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1. Company Snapshot

1.a. Company Description

StealthGas Inc., together with its subsidiaries, provides seaborne transportation services to liquefied petroleum gas (LPG) producers and users internationally.It also provides crude oil and natural gas.The company's carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer; and refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals.


As of December 31, 2021, it had a fleet of 44 LPG carriers with a total capacity of 389,426 cubic meters; three medium range product carriers with a total capacity of 140,000 deadweight tons (dwt); and one Aframax crude oil tanker with a total capacity of 115,804 dwt.StealthGas Inc.was incorporated in 2004 and is based in Athens, Greece.

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1.b. Last Insights on GASS

StealthGas Inc.'s recent performance is driven by its strong financial health, high profitability, and a plan to become debt-free within 12 months. The company has $220m in pre-booked revenue for 2025, with a projected earnings before tax of $70.51m, up 9.3%. Additionally, StealthGas trades at a discount to book value, with a solid financial position, and a 0.91 cash-to-total debt ratio, exceeding gross interest payments. Its recent Q4 2024 earnings release further supports its strong debt management and strategic fleet expansion, with stable revenues and a favorable EPS outlook.

1.c. Company Highlights

2. StealthGas Posts Strong FY2025 Results, Bolsters Capital Structure

StealthGas reported adjusted net income of $65.6 million for FY2025, the second-highest in its history, despite geopolitical turbulence. Revenues for the year came in at $173.2 million, a 3.5% increase, while voyage expenses doubled to $10.9 million. For the fourth quarter, revenues were $39.4 million, a 9% decrease from the previous year, and adjusted net income was $13.3 million, lower than the $16.4 million reported in the same period last year. Earnings per share for Q4 were $0.36 on an adjusted basis, beating estimates of $0.32.

Publication Date: Mar -05

📋 Highlights
  • Adjusted Net Income:: $65.6 million in 2025, the second-highest in company history.
  • Debt Repayment:: $86 million repaid in Q4, totaling $350 million in three years, achieving a debt-free balance sheet.
  • Share Buybacks:: $1.8 million repurchased in 2025, with $21.2 million total since 2023, reflecting shareholder value focus.
  • Revenue Trends:: Q4 revenue dropped 9% to $39.4 million, while yearly revenue grew 3.5% to $173.2 million.
  • Free Cash Growth:: Year-end free cash rose to $110 million from $29 million, driven by operational efficiency and reduced debt.

Deleverage and Share Repurchase

The company has completed its strategic deleverage, repaying $86 million in bank debt, bringing the total repayments over the last three years to $350 million, and achieving a debt-free status. This positions StealthGas as one of the few quoted shipping companies with no bank debt. Additionally, the company has started a share repurchase program, buying back shares worth $1.8 million in 2025, bringing the total to $21.2 million since its inception in 2023.

Market Outlook

Global LPG exports registered strong growth at 6% last year, driven by the U.S., which accounted for 47% of global exports. The company's management expects sustained market expansion through 2030, driven by future capacity additions from U.S. infrastructure projects, Middle East expansions, and Asia demand growth. As Harry Vafias noted, "Major terminal expansion projects in the U.S. will allow for a substantial increase in LPG exports." The spot market strengthened through Q4 on the back of improved winter demand and tighter tonnage availability.

Valuation

With a P/E Ratio of 5.85 and an EV/EBITDA of 3.15, StealthGas appears to be undervalued, considering its strong financial performance and growth prospects. The company's ROE of 9.08% and ROIC of 7.89% indicate efficient capital allocation. The Free Cash Flow Yield of 23.07% is also attractive, suggesting that the company has sufficient liquidity to reward shareholders. Analysts estimate next year's revenue growth at -5.0%, but StealthGas's debt-free status and share repurchase program are positive indicators.

3. NewsRoom

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StealthGas (NASDAQ:GASS) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Apr -08

Source: defenseworld.net

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StealthGas (NASDAQ:GASS) Stock Passes Above 200 Day Moving Average – What’s Next?

Mar -31

Source: defenseworld.net

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StealthGas (NASDAQ:GASS) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Mar -21

Source: defenseworld.net

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StealthGas: Overlooked And Deeply Undervalued Shipping Play

Mar -17

Source: seekingalpha.com

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StealthGas Q4 Earnings Call Highlights

Mar -04

Source: defenseworld.net

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StealthGas Inc. (GASS) Q4 2025 Earnings Call Prepared Remarks Transcript

Mar -02

Source: seekingalpha.com

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STEALTHGAS INC. Announces the Date for the Release of the Fourth Quarter and Twelve Months 2025 Financial and Operating Results, Conference Call and Webcast

Feb -26

Source: globenewswire.com

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Head to Head Analysis: StealthGas (NASDAQ:GASS) & KNOT Offshore Partners (NYSE:KNOP)

Jan -05

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.14%)

6. Segments

Time Charter

Expected Growth: 1%

StealthGas Inc.'s Time Charter growth is driven by increasing demand for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) transportation, coupled with a growing global fleet and rising charter rates. Additionally, the company's strategic vessel acquisitions and operational efficiency improvements contribute to its growth momentum.

Voyage Charter

Expected Growth: 2%

StealthGas Inc.'s Voyage Charter growth is driven by increasing demand for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) transportation, coupled with a strong fleet utilization rate and rising charter rates. Additionally, the company's strategic fleet expansion and modernization efforts, as well as its focus on operational efficiency, contribute to its growth momentum.

Other

Expected Growth: 3%

StealthGas Inc.'s 3% growth is driven by increasing demand for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) transportation, expansion into new markets, and a growing fleet of vessels. Additionally, the company's focus on operational efficiency and cost management has contributed to its growth.

7. Detailed Products

LPG Carriers

StealthGas Inc. operates a fleet of LPG carriers that transport liquefied petroleum gases such as propane, butane, and ethane.

Product Carriers

The company's product carriers transport refined petroleum products such as gasoline, diesel, and jet fuel.

Crude Oil Carriers

StealthGas Inc.'s crude oil carriers transport crude oil from oil fields to refineries.

Tanker Management

The company provides tanker management services, including technical management, crew management, and commercial management.

Ship Management

StealthGas Inc. offers ship management services, including vessel maintenance, repair, and dry-docking.

8. StealthGas Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for StealthGas Inc. is moderate due to the availability of alternative energy sources.

Bargaining Power Of Customers

The bargaining power of customers is low for StealthGas Inc. due to the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is high for StealthGas Inc. due to the limited number of suppliers in the market.

Threat Of New Entrants

The threat of new entrants for StealthGas Inc. is moderate due to the high barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for StealthGas Inc. is high due to the competitive nature of the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.36%
Debt Cost 7.81%
Equity Weight 81.64%
Equity Cost 7.81%
WACC 7.81%
Leverage 22.49%

11. Quality Control: StealthGas Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
StealthGas

A-Score: 6.2/10

Value: 8.8

Growth: 7.2

Quality: 7.8

Yield: 0.0

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
ZIM Shipping

A-Score: 6.1/10

Value: 9.8

Growth: 6.6

Quality: 7.2

Yield: 10.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Irish Continental

A-Score: 5.0/10

Value: 2.6

Growth: 7.3

Quality: 5.5

Yield: 4.4

Momentum: 7.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Toro

A-Score: 4.2/10

Value: 6.1

Growth: 6.2

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Performance Shipping

A-Score: 4.2/10

Value: 9.8

Growth: 3.8

Quality: 7.2

Yield: 0.0

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
DFDS

A-Score: 3.3/10

Value: 8.9

Growth: 5.3

Quality: 1.2

Yield: 1.2

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.32$

Current Price

9.32$

Potential

-0.00%

Expected Cash-Flows