| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 92 | 8.6x | 17.8x | Top tier | |
Growth | 40 | -3.1% | 7.1% | Bottom tier | |
Quality | 77 | 19.2% | 4.5% | Top tier | |
Safety | 80 | 1.3x | 2.6x | Top tier | |
Capital Return | 88 | 6.34% | 2.12% | Top tier | |
Momentum | 96 | 35.0% | 2.9% | Top tier | |
Sentiment | 36 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
BW LPG Limited specializes in the seaborne transportation of liquefied petroleum gas through very large gas carriers, or VLGCs, and generates revenue and earnings from operating its fleet in the spot market, time-charter contracts, and managing integrated shipping and trading activities through BW Product Services. In Q2 FY2026, time charter equivalent shipping income was $71,600 per calendar day and $74,000 per available day, while underlying spot market performance was $85,200 per available day including waiting time and forward contract settlements, and $87,600 excluding both. Fleet utilization reached 96%, and 53% of available days came from time-charter contracts, including 43% under fixed-rate contracts.
According to the financial statements, the company recorded Q2 FY2026 revenue of $963.6 million, gross profit of $200.9 million, net income of $114.4 million, and earnings per share of $0.75. These figures correspond to a gross profit margin of approximately 20.9%, compared with about 33.3% in Q1 FY2026, when revenue was $842.0 million, gross profit was $280.6 million, and net income was $164.9 million. For the twelve months ended in 2026, revenue was $3.5 billion, gross profit was $788.2 million, net income was $438.2 million, and earnings per share were $2.91.
The Q2 FY2026 earnings call showed that profit after tax was $138 million, while profit attributable to shareholders after minority interests was $120 million, or $0.79 per share according to management's presentation. BW Product Services achieved a realized trading gain of $127 million, but recorded an after-tax loss of $31 million due to a negative unrealized change of $145 million in the mark-to-market valuation of open positions. The board declared a dividend of $0.95 per share, equivalent to 100% of the shipping business's net profit after tax and above the minimum of 75% under the dividend policy.
Automated analysis for informational purposes only — not investment advice.
The stock's 52-week range extends from $11.72 to $25.475, a wide spread reflecting its significant sensitivity to VLGC freight-rate cycles, disruptions in the Strait of Hormuz and Panama Canal, and volatility in BW Product Services results. According to the company's Q2 FY2026 presentation, profit attributable to shareholders represented an annualized earnings yield of 18% based on the period-end share price, but the sustainability of this level depends on freight rates after the reopening of Hormuz and the impact of 157 ordered carriers entering the market through 2030.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The company benefited from a strong spot market and trade-route disruptions, with underlying spot shipping performance reaching $85,200 per available day including waiting time and forward contracts, and $87,600 excluding both. Fleet utilization was 96%, and the financial statements recorded revenue of $963.6 million and net income of $114.4 million. In management's presentation, profit attributable to shareholders after minority interests was $120 million, or $0.79 per share.
Time charter equivalent shipping income was $74,000 per available day, compared with guidance of $81,000. Management attributed the difference primarily to a negative adjustment of $16.4 million under IFRS 15 and a negative adjustment of $12 million in forward contracts. The combined impact was equivalent to approximately $7,500 per available day, although underlying spot performance remained strong.
In the first half of FY2026, liquefied petroleum gas exports from the Middle East declined 46%, while U.S. exports increased 16%, driving more long-haul voyages from the United States to Asia. Low water levels in the Panama Canal also caused transit restrictions and diverted additional carriers around the Cape of Good Hope, consuming more fleet capacity. However, the reopening of Hormuz could pressure U.S. Gulf rates in the short term by narrowing the price spread between the United States and the Far East.
The company fixed 92% of available fleet days in Q3 FY2026 at an average of approximately $88,000 per day, noting that some contracts are index-linked and their final outcome may change. This includes fixed time-charter coverage equivalent to 41% of days at $44,300 per day, compared with an all-in cash breakeven of $24,900 per day. For 2027, 36% of capacity was fixed at $43,500 per day at the time of the August 28, 2026 call.
The board declared a dividend of $0.95 per share for Q2 FY2026, representing 100% of the shipping business's net profit after tax and exceeding the minimum of 75% under the dividend policy. Liquidity at quarter-end was $773 million, split between $302 million in cash and $471 million in undrawn revolving facilities. Net leverage also declined to 23.5% from 26.3% at the end of Q1 FY2026, while capital expenditures and fleet renewal remain stated uses of liquidity.
BW Product Services achieved a realized trading gain of $127 million in Q2 FY2026, but unrealized valuation changes reversed the accounting result into an after-tax loss of $31 million. This included a $190 million decline in the value of cargo positions, partially offset by a $45 million increase in paper positions. Average value at risk was approximately $70 million, and management said it expects it to remain elevated as market volatility persists and the contract portfolio expands from late 2026 into 2027.
