Latest Ratios: P/E Ratio -13.9x · EV/EBITDA 12.2x · ROE -4.1%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $60M | $35M | $31M | $53M | $50M | $49M | $12M | $18M | $19M | — | — |
| Enterprise Value | $141M | $116M | $131M | $149M | $96M | $100M | $63M | $69M | $78M | — | — |
| P/E Ratio → | -13.94 | — | — | — | 1.48 | 1.65 | — | — | 17.18 | — | — |
| P/S Ratio | 1.16 | 0.68 | 0.50 | 1.11 | 0.71 | 0.75 | 0.56 | 0.64 | 0.78 | — | — |
| P/B Ratio | 0.58 | 0.34 | 0.29 | 0.44 | 0.44 | 0.61 | 0.25 | 0.31 | 0.31 | — | — |
| P/FCF | 11.20 | 6.55 | — | — | — | 20.96 | 7.27 | 1.25 | — | — | — |
| P/OCF | 4.74 | 2.77 | 6.35 | 4.46 | 1.51 | 1.24 | 5.36 | 1.16 | 4.83 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.22 | 2.15 | 3.12 | 1.36 | 1.56 | 2.81 | 2.52 | 3.19 | — | — |
| EV / EBITDA | 12.17 | 10.00 | 12.44 | 11.83 | 2.13 | 2.14 | 16.42 | 7.25 | 7.97 | — | — |
| EV / EBIT | — | — | — | 46.37 | 2.56 | 3.00 | — | 19.45 | 19.38 | — | — |
| EV / FCF | — | 21.45 | — | — | — | 43.34 | 36.54 | 4.90 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.3% | 12.3% | 34.1% | 17.8% | 53.1% | 68.2% | 7.0% | 26.5% | 38.8% | 26.5% | -4.3% |
| Operating Margin | -2.2% | -2.2% | -5.5% | 3.3% | 48.6% | 60.3% | -12.3% | 11.0% | 16.3% | 13.7% | -113.8% |
| Net Profit Margin | -8.2% | -8.2% | -15.8% | -6.1% | 47.8% | 48.3% | -26.4% | 0.1% | 4.6% | 4.4% | -128.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.1% | -4.1% | -8.6% | -2.5% | 34.8% | 48.1% | -11.0% | 0.0% | 2.4% | 2.7% | -32.6% |
| ROA | -2.0% | -2.0% | -4.3% | -1.4% | 18.6% | 23.2% | -5.2% | 0.0% | 1.0% | 0.9% | -11.7% |
| ROIC | -0.5% | -0.5% | -1.2% | 0.6% | 17.6% | 25.2% | -2.0% | 2.0% | 3.1% | 3.0% | — |
| ROCE | -0.6% | -0.6% | -1.6% | 0.8% | 21.6% | 33.5% | -2.8% | 2.7% | 3.9% | 3.0% | -10.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.02 | 0.87 | 0.71 | 1.00 | 1.01 | 1.00 | 1.02 | 1.17 | 0.95 |
| Debt / EBITDA | 8.89 | 8.89 | 10.18 | 8.27 | 1.81 | 1.68 | 13.40 | 5.97 | 6.46 | 5.03 | — |
| Net Debt / Equity | — | 0.78 | 0.95 | 0.80 | 0.40 | 0.66 | 0.99 | 0.90 | 0.95 | 1.13 | 0.93 |
| Net Debt / EBITDA | 6.95 | 6.95 | 9.54 | 7.64 | 1.02 | 1.11 | 13.15 | 5.40 | 6.01 | 4.86 | — |
| Debt / FCF | — | 14.90 | — | — | — | 22.38 | 29.27 | 3.65 | — | — | — |
| Interest Coverage | -0.17 | -0.17 | -0.07 | 0.49 | 9.71 | 14.32 | -1.52 | 1.00 | 1.38 | 1.47 | -7.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.24 | 0.95 | 1.76 | 1.72 | 0.31 | 0.86 | 1.11 | 0.79 | 1.33 |
| Quick Ratio | 1.46 | 1.46 | 1.13 | 0.79 | 1.72 | 1.67 | 0.24 | 0.81 | 1.07 | 0.74 | 1.20 |
| Cash Ratio | 1.20 | 1.20 | 0.36 | 0.42 | 1.30 | 1.52 | 0.05 | 0.48 | 0.34 | 0.13 | 0.28 |
| Asset Turnover | — | 0.25 | 0.28 | 0.21 | 0.35 | 0.40 | 0.21 | 0.23 | 0.19 | 0.20 | 0.09 |
| Inventory Turnover | 35.06 | 35.06 | 19.21 | 9.50 | 31.09 | 26.57 | 14.96 | 39.35 | 26.49 | 31.13 | 30.66 |
| Days Sales Outstanding | — | 29.66 | 57.04 | 68.01 | 51.54 | 11.43 | 32.56 | 30.85 | 127.19 | 94.20 | 65.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 2.2% | 5.7% | 7.5% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 67.6% | 60.6% | — | — | 5.8% | — | — |
| FCF Yield | 8.9% | 15.3% | — | — | — | 4.8% | 13.8% | 79.7% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 4.2% | 3.9% | 4.0% | 0.0% | 0.0% | 24.5% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 4.2% | 3.9% | 4.0% | 2.2% | 5.7% | 32.0% | 0.0% | — | — |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M |
Cyclical Charter Rate Volatility
As reported in financial statements, EuroDry trades at a price-to-book ratio of 0.59, suggesting that the market is pricing the company at a significant discount to its net asset value, likely anticipating further vessel depreciation or continued operational losses in the current dry bulk cycle.
The negative P/E ratio of -14.20 confirms that the company is currently failing to generate consistent earnings, rendering traditional earnings-based valuation metrics largely irrelevant. Investors appear to be valuing the entity as a collection of steel assets rather than a going concern, which is common for small-cap shippers during cyclical troughs.
Based on the company's reported figures, ROIC has struggled to maintain positive territory, oscillating between -1.1% and 1.4% over the last ten quarters, which indicates that EuroDry is currently failing to generate returns that exceed its cost of capital in the volatile dry bulk shipping market.
The inability to sustain positive ROIC suggests that the company's fleet scale is insufficient to overcome the high fixed costs inherent in the industry. This trend warrants further investigation into whether management's fleet renewal strategy can eventually drive efficiency gains or if the business model remains structurally tethered to market-wide rate recovery.
According to recent SEC filings, the cash conversion cycle has shown extreme volatility, ranging from 18 to 79 days, which reflects the inherent unpredictability of voyage-based revenue recognition and the company's limited leverage over its operational counterparties in the current maritime environment.
The erratic nature of the cash conversion cycle suggests that EuroDry lacks the bargaining power to standardize payment terms, leaving it vulnerable to timing mismatches between cash outflows for operating expenses and cash inflows from charterers. This inefficiency exacerbates the pressure on liquidity during periods of low freight rates.
As evidenced by the data, EuroDry maintains a disciplined debt-to-equity ratio of 0.97, which provides a significant buffer against the extreme volatility of the dry bulk sector compared to more highly leveraged peers in the marine shipping industry that face greater refinancing risks.
This conservative capital structure appears to be a deliberate strategy to survive cyclical downturns without the threat of insolvency. While this limits the potential for equity-funded expansion, it effectively mitigates the risk of total equity wipeout during prolonged periods of negative operating margins.
Based on an analysis of the provided data, the price-to-earnings ratio is the most commonly misapplied metric for EuroDry, as it obscures the company's true economic reality by failing to account for the massive non-cash depreciation charges that distort reported net income in the shipping industry.
Investors should instead focus on the price-to-NAV ratio or EV/EBITDA, as these metrics better capture the underlying value of the fleet and the company's ability to generate cash before accounting for non-cash items. Relying on P/E in a capital-intensive, cyclical business often leads to erroneous conclusions regarding the company's actual earning power.
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Quick answers to the most common questions about buying EDRY stock.
EuroDry Ltd.'s current P/E ratio is -13.9x. The historical average is 6.8x.
EuroDry Ltd.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.8x.
EuroDry Ltd.'s return on equity (ROE) is -4.1%. The historical average is 2.9%.
Based on historical data, EuroDry Ltd. is trading at a P/E of -13.9x. Compare with industry peers and growth rates for a complete picture.
EuroDry Ltd. has 12.3% gross margin and -2.2% operating margin.
EuroDry Ltd.'s Debt/EBITDA ratio is 8.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.