EuroDry (EDRY) AI Stock Analysis

• Market Cap: $57.55M
• Dividend Yield: N/A
• Average Volume (3M): 5.39K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.59
• Revenue Growth: -20.95%
• EPS Growth: -77.49%
• Country: US
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 0.87
• Shares Outstanding: 2,826,697
• 10 Day Avg. Volume: 2,828
• 30 Day Avg. Volume: 5,391
• PEG Ratio: 0.15
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 0.68
• P/FCF Ratio: 6.55
• Enterprise Value/Market Cap: 2.42
• Enterprise Value/Revenue: 2.67
• Enterprise Value/Gross Profit: 21.75
• Enterprise Value/Ebitda: 8.95
• 1Y Price Target: $29.33
• Price Target Upside: 44.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $19.00 ▼(-6.68% Downside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is held back primarily by weak recent profitability and a leveraged, cyclical financial profile despite improving 2025 cash flow. Technicals are supportive with strong trend momentum, but overbought signals add near-term risk. The latest earnings call supports a moderately better outlook due to Q4 improvement and capital returns, offset by ongoing market volatility and upcoming debt repayments; valuation remains constrained by negative earnings.

Positive Factors

Sustainable EBITDA Margins

Adjusted EBITDA margins near ~22% in 2024–2025 show the core drybulk operations generate durable cash earnings even when net income is cyclical. Stable cash EBITDA supports coverage of variable voyage costs, funds maintenance capex, and provides a buffer when spot TCEs fluctuate, aiding multi‑quarter recovery prospects.

Fleet Modernization & Growth

Adding two modern Ultramaxes and growing to 13 vessels is a structural improvement: newer tonnage typically lowers fuel and OPEX per day, increases charter appeal and TCE potential, and supports longer-term revenue stability versus maintaining an older, higher-cost fleet across cycles.

Longer Charters, Hedging & Capital Discipline

Management's move to longer fixed charters and explicit hedges (e.g., 180d Supramax, 90d Kamsarmax contracts) reduces revenue volatility across quarters. Coupled with a disciplined buyback program and active liquidity management, this signals durable risk management and alignment toward predictable cash generation.

Negative Factors

Persistent Full‑Year Losses

Despite a Q4 rebound, full‑year adjusted losses persist, eroding retained earnings and limiting ability to self‑fund growth or absorb shocks. Continued annual losses constrain discretionary spending, heighten reliance on capital markets, and make sustained recovery contingent on multi‑period TCE improvements.

Elevated Leverage & Repayment Schedule

Debt roughly in line with equity (D/E ~1.1) and multi‑year principal maturities concentrate refinancing risk. In a cyclical drybulk sector, material scheduled repayments raise the chance of asset sales or costly refinancing during downturns, constraining strategic flexibility over the next 2–3 years.

Higher Breakeven & Aging Fleet Exposure

Rising operating costs and higher cash breakeven materially increase sensitivity to rate declines; combined with an average fleet age ~14 years and several 2004–2005 vessels flagged for potential sale, the company faces higher capex or renewal costs and reduced margin resilience in softer markets.

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, 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 Money

EuroDry generates revenue primarily through the chartering of its vessels. The company earns money by entering into time charters or voyage charters with various clients, which can include commodity traders, mining companies, and other entities requiring bulk transportation. In a time charter, EuroDry leases its ships for a specified period, receiving a daily rate, while in a voyage charter, it is paid per trip based on the cargo transported. Additionally, fluctuations in freight rates and demand for dry bulk shipping can significantly impact earnings. The company may also benefit from strategic partnerships with shipping brokers and other firms in the logistics and supply chain sector, enhancing its market presence and operational efficiency.

EuroDry Financial Statement Overview

Summary

Financials reflect a down-cycle: losses in 2023–2025 with negative EBIT and net margins, though EBITDA margins remain solid (~22%). Balance sheet has meaningful equity support but debt is roughly equal to equity (D/E ~1.10) and recent losses reduce flexibility. Cash flow improved in 2025 with positive free cash flow, but historical volatility (notably 2023) keeps quality mid-range.

Income Statement

Revenue has been volatile, with growth rebounding in 2025 (+5.8%) after a sharp decline in 2023. Profitability has weakened materially versus the strong 2021–2022 cycle: the company is back to losses in 2023–2025, with negative net margins (2025: -8.2%; 2024: -15.8%) and negative EBIT in 2024–2025. A key positive is that EBITDA margins remain healthy (~22% in 2024–2025), suggesting the core operations still generate meaningful cash earnings, but overall earnings are pressured and inconsistent.

Balance Sheet

Leverage is moderate-to-elevated for a shipping company, with debt running roughly in line with equity (debt-to-equity ~1.10 in 2024–2025, up from ~0.71 in 2022). Equity remains sizable (2025: ~$93M) relative to the asset base (2025 assets: ~$212M), which provides some balance-sheet support, but persistent net losses in recent years reduce financial flexibility. Returns on equity swung from strong positive in 2021–2022 to negative in 2023–2024, highlighting cyclicality and a less favorable earnings profile.

Cash Flow

Operating cash flow improved meaningfully in 2025 (~$12.8M) versus 2024 (~$4.8M), and free cash flow turned positive in 2025 (~$5.4M) after being negative in 2023–2024. However, cash generation has been uneven: 2023 featured very large negative free cash flow (about -$53.5M), and recent operating cash flow has been below what’s needed to comfortably cover reported earnings and financing needs (coverage below 1x in 2023–2025). Overall, cash flow is recovering but remains volatile.

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

• Technical Analysis Sentiment: Positive
• Last Price: 20.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 20.36 is above the 20-day moving average (MA) of 14.93, above the 50-day MA of 13.86, and above the 200-day MA of 11.76, indicating a bullish trend. The MACD of 1.41 indicates Negative momentum. The RSI at 81.59 is Negative, neither overbought nor oversold. The STOCH value of 91.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EDRY.

EuroDry Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSHG	74 Outperform	$26.60M	1.21	17.90%	―	-11.07%	-13.39%
TOPS	65 Neutral	$23.36M	2.19	7.94%	―	4.77%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
EDRY	55 Neutral	$57.55M	-12.87	-11.12%	―	-20.95%	-77.49%
PXS	52 Neutral	$40.79M	-16.76	0.28%	―	-23.25%	-107.24%
CTRM	52 Neutral	$21.45M	-0.70	-5.54%	―	-1.35%	-118.25%
GLBS	51 Neutral	$40.14M	-8.68	-2.63%	―	18.49%	-264.74%

EuroDry Corporate Events

EuroDry Posts Strong Q4 but Full-Year 2025 Loss as It Shifts to Longer Charters and Extends Buybacks

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 company operates a fleet of Ultramax and similar vessels and continued an authorized share repurchase program first launched in 2022 and extended in August 2025.

For the fourth quarter of 2025, EuroDry generated net revenues of $17.4 million and net income attributable to controlling shareholders of $3.2 million, or $1.14 per share, supported by a strong drybulk market and an average time charter equivalent rate of $16,262 per day on 11.2 vessels. Adjusted EBITDA reached $7.5 million, and management emphasized that current charter rates are above breakeven, enabling positive earnings and cash flow.

For full year 2025, the company recorded net revenues of $52.3 million but posted a net loss attributable to controlling shareholders of $4.3 million, or $1.55 per share, with adjusted net loss of $6.9 million and adjusted EBITDA of $12.5 million on an average fleet of 12 vessels earning $11,642 per day. Despite the annual loss, EuroDry reported improved fourth-quarter performance versus 2024, lower vessel operating expenses tied to a smaller fleet, and maintained compliance with loan covenants.

Management described a strategic shift toward locking in one-year or longer charters, including a new one-year Ultramax charter at $15,500 per day, after previously favoring index-linked or short-term employment when markets were weaker. The company also highlighted enhanced liquidity from the sale of M/V Eirini P, refinancing of the Yannis Pittas loan, and funding of newbuilding predelivery installments, positioning it to pursue accretive fleet expansion or chartering opportunities amid what it expects to be a finely balanced and geopolitically uncertain market over the next two years.

By December 31, 2025, EuroDry’s outstanding debt stood at $103.7 million against $25.7 million in unrestricted and restricted cash, with scheduled repayments of about $12.3 million over the following 12 months. The company has spent approximately $5.3 million repurchasing 334,674 shares under its up to $10 million buyback plan, which the board extended for another year in August 2025, signaling continued focus on capital returns and balance-sheet management.

The most recent analyst rating on (EDRY) stock is a Buy with a $23.50 price target. To see the full list of analyst forecasts on EuroDry stock, see the EDRY Stock Forecast page.