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EuroDry Ltd (EDRY)
NASDAQ:EDRY
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EuroDry
(NASDAQ:EDRY)
Rating:47Neutral
Price Target:
$10.00
▼(-6.28% Downside)
Positive Factors
Fleet Growth
EuroDry Ltd. is expected to show free cash flow and fleet growth.
Future Revenue Outlook
2026 estimates introduce a forecast of rising TCE rates and revenue, suggesting a potential rebound in demand and improvement in market conditions.
Market Potential
Trading at a low book value per share, the Buy rating is maintained despite a reduced price target, indicating potential for value growth.
Negative Factors
Demand from China
Demand from China for dry bulk imports decreased compared to the prior year due to slower economic growth and previous coal and iron ore inventory stockpiling.
Earnings Performance
EDRY reported 1Q25 results below expectations due to lower than expected TCE rates.
Shipping Rates
Dry bulk rates decreased due to lower demand in China for imports such as coal and iron, impacting shipping rates negatively.
EuroDry (EDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.55M
Dividend YieldN/A
Average Volume (3M)2.76K
Price to Earnings (P/E)―
Beta (1Y)0.48
Revenue Growth-13.96%
EPS Growth-498.96%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength84
IndustryMarine Shipping
Share Statistics
EPS (TTM)-1.10
Shares Outstanding2,826,697
10 Day Avg. Volume1,274
30 Day Avg. Volume2,762
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap4.73
Enterprise Value/Revenue2.21
Enterprise Value/Gross Profit12.94
Enterprise Value/Ebitda9.72
Forecast
1Y Price Target
$16.67Price Target Upside56.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EuroDry Business Overview & Revenue Model
Company DescriptionEuroDry (EDRY) is a publicly traded company specializing in the ownership and operation of drybulk vessels. The company primarily focuses on the transportation of drybulk commodities such as iron ore, coal, and grain, serving a diverse array of customers in the shipping industry. EuroDry operates a modern fleet of drybulk carriers, ensuring efficient and reliable transportation solutions within the maritime logistics sector.
How the Company Makes MoneyEuroDry generates revenue primarily through the operation of its fleet, which earns income by transporting drybulk cargo for various clients. The company typically enters into time charters or spot market contracts, allowing for flexible pricing based on market conditions. Key revenue streams include long-term charter contracts, which provide steady cash flow, and spot market voyages that capitalize on favorable freight rates. Additionally, the company may benefit from partnerships with shipping brokers and charterers that enhance its market presence and operational efficiency. Factors contributing to its earnings include global demand for drybulk commodities, shipping rates, and operational management of its fleet to minimize expenses while maximizing revenue.
EuroDry Earnings Call Summary
Earnings Call Date:Aug 11, 2025
(Q2-2025)
| % Change Since: 5.64%|
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Negative
The earnings call highlighted some positive aspects, such as the share repurchase program and fleet expansion plans. However, these were overshadowed by significant challenges, including a notable net loss and revenue decline, as well as ongoing market and geopolitical headwinds. The sentiment is cautious due to these unfavorable financial results and market conditions.Q2-2025 Updates
Positive Updates
Share Repurchase Program
EuroDry has repurchased 334,000 shares for a total of $5.3 million and extended the share repurchase program for an additional year.
Environmental, Social, and Governance Report
The 2024 ESG report will be available, reflecting EuroDry's ongoing commitment to sustainable and responsible operations.
Fleet Expansion
Two Ultramax vessels under construction, each with a capacity of 63,500 deadweight tons, are scheduled for delivery in the second and third quarters of 2027.
Improved Charter Rates
Panamax spot rates increased by 15% during the second quarter, ending at $13,750 per day as of August 1.
Negative Updates
Net Loss
EuroDry reported a net loss attributable to controlling shareholders of $3.1 million for the second quarter of 2025.
Revenue Decline
Total net revenues for the second quarter of 2025 decreased by 35.3% compared to the same period in 2024.
Market Challenges
The Baltic Dry Index and the Baltic Panamax Index declined by 21% and 28% year-over-year, respectively.
Global Trade Headwinds
Persistent macro and geopolitical headwinds continue to affect the freight market negatively.
Company Guidance
During the EuroDry Limited conference call for the second quarter of 2025, the company reported total net revenues of $11.3 million, with a net loss attributable to controlling shareholders of $3.1 million, or a $0.12 loss per basic and diluted share. The adjusted net loss was $3 million, or $1.1 loss per share, while the adjusted EBITDA was $1.9 million. EuroDry has repurchased 334,000 shares for $5.3 million under their $10 million share repurchase plan, which has been extended for another year. The company's fleet consists of 12 vessels with an average age of 13.6 years and a carrying capacity of 843,000 deadweight tons, with two additional Ultramax vessels under construction. The dry bulk market remains soft, with the Baltic Dry Index and Baltic Panamax Index declining by 21% and 28% year-over-year, respectively. The IMF projects global GDP growth at 3% for 2025. EuroDry's cash flow breakeven level is projected at $11,850 per vessel per day, and the company is considering refinancing options to manage liquidity.EuroDry Financial Statement Overview
Summary
EuroDry faces significant financial challenges with negative net income and strained cash flows. Revenue growth is inconsistent, and profitability metrics are weak, necessitating improvements to enhance liquidity and financial stability.Income Statement
EuroDry's income statement reflects significant volatility. The company experienced a revenue growth of 28.32% in 2024, following a decline of 32.2% in 2023. Net profit margins are negative, with a notable decrease in net income from 2022 to 2024, indicating profitability challenges. Gross profit margins are relatively stable but insufficient to offset operating expenses, as evidenced by negative EBIT in 2024.45
Neutral
Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio of 1.08 in 2024, indicating balanced leverage relative to equity. However, the equity ratio of 45.06% suggests moderate reliance on debt financing. Return on equity has been negative due to net losses, highlighting the need for improved profitability.52
Neutral
Cash Flow
EuroDry's cash flow statement reveals negative free cash flow in recent years, with a significant decline in operating cash flow from 2023 to 2024. The operating cash flow to net income ratio is positive but diminishing, reflecting pressure on cash generation. Free cash flow remains under strain, demonstrating a need for better cash management.40
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.08M | 47.59M | 70.18M | 64.44M | 22.29M |
| Gross Profit | 20.81M | 8.47M | 42.12M | 43.98M | 3.84M |
| EBITDA | 13.33M | 14.38M | 48.38M | 41.45M | 3.15M |
| Net Income | -9.66M | -2.91M | 33.54M | 31.15M | -8.21M |
Balance Sheet | |||||
| Total Assets | 221.19M | 231.05M | 199.51M | 161.33M | 107.51M |
| Cash, Cash Equivalents and Short-Term Investments | 6.71M | 10.80M | 34.04M | 26.85M | 938.28K |
| Total Debt | 107.19M | 103.93M | 81.22M | 78.65M | 51.11M |
| Total Liabilities | 112.64M | 111.63M | 85.56M | 82.41M | 56.97M |
| Stockholders Equity | 99.69M | 109.66M | 113.94M | 78.92M | 50.54M |
Cash Flow | |||||
| Free Cash Flow | -3.92M | -53.50M | -4.80M | 2.31M | 1.71M |
| Operating Cash Flow | 4.81M | 11.81M | 32.99M | 39.14M | 2.33M |
| Investing Cash Flow | -8.73M | -65.30M | -28.40M | -36.82M | -611.11K |
| Financing Cash Flow | 1.73M | 30.47M | 3.01M | 22.61M | -6.24M |
EuroDry Technical Analysis
Positive
10.67
Price Trends
9.74
Positive
9.56
Positive
11.09
Negative
Market Momentum
0.16
Positive
55.90
Neutral
30.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EDRY, the sentiment is Positive. The current price of 10.67 is above the 20-day moving average (MA) of 10.56, above the 50-day MA of 9.74, and below the 200-day MA of 11.09, indicating a neutral trend. The MACD of 0.16 indicates Positive momentum. The RSI at 55.90 is Neutral, neither overbought nor oversold. The STOCH value of 30.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EDRY.
EuroDry Risk Analysis
EuroDry disclosed 88 risk factors in its most recent earnings report. EuroDry reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EuroDry Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $20.48M | 2.34 | -5.58% | ― | -29.15% | -118.42% | |
67 Neutral | $22.27M | 0.90 | 21.39% | ― | -7.48% | 3.08% | |
65 Neutral | $2.67B | 13.87 | 15.18% | 3.47% | -1.18% | 34.75% | |
60 Neutral | $27.66M | 5.50 | 3.07% | ― | 3.83% | ― | |
51 Neutral | $26.63M | 5.24 | 2.93% | ― | -10.94% | -100.28% | |
47 Neutral | $28.55M | ― | -14.42% | ― | -13.96% | -498.96% | |
42 Neutral | $20.99M | 61.24 | -0.43% | ― | 17.92% | -131.47% |
* Industrials Sector Average
Performance Comparison
EDRY
EuroDry
10.67
-10.02
-48.43%
PSHG
Performance Shipping
1.80
-0.19
-9.55%
GLBS
Globus Maritime
1.02
-0.57
-35.85%
TOPS
Top Ships
5.98
-2.60
-30.30%
PXS
Pyxis Tankers
2.54
-2.63
-50.87%
CTRM
Castor Maritime
2.12
-3.02
-58.75%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.