BW LPG Ltd (BWLP)
BW LPG Limited is an investment holding company that specializes in global ship ownership and chartering operations. The company's business is structured into two main divisions: Shipping and Product Services. Its core activity involves the worldwide transportation of liquefied petroleum gas (LPG), primarily serving major oil companies, energy trading firms, and utility providers. Beyond shipping, BW LPG offers a comprehensive range of services, including integrated LPG delivery solutions, wholesale trading of LPG, and various management services. The company maintains and operates a substantial fleet, which includes both dedicated LPG vessels and numerous Very Large Gas Carriers (VLGCs). Established in 1935, and headquartered in Singapore, the company was formerly known as BW Gas LPG Holding Limited before rebranding to BW LPG Limited in September 2013.
Sector: Transportation Services
Industry: Marine Shipping
BW LPG Limited
NYSE:BWLPIndustrials · Marine Shipping
+1.88%$26.05
AH Close$26.05+0.00%vs close
AH Close$26.05+0.00%vs close
Mkt Cap$3.95B
Float95.94M
O/S151.81M
Inst Own16.0%
SI1.5%
Div Yield9.94%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$3.69B
Net Income$249.43M
Total Assets$3.15B
Free Cash Flow$356.25M
Debt & Equity
Debt 35%
Equity 65%
Total Debt$990.15M
Total Equity$1.83B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BWLP's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.15B
Liabilities$1.23B
Accounts Receivable$243.3M
Accounts Payable$212.65M
Inventory$123.87M
PP&E (Net)$2.48B
Goodwill$0
Intangible Assets$356K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Revenue | $3.69B | $3.37B | $3.06B | $1.53B | $1.21B | $892.47M | $818.6M | $490.43M | $496.98M | $494.16M |
| YoY Growth | 9.6% | 10.0% | 100.1% | 26.4% | 35.5% | 9.0% | 66.9% | -1.3% | 0.6% | - |
| Cost of Revenue | $3.16B | $2.81B | $2.36B | $1.13B | $909.19M | $454.52M | $396.88M | $302.23M | $286.67M | $194.44M |
| Gross Profit | $532.23M | $554.25M | $698.47M | $400.3M | $299.71M | $437.94M | $421.72M | $188.2M | $210.31M | $299.72M |
| Gross Margin | 14.4% | 16.5% | 22.8% | 26.2% | 24.8% | 49.1% | 51.5% | 38.4% | 42.3% | 60.7% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $225.1M | $167.01M | $197.2M | $158.18M | $152.47M | $163.1M | $150.92M | $187.85M | $208.39M | $183.99M |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.84M | $9.43M | $6.93M |
| Total Operating Expenses | $225.1M | $167.01M | $197.2M | $158.18M | $152.47M | $163.1M | $150.92M | $185.01M | $217.82M | $190.92M |
| Operating Income (EBIT) | $307.13M | $387.24M | $501.27M | $242.12M | $147.23M | $274.84M | $270.8M | $3.19M | -$7.51M | $108.79M |
| Operating Margin | 8.3% | 11.5% | 16.4% | 15.8% | 12.2% | 30.8% | 33.1% | 0.7% | -1.5% | 22.0% |
| Interest Expense | $56.63M | $21.43M | $30.66M | $31.69M | $40.22M | $50.99M | $59.23M | $49.21M | $47.48M | $26.9M |
| Interest Income | $9.58M | $14.75M | $10.5M | $1.9M | $3.35M | $4.55M | $5.36M | $5.09M | $898K | $183K |
| Other Income (Expense) | $5.71M | $14.13M | $21.72M | -$7.07M | $34.82M | -$6.19M | $5.91M | -$71.07M | -$37.21M | -$85.51M |
| Income Before Tax (EBT) | $312.84M | $401.36M | $522.99M | $235.05M | $182.05M | $268.65M | $276.71M | -$67.88M | -$44.72M | $23.29M |
| Income Tax Expense | $14.62M | $28.42M | $11.38M | $1.05M | $507K | $549K | $2.35M | $167K | $550K | $227K |
| Net Income | $249.43M | $334.62M | $487.7M | $223.04M | $179.99M | $268.11M | $274.31M | -$67.11M | -$43.14M | $23.69M |
| Net Income Margin | 6.8% | 9.9% | 15.9% | 14.6% | 14.9% | 30.0% | 33.5% | -13.7% | -8.7% | 4.8% |
| Supplementary Data | ||||||||||
| EPS | 1.65 | 2.49 | 3.53 | 1.65 | 1.30 | 1.94 | 1.98 | -0.48 | -0.30 | 0.17 |
| Diluted EPS | 1.64 | 2.49 | 3.53 | 1.65 | 1.30 | 1.94 | 1.98 | -0.48 | -0.30 | 0.17 |
| Weighted Average OS | 151.40M | 134.19M | 133.03M | 135.42M | 138.95M | 138.23M | 138.72M | 140.22M | 141.78M | 136.58M |
| EBITDA | $632.91M | $624.98M | $771.53M | $426.17M | $376.47M | $427.29M | $397.07M | $103.87M | $119.83M | $208.27M |
| EBITDA Margin | 17.2% | 18.6% | 25.2% | 27.9% | 31.1% | 47.9% | 48.5% | 21.2% | 24.1% | 42.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $241.99M | $279.68M | $287.55M | $285.74M | $132.51M | $90.26M | $112.21M | $50.08M | $56.55M | $80.56M |
| Short-Term Investments | $13.31M | $2.77M | $3.27M | $3.29M | $3.25M | $28.26M | $0 | $0 | $1.3M | $539K |
| Cash and Short-Term Investments | $255.32M | $282.45M | $290.82M | $289.03M | $135.75M | $118.52M | $112.21M | $50.08M | $57.85M | $81.1M |
| Accounts Receivable | $243.3M | $211.2M | $275.95M | $168.48M | $169.44M | $168.46M | $171.59M | $92.75M | $88.69M | $60.28M |
| Inventory | $123.87M | $76.71M | $188.59M | $136.52M | $54.52M | $15.06M | $40.68M | $28.02M | $19.42M | $12.69M |
| Other Current Assets | $14.22M | $107.57M | $108.11M | $136.1M | $81.11M | $30.04M | $54.7M | $31.73M | $119.73M | $13.27M |
| Total Current Assets | $636.72M | $677.93M | $878.71M | $742.68M | $451.81M | $374.7M | $387.98M | $188.85M | $276.01M | $165.61M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $2.48B | $2.6B | $1.61B | $1.78B | $1.9B | $1.9B | $2.07B | $2.01B | $2.14B | $2.41B |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $356K | $636K | $1.24M | $1.37M | $1.88M | $1.95M | $1M | $0 | $0 | $0 |
| Long-Term Investments | $301K | $23.43M | $11.3M | $42.54M | $10.51M | $138.24M | $91.46M | $64.73M | $40.87M | $7.7M |
| Deferred Tax Assets | $5.32M | $1.64M | $6.86M | $6.75M | $0 | -$133.21M | -$87.88M | $0 | $0 | $0 |
| Other Long-Term Assets | $28.9M | $18.33M | $20.06M | $6K | -$2K | $133.21M | $87.88M | $0 | $2.65M | $7.56M |
| Total Long-Term Assets | $2.52B | $2.64B | $1.64B | $1.83B | $1.91B | $2.04B | $2.16B | $2.07B | $2.18B | $2.43B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.15B | $3.32B | $2.52B | $2.57B | $2.36B | $2.42B | $2.55B | $2.26B | $2.46B | $2.59B |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $212.65M | $97.74M | $222M | $165.86M | $38.57M | $6.42M | $7.46M | $6.22M | $4.87M | $28.52M |
| Short-Term Debt | $122.71M | $230.34M | $212.43M | $116.15M | $82.51M | $126.79M | $140.86M | $134.19M | $265.48M | $426.38M |
| Current Income Tax Payable | $0 | $0 | $8.1M | $2.5M | $1.23M | $995K | $1.56M | $309K | $582K | $188K |
| Current Unearned Revenue | $0 | $1.33M | $0 | $2.84M | $4.59M | $6.63M | $7.49M | $1.82M | $1.91M | $2.77M |
| Other Current Liabilities | $24.38M | $41.67M | $102.43M | $47.79M | $17.96M | $50.61M | $27.3M | $117K | $170K | $10.46M |
| Total Current Liabilities | $425.56M | $610.11M | $655.34M | $496.01M | $219.23M | $256.78M | $270M | $173.12M | $305.43M | $496.51M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $730.33M | $711.66M | $199.92M | $362.22M | $659.78M | $730.73M | $923.18M | $1.1B | $1.08B | $979.59M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $411K | $569K | $679K | $2.95M | $12.96M | $34.12M | $11.21M | $1.86M | $117K | $389K |
| Total Long-Term Liabilities | $803.57M | $772.82M | $278.96M | $471.45M | $757.93M | $908.28M | $1.1B | $1.1B | $1.08B | $979.98M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.23B | $1.38B | $934.3M | $967.46M | $977.15M | $1.17B | $1.37B | $1.28B | $1.38B | $1.48B |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $619.81M | $619.87M | $1.4M | $1.43M | $1.42M | $1.42M | $1.42M | $1.42M | $1.42M | $1.42M |
| Retained Earnings | $605.15M | $565.79M | $609.48M | $559.4M | $460.07M | $377.53M | $260.29M | $46.05M | $124.94M | $167.63M |
| Comprehensive Income & Other | $658.14M | $667.76M | -$56.49M | -$9.78M | -$42.44M | -$86.21M | -$45.69M | $658.56M | $655.65M | $651.93M |
| Other Stockholders' Equity | $604.88M | $619.37M | $858.83M | $922.27M | $908.85M | $872.62M | $915.61M | $935.67M | $943.9M | $941.29M |
| Total Equity | $1.83B | $1.81B | $1.47B | $1.48B | $1.37B | $1.25B | $1.18B | $983.14M | $1.07B | $1.11B |
| Minority Interest | $95.54M | $132.46M | $116.1M | $120.37M | $13.82M | $0 | $0 | $482K | $3.29M | $7.04M |
| Total Liabilities and Equity | $3.06B | $3.19B | $2.4B | $2.45B | $2.35B | $2.42B | $2.55B | $2.26B | $2.45B | $2.59B |
| Supplementary Data | ||||||||||
| Total Debt | $990.15M | $1.17B | $570.19M | $708.9M | $873.73M | $1.04B | $1.28B | $1.23B | $1.34B | $1.41B |
| Net Debt | $748.17M | $893.62M | $282.64M | $423.16M | $741.22M | $953.82M | $1.17B | $1.18B | $1.28B | $1.33B |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Operating Activities | ||||||||||
| Net Income | $249.43M | $424.96M | $503.96M | $239.65M | $186.94M | $244.35M | $276.24M | -$72.21M | -$44.25M | $23.86M |
| Depreciation & Amortization | $263.45M | $202.18M | $217.88M | $159.43M | $154.2M | $152.45M | $126.27M | $100.67M | $127.34M | $99.48M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $2.02M | $1.7M | $1.37M | $465K | $227K | $214K | -$151K | $47K | $121K |
| Changes in Working Capital: | ||||||||||
| Accounts Receivable | -$30.3M | $112.69M | -$112.65M | $111.99M | -$1.32M | -$10.16M | -$57.9M | -$5.99M | -$26.54M | $36.54M |
| Inventory | -$48.56M | $111.89M | -$52.66M | -$51.21M | -$39.1M | $25.63M | -$12.67M | -$8.59M | -$6.74M | -$3.62M |
| Accounts Payable | $47.46M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $74.96M | -$70.77M | -$16.74M | $38.1M | $41.15M | -$19.61M | $8.7M | $722K | -$19.95M | $2.22M |
| Total Working Capital Change | $43.55M | $153.8M | -$182.05M | $98.88M | $735K | -$4.15M | -$61.87M | -$13.86M | -$53.22M | $35.14M |
| Other Non-Cash Items | -$12.53M | -$33.82M | -$28.13M | $5.98M | -$35.04M | $4.88M | -$7.1M | $74.87M | $42.37M | $83.11M |
| Net Cash from Operating | $543.9M | $749.14M | $513.36M | $505.3M | $307.3M | $397.75M | $333.75M | $89.33M | $72.28M | $241.71M |
| Investing Activities | ||||||||||
| Capital Expenditures | -$187.74M | -$602.01M | -$116.05M | -$46.19M | -$187.34M | -$65.25M | -$21.68M | -$11.77M | -$89.23M | -$229.88M |
| Acquisitions | $130.12M | $0 | -$301K | -$48.59M | $4.63M | $0 | $0 | $0 | -$2M | -$15.04M |
| Purchases of Investments | $0 | -$30.16M | $0 | -$21K | $0 | -$19.96M | $0 | $0 | $0 | -$27.92M |
| Sales of Investments | $0 | $2.34M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $7.75M | $88.62M | $184.91M | $207.35M | $258.42M | $83.09M | $60.6M | $87.51M | $116.25M | $40.14M |
| Net Cash from Investing | -$49.87M | -$541.21M | $68.57M | $112.55M | $75.72M | -$2.12M | $38.92M | $75.74M | $25.02M | -$232.7M |
| Financing Activities | ||||||||||
| Debt Repaid | - | -$300.19M | $161.98M | $422.52M | $117.11M | $258.39M | $168.52M | $107.82M | $64.42M | -$118.34M |
| Common Stock Issuance | $0 | $1.09M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$45.66M | -$100K | -$23.7M | -$26.32M | -$5.54M | -$2.46M | -$1.73M | -$11.15M | -$1.13M | $0 |
| Dividends Paid | -$205.73M | -$388.46M | -$405.49M | -$126.7M | -$99.51M | -$126.61M | -$59.61M | $0 | $0 | -$104.89M |
| Other Financing Activities | -$189.29M | -$50.78M | -$54.12M | $53.45M | -$87.57M | -$45.34M | -$99.36M | -$52.58M | -$50.48M | -$35.69M |
| Net Cash from Financing | -$500.35M | -$138.07M | -$645.29M | -$522.1M | -$309.73M | -$432.81M | -$329.23M | -$171.54M | -$121.32M | -$22.24M |
| Forex Effect | -$30.64M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$36.97M | $69.86M | -$63.36M | $95.75M | $73.29M | -$37.17M | $43.45M | -$6.47M | -$24.02M | -$13.22M |
| Supplementary Data | ||||||||||
| Operating Cash Flow | $543.9M | $749.14M | $513.36M | $505.3M | $307.3M | $397.75M | $333.75M | $89.33M | $72.28M | $241.71M |
| Capital Expenditure | -$187.65M | -$602.25M | -$116.68M | -$46.3M | -$187.81M | -$66.44M | -$21.68M | -$11.77M | -$89.23M | -$229.88M |
| Free Cash Flow | $356.25M | $146.9M | $396.68M | $459M | $119.49M | $331.32M | $312.08M | $77.56M | -$16.94M | $11.84M |
| Cash at Beginning | $278.95M | $162.04M | $225.4M | $129.65M | $56.36M | $93.53M | $50.08M | $56.55M | $80.56M | $93.78M |
| Cash at End | $241.99M | $231.9M | $162.04M | $225.4M | $129.65M | $56.36M | $93.53M | $50.08M | $56.55M | $80.56M |