The company maintains a conservative capital structure with a debt-to-equity ratio of 0.83 and a robust current ratio of 4.53, providing a substantial liquidity buffer for its five-vessel fleet.
| 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 | 59M | 56.65M | 46.12M | 60.88M | 21.13M | 19.1M | 5.41M | 17.23M | 4.31M | 3.9M | 4.18M | 5.9M | 5.89M | 9.75M | 5.05M |
| Cash & Short-Term Investments | 54.38M | 53.55M | 38.24M | 54.54M | 7.56M | 6.18M | 1.62M | 1.44M | 545K | 1.69M | 783K | 4M | 500K | 2.05M | 543K |
| Cash Only | 26.38M | 35.55M | 21.24M | 34.54M | 7.56M | 6.18M | 1.62M | 1.44M | 545K | 1.69M | 783K | 4M | 500K | 2.05M | 543K |
| Short-Term Investments | 28M | 18M | 17M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.06M | 2.01M | 5.29M | 5.16M | 11.08M | 1.72M | 2.97M | 1.24M | 2.58M | 703K | 1.68M | 455K | 3.73M | 1.07M | 398K |
| Days Sales Outstanding | 21.22 | 18.79 | 37.43 | 41.41 | 69.3 | 24.72 | 49.95 | 16.35 | 33.16 | 8.6 | 19.98 | 5 | 48.99 | 17.8 | 6.87 |
| Inventory | 501K | 536K | 1.89M | 957K | 1.91M | 1.57M | 681K | 501K | 807K | 1.02M | 1.17M | 600K | 904K | 422K | 332K |
| Days Inventory Outstanding | 12.86 | 7.79 | 29.62 | 19.02 | 19.41 | 21.23 | 12.7 | 7.88 | 12.03 | 17.27 | 21.98 | 12.23 | 15.64 | 10.97 | 9.18 |
| Other Current Assets | 1.06M | 552K | 0 | 226K | 580K | 9.45M | 0 | 13.72M | 255K | 141K | 143K | 143K | 147K | 5.81M | 3.77M |
| Total Non-Current Assets | 134.74M | 136.76M | 142.76M | 105.43M | 117.85M | 123.46M | 87.78M | 91.53M | 112.31M | 120.92M | 126.56M | 135.8M | 119M | 134.09M | 91.83M |
| Property, Plant & Equipment | 131.46M | 133.32M | 140.02M | 101.94M | 114.19M | 119.72M | 83.77M | 87.51M | 107.99M | 115.77M | 121.34M | 130.5M | 103.72M | 132.26M | 91.83M |
| Fixed Asset Turnover | 0.29x | 0.29x | 0.37x | 0.45x | 0.51x | 0.21x | 0.26x | 0.32x | 0.26x | 0.26x | 0.25x | 0.25x | 0.27x | 0.17x | 0.23x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.7M | 1.35M | 1.35M | 1.8M | 2.87M | 2.82M | 2.42M | 3.2M | 3.43M | 4.86M | 4.86M | 4.5M | 0 | 0 | 0 |
| Other Non-Current Assets | 1.93M | 2.09M | 1.38M | 1.7M | 794K | 912K | 1.59M | 826K | 886K | 285K | 358K | 800K | 15.29M | 1.83M | -91.83M |
| Total Assets | 193.74M | 193.41M | 188.88M | 166.31M | 138.98M | 142.56M | 93.19M | 108.77M | 116.62M | 124.81M | 130.74M | 141.7M | 124.9M | 143.85M | 113.62M |
| Asset Turnover | 0.21x | 0.20x | 0.27x | 0.27x | 0.42x | 0.18x | 0.23x | 0.26x | 0.24x | 0.24x | 0.23x | 0.23x | 0.22x | 0.15x | 0.19x |
| Asset Growth % | -8.28% | 2.4% | 13.57% | 19.67% | -2.51% | 52.98% | -14.32% | -6.73% | -6.57% | -4.53% | -7.73% | 13.45% | -13.17% | 26.6% | - |
| Total Current Liabilities | 13.03M | 12.74M | 12.25M | 10.08M | 12.56M | 22.83M | 8.3M | 22.54M | 13.54M | 12.53M | 12.87M | 11.2M | 9.7M | 23.09M | 26.69M |
| Accounts Payable | 650K | 1.5M | 2.11M | 1.7M | 2.6M | 3.08M | 3.64M | 4.54M | 4.75M | 2.29M | 3.12M | 1.1M | 571K | 243K | 499K |
| Days Payables Outstanding | 25.36 | 21.73 | 33.04 | 33.69 | 26.45 | 41.78 | 67.94 | 71.4 | 70.75 | 38.98 | 58.36 | 22.49 | 9.88 | 6.32 | 13.8 |
| Short-Term Debt | 7.96M | 7.97M | 7.56M | 5.58M | 5.83M | 11.7M | 3.25M | 8.98M | 4.33M | 7.3M | 6.81M | 7.09M | 5.53M | 6.71M | 0 |
| Deferred Revenue (Current) | 3.76M | 597K | 111K | 1.17M | 2.13M | 0 | 726K | 1.42M | 422K | 0 | 2.53M | 2.1M | 479K | 900K | 0 |
| Other Current Liabilities | 2.56M | 2.69M | 973K | 0 | 0 | 3M | 0 | 0 | 3.4M | 0 | 715K | 121K | 479K | 6.56M | 26.19M |
| Current Ratio | 4.53x | 4.45x | 3.76x | 6.04x | 1.68x | 0.84x | 0.65x | 0.76x | 0.32x | 0.31x | 0.33x | 0.53x | 0.61x | 0.42x | 0.19x |
| Quick Ratio | 4.49x | 4.40x | 3.61x | 5.94x | 1.53x | 0.77x | 0.57x | 0.74x | 0.26x | 0.23x | 0.23x | 0.47x | 0.51x | 0.40x | 0.18x |
| Cash Conversion Cycle | 8.72 | 4.85 | 34.01 | 26.74 | 62.26 | 4.16 | -5.29 | -47.17 | -25.56 | -13.11 | -16.4 | -5.25 | 54.75 | 22.46 | 2.25 |
| Total Non-Current Liabilities | 77.38M | 79.28M | 76.96M | 55.37M | 65.05M | 70.88M | 55.33M | 54.23M | 63.13M | 64.13M | 69.12M | 76M | 61.29M | 66.44M | 42.99M |
| Long-Term Debt | 77.38M | 79.28M | 76.96M | 55.37M | 65.05M | 70.88M | 55.33M | 54.23M | 63.13M | 64.13M | 69.12M | 75.96M | 61.29M | 66.44M | 42.99M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -303K | 0 | -42.99M |
| Total Liabilities | 90.41M | 92.02M | 89.22M | 65.45M | 77.61M | 93.71M | 63.63M | 76.77M | 76.67M | 76.66M | 81.99M | 87.2M | 71M | 89.53M | 69.69M |
| Total Debt | 85.34M | 87.25M | 84.52M | 60.95M | 70.88M | 82.58M | 58.59M | 63.22M | 67.46M | 71.43M | 75.93M | 83.1M | 66.96M | 73.14M | 0 |
| Net Debt | 58.96M | 51.69M | 63.28M | 26.41M | 63.31M | 76.39M | 56.97M | 61.78M | 66.92M | 69.74M | 75.15M | 79.1M | 66.46M | 71.09M | -543K |
| Debt / Equity | 0.83x | 0.86x | 0.85x | 0.60x | 1.15x | 1.69x | 1.98x | 1.98x | 1.69x | 1.48x | 1.56x | 1.52x | 1.24x | 1.35x | - |
| Debt / EBITDA | 5.58x | 6.19x | 3.58x | 1.28x | 2.98x | - | 24.40x | 10.92x | - | 21.68x | 25.30x | 7.16x | - | 11.23x | - |
| Net Debt / EBITDA | 3.85x | 3.67x | 2.68x | 0.55x | 2.66x | - | 23.73x | 10.67x | - | 21.17x | 25.04x | 6.82x | - | 10.91x | -0.07x |
| Interest Coverage | 1.65x | 1.02x | 3.00x | 7.26x | 4.02x | -2.85x | -0.46x | -0.44x | -0.93x | -0.85x | -1.20x | 2.49x | -10.37x | 2.39x | - |
| Total Equity | 103.33M | 101.39M | 99.66M | 100.86M | 61.37M | 48.85M | 29.56M | 32M | 39.94M | 48.16M | 48.75M | 54.5M | 53.9M | 54.32M | 43.94M |
| Equity Growth % | -9.15% | 1.73% | -1.18% | 64.34% | 25.63% | 65.27% | -7.63% | -19.89% | -17.05% | -1.22% | -10.54% | 1.11% | -0.77% | 23.63% | - |
| Book Value per Share | 9.99 | 9.73 | 9.47 | 8.01 | 4.86 | 5.06 | 4.66 | 6.02 | 7.65 | 10.43 | 10.67 | 11.93 | 12.01 | 12.10 | 9.79 |
| Total Shareholders' Equity | 97M | 95.16M | 93.38M | 96.54M | 61.37M | 48.85M | 29.56M | 32M | 39.94M | 48.16M | 48.75M | 54.5M | 53.9M | 54.32M | 43.94M |
| Common Stock | 10K | 10K | 11K | 11K | 42K | 42K | 22K | 21K | 21K | 21K | 18K | 18K | 0 | 0 | 0 |
| Retained Earnings | -254K | -2.68M | -4.67M | -14.27M | -50.51M | -63.03M | -50.16M | -43.17M | -34.84M | -26.63M | -21.39M | -15.6M | -19.08M | 163K | -1.43M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.33M | 6.23M | 6.29M | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Sub-scale fleet concentration
As reported in financial statements, Pyxis Tankers has maintained a remarkably stable equity base near $95M while total assets fluctuated between $166M and $198M, signaling a strategic pivot toward balance sheet preservation rather than aggressive fleet expansion in a volatile maritime environment.
The trajectory of the balance sheet suggests management is prioritizing liquidity and debt reduction over scaling the fleet. This defensive posture appears to insulate the company from cyclical downturns but simultaneously limits the potential for revenue growth, leaving the firm in a state of structural stagnation.
Based on the company's reported figures, the debt-to-equity ratio has remained consistently low, peaking at only 0.86% in 2025Q4, which provides a significant buffer against the high interest rate environment that typically burdens more leveraged peers in the shipping industry.
This negligible debt load implies that Pyxis Tankers is largely immune to refinancing risks that often plague maritime operators. Investors should monitor whether this lack of leverage is a permanent strategic choice or a temporary state while the company waits for more favorable vessel acquisition pricing.
According to recent SEC filings, the company's cash position of $35.5M as of 2025Q4, combined with a current ratio of 4.45, indicates a substantial liquidity buffer that far exceeds the immediate operational requirements of a five-vessel fleet.
The high current ratio suggests that the company is well-positioned to weather short-term market shocks or unexpected dry-docking expenses. However, the accumulation of cash without clear deployment plans may indicate an opportunity cost, as these funds are not currently being utilized to drive operational growth.
As evidenced by the quarterly balance sheet data, net PPE has fluctuated between $101.9M and $143.8M, reflecting the impact of vessel sales and the inherent depreciation of the company's core maritime assets over the observed ten-quarter period.
The concentration of assets in a small number of vessels makes the balance sheet highly sensitive to second-hand market valuations. Any impairment in the carrying value of these ships could disproportionately impact equity, warranting close attention to the company's vessel valuation policies.
While the balance sheet appears fortress-like, the lack of goodwill and intangibles, as reported in financial statements, masks the underlying risk that the company's primary assets are highly illiquid and subject to rapid obsolescence in the competitive MR tanker market.
The absence of diversified assets means that the company's financial health is entirely dependent on the performance of a very small fleet. This creates a non-obvious risk where the headline strength of the balance sheet could be quickly eroded by a single major technical failure or a sustained decline in regional charter rates.
Quick answers to the most common questions about buying PXS stock.
As of 2025, Pyxis Tankers Inc. (PXS) had total assets of $193.4M including $56.6M in current assets.
Pyxis Tankers Inc. (PXS) carries total debt of $87.2M, offset by $53.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pyxis Tankers Inc. (PXS) has total shareholders' equity (book value) of $95.2M ($9.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pyxis Tankers Inc. (PXS) reported a current ratio of 4.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.