EuroDry Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EuroDry Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			25.9	28.8	23.6	68.5	74.6
Cost of revenue	0.08	2.4	0.41
Gross profit			25.5
General and administrative	0.8	0.92	2.35	2.25	2.29	2.64	3.07	3.46	3.27	3.17
Operating expenses	16.8	16.5	20.5
Operating income	-8.97	2.63	3.99	3.01	-2.74	38.9	34.1	1.09	-6.3	2.97
Interest expense	0.69	1.61	2.52	3.36	2.19	2.04	3.62	6.28	7.69	6.55
Interest income	0		0.01	0.02	0	0.01	0.05	0.9	0.1	0.21
Other non-operating income	-1.17	-1.78	-2.87	-2.99	-3.14	-7.74	-0.57	-4.38	-7.22	-6.76
Net income to minority interests						0	0	-0.37	-0.91	0.48
Net income	-10.1	0.85	1.12	0.02	-5.88	31.2	33.5	-2.91	-12.6	-4.26
EBITDA	-5.14	7.41	9.42	9.47	3.82	46.5	44.9	12.1	7.58	15.4
EPS, basic	-6.21	0.38	0.25	-0.85	-3.28	11.63	11.66	-1.05	-4.62	-1.55
EPS, diluted	-6.21	0.38	0.25	-0.85	-3.28	11.54	11.61	-1.05	-4.62	-1.55
Shares, basic (weighted)	1.63	2.21	2.23	2.25	2.28	2.53	2.88	2.76	2.73	2.76
Shares, diluted (weighted)	1.63	2.21	2.23	2.25	2.28	2.55	2.89	2.76	2.73	2.76

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.59	1.26	4.38	5.4	0.94	26.8	34	8	6.71	20.3
Receivables		0.59	2.24	1.84	1.53	0.78	7.15	6.74	8.43	3.31
Inventory		0.45	0.57	0.51	1.39	0.77	1.06	4.12	2.1	1.31
Other current assets		0.07	0.15	0.29	0.23	0.31	0.25	0.24	0.47	0.51
Total current assets		7.62	14.5	9.58	6.06	30.4	47.9	24.2	23.3	28.6
Property, plant and equipment		82	111	105	99.3	128	149	204	185	166
Total assets		97.5	128	118	108	161	200	231	220	212
Accounts payable		0.35	0.69	1.05	1.07	0.86	2.99	3.15	2.67	2.17
Accrued liabilities		1.04	1.17	0.96	0.7	0.85	1	2.32	3.85	3.07
Deferred revenue		0.29	0.2	0.45	0.25	1.51	0.35	0.35	0.25	0.84
Short-term debt		7.97	6.93	6.81	13.8	13.9	22.9	17.8	11.8	12
Total current liabilities		9.64	8.98	11.2	19.3	17.7	27.2	25.5	18.8	18.7
Long-term debt		30.4	56.4	49.7	37.3	64.7	58.4	86.1	95.4	90.9
Total liabilities		64.6	65.4	61.2	57	82.4	85.6	112	114	110
Total debt		38.3	63.9	56.9	51.4	79.4	81.9	105	108	104
Paid-in capital			52.6	52.8	53	68	69.4	68.1	67.8	68.6
Retained earnings		-9.66	-9.1	-11	-18.5	10.9	44.5	41.6	29	24.7
Shareholders' equity	31.1	32.9	43.5	41.8	34.6	78.9	114	110	96.7	93.3
Minority interests							0	9.77	8.85	9.23
Total equity	31.1	32.9	43.5	41.8	34.6	78.9	114	119	106	103
Total liabilities and equity		97.5	128	118	108	161	200	231	220	212
Shares outstanding		0	2.28	2.3	2.35	2.92	2.9	2.83	2.83	2.89

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-10.1	0.85	1.12	0.02	-5.88	31.2	33.5	-3.28	-13.5	-3.79
Depreciation and amortization	3.83	4.79	5.42	6.46	6.56	7.66	10.8	11	13.9	12.4
Stock-based compensation		0	0.14	0.18	0.25	0.23	0.79	0.8	0.95	0.8
Change in receivables	-0.24	0.04	-1.81	0.39	0.31	0.75	-6.37	0.27	-1.69	5.13
Change in inventory	-0.1	-0.18	-0.11	0.06	-0.88	0.61	-0.29	-3.06	1.96	0.79
Change in payables	0.65	0.61	0.13	-0.2	-0.26	0.15	0.15	1.32	1.53	-0.78
Cash from operations	4.26	2.91	3.97	15.1	2.33	39.1	33	11.8	4.81	12.8
Capital expenditures	-24.2	-9.64	-29	-1.11	-0.61	-36.8
Cash from investing	-24.2	-9.64	-29	-1.11	-0.61	-36.8	-28.4	-65.3	-8.73	5.75
Debt issued	13.8	10.9	48.4	4.5
Debt repaid	-2.35	-1.81	-23.3	-11.5	-5.52
Stock issued				0	0	9.98	2.69	0	0
Share buybacks					0	0	-2	-2.03	-1.27	0
Cash from financing	20.5	9.28	27.9	-12.6	-6.24	22.6	3.01	30.5	1.73	-4.74
Net change in cash	0.49	2.56	2.85	1.37	-4.52	24.9	7.6	-23	-2.19	13.8
Free cash flow	-20	-6.73	-25.1	14	1.71	2.31
Interest paid	0.49	1.46	2.22	3.47	2.43	2.15	3.37	5.95	7.59	6.79

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $48.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-4.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	1.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Operating income CAGR, 3y	-55.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	102.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-30.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	32.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	165.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-27.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.53x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.9%	Total debt / total assets.
Liabilities / assets	51.7%	Total liabilities / total assets.
Net debt	$83.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.45x	Operating income / interest expense.
Working capital	$9.9M	Current assets - current liabilities.
Tangible book value	$93.3M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.55	Net income per basic share, as reported (split-adjusted).
Operating cash flow per share	$4.63	Cash from operations / diluted weighted shares.
Book value per share	$32.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.27	Tangible book value / shares outstanding.
Cash per share	$7.03	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$139.2M	Share price x shares outstanding.
Enterprise value	$222.6M	Market cap + total debt - cash - short-term investments.
P/B	1.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.49x	Market cap / tangible book value, when positive.
P/OCF	10.9x	Market cap / cash from operations, when positive.
EV/EBIT	74.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

Was EuroDry Ltd. profitable in fiscal 2025?

No. It reported a net loss of $4.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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