The YoY earnings and revenue decline with rising costs and lower fleet utilization are clear headwinds, though the debt-free balance sheet and $250M+ cash provide a floor. Monitor Q3 fleet utilization and spot market rates for signs of recovery; the 60% period coverage for H2 2026 limits downside but also caps upside if rates rise.
Price Chart
Executive Summary
StealthGas Inc. reported Q2 2026 net income of $17.3M ($0.46 EPS), down 15% YoY from $20.4M ($0.55 EPS) on revenues of $42.9M, a 9% decline from $47.2M in Q2 2025. The revenue decline was driven by a smaller fleet (26.4 vs 28.3 vessels), while voyage expenses surged 64% due to increased spot market exposure and higher bunker costs. The company is debt-free with $168.3M in cash and short-term investments, further boosted to over $250M after an insurance settlement, but faces headwinds from sharply lower fleet utilization (94.5% vs 99.7%) and reduced forward charter coverage (60% for remainder of 2026).
Key Facts
- Q2 2026 net income of $17.3M ($0.46 EPS) vs $20.4M ($0.55 EPS) in Q2 2025, a 15% decline
- Q2 2026 revenues of $42.9M vs $47.2M in Q2 2025, down 9% due to smaller fleet
- Voyage expenses surged 64% to $7.2M from $4.4M, driven by more spot market days and higher bunker prices
- Fleet utilization dropped to 94.5% from 99.7%; operational utilization fell to 82.3% from 94.7%
- Company is debt-free with $168.3M in cash and short-term investments, now over $250M after insurance settlement
- About 60% of fleet days secured on period charters for remainder of 2026, with ~$90M in total contracted revenues
Financial Impact
Q2 net income declined $3.1M YoY (15%); revenues fell $4.3M (9%); voyage expenses increased $2.8M (64%)
Risk Factors
- Geopolitical disruptions in the Persian Gulf and Red Sea impacting shipping routes and insurance costs
- Further decline in fleet utilization or charter rates could pressure earnings
- Potential dilutive use of large cash balance (M&A or fleet expansion) may not be value-accretive
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-381114 |
| Document: d148734d6k.htm | 0001193125-26-381114 |
| Document: 0001193125-26-381114-index-headers.html | 0001193125-26-381114 |
| Document: 0001193125-26-381114-index.html | 0001193125-26-381114 |
| Document: 0001193125-26-381114.txt | 0001193125-26-381114 |
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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