NYSE : BWLP
BW LPG Limited — Financial statements
Industrials · Marine Shipping · Singapore
Last price 25.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.68B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
BW LPG Limited (BWLP) reported revenue of 3.53B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.53B | 3.58B | 3.56B | 2.95B | 1.56B | 1.24B |
| Cost of Revenue | 2.64B | 2.95B | 2.88B | 2.19B | 1.12B | 903.39M |
| Gross Profit | 889.01M | 630.79M | 683.32M | 757.69M | 438.19M | 337.97M |
| Selling, General & Admin | 88.99M | 76.50M | 71.13M | 56.77M | 31.92M | 32.58M |
| Amortization of Goodwill & Intangibles | 209.00K | 368.00K | 843.00K | 762.00K | 610.00K | 546.00K |
| Other Operating Expenses | 4.74M | 6.46M | -1.33M | 993.00K | -815.00K | -3.30M |
| Operating Expenses | 345.13M | 338.89M | 271.98M | 275.65M | 190.53M | 183.49M |
| Operating Income | 543.88M | 291.91M | 411.34M | 482.04M | 247.67M | 154.48M |
| Interest Expense | -42.16M | -53.05M | -19.85M | -27.30M | -29.77M | -38.55M |
| Interest & Investment Income | 8.27M | 10.20M | 16.25M | 10.40M | 2.53M | 4.46M |
| Earnings From Equity Investments | 2.03M | |||||
| Currency Exchange Gain (Loss) | 581.00K | 1.57M | -1.65M | -345.00K | -814.00K | -792.00K |
| Other Non Operating Income (Expenses) | -2.87M | -1.97M | -2.84M | -2.24M | -2.54M | -2.74M |
| EBT Excluding Unusual Items | 507.69M | 248.66M | 403.25M | 462.55M | 217.07M | 118.89M |
| Merger & Restructuring Charges | -1.15M | |||||
| Gain (Loss) on Sale of Investments | 696.00K | -1.17M | 1.33M | 11.83M | ||
| Gain (Loss) on Sale of Assets | 24.66M | 56.71M | 20.39M | 42.37M | 21.11M | 25.47M |
| Asset Writedown | -289.00K | -961.00K | 1.47M | 31.90M | ||
| Pretax Income | 533.05M | 303.91M | 424.96M | 503.96M | 239.65M | 186.94M |
| Income Tax Expense | 28.09M | 14.20M | 30.09M | 10.96M | 1.07M | 521.00K |
| Earnings From Continuing Operations | 504.96M | 289.71M | 394.87M | 493.00M | 238.58M | 186.42M |
| Minority Interest in Earnings | -59.25M | -47.40M | -40.57M | -23.04M | -11.18M | -1.60M |
| Net Income | 445.71M | 242.31M | 354.30M | 469.96M | 227.40M | 184.82M |
| Net Income to Common | 445.71M | 242.31M | 354.30M | 469.96M | 227.40M | 184.82M |
| Shares Outstanding (Basic) | 150.78M | 151.41M | 133.61M | 131.76M | 134.75M | 138.95M |
| Shares Outstanding (Diluted) | 151.52M | 151.90M | 134.19M | 133.03M | 135.42M | 138.95M |
| EPS (Basic) | 2.96 | 1.60 | 2.65 | 3.57 | 1.69 | 1.33 |
| EPS (Diluted) | 2.95 | 1.60 | 2.64 | 3.53 | 1.68 | 1.33 |
| Free Cash Flow | 628.41M | 385.11M | 147.13M | 397.32M | 459.11M | 119.97M |
| Free Cash Flow Per Share | 4.15 | 2.54 | 1.10 | 2.99 | 3.39 | 0.86 |
| Dividend Per Share | 2.59 | 1.47 | 2.42 | 3.46 | 1.28 | 0.56 |
| Gross Margin | 25.21% | 17.61% | 19.17% | 25.71% | 28.12% | 27.23% |
| Operating Margin | 15.42% | 8.15% | 11.54% | 16.36% | 15.90% | 12.45% |
| Profit Margin | 12.64% | 6.76% | 9.94% | 15.95% | 14.59% | 14.89% |
| Free Cash Flow Margin | 17.82% | 10.75% | 4.13% | 13.48% | 29.47% | 9.66% |
| EBITDA | 681.29M | 433.68M | 503.38M | 699.16M | 406.48M | 258.58M |
| EBITDA Margin | 19.32% | 12.11% | 14.12% | 23.72% | 26.09% | 20.83% |
| D&A For EBITDA | 137.40M | 141.78M | 92.04M | 217.12M | 158.81M | 104.10M |
| EBIT | 543.88M | 291.91M | 411.34M | 482.04M | 247.67M | 154.48M |
| EBIT Margin | 15.42% | 8.15% | 11.54% | 16.36% | 15.90% | 12.45% |
| Effective Tax Rate | 5.27% | 4.67% | 7.08% | 2.18% | 0.45% | 0.28% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 303.86M | 242.01M | 279.68M | 287.55M | 284.52M | 132.67M |
| Short-Term Investments | 11.71M | |||||
| Trading Asset Securities | 2.29M | 1.60M | 2.77M | 3.27M | 3.27M | 3.25M |
| Cash & Short-Term Investments | 306.15M | 255.32M | 282.45M | 290.82M | 287.79M | 135.92M |
| Accounts Receivable | 433.60M | 206.59M | 176.83M | 289.16M | 168.48M | 151.26M |
| Other Receivables | 15.30M | 7.21M | 13.53M | 25.76M | 18.40M | |
| Receivables | 433.60M | 221.89M | 184.04M | 302.69M | 194.24M | 169.66M |
| Inventory | 174.29M | 123.89M | 76.71M | 188.59M | 135.93M | 54.58M |
| Prepaid Expenses | 16.54M | 27.16M | 15.23M | 11.19M | 29.51M | |
| Other Current Assets | 48.23M | 25.96M | 107.57M | 81.38M | 110.34M | 62.71M |
| Total Current Assets | 962.28M | 643.58M | 677.93M | 878.71M | 739.50M | 452.38M |
| Property, Plant & Equipment | 2.41B | 2.48B | 2.60B | 1.61B | 1.77B | 1.90B |
| Long-Term Investments | 2.87M | 3.36M | 30.90M | 11.30M | 23.81M | |
| Other Intangible Assets | 254.00K | 356.00K | 636.00K | 1.24M | 1.37M | 1.88M |
| Long-Term Accounts Receivable | 6.55M | 10.32M | 2.88M | 2.68M | 10.53M | |
| Long-Term Deferred Tax Assets | 4.05M | 5.32M | 1.64M | 6.86M | 6.72M | |
| Other Long-Term Assets | 2.12M | 3.81M | 7.98M | 13.21M | 15.87M | |
| Total Assets | 3.39B | 3.15B | 3.32B | 2.52B | 2.56B | 2.36B |
| Accounts Payable | 325.33M | 93.92M | 97.74M | 222.00M | 165.86M | 38.57M |
| Accrued Expenses | 108.21M | 69.65M | 39.00M | 45.01M | 34.07M | |
| Short-Term Debt | 132.18M | 39.79M | 153.27M | 84.26M | 53.14M | |
| Current Portion of Long-Term Debt | 70.46M | 82.92M | 77.08M | 128.17M | 63.02M | 82.51M |
| Current Portion of Leases | 64.44M | 64.30M | 170.70M | 79.48M | 121.20M | 46.40M |
| Current Income Taxes Payable | 15.94M | 1.52M | 14.47M | 8.12M | 2.49M | 1.23M |
| Current Unearned Revenue | 5.57M | 1.34M | 3.85M | 2.83M | 4.59M | |
| Other Current Liabilities | 60.37M | 24.47M | 25.86M | 90.46M | 40.35M | 12.13M |
| Total Current Liabilities | 668.72M | 420.70M | 610.11M | 655.34M | 493.88M | 219.50M |
| Long-Term Debt | 611.61M | 730.39M | 711.66M | 199.92M | 362.22M | 659.78M |
| Long-Term Leases | 53.95M | 72.84M | 60.59M | 78.36M | 106.28M | 86.14M |
| Other Long-Term Liabilities | 411.00K | 569.00K | 679.00K | 929.00K | 12.96M | |
| Total Liabilities | 1.33B | 1.22B | 1.38B | 934.30M | 963.31M | 978.38M |
| Common Stock | 619.87M | 619.87M | 619.87M | 1.40M | 1.42M | 1.42M |
| Additional Paid-In Capital | 971.77M | 975.73M | 975.73M | |||
| Retained Earnings | 686.82M | 605.20M | 565.79M | 609.48M | 557.00M | 460.65M |
| Treasury Stock | -47.38M | -50.37M | -48.39M | -56.44M | -47.63M | -23.29M |
| Comprehensive Income & Other | 659.20M | 655.30M | 667.76M | -56.49M | -9.78M | -42.44M |
| Total Common Equity | 1.92B | 1.83B | 1.81B | 1.47B | 1.48B | 1.37B |
| Minority Interest | 136.27M | 95.55M | 132.46M | 116.45M | 119.86M | 13.84M |
| Shareholders' Equity | 2.05B | 1.93B | 1.94B | 1.59B | 1.60B | 1.39B |
| Total Liabilities & Equity | 3.39B | 3.15B | 3.32B | 2.52B | 2.56B | 2.36B |
| Total Debt | 932.63M | 990.24M | 1.17B | 570.19M | 705.86M | 874.83M |
| Net Cash (Debt) | -626.48M | -734.93M | -890.85M | -279.37M | -418.07M | -738.91M |
| Net Cash Per Share | -4.13 | -4.84 | -6.64 | -2.10 | -3.09 | -5.32 |
| Filing Date Shares Outstanding | 151.81M | 151.34M | 151.54M | 131.07M | 133.38M | 136.94M |
| Total Common Shares Outstanding | 151.81M | 151.34M | 151.54M | 131.07M | 133.38M | 136.94M |
| Working Capital | 293.56M | 222.88M | 67.82M | 223.37M | 245.62M | 232.88M |
| Book Value Per Share | 12.64 | 12.09 | 11.91 | 11.21 | 11.07 | 10.02 |
| Tangible Book Value | 1.92B | 1.83B | 1.80B | 1.47B | 1.48B | 1.37B |
| Tangible Book Value Per Share | 12.64 | 12.09 | 11.91 | 11.20 | 11.06 | 10.01 |
| Machinery | 3.00B | 3.00B | 2.94B | 1.93B | 1.95B | 2.27B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 445.71M | 242.31M | 354.30M | 469.96M | 227.40M | 184.82M |
| Depreciation & Amortization | 230.42M | 234.79M | 187.37M | 217.12M | 158.81M | 138.88M |
| Other Amortization | 20.98M | 21.14M | 14.81M | 762.00K | 610.00K | 15.32M |
| Loss (Gain) From Sale of Assets | -24.66M | -56.71M | -20.39M | -42.37M | -21.11M | -22.93M |
| Asset Writedown & Restructuring Costs | 289.00K | 961.00K | -1.47M | -34.44M | ||
| Loss (Gain) From Sale of Investments | -696.00K | 1.17M | -1.33M | -11.83M | ||
| Loss (Gain) on Equity Investments | -2.03M | |||||
| Stock-Based Compensation | 1.83M | 1.75M | 2.02M | 1.70M | 1.37M | 465.00K |
| Other Operating Activities | 98.18M | 78.75M | 58.56M | 47.29M | 40.81M | 38.31M |
| Change in Accounts Receivable | -67.96M | -24.54M | 112.69M | -112.65M | 111.99M | -1.32M |
| Change in Inventory | -137.48M | -47.18M | 111.89M | -52.66M | -51.21M | -39.10M |
| Change in Accounts Payable | 59.15M | 41.20M | -91.12M | 52.70M | 35.03M | 33.16M |
| Change in Other Net Operating Assets | 52.32M | 74.42M | 20.35M | -69.44M | 3.07M | 7.99M |
| Operating Cash Flow | 677.80M | 567.40M | 749.14M | 513.36M | 505.30M | 307.30M |
| Capital Expenditures | -49.40M | -182.29M | -602.01M | -116.05M | -46.19M | -187.34M |
| Sale of Property, Plant & Equipment | 60.19M | 125.23M | 64.69M | 167.59M | 199.33M | 210.46M |
| Cash Acquisitions | -48.59M | 4.63M | ||||
| Sale (Purchase) of Intangibles | -88.00K | -88.00K | -237.00K | -634.00K | -103.00K | -475.00K |
| Investment in Securities | 14.93M | -27.82M | -301.00K | -21.00K | 27.00M | |
| Other Investing Activities | 8.27M | 10.20M | 16.25M | 10.12M | 585.00K | 4.17M |
| Investing Cash Flow | 40.91M | -39.43M | -541.21M | 68.57M | 112.55M | 75.72M |
| Short-Term Debt Issued | 1.78B | 2.11B | 1.02B | 260.38M | 23.99M | |
| Long-Term Debt Issued | 1.03B | 610.88M | 72.07M | 67.24M | 218.67M | |
| Total Debt Issued | 2.25B | 2.80B | 2.72B | 1.09B | 327.62M | 242.66M |
| Short-Term Debt Repaid | -1.81B | -2.12B | -989.88M | -306.86M | -58.45M | |
| Long-Term Debt Repaid | -1.18B | -300.20M | -265.17M | -443.28M | -349.94M | |
| Lease Payments | -94.69M | -101.83M | -102.76M | -93.51M | -54.18M | -48.62M |
| Total Debt Repaid | -2.56B | -2.99B | -2.42B | -1.26B | -750.14M | -408.40M |
| Net Debt Issued (Repaid) | -308.05M | -189.37M | 300.19M | -161.98M | -422.52M | -165.73M |
| Issuance of Common Stock | 1.09M | |||||
| Repurchase of Common Stock | -2.74M | -100.00K | -23.70M | -26.32M | -5.54M | |
| Common Dividends Paid | -282.08M | -199.85M | -388.46M | -405.49M | -126.70M | -99.51M |
| Other Financing Activities | -113.42M | -142.20M | -50.78M | -54.12M | 53.45M | -38.95M |
| Financing Cash Flow | -703.56M | -534.16M | -138.07M | -645.29M | -522.10M | -309.73M |
| Net Cash Flow | 15.14M | -6.19M | 69.86M | -63.36M | 95.75M | 73.29M |
| Free Cash Flow | 628.41M | 385.11M | 147.13M | 397.32M | 459.11M | 119.97M |
| Free Cash Flow Margin | 17.82% | 10.75% | 4.13% | 13.48% | 29.47% | 9.66% |
| Free Cash Flow Per Share | 4.15 | 2.54 | 1.10 | 2.99 | 3.39 | 0.86 |
| Levered Free Cash Flow | 392.92M | 256.42M | -115.33M | 358.04M | 281.37M | -15.17M |
| Unlevered Free Cash Flow | 419.28M | 289.58M | -102.93M | 375.10M | 299.98M | 8.93M |
| Free Cash Flow After Leases | 533.72M | 283.28M | 44.37M | 303.81M | 404.93M | 71.35M |
| Cash Interest Paid | 41.88M | 51.75M | 17.82M | 24.86M | 24.86M | 34.58M |
| Cash Income Tax Paid | 28.52M | 30.18M | 19.64M | 5.37M | 730.00K | 148.00K |
| Change in Working Capital | -93.97M | 43.91M | 153.80M | -182.05M | 98.88M | 735.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.81B | 1.98B | 1.67B | 2.08B | 1.03B | 779.30M |
| Enterprise Value | 4.63B | 2.92B | 2.05B | 2.53B | 1.65B | 1.53B |
| Last Close Price | 25.01 | 11.73 | 9.09 | 10.63 | 5.46 | 3.88 |
| PE Ratio | 7.89 | 8.18 | 4.72 | 4.43 | 4.51 | 4.22 |
| PS Ratio | 1.08 | 0.55 | 0.47 | 0.71 | 0.66 | 0.63 |
| PB Ratio | 1.85 | 1.03 | 0.86 | 1.31 | 0.64 | 0.56 |
| P/TBV Ratio | 1.99 | 1.08 | 0.93 | 1.42 | 0.70 | 0.57 |
| P/FCF Ratio | 6.06 | 5.15 | 11.36 | 5.24 | 2.23 | 6.50 |
| P/OCF Ratio | 5.62 | 3.49 | 2.23 | 4.05 | 2.03 | 2.54 |
| EV/Sales Ratio | 1.31 | 0.81 | 0.57 | 0.86 | 1.06 | 1.24 |
| EV/EBITDA Ratio | 6.80 | 6.73 | 4.07 | 3.62 | 4.05 | 5.93 |
| EV/EBIT Ratio | 8.51 | 9.99 | 4.99 | 5.26 | 6.64 | 9.93 |
| EV/FCF Ratio | 7.37 | 7.58 | 13.94 | 6.38 | 3.58 | 12.79 |
| Debt / Equity Ratio | 0.45 | 0.51 | 0.61 | 0.36 | 0.44 | 0.63 |
| Debt / EBITDA Ratio | 1.20 | 1.88 | 1.96 | 0.82 | 1.74 | 2.98 |
| Debt / FCF Ratio | 1.48 | 2.57 | 7.97 | 1.44 | 1.54 | 7.29 |
| Net Debt / Equity Ratio | 0.30 | 0.38 | 0.46 | 0.18 | 0.26 | 0.53 |
| Net Debt / EBITDA Ratio | 0.92 | 1.70 | 1.77 | 0.40 | 1.03 | 2.86 |
| Net Debt / FCF Ratio | 1.00 | 1.91 | 6.05 | 0.70 | 0.91 | 6.16 |
| Asset Turnover | 1.04 | 1.11 | 1.22 | 1.16 | 0.63 | 0.52 |
| Inventory Turnover | 24.99 | 29.43 | 21.71 | 13.49 | 11.76 | 25.94 |
| Quick Ratio | 1.11 | 1.13 | 0.77 | 0.91 | 0.98 | 1.39 |
| Current Ratio | 1.44 | 1.53 | 1.11 | 1.34 | 1.50 | 2.06 |
| Return on Equity (ROE) | 25.46% | 15.00% | 22.41% | 30.98% | 16.00% | 14.14% |
| Return on Assets (ROA) | 10.04% | 5.64% | 8.80% | 11.86% | 6.29% | 4.04% |
| Return on Invested Capital (ROIC) | 19.40% | 10.14% | 16.29% | 24.30% | 11.91% | 7.16% |
| Return on Capital Employed (ROCE) | 20.00% | 10.70% | 15.20% | 25.80% | 12.00% | 7.20% |
| Earnings Yield | 12.67% | 12.23% | 21.20% | 22.58% | 22.16% | 23.72% |
| FCF Yield | 16.50% | 19.43% | 8.80% | 19.09% | 44.74% | 15.39% |
| Dividend Yield | 10.36% | 11.23% | 21.94% | 21.79% | 16.64% | 9.84% |
| Payout Ratio | 81.71% | 82.48% | 109.64% | 86.28% | 55.72% | 53.84% |
| Buyback Yield / Dilution | -4.99% | -13.20% | -0.87% | 1.76% | 2.54% | -0.52% |
| Total Shareholder Return | 5.37% | -1.97% | 21.07% | 23.55% | 19.18% | 9.32% |