BW LPG Limited

BWLP

Marine Shipping · Industrials

Price

$20.37

-0.03 (-0.15%)

Market Cap

$3.09B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+9.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 139.0M (2021) → 151.9M (2025)

BW LPG Limited is one of the world's largest owners and operators of very large gas carriers (VLGCs), the massive ships used to transport liquefied petroleum gas (LPG) — which includes propane and butane — across oceans. Its main customers are energy companies, commodity traders, and petrochemical producers who need to move LPG from export hubs like the United States and Middle East to markets in Asia and Europe. The company is a major player in the VLGC segment, which is a specialized corner of the global shipping industry.

BW LPG earns money by charging customers to use its fleet, either through long-term contracts or shorter spot-market rates that change with supply and demand. The company operates globally, with a fleet of around 40 VLGCs, and has expanded into LPG trading through its product services division, adding another revenue stream. Its main risk is exposure to volatile freight rates, which can swing sharply depending on global LPG trade volumes, vessel supply, and energy market conditions.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+263.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

46.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$304M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

BW LPG Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.3%

Modest — 33.3% gross margin

Operating Margin

26.4%

Excellent — 26.4% operating margin

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+5.0%

Slow sales growth (5.0% YoY)

EPS YoY

+26.5%

Earnings growing fast (26.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

154%

Turns 154% of profit into real cash

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.40

Conservative — low debt load (0.40)

Interest Cover

9.61x

Comfortably covers interest (9.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.5x

Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-2.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

9.42%

Healthy income — 9.42% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+9.1%

Dividend growing modestly (9.1% YoY)

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