	-0.04	0.00	-3.11	-0.10
Net Cash from Financing Activities	-105.90	-131.29	-219.72	-235.23	-35.18	-174.48	-114.65	-67.01	4.67	-79.32
Summary
Effect of Forex Changes on Cash	0.14	0.01	-0.22	-0.45	-0.17	0.21	-0.32	-0.25	-0.01	-0.20
Net Change in Cash	10.54	34.37	133.71	-87.96	152.11	-2.66	20.92	-72.67	86.49	-29.39
Cash at Beginning of Period	316.95	282.58	148.87	236.84	84.73	87.39	66.47	103.51	17.02	46.41
Cash at End of Period	327.49	316.95	282.58	148.87	236.84	84.73	87.39	30.84	103.51	17.02
Free Cash Flow	116.30	154.06	355.59	155.27	95.51	161.09	149.01	4.86	56.81	50.18
Supplemental Disclosures
Interest Paid	-	32.81	37.89	31.07	20.59	21.79	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Dorian LPG Cash Flow

What is Dorian LPG's free cash flow?

Dorian LPG generated free cash flow of $116.30M in fiscal 2026 (fiscal year ended Mar 31, 2026), operating cash flow of $210.14M minus $93.84M of capital expenditures. That was down 24.5% from $154.06M a year earlier. Free cash flow equaled 24.2% of revenue.

How much does Dorian LPG spend on capital expenditures?

Dorian LPG spent $93.84M on capital expenditures in fiscal 2026, compared with $18.95M a year earlier. That equals 44.7% of operating cash flow.

Does Dorian LPG pay dividends or buy back shares?

Yes. In fiscal 2026 Dorian LPG returned $105.01M in dividends and $7.01M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition