Dorian LPG Ltd. — Earnings Quality Grade F
LPG · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change +1 days YoY
AR growth 105.7% exceeds revenue growth -37.0%
Revenue -37.0%, CFFO -55.5%. Cash follows revenue
Expense Quality
Inventory 4.8% vs COGS 2.6%. Normal
CapEx growth -42.3% vs revenue -37.0%. Normal
SG&A/Gross Profit = 27.9%, excellent (<30%)
Gross margin swung -21.9pp (65.1% → 43.2%)
Cash Flow Quality
CFFO/NI = 1.92. Profits backed by cash
FCF $0.2B, FCF/NI = 1.71
Accruals ratio = -4.7%. Low accruals
Cash $0.3B covers only 44% of debt $0.7B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.7x. Healthy
Other assets 8.0% vs revenue -37.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -0.73 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25