EuroDry Ltd. (EDRY) 10-Year Financial Performance & Capital Metrics

EDRY • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutEuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phosphate, and fertilizers. As of March 31, 2022, it operated a fleet of ten drybulk carriers comprising five Panamax drybulk carriers, two Ultramax drybulk carrier, two Kamsarmax carriers, and one Supramax drybulk carrier with a cargo capacity of 726,555 deadweight tons. EuroDry Ltd. was incorporated in 2018 and is based in Marousi, Greece.Show more

Revenue $61M +28.3%
EBITDA $11M -16.2%
Net Income -$10M -231.9%
EPS (Diluted) -3.54 -237.1%
Gross Margin 34.07% +91.4%
EBITDA Margin 17.24% -34.7%
Operating Margin -5.48% -263.6%
Net Margin -15.81% -158.6%
ROE -8.58% -244.3%
ROIC -1.19% -287.0%
Debt/Equity 1.02 +16.7%
Interest Coverage -0.42 -271.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 17.5%
✓Trading at only 0.3x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y17.53%

3Y-1.77%

TTM-20.95%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-78.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM-77.73%

ROCE

10Y Avg5.63%

5Y Avg10.3%

3Y Avg6.93%

Latest-1.65%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.88M	19.16M	24.52M	27.24M	22.29M	64.44M	70.18M	47.59M	61.08M
Revenue Growth %	-	1.43%	0.28%	0.11%	-0.18%	1.89%	0.09%	-0.32%	0.28%
Cost of Goods Sold+	8.22M	14.07M	15.02M	20.02M	20.72M	20.47M	32.88M	39.12M	40.27M
COGS % of Revenue	1.04%	0.73%	0.61%	0.73%	0.93%	0.32%	0.47%	0.82%	0.66%
Gross Profit+	-340.73K	5.08M	9.51M	7.22M	1.57M	43.98M	37.3M	8.47M	20.81M
Gross Margin %	-0.04%	0.27%	0.39%	0.27%	0.07%	0.68%	0.53%	0.18%	0.34%
Gross Profit Growth %	-	15.92%	0.87%	-0.24%	-0.78%	27.03%	-0.15%	-0.77%	1.46%
Operating Expenses+	1.58M	2.45M	5.51M	4.22M	4.31M	5.09M	3.18M	6.88M	24.15M
OpEx % of Revenue	0.2%	0.13%	0.22%	0.15%	0.19%	0.08%	0.05%	0.14%	0.4%
Selling, General & Admin	1.58M	2.45M	5.51M	2.25M	2.29M	5.09M	3.07M	6.88M	7.48M
SG&A % of Revenue	0.2%	0.13%	0.22%	0.08%	0.1%	0.08%	0.04%	0.14%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	1.96M	2.02M	0	111.55K	0	16.67M
Operating Income+	-8.97M	2.63M	3.99M	3.01M	-2.74M	38.89M	34.12M	1.59M	-3.35M
Operating Margin %	-1.14%	0.14%	0.16%	0.11%	-0.12%	0.6%	0.49%	0.03%	-0.05%
Operating Income Growth %	-	1.29%	0.52%	-0.25%	-1.91%	15.19%	-0.12%	-0.95%	-3.1%
EBITDA+	-4.67M	7.62M	9.81M	9.47M	3.82M	46.84M	44.87M	12.56M	10.53M
EBITDA Margin %	-0.59%	0.4%	0.4%	0.35%	0.17%	0.73%	0.64%	0.26%	0.17%
EBITDA Growth %	-	2.63%	0.29%	-0.04%	-0.6%	11.28%	-0.04%	-0.72%	-0.16%
D&A (Non-Cash Add-back)	4.3M	5M	5.82M	6.46M	6.56M	7.95M	10.76M	10.97M	13.88M
EBIT	-8.98M	2.67M	4.03M	3.53M	-3.55M	33.49M	37.4M	3.2M	-549.44K
Net Interest Income+	-1.16M	-1.82M	-2.9M	-3.49M	-2.33M	-2.33M	-3.81M	-5.59M	-7.85M
Interest Income	53	0	14.08K	22.22K	4.09K	10.48K	46.3K	897.62K	103.52K
Interest Expense	1.16M	1.82M	2.91M	3.51M	2.33M	2.34M	3.85M	6.49M	7.96M
Other Income/Expense	-1.17M	-1.78M	-2.87M	-2.99M	-3.14M	-7.74M	-574.05K	-4.88M	-7.22M
Pretax Income+	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-3.28M	-10.57M
Pretax Margin %	-1.29%	0.04%	0.05%	0%	-0.26%	0.48%	0.48%	-0.07%	-0.17%
Income Tax+	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	0.89%	0.91%
Net Income+	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-2.91M	-9.66M
Net Margin %	-1.29%	0.04%	0.05%	0%	-0.26%	0.48%	0.48%	-0.06%	-0.16%
Net Income Growth %	-	1.08%	0.32%	-0.99%	-357.3%	6.3%	0.08%	-1.09%	-2.32%
Net Income (Continuing)	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-3.28M	-10.57M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	9.77M	8.85M
EPS (Diluted)+	-4.50	0.38	0.50	-1.55	-3.61	11.54	11.61	-1.05	-3.54
EPS Growth %	-	1.08%	0.32%	-4.1%	-1.33%	4.2%	0.01%	-1.09%	-2.37%
EPS (Basic)	-4.50	0.38	0.50	-1.55	-3.61	11.63	11.66	-1.05	-3.54
Diluted Shares Outstanding	2.25M	2.25M	2.23M	2.25M	2.28M	2.55M	2.89M	2.76M	2.73M
Basic Shares Outstanding	2.25M	2.21M	2.23M	2.25M	2.28M	2.53M	2.88M	2.76M	2.73M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.82M	7.62M	14.47M	9.58M	6.06M	30.41M	47.89M	24.23M	23.33M
Cash & Short-Term Investments	591.11K	1.26M	4.38M	5.4M	938.28K	26.85M	35.24M	10.8M	6.71M
Cash Only	591.11K	1.26M	4.38M	5.4M	938.28K	26.85M	35.24M	8M	6.71M
Short-Term Investments	0	0	0	0	0	0	0	2.8M	0
Accounts Receivable	1.42M	4.94M	8.55M	2.3M	1.99M	2.02M	9.91M	8.87M	9.55M
Days Sales Outstanding	65.56	94.2	127.19	30.85	32.56	11.43	51.54	68.01	57.04
Inventory	268.12K	452.19K	566.95K	508.71K	1.39M	770.34K	1.06M	4.12M	2.1M
Days Inventory Outstanding	11.91	11.73	13.78	9.28	24.4	13.74	11.74	38.42	19.01
Other Current Assets	502.31K	894.5K	828.96K	1.08M	1.52M	459.94K	1.44M	196.63K	4.5M
Total Non-Current Assets+	83.87M	89.83M	113.24M	108.11M	101.46M	130.92M	151.61M	206.83M	196.41M
Property, Plant & Equipment	64.44M	81.98M	110.64M	105.46M	99.31M	128.49M	149.02M	203.53M	192.65M
Fixed Asset Turnover	0.12x	0.23x	0.22x	0.26x	0.22x	0.50x	0.47x	0.23x	0.32x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.25M	2.8M	2.61M	2.65M	2.15M	2.43M	2.59M	3.3M	0
Other Non-Current Assets	18.18M	5.05M	0	0	0	0	0	0	3.75M
Total Assets+	86.69M	97.45M	127.71M	117.69M	107.51M	161.33M	199.51M	231.05M	219.74M
Asset Turnover	0.09x	0.20x	0.19x	0.23x	0.21x	0.40x	0.35x	0.21x	0.28x
Asset Growth %	-	0.12%	0.31%	-0.08%	-0.09%	0.5%	0.24%	0.16%	-0.05%
Total Current Liabilities+	2.12M	9.64M	13.01M	11.17M	19.26M	17.71M	27.2M	25.48M	18.76M
Accounts Payable	309.34K	346.97K	690.65K	1.05M	1.07M	855.83K	2.99M	3.15M	2.67M
Days Payables Outstanding	13.74	9	16.79	19.08	18.93	15.26	33.18	29.36	24.18
Short-Term Debt	1.27M	7.97M	6.93M	6.81M	13.79M	13.95M	22.86M	17.8M	11.81M
Deferred Revenue (Current)	80.55K	289.74K	196.23K	445.82K	246.13K	1000K	351.64K	346.84K	247.29K
Other Current Liabilities	358.51K	918.38K	1.09M	2.76M	4.01M	1.24M	943K	3.84M	0
Current Ratio	1.33x	0.79x	1.11x	0.86x	0.31x	1.72x	1.76x	0.95x	1.24x
Quick Ratio	1.20x	0.74x	1.07x	0.81x	0.24x	1.67x	1.72x	0.79x	1.13x
Cash Conversion Cycle	63.73	96.92	124.19	21.05	38.03	9.9	30.1	77.07	51.86
Total Non-Current Liabilities+	53.47M	54.95M	52.41M	49.99M	37.71M	64.7M	58.36M	86.14M	95.38M
Long-Term Debt	28.24M	30.36M	56.43M	49.69M	37.32M	64.7M	58.36M	86.12M	95.38M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	25.22M	24.59M	0	304.17K	393.9K	0	0	17.77K	0
Total Liabilities	55.59M	64.59M	65.41M	61.16M	56.97M	82.41M	85.56M	111.63M	114.14M
Total Debt+	29.51M	38.33M	63.36M	56.5M	51.11M	78.65M	81.22M	103.93M	107.19M
Net Debt	28.92M	37.07M	58.98M	51.1M	50.17M	51.81M	45.98M	95.93M	100.48M
Debt / Equity	0.95x	1.17x	1.02x	1.00x	1.01x	1.00x	0.71x	0.87x	1.02x
Debt / EBITDA	-	5.03x	6.46x	5.97x	13.40x	1.68x	1.81x	8.27x	10.18x
Net Debt / EBITDA	-	4.86x	6.01x	5.40x	13.15x	1.11x	1.02x	7.64x	9.54x
Interest Coverage	-7.72x	1.45x	1.37x	0.86x	-1.18x	16.63x	8.85x	0.25x	-0.42x
Total Equity+	31.1M	32.86M	62.3M	56.53M	50.54M	78.92M	113.94M	119.43M	105.59M
Equity Growth %	-	0.06%	0.9%	-0.09%	-0.11%	0.56%	0.44%	0.05%	-0.12%
Book Value per Share	13.79	14.57	27.90	25.11	22.21	30.96	39.43	43.22	38.71
Total Shareholders' Equity	31.1M	32.86M	62.3M	56.53M	50.54M	78.92M	113.94M	109.66M	96.74M
Common Stock	41.6M	42.52M	22.8K	23.05K	23.48K	29.19K	29.03K	28.32K	28.27K
Retained Earnings	-10.51M	-9.66M	-9.1M	-11.02M	-18.47M	10.93M	44.47M	41.56M	28.96M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-16.27M	-21.06M	-26.48M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	9.77M	8.85M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.26M	2.91M	3.97M	15.11M	2.33M	39.14M	32.99M	11.81M	4.81M
Operating CF Margin %	0.54%	0.15%	0.16%	0.55%	0.1%	0.61%	0.47%	0.25%	0.08%
Operating CF Growth %	-	-0.32%	0.36%	2.81%	-0.85%	15.83%	-0.16%	-0.64%	-0.59%
Net Income	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-2.91M	-13.52M
Depreciation & Amortization	3.83M	4.79M	5.42M	6.46M	6.56M	7.66M	10.76M	10.97M	13.88M
Stock-Based Compensation	0	0	137.52K	184.8K	245.92K	230.64K	788.73K	797.98K	954.09K
Deferred Taxes	0	0	-3.58K	359.2K	545.86K	0	0	0	0
Other Non-Cash Items	7.52M	157.78K	396.93K	152.88K	140.7K	1.18M	-4.85M	3.22M	1.69M
Working Capital Changes	3.05M	-2.88M	-3.1M	7.94M	714.65K	-1.08M	-7.25M	-271.2K	1.81M
Change in Receivables	-241.36K	44.44K	-1.81M	393.2K	314.95K	-29.57K	-7.89M	907.91K	-678.06K
Change in Inventory	-99.5K	-184.07K	-114.76K	58.24K	-876.57K	614.94K	-287.31K	-3.06M	1.96M
Change in Payables	128.51K	37.63K	360.6K	185.15K	238.08K	-251.26K	2.11M	-13.38K	-276.84K
Cash from Investing+	-24.24M	-9.64M	-29.05M	-1.11M	-611.11K	-36.82M	-28.4M	-65.3M	-8.73M
Capital Expenditures	-24.24M	-9.64M	-29.05M	-1.11M	-611.11K	-36.82M	-37.79M	-65.3M	-8.73M
CapEx % of Revenue	3.08%	0.5%	1.18%	0.04%	0.03%	0.57%	0.54%	1.37%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	9.39M	-10.14M	0
Cash from Financing+	20.47M	9.28M	27.93M	-12.63M	-6.24M	22.61M	3.01M	30.47M	1.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-1.31M	-713.55K	-1.09M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	9.02M	234.09K	2.87M	-22.5K	0	-980.33K	-162.43K	9.52M	-355K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-19.99M	-6.73M	-25.08M	14M	1.71M	2.31M	-4.8M	-53.5M	-3.92M
FCF Margin %	-2.54%	-0.35%	-1.02%	0.51%	0.08%	0.04%	-0.07%	-1.12%	-0.06%
FCF Growth %	-	0.66%	-2.73%	1.56%	-0.88%	0.35%	-3.07%	-10.14%	0.93%
FCF per Share	-8.86	-2.98	-11.23	6.22	0.75	0.91	-1.66	-19.36	-1.44
FCF Conversion (FCF/Net Income)	-0.42x	3.43x	3.55x	916.16x	-0.40x	1.26x	0.98x	-4.06x	-0.50x
Interest Paid	0	0	0	0	0	2.15M	3.37M	0	7.59M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-32.61%	2.66%	2.35%	0.03%	-10.98%	48.13%	34.78%	-2.49%	-8.58%
Return on Invested Capital (ROIC)	-	3.03%	3.13%	1.97%	-1.97%	25.2%	17.61%	0.64%	-1.19%
Gross Margin	-4.32%	26.53%	38.77%	26.52%	7.04%	68.24%	53.15%	17.8%	34.07%
Net Margin	-128.71%	4.44%	4.57%	0.06%	-26.37%	48.34%	47.79%	-6.11%	-15.81%
Debt / Equity	0.95x	1.17x	1.02x	1.00x	1.01x	1.00x	0.71x	0.87x	1.02x
Interest Coverage	-7.72x	1.45x	1.37x	0.86x	-1.18x	16.63x	8.85x	0.25x	-0.42x
FCF Conversion	-0.42x	3.43x	3.55x	916.16x	-0.40x	1.26x	0.98x	-4.06x	-0.50x
Revenue Growth	-	143.15%	28%	11.09%	-18.18%	189.12%	8.91%	-32.19%	28.35%

Revenue by Segment

	2019	2023
Time Charter Revenue	-	47.82M
Time Charter Revenue Growth	-	-
Voyage Charter Revenue	-	2.61M
Voyage Charter Revenue Growth	-	-
Time Charters	28.79M	-
Time Charters Growth	-	-

Frequently Asked Questions

Growth & Financials

EuroDry Ltd. (EDRY) reported $49.4M in revenue for fiscal year 2024. This represents a 527% increase from $7.9M in 2016.

EuroDry Ltd. (EDRY) grew revenue by 28.3% over the past year. This is strong growth.

EuroDry Ltd. (EDRY) reported a net loss of $10.7M for fiscal year 2024.

Dividend & Returns

EuroDry Ltd. (EDRY) has a return on equity (ROE) of -8.6%. Negative ROE indicates the company is unprofitable.

EuroDry Ltd. (EDRY) had negative free cash flow of $3.4M in fiscal year 2024, likely due to heavy capital investments.

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EuroDry Ltd. (EDRY) 10-Year Financial Performance & Capital Metrics

EDRY • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

Revenue $61M +28.3%
EBITDA $11M -16.2%
Net Income -$10M -231.9%
EPS (Diluted) -3.54 -237.1%
Gross Margin 34.07% +91.4%
EBITDA Margin 17.24% -34.7%
Operating Margin -5.48% -263.6%
Net Margin -15.81% -158.6%
ROE -8.58% -244.3%
ROIC -1.19% -287.0%
Debt/Equity 1.02 +16.7%
Interest Coverage -0.42 -271.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 17.5%
✓Trading at only 0.3x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y17.53%

3Y-1.77%

TTM-20.95%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-78.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM-77.73%

ROCE

10Y Avg5.63%

5Y Avg10.3%

3Y Avg6.93%

Latest-1.65%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.88M	19.16M	24.52M	27.24M	22.29M	64.44M	70.18M	47.59M	61.08M
Revenue Growth %	-	1.43%	0.28%	0.11%	-0.18%	1.89%	0.09%	-0.32%	0.28%
Cost of Goods Sold+	8.22M	14.07M	15.02M	20.02M	20.72M	20.47M	32.88M	39.12M	40.27M
COGS % of Revenue	1.04%	0.73%	0.61%	0.73%	0.93%	0.32%	0.47%	0.82%	0.66%
Gross Profit+	-340.73K	5.08M	9.51M	7.22M	1.57M	43.98M	37.3M	8.47M	20.81M
Gross Margin %	-0.04%	0.27%	0.39%	0.27%	0.07%	0.68%	0.53%	0.18%	0.34%
Gross Profit Growth %	-	15.92%	0.87%	-0.24%	-0.78%	27.03%	-0.15%	-0.77%	1.46%
Operating Expenses+	1.58M	2.45M	5.51M	4.22M	4.31M	5.09M	3.18M	6.88M	24.15M
OpEx % of Revenue	0.2%	0.13%	0.22%	0.15%	0.19%	0.08%	0.05%	0.14%	0.4%
Selling, General & Admin	1.58M	2.45M	5.51M	2.25M	2.29M	5.09M	3.07M	6.88M	7.48M
SG&A % of Revenue	0.2%	0.13%	0.22%	0.08%	0.1%	0.08%	0.04%	0.14%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	1.96M	2.02M	0	111.55K	0	16.67M
Operating Income+	-8.97M	2.63M	3.99M	3.01M	-2.74M	38.89M	34.12M	1.59M	-3.35M
Operating Margin %	-1.14%	0.14%	0.16%	0.11%	-0.12%	0.6%	0.49%	0.03%	-0.05%
Operating Income Growth %	-	1.29%	0.52%	-0.25%	-1.91%	15.19%	-0.12%	-0.95%	-3.1%
EBITDA+	-4.67M	7.62M	9.81M	9.47M	3.82M	46.84M	44.87M	12.56M	10.53M
EBITDA Margin %	-0.59%	0.4%	0.4%	0.35%	0.17%	0.73%	0.64%	0.26%	0.17%
EBITDA Growth %	-	2.63%	0.29%	-0.04%	-0.6%	11.28%	-0.04%	-0.72%	-0.16%
D&A (Non-Cash Add-back)	4.3M	5M	5.82M	6.46M	6.56M	7.95M	10.76M	10.97M	13.88M
EBIT	-8.98M	2.67M	4.03M	3.53M	-3.55M	33.49M	37.4M	3.2M	-549.44K
Net Interest Income+	-1.16M	-1.82M	-2.9M	-3.49M	-2.33M	-2.33M	-3.81M	-5.59M	-7.85M
Interest Income	53	0	14.08K	22.22K	4.09K	10.48K	46.3K	897.62K	103.52K
Interest Expense	1.16M	1.82M	2.91M	3.51M	2.33M	2.34M	3.85M	6.49M	7.96M
Other Income/Expense	-1.17M	-1.78M	-2.87M	-2.99M	-3.14M	-7.74M	-574.05K	-4.88M	-7.22M
Pretax Income+	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-3.28M	-10.57M
Pretax Margin %	-1.29%	0.04%	0.05%	0%	-0.26%	0.48%	0.48%	-0.07%	-0.17%
Income Tax+	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	0.89%	0.91%
Net Income+	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-2.91M	-9.66M
Net Margin %	-1.29%	0.04%	0.05%	0%	-0.26%	0.48%	0.48%	-0.06%	-0.16%
Net Income Growth %	-	1.08%	0.32%	-0.99%	-357.3%	6.3%	0.08%	-1.09%	-2.32%
Net Income (Continuing)	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-3.28M	-10.57M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	9.77M	8.85M
EPS (Diluted)+	-4.50	0.38	0.50	-1.55	-3.61	11.54	11.61	-1.05	-3.54
EPS Growth %	-	1.08%	0.32%	-4.1%	-1.33%	4.2%	0.01%	-1.09%	-2.37%
EPS (Basic)	-4.50	0.38	0.50	-1.55	-3.61	11.63	11.66	-1.05	-3.54
Diluted Shares Outstanding	2.25M	2.25M	2.23M	2.25M	2.28M	2.55M	2.89M	2.76M	2.73M
Basic Shares Outstanding	2.25M	2.21M	2.23M	2.25M	2.28M	2.53M	2.88M	2.76M	2.73M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.82M	7.62M	14.47M	9.58M	6.06M	30.41M	47.89M	24.23M	23.33M
Cash & Short-Term Investments	591.11K	1.26M	4.38M	5.4M	938.28K	26.85M	35.24M	10.8M	6.71M
Cash Only	591.11K	1.26M	4.38M	5.4M	938.28K	26.85M	35.24M	8M	6.71M
Short-Term Investments	0	0	0	0	0	0	0	2.8M	0
Accounts Receivable	1.42M	4.94M	8.55M	2.3M	1.99M	2.02M	9.91M	8.87M	9.55M
Days Sales Outstanding	65.56	94.2	127.19	30.85	32.56	11.43	51.54	68.01	57.04
Inventory	268.12K	452.19K	566.95K	508.71K	1.39M	770.34K	1.06M	4.12M	2.1M
Days Inventory Outstanding	11.91	11.73	13.78	9.28	24.4	13.74	11.74	38.42	19.01
Other Current Assets	502.31K	894.5K	828.96K	1.08M	1.52M	459.94K	1.44M	196.63K	4.5M
Total Non-Current Assets+	83.87M	89.83M	113.24M	108.11M	101.46M	130.92M	151.61M	206.83M	196.41M
Property, Plant & Equipment	64.44M	81.98M	110.64M	105.46M	99.31M	128.49M	149.02M	203.53M	192.65M
Fixed Asset Turnover	0.12x	0.23x	0.22x	0.26x	0.22x	0.50x	0.47x	0.23x	0.32x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.25M	2.8M	2.61M	2.65M	2.15M	2.43M	2.59M	3.3M	0
Other Non-Current Assets	18.18M	5.05M	0	0	0	0	0	0	3.75M
Total Assets+	86.69M	97.45M	127.71M	117.69M	107.51M	161.33M	199.51M	231.05M	219.74M
Asset Turnover	0.09x	0.20x	0.19x	0.23x	0.21x	0.40x	0.35x	0.21x	0.28x
Asset Growth %	-	0.12%	0.31%	-0.08%	-0.09%	0.5%	0.24%	0.16%	-0.05%
Total Current Liabilities+	2.12M	9.64M	13.01M	11.17M	19.26M	17.71M	27.2M	25.48M	18.76M
Accounts Payable	309.34K	346.97K	690.65K	1.05M	1.07M	855.83K	2.99M	3.15M	2.67M
Days Payables Outstanding	13.74	9	16.79	19.08	18.93	15.26	33.18	29.36	24.18
Short-Term Debt	1.27M	7.97M	6.93M	6.81M	13.79M	13.95M	22.86M	17.8M	11.81M
Deferred Revenue (Current)	80.55K	289.74K	196.23K	445.82K	246.13K	1000K	351.64K	346.84K	247.29K
Other Current Liabilities	358.51K	918.38K	1.09M	2.76M	4.01M	1.24M	943K	3.84M	0
Current Ratio	1.33x	0.79x	1.11x	0.86x	0.31x	1.72x	1.76x	0.95x	1.24x
Quick Ratio	1.20x	0.74x	1.07x	0.81x	0.24x	1.67x	1.72x	0.79x	1.13x
Cash Conversion Cycle	63.73	96.92	124.19	21.05	38.03	9.9	30.1	77.07	51.86
Total Non-Current Liabilities+	53.47M	54.95M	52.41M	49.99M	37.71M	64.7M	58.36M	86.14M	95.38M
Long-Term Debt	28.24M	30.36M	56.43M	49.69M	37.32M	64.7M	58.36M	86.12M	95.38M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	25.22M	24.59M	0	304.17K	393.9K	0	0	17.77K	0
Total Liabilities	55.59M	64.59M	65.41M	61.16M	56.97M	82.41M	85.56M	111.63M	114.14M
Total Debt+	29.51M	38.33M	63.36M	56.5M	51.11M	78.65M	81.22M	103.93M	107.19M
Net Debt	28.92M	37.07M	58.98M	51.1M	50.17M	51.81M	45.98M	95.93M	100.48M
Debt / Equity	0.95x	1.17x	1.02x	1.00x	1.01x	1.00x	0.71x	0.87x	1.02x
Debt / EBITDA	-	5.03x	6.46x	5.97x	13.40x	1.68x	1.81x	8.27x	10.18x
Net Debt / EBITDA	-	4.86x	6.01x	5.40x	13.15x	1.11x	1.02x	7.64x	9.54x
Interest Coverage	-7.72x	1.45x	1.37x	0.86x	-1.18x	16.63x	8.85x	0.25x	-0.42x
Total Equity+	31.1M	32.86M	62.3M	56.53M	50.54M	78.92M	113.94M	119.43M	105.59M
Equity Growth %	-	0.06%	0.9%	-0.09%	-0.11%	0.56%	0.44%	0.05%	-0.12%
Book Value per Share	13.79	14.57	27.90	25.11	22.21	30.96	39.43	43.22	38.71
Total Shareholders' Equity	31.1M	32.86M	62.3M	56.53M	50.54M	78.92M	113.94M	109.66M	96.74M
Common Stock	41.6M	42.52M	22.8K	23.05K	23.48K	29.19K	29.03K	28.32K	28.27K
Retained Earnings	-10.51M	-9.66M	-9.1M	-11.02M	-18.47M	10.93M	44.47M	41.56M	28.96M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-16.27M	-21.06M	-26.48M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	9.77M	8.85M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.26M	2.91M	3.97M	15.11M	2.33M	39.14M	32.99M	11.81M	4.81M
Operating CF Margin %	0.54%	0.15%	0.16%	0.55%	0.1%	0.61%	0.47%	0.25%	0.08%
Operating CF Growth %	-	-0.32%	0.36%	2.81%	-0.85%	15.83%	-0.16%	-0.64%	-0.59%
Net Income	-10.14M	849.7K	1.12M	16.5K	-5.88M	31.15M	33.54M	-2.91M	-13.52M
Depreciation & Amortization	3.83M	4.79M	5.42M	6.46M	6.56M	7.66M	10.76M	10.97M	13.88M
Stock-Based Compensation	0	0	137.52K	184.8K	245.92K	230.64K	788.73K	797.98K	954.09K
Deferred Taxes	0	0	-3.58K	359.2K	545.86K	0	0	0	0
Other Non-Cash Items	7.52M	157.78K	396.93K	152.88K	140.7K	1.18M	-4.85M	3.22M	1.69M
Working Capital Changes	3.05M	-2.88M	-3.1M	7.94M	714.65K	-1.08M	-7.25M	-271.2K	1.81M
Change in Receivables	-241.36K	44.44K	-1.81M	393.2K	314.95K	-29.57K	-7.89M	907.91K	-678.06K
Change in Inventory	-99.5K	-184.07K	-114.76K	58.24K	-876.57K	614.94K	-287.31K	-3.06M	1.96M
Change in Payables	128.51K	37.63K	360.6K	185.15K	238.08K	-251.26K	2.11M	-13.38K	-276.84K
Cash from Investing+	-24.24M	-9.64M	-29.05M	-1.11M	-611.11K	-36.82M	-28.4M	-65.3M	-8.73M
Capital Expenditures	-24.24M	-9.64M	-29.05M	-1.11M	-611.11K	-36.82M	-37.79M	-65.3M	-8.73M
CapEx % of Revenue	3.08%	0.5%	1.18%	0.04%	0.03%	0.57%	0.54%	1.37%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	9.39M	-10.14M	0
Cash from Financing+	20.47M	9.28M	27.93M	-12.63M	-6.24M	22.61M	3.01M	30.47M	1.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-1.31M	-713.55K	-1.09M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	9.02M	234.09K	2.87M	-22.5K	0	-980.33K	-162.43K	9.52M	-355K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-19.99M	-6.73M	-25.08M	14M	1.71M	2.31M	-4.8M	-53.5M	-3.92M
FCF Margin %	-2.54%	-0.35%	-1.02%	0.51%	0.08%	0.04%	-0.07%	-1.12%	-0.06%
FCF Growth %	-	0.66%	-2.73%	1.56%	-0.88%	0.35%	-3.07%	-10.14%	0.93%
FCF per Share	-8.86	-2.98	-11.23	6.22	0.75	0.91	-1.66	-19.36	-1.44
FCF Conversion (FCF/Net Income)	-0.42x	3.43x	3.55x	916.16x	-0.40x	1.26x	0.98x	-4.06x	-0.50x
Interest Paid	0	0	0	0	0	2.15M	3.37M	0	7.59M
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-32.61%	2.66%	2.35%	0.03%	-10.98%	48.13%	34.78%	-2.49%	-8.58%
Return on Invested Capital (ROIC)	-	3.03%	3.13%	1.97%	-1.97%	25.2%	17.61%	0.64%	-1.19%
Gross Margin	-4.32%	26.53%	38.77%	26.52%	7.04%	68.24%	53.15%	17.8%	34.07%
Net Margin	-128.71%	4.44%	4.57%	0.06%	-26.37%	48.34%	47.79%	-6.11%	-15.81%
Debt / Equity	0.95x	1.17x	1.02x	1.00x	1.01x	1.00x	0.71x	0.87x	1.02x
Interest Coverage	-7.72x	1.45x	1.37x	0.86x	-1.18x	16.63x	8.85x	0.25x	-0.42x
FCF Conversion	-0.42x	3.43x	3.55x	916.16x	-0.40x	1.26x	0.98x	-4.06x	-0.50x
Revenue Growth	-	143.15%	28%	11.09%	-18.18%	189.12%	8.91%	-32.19%	28.35%

Revenue by Segment

	2019	2023
Time Charter Revenue	-	47.82M
Time Charter Revenue Growth	-	-
Voyage Charter Revenue	-	2.61M
Voyage Charter Revenue Growth	-	-
Time Charters	28.79M	-
Time Charters Growth	-	-

Frequently Asked Questions

Growth & Financials

EuroDry Ltd. (EDRY) reported $49.4M in revenue for fiscal year 2024. This represents a 527% increase from $7.9M in 2016.

EuroDry Ltd. (EDRY) grew revenue by 28.3% over the past year. This is strong growth.

EuroDry Ltd. (EDRY) reported a net loss of $10.7M for fiscal year 2024.

Dividend & Returns

EuroDry Ltd. (EDRY) has a return on equity (ROE) of -8.6%. Negative ROE indicates the company is unprofitable.

EuroDry Ltd. (EDRY) had negative free cash flow of $3.4M in fiscal year 2024, likely due to heavy capital investments.