Where GASS sits among all investable US stocks
Cheapness against five-year return on assets, as percentiles. Upper left is cheaper with higher returns; larger dark dots are its industry (Support Activities for Oil and Gas Operations).
StealthGas is a debt-free LPG shipper at 3.3× operating income with cash backing it; buybacks, an activist holder or fleet-renewal spending could narrow the gap.
StealthGas owns LPG carriers; its shares returned 258.1% over five years against 141.8% for peers and 76.5% for the S&P 500. They rose 11.2% on Tuesday, November 3, 2026, with no news found. Q2 revenue fell to $42.9 million on a smaller fleet, and the cash pile awaits deployment. Is it a bargain or a trap? The numbers say bargain: 3.3× operating income, a 21.9% free cash flow yield and net cash.
The commentary was written on November 3, 2026, from that day's figures. Since then: FCF yield 21.9%, now 22.2%; operating earnings yield 29.9%, now 30.5%; implied price if operating income falls 20% $7.95, now $7.88. The figures and charts show today's.
The last five years on the numbers
Where GASS has ranked among investable US stocks each quarter since 2021. Hollow dot: five years ago; solid dot: the latest quarter. The share price over the same years is in the five-year record below.
Cheap and high quality: 1st percentile multiple, 72nd percentile returns.
3.3× EV to operating income (1st percentile; industry median 36th) on 5-year return on assets in the 72nd percentile. Operating yield 29.9% vs 4.9% Treasury; free cash flow yield 21.9%, 96th percentile. Net cash $168M.
Against the market, its industry and sector
GASS as a percentile of all 3,202 investable US stocks, against the 61 in Support Activities for Oil and Gas Operations and the 157 in the Energy sector.
| Metric | GASS | Position | In its industry | Industry median | Sector median |
|---|---|---|---|---|---|
| Acquirer's Multiple | 1st | The cheapest of 61 | 36th | 35th | |
| Free cash flow yield | 96th | #3 of 61 | 61st | 59th | |
| Shareholder yield | 26th | #50 of 61 | 53rd | 58th | |
| Dividend yield | 26th | #39 of 61 | 62nd | 68th | |
| Return on assets, 5-yr avg | 72nd | #20 of 61 | 62nd | 70th | |
| Debt to book equity | 3rd | The least debt of 61 | 45th | 46th | |
| Market cap | 10th | #59 of 61 | 49th | 58th |
Percentiles of the number itself. For the Acquirer's Multiple and debt to equity, lower is better: the 5th percentile on the multiple is cheaper than 95% of investable US stocks. Green is the better end, red the worse. Orange dot: GASS; bar: industry median; diamond: sector median. Data as of 2026-10-31.
Price v Return
What the shares and assets earn, against the 10-year Treasury.
Its industry against its own history
Support Activities for Oil and Gas Operations report →The industry's multiple is at the 36th percentile, cheaper than in 66% of quarters, with return on assets in its usual range (62nd percentile). Free cash flow yield is higher than in 85% of quarters. GASS is far cheaper.
| Metric | Percentile now | Usual range | Against its history | Last 10 years |
|---|---|---|---|---|
| Acquirer's Multiple | 36th | 24th–70th | Usual range | |
| Free cash flow yield | 64th | 24th–70th | Higher than usual | |
| Shareholder yield | 54th | 36th–66th | Higher than usual | |
| Dividend yield | 61st | 24th–64th | Higher than usual | |
| Return on assets, 5-yr | 62nd | 32nd–71st | Usual range | |
| Debt to equity | 46th | 44th–53rd | Less debt than usual | |
| Company size | 47th | 33rd–59th | Usual range |
The industry's median stock as a percentile of all investable US stocks on each number. For the Acquirer's Multiple and debt to equity, lower is better: the 10th percentile is cheaper than 90% of the market. For yields, returns and size, higher is bigger. Usual range covers the middle 80% of quarters since 1999; it's the shaded band in each chart. Each chart is zoomed to its own range (the numbers on the left): green shading marks the metric's better side and red its worse side, the dashed line is the 50th percentile, and the dot is today, coloured by where it sits.
No live catalyst yet: buybacks paused, a 13D holder watches, no bid.
Buyback authorization is $30M, with over $21.2M used since June 2023, but none in Q2 as shares rose. Tisch's TowerView holds 7.3%; no campaign found. Liquidity over $250M awaits fleet renewal.
Catalyst check
Likelihood of a catalyst: ModerateNo live catalyst: buybacks are paused, a 13D holder owns 7.3%, and the cash pile could fund buybacks or fleet renewal.
Insiders hold sway, and earnings are tied to a volatile LPG market.
Founder-CEO's Flawless Management holds 19.1% and has past related-party ties. Q2 net income fell to $17.3M from $20.4M. If operating income falls 20% at today's multiple, illustrative price is $7.95.
Value-trap check
Grades miss that profit depends on volatile LPG charter rates and a shrinking fleet, not steady earnings.
The gains are mostly GASS's own, with the sector driving the rest.
Up 258.1% in five years against peers' 141.8%. The 2023 rerating (+206.9% vs a flat sector) came from vessel sales, debt paydown and buybacks; 2022 and the 2025–26 run rode the sector.
Five years of moves
GASS +258.1% since 2021-10-25, against the median of FLNG, LPG, NVGS +141.8%, Energy (XLE) +172.7% and the S&P 500 (SPY) +76.5%. Numbered dots mark inflections (peaks and troughs); shaded bands mark divergences from the sector or market.
What drove each turning point
| # | Turning point | GASS | Peers | Sector | S&P 500 | Driver |
|---|---|---|---|---|---|---|
| 1 | Divergence vs market · 2021-12-31 → 2022-06-10 | +69.7% | +44.4% | +61.4% | −17.7% | Sector |
| Sector-led: the Imperial Petroleum spin-off made GASS a pure LPG owner, and Q1 2022 net income rose to $7.6 million from $0.8 million as LPG rates improved. hellenicshippingnews.com (1792 days ago); GlobeNewswire (1622 days ago); stealthgas.com | ||||||
| 2 | Trough · 2022-02-18 → 2022-06-10 | +83.6% | +32.3% | +31.6% | −10.0% | Company |
| Not among the most significant turning points; not researched. | ||||||
| 3 | Peak · 2022-06-10 → 2022-07-15 | −32.1% | −9.4% | −21.8% | −0.8% | Sector |
| Not among the most significant turning points; not researched. | ||||||
| 4 | Trough · 2022-07-15 → 2024-01-26 | +227.2% | +56.1% | +30.1% | +29.6% | Company |
| No news found; GASS rose 227.2% to January 2024 against peers' 56.1% and the sector's 30.1%, so the drive was the company's own. | ||||||
| 5 | Divergence vs sector · 2023-01-06 → 2024-01-26 | +206.9% | +42.1% | −0.2% | +27.5% | Company |
| Company-led: vessel sales, record profit, debt paydown and buybacks (3.9 million shares, over 10%) lifted GASS 206.9% while the sector was flat. Yahoo Finance (1259 days ago); stealthgas.com; panabee.com (433 days ago) | ||||||
| 6 | Peak · 2024-01-26 → 2024-03-22 | −26.4% | −7.0% | +10.6% | +7.3% | Company |
| No news found; GASS fell 26.4% while peers fell 7.0% and the sector rose 10.6%, so the drop was specific to the company. | ||||||
| 7 | Peak · also −49.2% vs market · 2024-05-31 → 2024-12-20 | −42.5% | −19.2% | −8.2% | +13.2% | Company |
| Company-led: Q3 2024 EPS fell to $0.33 from $0.41 with four vessels in drydock; LPG peers also slid, but GASS fell 42.5% against their 19.2%. SEC filing; Yahoo Finance (708 days ago); lloydslist.com (699 days ago) | ||||||
| 8 | Trough · 2024-12-20 → 2026-03-06 | +108.2% | +64.1% | +40.1% | +15.1% | Sector |
| Sector-led: the Hormuz crisis lifted gas shipping stocks, while record revenue, a larger buyback and zero bank debt added company support to GASS's 108.2%. Investing.com (620 days ago); tipranks.com (619 days ago); Investing.com (246 days ago); en.wikipedia.org; lloydslist.com (145 days ago) | ||||||
| 9 | Divergence vs market · 2025-10-17 → 2026-03-06 | +60.3% | +32.7% | +32.7% | +1.5% | Sector |
| Not among the most significant turning points; not researched. | ||||||
Prices: daily closes. Peers chosen by the AI analyst as the closest US-listed businesses. Moves are over each window: for a peak or trough, the move that followed it. Driver is Company, Sector or Market; see Definitions below.
Readers asked the analyst
Questions members asked about GASS, with the analyst’s answers. Answers reflect the news on the day they were given.
What are the catalysts?Nov 3, 2026
Nothing is live yet. Here is what could become a catalyst, roughly from most to least likely.
**Buybacks (most plausible).** The company raised liquidity above $250 million in Q2. The $30M repurchase authorization has had over $21.2M used since June 2023. Nothing was bought in Q2, though, as shares rose. Net cash is $168M, or 51.7% of the $325M market cap, so there is room to restart.
**Fleet renewal.** The same cash could go into new ships instead. That would help future earnings but wouldn't directly narrow the valuation gap.
**Activist or bid.** Tisch's TowerView holds 7.3% and I found no campaign. The founder-CEO's Flawless Management holds 19.1%, which makes an unsolicited bid hard. I'd call a takeover or activist push a low-probability outcome.
**Today's move.** The stock is up 10.2% and I found no news explaining it. Headlines from mid-September mention an insider move, but I couldn't see the details.
**Risk.** Earnings depend on volatile LPG charter rates. Operating income falling 20% at today's multiple gives an illustrative $7.94.
Every report on GASS
Each AI analyst report as it was published, with the share price that day and the move since (today $8.71). Past performance is not a guide to the future.
| Report | Price then | Since | What it said |
|---|---|---|---|
| Nov 3, 2026Latest | $8.80 | ▼ −1.0% | Cash-rich LPG shipper at 3.3× operating income; 13D holder owns 7.3% · Catalyst: Moderate |
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Definitions
- Acquirer's Multiple®
- Enterprise value ÷ operating income (trailing 12 months). What an acquirer would pay for the whole business against what it earns before interest and tax. Lower is cheaper.
- Enterprise value
- Market cap at today's price, plus debt, preferred stock and minority interests, less cash.
- Operating income
- Trailing 12 months, after depreciation and amortization.
- Operating earnings yield
- Operating income ÷ enterprise value: the Acquirer's Multiple turned upside down.
- Free cash flow yield
- Trailing 12-month free cash flow (cash from operations less capital spending) ÷ market cap.
- Shareholder yield
- Trailing 12-month dividends plus net buybacks (shares bought back less shares issued) ÷ market cap. Dividend yield and buyback yield are its two parts.
- Return on assets
- Trailing 12-month operating income ÷ total assets at the latest quarter.
- Net debt : market cap
- Debt less cash, as a share of market cap. Negative means net cash.
- E(r)
- Expected annual return if the Acquirer's Multiple doesn't change. It has three parts: return on assets (what the business earns on what it owns); incremental growth (return on assets × the reinvestment rate, where the reinvestment rate is five-year average capital spending ÷ five-year average total assets: what reinvested capital adds); and shareholder yield (what is paid out through dividends and buybacks). E(r) = return on assets × (1 + reinvestment rate) + shareholder yield.
- 10-year Treasury
- The latest monthly 10-year US Treasury yield, the risk-free rate the yields are compared with.
- Percentiles
- Where the stock sits among investable US stocks (price above $3, market cap above $75M, average daily trading above $850,000, no ADRs or MLPs), updated each week. Each is the percentile of the number itself: for the Acquirer's Multiple (here EBIT ÷ enterprise value) and debt (total debt ÷ book equity), lower is better; for yields, five-year average return on assets and market cap, higher is bigger. Stocks outside the investable set, such as ADRs, are placed against it.
- Industry and sector
- FactSet RBICS industry. Industry and sector medians are the middle investable stock's percentile. Industry history is that median each quarter since 1999; the usual range is the middle 80% of quarters.
- Turning points
- Inflection points are the peaks and troughs where the stock's trend reversed by about 25% or more on weekly closes; each is compared over the move that followed. Divergences are stretches where the stock pulled away from its sector fund or the S&P 500 by about 20% or more. Each is set against its peers' median, its sector fund and the S&P 500 over the same window. Driver: Market if the market moved with it (same way, at least half as far) and so did its peers or sector; Sector if only its peers or sector did; Company otherwise.
- Value-trap grades
- Return on assets: Strong at 10% or more, Mixed at 5% or more. Net debt : market cap: Strong at 30% or less, Mixed at 100% or less. Free cash flow yield: Strong at 10% or more, Mixed at 5% or more. Shareholder yield: Strong at 8% or more, Mixed at 3% or more.