The sharp drop in forward charter coverage (49% vs 70%) and the loss of two vessels (Eco Wizard total loss, Eco Oracle trapped) materially reduce near-term revenue visibility. With the company now debt-free, management has ample balance sheet flexibility but faces a deteriorating operating backdrop. Monitor Q1 2026 results for spot rate realization and any resolution on the trapped vessel or insurance settlement on Eco Wizard.
Price Chart
Executive Summary
StealthGas Inc. filed its annual 20-F for FY2025, reporting full-year net income of $60.6 million (EPS $1.64) on revenues of $173.2 million, compared to net income of $69.9 million (EPS $1.91) on revenues of $167.3 million in FY2024. The decline in net income was driven by lower equity earnings from joint ventures ($5.1M vs $15.6M) and higher voyage expenses from increased spot market exposure, partially offset by lower interest costs after fully repaying all debt. The company ended the year debt-free with $99.1M in cash, but faces significant headwinds from the loss of the Eco Wizard vessel (total loss), a vessel trapped in the Persian Gulf, and a sharp decline in forward charter coverage (49% for 2026 vs 70% a year ago).
Key Facts
- FY2025 net income of $60.6M vs $69.9M in FY2024, a decline of 13.3%
- FY2025 EPS of $1.64 vs $1.91 in FY2024
- Q4 2025 net income of $12.8M vs $14.2M in Q4 2024, down 10%
- Q4 2025 revenues of $39.4M vs $43.5M in Q4 2024, down 9%
- Full-year revenues of $173.2M vs $167.3M in FY2024, up 3.5%
- All debt fully repaid; company is debt-free as of Dec 31, 2025
- Cash and cash equivalents of $99.1M as of Dec 31, 2025
- Eco Wizard declared a total loss after July 2025 explosion; $61.7M insurance claim recognized
- One vessel (Eco Oracle) remains trapped in Persian Gulf due to Strait of Hormuz closure
- Forward charter coverage for 2026 dropped to 49% from 70% a year ago
- Equity earnings from JVs fell to $5.1M from $15.6M, primarily due to absence of vessel sale gains
- Voyage expenses surged to $22.5M from $11.7M due to increased spot market days
- Impairment loss of $0.5M on vessel Gas Cerberus
- Share repurchases of $1.8M in 2025; $8.8M remaining under $30M authorization
Financial Impact
Net income declined $9.3M YoY (13.3%); Q4 revenue declined $4.1M (9%); full-year revenue grew $5.9M (3.5%) but at the cost of significantly higher voyage expenses
Risk Factors
- Forward charter coverage for 2026 fell to 49% from 70%, increasing spot market exposure
- Eco Wizard total loss removes a 40,551 cbm vessel from revenue generation
- Eco Oracle remains trapped in Persian Gulf due to Strait of Hormuz closure
- Geopolitical risks from Iran-Israel war, Ukraine conflict, and US tariffs disrupting trade patterns
- Higher voyage expenses from increased spot market days compress margins
- Declining equity earnings from JVs as vessel sale gains normalize
- Potential impairment risk on 4 vessels with carrying values above market values by ~$4.6M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-183385 |
| Document: d66975dex11.htm | 0001193125-26-183385 |
| Document: d66975dex8.htm | 0001193125-26-183385 |
| Document: d66975dex121.htm | 0001193125-26-183385 |
| Document: d66975dex122.htm | 0001193125-26-183385 |
| Document: d66975dex131.htm | 0001193125-26-183385 |
| Document: d66975dex132.htm | 0001193125-26-183385 |
| Document: d66975dex151.htm | 0001193125-26-183385 |
| Document: 0001193125-26-183385-index-headers.html | 0001193125-26-183385 |
| Document: 0001193125-26-183385-index.html | 0001193125-26-183385 |
| Document: 0001193125-26-183385.txt | 0001193125-26-183385 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 6-K | $9.33 $8.98 | ▲ +3.75% | ▲ +2.63% | $8.13 (+12.86%) |
Sep 2, 2026 7w ago | Press Release | $9.49 $9.14 | ▲ +3.69% | ▲ +3.54% | $8.13 (+14.33%) |
Aug 28, 2026 8w ago | Press Release | $9.49 $8.87 | ▼ −6.53% | ▼ −6.79% | $8.13 (−14.33%) |
Aug 28, 2026 8w ago | 6-K | $9.49 $8.87 | ▼ −6.53% | ▼ −6.79% | $8.13 (−14.33%) |
Jun 8, 2026 20w ago | 6-K | $9.39 $8.51 | ▼ −9.37% | ▼ −10.82% | $8.13 (−13.42%) |
Jun 5, 2026 20w ago | Press Release | $9.62 $8.30 | ▼ −13.72% | ▼ −15.58% | $8.13 (−15.49%) |
Jun 1, 2026 21w ago | Press Release | $9.35 $7.90 | ▼ −15.51% | ▼ −14.21% | $8.13 (−13.05%) |
Apr 28, 2026 25w ago | 20-F | $9.64 $9.69 | ▼ −0.52% | ▲ +4.94% | $8.13 (+15.66%) |
Mar 2, 2026 34w ago | Press Release | $8.68 $9.01 | ▼ −3.80% | ▼ −11.74% | $8.13 (+6.34%) |
US Market Status
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