The company maintains a conservative financial structure with a debt-to-equity ratio of 0.97 as of 2026Q1, providing a theoretical buffer despite the total asset base shrinking to $209.1 million.
| Total Current Assets | 28.26M | 28.62M | 23.33M | 24.23M | 47.89M | 30.41M | 6.06M | 9.58M | 14.47M | 7.62M | 2.82M |
| Cash & Short-Term Investments | 21.51M | 22.47M | 6.71M | 10.8M | 35.24M | 26.85M | 938.28K | 5.4M | 4.38M | 1.26M | 591.11K |
| Cash Only | 21.51M | 22.47M | 6.71M | 8M | 35.24M | 26.85M | 938.28K | 5.4M | 4.38M | 1.26M | 591.11K |
| Short-Term Investments | 0 | 0 | 0 | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.12M | 4.25M | 9.55M | 8.87M | 9.91M | 2.02M | 1.99M | 2.3M | 8.55M | 4.94M | 1.42M |
| Days Sales Outstanding | 34.1 | 29.66 | 57.04 | 68.01 | 51.54 | 11.43 | 32.56 | 30.85 | 127.19 | 94.2 | 65.56 |
| Inventory | 1.09M | 1.31M | 2.1M | 4.12M | 1.06M | 770.34K | 1.39M | 508.71K | 566.95K | 452.19K | 268.12K |
| Days Inventory Outstanding | 11.29 | 10.41 | 19.01 | 38.42 | 11.74 | 13.74 | 24.4 | 9.28 | 13.78 | 11.73 | 11.91 |
| Other Current Assets | 10.11K | 84.51K | 4.5M | 196.63K | 1.44M | 459.94K | 1.52M | 1.08M | 828.96K | 894.5K | 502.31K |
| Total Non-Current Assets | 180.8M | 183.48M | 196.41M | 206.83M | 151.61M | 130.92M | 101.46M | 108.11M | 113.24M | 89.83M | 83.87M |
| Property, Plant & Equipment | 177.45M | 180.28M | 192.65M | 203.53M | 149.02M | 128.49M | 99.31M | 105.46M | 110.64M | 81.98M | 64.44M |
| Fixed Asset Turnover | 0.31x | 0.29x | 0.32x | 0.23x | 0.47x | 0.50x | 0.22x | 0.26x | 0.22x | 0.23x | 0.12x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 13.3M | 3.2M | 0 | 3.3M | 2.59M | 2.43M | 2.15M | 2.65M | 2.61M | 2.8M | 1.25M |
| Other Non-Current Assets | 0 | 0 | 3.75M | 0 | 0 | 0 | 0 | 0 | 0 | 5.05M | 18.18M |
| Total Assets | 209.06M | 212.1M | 219.74M | 231.05M | 199.51M | 161.33M | 107.51M | 117.69M | 127.71M | 97.45M | 86.69M |
| Asset Turnover | 0.27x | 0.25x | 0.28x | 0.21x | 0.35x | 0.40x | 0.21x | 0.23x | 0.19x | 0.20x | 0.09x |
| Asset Growth % | -16.27% | -3.47% | -4.9% | 15.81% | 23.66% | 50.06% | -8.65% | -7.85% | 31.05% | 12.42% | - |
| Total Current Liabilities | 17.56M | 18.72M | 18.76M | 25.48M | 27.2M | 17.71M | 19.26M | 11.17M | 13.01M | 9.64M | 2.12M |
| Accounts Payable | 1.97M | 2.17M | 2.67M | 3.15M | 2.99M | 855.83K | 1.07M | 1.05M | 690.65K | 346.97K | 309.34K |
| Days Payables Outstanding | 17.75 | 17.31 | 24.18 | 29.36 | 33.18 | 15.26 | 18.93 | 19.08 | 16.79 | 9 | 13.74 |
| Short-Term Debt | 11.79M | 12.01M | 11.81M | 17.8M | 22.86M | 13.95M | 13.79M | 6.81M | 6.93M | 7.97M | 1.27M |
| Deferred Revenue (Current) | 3.58M | 842.17K | 247.29K | 346.84K | 351.64K | 1.51M | 246.13K | 445.82K | 196.23K | 289.74K | 80.55K |
| Other Current Liabilities | 613.53K | 3.7M | 0 | 3.84M | 943K | 1.24M | 4.01M | 2.76M | 1.09M | 918.38K | 358.51K |
| Current Ratio | 1.61x | 1.53x | 1.24x | 0.95x | 1.76x | 1.72x | 0.31x | 0.86x | 1.11x | 0.79x | 1.33x |
| Quick Ratio | 1.55x | 1.46x | 1.13x | 0.79x | 1.72x | 1.67x | 0.24x | 0.81x | 1.07x | 0.74x | 1.20x |
| Cash Conversion Cycle | 27.64 | 22.76 | 51.86 | 77.07 | 30.1 | 9.9 | 38.03 | 21.05 | 124.19 | 96.92 | 63.73 |
| Total Non-Current Liabilities | 88.35M | 90.87M | 95.38M | 86.14M | 58.36M | 64.7M | 37.71M | 49.99M | 52.41M | 54.95M | 53.47M |
| Long-Term Debt | 88.35M | 90.87M | 95.38M | 86.12M | 58.36M | 64.7M | 37.32M | 49.69M | 56.43M | 30.36M | 28.24M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 17.77K | 0 | 0 | 393.9K | 304.17K | 0 | 24.59M | 25.22M |
| Total Liabilities | 105.9M | 109.59M | 114.14M | 111.63M | 85.56M | 82.41M | 56.97M | 61.16M | 65.41M | 64.59M | 55.59M |
| Total Debt | 100.13M | 102.88M | 107.19M | 103.93M | 81.22M | 78.65M | 51.11M | 56.5M | 63.36M | 38.33M | 29.51M |
| Net Debt | 78.63M | 80.41M | 100.48M | 95.93M | 45.98M | 51.81M | 50.17M | 51.1M | 58.98M | 37.07M | 28.92M |
| Debt / Equity | 0.97x | 1.00x | 1.02x | 0.87x | 0.71x | 1.00x | 1.01x | 1.00x | 1.02x | 1.17x | 0.95x |
| Debt / EBITDA | 5.79x | 8.89x | 10.18x | 8.27x | 1.81x | 1.68x | 13.40x | 5.97x | 6.46x | 5.03x | - |
| Net Debt / EBITDA | 4.54x | 6.95x | 9.54x | 7.64x | 1.02x | 1.11x | 13.15x | 5.40x | 6.01x | 4.86x | - |
| Interest Coverage | 1.12x | -0.17x | -0.07x | 0.49x | 9.71x | 14.32x | -1.52x | 1.00x | 1.38x | 1.47x | -7.73x |
| Total Equity | 103.16M | 102.51M | 105.59M | 119.43M | 113.94M | 78.92M | 50.54M | 56.53M | 62.3M | 32.86M | 31.1M |
| Equity Growth % | -27.88% | -2.92% | -11.58% | 4.82% | 44.37% | 56.16% | -10.59% | -9.26% | 89.57% | 5.68% | - |
| Book Value per Share | 36.89 | 37.20 | 38.71 | 43.22 | 39.43 | 30.96 | 22.21 | 25.11 | 27.90 | 14.57 | 13.79 |
| Total Shareholders' Equity | 93.77M | 93.27M | 96.74M | 109.66M | 113.94M | 78.92M | 50.54M | 56.53M | 62.3M | 32.86M | 31.1M |
| Common Stock | 28.9K | 28.91K | 28.27K | 28.32K | 29.03K | 29.19K | 23.48K | 23.05K | 22.8K | 42.52M | 41.6M |
| Retained Earnings | 24.95M | 24.69M | 28.96M | 41.56M | 44.47M | 10.93M | -18.47M | -11.02M | -9.1M | -9.66M | -10.51M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.48M | -21.06M | -16.27M |
| Minority Interest | 9.39M | 9.23M | 8.85M | 9.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Charter Rate Volatility
As reported in financial statements, EuroDry's total assets have declined from $231.1 million in 2023Q4 to $209.1 million in 2026Q1, signaling a gradual reduction in the company's capital base as management navigates the persistent cyclical downturns inherent in the global dry bulk shipping industry.
The downward trend in total assets appears to reflect both the depreciation of the existing fleet and a lack of aggressive capital reinvestment. This trajectory suggests that the company is prioritizing capital preservation over fleet expansion, which may limit its ability to capture upside during potential market recoveries.
Based on the company's reported figures, EuroDry maintains a disciplined debt-to-equity ratio of 0.97 as of 2026Q1, which provides a significant buffer against the extreme volatility of the dry bulk sector compared to more highly leveraged peers in the marine shipping industry.
The company's strategic decision to keep leverage near parity with equity suggests a defensive posture designed to survive prolonged periods of depressed charter rates. Investors should monitor whether this low-leverage profile remains sustainable if operating losses continue to erode the equity base over the coming quarters.
According to recent SEC filings, EuroDry's cash position fluctuated significantly, reaching $21.5 million in 2026Q1, while the current ratio of 1.61 indicates a temporary improvement in short-term liquidity compared to the sub-1.0 levels observed throughout much of 2024 and 2025.
While the current liquidity position appears adequate for immediate operational needs, the historical volatility in cash balances suggests that the company remains highly susceptible to sudden shifts in voyage-based revenue. The reliance on spot market employment means that liquidity can tighten rapidly if charter rates remain below the breakeven point for extended durations.
As evidenced by the balance sheet data, net PPE accounts for the vast majority of EuroDry's $209.1 million in total assets, confirming that the company's fundamental value is almost entirely tied to the market valuation of its specialized Panamax and Kamsarmax vessel fleet.
The absence of goodwill on the balance sheet is a positive indicator of asset quality, as it avoids the risk of future impairment charges. However, the concentration in physical shipping assets leaves the company's book value highly sensitive to secondhand vessel price fluctuations, which are currently under pressure from global industrial demand trends.
Based on an analysis of the provided data, the primary risk to the balance sheet is that the book value of the fleet may not reflect current charter-free market values, potentially overstating the company's true equity value during a sustained cyclical downturn in freight rates.
Investors should be cautious, as the reported equity of $93.8 million may be subject to downward revisions if vessel appraisals decline further. This discrepancy between accounting book value and market liquidation value remains a critical, non-obvious risk that could impact the company's perceived margin of safety.
Quick answers to the most common questions about buying EDRY stock.
As of 2025, EuroDry Ltd. (EDRY) had total assets of $212.1M including $28.6M in current assets.
EuroDry Ltd. (EDRY) carries total debt of $102.9M, offset by $22.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
EuroDry Ltd. (EDRY) has total shareholders' equity (book value) of $93.3M ($37.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
EuroDry Ltd. (EDRY) reported a current ratio of 1.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.