BW LPG Limited (BW9) - Net Assets
Based on the latest financial reports, BW LPG Limited (BW9) has net assets worth €1.93 Billion EUR (≈ $2.25 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€3.15 Billion ≈ $3.69 Billion USD) and total liabilities (€1.23 Billion ≈ $1.44 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check BW9 goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €1.93 Billion |
| % of Total Assets | 61.04% |
| Annual Growth Rate | 9.0% |
| 5-Year Change | 38.94% |
| 10-Year Change | N/A |
| Growth Volatility | 8.94 |
BW LPG Limited - Net Assets Trend (2020–2025)
This chart illustrates how BW LPG Limited's net assets have evolved over time, based on quarterly financial data. See BW LPG Limited (BW9) defensive interval to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for BW LPG Limited (2020–2025)
The table below shows the annual net assets of BW LPG Limited from 2020 to 2025. For live valuation and market cap data, see BW LPG Limited stock valuation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €1.93 Billion ≈ $2.25 Billion |
-0.62% |
| 2024-12-31 | €1.94 Billion ≈ $2.27 Billion |
+22.15% |
| 2023-12-31 | €1.59 Billion ≈ $1.85 Billion |
-0.65% |
| 2022-12-31 | €1.60 Billion ≈ $1.87 Billion |
+15.20% |
| 2021-12-31 | €1.39 Billion ≈ $1.62 Billion |
+10.73% |
| 2020-12-31 | €1.25 Billion ≈ $1.46 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to BW LPG Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 60.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €605.20 Million | 33.07% |
| Other Components | €1.22 Billion | 66.93% |
| Total Equity | €1.83 Billion | 100.00% |
BW LPG Limited Competitors by Market Cap
The table below lists competitors of BW LPG Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Helios Technologies Inc
NYSE:HLIO
|
$2.25 Billion |
|
TMC the metals company Inc
NASDAQ:TMC
|
$2.25 Billion |
|
Elkem ASA
OL:ELK
|
$2.25 Billion |
|
Greatek Electronics Inc
TW:2441
|
$2.25 Billion |
|
Teekay Tankers Ltd
NYSE:TNK
|
$2.25 Billion |
|
Smartfit Escola de Ginástica e Dança S.A
SA:SMFT3
|
$2.25 Billion |
|
Südzucker AG
F:SZU
|
$2.25 Billion |
|
Aksa Enerji Uretim AS
IS:AKSEN
|
$2.25 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in BW LPG Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,805,031,000 to 1,830,002,000, a change of 24,971,000 (1.4%).
- Net income of 242,310,000 contributed positively to equity growth.
- Dividend payments of 199,855,000 reduced retained earnings.
- Share repurchases of 2,739,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €242.31 Million | +13.24% |
| Dividends Paid | €199.85 Million | -10.92% |
| Share Repurchases | €2.74 Million | -0.15% |
| Other Changes | €-14.74 Million | -0.81% |
| Total Change | €- | 1.38% |
Book Value vs Market Value Analysis
This analysis compares BW LPG Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 142.25x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 189.78x to 142.25x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | €9.06 | €1720.00 | x |
| 2021-12-31 | €10.02 | €1720.00 | x |
| 2022-12-31 | €11.07 | €1720.00 | x |
| 2023-12-31 | €11.21 | €1720.00 | x |
| 2024-12-31 | €11.91 | €1720.00 | x |
| 2025-12-31 | €12.09 | €1720.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently BW LPG Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.24%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.76%
- • Asset Turnover: 1.14x
- • Equity Multiplier: 1.72x
- Recent ROE (13.24%) is below the historical average (18.87%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | 19.48% | 30.04% | 0.34x | 1.93x | €118.70 Million |
| 2021 | 13.47% | 14.89% | 0.53x | 1.72x | €47.61 Million |
| 2022 | 15.40% | 14.59% | 0.61x | 1.73x | €79.72 Million |
| 2023 | 31.98% | 15.95% | 1.17x | 1.71x | €322.99 Million |
| 2024 | 19.63% | 9.94% | 1.07x | 1.84x | €173.79 Million |
| 2025 | 13.24% | 6.76% | 1.14x | 1.72x | €59.31 Million |
Industry Comparison
This section compares BW LPG Limited's net assets metrics with peer companies in the Marine Shipping industry.
Industry Context
- Industry: Marine Shipping
- Average net assets among peers: $15,191,346,263
- Average return on equity (ROE) among peers: 25.30%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| BW LPG Limited (BW9) | €1.93 Billion | 19.48% | 0.64x | $2.25 Billion |
| 2020 Bulkers Ltd. (0FF) | $151.90 Million | 50.23% | 0.76x | $7.53 Million |
| EURODRY LTD. DL -01 (0LQ) | $102.51 Million | -4.16% | 1.07x | $52.61 Million |
| Qingdao Port International Co. Ltd (0QP) | $41.28 Billion | 10.96% | 0.39x | $1.03 Billion |
| ZIM Integrated Shipping Services Ltd. (2SV) | $274.45 Million | 188.74% | 9.29x | $2.63 Billion |
| HAV GROUP ASA (6HH) | $91.39 Million | 4.97% | 6.50x | $41.65 Million |
| MERCANTILE PORTS+LOGI.LTD (9KS0) | $73.63 Million | -28.82% | 0.72x | $178.16K |
| Ardmore Shipping Corporation (A61) | $506.44 Million | 27.34% | 0.43x | $651.21 Million |
| COSCO SHIPPING Holdings Co. Ltd (C6G) | $37.55 Billion | -26.38% | 2.19x | $5.09 Billion |
| A.P.MOELL-M.B U.ADR 1/200 (DP4H) | $56.70 Billion | 4.81% | 0.56x | $11.30 Billion |
About BW LPG Limited
BW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. The company operates through Shipping and Product Services segments. The company involved in the transportation of liquefied petroleum gas to oil companies, and trading and utility companies. It also offers integrated liquified petroleum gas (LPG) delivery services and support; wholesale and… Read more