StealthGas repaid $86 million in bank debt in 2025, achieving zero bank borrowings by year-end. As of December 31, the company held $99 million in cash, recorded vessel book value of $491 million and reported shareholders’ equity of $690 million against $21 million in current liabilities.

In the fourth quarter, revenue declined 9% to $39.4 million, while GAAP net income decreased to $12.8 million, or $0.34 per share, and adjusted earnings reached $0.36 per share. Operational utilization fell to 89% due to dry dockings and off-hire days on larger vessels, although operating expenses and interest costs were well contained.

For full-year 2025, adjusted net income totaled $65.6 million, marking the second-highest annual result in company history. Management repurchased $1.8 million of shares in the early part of the year, bringing total buybacks to $21.2 million since 2023, and generated $25 million net from vessel sales with $29 million of sales pending.

StealthGas secured $104 million in contracted revenues with 48% of fleet calendar days covered one year forward, including an unusually long three-year charter. The company anticipates five dry dockings in 2026 and maintains low spot market exposure, citing favorable LPG export growth of about 6% and potential geopolitical risks in key trade routes.