EuroDry Ltd (EDRY)
NASDAQ:EDRY
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EuroDry
(NASDAQ:EDRY)
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Rating:58Neutral
Price Target:
$21.50
▼(-2.09% Downside)
Action:Reiterated
Date:05/20/26
The score is mainly held back by mid-range financial performance due to recent losses, volatility, and leverage, despite improving 2025 cash flow. It is supported by inexpensive valuation (low P/E) and a constructive earnings call showing operational momentum and buybacks, while technicals are neutral-to-mildly positive rather than strongly bullish.
Positive Factors
High Fleet Utilization & Rising TCE
Sustained near-100% utilization and a large rise in time-charter-equivalent rates materially boost durable cash generation per vessel. Higher TCE and efficient deployment reduce revenue volatility from empty days, improving the company's ability to cover fixed costs and service debt over the next several quarters.
Negative Factors
Elevated Leverage & Near-Term Amortizations
Debt roughly in line with equity and meaningful scheduled amortizations create sustained refinancing and liquidity pressure, especially if rates or charter markets soften. This leverage profile reduces financial flexibility, increases interest/covenant risk, and raises the chance that cash must be diverted from growth or buybacks to service obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
High Fleet Utilization & Rising TCE
Sustained near-100% utilization and a large rise in time-charter-equivalent rates materially boost durable cash generation per vessel. Higher TCE and efficient deployment reduce revenue volatility from empty days, improving the company's ability to cover fixed costs and service debt over the next several quarters.
Read all positive factors
EuroDry Key Performance Indicators (KPIs)
Any
Fleet Utilization Rate
Shows the share of the fleet that is actively employed and earning revenue. High utilization supports steady cash flow and better coverage of fixed costs, while low utilization signals idle capacity, lost revenue, and pressure on margins.
Shows the share of the fleet that is actively employed and earning revenue. High utilization supports steady cash flow and better coverage of fixed costs, while low utilization signals idle capacity, lost revenue, and pressure on margins.
Data provided by:
The Fly
The FlyEuroDry (EDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$59.25M
Dividend YieldN/A
Average Volume (3M)5.39K
Price to Earnings (P/E)2.8
Beta (1Y)0.67
Revenue Growth-14.44%
EPS Growth55.47%
CountryUS
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryMarine Shipping
Share Statistics
EPS (TTM)-1.57
Shares Outstanding2,796,647
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 Cap2.36
Enterprise Value/Revenue2.67
Enterprise Value/Gross Profit21.77
Enterprise Value/Ebitda8.96
Forecast
1Y Price Target
$29.33Price Target Upside33.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.76
Revenue Forecast (FY)$67.16M
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:May 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a strong quarter marked by significant revenue growth (38.9%), a return to profitability (net income $260k vs prior-year loss), a large positive swing in adjusted EBITDA (~$4.87M vs -$1.02M), improved utilization and more than doubled per-vessel earnings. Management is executing buybacks while investing in fleet modernization (4 newbuilds) and maintaining disciplined charter/hedging strategies. Key risks include macro/geopolitical uncertainty, conditional newbuilding financing, rising breakeven levels, and upcoming debt/newbuild payments. On balance, near-term operational and market momentum outweigh the execution and market risks discussed.Positive Updates
Revenue Growth
Total net revenues of $12.79M in Q1 2026, an increase of 38.9% vs $9.21M in Q1 2025.
Negative Updates
Exposure to Macro and Geopolitical Risks
IMF and industry commentary highlight downside risks (Middle East conflict, trade tensions, AI-driven uncertainty); these risks could materially weaken global growth and drybulk demand for 2026-2027.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total net revenues of $12.79M in Q1 2026, an increase of 38.9% vs $9.21M in Q1 2025.
Read all positive updates
Company Guidance
The company guided to a strong Q2 and reiterated that fixed-rate coverage for the remainder of 2026 is ~23.5% (49% in Q2, ~15% in Q3, very small in Q4) while four vessels remain index-linked; it has hedged the equivalent of one Kamsarmax for Q2 at $19.1k/day and one for Q3 at $17.2k/day (plus 90 days for Q4 at $17.1k/day), and management’s calculator implies an annualized EBITDA of about $34M at current forward rates with a sensitivity of ~$2.2M EBITDA per $1k/day change in average rate. Key breakevens were reiterated: EBITDA breakeven ~$8.04k/day and all‑in cash‑flow/free‑cash‑flow breakeven ~$12.3–12.5k/day; Q1 operating metrics included net revenues $12.79M, net income $260k ($0.09 diluted), adjusted net income $330k ($0.12), adjusted EBITDA ~$4.9M, average TCE $14.4k/day on ~11 vessels, utilization 99.7%, and OpEx ~$7.08k/day. Fleet and capex guidance: current fleet 11 vessels (avg age ~13.8 yrs, ~707k DWT) will expand to 15 vessels (~1.05M DWT) with 2 Ultramax (63.5k DWT each) due 2027 and 2 Kamsarmax (82k DWT each) due 2028 (Kamsarmax contracts ~ $74M to be financed ~60% on delivery); balance sheet items cited include cash/other assets ~$31.6M, advances for newbuilds ~$14.4M, vessels book ~$163.1M (estimated market value ~$226.9M), total assets ~$209.1M, total debt roughly $100.9–$109M with avg margin ~1.99% and all‑in senior cost ~5.63%, scheduled repayments ~$12.2M (2026), ~$20–21M (2027), ~$17M (2028) and ~$28.8M (2029); share actions: buyback program up to $10M with ~$5.6M deployed to repurchase ~348k shares.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
21.96
Price Trends
20.25
Positive
17.84
Positive
15.03
Positive
Market Momentum
0.36
Positive
52.05
Neutral
54.51
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 21.96 is above the 20-day moving average (MA) of 20.94, above the 50-day MA of 20.25, and above the 200-day MA of 15.03, indicating a bullish trend. The MACD of 0.36 indicates Positive momentum. The RSI at 52.05 is Neutral, neither overbought nor oversold. The STOCH value of 54.51 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 87 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $47.78M | 4.53 | 2.13% | ― | -20.22% | -47.01% | |
66 Neutral | $18.84M | 0.36 | -5.54% | ― | 23.51% | -67.68% | |
64 Neutral | $21.38M | 0.88 | 15.90% | ― | -3.74% | 14.28% | |
58 Neutral | $59.25M | 2.80 | -4.65% | ― | -14.44% | 55.47% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | $43.38M | 10.75 | -1.00% | ― | 26.77% | -515.79% | |
45 Neutral | $7.39M | -1.17 | 7.94% | ― | -6.63% | -38.69% |
* General Sector Average
EDRY
EuroDry
21.19
12.19
135.65%
PSHG
Performance Shipping
1.72
0.25
17.09%
GLBS
Globus Maritime
2.01
0.96
91.43%
TOPS
Top Ships
0.99
-3.84
-79.54%
PXS
Pyxis Tankers
4.67
1.61
52.61%
CTRM
Castor Maritime
1.95
-0.18
-8.45%
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.