PREVIEW — Synthos Deep Dive v2 template · not published · founder review · 2026-07-03
Dorian LPG LPG
Energy · Oil & Gas Midstream · Synthos Deep Dive · 2026-07-03
$37.78
Watch
Risk 7Growth 4Exponential 2Fair value $44 $27–$57
The 20-second read
What it does
Dorian LPG Ltd. (NYSE: LPG) is a pure-play owner and operator of Very Large Gas Carriers (VLGCs) — the largest class of ships that transport liquefied petroleum gas (propane/butane), primarily on the long-haul US-Gulf-to-Asia and Middle-East-to-Asia routes.
Where it stands
$37.78 · Watch · fair value ~$44 (+16% vs price) · Risk 7/10, Growth 4/10
Where it's going
A cash-gushing VLGC rate cycle at 8× earnings and a ~7.8% yield — it gets actionable on a reclaim of the 50-DMA (~$40) or a flush toward the 200-DMA (~$32); a freight-rate rollover (FY28 estimates already pencil EPS nearly halving) is what breaks it.
$2.95/sh TTM ≈ 7.8% yield, ~54% payout — irregular by design (rate-linked), not a promise
Exponential Potential
2/10 · Low — a fixed fleet at spot freight rates; consensus has FY28 EPS nearly halving off the FY27 spike
Technicals
Deteriorating — below the 50-DMA ($40.47), RSI 26 (oversold), MACD −1.44, −20.8% off the 52-wk high ($47.72), though still +57.9% off the low and above the 200-DMA ($32.37)
Conviction
None — 0 expert-panel claims on the company; 1–2 sell-side analysts per estimate year. You are on your own here, and we say so.
Position sizing
If triggered: satellite, ≤1–2%, income/cyclical sleeve — never a core anchor
VLGC spot-rate rollover — the whole P&L is freight-rate leverage, and consensus already pencils FY28 EPS down ~47% from FY27
One-line thesis. Dorian LPG is a pure-play Very Large Gas Carrier owner riding a strong LPG-freight cycle — FY26 EPS $4.55 (+113% YoY), a fourth-quarter blowout ($1.90 vs $1.41 est), an 11.8% FCF yield and a 7.8% dividend — but this is a spot-rate cyclical whose EPS did $7.63 → $2.14 → $4.55 in three fiscal years, insiders have been selling at $35–45, the chart just lost its 50-DMA, and consensus itself has earnings nearly halving in FY28, so we Watch rather than chase: the 8× multiple is the market correctly refusing to capitalize peak freight rates.
◆ Synthos call — WatchA cash-gushing VLGC rate cycle at 8× earnings and a ~7.8% yield — it gets actionable on a reclaim of the 50-DMA (~$40) or a flush toward the 200-DMA (~$32); a freight-rate rollover (FY28 estimates already pencil EPS nearly halving) is what breaks it.
Downside Risk (lower = safer)
7/10 · High
Spot VLGC freight is brutally cyclical (EPS $7.63 → $2.14 → $4.55 in three years), $1.6B small cap, net-debt/EBITDA 1.30×, a related-party pool structure, and a cluster of insider sales at $35–45 — the 0.78 beta badly understates cargo-rate risk.
Growth Quality
4/10 · Moderate
Fat TTM margins (net 40.5%) and ROIC ~11% are rate-driven, not structural — FY28–FY30 revenue estimates ($405–432M) sit BELOW FY24's actual $561M; this is mean-reversion, not growth.
Exponential Potential
2/10 · Low
A fixed fleet hauling a commodity at spot rates — no acceleration, no compounding TAM; estimates themselves pencil FY28 EPS nearly halving. The opposite of an exponential.
⚖ Reverse-DCF cross-checkMarket-implied growth ≈ 5%/yrTo justify today’s $38, earnings would have to compound roughly 5% a year for 10 years (9% discount rate). Analysts forecast ~-1%/yr, so the market is pricing in MORE than what the Street expects.What do the 5 tiers mean? (Core · Tactical · Watch · Hold · Avoid)
Buy — CoreOwn it as a foundation — start or add now, size it for years, let dips be gifts.
Buy — TacticalGood price + confirmed trend + a defined exit — buy the setup, not a marriage.
WatchWe want the business, just not at this price/setup — act only when the listed trigger hits.
HoldFine to keep if you own it — no reason to buy more; new money does better elsewhere.
AvoidDon't own it — the problem is the business or the expectations, so a cheaper price won't fix it.
In plain English
Dorian owns a fleet of giant ships (VLGCs — Very Large Gas Carriers) that haul liquefied petroleum gas — mostly propane — across oceans, chiefly from US export terminals to Asia. When shipping rates are high, the company mints money; when rates fall, profits can drop by two-thirds in a single year. That is exactly what its history shows.
Right now rates are good: last fiscal year profits more than doubled, the final quarter smashed expectations, and the company pays a dividend yielding almost 8%. The stock also looks very cheap — about 8 times earnings. So why aren't we buying?
Downside Risk 7/10 (high). "Cheap" cyclicals are often cheapest-looking right before earnings fall. Three years ago EPS was $7.63; the next year it was $2.14. Company insiders have been sellers recently, and the stock just broke below its 50-day trend line.
Growth Quality 4/10 (below average). The fat profits come from freight rates, not from a growing business — analysts expect revenue in 2028–2030 to be lower than it was in fiscal 2024.
Exponential Potential 2/10 (very low). A fixed fleet hauling a commodity cannot compound. This is an income-and-cycle trade, not a wealth-multiplier.
The one big worry: LPG freight rates are set daily by a volatile spot market. If the rate cycle turns — new ship deliveries, a trade disruption, an arbitrage window closing — earnings and the dividend shrink together, and there is nothing management can do about it.
Solid = price · dashed = 50-day average · dotted = 200-day average · amber = 52-week high/low. Price above both averages is an uptrend.
Bollinger Bands 20-day average ± 2 standard deviations
The shaded band widens when the stock gets more volatile. Riding the upper edge = strong momentum (sometimes stretched); the lower edge = weak / potentially oversold.
Blue crossing above amber (bars flip green) = momentum turning up; below (bars red) = turning down. Bar height = the size of that gap.
Relative performance vs S&P 500 & its sector (XLE (sector)), set to 100 a year ago
Solid = LPG · dashed = S&P 500 · dotted = XLE (sector). A rising line means it is beating that benchmark — the sector line shows whether it is a leader or laggard within its own group.
Darker bars = actual results, brighter = analyst estimates. Taller bars to the right = expected growth.
Key stats an RIA wants
Price$37.78
Market cap$2B
P/E trailing8×
P/E FY26E / FY27E9× / 5×
EV / Sales4.2×
EV / EBITDA6.8×
Gross margin57.5%
Net margin40.5%
Dividend yield7.81%
Beta0.781
52-wk range$24 – $48
RSI(14)26
50 / 200-DMA$40 / $32
12-mo return+47% (SPY +21%)
Street target$55 ($55–$55)
Analyst grades4 Buy · 5 Hold · 0 Sell
FMP ratingA
Next earnings2026-08-05
What the experts actually said 0 traceable claims on LPG · showing the highest-conviction voices
Every claim reconciles to a real claim_id in the Synthos knowledge base — this is the evidence the verdict is built on, not vibes. Management (the company itself) is shown but half-weighted; one cautionary voice is included on purpose.
1. What it is
Dorian LPG Ltd. (NYSE: LPG) is a pure-play owner and operator of Very Large Gas Carriers (VLGCs) — the largest class of ships that transport liquefied petroleum gas (propane/butane), primarily on the long-haul US-Gulf-to-Asia and Middle-East-to-Asia routes. Established 2013, IPO May 2014, headquartered in Stamford, CT; CEO John C. Hadjipateras; ~577 employees; Marshall Islands incorporation (hence the 0% income-tax line across every year in the filings). The profile in our data file states the operational fleet was twenty-two VLGCs as of May 27, 2022 — that fleet count is dated, a gap we flag rather than paper over.
Revenue mix (from the segment filings, latest available FY2023): essentially one business — "Net pool revenues — related party" $364.5M of $389.7M total, plus time-charter revenues $22.7M and other $2.5M. The "related party" label matters: most of the fleet earns through the Helios LPG Pool, a joint marketing pool, so reported revenue is a net share of pool earnings rather than direct voyage billing. Segment data beyond FY2023 is not in our file — another honest gap.
The economic engine is simple: fleet size is roughly fixed, so revenue ≈ spot VLGC freight rates × utilization, and with high fixed costs and cheap fixed-rate debt, rate swings flow through to EPS with enormous leverage in both directions.
2. The expert thesis (traceable)
No expert-panel coverage — this note is fundamentals-driven. The Synthos KB contains zero claims on Dorian LPG the company. A search for "LPG" surfaces only two macro claims about LPG the commodity — geopolitical_cousins (2026-03-05, conviction 72–75, skill 1.0) arguing India is exposed because ~90% of its LPG imports transit Hormuz while it loses its discounted Russian-crude tailwind (geopolitical_cousins-yAU4gHSClcY:3390273088, geopolitical_cousins_m-yAU4gHSClcY:89d1b90c72). That is tangential context, not a thesis on this stock — and note a Hormuz disruption would cut both ways for a shipowner: freight-risk premia and re-routed ton-miles up, but cargo volumes at risk.
Sell-side coverage is nearly as thin: 1–2 analysts per forward estimate year, and the "consensus" price target of $55 is a single target (high, low and median are all $55). This is the honest house standard for screen-surfaced names: the verdict below rests on the filings, the estimates and the price action — nothing else — and the absence of informed voices is itself a reason for conservative sizing.
3. Synthos scores & the Bull / Base / Bear cases
Score
0–10
The read
Downside Risk(lower = safer)
7 · High
The balance sheet is fine (net-debt/EBITDA 1.30×, current ratio 2.67, interest coverage 7.1×) — the risk is the business: spot-rate EPS whiplash ($7.63 → $2.14 → $4.55 across FY24–FY26), a $1.6B small cap, a related-party pool structure, thin analyst coverage, a cluster of insider sales at $35–45, and a tape that just lost its 50-DMA with RSI 26. The 0.781 beta measures correlation, not danger.
Growth Quality
4 · Moderate
TTM net margin 40.5%, ROE 17.9%, ROIC 11.3%, income quality 1.09 (cash confirms earnings) — genuinely profitable today. But it is all rate, no compounding: consensus revenue for FY28 ($410M), FY29 ($405M) and FY30 ($432M) is below FY24's actual $561M. Zero R&D, no pricing power, no operating flywheel.
Exponential Potential
2 · Low
Fixed fleet × commodity spot rates = no second derivative to own. Consensus pencils FY27 EPS spiking to ~$7.15 then falling ~47% to $3.81 in FY28 and staying flat. Room-to-run logic does not apply to a ship pool.
The three cases (our own scenario model — assumptions labeled; ~12–18-month fair values, no false-precision probability blend):
Case
Key assumptions
Fair value
Bull
The FY27 rate spike lands as the two covering analysts model (EPS ~$7.15, rev ~$598M) and rates stay firm into FY28; the market pays ~8× spike earnings, aided by the ~7.8% yield. Roughly the lone Street target ($55).
~$57 (+51%)
Base(our anchor)
Rates stay decent through FY27 then normalize as consensus says; value it on mid-cycle EPS ~$4.65 (average of FY23–FY26 actuals: $4.31, $7.63, $2.14, $4.55) at ~9.5× — equivalently ~6.2× FY27E or ~1.65× tangible book — while collecting the dividend.
~$44 (+16%)
Bear
The cycle rolls early (FY25 rerun: EPS ~$2), the dividend is cut with it, and the stock de-rates to ~1.0× tangible book ($26.74/sh) — where asset value, not earnings, sets the floor.
~$27 (−29%)
Synthos fair value = the base case, ~$44 (+16%) — deliberately below the $55 "consensus," because that consensus is one analyst's target struck off spike-year earnings. The FMP composite rating is A (overall 4/5, DCF score 5/5) — a fair mechanical read of the cash flows, but mechanical models capitalize peak rates; we won't. This is a tracked call — the Forecaster Scorecard grades it once it matures.
4. Exponential Potential
Synthos separates compounders from exponentials. Dorian is neither — it is a cyclical income vehicle:
Forward growth is a spike, then a give-back: consensus revenue $481.5M (FY26A) → $597.6M (FY27E, +24%) → $409.6M (FY28E, −31%) → $404.5M (FY29E) → $432M (FY30E). EPS: $4.55 → ~$7.15 → ~$3.81 → ~$3.81 → (no FY30 EPS estimate — 0 analysts).
The second derivative is negative by construction: the estimate curve peaks in FY27 and mean-reverts. There is no accelerating adoption curve here — only a freight cycle.
No room-to-run mechanics: a shipowner grows by buying ships, at cyclical prices, with debt — capex was $93.8M in FY26 (~19% of revenue) and the fleet count is structurally bounded. FY28–FY30 revenue below FY24 actuals is the tell.
What you do get: an 11.8% FCF yield and a 7.8% TTM dividend yield while the cycle lasts.
Exponential Potential: Low (2/10). Own it (if at all) for cycle-and-income, never for compounding.
Revenue: FY26 (ended 2026-03-31) $481.5M, +36.3% (FY25 $353.3M, which was −37.0% off FY24's $560.7M). Five-year path: $315.9M → $274.2M → $389.7M → $560.7M → $353.3M → $481.5M — a sine wave, not a growth line.
Quarterly trajectory (FY26, strong finish): Q1 $84.2M (EPS $0.24) → Q2 $120.6M ($1.30) → Q3 $120.0M ($1.11) → Q4 $153.3M ($1.90). The Q4 print (2026-05-20) beat by ~34% on EPS ($1.89 reported per the earnings calendar vs $1.41 est) and ~19% on revenue — after three straight quarters of misses (Q1 $0.27 vs $0.61 est; Q2 $1.31 vs $1.45; Q3 $1.11 vs $1.15).
Margins (TTM): gross 57.5%, EBITDA 61.3%, operating 43.7%, net 40.5% — spectacular, and spectacularly rate-dependent (FY25's same lines were far thinner on $353M of revenue).
Earnings quality — good: income quality 1.09 (operating cash flow exceeds net income), zero goodwill/intangibles, SBC only 2.3% of revenue, and a 0% tax rate (Marshall Islands) that is structural, not a gimmick. FY26 net income $193.7M / EPS $4.55 is clean.
Cash flow: FY26 operating CF $210.1M, capex −$93.8M (up sharply from FY25's $18.9M — fleet investment), FCF $116.3M. Dividends paid $105.0M; buybacks a token $7.0M. Note FY25 included an $89M stock issuance while paying $156M of dividends — capital recycling worth watching (§9).
Balance sheet: cash $327.4M, total debt $709.6M (of which $148.7M capital leases), net debt $382.2M, net-debt/EBITDA 1.30×, equity $1.139B — and with zero goodwill, book is all-tangible: $26.74/share. Current ratio 2.67, interest coverage 7.1×. Solid for a shipowner.
6. Valuation — priced in or room?
The stock screens very cheap: 8.3× trailing EPS, 6.8× EV/EBITDA, 1.41× tangible book, 11.8% FCF yield, 12.0% earnings yield, 7.8% dividend yield; the Graham number computes to $52.30. FMP's mechanical rating is A (DCF score 5/5). The honest counterpoint: cyclicals are supposed to look cheap at high rates — the market is refusing to capitalize spike earnings, and consensus agrees, penciling FY28 EPS down ~47% from the FY27 estimate. On forward numbers the multiple is 8.8× FY26A → 5.3× FY27E → ~9.9× FY28E: the multiple "cheapens" into the spike and re-expands right back as rates normalize. Street context is unusually weak here: one price target ($55 across high/low/median) and a 4-Buy/5-Hold/0-Sell "Hold" consensus. Our $44 base case values it on mid-cycle earnings (~$4.65 at ~9.5×, ≈1.65× tangible book) rather than on either the trailing print or the FY27 spike — the difference between "cheap" and "correctly priced for a cycle" is the whole debate on this name.
7. Technicals (from the tech block)
Trend: cracking. $37.78 is below the 50-DMA ($40.47) and MACD is −1.44 (negative) — but still comfortably above the 200-DMA ($32.37), so the longer uptrend is intact.
Location:−20.8% off the 52-week high ($47.72) — near the max drawdown from peak of −26.2% — and +57.9% off the 52-week low ($23.93).
Momentum: RSI(14) 26 — genuinely oversold. Sell-offs this stretched often bounce, but oversold in a broken short-term trend is a warning as much as an invitation.
Relative strength: +46.7% 12-mo vs SPY +21.1% / QQQ +31.2% and +55.2% 6-mo vs SPY +10.2% — big outperformance on the long lens — but +9.1% 3-mo vs SPY +14.6%: the stock has gone from leader to laggard this quarter.
Read: a momentum name that lost its momentum. The screen that surfaced it was looking at the 6–12-month lens; the last three months say distribution. This is the core of the Watch call: either the 50-DMA (~$40) is reclaimed (trend repair) or the 200-DMA (~$32) gets tested (better price). Chasing the middle at $38 offers neither confirmation nor margin.
8. Moat & competitive position
There is no moat in commodity shipping — VLGC freight is a global spot market and Dorian is a price-taker. What Dorian has instead are competitive attributes: a modern pure-play VLGC fleet, scale economics through the Helios pool (shared marketing/utilization — at the cost of related-party opacity), a conservative balance sheet (1.30× net-debt/EBITDA buys staying power through troughs), and US-listing liquidity. The cycle itself is the "asset": VLGC supply (newbuild deliveries) versus US/Middle-East LPG export volumes and ton-mile demand sets rates, and none of that is in management's control.
Peer set (FMP-supplied, market cap): a loose energy-transport basket rather than clean comps — FLEX LNG $1.62B, Navigator Holdings $1.23B (the closest true comp — smaller gas carriers), Dorchester Minerals $1.22B, Global Partners $1.60B, MRC Global $1.17B, NESR $2.79B, NPK International $1.19B, RPC $1.22B, Vermilion Energy $1.34B, Bristow $1.25B. The most relevant VLGC comparators (BW LPG, Avance Gas) are not in the supplied list — judge LPG against the gas-carrier cohort, not this grab-bag.
9. Management, capital allocation & guidance
Capital allocation: shareholder-heavy and rate-linked — FY26: dividends $105.0M (on $116.3M FCF), buybacks $7.0M, net debt roughly flat (+$8.4M issuance); FY24–FY25 paid out $162M and $156M respectively. The wrinkle: FY25 issued $89M of stock while paying those dividends — recycling equity into fleet capex while keeping the payout. Not damning, but it means the dividend is partly financed capital return, and it is irregular by design (rate-linked), not a bond coupon.
Insider activity — a negative tell: three sales in six weeks per the Form 4 feed: CCO Tim Hansen sold 20,000 shares at $35.38 (2026-06-30, filed 07-01), director Christina Tan sold 5,708 at $44.08 (2026-06-11), director Ted Kalborg sold 15,373 at $45.06 (2026-05-22) — against only routine director share awards on the buy/award side (2026-03-31 grants). Insiders selling into the top of the range while the stock breaks trend is worth exactly the weight we give it: a caution flag, not proof.
Guidance: no management guidance is captured in our data file (no KB management claims, no guidance fields) — VLGC owners rarely guide, since they cannot forecast their own spot rates. We say so rather than invent it.
10. Catalysts & what to watch
Next earnings: 2026-07-31 (Q1 FY27; Street EPS $2.25, revenue ~$170M). Those estimates imply the FY27 rate spike is already assumed — an in-line print confirms the bull path; a miss the size of last year's Q1 (reported $0.27 vs $0.61 est) would gut the FY27 EPS spike thesis on day one.
VLGC spot rates / Baltic LPG assessments: the single variable that is the whole P&L.
US LPG export volumes & terminal capacity (ton-mile demand) versus the VLGC newbuild delivery schedule (supply) — the cycle's two blades. Not in our data file; monitor externally.
Hormuz / Red Sea disruption: the one macro thread our KB does touch (geopolitical_cousins, 2026-03-05) — re-routing lifts ton-miles and rates, but a genuine Gulf supply outage cuts cargo volumes.
Dividend declarations: rate-linked and irregular — the declared amount each quarter is a direct management read on the cycle.
Insider filings: more selling below $40 would upgrade the caution flag.
Thesis tripwires (what would change the call):upgrade trigger — price reclaims the 50-DMA (~$40) with the Q1 print at/above $2.25; downgrade trigger — a Q1 miss plus a dividend cut, or a decisive break of the 200-DMA (~$32), which would say the FY28 down-cycle is arriving a year early.
11. Key risks
Rate cyclicality (the dominant risk): EPS $7.63 → $2.14 → $4.55 in three fiscal years, and consensus itself models FY28 EPS −47% off FY27. Everything else is a footnote to this.
The "cheap" trap: low P/E on peak-cycle earnings is how value investors get hurt in shipping — the multiple is lowest exactly when forward earnings are most at risk.
Dividend fragility: $2.95 TTM (~7.8%) is rate-linked and irregular; FY26 payout was ~90% of FCF. A rate rollover cuts the dividend with it.
Insider selling: CCO + two directors selling at $35–45 within six weeks of a trend break.
Structural/coverage opacity: related-party pool revenue (Helios), segment data only through FY2023, a fleet count last stated as of May 2022, 1–2 covering analysts, and a one-target "consensus" — the information environment is thin.
Balance-sheet cyclicality mismatch: 1.30× net-debt/EBITDA is comfortable at these EBITDA levels; on FY25-trough EBITDA ($193M) the same debt was ~2.1× — leverage ratios inflate as the cycle deflates.
Geopolitical two-sidedness: Gulf disruption can spike rates (good) or destroy cargo volume (bad) — do not assume the friendly branch.
Tax/regulatory: the 0% Marshall Islands tax rate is a structural benefit that carries perennial (if low-probability) regulatory headline risk.
12. Verdict, position sizing & monitoring
Watch. Dorian LPG is a well-run, cleanly-accounted, conservatively-levered way to own the VLGC freight cycle, and at 8.3× trailing with an 11.8% FCF yield and a 7.8% dividend it is genuinely cheap if rates hold — the two covering analysts even model an FY27 EPS spike to ~$7.15. But three things stop us short of a Buy today: the setup just broke (below the 50-DMA, MACD negative, 3-month relative strength now lagging the S&P), insiders sold into the highs, and the estimate curve itself says FY28 earnings nearly halve — meaning the market's refusal to pay more than 8× is rational, not an inefficiency. With zero expert-panel coverage and one-analyst price-target "consensus," conviction inputs are too thin to override the price action.
Action plan: do nothing at $38. Buy trigger A (trend repair): reclaim and hold the 50-DMA (~$40) with the 2026-07-31 print at/above the $2.25 EPS estimate. Buy trigger B (better price): a flush toward the 200-DMA (~$32), which is ~1.2× tangible book and would put the base case ~38% above entry with the yield as the carry.
Sizing if triggered:satellite, ≤1–2%, in the income/cyclical sleeve — sized so a bear-case −29% to ~$27 (1.0× tangible book) is a nuisance, not a wound.
Monitoring: re-underwrite on the §10 tripwires; formal re-score each earnings print (next 2026-07-31). This verdict is logged as a tracked Synthos call as of 2026-07-06 at $37.78.
Single biggest risk: a VLGC spot-rate rollover — the entire earnings stream is freight-rate leverage on a fixed fleet, and the down-leg is already in the consensus numbers for FY28.
Provenance & disclosures
Traceability:0 KB claims on Dorian LPG the company — no expert-panel coverage; this note is fundamentals-driven, per house standard for screen-surfaced names. The only KB matches on "LPG" are two commodity-macro claims (geopolitical_cousins, 2026-03-05, on India's Hormuz-transiting LPG imports: geopolitical_cousins-yAU4gHSClcY:3390273088, geopolitical_cousins_m-yAU4gHSClcY:89d1b90c72) — cited as tangential context only. kb_net_conviction is null because there is nothing to aggregate; fabricated conviction is structurally impossible (claim-ID reconciliation).
Data as-of: fundamentals FY2026 (period ended 2026-03-31, filed 2026-05-27) · estimates & prices 2026-07-06 · segment detail only through FY2023 · fleet count as stated in the profile (22 VLGCs as of 2022-05-27 — dated).
Estimate-thinness caveat: forward figures are FMP analyst consensus built on 1–2 analysts per year (FY30 EPS: zero analysts), and the $55 street target is a single target. Treat all forward numbers as low-confidence.
Valuation-assumption labels: base case = ~9.5× mid-cycle EPS (~$4.65, the FY23–FY26 average) ≈ 1.65× tangible book; bull = ~8× FY27E EPS $7.15; bear = ~1.0× tangible book $26.74. Our own scenario model, not a Street blend.
Structure caveat: most revenue flows through the related-party Helios LPG Pool; reported revenue is a net pool share.
Not investment advice. Independent research, educational and informational only, never personalized. Hypothetical/forward figures are labeled; the only performance numbers Synthos will headline are the live, real-money Flagship's.
Version: 2026-07-06. Prior versions available via the deep-dive version dropdown ("based on the info at the time").