International Seaways vs Dorian LPG
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The short version
- International Seaways is the larger business, with $843M of revenue in fiscal 2025 against $482M for Dorian LPG, about 1.8 times as much.
- Dorian LPG grew revenue faster (36.3%, against −11.4%).
- Dorian LPG kept more of each dollar of sales as operating profit (43.7% operating margin, against 41.0%).
- Investors pay more for each dollar of Dorian LPG’s earnings: a P/E of 7.2x against 7.1x for International Seaways.
| Latest fiscal year | INSW · FY25 | LPG · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.5B | $2.3B |
| Revenue | $843M | $482M |
| Free cash flow | $379M | — |
| Net income | $309M | $194M |
| Growth | ||
| Revenue growth | −11.4% | 36.3% |
| 5-year growth | 14.9% | 8.8% |
| Share count change | −0.2% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 41.0% | 43.7% |
| Net margin | 36.7% | 40.2% |
| FCF margin | 44.9% | — |
| Return on capital | — | 12.5% |
| Return on equity | 16.0% | 17.7% |
| Balance sheet | ||
| Net debt | $400M | $233M |
| Net debt / EBITDA | 0.8x | 0.8x |
| Dividends and buybacks | $145M | $112M |
| Valuation & quality | ||
| P/E | 7.1x | 7.2x |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
INSW $290M
LPG $167M
FY18
INSW $270M
LPG $159M
FY19
INSW $366M
LPG $158M
FY20
INSW $422M
LPG $333M
FY21
INSW $273M
LPG $316M
FY22
INSW $865M
LPG $274M
FY23
INSW $1.1B
LPG $390M
FY24
INSW $952M
LPG $561M
FY25
INSW $843M
LPG $353M
FY26
INSW —
LPG $482M
INSW
LPG
Operating margin
FY17
INSW −37.2%
LPG 8.4%
FY18
INSW −20.2%
LPG 2.4%
FY19
INSW 15.1%
LPG −5.0%
FY20
INSW 9.5%
LPG 48.3%
FY21
INSW −41.1%
LPG 36.8%
FY22
INSW 51.2%
LPG 33.7%
FY23
INSW 57.4%
LPG 50.9%
FY24
INSW 47.8%
LPG 58.6%
FY25
INSW 41.0%
LPG 31.9%
FY26
INSW —
LPG 43.7%
INSW
LPG
Free cash flow
FY17
INSW −$156M
LPG $50.2M
FY18
INSW −$161M
LPG $57.0M
FY19
INSW $86.9M
LPG $4.9M
FY20
INSW $216M
LPG $149M
FY21
INSW −$77.2M
LPG $161M
FY22
INSW $287M
LPG $95.5M
FY23
INSW $687M
LPG $155M
FY24
INSW $546M
LPG —
FY25
INSW $379M
LPG —
FY26
INSW —
LPG —
INSW
LPG
Return on capital
FY17
INSW −5.5%
LPG 0.6%
FY18
INSW −2.6%
LPG 0.2%
FY19
INSW 2.6%
LPG −0.4%
FY20
INSW 2.2%
LPG 8.1%
FY21
INSW −5.1%
LPG 6.1%
FY22
INSW 20.3%
LPG 5.2%
FY23
INSW 27.5%
LPG 11.5%
FY24
INSW —
LPG 19.1%
FY25
INSW —
LPG 6.8%
FY26
INSW —
LPG 12.5%
INSW
LPG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.