The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.74 as of 2026Q1, supporting a $691.5 million investment in specialized PPE assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 250.79M | 215.78M | 191.99M | 191.83M | 222.51M | 183.96M | 111.34M | 127.96M | 113.51M | 83.01M | 68.54M | 69.31M | 84.87M | 531.34K | 74.04M |
| Cash & Short-Term Investments | 89.74M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M | 46.9M | 50.56M | 53.61M | 34.53M | 22.32M | 37.52M | 29.82M | 485.01K | 20.38M |
| Cash Only | 59.54M | 103.05M | 86.81M | 99.04M | 128.38M | 56.21M | 46.9M | 50.56M | 53.61M | 34.53M | 22.32M | 37.52M | 29.82M | 485.01K | 20.38M |
| Short-Term Investments | 30.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 75.94M | 55.85M | 49.72M | 53.67M | 44.48M | 71.27M | 35.98M | 34.78M | 28.48M | 21.09M | 15.99M | 19.62M | 27.36M | 44.69M | 30.03M |
| Days Sales Outstanding | 34.02 | 32.26 | 33.83 | 39.24 | 23.2 | 36.22 | 34.29 | 30.79 | 27.87 | 19.94 | 24.52 | 24.92 | 25.08 | 41.56 | 28.32 |
| Inventory | 43.34M | 28.39M | 32.85M | 16.56M | 29.1M | 27.15M | 15.97M | 21M | 19.22M | 15.36M | 13.2M | 7.49M | 15.6M | 21.07M | 20.99M |
| Days Inventory Outstanding | 22.27 | 18.4 | 25.87 | 14.05 | 18.61 | 15.98 | 16.9 | 21.16 | 21.96 | 16.22 | 22.69 | 11.12 | 14.97 | 21.4 | 21.93 |
| Other Current Assets | 27.65M | 28.48M | 9.75M | 12.98M | 12.28M | 11.37M | 3.77M | 12.71M | 10.91M | 11.57M | 9.08M | 4.15M | 11.66M | 12.86M | 1.5M |
| Total Non-Current Assets | 699.9M | 712.32M | 744.46M | 513.35M | 525.73M | 523.06M | 339.06M | 351.95M | 339.97M | 340.29M | 293.65M | 297.65M | 247.59M | 98.52M | 157.09M |
| Property, Plant & Equipment | 691.54M | 704.38M | 736.6M | 504.66M | 520.45M | 519.1M | 321.98M | 335.09M | 337.47M | 336.29M | 275.27M | 255.15M | 207.67M | 197.15M | 156.19M |
| Fixed Asset Turnover | 0.96x | 0.90x | 0.73x | 0.99x | 1.34x | 1.38x | 1.19x | 1.23x | 1.11x | 1.15x | 0.86x | 1.13x | 1.92x | 1.99x | 2.48x |
| Goodwill | 3.1M | 3.1M | 3.1M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 475K | 0 | 1.01M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 14.96M | 270K | 3.75M | 3.81M | 5.28M | 3.96M | 17.08M | 15.36M | 2.5M | 4M | 18.38M | 42.51M | 38.47M | 0 | 0 |
| Other Non-Current Assets | 0 | 4.56M | 0 | 0 | 0 | 0 | 0 | 1.5M | 2.5M | 4M | 6.1M | 0 | 646.54K | 3.25M | 905.74K |
| Total Assets | 950.7M | 928.1M | 936.46M | 705.18M | 748.24M | 707.02M | 450.4M | 479.9M | 453.47M | 423.3M | 362.19M | 366.96M | 332.46M | 99.06M | 231.14M |
| Asset Turnover | 0.73x | 0.68x | 0.57x | 0.71x | 0.94x | 1.02x | 0.85x | 0.86x | 0.82x | 0.91x | 0.66x | 0.78x | 1.20x | 3.96x | 1.67x |
| Asset Growth % | 59.29% | -0.89% | 32.8% | -5.75% | 5.83% | 56.98% | -6.15% | 5.83% | 7.13% | 16.87% | -1.3% | 10.38% | 235.63% | -57.14% | - |
| Total Current Liabilities | 153.59M | 128.03M | 109.11M | 105.33M | 92.21M | 111.74M | 110.81M | 90.85M | 79.05M | 70.01M | 77.88M | 72.15M | 144.69M | 20.14K | 89.36M |
| Accounts Payable | 20.92M | 54.26M | 47.76M | 6.28M | 9.98M | 7.03M | 18.68M | 24.17M | 19.89M | 15.69M | 15.44M | 14.06M | 33.54M | 39.2M | 20.53M |
| Days Payables Outstanding | 17.05 | 35.17 | 37.62 | 5.33 | 6.38 | 4.14 | 19.78 | 24.36 | 22.72 | 16.57 | 26.53 | 20.88 | 32.18 | 39.8 | 21.46 |
| Short-Term Debt | 49.75M | 46.88M | 16.58M | 30.75M | 15.78M | 15.69M | 57.63M | 23.32M | 23.01M | 25.99M | 35.6M | 32.82M | 79.91M | 26.68M | 36.79M |
| Deferred Revenue (Current) | 90.38M | 24.89M | 15.45M | 15.63M | 20.88M | 32.21M | 12.8M | 14.38M | 14.72M | 5.82M | 6.42M | 4.45M | 11.75M | -72.69M | 13.42M |
| Other Current Liabilities | 52.82M | 806K | 0 | 4.39M | 6.53M | 9.26M | 0 | 0 | 3.23M | 0 | 0 | 0 | 0 | 0 | 8.78M |
| Current Ratio | 1.63x | 1.69x | 1.76x | 1.82x | 2.41x | 1.65x | 1.00x | 1.41x | 1.44x | 1.19x | 0.88x | 0.96x | 0.59x | 26.38x | 0.83x |
| Quick Ratio | 1.35x | 1.46x | 1.46x | 1.66x | 2.10x | 1.40x | 0.86x | 1.18x | 1.19x | 0.97x | 0.71x | 0.86x | 0.48x | -1019.85x | 0.59x |
| Cash Conversion Cycle | 39.24 | 15.49 | 22.08 | 47.96 | 35.43 | 48.06 | 31.42 | 27.6 | 27.11 | 19.6 | 20.68 | 15.16 | 7.86 | 23.15 | 28.79 |
| Total Non-Current Liabilities | 310.28M | 325.33M | 352.68M | 229.65M | 287.31M | 294.6M | 105.16M | 145.98M | 141.06M | 142.63M | 107.64M | 129.5M | 87.43M | 20.14K | 68.67M |
| Long-Term Debt | 93.16M | 316.93M | 112.72M | 68.45M | 98.82M | 105.84M | 44.51M | 83.65M | 95.37M | 117.62M | 107.64M | 129.5M | 86.63M | 100.61M | 68.49M |
| Capital Lease Obligations | 686.64M | 8.39M | 239.96M | 143.27M | 168.51M | 170.96M | 50.52M | 57.5M | 45.68M | 25.02M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 17.94M | 19.97M | 17.81M | 10.14M | 4.83M | 0 | 0 | 0 | 0 | 0 | 103.24M | 181.38K |
| Total Liabilities | 463.86M | 453.36M | 461.79M | 334.98M | 379.52M | 406.34M | 215.97M | 236.83M | 220.11M | 212.64M | 185.52M | 201.65M | 232.12M | 20.14K | 158.02M |
| Total Debt | 360.03M | 372.21M | 397.37M | 264.44M | 299.48M | 306.96M | 159.63M | 177.02M | 169.43M | 170.41M | 143.24M | 162.32M | 167.34M | 127.29M | 105.27M |
| Net Debt | 300.49M | 269.15M | 310.57M | 165.4M | 171.1M | 250.75M | 112.73M | 126.47M | 115.81M | 135.87M | 120.91M | 124.8M | 137.52M | 126.8M | 84.89M |
| Debt / Equity | 0.74x | 0.78x | 0.84x | 0.71x | 0.81x | 1.02x | 0.68x | 0.73x | 0.73x | 0.81x | 0.81x | 0.98x | 1.67x | 1.07x | 1.44x |
| Debt / EBITDA | 3.99x | 4.63x | 5.04x | 3.54x | 2.22x | 3.01x | 4.34x | 4.24x | 3.16x | 5.39x | 5.31x | 4.88x | 18.24x | 4.11x | 4.00x |
| Net Debt / EBITDA | 3.33x | 3.35x | 3.94x | 2.21x | 1.27x | 2.46x | 3.07x | 3.03x | 2.16x | 4.29x | 4.48x | 3.75x | 14.99x | 4.09x | 3.22x |
| Interest Coverage | 2.14x | 1.58x | 2.57x | 2.63x | 4.81x | 7.29x | 2.62x | 2.84x | 3.70x | 2.10x | 2.60x | 3.28x | -1.19x | 3.05x | - |
| Total Equity | 486.83M | 474.74M | 474.66M | 370.2M | 368.72M | 300.68M | 234.43M | 243.07M | 233.37M | 210.66M | 176.68M | 165.32M | 100.35M | 119.52M | 73.11M |
| Equity Growth % | 48.97% | 0.02% | 28.22% | 0.4% | 22.63% | 28.26% | -3.55% | 4.16% | 10.78% | 19.23% | 6.87% | 64.74% | -16.04% | 63.47% | - |
| Book Value per Share | 7.52 | 7.34 | 10.31 | 8.14 | 8.18 | 6.70 | 5.35 | 5.62 | 5.45 | 5.41 | 4.99 | 4.73 | 5.36 | 8.90 | 837.20 |
| Total Shareholders' Equity | 441.06M | 429.33M | 427.82M | 323.89M | 314.23M | 247.2M | 182.77M | 170.25M | 161.69M | 145.35M | 116.27M | 108.21M | 97.82M | 99.03M | 69.91M |
| Common Stock | 7K | 7K | 6.5K | 4.65K | 4.59K | 4.56K | 4.54K | 4.49K | 4.4K | 4.38K | 3.66K | 3.65K | 3.48K | 93.49M | 87.33K |
| Retained Earnings | 182.28M | 172.25M | 169.16M | 159.03M | 151.33M | 85.66M | 23.18M | 12.74M | 5.74M | -9.6M | -17.41M | -24.87M | -36.14M | -65.62K | 174.38K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.19M | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -73.14M | -61.28M | -49.04M | -34.88M | -332.46B | 0 | 0 |
| Minority Interest | 45.77M | 45.4M | 46.84M | 46.31M | 54.5M | 53.48M | 51.67M | 72.83M | 71.68M | 65.3M | 60.41M | 57.1M | 2.53M | 20.48M | 3.2M |
Variable Voyage Expense Exposure
According to recent financial statements, PANL has grown total assets from $705.2 million in 2023Q4 to $950.7 million in 2026Q1, a trend that suggests management is aggressively scaling the fleet despite the inherent volatility of the dry bulk shipping sector's underlying demand cycles.
The expansion of the asset base appears to be driven by significant investment in property, plant, and equipment, which rose from $504.7 million to $691.5 million over the same period. While this indicates a commitment to fleet modernization, investors should monitor whether this capital deployment will generate sufficient returns to offset the associated depreciation and maintenance costs.
Based on reported figures, PANL maintains a debt-to-equity ratio of 0.74 as of 2026Q1, a level that remains remarkably disciplined compared to industry peers and suggests a strategic preference for maintaining financial flexibility rather than relying on aggressive, debt-fueled expansion to drive top-line growth.
The company's ability to keep leverage below 1.0x while expanding its asset base implies a cautious approach to capital structure management. This conservative stance provides a meaningful buffer against potential downturns in shipping rates, though it may also indicate a lack of high-conviction, accretive investment opportunities currently available.
As indicated by the company's balance sheet, PPE net assets represent the vast majority of total assets at $691.5 million in 2026Q1, confirming that Pangaea's business model is fundamentally tied to the ownership and maintenance of specialized, high-complexity ice-class vessels rather than purely asset-light logistics.
The concentration of capital in physical assets necessitates ongoing maintenance and potential future upgrades to meet evolving environmental regulations. This asset-heavy profile requires consistent utilization rates to justify the depreciation charges, which may continue to weigh on reported net margins in the near term.
According to quarterly filings, PANL's current ratio stood at 1.63 in 2026Q1, providing a stable liquidity cushion that appears sufficient to manage the working capital requirements inherent in the company's voyage-heavy, multi-leg logistics contracts and fluctuating bunker fuel costs.
While the current ratio has fluctuated from a high of 2.16 in 2024Q2, the current level remains healthy enough to support operational continuity. Investors should monitor the cash balance, which has shown significant quarterly variance, as it serves as the primary defense against the lumpy cash flow cycles typical of the shipping industry.
Based on an analysis of the balance sheet, the reliance on PPE as the primary asset driver warrants further investigation, as the carrying value of these specialized ice-class vessels may not fully reflect the potential for future impairment if global trade routes or environmental mandates shift.
The stability of the asset base masks the underlying risk that these specialized vessels may have limited secondary market liquidity compared to standard dry bulk carriers. If the company's niche trade routes face structural disruption, the book value of these assets could prove optimistic, potentially leading to future write-downs.
Quick answers to the most common questions about buying PANL stock.
As of 2025, Pangaea Logistics Solutions, Ltd. (PANL) had total assets of $928.1M including $215.8M in current assets.
Pangaea Logistics Solutions, Ltd. (PANL) carries total debt of $372.2M, offset by $103.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pangaea Logistics Solutions, Ltd. (PANL) has total shareholders' equity (book value) of $429.3M ($7.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pangaea Logistics Solutions, Ltd. (PANL) reported a current ratio of 1.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.