MeritValue

Pyxis Tankers Inc.

PXSdata completeness 88%13 fiscal years on file

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

The thesis, from the filings

Pyxis Tankers Inc. earns about 10% on equity, but has diluted owners by 16% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $12.79 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$25.3M1$58.3M2$45.5M3$51.5M3$39M3
Net income−$12.3M4$13.4M5$37M6$12.9M6$1.99M6
Operating cash flow−$896,0007$8.27M8$21.4M9$18.8M9$13.6M9
Capital expenditure$43M10$3M11$28.5M12$45M12—
Free cash flow (derived)−$43.9M7$5.28M8−$7.06M9−$26.1M9—
Total debt$154.4M13$130.6M14$122.4M15$169.7M16$175.1M16
Cash & equivalents$6.18M17$7.56M18$34.5M19$21.2M19$35.6M19
Diluted shares9.0M12.6M12.6M10.5M10.4M

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
$91.31
your share of equity
Profit it earned you last year
$1.91
Free cash flow it threw off
—
Debt you’d be carrying
$168.01

10 shares is a claim on $91.31 of net worth that earned you $1.91 last year, against $168.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 5y
FY21 -25%FY22 22%FY23 38%FY24 14%FY25 2%

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
+16% shares · 5y

Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 13% 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$12.79
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$12.9M
  • growthAssumed0.0%
Graham Number
$6.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001493152-24-015029 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-001092 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014641 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-015029 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-001092 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014641 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-015029 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-001092 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-014641 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-015029 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-001092 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-014641 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-23-011992 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-015029 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-001092 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-12-31 · accession 0001493152-26-014641 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-12-31 · accession 0001493152-24-015029 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-12-31 · accession 0001641172-25-001092 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-12-31 · accession 0001493152-26-014641 (CashAndCashEquivalentsAtCarryingValue)