Pangaea Logistics Solutions Ltd. (PANL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.24	$0.26	+8.3%	—	$187.1M	—
Q1 26	$0.01	$0.11	+1000.0%	—	$170.6M	—
Q4 25	$0.23	$0.16	-30.4%	—	$183.9M	—
Q3 25	$0.03	$0.17	+466.7%	—	$168.7M	—
Q2 25	-$0.02	-$0.02	0.0%	—	$156.7M	—
Q1 25	-$0.12	-$0.03	+75.0%	—	$122.8M	—
Q4 24	$0.17	$0.16	-5.9%	—	$147.2M	—
Q3 24	$0.27	$0.25	-7.4%	—	$153.1M	—
Q2 24	$0.05	$0.1	+100.0%	—	$131.5M	—
Q1 24	$0.09	$0.14	+55.6%	—	$104.7M	—
Q4 23	$0.34	$0.16	-52.9%	—	$131.9M	—
Q3 23	$0.15	$0.42	+180.0%	—	$135.6M	—
Q2 23	$0.17	$0.06	-64.7%	—	$118.1M	—
Q1 23	$0.06	$0.08	+33.3%	—	$113.7M	—
Q4 22	$0.29	$0.34	+17.2%	—	$127.9M	—
Q3 22	$0.56	$0.42	-25.0%	—	$184.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.3	—	—	$632M	—
FY24	—	$0.64	—	—	$536.5M	—
FY23	—	$0.59	—	—	$499.3M	—
FY22	—	$1.79	—	—	$699.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$238M	$385.9M	$373M	$412.2M	$382.9M	$718.1M	$699.7M	$499.3M	$536.5M	$632M
YoY change	-17.2%	+62.2%	-3.36%	+10.5%	-7.11%	+87.5%	-2.56%	-28.6%	+7.46%	+17.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	238M	385.9M	373M	412.2M	382.9M	718.1M	699.7M	499.3M	536.5M	632M
Cost of revenue	212.4M	345.5M	319.6M	362.2M	344.8M	620.3M	570.8M	430.1M	463.5M	563M
Gross profit	25.7M	40.5M	53.4M	50M	38.1M	97.8M	128.9M	69.1M	73.1M	69M
Gross margin	10.8%	10.5%	14.3%	12.1%	9.96%	13.6%	18.4%	13.8%	13.6%	10.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.8M	15.2M	16.5M	17.4M	15.9M	19M	20.1M	22.8M	24.6M	31.1M
Operating expenses	12.8M	15.2M	16.5M	17.4M	15.9M	19M	20.1M	22.8M	24.6M	31.1M
Operating income	12.9M	25.3M	36.9M	32.6M	22.2M	78.9M	108.8M	46.4M	48.4M	37.9M
Operating margin	5.42%	6.56%	9.9%	7.91%	5.81%	11%	15.6%	9.28%	9.03%	6%
Non-operating income, net	2M	-7.9M	-4.1M	-6.3M	-1.7M	5M	-1.8M	-3.9M	474.5K	4.6M
Pretax income	9.2M	9.1M	24M	17M	12.7M	72.4M	85.5M	28.5M	31.8M	20.2M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	9.2M	9.1M	24M	17M	12.7M	72.4M	85.5M	28.5M	31.8M	20.2M
Net margin	3.85%	2.36%	6.43%	4.14%	3.31%	10.1%	12.2%	5.72%	5.92%	3.19%
EBITDA	26.8M	41.9M	55.2M	51.4M	40.3M	103M	140.1M	80.8M	83.3M	85M
EPS	0.21	0.2	0.42	0.27	0.26	1.53	1.79	0.59	0.64	0.3
Diluted EPS	0.21	0.2	0.42	0.27	0.26	1.5	1.76	0.58	0.63	0.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	135.6M	131.9M	104.7M	131.5M	153.1M	147.2M	122.8M	156.7M	168.7M	183.9M	170.6M	187.1M
Cost of revenue	110.4M	115.1M	86.4M	118.9M	132.1M	126.1M	112.6M	145.9M	142.2M	162.4M	149.7M	156.8M
Gross profit	25.2M	16.8M	18.3M	12.6M	21M	21.1M	10.2M	10.8M	26.5M	21.5M	20.9M	30.3M
Gross margin	18.6%	12.7%	17.5%	9.62%	13.7%	14.3%	8.31%	6.91%	15.7%	11.7%	12.2%	16.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.5M	5.7M	7.3M	5M	6M	6.3M	7.3M	7.2M	9.9M	6.7M	10M	9M
Operating expenses	5.5M	5.7M	7.3M	5M	6M	6.3M	7.3M	7.2M	9.9M	6.7M	10M	9M
Operating income	19.7M	11.1M	11M	7.6M	15M	14.8M	2.9M	3.7M	16.6M	14.8M	10.8M	21.3M
Operating margin	14.5%	8.43%	10.5%	5.79%	9.8%	10.1%	2.38%	2.33%	9.85%	8.02%	6.35%	11.4%
Non-operating income, net	4.3M	-5.9M	5.4M	-593.3K	-5.4M	1M	576.4K	-817K	1.9M	2.9M	6.7M	-6.2M
Pretax income	20.2M	2.2M	12.7M	4M	6.1M	9.1M	-2.2M	-2.9M	13M	12.3M	13.7M	10.5M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	20.2M	2.2M	12.7M	4M	6.1M	9.1M	-2.2M	-2.9M	13M	12.3M	13.7M	10.5M
Net margin	14.9%	1.65%	12.1%	3.04%	3.96%	6.15%	-1.79%	-1.85%	7.7%	6.68%	8.01%	5.6%
EBITDA	28.4M	19.7M	19.7M	16.2M	24.4M	23.4M	13.7M	15M	28.1M	28.2M	25.2M	35.3M
EPS	0.42	0.03	0.26	0.08	0.11	0.18	-0.03	-0.04	0.19	0.19	0.21	0.16
Diluted EPS	0.42	0.03	0.25	0.08	0.11	0.18	-0.03	-0.04	0.19	0.19	0.21	0.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	119.5M	141.4M	128M	126.1M	120.3M	166.3M	228.7M	368.9M	243.3M	—	524.4M
Enterprise value	240.5M	277.2M	243.8M	252.6M	233M	417.1M	399.8M	534.3M	553.9M	—	814.3M
Shares outstanding	35.2M	38.4M	42.2M	42.8M	43.4M	44M	44.4M	44.8M	45.4M	63.8M	63.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.1	15.5	5.34	7.4	9.48	2.3	2.67	12.9	7.66	—	11
P/S	0.5	0.37	0.34	0.31	0.31	0.23	0.33	0.74	0.45	—	0.74
P/B	0.68	0.67	0.55	0.52	0.51	0.55	0.62	1	0.51	—	1.17
EV/EBITDA	8.96	6.62	4.41	4.91	5.79	4.05	2.85	6.62	6.65	—	7.42
EV/Sales	1.01	0.72	0.65	0.61	0.61	0.58	0.57	1.07	1.03	—	1.15
Earnings yield	7.66%	6.44%	18.7%	13.5%	10.6%	43.5%	37.4%	7.74%	13.1%	—	9.11%
FCF yield	7.49%	-24.6%	17.6%	-9.94%	14.9%	-81.1%	43%	7.19%	-1.54%	—	12.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	10.8%	10.5%	14.3%	12.1%	9.96%	13.6%	18.4%	13.8%	13.6%	10.9%	16.2%
Operating margin	5.42%	6.56%	9.9%	7.91%	5.81%	11%	15.6%	9.28%	9.03%	6%	11.4%
Net margin	3.85%	2.36%	6.43%	4.14%	3.31%	10.1%	12.2%	5.72%	5.92%	3.19%	6.7%
ROE	5.18%	4.32%	10.3%	7.01%	5.41%	24.1%	23.2%	7.71%	6.69%	4.25%	10.4%
ROA	2.53%	2.15%	5.29%	3.55%	2.82%	10.2%	11.4%	4.05%	3.39%	2.17%	4.24%
Return on tangible assets	2.53%	2.15%	5.29%	3.55%	2.82%	10.2%	11.4%	4.1%	3.42%	2.19%	5.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.8	1.19	1.44	1.41	1	1.65	2.41	1.82	1.76	1.69	1.38
Quick ratio	0.63	0.97	1.19	1.18	0.86	1.4	2.1	1.66	1.46	1.46	1.12
Debt / equity	0.81	0.81	0.73	0.73	0.68	1.02	0.81	0.71	0.84	0.32	0.71
Debt / assets	0.4	0.4	0.37	0.37	0.35	0.43	0.4	0.37	0.42	0.16	0.16
Net debt / EBITDA	4.5	3.24	2.1	2.46	2.8	2.44	1.22	2.05	3.73	0.58	0.41
Interest coverage	2.6	2.1	3.7	2.84	2.62	7.29	4.81	2.63	2.57	1.84	3.1

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.77	10	8.83	9.64	8.82	16.3	15.8	11.2	11.8	9.91	11.1
EPS (basic)	0.21	0.2	0.42	0.27	0.26	1.53	1.79	0.59	0.64	0.3	0.3
EPS (diluted)	0.21	0.2	0.42	0.27	0.26	1.5	1.76	0.58	0.63	0.3	0.73
Book value per share	5.03	5.48	5.52	5.69	5.4	6.83	8.3	8.27	10.5	7.44	6.85
FCF per share	0.25	-0.91	0.53	-0.29	0.41	-3.07	2.22	0.59	-0.08	0.74	0.93
Cash per share	0.63	0.9	1.27	1.18	1.08	1.28	2.89	2.21	1.91	1.62	1.61
Capex per share	0.29	1.66	0.41	1.09	0.2	4.47	0.63	0.22	1.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.31%	16.5%	4.69%	11.3%	2.28%	27.4%	4%	2%	12.9%	—	—
Capex / operating cash flow	42.4%	297.9%	51.9%	107.4%	46.6%	218.2%	25.1%	19.5%	103.2%	—	—
Payout ratio	1.09%	11%	9.47%	47.5%	4.22%	7.65%	15.7%	63.4%	58.9%	80.8%	27.4%
Dividend yield	0.08%	0.71%	1.77%	6.41%	0.44%	3.33%	5.87%	4.91%	7.69%	—	4.98%

Yield

4.98%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Sep 1, 2026

Payout ratio

27%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.10
Jun 1, 2026	$0.05
Feb 27, 2026	$0.05
Dec 1, 2025	$0.05
Sep 2, 2025	$0.05
Jun 2, 2025	$0.05
Feb 28, 2025	$0.10
Nov 29, 2024	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$135.6M	$131.9M	$104.7M	$131.5M	$153.1M	$147.2M	$122.8M	$156.7M	$168.7M	$183.9M	$170.6M	$187.1M
YoY change	-26.5%	+3.09%	-7.87%	+11.4%	+12.9%	+11.6%	+17.2%	+19.2%	+10.2%	+24.9%	+38.9%	+19.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	22.3M	34.5M	53.6M	50.6M	46.9M	56.2M	128.4M	99M	86.8M	103.1M
Receivables	16M	21.1M	28.5M	28.3M	29.2M	54.3M	36.8M	47.9M	42.4M	55.9M
Inventory	13.2M	15.4M	19.2M	21M	16M	27.1M	29.1M	16.6M	32.8M	28.4M
Total current assets	62.4M	83M	113.5M	128M	111.3M	184M	222.5M	191.8M	192M	215.8M
Property, plant & equipment	-35.3M	-44M	-56.6M	-62.9M	-73.5M	-88.7M	-100.7M	-112.4M	-133.8M	-150.9M
Goodwill & intangibles	—	—	—	—	—	—	0	9.8M	8.2M	7.4M
Total assets	362.2M	423.3M	453.5M	479.9M	450.4M	707M	748.2M	705.2M	936.5M	928.1M
Accounts payable	15.4M	15.7M	19.9M	24.2M	18.7M	7M	10M	6.3M	47.8M	14.3M
Short-term debt	35.6M	27.8M	28.4M	35.9M	64.6M	30.2M	32.1M	52.7M	44.7M	46.9M
Total current liabilities	77.9M	70M	79M	90.9M	110.8M	111.7M	92.2M	105.3M	109.1M	128M
Long-term debt	107.6M	142.6M	141.1M	141.1M	95M	276.8M	267.3M	211.7M	352.7M	105.6M
Total liabilities	185.5M	212.6M	220.1M	236.8M	216M	406.3M	379.5M	335M	461.8M	453.4M
Shareholders' equity	176.7M	210.7M	233.4M	243.1M	234.4M	300.7M	368.7M	370.2M	474.7M	474.7M
Total debt	143.2M	170.4M	169.4M	177M	159.6M	307M	299.5M	264.4M	397.4M	152.4M
Net debt	120.9M	135.9M	115.8M	126.5M	112.7M	250.8M	171.1M	165.4M	310.6M	49.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	87.4M	99M	95.9M	77.9M	93.1M	86.8M	63.9M	59.3M	94M	103.1M	89.7M	105.7M
Receivables	53.5M	47.9M	42M	41.3M	44.2M	42.4M	47.9M	49.3M	45.6M	55.9M	61.3M	59.1M
Inventory	26.3M	16.6M	22.2M	28.9M	26.7M	32.8M	36M	38.6M	36.1M	28.4M	40.3M	51.1M
Total current assets	198.5M	191.8M	195.6M	181.4M	196.2M	192M	175.9M	184M	212.6M	215.8M	250.8M	265.9M
Property, plant & equipment	4.3M	-112.4M	4.1M	12.6M	4M	-133.8M	4.5M	5.4M	7.5M	-150.9M	1.5M	3.1M
Goodwill & intangibles	10.2M	9.8M	9.3M	8.9M	8.5M	8.2M	8M	7.8M	7.6M	7.4M	7.2M	7.1M
Total assets	728.6M	705.2M	703.3M	692.9M	749.2M	936.5M	918M	916M	932.1M	928.1M	950.7M	956.7M
Accounts payable	9.3M	6.3M	11M	12M	12M	47.8M	14.4M	18.1M	18.9M	14.3M	20.9M	19.2M
Short-term debt	58.1M	52.7M	51.6M	33.5M	30.8M	44.7M	19.5M	19.5M	19.2M	46.9M	49.7M	79.7M
Total current liabilities	115.3M	105.3M	99.3M	84M	95.9M	109.1M	109M	126M	130.9M	128M	153.6M	192.2M
Long-term debt	217.4M	211.7M	205.9M	215.5M	258M	352.7M	118.5M	113.7M	335.7M	105.6M	101.3M	74.5M
Total liabilities	351.2M	335M	324M	316.1M	370.4M	461.8M	450.8M	456.9M	466.6M	453.4M	463.9M	462M
Shareholders' equity	377.4M	370.2M	379.3M	376.8M	378.8M	474.7M	467.2M	459.1M	465.6M	474.7M	486.8M	494.7M
Total debt	275.6M	264.4M	257.6M	249M	288.8M	397.4M	137.9M	133.2M	354.9M	152.4M	151.1M	154.1M
Net debt	188.2M	165.4M	161.7M	171.1M	195.7M	310.6M	74M	74M	260.9M	49.4M	61.3M	48.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	9.2M	9.1M	24M	17M	12.7M	72.4M	85.5M	28.5M	31.8M	20.2M
Depreciation & amortization	14.1M	15.6M	17.6M	18.5M	17.1M	23M	29.5M	30.1M	30.4M	42.5M
Stock-based compensation	—	—	—	1.7M	2.3M	2.1M	1.8M	2.1M	2.8M	4.1M
Change in working capital	-325.5K	-1.4M	-7.7M	6.8M	-8.4M	-1.5M	-7.1M	-6.8M	4.3M	6.3M
Operating cash flow	24.2M	21.4M	33.7M	43.4M	18.7M	90.1M	111.5M	51.3M	67.3M	53.7M
Capital expenditure	-10.3M	-63.7M	-17.5M	-46.6M	8.7M	-196.7M	-28M	-10M	-69.4M	—
Investing cash flow	-19.9M	-64.6M	-17.5M	-62M	-21.9M	-197.8M	-28.5M	-17.6M	-69.6M	-3.4M
Dividends paid	-100K	-1M	-2.3M	-8.1M	-535.2K	-5.5M	-13.4M	-18.1M	-18.7M	-16.3M
Share repurchases	—	0	-50.8K	0	—	—	—	—	—	-3M
Financing cash flow	-24.2M	45.4M	-9M	-3.3M	-18.4M	144M	-33.7M	-67M	-10.2M	-48.6M
Net change in cash	-19.9M	2.3M	7.2M	-21.9M	-21.5M	36.4M	49.3M	-33.4M	-12.5M	1.7M
Free cash flow	9M	-34.8M	22.6M	-12.5M	17.9M	-134.9M	98.4M	26.5M	-3.7M	47.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	20.2M	2.2M	12.7M	4M	6.1M	9.1M	-2.2M	-2.9M	13M	12.3M	13.7M	10.5M
Depreciation & amortization	8.1M	7.5M	7.4M	7.5M	7.7M	7.8M	9.9M	10.6M	10.2M	11.7M	11.9M	12.4M
Stock-based compensation	270K	694.3K	1.1M	528.7K	645.8K	475K	1.5M	548.8K	614.2K	1.4M	1.7M	622K
Change in working capital	-12.6M	15.2M	-3.1M	-3.7M	11M	186.9K	-9.3M	12.2M	9.8M	-6.3M	6.5M	-1.1M
Operating cash flow	16.4M	24.5M	17.9M	6.5M	25.6M	17.3M	-6.2M	14.4M	28.6M	15.1M	4.5M	21.4M
Capital expenditure	-1.1M	9.2M	-203.6K	-8.9M	-48.6M	-11.7M	-460.3K	—	—	—	—	—
Investing cash flow	-1.3M	9M	-203.6K	-8.9M	-48.7M	-11.7M	-460.3K	—	-2.7M	109.3K	—	—
Dividends paid	-4.5M	-4.5M	-4.9M	-4.5M	-4.5M	-4.8M	-6.7M	-3.2M	-3.2M	-3.2M	-3.9M	-3.2M
Share repurchases	—	—	—	—	—	—	—	—	-984.3K	-1M	—	—
Financing cash flow	-11.9M	-21.3M	-12M	-35.5M	34.9M	-15.3M	-18M	-16.1M	2.2M	-15.6M	-16.5M	-14.7M
Net change in cash	3.2M	12.3M	5.8M	-38M	11.8M	-9.7M	-24.7M	-1.7M	28M	-357.4K	-12M	6.7M
Free cash flow	16.1M	23.9M	8.8M	20.9K	-20.1M	7.5M	-4.8M	13.3M	24.6M	14.1M	2.7M	18.8M

Pangaea Logistics Solutions Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement