Free cash flow generation is highly inconsistent, swinging from a $4.9 million surplus in 2025Q3 to a $2.4 million deficit in 2025Q1, largely due to lumpy capital expenditures and volatile working capital requirements.
EuroDry Ltd. (EDRY) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 24.94M | 12.76M | 4.81M | 11.81M | 32.99M | 39.14M | 2.33M | 15.11M | 3.97M | 2.91M | 4.26M |
| Operating CF Margin % | - | 24.42% | 7.88% | 24.81% | 47% | 60.73% | 10.43% | 55.48% | 16.19% | 15.19% | 54.02% |
| Operating CF Growth % | 1522.97% | 165.24% | -59.25% | -64.21% | -15.72% | 1582.98% | -84.61% | 280.69% | 36.42% | -31.62% | - |
| Net Income | 9.35M | -4.26M | -13.52M | -2.91M | 33.54M | 31.15M | -5.88M | 16.5K | 1.12M | 849.7K | -10.14M |
| Depreciation & Amortization | 11.99M | 12.74M | 13.88M | 10.97M | 10.76M | 7.66M | 6.56M | 6.46M | 5.42M | 4.79M | 3.83M |
| Stock-Based Compensation | 235.3K | 0 | 954.09K | 797.98K | 788.73K | 230.64K | 245.92K | 184.8K | 137.52K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 545.86K | 359.2K | -3.58K | 0 | 0 |
| Other Non-Cash Items | 1.64M | -1.34M | 1.69M | 3.22M | -4.85M | 1.18M | 140.7K | 152.88K | 396.93K | 157.78K | 7.52M |
| Working Capital Changes | 1.56M | 5.62M | 1.81M | -271.2K | -7.25M | -1.08M | 714.65K | 7.94M | -3.1M | -2.88M | 3.05M |
| Change in Receivables | 0 | 5.3M | -678.06K | 907.91K | -7.89M | -29.57K | 314.95K | 393.2K | -1.81M | 44.44K | -241.36K |
| Change in Inventory | 0 | 789.35K | 1.96M | -3.06M | -287.31K | 614.94K | -876.57K | 58.24K | -114.76K | -184.07K | -99.5K |
| Change in Payables | 0 | -690.48K | -276.84K | -13.38K | 2.11M | -251.26K | 238.08K | 185.15K | 360.6K | 37.63K | 128.51K |
| Cash from Investing | 617.72K | 6.14M | -8.73M | -65.3M | -28.4M | -36.82M | -611.11K | -1.11M | -29.05M | -9.64M | -24.24M |
| Capital Expenditures | -7.64M | -7.36M | -8.73M | -65.3M | -37.79M | -36.82M | -611.11K | -1.11M | -29.05M | -9.64M | -24.24M |
| CapEx % of Revenue | 12.27% | 14.09% | 14.29% | 137.21% | 53.84% | 57.14% | 2.74% | 4.08% | 118.44% | 50.29% | 307.69% |
| Acquisitions | 8.26M | 13.5M | 0 | 10.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -10.14M | 9.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -5.45M | -5.13M | 1.73M | 30.47M | 3.01M | 22.61M | -6.24M | -12.63M | 27.93M | 9.28M | 20.47M |
| Debt Issued (Net) | -4.07M | -4.65M | 3.35M | 22.98M | 2.48M | 31.3M | -5.52M | -6.99M | 25.06M | 9.05M | 11.45M |
| Equity Issued (Net) | -500.06K | 0 | -1.27M | -2.03M | 686.34K | -6.63M | 0 | -4.3M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -1.09M | -713.55K | -1.31M | 0 | 0 | 0 |
| Share Repurchases | -500.06K | 0 | -1.27M | -2.03M | -2M | 0 | 0 | -4.3M | 0 | 0 | 0 |
| Other Financing | -881.1K | -487.5K | -355K | 9.52M | -162.43K | -980.33K | 0 | -22.5K | 2.87M | 234.09K | 9.02M |
| Net Change in Cash | 20.77M | 14.17M | -2.19M | -23.02M | 7.6M | 24.92M | -4.52M | 1.37M | 2.85M | 2.56M | 485.55K |
| Free Cash Flow | 17.3M | 5.4M | -3.92M | -53.5M | -4.8M | 2.31M | 1.71M | 14M | -25.08M | -6.73M | -19.99M |
| FCF Margin % | 27.78% | 10.33% | -6.41% | -112.41% | -6.84% | 3.59% | 7.69% | 51.4% | -102.25% | -35.1% | -253.68% |
| FCF Growth % | 358.17% | 237.74% | 92.68% | -1014.27% | -307.39% | 35.03% | -87.76% | 155.84% | -272.86% | 66.35% | - |
| FCF per Share | 6.09 | 1.96 | -1.44 | -19.36 | -1.66 | 0.91 | 0.75 | 6.22 | -11.23 | -2.98 | -8.86 |
| FCF Conversion (FCF/Net Income) | 1.85x | -2.99x | -0.50x | -4.06x | 0.98x | 1.26x | -0.40x | 916.16x | 3.55x | 3.43x | -0.42x |
| Interest Paid | 0 | 0 | 7.59M | 0 | 3.37M | 2.15M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EDRY stock.
EuroDry Ltd. (EDRY) generated $12.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EuroDry Ltd. (EDRY) generated $5.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
EuroDry Ltd. (EDRY) spent $7.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cyclical Charter Rate Volatility
Earnings Quality Masked by Depreciation
As reported in financial statements, EuroDry frequently exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios fluctuating wildly, such as the -7.29x observed in 2025Q3, highlighting that reported earnings are heavily distorted by non-cash depreciation charges rather than actual operational performance.
The persistent gap between net income and operating cash flow suggests that the company's accounting earnings are poor proxies for its true cash-generating capacity. Investors should monitor this disconnect, as it implies that the business relies on non-cash accounting adjustments to mask the underlying volatility of its spot-market-exposed revenue streams.
Free Cash Flow Volatility Persists
Based on EDRY's reported figures, the free cash flow trajectory remains highly erratic, swinging from a $4.9 million surplus in 2025Q3 to a $2.4 million deficit in 2025Q1, which underscores the extreme sensitivity of the company's cash position to the unpredictable nature of global dry bulk charter rates.
The inability to maintain consistent positive free cash flow suggests that the current fleet scale may be insufficient to absorb cyclical downturns without eroding liquidity. This volatility warrants further investigation into whether the company's cost structure can ever achieve the stability required to support sustainable shareholder returns.
Capital Intensity Remains Cyclically Variable
According to recent SEC filings, EuroDry's capital expenditure patterns are inconsistent, ranging from minimal maintenance spending to significant outlays like the $58.7 million recorded in 2023Q4, indicating that fleet renewal and dry-docking requirements create lumpy cash outflows that complicate the assessment of normalized operational cash flow.
The high variability in CapEx/Revenue ratios suggests that management's capital allocation is driven more by opportunistic vessel acquisitions and mandatory maintenance cycles than by a predictable reinvestment strategy. This makes it difficult for analysts to determine a baseline level of maintenance capital required to keep the fleet operational.
Working Capital Swings Impact Liquidity
As evidenced by the data, working capital changes have been a major source of cash flow volatility, with swings ranging from a $3.1 million inflow in 2024Q3 to a $5.6 million outflow in 2023Q4, reflecting the inherent unpredictability of timing in voyage-based revenue recognition and operational expense settlements.
These fluctuations suggest that the company's cash position is highly susceptible to the timing of charter payments and the settlement of voyage-related costs. Investors should monitor these working capital dynamics closely, as they appear to exacerbate the cash flow pressure during periods when charter rates are under significant downward stress.