Dorian LPG vs Viper Energy
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The short version
- Viper Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $482M for Dorian LPG, about 2.9 times as much.
- Viper Energy grew revenue faster (62.0%, against 36.3%).
- Dorian LPG kept more of each dollar of sales as operating profit (43.7% operating margin, against −10.0%).
- Dorian LPG earned a higher return on the capital invested in it (12.5%, against −1.3%).
| Latest fiscal year | LPG · FY26 | VNOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.3B | $9.1B |
| Revenue | $482M | $1.4B |
| Free cash flow | — | — |
| Net income | $194M | −$68.0M |
| Growth | ||
| Revenue growth | 36.3% | 62.0% |
| 5-year growth | 8.8% | 41.0% |
| Share count change | 0.9% | 51.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 43.7% | −10.0% |
| Net margin | 40.2% | −4.9% |
| FCF margin | — | — |
| Return on capital | 12.5% | −1.3% |
| Return on equity | 17.7% | −2.2% |
| Balance sheet | ||
| Net debt | $233M | $2.2B |
| Net debt / EBITDA | 0.8x | 4.7x |
| Dividends and buybacks | $112M | $328M |
| Valuation & quality | ||
| P/E | 7.2x | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY17
LPG $167M
VNOM $172M
FY18
LPG $159M
VNOM $289M
FY19
LPG $158M
VNOM $298M
FY20
LPG $333M
VNOM $251M
FY21
LPG $316M
VNOM $505M
FY22
LPG $274M
VNOM $867M
FY23
LPG $390M
VNOM $828M
FY24
LPG $561M
VNOM $861M
FY25
LPG $353M
VNOM $1.4B
FY26
LPG $482M
VNOM —
LPG
VNOM
Operating margin
FY17
LPG 8.4%
VNOM 66.2%
FY18
LPG 2.4%
VNOM 70.3%
FY19
LPG −5.0%
VNOM 64.9%
FY20
LPG 48.3%
VNOM 21.1%
FY21
LPG 36.8%
VNOM 71.6%
FY22
LPG 33.7%
VNOM 78.5%
FY23
LPG 50.9%
VNOM 74.9%
FY24
LPG 58.6%
VNOM 65.9%
FY25
LPG 31.9%
VNOM −10.0%
FY26
LPG 43.7%
VNOM —
LPG
VNOM
Free cash flow
FY17
LPG $50.2M
VNOM $139M
FY18
LPG $57.0M
VNOM $240M
FY19
LPG $4.9M
VNOM $237M
FY20
LPG $149M
VNOM $197M
FY21
LPG $161M
VNOM —
FY22
LPG $95.5M
VNOM —
FY23
LPG $155M
VNOM —
FY24
LPG —
VNOM —
FY25
LPG —
VNOM —
FY26
LPG —
VNOM —
LPG
VNOM
Return on capital
FY17
LPG 0.6%
VNOM 13.9%
FY18
LPG 0.2%
VNOM 15.6%
FY19
LPG −0.4%
VNOM 8.8%
FY20
LPG 8.1%
VNOM 1.6%
FY21
LPG 6.1%
VNOM 13.4%
FY22
LPG 5.2%
VNOM 23.3%
FY23
LPG 11.5%
VNOM 16.7%
FY24
LPG 19.1%
VNOM 12.8%
FY25
LPG 6.8%
VNOM −1.3%
FY26
LPG 12.5%
VNOM —
LPG
VNOM
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.