Episode Details

StealthGas (GASS) Q2 2026 — Shares closed down 1.7% to $9.33 the session the print landed. StealthGas's own vessels, at their own depreciated book value, are worth almost three times what the stock market pays for the entire company once you back out its cash. At $9.33 a share the company carries $19.55 of book value, zero bank debt, and $168.3 million of cash and short-term investments. The Q2 print adds another $17.3 million of profit to a balance sheet the market still will not touch, even as the fleet keeps shrinking. THE CALL: BULLISH (2/5, LOW-MODERATE) — base-case value ~$10.90 vs ~$9.33 today. KEY METRICS: - Revenue $42.9M, -9.1% YoY, flat QoQ; net income $17.3M, EPS basic $0.46 - Net income +8.8% quarter over quarter from $15.9M; -15.2% year over year from $20.4M - Adjusted EPS $0.46 vs $0.59 a year ago, -22.0% YoY; EBITDA $22.1M - Average vessels owned 26.4 vs 28.3 a year ago, -6.7%; fleet now 26 LPG carriers incl. one JV vessel - All bank debt paid off since Q3 2025; every fully owned vessel is unencumbered - Cash and short-term investments $168.3M at 6/30/2026; total liabilities just $28.3M - Stockholders' equity $726.8M; book value per share $19.55 vs a $9.33 close (0.48x book) - Enterprise value ~$178.6M, just 37.7% of the $473.3M net book value of the vessels alone - Two vessels sold in H1 2026 for a $3.9M gain; proceeds $28.8M vs $12.2M a year ago - Management says liquidity is now 'over $250 million' post-quarter, following an insurance settlement - unaudited, not yet in book value - No live analyst coverage found; most recent dated rating on file is Maxim Group Buy, August 2023 What to watch: The post-quarter 'over $250 million' liquidity figure shows up in an audited Q3 2026 balance sheet, and/or StealthGas acquires a vessel rather than only selling them Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.