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Pangaea Logistics Solutions (PANL) Financials

Pangaea Logistics Solutions logo
$6.60 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$6.74 +0.14 (+2.11%)
As of 07/2/2026 07:43 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Pangaea Logistics Solutions

Annual Income Statements for Pangaea Logistics Solutions

This table shows Pangaea Logistics Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 11 7.46 7.81 18 12 11 67 79 26 29 19
Consolidated Net Income / (Loss)		 13 9.16 9.10 24 17 13 72 86 29 32 20
Net Income / (Loss) Continuing Operations		 13 9.16 9.10 24 17 13 72 86 29 32 20
Total Pre-Tax Income 		13 9.16 9.10 24 17 13 72 86 29 32 20
Total Operating Income		 21 13 16 36 23 20 79 106 45 48 41
Total Gross Profit		 54 40 56 71 69 55 121 158 105 113 124
Total Revenue		 287 238 386 373 412 383 718 700 499 537 632
Operating Revenue		 287 238 386 373 412 383 718 700 499 537 632
Total Cost of Revenue		 233 198 330 302 344 328 597 541 394 424 508
Operating Cost of Revenue		 233 198 330 302 344 328 597 541 394 424 508
Total Operating Expenses		 34 27 40 35 45 36 42 53 60 64 83
Selling, General & Admin Expense		 15 13 15 16 17 16 19 20 23 25 31
Depreciation Expense		 13 14 16 18 19 17 23 29 30 30 42
Other Operating Expenses / (Income)		 - - - 0.86 - - - 0.00 5.81 9.30 12
Other Special Charges / (Income)		 0.64 0.00 9.28 0.00 4.58 0.73 0.00 0.32 1.74 0.00 -3.00
Total Other Income / (Expense), net		 -7.16 -3.73 -6.93 -12 -6.21 -7.00 -6.50 -20 -16 -17 -21
Interest Expense		 5.86 5.74 8.27 8.90 9.28 7.83 12 22 17 20 24
Interest & Investment Income		 - - - - - - - 0.93 3.57 3.02 1.63
Other Income / (Expense), net		 -1.30 2.00 1.34 -3.19 3.07 0.83 5.02 1.49 -2.16 0.48 1.60
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.09 1.70 1.29 6.22 5.39 1.34 5.15 6.02 2.21 2.87 0.80
Basic Earnings per Share		 $0.32 $0.21 $0.20 $0.42 $0.27 $0.26 $1.53 $1.79 $0.59 $0.64 $0.30
Weighted Average Basic Shares Outstanding		 34.78M 35.16M 38.41M 42.25M 42.75M 43.42M 44.00M 44.40M 44.77M 45.39M 63.80M
Diluted Earnings per Share		 $0.32 $0.21 $0.20 $0.42 $0.27 $0.26 $1.50 $1.76 $0.58 $0.63 $0.30
Weighted Average Diluted Shares Outstanding		 34.96M 35.38M 38.93M 42.78M 43.27M 43.82M 44.85M 45.06M 45.48M 46.05M 64.70M
Weighted Average Basic & Diluted Shares Outstanding		 36.50M 36.59M 44.10M 44.50M 45.08M 45.62M 91.45M 92.95M 46.72M 65.63M 65.32M
Cash Dividends to Common per Share		 - - - - - - - - $0.10 $0.10 $0.05

Quarterly Income Statements for Pangaea Logistics Solutions

This table shows Pangaea Logistics Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 19 1.14 12 3.68 5.11 8.44 -1.98 -2.74 12 12 13
Consolidated Net Income / (Loss)		 20 2.18 13 3.99 6.06 9.05 -2.20 -2.90 13 12 14
Net Income / (Loss) Continuing Operations		 20 2.18 13 3.99 12 3.01 -2.20 -2.90 13 12 14
Total Pre-Tax Income 		20 2.18 13 3.99 12 3.01 -2.20 -2.90 13 12 14
Total Operating Income		 20 11 11 7.61 15 15 2.93 3.65 17 17 10
Total Gross Profit		 37 -0.59 40 38 31 3.42 23 24 40 15 37
Total Revenue		 136 132 105 131 153 147 123 157 169 184 171
Operating Revenue		 136 132 105 131 153 147 123 157 169 184 171
Total Cost of Revenue		 99 132 64 94 122 144 100 133 129 169 133
Operating Cost of Revenue		 99 132 64 94 122 144 100 133 129 169 133
Total Operating Expenses		 17 -11 29 30 10 -5.35 20 20 23 -2.57 27
Selling, General & Admin Expense		 5.50 5.67 7.28 5.03 0.00 12 7.27 7.17 9.88 6.74 10
Depreciation Expense		 8.09 7.52 7.44 7.45 7.72 7.77 9.92 11 10 12 12
Other Operating Expenses / (Income)		 3.52 -25 15 18 2.42 -25 2.55 2.69 3.13 -18 4.73
Total Other Income / (Expense), net		 0.48 -8.38 1.64 -3.62 -8.94 -5.75 -5.13 -6.55 -3.93 -5.16 3.20
Interest Expense		 4.62 3.73 4.67 3.69 4.43 7.39 6.15 6.03 5.91 5.92 5.94
Interest & Investment Income		 0.78 0.70 0.88 0.67 0.89 0.59 0.44 0.29 0.36 0.54 2.05
Other Income / (Expense), net		 4.32 -5.35 5.43 -0.59 -5.41 1.05 0.58 -0.82 1.62 0.22 7.09
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.32 1.04 0.99 0.31 0.95 0.62 -0.22 -0.16 0.78 0.39 0.37
Basic Earnings per Share		 $0.42 $0.03 $0.26 $0.08 $0.11 $0.19 ($0.03) ($0.04) $0.19 $0.18 $0.21
Weighted Average Basic Shares Outstanding		 44.78M 44.77M 45.21M 45.28M 45.28M 45.39M 63.85M 64.04M 63.73M 63.80M 64.19M
Diluted Earnings per Share		 $0.42 $0.02 $0.25 $0.08 $0.11 $0.19 ($0.03) ($0.04) $0.19 $0.18 $0.21
Weighted Average Diluted Shares Outstanding		 45.08M 45.48M 45.91M 46.03M 46.01M 46.05M 63.85M 64.04M 64.82M 64.70M 64.78M
Weighted Average Basic & Diluted Shares Outstanding		 46.47M 46.72M 46.84M 46.90M 46.90M 65.63M 65.62M 65.24M 64.97M 65.32M 65.41M

Annual Cash Flow Statements for Pangaea Logistics Solutions

This table details how cash moves in and out of Pangaea Logistics Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 7.70 -15 10 18 -3.06 -4.66 7.81 72 -29 -12 17
Net Cash From Operating Activities		 26 19 29 40 44 21 62 135 54 66 54
Net Cash From Continuing Operating Activities		 26 19 29 40 44 21 62 135 54 66 54
Net Income / (Loss) Continuing Operations		 13 9.16 9.10 24 17 13 72 86 29 32 20
Consolidated Net Income / (Loss)		 13 9.16 9.10 24 17 13 72 86 29 32 20
Depreciation Expense		 13 14 16 18 19 17 23 29 30 30 42
Amortization Expense		 0.82 0.66 0.80 0.82 0.85 0.78 1.04 1.13 1.07 1.16 1.27
Non-Cash Adjustments To Reconcile Net Income		 6.51 -0.68 6.50 -0.03 10 -1.77 -4.36 7.36 2.39 -0.19 -18
Changes in Operating Assets and Liabilities, net		 -7.42 -4.03 -2.80 -2.25 -2.19 -7.93 -30 11 -8.28 2.58 7.51
Net Cash From Investing Activities		 -64 -10 -65 -18 -47 -6.89 -198 -29 -16 -68 11
Net Cash From Continuing Investing Activities		 -64 -10 -65 -18 -47 -6.89 -198 -29 -16 -68 11
Purchase of Property, Plant & Equipment		 -27 -9.93 0.00 -0.41 -0.28 0.00 -0.04 -0.65 0.00 -0.17 -4.30
Acquisitions		 -0.25 - - - 0.00 -15 0.00 0.00 -7.20 0.00 -2.70
Sale and/or Maturity of Investments		 - - - - - - - 0.00 1.64 1.91 4.14
Other Investing Activities, net		 -37 -0.32 -65 -17 -46 8.77 -196 -28 -10 -69 14
Net Cash From Financing Activities		 46 -24 45 -5.04 -0.92 -19 144 -34 -67 -10 -49
Net Cash From Continuing Financing Activities		 46 -24 45 -5.04 -0.92 -19 144 -34 -67 -10 -49
Repayment of Debt		 -27 -32 -27 -29 -23 -23 -64 -20 -25 -36 -19
Repurchase of Common Equity		 -1.18 -0.05 -1.02 -0.78 -2.96 -0.42 -2.05 -0.47 0.00 -2.04 -0.05
Payment of Dividends		 -0.67 1.50 0.36 -3.17 -13 -0.73 -9.06 -20 -31 -42 -19
Issuance of Debt		 74 6.21 35 0.00 40 18 79 8.50 0.00 64 0.71
Other Financing Activities, net		 - 0.00 28 28 -2.00 -13 131 -1.24 -11 5.82 -11
Cash Interest Paid		 5.41 4.66 6.98 8.64 9.25 7.15 9.09 15 19 18 24

Quarterly Cash Flow Statements for Pangaea Logistics Solutions

This table details how cash moves in and out of Pangaea Logistics Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3.06 12 -3.16 -18 15 -6.31 -23 -4.70 35 9.03 -13
Net Cash From Operating Activities		 16 24 9.00 8.96 28 19 -4.36 14 29 15 4.49
Net Cash From Continuing Operating Activities		 16 24 9.00 8.96 28 19 -4.36 14 29 15 4.50
Net Income / (Loss) Continuing Operations		 20 2.18 13 3.99 6.06 9.05 -2.20 -2.90 13 12 14
Consolidated Net Income / (Loss)		 20 2.18 13 3.99 6.06 9.05 -2.20 -2.90 13 12 14
Depreciation Expense		 8.09 7.52 7.44 7.45 7.72 7.77 9.92 11 10 12 12
Amortization Expense		 0.26 0.28 0.24 0.22 0.37 0.33 0.34 0.33 0.29 0.31 0.30
Non-Cash Adjustments To Reconcile Net Income		 0.55 1.65 0.70 -1.33 0.59 -0.15 -4.15 -5.52 -2.41 -5.61 -4.43
Changes in Operating Assets and Liabilities, net		 -13 12 -12 -1.38 14 2.28 -8.27 12 7.48 -3.59 -17
Net Cash From Investing Activities		 -1.34 9.03 -0.20 -8.94 -48 -10 -0.46 -1.95 4.32 9.50 -1.31
Net Cash From Continuing Investing Activities		 -1.34 9.03 -0.20 -8.94 -48 -10 -0.46 -1.95 4.32 9.50 -1.31
Purchase of Property, Plant & Equipment		 - - -0.07 -0.07 - - -0.40 -0.94 - - 0.00
Sale and/or Maturity of Investments		 0.01 - 0.00 - - 1.40 0.00 - - 1.04 0.50
Other Investing Activities, net		 -1.35 9.03 -0.13 -8.87 -49 -12 -0.06 -0.16 -0.12 15 -1.81
Net Cash From Financing Activities		 -12 -21 -12 -18 35 -15 -18 -17 2.15 -16 -16
Net Cash From Continuing Financing Activities		 -12 -21 -12 -18 35 -15 -18 -17 2.15 -16 -16
Repayment of Debt		 -3.34 -12 -4.21 -24 -2.53 -4.83 -4.84 -4.85 -4.86 -4.88 -5.54
Payment of Dividends		 -4.49 -9.89 -4.87 -8.87 -4.54 -24 -7.01 -4.87 -3.44 -3.47 -3.89
Other Financing Activities, net		 -4.08 0.92 -2.87 -1.32 -4.19 14 -6.19 -7.42 11 -7.94 -7.06

Annual Balance Sheets for Pangaea Logistics Solutions

This table presents Pangaea Logistics Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 367 362 423 453 480 450 707 748 705 936 928
Total Current Assets		 69 62 83 114 128 111 184 223 192 192 216
Cash & Equivalents		 38 22 35 54 51 47 56 128 99 87 103
Accounts Receivable		 20 16 21 28 28 29 54 37 48 42 56
Inventories, net		 7.49 13 15 19 21 16 27 29 17 33 28
Prepaid Expenses		 2.68 11 12 12 19 18 46 28 28 30 28
Other Current Assets		 - - - 0.00 8.32 0.00 0.00 - - - 0.00
Plant, Property, & Equipment, net		 255 275 306 282 281 277 472 477 474 708 678
Total Noncurrent Assets		 43 24 34 58 70 62 53 49 39 37 35
Noncurrent Note & Lease Receivables		 - 0.00 30 56 54 45 45 44 30 29 27
Goodwill		 - - - - - - - 0.00 3.10 3.11 3.11
Other Noncurrent Operating Assets		 43 18 4.00 2.50 1.50 1.69 5.95 5.28 5.59 4.76 4.83
Total Liabilities & Shareholders' Equity		 367 362 423 453 480 450 707 748 705 936 928
Total Liabilities		 202 186 213 220 237 216 406 380 335 462 453
Total Current Liabilities		 72 78 70 79 91 111 112 92 105 109 128
Short-Term Debt		 19 20 21 25 23 57 15 16 32 18 17
Accounts Payable		 35 39 36 35 40 33 49 39 34 47 55
Dividends Payable		 13 13 7.24 4.06 0.63 1.01 0.21 0.63 1.15 1.21 1.20
Current Deferred Revenue		 4.45 6.42 5.82 15 14 13 32 21 16 15 25
Other Current Liabilities		 - - - - 13 6.98 14 16 22 28 30
Total Noncurrent Liabilities		 129 108 143 141 146 105 295 287 230 353 325
Long-Term Debt		 129 108 118 95 84 45 106 99 68 113 97
Capital Lease Obligations		 - - 25 46 - - - - 13 10 8.40
Other Noncurrent Operating Liabilities		 - - - 0.00 62 61 189 188 148 230 220
Commitments & Contingencies		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 165 177 211 233 243 234 301 369 370 475 475
Total Preferred & Common Equity		 108 116 145 162 170 183 247 314 324 428 429
Total Common Equity		 108 116 145 162 170 183 247 314 324 428 429
Common Stock		 133 134 155 156 158 160 162 163 165 259 257
Retained Earnings		 -25 -17 -9.60 5.74 13 23 86 151 159 169 172
Noncontrolling Interest		 57 60 65 72 73 52 53 54 46 47 45

Quarterly Balance Sheets for Pangaea Logistics Solutions

This table presents Pangaea Logistics Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 729 703 693 749 918 916 932 951
Total Current Assets		 198 196 181 196 176 184 213 251
Cash & Equivalents		 87 96 78 93 64 59 94 90
Accounts Receivable		 53 42 41 44 48 49 46 61
Inventories, net		 26 22 29 27 36 39 36 40
Prepaid Expenses		 31 36 33 32 28 29 30 50
Other Current Assets		 - - - - - 7.55 6.64 9.38
Plant, Property, & Equipment, net		 480 469 464 515 705 694 684 675
Total Noncurrent Assets		 50 39 47 38 37 38 36 25
Noncurrent Note & Lease Receivables		 41 30 30 29 - 28 27 17
Goodwill		 3.10 3.10 3.10 3.10 3.10 3.10 3.10 3.11
Other Noncurrent Operating Assets		 6.07 5.74 5.99 6.11 34 6.57 5.07 5.26
Total Liabilities & Shareholders' Equity		 729 703 693 749 918 916 932 951
Total Liabilities		 351 324 316 370 451 457 467 464
Total Current Liabilities		 115 99 84 96 109 126 131 154
Short-Term Debt		 32 30 12 17 17 17 17 17
Accounts Payable		 42 33 39 48 44 61 65 75
Dividends Payable		 0.98 0.97 1.12 1.28 1.05 1.12 1.14 0.58
Current Deferred Revenue		 14 14 10 16 19 18 18 29
Other Current Liabilities		 27 22 21 14 28 28 30 33
Total Noncurrent Liabilities		 236 225 232 274 342 331 336 310
Long-Term Debt		 71 66 78 117 109 105 101 93
Capital Lease Obligations		 146 - - - 9.73 9.03 8.64 8.15
Other Noncurrent Operating Liabilities		 19 159 154 157 223 217 226 209
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 377 379 377 379 467 459 466 487
Total Preferred & Common Equity		 327 332 332 333 421 414 420 441
Total Common Equity		 327 332 332 333 421 414 420 441
Common Stock		 164 166 167 167 260 260 257 259
Retained Earnings		 163 166 165 165 161 155 164 182
Noncontrolling Interest		 51 47 45 46 46 45 45 46

Annual Metrics And Ratios for Pangaea Logistics Solutions

This table displays calculated financial ratios and metrics derived from Pangaea Logistics Solutions' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 35,937,169.00 36,590,417.00 43,795,182.00 44,048,541.00 44,451,940.00 45,065,662.00 45,641,441.00 45,922,692.00 46,466,622.00 46,902,091.00 64,973,688.00
DEI Adjusted Shares Outstanding		 35,937,169.00 36,590,417.00 43,795,182.00 44,048,541.00 44,451,940.00 45,065,662.00 45,641,441.00 45,922,692.00 46,466,622.00 46,902,091.00 64,973,688.00
DEI Earnings Per Adjusted Shares Outstanding		 0.31 0.20 0.18 0.40 0.26 0.25 1.47 1.73 0.57 0.62 0.30
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -27.86% -17.16% 62.15% -3.36% 10.52% -7.11% 87.55% -2.56% -28.65% 7.46% 17.80%
EBITDA Growth		 446.18% -9.47% 13.89% 51.87% -10.94% -16.06% 181.25% 27.54% -46.52% 9.33% 7.25%
EBIT Growth		 359.16% -22.50% 16.61% 89.27% -19.93% -22.04% 308.74% 27.55% -60.32% 15.24% -13.05%
NOPAT Growth		 1,275.74% -37.19% 24.31% 125.07% -35.52% -15.31% 300.43% 33.77% -57.71% 8.59% -15.49%
Net Income Growth		 197.94% -31.48% -0.64% 163.52% -28.91% -25.55% 470.23% 18.15% -66.63% 11.32% -36.52%
EPS Growth		 119.88% -34.38% -4.76% 110.00% -35.71% -3.70% 476.92% 17.33% -67.05% 8.62% -52.38%
Operating Cash Flow Growth		 31.93% -26.13% 52.10% 37.34% 10.77% -53.14% 196.35% 118.32% -60.10% 22.13% -18.21%
Free Cash Flow Firm Growth		 -250.54% 115.00% -447.37% 176.22% 177.85% -67.19% -145.81% 955.15% -87.96% -782.70% 179.30%
Invested Capital Growth		 55.19% 0.22% 20.34% 1.04% -19.10% -3.49% 33.79% -2.84% 8.62% 37.22% -6.54%
Revenue Q/Q Growth		 -14.10% 4.57% 10.51% -0.32% 7.47% -24.07% 45.77% -13.22% 0.80% 2.93% 6.17%
EBITDA Q/Q Growth		 66.22% 21.89% 19.05% -4.74% -7.26% 40.66% 12.99% -0.08% -16.94% 15.74% 7.15%
EBIT Q/Q Growth		 229.60% 52.40% 39.20% -8.48% -13.52% 137.98% 13.58% -1.04% -26.12% 27.82% 4.43%
NOPAT Q/Q Growth		 276.27% 19.85% 71.82% 0.41% -26.92% 86.76% 39.96% -10.26% -15.49% 9.62% 6.88%
Net Income Q/Q Growth		 15,519.59% 126.31% 85.10% -12.24% -19.71% 604.19% 15.50% -2.04% -32.33% 27.62% 19.04%
EPS Q/Q Growth		 136.78% 200.00% 122.22% -22.22% -27.03% 1,400.00% 11.94% -0.57% -34.83% 36.96% -3.23%
Operating Cash Flow Q/Q Growth		 5.61% -28.69% 99.59% -6.01% 22.44% -52.10% 50.34% 11.46% -14.37% -6.57% -7.18%
Free Cash Flow Firm Q/Q Growth		 0.00% 127.58% 2.12% 90.00% 48.61% -50.82% 48.07% 361.26% -59.62% -158.26% 289.58%
Invested Capital Q/Q Growth		 25.59% 1.41% 2.90% -1.53% -13.31% -1.36% 1.72% -31.85% -28.47% 26.03% -0.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.87% 16.71% 14.53% 19.05% 16.62% 14.42% 16.82% 22.64% 21.03% 21.01% 19.57%
EBITDA Margin		 11.41% 12.46% 8.75% 13.76% 11.09% 10.02% 15.03% 19.67% 14.74% 15.00% 13.65%
Operating Margin		 7.14% 5.42% 4.15% 9.67% 5.64% 5.14% 10.98% 15.08% 8.94% 9.03% 6.48%
EBIT Margin		 6.69% 6.26% 4.50% 8.82% 6.39% 5.36% 11.68% 15.29% 8.50% 9.12% 6.73%
Profit (Net Income) Margin		 4.65% 3.85% 2.36% 6.43% 4.14% 3.31% 10.08% 12.22% 5.72% 5.92% 3.19%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00%
Interest Burden Percent		 69.54% 61.48% 52.39% 72.94% 64.76% 61.84% 86.27% 79.92% 67.22% 64.94% 47.41%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.68% 4.48% 5.05% 10.35% 7.34% 7.07% 24.67% 29.25% 12.03% 10.58% 7.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.77% 1.28% -0.55% 0.80% -0.55% -10.56% 12.22% -47.49% -1,108.66% -36.18% -46.75%
Return on Net Nonoperating Assets (RNNOA)		 1.38% 0.88% -0.35% 0.45% -0.18% -1.76% 2.38% -3.70% -4.31% -3.06% -3.74%
Return on Equity (ROE)		 10.06% 5.36% 4.70% 10.80% 7.16% 5.32% 27.05% 25.55% 7.72% 7.52% 4.25%
Cash Return on Invested Capital (CROIC)		 -34.57% 4.26% -13.42% 9.31% 28.46% 10.63% -4.24% 32.13% 3.76% -20.81% 14.74%
Operating Return on Assets (OROA)		 5.50% 4.09% 4.42% 7.50% 5.64% 4.41% 14.50% 14.70% 5.84% 5.96% 4.56%
Return on Assets (ROA)		 3.83% 2.51% 2.32% 5.47% 3.65% 2.73% 12.51% 11.75% 3.93% 3.87% 2.16%
Return on Common Equity (ROCE)		 7.80% 3.52% 3.17% 7.47% 4.99% 3.93% 21.73% 21.43% 6.67% 6.69% 3.84%
Return on Equity Simple (ROE_SIMPLE)		 12.35% 7.88% 6.26% 14.83% 10.01% 6.94% 29.28% 27.21% 8.81% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 21 13 16 36 23 20 79 106 45 48 41
NOPAT Margin		 7.14% 5.42% 4.15% 9.67% 5.64% 5.14% 10.98% 15.08% 8.94% 9.03% 6.48%
Net Nonoperating Expense Percent (NNEP)		 6.91% 3.20% 5.59% 9.55% 7.89% 17.63% 12.45% 76.73% 1,120.69% 46.76% 54.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 21.83% 9.22% 7.87% 6.86%
Cost of Revenue to Revenue		 81.13% 83.29% 85.47% 80.95% 83.38% 85.58% 83.18% 77.36% 78.97% 78.99% 80.43%
SG&A Expenses to Revenue		 5.21% 5.37% 3.93% 4.42% 4.22% 4.16% 2.64% 2.87% 4.56% 4.59% 4.92%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 11.73% 11.29% 10.38% 9.37% 10.98% 9.27% 5.84% 7.56% 12.10% 11.98% 13.09%
Earnings before Interest and Taxes (EBIT)		 19 15 17 33 26 21 84 107 42 49 43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 33 30 34 51 46 38 108 138 74 80 86
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.71 0.87 0.90 0.67 0.65 0.57 0.60 0.67 1.10 0.56 1.04
Price to Tangible Book Value (P/TBV)		 0.71 0.87 0.90 0.67 0.65 0.57 0.60 0.67 1.11 0.56 1.04
Price to Revenue (P/Rev)		 0.27 0.42 0.34 0.29 0.27 0.27 0.21 0.30 0.71 0.44 0.70
Price to Earnings (P/E)		 6.83 13.55 16.75 6.10 9.43 9.22 2.22 2.64 13.47 8.25 22.95
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 4.25% 0.00% 3.82% 6.57% 5.24% 7.87% 3.65%
Earnings Yield		 14.64% 7.38% 5.97% 16.38% 10.60% 10.85% 45.06% 37.94% 7.42% 12.12% 4.36%
Enterprise Value to Invested Capital (EV/IC)		 0.85 0.90 0.94 0.84 0.79 0.71 0.73 0.70 1.08 0.64 1.03
Enterprise Value to Revenue (EV/Rev)		 0.85 1.09 0.84 0.79 0.54 0.51 0.37 0.36 0.83 0.63 0.81
Enterprise Value to EBITDA (EV/EBITDA)		 7.43 8.77 9.62 5.71 4.87 5.07 2.46 1.82 5.65 4.22 5.90
Enterprise Value to EBIT (EV/EBIT)		 12.67 17.48 18.71 8.91 8.45 9.47 3.17 2.34 9.80 6.94 11.97
Enterprise Value to NOPAT (EV/NOPAT)		 11.87 20.19 20.28 8.12 9.57 9.87 3.37 2.37 9.32 7.01 12.44
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.37 13.55 11.12 7.30 5.00 9.33 4.30 1.86 7.73 5.17 9.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 21.23 0.00 9.03 2.47 6.57 0.00 2.16 29.79 0.00 6.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.90 0.72 0.78 0.71 0.44 0.43 0.40 0.31 0.31 0.30 0.26
Long-Term Debt to Equity		 0.78 0.61 0.68 0.60 0.34 0.19 0.35 0.27 0.22 0.26 0.22
Financial Leverage		 0.78 0.68 0.64 0.57 0.33 0.17 0.20 0.08 0.00 0.08 0.08
Leverage Ratio		 2.63 2.13 2.03 1.97 1.96 1.95 2.16 2.17 1.97 1.94 1.96
Compound Leverage Factor		 1.83 1.31 1.06 1.44 1.27 1.20 1.87 1.74 1.32 1.26 0.93
Debt to Total Capital		 47.40% 41.87% 43.68% 41.65% 30.49% 30.30% 28.74% 23.71% 23.53% 22.89% 20.51%
Short-Term Debt to Total Capital		 6.20% 6.46% 5.55% 6.37% 6.57% 17.06% 3.66% 3.27% 6.66% 2.88% 2.83%
Long-Term Debt to Total Capital		 41.20% 35.41% 38.13% 35.27% 23.92% 13.23% 25.08% 20.45% 16.87% 20.01% 17.67%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 18.17% 19.87% 17.46% 17.92% 20.82% 15.36% 12.67% 11.28% 9.57% 7.61% 7.60%
Common Equity to Total Capital		 34.43% 38.25% 38.86% 40.43% 48.68% 54.34% 58.58% 65.01% 66.90% 69.50% 71.89%
Debt to EBITDA		 4.55 4.29 4.84 3.25 2.33 2.66 1.12 0.83 1.55 1.75 1.42
Net Debt to EBITDA		 3.34 3.33 3.81 2.20 0.87 0.99 0.58 -0.10 0.20 0.67 0.22
Long-Term Debt to EBITDA		 3.95 3.63 4.22 2.75 1.83 1.16 0.98 0.72 1.11 1.53 1.22
Debt to NOPAT		 7.26 9.87 10.20 4.62 4.59 5.17 1.54 1.09 2.55 2.91 2.99
Net Debt to NOPAT		 5.33 7.67 8.04 3.13 1.71 1.93 0.80 -0.13 0.33 1.12 0.47
Long-Term Debt to NOPAT		 6.31 8.35 8.90 3.91 3.60 2.26 1.34 0.94 1.83 2.54 2.58
Altman Z-Score		 1.08 1.00 1.42 1.47 1.45 1.36 1.92 2.23 2.00 1.41 1.79
Noncontrolling Interest Sharing Ratio		 22.45% 34.36% 32.46% 30.85% 30.33% 26.07% 19.65% 16.13% 13.64% 11.03% 9.72%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.96 0.80 1.19 1.44 1.41 1.00 1.65 2.41 1.82 1.76 1.69
Quick Ratio		 0.79 0.49 0.79 1.04 0.87 0.69 0.99 1.79 1.39 1.18 1.24
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -82 12 -43 32 90 30 -14 116 14 -95 76
Operating Cash Flow to CapEx		 95.40% 193.40% 0.00% 10,470.13% 15,696.27% 0.00% 143,717.40% 20,629.12% 0.00% 39,335.93% 1,249.73%
Free Cash Flow to Firm to Interest Expense		 -13.96 2.14 -5.15 3.65 9.72 3.78 -1.18 5.17 0.80 -4.72 3.15
Operating Cash Flow to Interest Expense		 4.44 3.35 3.53 4.51 4.79 2.66 5.36 6.01 3.08 3.26 2.24
Operating Cash Flow Less CapEx to Interest Expense		 -0.21 1.62 3.57 4.47 4.76 2.66 5.36 5.98 3.08 3.25 2.06
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.82 0.65 0.98 0.85 0.88 0.82 1.24 0.96 0.69 0.65 0.68
Accounts Receivable Turnover		 12.23 13.37 20.82 15.05 14.52 13.33 17.22 15.38 11.80 11.89 12.87
Inventory Turnover		 20.19 19.16 23.10 17.46 17.09 17.73 27.71 19.24 17.27 17.16 16.60
Fixed Asset Turnover		 1.24 0.90 1.33 1.27 1.46 1.37 1.92 1.48 1.05 0.91 0.91
Accounts Payable Turnover		 3.46 5.31 8.75 8.51 9.16 8.98 14.56 12.31 10.82 10.47 10.00
Days Sales Outstanding (DSO)		 29.84 27.30 17.53 24.26 25.14 27.39 21.20 23.74 30.94 30.70 28.36
Days Inventory Outstanding (DIO)		 18.08 19.05 15.80 20.90 21.36 20.59 13.17 18.97 21.14 21.28 21.98
Days Payable Outstanding (DPO)		 105.52 68.75 41.71 42.89 39.87 40.63 25.07 29.65 33.75 34.85 36.49
Cash Conversion Cycle (CCC)		 -57.60 -22.40 -8.38 2.26 6.63 7.35 9.30 13.05 18.33 17.13 13.86
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 288 288 347 350 283 274 366 356 386 530 495
Invested Capital Turnover		 1.22 0.83 1.22 1.07 1.30 1.37 2.25 1.94 1.35 1.17 1.23
Increase / (Decrease) in Invested Capital		 102 0.63 59 3.61 -67 -9.89 92 -10 31 144 -35
Enterprise Value (EV)		 244 260 325 293 222 194 266 250 416 339 509
Market Capitalization		 77 101 131 108 110 105 149 210 355 239 445
Book Value per Share		 $3.01 $3.18 $3.32 $3.67 $3.83 $4.06 $5.42 $6.84 $6.97 $9.12 $6.61
Tangible Book Value per Share		 $3.01 $3.18 $3.32 $3.67 $3.83 $4.06 $5.42 $6.84 $6.90 $9.06 $6.56
Total Capital		 314 304 374 400 350 336 422 483 484 616 597
Total Debt		 149 127 163 167 107 102 121 115 114 141 122
Total Long-Term Debt		 129 108 143 141 84 45 106 99 82 123 106
Net Debt		 109 99 129 113 40 38 63 -14 15 54 19
Capital Expenditures (CapEx)		 27 9.93 -0.31 0.38 0.28 0.00 0.04 0.65 0.00 0.17 4.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -23 -18 -0.77 6.34 8.54 9.52 31 18 20 14 1.60
Debt-free Net Working Capital (DFNWC)		 17 4.19 34 60 60 58 88 146 119 101 105
Net Working Capital (NWC)		 -2.84 -15 13 34 37 0.53 72 130 86 83 88
Net Nonoperating Expense (NNE)		 7.16 3.73 6.93 12 6.21 7.00 6.50 20 16 17 21
Net Nonoperating Obligations (NNO)		 122 111 136 117 40 39 65 -13 16 55 21
Total Depreciation and Amortization (D&A)		 14 15 16 18 19 18 24 31 31 32 44
Debt-free, Cash-free Net Working Capital to Revenue		 -7.96% -7.62% -0.20% 1.70% 2.07% 2.49% 4.38% 2.53% 3.94% 2.58% 0.25%
Debt-free Net Working Capital to Revenue		 5.80% 1.76% 8.75% 16.07% 14.58% 15.13% 12.21% 20.88% 23.78% 18.76% 16.56%
Net Working Capital to Revenue		 -0.99% -6.48% 3.37% 9.24% 9.00% 0.14% 10.06% 18.62% 17.32% 15.45% 13.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.32 $0.21 $0.20 $0.42 $0.27 $0.00 $0.00 $0.00 $0.00 $0.64 $0.30
Adjusted Weighted Average Basic Shares Outstanding		 34.78M 35.16M 38.41M 42.25M 42.75M 0.00 0.00 0.00 0.00 45.39M 63.80M
Adjusted Diluted Earnings per Share		 $0.32 $0.21 $0.00 $0.42 $0.27 $0.00 $0.00 $0.00 $0.00 $0.63 $0.30
Adjusted Weighted Average Diluted Shares Outstanding		 34.96M 35.38M 38.93M 42.78M 43.27M 0.00 0.00 0.00 0.00 46.05M 64.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 36.50M 36.59M 44.10M 44.50M 45.08M 0.00 0.00 0.00 0.00 65.63M 65.32M
Normalized Net Operating Profit after Tax (NOPAT)		 19 9.02 18 25 23 16 55 76 32 34 27
Normalized NOPAT Margin		 6.46% 3.79% 4.59% 6.77% 5.54% 4.06% 7.69% 10.89% 6.50% 6.32% 4.20%
Pre Tax Income Margin		 4.65% 3.85% 2.36% 6.43% 4.14% 3.31% 10.08% 12.22% 5.72% 5.92% 3.19%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.28 2.60 2.10 3.70 2.84 2.62 7.29 4.77 2.43 2.42 1.77
NOPAT to Interest Expense		 3.51 2.25 1.94 4.05 2.51 2.52 6.85 4.71 2.55 2.40 1.71
EBIT Less CapEx to Interest Expense		 -1.37 0.86 2.14 3.65 2.81 2.62 7.28 4.74 2.43 2.42 1.59
NOPAT Less CapEx to Interest Expense		 -1.15 0.52 1.97 4.01 2.48 2.52 6.85 4.68 2.55 2.39 1.53
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 5.00% -16.38% -3.94% 13.24% 74.83% 5.74% 12.52% 23.93% 108.64% 132.47% 93.19%
Augmented Payout Ratio		 13.81% -15.88% 7.30% 16.49% 92.19% 9.06% 15.35% 24.48% 108.64% 138.90% 93.41%

Quarterly Metrics And Ratios for Pangaea Logistics Solutions

This table displays calculated financial ratios and metrics derived from Pangaea Logistics Solutions' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 46,466,622.00 46,466,622.00 93,442,456.00 93,679,182.00 93,804,182.00 46,902,091.00 65,628,437.00 65,621,562.00 65,241,911.00 64,973,688.00 65,318,647.00
DEI Adjusted Shares Outstanding		 46,466,622.00 46,466,622.00 93,442,456.00 93,679,182.00 93,804,182.00 46,902,091.00 65,628,437.00 65,621,562.00 65,241,911.00 64,973,688.00 65,318,647.00
DEI Earnings Per Adjusted Shares Outstanding		 0.41 0.02 0.12 0.04 0.05 0.18 -0.03 -0.04 0.19 0.18 0.20
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -26.49% 3.09% -7.87% 11.37% 12.90% 11.60% 17.24% 19.16% 10.16% 24.94% 38.91%
EBITDA Growth		 -4.64% -53.57% 71.67% 3.92% -45.40% 84.09% -42.94% -6.37% 64.30% 24.04% 115.91%
EBIT Growth		 -8.62% -74.24% 154.79% 3.93% -60.09% 204.41% -78.71% -59.60% 93.33% 11.37% 401.17%
NOPAT Growth		 -35.39% -43.66% 69.77% -3.06% -23.90% 40.27% -81.43% -66.41% 12.81% 17.81% 410.99%
Net Income Growth		 2.17% -86.23% 272.20% 44.33% -70.00% 315.66% -117.36% -172.62% 114.42% 35.63% 721.42%
EPS Growth		 0.00% -93.94% 212.50% 33.33% -73.81% 850.00% -112.00% -150.00% 72.73% -5.26% 800.00%
Operating Cash Flow Growth		 -50.06% -27.41% -22.23% 346.08% 74.52% -19.33% -148.40% 60.73% 0.38% -21.56% 203.17%
Free Cash Flow Firm Growth		 101.13% -168.99% 219.72% 2,039.96% 8,937.76% -541.53% -213.05% -186.36% -145.57% 140.39% 121.56%
Invested Capital Growth		 3.49% 8.62% -25.15% -29.83% -22.11% 37.22% 41.81% 39.11% 18.59% -6.54% -4.33%
Revenue Q/Q Growth		 14.86% -2.76% -20.57% 25.54% 16.44% -3.88% -16.56% 27.60% 7.65% 9.02% -7.23%
EBITDA Q/Q Growth		 128.94% -59.83% 85.48% -39.08% 20.29% 35.44% -42.51% -0.03% 111.07% 2.26% 0.07%
EBIT Q/Q Growth		 255.73% -78.32% 215.94% -57.34% 36.61% 65.32% -77.91% -19.02% 553.70% -4.76% -0.58%
NOPAT Q/Q Growth		 150.95% -46.45% 4.48% -30.96% 97.02% -1.31% -86.17% 24.85% 561.67% 3.07% -39.99%
Net Income Q/Q Growth		 629.71% -89.21% 481.55% -68.47% 51.67% 49.46% -124.29% -31.90% 547.84% -5.46% 11.29%
EPS Q/Q Growth		 600.00% -95.24% 1,150.00% -68.00% 37.50% 72.73% -115.79% -33.33% 575.00% -5.26% 16.67%
Operating Cash Flow Q/Q Growth		 712.01% 46.63% -62.35% -0.48% 217.68% -32.23% -122.59% 430.48% 98.41% -47.04% -70.29%
Free Cash Flow Firm Q/Q Growth		 116.97% -1,451.64% 790.70% 22.46% -20.95% -195.94% -21.71% 6.45% 58.28% 185.03% -35.04%
Invested Capital Q/Q Growth		 -0.82% -28.47% -1.53% 0.44% 10.08% 26.03% 1.76% -1.47% -6.15% -0.67% 4.16%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.15% -0.45% 38.66% 28.64% 20.36% 2.32% 18.47% 15.39% 23.62% 8.09% 21.75%
EBITDA Margin		 23.88% 9.86% 23.04% 11.18% 11.55% 16.27% 11.21% 8.78% 17.22% 16.15% 17.43%
Operating Margin		 14.53% 8.00% 10.53% 5.79% 9.80% 10.06% 2.38% 2.33% 10.03% 9.49% 6.14%
EBIT Margin		 17.72% 3.95% 15.71% 5.34% 6.26% 10.77% 2.85% 1.81% 10.99% 9.60% 10.29%
Profit (Net Income) Margin		 14.89% 1.65% 12.09% 3.04% 3.96% 6.15% -1.79% -1.85% 7.70% 6.68% 8.01%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 50.06% 300.47% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 84.02% 41.81% 76.96% 56.88% 126.15% 19.00% -62.77% -102.24% 70.04% 69.53% 77.84%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 13.56% 10.77% 11.62% 6.30% 10.63% 11.78% 2.01% 2.07% 13.00% 11.69% 7.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.86% -573.10% 13.86% 2.45% 1.88% -4.34% -9.59% -12.02% 2.48% -1.91% 14.22%
Return on Net Nonoperating Assets (RNNOA)		 6.16% -2.23% 2.73% 0.62% 0.51% -0.37% -0.83% -1.11% 0.22% -0.15% 1.51%
Return on Equity (ROE)		 19.72% 8.55% 14.35% 6.92% 11.14% 11.42% 1.18% 0.96% 13.22% 11.54% 9.42%
Cash Return on Invested Capital (CROIC)		 6.51% 3.76% 39.83% 45.62% 34.07% -20.81% -25.80% -24.74% -8.67% 14.74% 13.62%
Operating Return on Assets (OROA)		 11.96% 2.71% 10.75% 3.79% 4.42% 7.04% 1.95% 1.30% 7.79% 6.51% 7.49%
Return on Assets (ROA)		 10.05% 1.13% 8.27% 2.16% 2.79% 4.02% -1.23% -1.33% 5.45% 4.53% 5.83%
Return on Common Equity (ROCE)		 16.91% 7.38% 12.48% 6.03% 9.71% 10.16% 1.05% 0.86% 11.78% 10.42% 8.51%
Return on Equity Simple (ROE_SIMPLE)		 12.91% 0.00% 11.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 20 11 11 7.61 15 15 2.05 2.56 17 17 10
NOPAT Margin		 14.53% 8.00% 10.53% 5.79% 9.80% 10.06% 1.67% 1.63% 10.03% 9.49% 6.14%
Net Nonoperating Expense Percent (NNEP)		 -0.29% 583.88% -2.24% 3.85% 8.76% 16.13% 11.60% 14.09% 10.51% 13.60% -6.32%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.18% 2.32% 1.63% 2.93% 2.41% 0.34% 0.43% 2.86% 2.92% 1.73%
Cost of Revenue to Revenue		 72.85% 100.45% 61.34% 71.36% 79.64% 97.68% 81.53% 84.61% 76.38% 91.91% 78.25%
SG&A Expenses to Revenue		 4.06% 4.30% 6.95% 3.82% 0.00% 8.37% 5.92% 4.58% 5.86% 3.67% 5.88%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 12.62% -8.45% 28.13% 22.85% 6.62% -3.63% 16.08% 13.05% 13.59% -1.40% 15.62%
Earnings before Interest and Taxes (EBIT)		 24 5.21 16 7.02 9.59 16 3.50 2.84 19 18 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 32 13 24 15 18 24 14 14 29 30 30
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.79 1.10 0.92 1.04 0.96 0.56 0.72 0.74 0.79 1.04 1.05
Price to Tangible Book Value (P/TBV)		 0.80 1.11 0.93 1.05 0.97 0.56 0.72 0.75 0.79 1.04 1.06
Price to Revenue (P/Rev)		 0.52 0.71 0.62 0.68 0.61 0.44 0.54 0.53 0.56 0.70 0.68
Price to Earnings (P/E)		 6.36 13.47 8.84 9.74 14.82 8.25 19.82 34.95 20.82 22.95 13.35
Dividend Yield		 7.18% 5.24% 6.12% 5.44% 5.86% 7.87% 8.69% 7.45% 5.91% 3.65% 2.82%
Earnings Yield		 15.71% 7.42% 11.31% 10.27% 6.75% 12.12% 5.05% 2.86% 4.80% 4.36% 7.49%
Enterprise Value to Invested Capital (EV/IC)		 0.87 1.08 0.93 1.03 0.97 0.64 0.78 0.80 0.82 1.03 1.04
Enterprise Value to Revenue (EV/Rev)		 0.95 0.83 0.72 0.78 0.78 0.63 0.76 0.73 0.69 0.81 0.79
Enterprise Value to EBITDA (EV/EBITDA)		 5.32 5.65 4.22 4.67 5.85 4.22 5.99 6.14 5.08 5.90 5.25
Enterprise Value to EBIT (EV/EBIT)		 8.20 9.80 6.72 7.47 10.63 6.94 11.67 13.35 10.03 11.97 9.48
Enterprise Value to NOPAT (EV/NOPAT)		 8.92 9.32 7.18 8.05 9.20 7.01 10.40 11.66 10.67 12.44 11.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.50 7.73 6.89 6.77 5.78 5.17 8.02 7.34 7.06 9.48 8.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.63 29.79 1.99 1.86 2.49 0.00 0.00 0.00 0.00 6.74 7.47
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.66 0.31 0.25 0.24 0.35 0.30 0.29 0.28 0.27 0.26 0.24
Long-Term Debt to Equity		 0.58 0.22 0.17 0.21 0.31 0.26 0.25 0.25 0.23 0.22 0.21
Financial Leverage		 0.44 0.00 0.20 0.25 0.27 0.08 0.09 0.09 0.09 0.08 0.11
Leverage Ratio		 2.00 1.97 1.93 1.92 1.95 1.94 1.92 1.92 1.99 1.96 1.96
Compound Leverage Factor		 1.68 0.82 1.49 1.09 2.47 0.37 -1.20 -1.97 1.39 1.37 1.52
Debt to Total Capital		 39.75% 23.53% 20.19% 19.37% 26.07% 22.89% 22.43% 22.12% 21.30% 20.51% 19.55%
Short-Term Debt to Total Capital		 5.03% 6.66% 6.31% 2.58% 3.23% 2.88% 2.76% 2.83% 2.82% 2.83% 2.81%
Long-Term Debt to Total Capital		 34.72% 16.87% 13.87% 16.79% 22.84% 20.01% 19.67% 19.29% 18.48% 17.67% 16.74%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 8.09% 9.57% 9.95% 9.69% 9.02% 7.61% 7.70% 7.60% 7.66% 7.60% 7.56%
Common Equity to Total Capital		 52.16% 66.90% 69.86% 70.94% 64.91% 69.50% 69.87% 70.29% 71.04% 71.89% 72.89%
Debt to EBITDA		 2.81 1.55 1.15 1.07 1.92 1.75 1.93 1.89 1.56 1.42 1.16
Net Debt to EBITDA		 1.82 0.20 0.00 0.05 0.58 0.67 1.01 1.03 0.40 0.22 0.28
Long-Term Debt to EBITDA		 2.45 1.11 0.79 0.93 1.68 1.53 1.69 1.64 1.36 1.22 0.99
Debt to NOPAT		 4.71 2.55 1.95 1.85 3.02 2.91 3.35 3.58 3.29 2.99 2.44
Net Debt to NOPAT		 3.06 0.33 0.00 0.08 0.91 1.12 1.76 1.96 0.84 0.47 0.59
Long-Term Debt to NOPAT		 4.12 1.83 1.34 1.60 2.65 2.54 2.94 3.13 2.85 2.58 2.09
Altman Z-Score		 1.68 1.83 1.83 1.92 1.73 1.30 1.35 1.36 1.48 1.71 1.77
Noncontrolling Interest Sharing Ratio		 14.27% 13.64% 13.03% 12.82% 12.81% 11.03% 11.06% 10.77% 10.84% 9.72% 9.66%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.72 1.82 1.97 2.16 2.05 1.76 1.61 1.46 1.62 1.69 1.63
Quick Ratio		 1.22 1.39 1.39 1.42 1.43 1.18 1.03 0.86 1.07 1.24 0.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1.49 -20 139 170 134 -129 -157 -147 -61 52 34
Operating Cash Flow to CapEx		 0.00% 0.00% 12,224.29% 13,488.31% 0.00% 0.00% -1,083.58% 1,525.07% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.32 -5.38 29.76 46.04 30.36 -17.45 -25.54 -24.36 -10.36 8.80 5.69
Operating Cash Flow to Interest Expense		 3.53 6.40 1.93 2.43 6.43 2.61 -0.71 2.39 4.83 2.55 0.76
Operating Cash Flow Less CapEx to Interest Expense		 3.53 6.40 1.91 2.41 6.43 2.61 -0.77 2.23 4.83 2.55 0.76
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.68 0.69 0.68 0.71 0.71 0.65 0.68 0.72 0.71 0.68 0.73
Accounts Receivable Turnover		 10.34 11.80 13.00 11.97 10.68 11.89 12.34 12.79 13.27 12.87 12.45
Inventory Turnover		 13.54 17.27 15.51 13.82 15.54 17.16 15.80 14.12 15.37 16.60 14.20
Fixed Asset Turnover		 1.05 1.05 1.05 1.06 1.05 0.91 0.94 1.00 0.99 0.91 0.99
Accounts Payable Turnover		 8.89 10.82 10.36 9.06 9.15 10.47 11.97 9.46 8.60 10.00 9.15
Days Sales Outstanding (DSO)		 35.31 30.94 28.08 30.49 34.19 30.70 29.59 28.54 27.50 28.36 29.31
Days Inventory Outstanding (DIO)		 26.95 21.14 23.53 26.41 23.49 21.28 23.10 25.86 23.75 21.98 25.70
Days Payable Outstanding (DPO)		 41.08 33.75 35.23 40.29 39.89 34.85 30.49 38.60 42.42 36.49 39.89
Cash Conversion Cycle (CCC)		 21.19 18.33 16.38 16.60 17.79 17.13 22.20 15.80 8.84 13.86 15.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 540 386 380 382 421 530 539 531 499 495 516
Invested Capital Turnover		 0.93 1.35 1.10 1.09 1.09 1.17 1.21 1.27 1.30 1.23 1.29
Increase / (Decrease) in Invested Capital		 18 31 -128 -162 -119 144 159 149 78 -35 -23
Enterprise Value (EV)		 471 416 353 394 407 339 420 424 409 509 537
Market Capitalization		 259 355 305 344 320 239 302 308 331 445 462
Book Value per Share		 $7.03 $6.97 $7.11 $7.08 $7.09 $9.12 $6.41 $6.31 $6.44 $6.61 $6.75
Tangible Book Value per Share		 $6.96 $6.90 $7.04 $7.01 $7.03 $9.06 $6.36 $6.27 $6.39 $6.56 $6.70
Total Capital		 626 484 475 467 512 616 602 590 592 597 605
Total Debt		 249 114 96 91 134 141 135 130 126 122 118
Total Long-Term Debt		 217 82 66 78 117 123 118 114 109 106 101
Net Debt		 162 15 0.06 4.08 40 54 71 71 32 19 29
Capital Expenditures (CapEx)		 0.00 0.00 0.07 0.07 0.00 0.00 0.40 0.94 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 27 20 30 31 24 14 20 15 4.37 1.60 24
Debt-free Net Working Capital (DFNWC)		 115 119 126 109 117 101 84 75 98 105 114
Net Working Capital (NWC)		 83 86 96 97 100 83 67 58 82 88 97
Net Nonoperating Expense (NNE)		 -0.48 8.38 -1.64 3.62 8.94 5.75 4.25 5.46 3.93 5.16 -3.20
Net Nonoperating Obligations (NNO)		 163 16 1.02 5.19 42 55 72 72 33 21 29
Total Depreciation and Amortization (D&A)		 8.35 7.80 7.67 7.68 8.09 8.09 10 11 11 12 12
Debt-free, Cash-free Net Working Capital to Revenue		 5.52% 3.94% 6.19% 6.25% 4.56% 2.58% 3.53% 2.66% 0.73% 0.25% 3.60%
Debt-free Net Working Capital to Revenue		 23.16% 23.78% 25.74% 21.72% 22.42% 18.76% 15.06% 12.88% 16.53% 16.56% 16.80%
Net Working Capital to Revenue		 16.80% 17.32% 19.62% 19.33% 19.25% 15.45% 12.06% 10.00% 13.72% 13.88% 14.30%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $0.03 $0.00 $0.00 $0.11 $0.19 ($0.03) ($0.04) $0.19 $0.18 $0.21
Adjusted Weighted Average Basic Shares Outstanding		 44.78M 44.77M 0.00 0.00 45.28M 45.39M 63.85M 64.04M 63.73M 63.80M 64.19M
Adjusted Diluted Earnings per Share		 $0.42 $0.02 $0.00 $0.00 $0.11 $0.19 ($0.03) ($0.04) $0.19 $0.18 $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 45.08M 45.48M 0.00 0.00 46.01M 46.05M 63.85M 64.04M 64.82M 64.70M 64.78M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 46.47M 46.72M 0.00 0.00 46.90M 65.63M 65.62M 65.24M 64.97M 65.32M 65.41M
Normalized Net Operating Profit after Tax (NOPAT)		 14 7.79 7.72 5.33 11 10 2.05 2.56 12 12 7.33
Normalized NOPAT Margin		 10.17% 5.90% 7.37% 4.05% 6.86% 7.04% 1.67% 1.63% 6.89% 6.64% 4.29%
Pre Tax Income Margin		 14.89% 1.65% 12.09% 3.04% 7.90% 2.05% -1.79% -1.85% 7.70% 6.68% 8.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.21 1.39 3.53 1.90 2.17 2.15 0.57 0.47 3.14 2.98 2.95
NOPAT to Interest Expense		 4.27 2.83 2.36 2.06 3.39 2.00 0.33 0.42 2.86 2.95 1.76
EBIT Less CapEx to Interest Expense		 5.21 1.39 3.51 1.88 2.17 2.15 0.50 0.31 3.14 2.98 2.95
NOPAT Less CapEx to Interest Expense		 4.27 2.83 2.35 2.04 3.39 2.00 0.27 0.27 2.86 2.95 1.76
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 65.49% 108.64% 69.39% 72.03% 113.13% 132.47% 261.56% 401.75% 230.97% 93.19% 43.51%
Augmented Payout Ratio		 65.81% 108.64% 69.39% 74.26% 118.07% 138.90% 261.56% 413.50% 236.05% 93.41% 43.51%

Financials Breakdown Chart

Key Financial Trends

Pangaea Logistics Solutions (NASDAQ: PANL) delivered a solid start to 2026, with revenue and profitability improving sequentially from the weak Q2 2025 period, but the balance sheet still shows meaningful leverage and a heavy reliance on non-operating income and working-capital swings.

In Q1 2026, PANL generated $170.6 million in revenue, up from $183.9 million in Q4 2025 but above the much weaker $156.7 million in Q2 2025. Gross profit came in at $37.1 million, producing a gross margin of about 21.7%, which was better than the sub-15% level in Q4 2025 and ahead of Q2 2025. Net income was $13.7 million, or $0.21 per diluted share, compared with a loss in Q2 2025 and modest profit in Q4 2025.

Cash flow was more mixed. Operating cash flow was only $4.5 million, down sharply from $15.1 million in Q4 2025 and $28.6 million in Q3 2025, because working capital used $16.9 million. The company also reported negative investing cash flow of $1.3 million and negative financing cash flow of $16.5 million, largely due to debt repayment and dividend payments. As a result, cash and equivalents fell by $13.3 million during the quarter.

On the balance sheet, PANL ended Q1 2026 with $89.7 million in cash, $950.7 million in total assets, and $463.9 million in total liabilities. That implies a leveraged capital structure, with $93.2 million in short-term debt and $93.2 million in long-term debt. Equity remained positive at $441.1 million for common shareholders, but the company’s debt load and large operating liabilities are still important to watch.

  • Revenue grew from the weak Q2 2025 trough, and Q1 2026 sales of $170.6 million showed the business remains capable of generating sizable quarterly top-line results.
  • Gross margin improved to about 21.7% in Q1 2026 from roughly 8.1% in Q4 2025 and 15.4% in Q2 2025.
  • Net income recovered to $13.7 million after a $2.9 million loss in Q2 2025.
  • EPS improved to $0.21 diluted in Q1 2026 from -$0.04 in Q2 2025.
  • Cash balance remains substantial at $89.7 million, giving the company liquidity flexibility despite lower quarterly operating cash flow.
  • Operating cash flow was positive at $4.5 million, but it was far below recent stronger quarters because of working-capital pressure.
  • Depreciation remains a major add-back at $11.9 million, highlighting the capital-intensive nature of the business.
  • Interest expense remains elevated at $5.9 million in Q1 2026, which continues to weigh on pre-tax earnings.
  • Working capital absorbed cash by $16.9 million in Q1 2026, indicating less efficient cash conversion than in prior strong quarters.
  • Leverage remains meaningful with about $186 million of combined short- and long-term debt on the balance sheet.

Looking at the broader trend, PANL has been capable of producing very strong quarters, but results have been volatile. Q3 2025 and Q1 2026 were profitable and cash-generative, while Q2 2025 was a clear weak spot. For investors, the key question is whether the company can sustain improved margins and operating cash flow without leaning too heavily on favorable working-capital movements or non-operating income.

07/04/26 01:15 PM ETAI Generated. May Contain Errors.

Pangaea Logistics Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pangaea Logistics Solutions' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pangaea Logistics Solutions' net income appears to be on an upward trend, with a most recent value of $20.17 million in 2025, rising from $13.37 million in 2015. The previous period was $31.77 million in 2024. See Pangaea Logistics Solutions' forecast for analyst expectations on what's next for the company.

Pangaea Logistics Solutions' total operating income in 2025 was $40.94 million, based on the following breakdown:
  • Total Gross Profit: $123.68 million
  • Total Operating Expenses: $82.74 million

Over the last 10 years, Pangaea Logistics Solutions' total revenue changed from $287.33 million in 2015 to $632.04 million in 2025, a change of 120.0%.

Pangaea Logistics Solutions' total liabilities were at $453.36 million at the end of 2025, a 1.8% decrease from 2024, and a 124.8% increase since 2015.

In the past 10 years, Pangaea Logistics Solutions' cash and equivalents has ranged from $22.32 million in 2016 to $128.38 million in 2022, and is currently $103.05 million as of their latest financial filing in 2025.

Over the last 10 years, Pangaea Logistics Solutions' book value per share changed from 3.01 in 2015 to 6.61 in 2025, a change of 119.4%.


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Financial statements for NASDAQ:PANL last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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