MeritValue

Pangaea Logistics Solutions Ltd.

PANLdata completeness 88%13 fiscal years on file

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

The thesis, from the filings

Pangaea Logistics Solutions Ltd. earns about 14% on equity, but has diluted owners by 44% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $4.63 a share.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$718.1M1$699.7M2$499.3M3$536.5M4$632M4
Net income$67.2M5$79.5M6$26.3M7$28.9M8$19.4M8
Operating cash flow$61.7M9$134.8M10$53.8M11$65.7M12$53.7M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$99.2M13$129.3M14$211.2M15
Cash & equivalents$56.2M16$128.4M17$99M18$86.8M19$103.1M19
Diluted shares44.8M45.1M45.5M46.0M64.7M

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
$66.35
your share of equity
Profit it earned you last year
$2.99
Free cash flow it threw off
—
Debt you’d be carrying
$32.64

10 shares is a claim on $66.35 of net worth that earned you $2.99 last year, against $32.64 of debt.

iii. Is this a good business?
Moat signal · return on equity
14% avg · 5y
FY21 27%FY22 25%FY23 8%FY24 7%FY25 5%

It earned an average 14% 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
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 113% 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$4.63
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$28.9M
  • growthAssumed0.0%
Graham Number
$6.69
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001606909-23-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001606909-25-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001606909-25-000097 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001606909-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001606909-23-000045 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001606909-25-000025 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001606909-25-000097 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001606909-26-000010 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001606909-23-000045 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001606909-25-000025 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001606909-25-000097 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001606909-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001606909-25-000097 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001606909-26-000010 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001606909-26-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001606909-23-000045 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001606909-25-000025 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001606909-25-000097 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001606909-26-000010 (CashAndCashEquivalentsAtCarryingValue)