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EuroDry
(NASDAQ:EDRY)
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Rating:59Neutral
Price Target:
$21.00
▼(-4.37% Downside)
Action:Reiterated
Date:05/24/26
The score is driven primarily by improving operating performance and stronger free cash flow, supported by constructive technical momentum. These positives are tempered by a leveraged, cyclical financial profile with still-thin/volatile net profitability, an elevated P/E, and earnings-call risks tied to rate exposure, higher breakevens, and financing/execution needs for fleet expansion.
Positive Factors
Cash generation strength
TTM operating cash flow (~$17.5M) and positive free cash flow (~$9.8M) indicate EuroDry now generates durable internal funds. Stronger FCF supports fleet capex, newbuild deposits and the buyback program, improving liquidity and reducing reliance on external financing over the next 2–3 years.
Negative Factors
Moderate-to-elevated leverage
Debt roughly equal to equity (debt-to-equity ~1.07) limits the balance-sheet cushion during rate downturns. Elevated leverage raises interest and refinancing sensitivity, constraining flexibility to fund newbuilds or absorb weaker charter markets without tapping capital markets or cutting shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
TTM operating cash flow (~$17.5M) and positive free cash flow (~$9.8M) indicate EuroDry now generates durable internal funds. Stronger FCF supports fleet capex, newbuild deposits and the buyback program, improving liquidity and reducing reliance on external financing over the next 2–3 years.
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
$63.32M
Dividend YieldN/A
Average Volume (3M)5.39K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-0.04%
EPS Growth96.94%
CountryUS
EmployeesN/A
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.13
Shares Outstanding2,866,591
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 Cap2.31
Enterprise Value/Revenue2.62
Enterprise Value/Gross Profit11.46
Enterprise Value/Ebitda7.55
Forecast
1Y Price Target
$33.33Price Target Upside51.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.8
Revenue Forecast (FY)$64.48M
EuroDry Business Overview & Revenue Model
Company Description
EuroDry Ltd., a global marine shipping firm founded in 2018 and based in Marousi, Greece, provides worldwide ocean-going transport services through its subsidiaries. The company owns and manages a fleet of dry bulk carriers. These vessels are prim...
How the Company Makes Money
EuroDry makes money by earning charter revenues from its owned vessels when they are hired by customers to transport dry bulk cargoes. Its primary revenue stream is freight income generated under charter contracts, which can include time charters ...
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
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.84M | 52.26M | 61.08M | 47.59M | 70.18M | 64.44M |
| Gross Profit | 12.77M | 6.41M | 20.81M | 8.47M | 37.30M | 43.98M |
| EBITDA | 19.40M | 15.83M | 13.33M | 14.17M | 48.15M | 41.45M |
| Net Income | -304.76K | -4.26M | -9.66M | -2.91M | 33.54M | 31.15M |
Balance Sheet | ||||||
| Total Assets | 209.06M | 212.10M | 219.74M | 231.05M | 199.51M | 161.33M |
| Cash, Cash Equivalents and Short-Term Investments | 21.51M | 22.47M | 6.71M | 10.80M | 35.24M | 26.85M |
| Total Debt | 100.13M | 102.88M | 107.19M | 103.93M | 81.22M | 78.65M |
| Total Liabilities | 105.90M | 109.59M | 114.14M | 111.63M | 85.56M | 82.41M |
| Stockholders Equity | 93.77M | 93.27M | 96.74M | 109.66M | 113.94M | 78.92M |
Cash Flow | ||||||
| Free Cash Flow | 9.81M | 5.40M | -3.92M | -53.50M | -4.80M | 2.31M |
| Operating Cash Flow | 17.46M | 12.76M | 4.81M | 11.81M | 32.99M | 39.14M |
| Investing Cash Flow | 602.84K | 6.14M | -8.73M | -65.30M | -28.40M | -36.82M |
| Financing Cash Flow | -4.40M | -5.13M | 1.73M | 30.47M | 3.01M | 22.61M |
EuroDry Technical Analysis
Positive
21.96
Price Trends
22.02
Positive
20.60
Positive
16.76
Positive
Market Momentum
-0.03
Positive
48.39
Neutral
36.44
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 below the 20-day moving average (MA) of 22.65, below the 50-day MA of 22.02, and above the 200-day MA of 16.76, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 48.39 is Neutral, neither overbought nor oversold. The STOCH value of 36.44 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 (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $42.97M | 12.00 | 3.87% | ― | -20.22% | -47.01% | |
67 Neutral | $21.84M | 0.28 | -5.54% | ― | 24.97% | ― | |
64 Neutral | $20.39M | 0.70 | 9.79% | ― | 11.81% | -51.76% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $63.32M | -172.17 | -0.33% | ― | -0.04% | 96.94% | |
55 Neutral | $66.69M | 86.80 | 0.47% | ― | 33.71% | ― | |
45 Neutral | $5.79M | 1.18 | 7.94% | ― | -6.63% | -38.69% |
* Industrials Sector Average
EDRY
EuroDry
22.09
12.69
135.00%
PSHG
Performance Shipping
1.64
-0.11
-6.29%
GLBS
Globus Maritime
3.09
1.97
175.89%
TOPS
Top Ships
0.78
-5.11
-86.83%
PXS
Pyxis Tankers
4.20
1.37
48.41%
CTRM
Castor Maritime
2.26
0.08
3.67%
EuroDry Corporate Events
EuroDry Sets July 23, 2026 Date for Annual Shareholders’ Meeting
Jun 23, 2026
EuroDry Ltd., a NASDAQ-listed drybulk shipping company managing a diversified fleet of Panamax, Ultramax, Kamsarmax and Supramax vessels, focuses on seaborne transportation of drybulk cargoes and charters its ships on spot and period contracts. It...
EuroDry Boosts Q1 2026 Revenue and Orders Two Eco Kamsarmax Bulk Carriers
May 20, 2026
EuroDry reported first-quarter 2026 results on May 20, 2026, posting total net revenues of $12.8 million, up 38.9% year on year, and net income attributable to controlling shareholders of $0.26 million, or $0.09 per share. Adjusted net income reac...
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.