Toro Corp. (TORO) 10-Year Financial Performance & Capital Metrics

TORO • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutToro Corp. acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil and refined petroleum products worldwide. The company operates through Aframax/LR2 tanker and Handysize tanker segments. It operates a fleet of eight tanker vessels with an aggregate cargo carrying capacity of 0.7 million dwt. The company was incorporated in 2022 and is headquartered in Limassol, Cyprus.Show more

Revenue $22M -71.5%
EBITDA -$656K -100.5%
Net Income $25M -82.1%
EPS (Diluted) 1.09 -85.6%
Gross Margin 20.84% -69.3%
EBITDA Margin -2.93% -101.6%
Operating Margin -24.82% -114.2%
Net Margin 112.56% -37.2%
ROE 8.16% -87.3%
ROIC -1.93% -102.4%
Debt/Equity -
Interest Coverage -24.11 -100.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.8%
✓FCF machine: 64.5% free cash flow margin
✓Momentum leader: RS Rating 95 (top 5%)
✓Share count reduced 5.8% through buybacks
✓Healthy 5Y average net margin of 151.5%
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-8.53%

TTM-33.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-94.26%

EPS CAGR

10Y-

5Y-

3Y-

TTM-99.83%

ROCE

10Y Avg15.86%

5Y Avg15.86%

3Y Avg21.35%

Latest-1.79%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	29.26M	15.64M	78.47M	22.39M
Revenue Growth %	-	-0.47%	4.02%	-0.71%
Cost of Goods Sold+	29.11M	61.16M	25.23M	17.73M
COGS % of Revenue	0.99%	3.91%	0.32%	0.79%
Gross Profit+	154.91K	11.14M	53.23M	4.67M
Gross Margin %	0.01%	0.71%	0.68%	0.21%
Gross Profit Growth %	-	70.9%	3.78%	-0.91%
Operating Expenses+	889.1K	4.21M	-83.65M	10.22M
OpEx % of Revenue	0.03%	0.27%	-1.07%	0.46%
Selling, General & Admin	889.1K	2.09M	5.36M	10.2M
SG&A % of Revenue	0.03%	0.13%	0.07%	0.46%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	2.11M	-89.01M	25.37K
Operating Income+	-734.18K	6.93M	136.88M	-5.56M
Operating Margin %	-0.03%	0.44%	1.74%	-0.25%
Operating Income Growth %	-	10.44%	18.75%	-1.04%
EBITDA+	3.1M	8.34M	140.52M	-655.91K
EBITDA Margin %	0.11%	0.53%	1.79%	-0.03%
EBITDA Growth %	-	1.69%	15.86%	-1%
D&A (Non-Cash Add-back)	3.83M	1.41M	3.64M	4.9M
EBIT	-734.18K	6.93M	12.17M	5.74M
Net Interest Income+	-597.33K	-735.67K	2.02M	8.49M
Interest Income	771	212.94K	2.05M	8.72M
Interest Expense	598.1K	948.61K	31.82K	230.53K
Other Income/Expense	-490.03K	-11.38K	3.03M	11.07M
Pretax Income+	-1.22M	6.92M	140.99M	5.51M
Pretax Margin %	-0.04%	0.44%	1.8%	0.25%
Income Tax+	206.17K	0	350.67K	0
Effective Tax Rate %	1.17%	7.21%	1%	4.57%
Net Income+	-1.43M	49.93M	140.64M	25.21M
Net Margin %	-0.05%	3.19%	1.79%	1.13%
Net Income Growth %	-	35.9%	1.82%	-0.82%
Net Income (Continuing)	-1.43M	6.92M	11.18M	5.51M
Discontinued Operations	0	43.01M	129.46M	19.7M
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.15	5.28	7.56	1.09
EPS Growth %	-	36.2%	0.43%	-0.86%
EPS (Basic)	-0.15	5.55	9.05	1.09
Diluted Shares Outstanding	9.46M	9.46M	18.47M	17.4M
Basic Shares Outstanding	9.46M	9.46M	15.44M	17.4M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	12.63M	54.76M	165.14M	55.27M
Cash & Short-Term Investments	4.96M	41.78M	155.24M	37.42M
Cash Only	4.96M	41.78M	155.24M	37.19M
Short-Term Investments	0	0	0	226.57K
Accounts Receivable	4.1M	10.62M	1.4M	16.87M
Days Sales Outstanding	51.16	247.8	6.53	275.01
Inventory	3.14M	893.57K	172.72K	194.98K
Days Inventory Outstanding	39.35	5.33	2.5	4.01
Other Current Assets	25.34K	558.33K	6.74M	786.84K
Total Non-Current Assets+	111.42M	102.72M	142.97M	271.13M
Property, Plant & Equipment	108.09M	92.49M	88.71M	72.77M
Fixed Asset Turnover	0.27x	0.17x	0.88x	0.31x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	1.51M	2.41M	50.54M	105.34M
Other Non-Current Assets	1.82M	7.82M	3.72M	93.03M
Total Assets+	124.05M	157.48M	308.1M	326.41M
Asset Turnover	0.24x	0.10x	0.25x	0.07x
Asset Growth %	-	0.27%	0.96%	0.06%
Total Current Liabilities+	6.95M	6.52M	7.86M	4.7M
Accounts Payable	505.63K	1.64M	3.19M	770.83K
Days Payables Outstanding	6.34	9.81	46.11	15.87
Short-Term Debt	2.93M	2.61M	1.31M	0
Deferred Revenue (Current)	547.94K	0	0	984K
Other Current Liabilities	2.48M	0	625K	1.62M
Current Ratio	1.82x	8.40x	21.01x	11.77x
Quick Ratio	1.37x	8.26x	20.99x	11.73x
Cash Conversion Cycle	84.17	243.33	-37.08	263.15
Total Non-Current Liabilities+	13.07M	10.46M	3.9M	0
Long-Term Debt	13.07M	10.46M	3.9M	0
Capital Lease Obligations	0	0	0	0
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	0	0	0	0
Total Liabilities	20.02M	16.98M	11.76M	4.7M
Total Debt+	16M	13.07M	5.21M	0
Net Debt	11.04M	-28.71M	-150.02M	-37.19M
Debt / Equity	0.15x	0.09x	0.02x	-
Debt / EBITDA	5.16x	1.57x	0.04x	-
Net Debt / EBITDA	3.56x	-3.44x	-1.07x	-
Interest Coverage	-1.23x	7.31x	4302.44x	-24.11x
Total Equity+	104.03M	140.5M	296.34M	321.71M
Equity Growth %	-	0.35%	1.11%	0.09%
Book Value per Share	11.00	14.85	16.04	18.49
Total Shareholders' Equity	104.03M	140.5M	296.34M	321.71M
Common Stock	104.03M	140.5M	19.02K	19.09K
Retained Earnings	0	-34	119.7M	140.42M
Treasury Stock	0	0	-223.84K	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.42M	41.54M	56.13M	14.56M
Operating CF Margin %	-0.15%	2.66%	0.72%	0.65%
Operating CF Growth %	-	10.41%	0.35%	-0.74%
Net Income	-1.43M	49.93M	140.64M	5.51M
Depreciation & Amortization	3.83M	7.29M	7.39M	4.9M
Stock-Based Compensation	0	0	1.27M	5.31M
Deferred Taxes	0	0	0	0
Other Non-Cash Items	94.79K	-2.84M	-99.95M	2.39M
Working Capital Changes	-6.91M	-12.85M	6.77M	-3.55M
Change in Receivables	-4.1M	-6.78M	7.01M	961.65K
Change in Inventory	-3.14M	2.24M	633.01K	-22.27K
Change in Payables	47.83K	1.3M	1.61M	-978.03K
Cash from Investing+	-111.29M	11.79M	50.71M	-122.57M
Capital Expenditures	-111.29M	-852.6K	-72.24M	-119.3K
CapEx % of Revenue	3.8%	0.05%	0.92%	0.01%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	122.94M	-117.53M
Cash from Financing+	121.37M	-16.51M	6.27M	-10.39M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	-851.67K	-1.4M
Share Repurchases	-	-	-	-
Other Financing	-19.59M	686.15K	-2.48M	-5.26M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-115.7M	40.69M	-16.11M	14.44M
FCF Margin %	-3.95%	2.6%	-0.21%	0.64%
FCF Growth %	-	1.35%	-1.4%	1.9%
FCF per Share	-12.23	4.30	-0.87	0.83
FCF Conversion (FCF/Net Income)	3.09x	0.83x	0.40x	0.58x
Interest Paid	0	0	0	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-1.38%	40.83%	64.39%	8.16%
Return on Invested Capital (ROIC)	-0.48%	4.58%	79.55%	-1.93%
Gross Margin	0.53%	71.23%	67.84%	20.84%
Net Margin	-4.89%	319.27%	179.23%	112.56%
Debt / Equity	0.15x	0.09x	0.02x	-
Interest Coverage	-1.23x	7.31x	4302.44x	-24.11x
FCF Conversion	3.09x	0.83x	0.40x	0.58x
Revenue Growth	-	-46.56%	401.79%	-71.46%

Revenue by Segment

	2024
Voyage Charter	1.31M
Voyage Charter Growth	-

Frequently Asked Questions

Valuation & Price

Toro Corp. (TORO) has a price-to-earnings (P/E) ratio of 5.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Toro Corp. (TORO) reported $20.1M in revenue for fiscal year 2024. This represents a 31% decrease from $29.3M in 2021.

Toro Corp. (TORO) saw revenue decline by 71.5% over the past year.

Yes, Toro Corp. (TORO) is profitable, generating $5.0M in net income for fiscal year 2024 (112.6% net margin).

Dividend & Returns

Yes, Toro Corp. (TORO) pays a dividend with a yield of 1.44%. This makes it attractive for income-focused investors.

Toro Corp. (TORO) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Toro Corp. (TORO) had negative free cash flow of $7.3M in fiscal year 2024, likely due to heavy capital investments.

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