MeritValue

EuroDry Ltd.

EDRYdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

EuroDry Ltd. earns about 10% on equity, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$68.5M1$74.6M1———
Net income$31.2M2$33.5M2−$3.28M3−$13.5M3−$3.79M3
Operating cash flow$39.1M4$33M5$11.8M6$4.81M6$12.8M6
Capital expenditure$36.8M7————
Free cash flow (derived)$2.31M4————
Total debt$158M8$163.1M9$208.8M10$215.4M11$206.6M11
Cash & equivalents$26.8M12$34M13$8M14$6.71M14$20.3M14
Diluted shares2.5M2.9M2.8M2.7M2.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$338.45
your share of equity
Profit it earned you last year
−$13.75
Free cash flow it threw off
—
Debt you’d be carrying
$749.51

10 shares is a claim on $338.45 of net worth that earned you −$13.75 last year, against $749.51 of debt.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 5y
FY21 39%FY22 29%FY23 -3%FY24 -14%FY25 -4%

It earned an average 10% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 31% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001171843-23-002475 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2021-12-31 · accession 0001171843-23-002475 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001171843-26-002768 (ProfitLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001171843-24-002177 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001171843-25-003244 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001171843-26-002768 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001171843-22-002600 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2021-12-31 · accession 0001171843-23-002475 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2022-12-31 · accession 0001171843-24-002177 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2023-12-31 · accession 0001171843-25-003244 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2024-12-31 · accession 0001171843-26-002768 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2021-12-31 · accession 0001171843-24-002177 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001171843-25-003244 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001171843-26-002768 (CashAndCashEquivalentsAtCarryingValue)