Pangaea Logistics Solutions, Ltd. (PANL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-81.8%

$1.38

vs $7.56 price

Levered DCF

-$2.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.01

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.93×	8.38×	13.97×	2.88×	2.47×	10.65×	61.08×	7.21×
P/B	1.02×	0.57×	1.14×	0.73×	0.67×	0.66×	0.74×	0.79×
P/S	0.69×	0.45×	0.74×	0.33×	0.23×	0.31×	0.31×	0.34×
EV / EBITDA	8.17×	6.73×	7.02×	2.91×	3.9×	6.2×	5.63×	4.83×
Gross margin	10.9%	13.6%	13.8%	18.4%	13.6%	10.0%	12.1%	14.3%
Operating margin	6.0%	9.0%	8.9%	15.1%	11.0%	5.1%	5.6%	9.7%
Net margin	3.1%	5.4%	5.3%	11.4%	9.4%	3.0%	2.8%	4.8%
Current ratio	1.69×	1.76×	1.82×	2.41×	1.65×	1×	1.41×	1.44×
Debt / equity	0.87×	0.93×	0.82×	0.95×	1.24×	0.87×	1.04×	1.05×
Interest coverage	1.58×	2.4×	2.55×	4.71×	6.85×	2.52×	2.51×	4.05×
Dividend yield	3.7%	7.7%	4.9%	5.9%	3.3%	0.4%	6.4%	1.8%
Payout ratio	84.2%	64.7%	68.8%	16.9%	8.2%	4.7%	69.4%	12.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	6.8%	8.1%	25.3%	27.2%	6.2%	6.8%	11.0%
Return on invested capital	4.5%	5.6%	6.8%	15.3%	12.6%	4.9%	5.5%	9.0%
Return on assets	2.1%	3.1%	3.7%	10.6%	9.5%	2.5%	2.4%	3.9%
Free cash flow yield	10.8%	-1.5%	7.2%	43.0%	-81.1%	14.9%	-9.9%	17.6%
Earnings yield	4.4%	11.9%	7.1%	34.8%	40.4%	9.4%	9.2%	13.9%
Enterprise value	$708.1M	$553.9M	$534.3M	$399.8M	$417.1M	$233M	$252.6M	$243.8M
Net debt / EBITDA	3.11×	3.77×	2.17×	1.25×	2.35×	3×	2.82×	2.29×
Cash conversion cycle (days)	22	22	48	35	48	31	28	27