Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data BW LPG Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Operating income
271
524
434
348
Pre-tax income
240
504
425
304
Income tax
1.07
11
30.1
14.2
Net income to minority interests
11.2
23
40.6
47.4
Net income
227
470
354
242
EPS, basic
1.69
3.57
2.65
1.60
EPS, diluted
1.68
3.53
2.64
1.60
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
288
280
242
Receivables
315
203
231
Inventory
189
76.7
124
Total current assets
879
678
644
Lease right-of-use assets
152
216
117
Intangible assets
1.24
0.64
0.36
Total assets
2,520
3,320
3,150
Accounts payable
265
169
208
Total current liabilities
655
610
421
Lease liabilities
78.4
60.6
72.8
Total liabilities
934
1,383
1,224
Total debt
412
942
853
Paid-in capital
286
Retained earnings
609
566
605
Shareholders' equity
1,470
1,805
1,830
Minority interests
116
132
95.6
Total equity
1,597
1,586
1,937
1,926
Total liabilities and equity
2,520
3,320
3,150
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
239
493
395
290
Cash from operations
505
513
749
567
Capital expenditures
-46.2
-116
-602
-182
Cash from investing
113
68.6
-541
-39.4
Debt issued
67.2
72.1
611
1,027
Debt repaid
-389
-172
-197
-1,081
Share buybacks
-26.3
-23.7
-0.1
-2.74
Dividends paid
-127
-433
-410
-241
Cash from financing
-522
-645
-138
-534
Net change in cash
95.7
-63.4
69.9
-6.19
Free cash flow
459
397
147
385
Income taxes paid
0.73
5.37
19.6
30.2
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $24.23 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Effective tax rate
4.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
13.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
7.5%
Net income / average total assets.
Return on invested capital (ROIC)
13.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Operating income growth, 1y
-19.7%
Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y
8.7%
Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
-31.6%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
2.1%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
-39.4%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
-1.6%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-24.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
3.9%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
161.7%
Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y
-5.7%
Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
1.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-5.1%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.53x
Current assets / current liabilities.
Quick ratio
1.12x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.58x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.47x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
27.1%
Total debt / total assets.
Liabilities / assets
38.9%
Total liabilities / total assets.
Net debt
$611.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
32.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.60
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$1.60
Net income per basic share, as reported (split-adjusted).
Payout ratio
99.4%
Dividends paid / net income, when net income is positive.
Dividends / FCF
62.6%
Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF
0.7%
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$3.86B
Share price x shares outstanding.
Enterprise value
$4.47B
Market cap + total debt - cash - short-term investments.
P/E
15.9x
Market cap / net income. Only when net income is positive.
P/B
2.11x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.11x
Market cap / tangible book value, when positive.
P/FCF
10.0x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
6.80x
Market cap / cash from operations, when positive.
EV/EBIT
12.8x
Enterprise value / operating income, when both are positive.
EV/FCF
11.6x
Enterprise value / free cash flow, when both are positive.
FCF yield
10.0%
Free cash flow / market cap.
Earnings yield
6.3%
Net income / market cap (the inverse of P/E).
Dividend yield
6.2%
Dividends paid over the period / market cap.
Shareholder yield
6.3%
(Dividends paid + share buybacks) / market cap.
Was BW LPG Ltd profitable in fiscal 2025?
Yes. Net income was $242.3M, a net margin of -.
How much free cash flow did BW LPG Ltd generate in fiscal 2025?
Cash from operations of $567.4M minus capital expenditures of $182.3M left free cash flow of $385.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.