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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 Q2 2025 Earnings: Strong Performance Amidst Market Uncertainty

StealthGas reported Q2 2025 results with $47.2M revenue (up 13% YoY), $21.7M adjusted net income (35% higher QoQ), and $0.59 adjusted EPS—the second-best quarterly profit in company history. Strong commercial operations drove record performance, though earnings fell 20% YoY due to prior-year gains from vessel sales. The company completed $86M in debt repayments by July, achieving full deleveraging and leaving all owned vessels debt-free. Share repurchases totaled $1.8M in 2025, reflecting value at a discount to net asset value.

Publication Date: Sep -05

📋 Highlights
  • Q2 2025 Financial Performance:: Revenue $47.2M (+13% YoY), adjusted net income $21.7M (35% QoQ growth), and adjusted EPS $0.59 (second-highest quarterly profit).
  • Debt Repayment Progress:: $86M in debt repaid by July 2025, achieving full deleveraging of all owned vessels; total debt repayment since 2023 reached $348M.
  • Eco Wizard Incident Impact:: Vessel loss caused a 8% reduction in 2025 H1 revenue; repairs expected to resume operations by Q1 2026.
  • Fleet Positioning Strategy:: 70% of fleet repositioned to Europe/Mediterranean for higher rate premiums, securing $48M in 2025 period coverage revenue.
  • Balance Sheet Strength:: $87.3M liquidity and $32M debt as of July 2025, with $1.8M share repurchases year-to-date at a discount to net asset value.

Operational Highlights

Strategic priorities include maintaining 70% 2025 period coverage (securing $48M in revenue) and $150M in future earnings. The incident involving the LPG carrier *Eco Wizard* in July caused temporary repairs and revenue loss; the vessel generated ~8% of 2025 H1 revenue. Fleet repositioning shifted 70% of assets to Europe/Mediterranean for higher rate premiums.

Financial Position and Valuation

Konstantinos Sistovaris highlighted $19.7M record operating income (22% YoY growth) and $348M in total debt repayment since 2023. Balance sheet liquidity stood at $87.3M. With a P/E Ratio of 4.36 and a P/B Ratio of 0.4, the stock appears undervalued. The company's ROE stands at 9.59%, indicating decent profitability. The Free Cash Flow Yield is 28.95%, suggesting a strong ability to generate cash. The Net Debt / EBITDA ratio is -0.6, reflecting the company's net cash position after debt repayment.

Market Outlook and Future Prospects

CEO Harry Vafias noted stable LPG demand, U.S. export growth, and challenges from trade disputes. The fleet’s full debt repayment enhances cash flow flexibility, positioning the company to capitalize on long-term LPG market fundamentals despite short-term uncertainties. The actual EPS of $0.59 beat estimates of $0.3, indicating a positive surprise. Analysts estimate next year's revenue growth at -8.5%, but the company's strong fundamentals and strategic positioning may mitigate potential downturns.

3. NewsRoom

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StealthGas Inc. (GASS) Q3 2025 Earnings Call Prepared Remarks Transcript

Nov -25

Source: seekingalpha.com

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StealthGas: 32% Insider Ownership, Debt Free, And At A 65% Discount To Book

Oct -10

Source: seekingalpha.com

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StealthGas Inc. (GASS) Q2 2025 Earnings Call Transcript

Aug -25

Source: seekingalpha.com

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StealthGas Inc. Reports Second Quarter and Six Months 2025 Financial and Operating Results

Aug -25

Source: globenewswire.com

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StealthGas: A Compelling Buy Given Its Financial Momentum

Jun -26

Source: seekingalpha.com

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StealthGas: A Deep‐Value, Almost Debt‐Free LPG Carrier Primed For Re‐Rating

Jun -04

Source: seekingalpha.com

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StealthGas Inc. (GASS) Q1 2025 Earnings Call Transcript

May -28

Source: seekingalpha.com

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

May -22

Source: globenewswire.com

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
ZIM Shipping

A-Score: 5.8/10

Value: 10.0

Growth: 6.7

Quality: 6.9

Yield: 10.0

Momentum: 1.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
StealthGas

A-Score: 5.2/10

Value: 9.0

Growth: 7.2

Quality: 7.6

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Irish Continental

A-Score: 4.7/10

Value: 4.2

Growth: 7.3

Quality: 6.1

Yield: 4.4

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Performance Shipping

A-Score: 4.2/10

Value: 10.0

Growth: 3.8

Quality: 7.9

Yield: 0.0

Momentum: 3.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Toro

A-Score: 4.0/10

Value: 5.8

Growth: 6.2

Quality: 5.2

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
DFDS

A-Score: 3.3/10

Value: 8.7

Growth: 5.3

Quality: 1.3

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

7.03$

Current Price

7.03$

Potential

-0.00%

Expected Cash-Flows