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EuroDry Ltd (EDRY)
NASDAQ:EDRY
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EuroDry
(NASDAQ:EDRY)
Rating:50Neutral
Price Target:
$10.50
▼(-4.46% Downside)
Positive Factors
Analyst Recommendation
The stock of EuroDry Ltd. has a 'Buy' recommendation.
Earnings
Higher dry bulk shipping rates have led to an increase in 2025 estimates for Eurodry.
Market Conditions
2026 estimates introduce a forecast of rising TCE rates and revenue, suggesting a potential rebound in demand and improvement in market conditions.
Negative Factors
Demand
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.
Financial Performance
Lower revenue and higher operating expenses resulted in a significant decrease in 2Q25 EBITDA compared to the previous year.
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
$30.81M
Dividend YieldN/A
Average Volume (3M)1.29K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth-13.96%
EPS Growth-498.96%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength80
IndustryMarine Shipping
Share Statistics
EPS (TTM)-1.10
Shares Outstanding2,826,697
10 Day Avg. Volume1,157
30 Day Avg. Volume1,286
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap4.19
Enterprise Value/Revenue2.11
Enterprise Value/Gross Profit12.36
Enterprise Value/Ebitda9.29
Forecast
1Y Price Target
$16.83Price Target Upside53.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EuroDry Business Overview & Revenue Model
Company DescriptionEuroDry 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, phosphate, and fertilizers. As of March 31, 2022, it operated a fleet of ten drybulk carriers comprising five Panamax drybulk carriers, two Ultramax drybulk carrier, two Kamsarmax carriers, and one Supramax drybulk carrier with a cargo capacity of 726,555 deadweight tons. EuroDry Ltd. was incorporated in 2018 and is based in Marousi, Greece.
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: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Negative
The earnings call reflects a challenging period for EuroDry, with significant revenue declines and increased losses. Despite operational efficiencies and a commitment to ESG initiatives, the market conditions and liquidity constraints present notable challenges.Q2-2025 Updates
Positive Updates
Share Repurchase Plan Extended
EuroDry has repurchased 334,000 shares of common stock for $5.3 million under the $10 million share repurchase plan, which has been extended for an additional year.
Environmental, Social, and Governance Report
EuroDry's 2024 ESG report, marking its fifth year, outlines ongoing initiatives and progress across key ESG pillars.
Operational Efficiency
No idle time or commercial off-hire for EuroDry's fleet during the period, with high utilization rates of 100% commercial and 99.3% operational in Q2 2025.
Global Economic Outlook Revised Upwards
IMF revised global GDP growth projections upwards to 3% for 2025 and 3.1% for 2026, with improvements in trade and easing trade tensions.
Negative Updates
Significant Revenue Decrease
Total net revenues dropped by 35.3% in Q2 2025 compared to the same period in 2024, primarily due to lower time charter rates and a reduced number of operational vessels.
Increased Net Loss
Net loss for Q2 2025 was $3.1 million, compared to a net loss of $0.3 million in Q2 2024, attributed to lower revenue and increased expenses.
Decline in Market Rates
The Baltic Dry Index and Baltic Panamax Index fell by approximately 21% and 28% year-over-year, highlighting softness in the freight market.
Liquidity Concerns
EuroDry acknowledged tight liquidity with unrestricted cash of $6 million and plans to raise liquidity through vessel refinancing and financing pre-delivery installments.
Company Guidance
During the EuroDry Limited conference call for the second quarter of 2025, the company reported total net revenues of $11.3 million and a net loss attributable to controlling shareholders of $3.1 million or $0.12 per basic and diluted share. The adjusted net loss was $3 million, translating to a $1.1 loss per share, and the adjusted EBITDA stood at $1.9 million. The company's fleet utilization was noted at 100% commercially and 99.3% operationally, with an average time charter equivalent rate of $1,420 per vessel per day. The fleet's cash flow breakeven level was reported at $12,220 per vessel per day. EuroDry has repurchased 334,000 shares worth $5.3 million under its $10 million share repurchase plan and plans to continue at a disciplined rate. The company operates 12 vessels, with two under construction, expected to be delivered in 2027, and is focusing on short-term or index-linked charters due to current market conditions. The Baltic Dry Index's fluctuations were discussed, and the company is cautious about committing vessels to long-term charters until market conditions improve.EuroDry Financial Statement Overview
Summary
EuroDry faces challenges across its financial statements, with negative net income impacting profitability and return metrics. Revenue growth is inconsistent, and cash flows are strained, particularly free cash flow. Maintaining financial stability requires addressing these issues to improve liquidity and profitability going forward.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
10.99
Price Trends
10.30
Positive
9.56
Positive
10.59
Positive
Market Momentum
0.18
Negative
56.81
Neutral
81.80
Negative
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 10.99 is above the 20-day moving average (MA) of 10.55, above the 50-day MA of 10.30, and above the 200-day MA of 10.59, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 56.81 is Neutral, neither overbought nor oversold. The STOCH value of 81.80 is Negative, 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 (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $23.50M | 0.92 | 21.39% | ― | -7.48% | 3.08% | |
64 Neutral | $10.74B | 15.62 | 8.14% | 2.00% | 2.79% | -14.82% | |
59 Neutral | $25.95M | 5.16 | 3.07% | ― | 3.83% | ― | |
56 Neutral | $29.26M | 5.24 | 2.93% | ― | -10.94% | -100.28% | |
54 Neutral | $20.58M | 2.34 | -5.58% | ― | -29.15% | -118.42% | |
50 Neutral | $30.81M | ― | -14.42% | ― | -13.96% | -498.96% | |
42 Neutral | $21.41M | 61.24 | -0.43% | ― | 17.92% | -131.47% |
* Industrials Sector Average
Performance Comparison
EDRY
EuroDry
10.99
-9.01
-45.05%
PSHG
Performance Shipping
1.83
-0.13
-6.63%
GLBS
Globus Maritime
1.01
-0.49
-32.67%
TOPS
Top Ships
5.51
-1.69
-23.47%
PXS
Pyxis Tankers
2.78
-2.17
-43.84%
CTRM
Castor Maritime
2.06
-2.32
-52.97%
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.