Latest Ratios: P/E Ratio 22.6x · EV/EBITDA 8.9x · ROE 4.1%. (2012–2025 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 | $444M | $445M | $247M | $375M | $232M | $170M | $121M | $128M | $130M | $143M | $120M |
| Enterprise Value | $713M | $714M | $557M | $540M | $403M | $420M | $234M | $254M | $245M | $279M | $241M |
| P/E Ratio → | 22.60 | 22.93 | 8.51 | 14.21 | 2.93 | 2.52 | 10.65 | 61.84 | 7.21 | 18.40 | 16.19 |
| P/S Ratio | 0.70 | 0.70 | 0.46 | 0.75 | 0.33 | 0.24 | 0.32 | 0.31 | 0.35 | 0.37 | 0.51 |
| P/B Ratio | 0.92 | 0.94 | 0.52 | 1.01 | 0.63 | 0.56 | 0.52 | 0.53 | 0.56 | 0.68 | 0.68 |
| P/FCF | 9.39 | 9.42 | — | 14.13 | 2.36 | — | 6.78 | — | 5.74 | — | 13.43 |
| P/OCF | 8.26 | 8.29 | 3.76 | 6.97 | 1.72 | 2.75 | 5.83 | 2.87 | 3.23 | 4.90 | 6.26 |
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 | — | 1.13 | 1.04 | 1.08 | 0.58 | 0.59 | 0.61 | 0.62 | 0.66 | 0.72 | 1.01 |
| EV / EBITDA | 8.86 | 8.88 | 7.07 | 7.23 | 2.99 | 4.13 | 6.37 | 6.08 | 4.57 | 8.82 | 8.93 |
| EV / EBIT | 18.78 | 18.83 | 10.73 | 11.74 | 3.74 | 5.01 | 11.41 | 9.65 | 7.47 | 16.07 | 16.19 |
| EV / FCF | — | 15.12 | — | 20.36 | 4.10 | — | 13.07 | — | 10.86 | — | 26.92 |
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 | 10.9% | 10.9% | 13.6% | 13.8% | 18.4% | 13.6% | 10.0% | 12.1% | 14.3% | 10.5% | 10.8% |
| Operating Margin | 6.0% | 6.0% | 9.0% | 8.9% | 15.1% | 11.0% | 5.1% | 5.6% | 9.7% | 4.2% | 5.4% |
| Net Profit Margin | 3.1% | 3.1% | 5.4% | 5.3% | 11.4% | 9.4% | 3.0% | 2.8% | 4.8% | 2.0% | 3.1% |
| 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% | 6.8% | 7.1% | 23.7% | 25.1% | 4.8% | 4.9% | 8.0% | 4.0% | 4.4% |
| ROA | 2.1% | 2.1% | 3.5% | 3.6% | 10.9% | 11.6% | 2.4% | 2.5% | 4.1% | 2.0% | 2.0% |
| ROIC | 3.7% | 3.7% | 5.5% | 6.2% | 14.5% | 13.2% | 4.1% | 4.9% | 7.8% | 3.7% | 3.3% |
| ROCE | 4.7% | 4.7% | 6.8% | 7.1% | 16.9% | 16.9% | 5.4% | 6.1% | 9.9% | 5.0% | 4.5% |
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 | 0.78 | 0.78 | 0.84 | 0.71 | 0.81 | 1.02 | 0.68 | 0.73 | 0.73 | 0.81 | 0.81 |
| Debt / EBITDA | 4.63 | 4.63 | 5.04 | 3.54 | 2.22 | 3.01 | 4.34 | 4.24 | 3.16 | 5.39 | 5.31 |
| Net Debt / Equity | — | 0.57 | 0.65 | 0.45 | 0.46 | 0.83 | 0.48 | 0.52 | 0.50 | 0.65 | 0.68 |
| Net Debt / EBITDA | 3.35 | 3.35 | 3.94 | 2.21 | 1.27 | 2.46 | 3.07 | 3.03 | 2.16 | 4.29 | 4.48 |
| Debt / FCF | — | 5.70 | — | 6.24 | 1.74 | — | 6.29 | — | 5.13 | — | 13.50 |
| Interest Coverage | 1.58 | 1.58 | 2.57 | 2.63 | 4.81 | 7.29 | 2.62 | 2.84 | 3.70 | 2.10 | 2.60 |
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 | 1.69 | 1.69 | 1.76 | 1.82 | 2.41 | 1.65 | 1.00 | 1.41 | 1.44 | 1.19 | 0.88 |
| Quick Ratio | 1.46 | 1.46 | 1.46 | 1.66 | 2.10 | 1.40 | 0.86 | 1.18 | 1.19 | 0.97 | 0.71 |
| Cash Ratio | 0.80 | 0.80 | 0.80 | 0.94 | 1.39 | 0.50 | 0.42 | 0.56 | 0.68 | 0.49 | 0.29 |
| Asset Turnover | — | 0.68 | 0.57 | 0.71 | 0.94 | 1.02 | 0.85 | 0.86 | 0.82 | 0.91 | 0.66 |
| Inventory Turnover | 19.83 | 19.83 | 14.11 | 25.98 | 19.61 | 22.85 | 21.59 | 17.25 | 16.62 | 22.50 | 16.08 |
| Days Sales Outstanding | — | 32.26 | 33.83 | 39.24 | 23.20 | 36.22 | 34.29 | 30.79 | 27.87 | 19.94 | 24.52 |
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 | 3.7% | 3.7% | 7.6% | 4.8% | 5.8% | 3.3% | 0.4% | 6.3% | 1.8% | 0.7% | 0.1% |
| Payout Ratio | 84.2% | 84.2% | 64.7% | 68.8% | 16.9% | 8.2% | 4.7% | 69.4% | 12.8% | 12.8% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 4.4% | 11.8% | 7.0% | 34.2% | 39.7% | 9.4% | 1.6% | 13.9% | 5.4% | 6.2% |
| FCF Yield | 10.7% | 10.6% | — | 7.1% | 42.4% | — | 14.8% | — | 17.4% | — | 7.4% |
| Buyback Yield | 0.7% | 0.7% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.4% | 4.3% | 7.6% | 4.8% | 5.8% | 3.4% | 0.6% | 6.5% | 1.8% | 0.7% | 0.1% |
| Shares Outstanding | — | $65M | $46M | $45M | $45M | $45M | $44M | $43M | $43M | $39M | $35M |
Variable Voyage Expense Exposure
According to current market data, PANL trades at a forward P/E of 5.56, which, when compared to its TTM P/E of 22.73, suggests that investors are pricing in a significant recovery in earnings power that may not be fully supported by recent margin trends.
The wide divergence between trailing and forward multiples indicates that the market is betting on a normalization of voyage spreads. However, given the high PEG ratio of 7.83, the current valuation appears to demand a level of earnings growth that may be difficult to sustain given the company's historical margin volatility.
As reported in recent financial statements, PANL's ROIC has remained in a narrow range between 0.3% and 2.0% over the last ten quarters, suggesting that the company struggles to generate returns on invested capital that meaningfully exceed its cost of capital in the current environment.
The persistent low ROIC reflects the capital-intensive nature of maintaining an Ice Class fleet, which requires significant ongoing investment. Investors should monitor whether management can improve these returns through better asset utilization or if the structural costs of specialized shipping will continue to dampen long-term compounding.
Based on quarterly data, the company's cash conversion cycle has fluctuated between 26 and 58 days, reflecting the inherent complexity of managing multi-leg logistics contracts where timing differences between voyage load and discharge dates create significant, unpredictable swings in working capital requirements.
The variability in the CCC suggests that Pangaea's liquidity is highly sensitive to the operational efficiency of its chartering desk. While the current DSO and DPO levels appear manageable, the lack of a stable trend warrants further investigation into whether the company is gaining or losing leverage with its industrial customers.
As indicated by the company's reported figures, the debt-to-equity ratio of 0.74 in 2026Q1 remains exceptionally conservative for the marine shipping industry, providing a substantial buffer against the cyclical downturns that frequently plague more highly leveraged competitors in the dry bulk sector.
This low leverage profile is a key differentiator that allows Pangaea to navigate volatile bunker fuel costs and fluctuating charter rates without the immediate threat of covenant breaches. However, the low interest coverage ratio of 1.82 in 2026Q1 suggests that even with low debt, the company's earnings are not always sufficient to provide a wide margin of safety for debt service.
The most commonly misapplied metric for Pangaea is the P/NAV ratio, which fails to account for the value of the company's specialized logistics contracts and port-side infrastructure that differentiate it from pure-play vessel owners who are essentially just price-takers in the global spot market.
By focusing solely on the net asset value of the fleet, analysts overlook the 'logistics alpha' generated by the company's ability to navigate restricted Arctic routes. A more appropriate valuation framework would likely incorporate an EBITDA-based multiple that accounts for the recurring nature of its Contracts of Affreightment.
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Quick answers to the most common questions about buying PANL stock.
Pangaea Logistics Solutions, Ltd.'s current P/E ratio is 22.6x. The historical average is 15.2x. This places it at the 83th percentile of its historical range.
Pangaea Logistics Solutions, Ltd.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
Pangaea Logistics Solutions, Ltd.'s return on equity (ROE) is 4.1%. The historical average is 7.3%.
Based on historical data, Pangaea Logistics Solutions, Ltd. is trading at a P/E of 22.6x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pangaea Logistics Solutions, Ltd.'s current dividend yield is 3.72% with a payout ratio of 84.2%.
Pangaea Logistics Solutions, Ltd. has 10.9% gross margin and 6.0% operating margin.
Pangaea Logistics Solutions, Ltd.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.