NASDAQ : PANL
Pangaea Logistics Solutions Ltd. — Financial statements
Industrials · Marine Shipping · United States
Last price 8.03 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 525.75M
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Financial statements
Pangaea Logistics Solutions Ltd. (PANL) reported revenue of 710.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 710.25M | 632.04M | 536.54M | 499.27M | 699.71M | 718.10M |
| Cost of Revenue | 564.84M | 520.55M | 433.09M | 400.06M | 541.28M | 597.29M |
| Gross Profit | 145.41M | 111.49M | 103.45M | 99.21M | 158.43M | 120.81M |
| Selling, General & Admin | 35.61M | 31.07M | 24.63M | 22.78M | 20.10M | 18.97M |
| Operating Expenses | 81.88M | 73.55M | 55.00M | 52.85M | 49.59M | 41.94M |
| Operating Income | 63.53M | 37.94M | 48.45M | 46.36M | 108.83M | 78.87M |
| Interest Expense | -23.51M | -24.01M | -20.18M | -17.49M | -22.42M | -11.51M |
| Interest & Investment Income | 4.02M | 1.63M | 3.02M | 3.57M | 932.07K | |
| Other Non Operating Income (Expenses) | 2.84M | 1.60M | 474.00K | -2.16M | 1.49M | 5.02M |
| EBT Excluding Unusual Items | 46.88M | 17.17M | 31.77M | 30.28M | 88.83M | 72.37M |
| Gain (Loss) on Sale of Assets | 2.64M | 3.00M | -1.74M | -318.03K | ||
| Asset Writedown | -3.01M | |||||
| Pretax Income | 49.52M | 20.17M | 31.77M | 28.54M | 85.51M | 72.37M |
| Earnings From Continuing Operations | 49.41M | 20.17M | 31.77M | 28.54M | 85.51M | 72.37M |
| Minority Interest in Earnings | -1.82M | -798.00K | -2.87M | -2.21M | -6.02M | -5.15M |
| Net Income | 47.59M | 19.37M | 28.90M | 26.32M | 79.49M | 67.23M |
| Net Income to Common | 47.59M | 19.37M | 28.90M | 26.32M | 79.49M | 67.23M |
| Shares Outstanding (Basic) | 63.96M | 63.80M | 45.39M | 44.77M | 44.40M | 44.00M |
| Shares Outstanding (Diluted) | 65.16M | 64.70M | 46.05M | 45.48M | 45.06M | 44.85M |
| EPS (Basic) | 0.74 | 0.30 | 0.64 | 0.59 | 1.79 | 1.53 |
| EPS (Diluted) | 0.73 | 0.30 | 0.63 | 0.58 | 1.76 | 1.50 |
| Free Cash Flow | 60.22M | 47.24M | -3.74M | 26.52M | 98.41M | -134.91M |
| Free Cash Flow Per Share | 0.92 | 0.73 | -0.08 | 0.58 | 2.18 | -3.01 |
| Dividend Per Share | 0.20 | 0.25 | 0.40 | 0.40 | 0.30 | 0.11 |
| Gross Margin | 20.47% | 17.64% | 19.28% | 19.87% | 22.64% | 16.82% |
| Operating Margin | 8.95% | 6.00% | 9.03% | 9.29% | 15.55% | 10.98% |
| Profit Margin | 6.70% | 3.06% | 5.39% | 5.27% | 11.36% | 9.36% |
| Free Cash Flow Margin | 8.48% | 7.47% | -0.70% | 5.31% | 14.06% | -18.79% |
| EBITDA | 109.80M | 80.42M | 78.82M | 76.43M | 138.32M | 101.85M |
| EBITDA Margin | 15.46% | 12.72% | 14.69% | 15.31% | 19.77% | 14.18% |
| D&A For EBITDA | 46.26M | 42.48M | 30.38M | 30.07M | 29.49M | 22.97M |
| EBIT | 63.53M | 37.94M | 48.45M | 46.36M | 108.83M | 78.87M |
| EBIT Margin | 8.95% | 6.00% | 9.03% | 9.29% | 15.55% | 10.98% |
| Revenue as Reported | 710.25M | 632.04M | 536.54M | 499.27M | 699.71M | 718.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 105.67M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M |
| Cash & Short-Term Investments | 105.67M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M |
| Accounts Receivable | 59.15M | 55.85M | 42.37M | 47.89M | 36.76M | 54.26M |
| Other Receivables | 16.98M | 11.19M | 7.35M | 5.78M | 7.72M | 17.01M |
| Receivables | 76.12M | 67.04M | 49.72M | 53.67M | 44.48M | 71.27M |
| Inventory | 51.09M | 28.39M | 32.85M | 16.56M | 29.10M | 27.15M |
| Prepaid Expenses | 14.51M | 7.92M | 9.52M | 7.07M | 4.78M | 5.96M |
| Other Current Assets | 18.54M | 9.38M | 13.10M | 15.49M | 15.77M | 23.38M |
| Total Current Assets | 265.94M | 215.78M | 191.99M | 191.83M | 222.51M | 183.96M |
| Property, Plant & Equipment | 683.57M | 704.38M | 736.60M | 504.66M | 520.45M | 517.11M |
| Long-Term Investments | 3.37M | 3.98M | 3.75M | 3.81M | 5.28M | 3.96M |
| Goodwill | 3.10M | 3.10M | 3.10M | 3.10M | ||
| Other Intangible Assets | 422.00K | 576.00K | 1.01M | 1.78M | ||
| Other Long-Term Assets | 271.00K | 270.00K | -1.00K | 1.99M | ||
| Total Assets | 956.68M | 928.10M | 936.46M | 705.18M | 748.24M | 707.02M |
| Accounts Payable | 19.23M | 14.33M | 16.00M | 34.35M | 9.98M | 7.03M |
| Accrued Expenses | 64.87M | 39.55M | 30.58M | 28.57M | 39.58M | |
| Short-Term Debt | 2.79M | |||||
| Current Portion of Long-Term Debt | 78.68M | 44.81M | 41.84M | 49.73M | 15.78M | 15.44M |
| Current Portion of Leases | 1.00M | 2.08M | 2.84M | 2.99M | 16.37M | 14.48M |
| Current Unearned Revenue | 27.80M | 24.89M | 15.45M | 15.63M | 20.88M | 32.21M |
| Other Current Liabilities | 606.00K | 2.39M | 2.39M | 2.64M | 626.18K | 213.76K |
| Total Current Liabilities | 192.18M | 128.03M | 109.11M | 105.33M | 92.21M | 111.74M |
| Long-Term Debt | 261.90M | 316.93M | 342.25M | 198.48M | 98.82M | 105.84M |
| Long-Term Leases | 7.91M | 8.39M | 10.43M | 13.23M | 168.51M | 170.96M |
| Other Long-Term Liabilities | -1.00K | 17.94M | 19.97M | 17.81M | ||
| Total Liabilities | 462.00M | 453.36M | 461.79M | 334.98M | 379.52M | 406.34M |
| Common Stock | 7.00K | 7.00K | 6.00K | 4.65K | 4.59K | 4.56K |
| Additional Paid-In Capital | 259.39M | 257.07M | 258.66M | 164.85M | 162.89M | 161.53M |
| Retained Earnings | 189.23M | 172.25M | 169.16M | 159.03M | 151.33M | 85.66M |
| Comprehensive Income & Other | -1.00K | 1.00K | ||||
| Total Common Equity | 448.63M | 429.33M | 427.82M | 323.89M | 314.23M | 247.20M |
| Minority Interest | 46.05M | 45.40M | 46.84M | 46.31M | 54.50M | 53.48M |
| Shareholders' Equity | 494.68M | 474.74M | 474.67M | 370.20M | 368.72M | 300.68M |
| Total Liabilities & Equity | 956.68M | 928.10M | 936.46M | 705.18M | 748.24M | 707.02M |
| Total Debt | 349.49M | 372.21M | 397.37M | 264.44M | 299.48M | 309.51M |
| Net Cash (Debt) | -243.81M | -269.15M | -310.57M | -165.40M | -171.10M | -253.30M |
| Net Cash Per Share | -3.74 | -4.16 | -6.74 | -3.64 | -3.80 | -5.65 |
| Filing Date Shares Outstanding | 65.47M | 65.32M | 65.63M | 46.72M | 46.48M | 45.73M |
| Total Common Shares Outstanding | 65.47M | 64.97M | 64.96M | 46.47M | 45.90M | 45.62M |
| Working Capital | 73.76M | 87.74M | 82.89M | 86.49M | 130.30M | 72.22M |
| Book Value Per Share | 6.85 | 6.61 | 6.59 | 6.97 | 6.85 | 5.42 |
| Tangible Book Value | 445.10M | 425.65M | 423.71M | 319.00M | 314.23M | 247.20M |
| Tangible Book Value Per Share | 6.80 | 6.55 | 6.52 | 6.87 | 6.85 | 5.42 |
| Land | 3.24M | 3.00M | 2.57M | 2.54M | 2.54M | |
| Machinery | 854.27M | 856.77M | 598.71M | 582.83M | 569.63M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 47.59M | 19.37M | 28.90M | 26.32M | 79.49M | 67.23M |
| Depreciation & Amortization | 46.26M | 42.48M | 30.38M | 30.07M | 29.49M | 22.97M |
| Other Amortization | 1.18M | 1.27M | 1.16M | 1.07M | 1.13M | 1.04M |
| Loss (Gain) From Sale of Assets | -2.64M | -3.00M | 1.74M | 318.03K | ||
| Asset Writedown & Restructuring Costs | 3.01M | |||||
| Loss (Gain) on Equity Investments | -3.31M | -2.95M | -1.71M | -684.47K | -807.14K | -1.13M |
| Stock-Based Compensation | 4.35M | 4.11M | 2.79M | 2.09M | 1.77M | 2.10M |
| Provision & Write-off of Bad Debts | 1.38M | 1.54M | 1.83M | 2.94M | 2.38M | 1.56M |
| Other Operating Activities | -12.24M | -15.24M | -2.38M | 985.54K | -685.16K | -6.82M |
| Change in Accounts Receivable | -11.20M | -15.02M | 3.69M | -14.08M | 15.13M | -26.67M |
| Change in Inventory | -12.51M | 4.46M | -11.03M | 12.55M | -1.96M | -11.18M |
| Change in Accounts Payable | 23.32M | 7.47M | 11.84M | -4.08M | -8.94M | 16.98M |
| Change in Unearned Revenue | 9.31M | 9.44M | -182.00K | -5.25M | -11.32M | 19.41M |
| Change in Other Net Operating Assets | -21.92M | -194.00K | -2.69M | -342.78K | 19.09M | -24.94M |
| Operating Cash Flow | 69.56M | 53.73M | 65.69M | 53.79M | 134.80M | 61.75M |
| Capital Expenditures | -9.34M | -6.49M | -69.43M | -27.26M | -36.39M | -196.65M |
| Sale of Property, Plant & Equipment | 26.87M | 17.20M | 17.27M | 8.40M | ||
| Cash Acquisitions | -2.70M | -2.70M | -7.20M | |||
| Investment in Securities | 863.00K | -733.00K | -172.00K | -427.27K | -515.16K | -1.14M |
| Other Investing Activities | 5.24M | 4.13M | 1.91M | 1.64M | ||
| Investing Cash Flow | 20.93M | 11.41M | -67.69M | -15.98M | -28.51M | -197.79M |
| Long-Term Debt Issued | 18.70M | 89.15M | 23.50M | 220.32M | ||
| Total Debt Issued | 19.52M | 18.70M | 89.15M | 23.50M | 220.32M | |
| Long-Term Debt Repaid | -45.49M | -55.25M | -36.02M | -31.28M | -71.88M | |
| Total Debt Repaid | -47.26M | -45.49M | -55.25M | -36.02M | -31.28M | -71.88M |
| Net Debt Issued (Repaid) | -27.74M | -26.78M | 33.90M | -36.02M | -7.78M | 148.44M |
| Repurchase of Common Stock | -1.99M | -3.00M | -127.28K | -407.90K | -150.01K | |
| Common Dividends Paid | -13.48M | -16.30M | -18.71M | -18.10M | -13.41M | -5.54M |
| Other Financing Activities | -595.00K | -2.54M | -25.42M | -12.90M | -12.52M | 1.11M |
| Financing Cash Flow | -43.80M | -48.62M | -10.23M | -67.15M | -34.12M | 143.86M |
| Miscellaneous Cash Flow Adjustments | 2.00K | 1.00K | ||||
| Net Cash Flow | 46.69M | 16.52M | -12.23M | -29.35M | 72.18M | 7.81M |
| Free Cash Flow | 60.22M | 47.24M | -3.74M | 26.52M | 98.41M | -134.91M |
| Free Cash Flow Margin | 8.48% | 7.47% | -0.70% | 5.31% | 14.06% | -18.79% |
| Free Cash Flow Per Share | 0.92 | 0.73 | -0.08 | 0.58 | 2.18 | -3.01 |
| Levered Free Cash Flow | 63.39M | 59.28M | -18.03M | 17.89M | 64.67M | -156.43M |
| Unlevered Free Cash Flow | 77.02M | 73.13M | -6.46M | 27.87M | 77.68M | -150.16M |
| Cash Interest Paid | 24.32M | 24.32M | 17.98M | 18.85M | 14.91M | 9.09M |
| Change in Working Capital | -12.99M | 6.16M | 1.62M | -11.20M | 12.00M | -26.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 521.17M | 447.02M | 348.19M | 382.88M | 236.50M | 172.52M |
| Enterprise Value | 764.98M | 780.94M | 590.16M | 621.76M | 465.60M | 455.89M |
| Last Close Price | 7.96 | 6.71 | 4.99 | 7.25 | 4.25 | 2.95 |
| PE Ratio | 10.98 | 23.08 | 12.05 | 14.54 | 2.98 | 2.57 |
| Forward PE | 8.89 | 6.62 | 7.62 | 10.84 | 3.76 | 2.85 |
| PS Ratio | 0.73 | 0.71 | 0.65 | 0.77 | 0.34 | 0.24 |
| PB Ratio | 1.16 | 0.94 | 0.73 | 1.03 | 0.64 | 0.57 |
| P/TBV Ratio | 1.17 | 1.05 | 0.82 | 1.20 | 0.75 | 0.70 |
| P/FCF Ratio | 8.65 | 9.46 | 14.44 | 2.40 | ||
| P/OCF Ratio | 7.49 | 8.32 | 5.30 | 7.12 | 1.75 | 2.79 |
| EV/Sales Ratio | 1.08 | 1.24 | 1.10 | 1.25 | 0.67 | 0.64 |
| EV/EBITDA Ratio | 6.97 | 9.71 | 7.49 | 8.13 | 3.37 | 4.48 |
| EV/EBIT Ratio | 12.04 | 20.58 | 12.18 | 13.41 | 4.28 | 5.78 |
| EV/FCF Ratio | 12.70 | 16.53 | 23.44 | 4.73 | ||
| Debt / Equity Ratio | 0.71 | 0.78 | 0.84 | 0.71 | 0.81 | 1.03 |
| Debt / EBITDA Ratio | 3.18 | 4.63 | 5.04 | 3.46 | 2.17 | 3.04 |
| Debt / FCF Ratio | 5.80 | 7.88 | 9.97 | 3.04 | ||
| Net Debt / Equity Ratio | 0.49 | 0.57 | 0.65 | 0.45 | 0.46 | 0.84 |
| Net Debt / EBITDA Ratio | 2.22 | 3.35 | 3.94 | 2.16 | 1.24 | 2.49 |
| Net Debt / FCF Ratio | 4.05 | 5.70 | -83.02 | 6.24 | 1.74 | -1.88 |
| Asset Turnover | 0.76 | 0.68 | 0.65 | 0.69 | 0.96 | 1.24 |
| Inventory Turnover | 12.60 | 17.00 | 17.53 | 17.52 | 19.25 | 27.71 |
| Quick Ratio | 0.95 | 1.33 | 1.25 | 1.45 | 1.88 | 1.14 |
| Current Ratio | 1.38 | 1.69 | 1.76 | 1.82 | 2.41 | 1.65 |
| Return on Equity (ROE) | 10.36% | 4.25% | 7.52% | 7.72% | 25.55% | 27.05% |
| Return on Assets (ROA) | 4.24% | 2.54% | 3.69% | 3.99% | 9.35% | 8.52% |
| Return on Capital Employed (ROCE) | 8.30% | 4.70% | 5.90% | 7.70% | 16.60% | 13.20% |
| Earnings Yield | 9.11% | 4.33% | 8.30% | 6.88% | 33.61% | 38.97% |
| FCF Yield | 11.56% | 10.57% | -1.07% | 6.93% | 41.61% | -78.20% |
| Dividend Yield | 5.03% | 3.63% | 7.46% | 4.85% | 5.82% | 2.91% |
| Payout Ratio | 34.47% | 84.17% | 64.73% | 68.77% | 16.88% | 8.23% |
| Buyback Yield / Dilution | -18.30% | -40.52% | -1.26% | -0.92% | -0.47% | -2.35% |
| Total Shareholder Return | -13.28% | -36.88% | 6.21% | 3.93% | 5.35% | 0.56% |