EUROSEAS LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EUROSEAS 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	28.4	23.8	34.4	40	53.3	93.9	183	189	213	228
General and administrative	2.67	2.5	2.57	2.44	3.04	3.49	4.57	4.74	5.94	6.8
Operating expenses	33.2	29.2	32.1	38	44	48.2	76.1	69.9	92.9	78.4
Operating income	-12.7	-5.41	2.34	1.98	9.29	45.7	107	119	120	149
Interest expense	1.23	1.38	2.7	3.22	3.84	2.56	4.73	5.96	10.1	14.5
Other non-operating income	-4.9	-1.53	-3	-3.66	-5.25	-2.77	-0.4	-4.88	-7.24	-12.5
Net income	-34.1	-6.94	-0.66	-1.68	4.04	43	106	115	113	137
EBITDA	-7.71	-1.82	5.64	6.15	15.9	52.9	125	142	146	178
EPS, basic	-45.36	-5.72	-1.02	-1.21	0.58	6.07	14.79	16.53	16.25	19.73
EPS, diluted	-45.36	-5.72	-1.02	-1.21	0.58	6.06	14.78	16.52	16.20	19.72
Shares, basic (weighted)	1.01	1.38	1.41	2.86	5.75	6.98	7.18	6.93	6.94	6.94
Shares, diluted (weighted)	1.01	1.38	0	2.86	5.75	6.99	7.19	6.94	6.96	6.95
Dividend per share							1.50	2.00	2.40	2.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.62	2.86	6.96	0.99	3.56	26.5	25.8	58.6	73.7	176
Receivables	1.43	0.89	0.96	0.72	2.01	1.27	0.57	2.04	4.55	10.2
Inventory	1.29	1.19	1.7	1.89	1.66	2.27	2.31	2.54	3.19	2.82
Other current assets	0.17	0.25	0.22	0.53	0.24	0.38	0.35	0.5	1.34	0.98
Total current assets	10.4	16.1	12	6.3	9.69	32.9	46.9	66	84.7	192
Property, plant and equipment	106	52.1	48.8	116	98.5	176	217	268	443	466
Total assets	144	162	67	127	111	221	329	425	591	700
Accounts payable	1.86	1.52	2.29	3.9	2.85	2.8	5.16	5.75
Accrued liabilities	1.31	1.12	1.3	1.73	1.3	1.7	1.76	1.87	4.48	9.04
Deferred revenue	0.44	0.59	0.42	0.97	0.95	3.29	7.73	11.3	8.24	5.29
Short-term debt	5.55	4.2	4.87	12.3	20.6	29	55.4	30.8	36.9	19.2
Total current liabilities	11.2	18.5	11.6	24.9	28.6	37.1	73.7	51.2	57.2	39.4
Long-term debt	44.4	29.8	31.7	72.2	46.2	89	51.8	99.2	168	198
Total liabilities	55.8	80	44.4	98.8	75.2	145	160	158	228	237
Total debt	52.4	74.4	37.5	90.2	66.9	118	107	130	205	217
Paid-in capital	284	284	234	254	257	265	261	258	259	259
Retained earnings	-230	-238	-230	-234	-230	-188	-92.6	7.93	104	205
Shareholders' equity	54.1	46.7	3.82	20.5	27.3	76.9	168	267	363	463
Total equity	54.1	46.7	3.82	20.5	27.3	76.9	168	267	363	463
Total liabilities and equity	144	162	67	127	111	221	329	425	591	700
Shares outstanding	1.35	11.3	1.56	5.6	6.71	7.29	7.12	7.01	7.05	7.06

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-34.1	-6.94	-0.66	-1.68	4.04	43	106	115	113	137
Depreciation and amortization	4.96	3.59	3.31	4.18	6.61	7.2	18.5	22.8	26.4	28.6
Stock-based compensation	0.29	0.12	0.12	0.1	0.12	0.18	0.95	1.08	1.52	1.96
Change in receivables	0.22	-0.09	-0.07	0.24	-1.3	0.74	0.7	-1.46	-2.51	-5.87
Change in inventory	0.34	0.33	-0.51	-0.18	0.23	-0.61	-0.03	0.18	-0.65	0.17
Change in payables	-0.65	0.17	0.28	0.48	-0.42	0.39	0.05	0.11	2.62	5.04
Cash from operations	-0.83	7.96	-1.47	3.24	2.41	52.6	114	130	128	141
Capital expenditures	-3.09	-30.1	-0	-55.7	-0.65
Cash from investing	-23.1	-26.1	6.25	-55.7	16.3	-74.1	-87.1	-102	-169	-15.2
Debt issued	14.5	22.3	34.3				19.3	92	114	52
Debt repaid	-16.1	-7.24	-32.3				-30.3	-69	-38.1	-40.6
Stock issued	3.17	0.55	1.98	6.85	0.72	0.74	0	0
Share buybacks					0	0	-5.03	-3.15	-1.07	-2.12
Dividends paid					0	0	-10.8	-14	-16.8	-19
Cash from financing	-6.34	12.8	0.14	45.2	-18.3	46.6	-27	5.06	57	-23.3
Net change in cash	-10.3	1.29	4.91	-7.28	0.41	25.2	-0.06	32.9	16.4	103
Free cash flow	-3.92	-22.1	-1.48	-52.5	1.76
Interest paid	1.24	1.17	2.48	3.1	4.25	2.45	5.1	5.79	9.97	13.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $69.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	65.6%	Operating income / revenue.
EBITDA margin	78.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	60.1%	Net income / revenue.
Operating cash flow margin	61.9%	Cash from operations / revenue.
Return on equity (ROE)	33.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	21.2%	Net income / average total assets.
Return on invested capital (ROIC)	23.7%	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%.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	12.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	33.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	74.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	62.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	21.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	102.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	102.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.4%	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	125.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	21.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	27.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	40.2%	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	76.1%	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	18.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	28.7%	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	44.7%	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	-0.2%	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	-1.1%	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	3.8%	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	4.89x	Current assets / current liabilities.
Quick ratio	4.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.0%	Total debt / total assets.
Liabilities / assets	33.8%	Total liabilities / total assets.
Net debt	$40.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.3x	Operating income / interest expense.
Working capital	$153.0M	Current assets - current liabilities.
Tangible book value	$463.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Receivables turnover	31.0x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$19.72	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	$19.73	Net income per basic share, as reported (split-adjusted).
Revenue per share	$32.80	Revenue / diluted weighted shares.
Operating cash flow per share	$20.32	Cash from operations / diluted weighted shares.
Book value per share	$65.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$65.68	Tangible book value / shares outstanding.
Cash per share	$25.01	(Cash + short-term investments) / shares outstanding.
Dividend per share	$2.70	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	13.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$491.8M	Share price x shares outstanding.
Enterprise value	$532.1M	Market cap + total debt - cash - short-term investments.
P/E	3.59x	Market cap / net income. Only when net income is positive.
P/S	2.16x	Market cap / revenue.
P/B	1.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.06x	Market cap / tangible book value, when positive.
P/OCF	3.48x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	3.56x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.99x	Enterprise value / EBITDA, when both are positive.
Earnings yield	27.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EUROSEAS LTD.'s revenue in fiscal 2025?

EUROSEAS LTD. reported revenue of $227.9M for fiscal 2025, 7% higher than the year before.

Was EUROSEAS LTD. profitable in fiscal 2025?

Yes. Net income was $137.0M, a net margin of 60.1%.

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.

Open interactive statements, quarterly figures and charts

Back to EUROSEAS LTD.