EuroDry Ltd (EDRY)
NASDAQ:EDRY
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EuroDry
(NASDAQ:EDRY)
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Rating:59Neutral
Price Target:
$22.50
▲(14.91% Upside)
Action:ReiteratedDate:03/12/26
The score is held back primarily by weak and volatile financial performance (recent losses and uneven cash generation with moderate-to-elevated leverage). This is partially offset by strong technical momentum (price well above key moving averages with positive MACD) and a constructive earnings-call update highlighting a strong Q4 turnaround, though valuation remains constrained by negative earnings and no indicated dividend.
Positive Factors
High EBITDA margins
Sustained ~22% EBITDA margins indicate the core shipping operations generate meaningful cash earnings even when net income is negative. That margin cushion supports working capital, covers variable voyage costs and helps absorb freight volatility, improving medium-term cash resilience.
Negative Factors
Moderate-to-elevated leverage and maturities
Debt roughly in line with equity and multi-year principal repayments create refinancing and liquidity risk. In a cyclical shipping market, sizable upcoming maturities force either use of cash, asset sales or new debt at potentially higher cost, pressuring financial flexibility over the next 2–3 years.
Read all positive and negative factors
Positive Factors
Negative Factors
High EBITDA margins
Sustained ~22% EBITDA margins indicate the core shipping operations generate meaningful cash earnings even when net income is negative. That margin cushion supports working capital, covers variable voyage costs and helps absorb freight volatility, improving medium-term cash resilience.
Read all positive factors
EuroDry (EDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.35M
Dividend YieldN/A
Average Volume (3M)5.39K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth-20.95%
EPS Growth-77.49%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.87
Shares Outstanding2,826,697
10 Day Avg. Volume2,828
30 Day Avg. Volume5,391
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.38
Price to Sales (P/S)0.68
P/FCF Ratio6.55
Enterprise Value/Market Cap2.45
Enterprise Value/Revenue2.60
Enterprise Value/Gross Profit21.16
Enterprise Value/Ebitda8.71
Forecast
1Y Price Target
$29.33Price Target Upside49.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.76
Revenue Forecast (FY)$67.15M
EuroDry Business Overview & Revenue Model
Company Description
EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phos...
How the Company Makes Money
EuroDry makes money primarily by chartering out its drybulk vessels to customers for the transportation of dry bulk cargoes. Revenue is earned through charter hire, typically under contracts such as time charters (the customer pays a daily rate fo...
EuroDry Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call highlighted a strong operational turnaround in Q4 2025 with meaningful margin expansion (Q4 adjusted EBITDA up >300%), improved quarterly revenues and profitability, full utilization, enhanced liquidity and clear fleet renewal plans. These positives are tempered by a full-year revenue decline, continued adjusted full-year losses, a sizeable debt load with upcoming repayments, higher operating costs and ongoing freight market volatility and geopolitical risk. Overall the company appears to have strengthened its near-term financial position and demonstrated quarter-over-quarter improvement, but remains exposed to market cyclicality and refinancing risk.Positive Updates
Strong Q4 Revenue and Profitability
Q4 2025 net revenues of $17.4M, up 19.9% YoY (Q4 2024: $14.5M). Net income attributable to controlling shareholders of $3.2M (EPS $1.14); adjusted net income $2.4M (adjusted EPS $0.87).
Negative Updates
Full-Year Revenue Decline
Total net revenues for full-year 2025 were $52.3M, down 14.4% YoY from $61.1M in 2024, driven by fewer vessels operated and lower average TCE across the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Revenue and Profitability
Q4 2025 net revenues of $17.4M, up 19.9% YoY (Q4 2024: $14.5M). Net income attributable to controlling shareholders of $3.2M (EPS $1.14); adjusted net income $2.4M (adjusted EPS $0.87).
Read all positive updates
Company Guidance
Management's guidance was cautious but constructive: they see 2026 as potentially "broadly similar" to 2025 amid continued volatility, with fixed-rate coverage today at ~22% (excludes 4 index-linked vessels at 115% of the Baltic Supramax 10TC through Nov‑2026) and willingness to add longer cover as rates rise; hedges already include 180 days Supramax 10TC at $12,012/day (~2 vessels) for Q1‑2026 and 90 days Kamsarmax 5TC at $19,250 (Q2) and $17,250 (Q3) (each ~1 vessel). Key economics and balance‑sheet metrics they highlighted: cash‑flow breakeven ~$11,663/day and EBITDA breakeven ~$7,478/day; current fleet 11 vessels (avg age ~14 years, ~765,000 dwt) expanding to 13 vessels (~893,000 dwt) after two 63,500 dwt Ultramaxes due Q2/Q3‑2027; Q4 revenues $17.4M, Q4 adjusted EBITDA $7.5M, FY‑2025 adjusted EBITDA $12.55M. Financial position: cash and other assets ~$31.8M, advances for newbuildings ~$14.4M, vessels book value $166M (total assets ~$212M), debt $103.7M at ~2% margin (implied senior debt cost ~5.65% assuming 3‑month SOF ≈3.65%), scheduled repayments $12.2M (2026), $21M (2027, incl. $10.2M balloon) and $17M (2028, incl. $6.7M balloon); capital return and valuation signals included 334k shares repurchased for $5.3M under a $10M plan and an estimated NAV >$48/share versus book equity $31.8/share and recent trading around $17.EuroDry Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
55
Neutral
Cash Flow
48
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 52.26M | 61.08M | 47.59M | 70.18M | 64.44M |
| Gross Profit | 6.41M | 20.81M | 8.47M | 37.30M | 43.98M |
| EBITDA | 11.57M | 13.33M | 14.17M | 48.15M | 41.45M |
| Net Income | -4.26M | -9.66M | -2.91M | 33.54M | 31.15M |
Balance Sheet | |||||
| Total Assets | 212.10M | 219.74M | 231.05M | 199.51M | 161.33M |
| Cash, Cash Equivalents and Short-Term Investments | 22.47M | 6.71M | 10.80M | 35.24M | 26.85M |
| Total Debt | 102.88M | 107.19M | 103.93M | 81.22M | 78.65M |
| Total Liabilities | 109.59M | 114.14M | 111.63M | 85.56M | 82.41M |
| Stockholders Equity | 93.27M | 96.74M | 109.66M | 113.94M | 78.92M |
Cash Flow | |||||
| Free Cash Flow | 5.40M | -3.92M | -53.50M | -4.80M | 2.31M |
| Operating Cash Flow | 12.76M | 4.81M | 11.81M | 32.99M | 39.14M |
| Investing Cash Flow | 6.14M | -8.73M | -65.30M | -28.40M | -36.82M |
| Financing Cash Flow | -5.13M | 1.73M | 30.47M | 3.01M | 22.61M |
EuroDry Technical Analysis
Positive
19.58
Price Trends
17.82
Positive
15.50
Positive
13.37
Positive
Market Momentum
0.34
Positive
54.08
Neutral
77.55
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 19.58 is above the 20-day moving average (MA) of 19.43, above the 50-day MA of 17.82, and above the 200-day MA of 13.37, indicating a bullish trend. The MACD of 0.34 indicates Positive momentum. The RSI at 54.08 is Neutral, neither overbought nor oversold. The STOCH value of 77.55 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $23.75M | 0.53 | 16.53% | ― | -11.07% | -13.39% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $55.35M | -8.29 | -11.12% | ― | -20.95% | -77.49% | |
59 Neutral | $46.34M | 29.46 | 2.13% | ― | -23.25% | -107.24% | |
52 Neutral | $16.91M | 0.26 | -5.54% | ― | -1.35% | -118.25% | |
51 Neutral | $47.27M | -20.72 | -2.65% | ― | 18.49% | -264.74% | |
50 Neutral | $14.34M | 4.65 | 7.94% | ― | 4.77% | ― |
* Industrials Sector Average
EDRY
EuroDry
19.58
10.46
114.69%
PSHG
Performance Shipping
1.91
0.50
35.46%
GLBS
Globus Maritime
2.19
1.10
100.92%
TOPS
Top Ships
3.10
-2.20
-41.52%
PXS
Pyxis Tankers
4.51
1.69
59.93%
CTRM
Castor Maritime
1.75
-0.39
-18.22%
EuroDry Corporate Events
EuroDry Posts Strong Q4 but Full-Year 2025 Loss as It Shifts to Longer Charters and Extends Buybacks
Feb 20, 2026
EuroDry Ltd., a Greek drybulk shipowner listed on NASDAQ, reported financial results on February 19, 2026 for the quarter and year ended December 31, 2025, highlighting its role as a provider of seaborne transportation for drybulk cargoes. The com...
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.