PANL Financial Statements

Balance sheet, income statement, cash flow, and dividends for Pangaea Logistics Solutions Ltd (PANL).


$251.40M Market Cap.

As of 03/18/2025 5:00 PM ET (MRY) • Disclaimer

PANL Market Cap. (MRY)


PANL Shares Outstanding (MRY)


PANL Assets (MRY)


Total Assets

$936.46M

Total Liabilities

$461.79M

Total Investments

$0

PANL Income (MRY)


Revenue

$536.54M

Net Income

$28.90M

Operating Expense

$55.00M

PANL Cash Flow (MRY)


CF Operations

$65.69M

CF Investing

-$67.69M

CF Financing

-$10.23M

PANL Dividends (MRY)


Period

Dividends

Yield %

Growth %

Payout Ratio

Coverage Ratio

2024

$0.40

7.50%

0.00%

62.50%

1.60

2023

$0.40

4.90%

33.33%

67.80%

1.47

2022

$0.30

5.80%

140.00%

16.76%

5.97

2021

$0.13

3.30%

0%

8.17%

12.24

2020

$0

0%

-

0%

-

PANL Balance Sheet (MRY)


Metric

2024

2023

2022

2021

Total Assets

$936,457,081 (32.80%)

$705,179,968 (-5.76%)

$748,241,470 (5.83%)

$707,024,006 (56.98%)

Assets Current

$191,993,893 (0.09%)

$191,825,879 (-13.79%)

$222,511,022 (20.95%)

$183,963,614 (65.22%)

Assets Non-Current

$744,463,188 (45.02%)

$513,354,089 (-2.35%)

$525,730,448 (0.51%)

$523,060,392 (54.27%)

Goodwill & Intangible Assets

$3,104,800 (0.00%)

$3,104,800 (0%)

$0 (0%)

$0 (0%)

Shareholders Equity

$427,821,619 (32.09%)

$323,885,993 (3.07%)

$314,226,062 (27.11%)

$247,202,217 (35.26%)

Property Plant & Equipment Net

$736,597,859 (45.96%)

$504,658,994 (-3.03%)

$520,446,321 (0.26%)

$519,098,569 (53.87%)

Cash & Equivalents

$86,805,470 (-12.35%)

$99,037,866 (-22.86%)

$128,384,606 (128.41%)

$56,208,902 (16.14%)

Accumulated Other Comprehensive Income

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Deferred Revenue

$15,447,488 (-1.17%)

$15,629,886 (-25.16%)

$20,883,958 (-35.15%)

$32,205,312 (151.61%)

Total Investments

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Investments Non-Current

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Inventory

$32,848,241 (98.40%)

$16,556,266 (-43.11%)

$29,104,436 (7.21%)

$27,147,760 (70.03%)

Trade & Non-Trade Receivables

$42,370,830 (-11.53%)

$47,891,501 (30.30%)

$36,755,149 (-32.26%)

$54,259,265 (86.12%)

Trade & Non-Trade Payables

$47,762,582 (33.28%)

$35,836,262 (-7.05%)

$38,554,131 (-21.57%)

$49,154,439 (51.71%)

Accumulated Retained Earnings (Deficit)

$169,155,149 (6.37%)

$159,026,799 (5.09%)

$151,327,392 (76.65%)

$85,663,375 (269.56%)

Tax Assets

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Tax Liabilities

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Total Debt

$397,371,685 (50.27%)

$264,435,026 (-11.70%)

$299,481,283 (-2.44%)

$306,962,120 (92.29%)

Debt Current

$44,687,050 (-15.24%)

$52,721,850 (64.00%)

$32,147,605 (6.57%)

$30,165,770 (-53.31%)

Debt Non-Current

$352,684,635 (66.59%)

$211,713,176 (-20.81%)

$267,333,678 (-3.42%)

$276,796,350 (191.28%)

Total Liabilities

$461,792,746 (37.86%)

$334,984,035 (-11.73%)

$379,519,940 (-6.60%)

$406,342,612 (88.15%)

Liabilities Current

$109,108,111 (3.58%)

$105,334,319 (14.23%)

$92,211,872 (-17.48%)

$111,739,286 (0.84%)

Liabilities Non-Current

$352,684,635 (53.58%)

$229,649,716 (-20.07%)

$287,308,068 (-2.48%)

$294,603,326 (180.14%)

PANL Income Statement (MRY)


Metric

2024

2023

2022

2021

Revenues

$536,536,246 (7.46%)

$499,267,834 (-28.65%)

$699,706,906 (-2.56%)

$718,104,388 (87.55%)

Cost of Revenue

$433,085,442 (8.25%)

$400,060,794 (-26.09%)

$541,280,092 (-9.38%)

$597,291,446 (82.27%)

Selling General & Administrative Expense

$24,626,469 (8.10%)

$22,780,937 (13.32%)

$20,103,346 (5.99%)

$18,966,488 (19.17%)

Research & Development Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Operating Expenses

$55,002,190 (0.76%)

$54,589,843 (3.16%)

$52,918,997 (26.18%)

$41,940,737 (18.14%)

Interest Expense

$17,073,184 (0.28%)

$17,025,547 (15.25%)

$14,772,164 (43.01%)

$10,329,397 (34.96%)

Income Tax Expense

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Loss Income from Discontinued Operations

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Consolidated Income

$31,769,493 (11.32%)

$28,537,772 (-66.63%)

$85,507,704 (18.15%)

$72,373,704 (470.23%)

Net Income to Non-Controlling Interests

$2,866,110 (29.43%)

$2,214,472 (-63.19%)

$6,016,291 (16.89%)

$5,146,871 (284.11%)

Net Income

$28,903,383 (9.80%)

$26,323,300 (-66.89%)

$79,491,413 (18.24%)

$67,226,833 (492.19%)

Preferred Dividends Income Statement Impact

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Net Income Common Stock

$28,903,383 (9.80%)

$26,323,300 (-66.89%)

$79,491,413 (18.24%)

$67,226,833 (492.19%)

Weighted Average Shares

$45,391,855 (1.38%)

$44,773,899 (0.84%)

$44,398,987 (0.91%)

$43,997,311 (1.33%)

Weighted Average Shares Diluted

$46,046,044 (1.25%)

$45,475,453 (0.92%)

$45,059,587 (0.47%)

$44,848,997 (2.35%)

Earning Before Interest & Taxes (EBIT)

$45,976,567 (6.06%)

$43,348,847 (-54.01%)

$94,263,577 (21.54%)

$77,556,230 (308.07%)

Gross Profit

$103,450,804 (4.28%)

$99,207,040 (-37.38%)

$158,426,814 (31.13%)

$120,812,942 (118.87%)

Operating Income

$48,448,614 (8.59%)

$44,617,197 (-57.71%)

$105,507,817 (33.77%)

$78,872,205 (300.43%)

PANL Cash Flow Statement (MRY)


Metric

2024

2023

2022

2021

Net Cash Flow from Investing

-$67,694,165 (-323.56%)

-$15,982,325 (43.94%)

-$28,509,096 (85.59%)

-$197,792,380 (-2771.67%)

Net Cash Flow from Financing

-$10,229,624 (84.77%)

-$67,151,692 (-96.83%)

-$34,116,600 (-123.72%)

$143,858,760 (873.20%)

Net Cash Flow from Operations

$65,691,393 (22.13%)

$53,787,277 (-60.10%)

$134,801,400 (118.32%)

$61,745,306 (196.35%)

Net Cash Flow / Change in Cash & Cash Equivalents

-$12,232,396 (58.32%)

-$29,346,740 (-140.66%)

$72,175,704 (823.95%)

$7,811,686 (267.71%)

Net Cash Flow - Business Acquisitions and Disposals

-$171,699 (97.75%)

-$7,627,270 (-1380.56%)

-$515,162 (54.76%)

-$1,138,835 (0%)

Net Cash Flow - Investment Acquisitions and Disposals

$1,910,000 (16.64%)

$1,637,500 (0%)

$0 (0%)

$0 (0%)

Capital Expenditure

-$69,432,466 (-594.84%)

-$9,992,555 (64.30%)

-$27,993,934 (85.76%)

-$196,653,545 (-2349.97%)

Issuance (Repayment) of Debt Securities

$33,897,417 (194.11%)

-$36,020,659 (-181.91%)

-$12,777,174 (-108.76%)

$145,936,995 (932.04%)

Issuance (Purchase) of Equity Shares

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Payment of Dividends & Other Cash Distributions

-$18,710,364 (-3.35%)

-$18,103,750 (-34.95%)

-$13,414,984 (-142.36%)

-$5,535,261 (-934.33%)

Effect of Exchange Rate Changes on Cash

$0 (0%)

$0 (0%)

$0 (0%)

$0 (0%)

Share Based Compensation

$2,788,190 (33.55%)

$2,087,807 (18.11%)

$1,767,726 (-15.94%)

$2,102,897 (-9.16%)

Depreciation Amortization & Accretion

$30,375,721 (1.02%)

$30,070,395 (1.97%)

$29,489,810 (28.36%)

$22,974,249 (34.70%)

PANL Financial Metrics (MRY)


Metric

2024

2023

2022

2021

Gross Margin

19.30% (-3.02%)

19.90% (-11.95%)

22.60% (34.52%)

16.80% (16.67%)

Profit Margin

5.40% (1.89%)

5.30% (-53.51%)

11.40% (21.28%)

9.40% (213.33%)

EBITDA Margin

14.20% (-3.40%)

14.70% (-16.95%)

17.70% (26.43%)

14.00% (48.94%)

Return on Average Equity (ROAE)

8.10% (-1.22%)

8.20% (-69.85%)

27.20% (-11.11%)

30.60% (363.64%)

Return on Average Assets (ROAA)

3.80% (5.56%)

3.60% (-66.36%)

10.70% (-5.31%)

11.30% (352.00%)

Return on Sales (ROS)

8.60% (-1.15%)

8.70% (-35.56%)

13.50% (25.00%)

10.80% (116.00%)

Return on Invested Capital (ROIC)

5.20% (-5.45%)

5.50% (-50.89%)

11.20% (1.82%)

11.00% (175.00%)

Dividend Yield

7.50% (53.06%)

4.90% (-15.52%)

5.80% (75.76%)

3.30% (0%)

Price to Earnings Ratio (P/E)

8.38 (-40.03%)

13.97 (385.44%)

2.88 (16.43%)

2.47 (-76.81%)

Price to Sales Ratio (P/S)

0.45 (-38.70%)

0.74 (125.99%)

0.33 (40.95%)

0.23 (-26.11%)

Price to Book Ratio (P/B)

0.59 (-50.25%)

1.18 (56.97%)

0.75 (7.88%)

0.7 (2.20%)

Debt to Equity Ratio (D/E)

1.08 (4.35%)

1.03 (-14.40%)

1.21 (-26.52%)

1.64 (39.09%)

Earnings Per Share (EPS)

0.64 (8.47%)

0.59 (-67.04%)

1.79 (16.99%)

1.53 (488.46%)

Sales Per Share (SPS)

11.82 (6.00%)

11.15 (-29.24%)

15.76 (-3.44%)

16.32 (85.08%)

Free Cash Flow Per Share (FCFPS)

-0.08 (-108.38%)

0.98 (-59.35%)

2.41 (178.47%)

-3.07 (-550.22%)

Book Value Per Share (BVPS)

9.43 (30.29%)

7.23 (2.22%)

7.08 (25.95%)

5.62 (33.50%)

Tangible Assets Book Value Per Share (TABVPS)

20.56 (31.14%)

15.68 (-6.96%)

16.85 (4.87%)

16.07 (54.91%)

Enterprise Value Over EBIT (EV/EBIT)

10 (-23.08%)

13 (225.00%)

4 (-20.00%)

5 (-58.33%)

Enterprise Value Over EBITDA (EV/EBITDA)

5.86 (-24.71%)

7.78 (131.01%)

3.37 (-16.39%)

4.03 (-37.78%)

Asset Turnover

0.7 (0.72%)

0.69 (-26.65%)

0.94 (-21.63%)

1.2 (40.09%)

Current Ratio

1.76 (-3.35%)

1.82 (-24.53%)

2.41 (46.60%)

1.65 (63.78%)

Dividends

$0.4 (0.00%)

$0.4 (33.33%)

$0.3 (140.00%)

$0.13 (0%)

Free Cash Flow (FCF)

-$3,741,073 (-108.54%)

$43,794,722 (-59.00%)

$106,807,466 (179.17%)

-$134,908,239 (-556.14%)

Enterprise Value (EV)

$447,132,441 (-21.71%)

$571,090,915 (37.06%)

$416,674,635 (2.92%)

$404,855,435 (73.48%)

Earnings Before Tax (EBT)

$28,903,383 (9.80%)

$26,323,300 (-66.89%)

$79,491,413 (18.24%)

$67,226,833 (492.19%)

Earnings Before Interest Taxes & Depreciation Amortization (EBITDA)

$76,352,288 (3.99%)

$73,419,242 (-40.67%)

$123,753,387 (23.10%)

$100,530,479 (178.78%)

Invested Capital

$1,134,810,385 (48.90%)

$762,138,009 (-7.86%)

$827,126,275 (-2.24%)

$846,037,938 (87.66%)

Working Capital

$82,885,782 (-4.17%)

$86,491,560 (-33.62%)

$130,299,150 (80.41%)

$72,224,328 (13464.81%)

Tangible Asset Value

$933,352,281 (32.94%)

$702,075,168 (-6.17%)

$748,241,470 (5.83%)

$707,024,006 (56.98%)

Market Capitalization

$251,395,208 (-34.34%)

$382,884,965 (61.90%)

$236,501,864 (37.08%)

$172,524,647 (38.21%)

Average Equity

$355,986,514 (11.54%)

$319,147,271 (9.03%)

$292,727,911 (33.43%)

$219,386,009 (27.02%)

Average Assets

$770,462,358 (6.69%)

$722,143,654 (-2.83%)

$743,158,888 (24.41%)

$597,351,660 (33.84%)

Invested Capital Average

$880,045,000 (10.92%)

$793,412,174 (-5.41%)

$838,782,710 (18.82%)

$705,926,858 (47.96%)

Shares

46,902,091 (0.94%)

46,466,622 (1.18%)

45,922,692 (0.62%)

45,641,441 (1.28%)