Pangaea Logistics Solutions Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Pangaea Logistics Solutions 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	238	386	373	412	383	718	700	499	537	632
General and administrative	12.8	15.2	16.5	17.4	15.9	19	20.1	22.8	24.6	31.1
Operating expenses	225	370	337	389	363	639	594	455	488	591
Operating income	12.9	16	36.1	23.3	19.7	78.9	106	44.6	48.4	40.9
Interest expense	5.42	7.95	8.69	9.23	7.65	10.3	15.7	17	17.1	24
Other non-operating income	-0.16	-6.93	-12.1	-6.21	-7	-6.5	-20	-16.1	-16.7	-20.8
Income tax	0.2	0.43	0.36	0.46	0.58	0.61	0.44	0.42	0.39	0.37
Net income to minority interests	1.7	1.29	6.22	5.39	1.34	5.15	6.02	2.21	2.87	0.8
Net income	7.46	7.81	17.8	11.7	11.4	67.2	79.5	26.3	28.9	19.4
EBITDA	27	31.6	53.7	41.8	36.8	102	135	74.7	78.8	83.4
EPS, basic	0.21	0.20	0.42	0.27	0.26	1.53	1.79	0.59	0.64	0.30
EPS, diluted	0.21	0.20	0.42	0.27	0.26	1.50	1.76	0.58	0.63	0.30
Shares, basic (weighted)	35.2	38.4	42.2	42.8	43.4	44	44.4	44.8	45.4	63.8
Shares, diluted (weighted)	35.4	38.9	42.8	43.3	43.8	44.8	45.1	45.5	46	64.7
Dividend per share								0.10	0.10	0.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.3	34.5	53.6	50.6	46.9	56.2	128	99	86.8	103
Receivables	16	21.1	28.5	28.3	29.2	54.3	36.8	47.9	42.4	55.9
Inventory	13.2	15.4	19.2	21	16	27.1	29.1	16.6	32.8	28.4
Other current assets	1.05	0.88	0.76	3.12	1.46	5.9	4.14	5.85	4.44	4.89
Total current assets	62.4	83	114	128	111	184	223	192	192	216
Property, plant and equipment	275	306	282	281	277	472	477	474	708	678
Goodwill							0	3.1	3.11	3.11
Intangible assets									1.24	1.68
Other non-current assets					1.69	3.96	5.28	5.59	4.76	4.56
Total assets	362	423	453	480	450	707	748	705	936	928
Accounts payable	15.4	15.7	19.9	24.2	18.7	7.03	9.98	6.28	14.8	14.3
Accrued liabilities	6.96	11.9	7.42	14.9	6.69	16.3	11.8	14	11.5
Deferred revenue	6.42	5.82	14.7	14.4	12.8	32.2	20.9	15.6	15.4	24.9
Short-term debt		19	20.1	23	57.4	15.4	15.8	30.8
Total current liabilities	77.9	70	79	90.9	111	112	92.2	105	109	128
Long-term debt		118	95.4	83.6	47.8	106	98.8	68.4	257	97.2
Other non-current liabilities			0	4.83	10.1	17.8	20	17.9	0
Total liabilities	186	213	220	237	216	406	380	335	462	453
Total debt	129	137	116	107	105	121	115	99.2	129	114
Paid-in capital	134	155	156	158	160	162	163	165	259	257
Retained earnings	-17.4	-9.6	5.74	12.7	23.2	85.7	151	159	169	172
Shareholders' equity	116	145	162	170	183	247	314	324	428	429
Minority interests	60.4	65.3	71.7	72.8	51.7	53.5	54.5	46.3	46.8	45.4
Total equity	177	211	233	243	234	301	369	370	475	475
Total liabilities and equity	362	423	453	480	450	707	748	705	936	928
Shares outstanding	36.6	43.8	44	44.9	45.4	45.6	45.9	46.5	65	65

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.16	9.1	24	17	12.7	72.4	85.5	28.5	31.8	20.2
Depreciation and amortization	14.1	15.6	17.6	18.5	17.1	23	29.5	30.1	30.4	42.5
Stock-based compensation	0.6	1.07	1.2	1.74	2.31	2.1	1.77	2.09	2.79	4.11
Change in receivables	-1.78	-5.64	-7.66	-0.73	-1	-26.7	15.1	-14.1	3.69	-15
Change in inventory	-5.71	-2.15	-3.87	-2.43	5.03	-11.2	-1.96	12.5	-11	4.46
Cash from operations	19.2	29.2	40.1	44.5	20.8	61.7	135	53.8	65.7	53.7
Acquisitions							0	-7.2	0
Cash from investing	-10.3	-64.6	-17.5	-46.6	-6.89	-198	-28.5	-16	-67.7	11.4
Debt issued	1.38	35	0
Debt repaid	-23.7	-25.3	-21.1
Stock issued		9.63	-0.05	0
Dividends paid	-0.1	-1	-2.27	-8.09	-0.54	-5.54	-13.4	-18.1	-18.7	-16.3
Cash from financing	-24.2	45.4	-5.04	-0.92	-18.6	144	-34.1	-67.2	-10.2	-48.6
Net change in cash	-15.2	10.1	17.6	-3.06	-4.66	7.81	72.2	-29.3	-12.2	16.5
Interest paid	4.66	6.98	8.64	9.25	7.15	9.09	14.9	18.9	18	24.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.3%	Operating income / revenue.
EBITDA margin	15.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	6.7%	Net income / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Return on equity (ROE)	10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	9.0%	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	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.1%	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	15.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-37.5%	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	11.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-52.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-44.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.9%	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	-18.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-26.4%	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	20.9%	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	-50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.0%	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	18.6%	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	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	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	15.6%	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	40.5%	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	12.8%	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	8.1%	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	1.38x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.55x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.6%	Total debt / total assets.
Liabilities / assets	48.3%	Total liabilities / total assets.
Net debt	$130.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$73.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$445.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	1.06x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	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.
Revenue per share	$10.92	Revenue / diluted weighted shares.
Operating cash flow per share	$1.07	Cash from operations / diluted weighted shares.
Book value per share	$6.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.80	Tangible book value / shares outstanding.
Cash per share	$1.61	(Cash + short-term investments) / shares outstanding.
Payout ratio	49.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$524.4M	Share price x shares outstanding.
Enterprise value	$654.4M	Market cap + total debt - cash - short-term investments.
P/E	11.0x	Market cap / net income. Only when net income is positive.
P/S	0.74x	Market cap / revenue.
P/B	1.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.18x	Market cap / tangible book value, when positive.
P/OCF	7.54x	Market cap / cash from operations, when positive.
EV/Sales	0.92x	Enterprise value / revenue.
EV/EBIT	9.89x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.82x	Enterprise value / EBITDA, when both are positive.
Earnings yield	9.1%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.

What was Pangaea Logistics Solutions Ltd.'s revenue in fiscal 2025?

Pangaea Logistics Solutions Ltd. reported revenue of $632.0M for fiscal 2025, 17.8% higher than the year before.

Was Pangaea Logistics Solutions Ltd. profitable in fiscal 2025?

Yes. Net income was $19.4M, a net margin of 3.1%.

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.

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