PANL · Pangaea Logistics Solutions Ltd. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · PANL

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$632.04M	$536.54M	$499.27M	$699.71M	$718.10M	$382.90M
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$31.07M	$24.63M	$22.78M	$20.10M	$18.97M	$15.92M
Total Operating Expenses	$591.10M	$488.09M	$454.65M	$594.20M	$639.23M	$363.20M
D&A	$42.48M	$30.38M	$30.07M	$29.49M	$22.97M	$17.06M
Operating Income	$40.94M	$48.45M	$44.62M	$105.51M	$78.87M	$19.70M
Interest Expense	$24.01M	$17.07M	$17.03M	$14.77M	$10.33M	$7.83M
Income Tax	$366.0K	$389.0K	$417.0K	$443.0K	$605.0K	$578.0K
Net Income	$19.37M	$28.90M	$26.32M	$79.49M	$67.23M	$11.35M
EPS - Basic	$0.30	$0.64	$0.59	$1.79	$1.53	$0.26
EPS - Diluted	$0.30	$0.63	$0.58	$1.76	$1.50	$0.26

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$103.05M	$86.81M	$99.04M	$128.38M	$56.21M	$46.90M
Accounts Receivable	$55.85M	$42.37M	$47.89M	$36.76M	$54.26M	$29.15M
Inventory	$28.39M	$32.85M	$16.56M	$29.10M	$27.15M	$15.97M
Accounts Payable	$14.33M	$14.82M	$6.28M	$9.98M	$21.09M	$18.68M
Current Assets	$215.78M	$191.99M	$191.83M	$222.51M	$183.96M	$113.03M
Total Assets	$928.10M	$936.46M	$705.18M	$748.24M	$707.02M	$450.40M
Current Liabilities	$128.03M	$109.11M	$105.33M	$92.21M	$111.74M	$110.81M
Long-term Debt	$97.16M	$129.30M	-	-	-	-
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$429.33M	$427.82M	$323.89M	$314.23M	$247.20M	$182.77M
Retained Earnings	$172.25M	$169.16M	$159.03M	$151.33M	$85.66M	$23.18M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$53.73M	$65.69M	$53.79M	$134.80M	$61.75M	$20.84M
Investing Cash Flow	$11.41M	($67.69M)	($15.98M)	($28.51M)	($197.79M)	($6.89M)
Financing Cash Flow	($48.62M)	($10.23M)	($67.15M)	($34.12M)	$143.86M	($18.61M)
CapEx	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	6.5%	9.0%	8.9%	15.1%	11.0%	5.1%
EBITDA margin	13.2%	14.7%	15.0%	19.3%	14.2%	9.6%
Net margin	3.1%	5.4%	5.3%	11.4%	9.4%	3.0%
Free cash flow margin	-	-	-	-	-	-
FCF / Net income	-	-	-	-	-	-
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	4.9%	4.6%	4.6%	2.9%	2.6%	4.2%
Effective tax rate	1.9%	1.3%	1.6%	0.6%	0.9%	4.8%
Return on assets	2.1%	3.1%	3.7%	10.6%	9.5%	2.5%
Return on equity	4.5%	6.8%	8.1%	25.3%	27.2%	6.2%
Return on invested capital	7.6%	8.6%	-	-	-	-
Liquidity
Current ratio	1.69	1.76	1.82	2.41	1.65	1.02
Quick ratio	1.46	1.46	1.66	2.10	1.40	0.88
Cash ratio	0.80	0.80	0.94	1.39	0.50	0.42
Leverage
Debt / Equity	0.23	0.30	-	-	-	-
Debt / Assets	0.10	0.14	-	-	-	-
Debt / EBITDA	1.16	1.64	-	-	-	-
Interest coverage	1.7x	2.8x	2.6x	7.1x	7.6x	2.5x
Equity multiplier	2.16	2.19	2.18	2.38	2.86	2.46
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.68	0.57	0.71	0.94	1.02	0.85
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	32d	29d	35d	19d	28d	28d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	22.9x	8.5x	14.2x	2.9x	2.5x	10.7x
P / B	1.0x	0.6x	1.2x	0.7x	0.7x	0.7x
P / S	0.7x	0.5x	0.8x	0.3x	0.2x	0.3x
EV / EBITDA	5.3x	3.7x	3.7x	0.8x	1.1x	2.0x
Growth
Revenue growth (YoY)	17.8%	7.5%	-28.6%	-2.6%	87.5%	-7.1%
Revenue CAGR (3y)	-3.3%	-9.3%	9.2%	19.3%	23.0%	-0.2%
Revenue CAGR (5y)	10.5%	5.4%	5.3%	12.7%	24.7%	5.9%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-15.5%	8.6%	-57.7%	33.8%	300.4%	-15.3%
Net income growth (YoY)	-33.0%	9.8%	-66.9%	18.2%	492.2%	-2.6%
EPS growth (YoY)	-52.4%	8.6%	-67.0%	17.3%	476.9%	-3.7%
EPS CAGR (3y)	-44.6%	-25.1%	30.7%	86.8%	95.7%	-
EPS CAGR (5y)	2.9%	18.5%	23.7%	-	48.2%	-4.1%
FCF growth (YoY)	-	-	-	-	-	-
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	0.4%	32.1%	3.1%	27.1%	35.3%	7.4%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$616.81M total

Seaborne Dry Bulk Logistics And Transportation Services Segment$616.81M · 100.0%

Product / service

$632.04M total

Voyage$577.55M · 91.4%

Charter$39.26M · 6.2%

Terminal Stevedore Revenue$15.24M · 2.4%

Geographic

$632.13M total

Other$222.85M · 35.3%

US$177.65M · 28.1%

CA$65.03M · 10.3%

Country_Germany Domain$59.43M · 9.4%

Country_Singapore Domain$59.17M · 9.4%

GB$48.01M · 7.6%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✗Current ratio improved
✗No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Deep Sea Foreign Transportation of Freight

Company	Revenue (last FY)	Net margin	ROE
GNK	$342.05M	-1.3%	-0.5%
LPG	$481.51M	40.2%	17.0%
OSG	-	-	-
SMHI	-	-	-10.5%
EGLE	$594.54M	3.8%	3.8%

Comparing Pangaea Logistics Solutions Ltd. against the 5 most active filers in the same SIC group.

Dividends

$0.20/share trailing 12 months · -42.9% YoY

Ex-date	Per share
Jun 1, 2026	$0.0500
Feb 27, 2026	$0.0500
Dec 1, 2025	$0.0500
Sep 2, 2025	$0.0500
Jun 2, 2025	$0.0500
Feb 28, 2025	$0.1000
Nov 29, 2024	$0.1000
Aug 30, 2024	$0.1000
May 30, 2024	$0.1000
Feb 29, 2024	$0.1000
Nov 30, 2023	$0.1000
Aug 31, 2023	$0.1000
May 31, 2023	$0.1000
Feb 28, 2023	$0.1000
Nov 30, 2022	$0.1000
Aug 31, 2022	$0.0750
May 31, 2022	$0.0750
Feb 28, 2022	$0.0500
Nov 30, 2021	$0.0350
Aug 31, 2021	$0.0350
May 28, 2021	$0.0350
Feb 26, 2021	$0.0200
Nov 20, 2019	$0.0350
Aug 23, 2019	$0.0350