Eurodry Ltd Financials

EDRY

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Eurodry Ltd (EDRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EDRY FY2024 2026-04-28

Heavy asset depreciation keeps cash flow positive, but rising leverage is consuming more of that operating cash.

In FY2024, operating cash flow stayed positive at $4.8M even with a net loss of -$13.5M because depreciation ran at $13.9M; the catch is that interest expense reached $7.7M, so the business produced non-cash add-backs faster than cash available to service debt.

The balance sheet moved from cash-rich to debt-heavier: cash fell from $34.0M in FY2022 to $6.7M in FY2024. Over the same period, long-term debt climbed from $58.4M to $95.4M, so less of the asset base is being financed by balance-sheet flexibility and more by borrowing.

The earnings swing from $33.5M of net income in FY2022 to -$13.5M in FY2024 is larger than the change in the balance sheet, pointing to highly variable earning power on a relatively steady asset base. That is how an asset-heavy cost structure behaves: depreciation and interest keep running even when operating conditions weaken, so reported profit can deteriorate faster than cash generation.

Financial Health Signals

Financial Health Score 41/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Eurodry Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Eurodry Ltd has an operating margin of 2.3%, meaning the company retains $2 of operating profit per $100 of revenue. This strong profitability earns a score of 77/100, reflecting efficient cost management and pricing power.

Leverage

Eurodry Ltd has elevated debt relative to equity (D/E of 0.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 12/100, reflecting increased financial risk.

Liquidity

Eurodry Ltd's current ratio of 1.53 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Eurodry Ltd earns a strong -4.1% return on equity (ROE), meaning it generates $-4 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is up from -14.0% the prior year.

Altman Z-Score Distress

0.88

Eurodry Ltd scores 0.88, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/7

Eurodry Ltd passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Mixed

-3.37x

For every $1 of reported earnings, Eurodry Ltd generates $-3.37 in operating cash flow ($12.8M OCF vs -$3.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.5x

Eurodry Ltd earns $0.5 in operating income for every $1 of interest expense ($3.0M vs $6.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$47.8M

5Y CAGR+15.2%

Eurodry Ltd generated $47.8M in revenue in fiscal year 2025.

EBITDA

$15.4M

YoY+102.9%

5Y CAGR+32.2%

Eurodry Ltd's EBITDA was $15.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 102.9% from the prior year.

Net Income

-$3.8M

YoY+72.0%

Eurodry Ltd reported -$3.8M in net income in fiscal year 2025. This represents an increase of 72.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$20.3M

YoY+202.7%

5Y CAGR+85.0%

Eurodry Ltd held $20.3M in cash against $90.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+2.3%

5Y CAGR+4.2%

Eurodry Ltd had 3M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

2.3%

5Y CAGR+13.9pp

Eurodry Ltd's operating margin was 2.3% in fiscal year 2025, reflecting core business profitability.

Net Margin

-6.9%

5Y CAGR+18.1pp

Eurodry Ltd's net profit margin was -6.9% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-4.1%

YoY+9.9pp

5Y CAGR+12.9pp

Eurodry Ltd's ROE was -4.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Eurodry Ltd spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

N/A

EDRY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$47.8M	N/A	N/A	$74.6M+8.9%	$68.5M+190.3%	$23.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.2M-3.1%	$3.3M-5.5%	$3.5M+12.6%	$3.1M+16.5%	$2.6M+15.2%	$2.3M
Operating Income	$3.0M+147.2%	-$6.3M-675.7%	$1.1M-96.8%	$34.1M-12.3%	$38.9M+1518.7%	-$2.7M
Interest Expense	$6.5M-14.9%	$7.7M+22.5%	$6.3M+73.3%	$3.6M+77.5%	$2.0M-6.9%	$2.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.8M+72.0%	-$13.5M-311.7%	-$3.3M-109.8%	$33.5M+7.7%	$31.2M+630.0%	-$5.9M
EPS (Diluted)	N/A	$-4.62-340.0%	$-1.05-109.0%	$11.61+0.6%	$11.54+451.8%	$-3.28

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EDRY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$212.1M-3.5%	$219.7M-4.9%	$231.1M+15.8%	$199.5M+23.7%	$161.3M+50.1%	$107.5M
Current Assets	$28.6M+22.7%	$23.3M-3.7%	$24.2M-49.4%	$47.9M+57.5%	$30.4M+402.2%	$6.1M
Cash & Equivalents	$20.3M+202.7%	$6.7M-16.1%	$8.0M-76.5%	$34.0M+26.8%	$26.8M+2761.3%	$938K
Inventory	$1.3M-37.6%	$2.1M-49.1%	$4.1M+289.3%	$1.1M+37.3%	$770K-44.4%	$1.4M
Accounts Receivable	$3.3M-60.8%	$8.4M+25.1%	$6.7M-5.7%	$7.1M+822.3%	$775K-49.3%	$1.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$109.6M-4.0%	$114.1M+2.3%	$111.6M+30.5%	$85.6M+3.8%	$82.4M+44.6%	$57.0M
Current Liabilities	$18.7M-0.2%	$18.8M-26.4%	$25.5M-6.3%	$27.2M+53.6%	$17.7M-8.1%	$19.3M
Long-Term Debt	$90.9M-4.7%	$95.4M+10.8%	$86.1M+47.6%	$58.4M-9.8%	$64.7M+73.4%	$37.3M
Total Equity	$93.3M-3.6%	$96.7M-11.8%	$109.7M-3.8%	$113.9M+44.4%	$78.9M+128.1%	$34.6M
Retained Earnings	$24.7M-14.7%	$29.0M-30.3%	$41.6M-6.5%	$44.5M+306.9%	$10.9M+159.2%	-$18.5M

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Total Assets	$212.1M+2.6%	$206.6M-6.0%	$219.7M-4.9%	$231.1M+20.0%	$192.6M-3.5%	$199.5M+12.6%	$177.2M+9.8%	$161.3M
Current Assets	$28.6M+70.7%	$16.8M-28.1%	$23.3M-3.7%	$24.2M-47.7%	$46.3M-3.4%	$47.9M+234.5%	$14.3M-52.9%	$30.4M
Cash & Equivalents	$20.3M+227.3%	$6.2M-7.5%	$6.7M-16.1%	$8.0M-78.2%	$36.7M+7.7%	$34.0M+559.8%	$5.2M-80.8%	$26.8M
Inventory	$1.3M-27.5%	$1.8M-14.0%	$2.1M-49.1%	$4.1M+283.0%	$1.1M+1.7%	$1.1M+32.8%	$796K+3.4%	$770K
Accounts Receivable	$3.3M-36.3%	$5.2M-38.4%	$8.4M+25.1%	$6.7M+90.0%	$3.5M-50.4%	$7.1M+123.4%	$3.2M+312.9%	$775K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$109.6M+2.2%	$107.3M-6.0%	$114.1M+2.3%	$111.6M+36.3%	$81.9M-4.3%	$85.6M+15.5%	$74.1M-10.1%	$82.4M
Current Liabilities	$18.7M+1.9%	$18.4M-2.0%	$18.8M-26.4%	$25.5M+66.9%	$15.3M-43.9%	$27.2M+4.7%	$26.0M+46.8%	$17.7M
Long-Term Debt	$90.9M+2.2%	$88.9M-6.8%	$95.4M+10.8%	$86.1M+29.3%	$66.6M+14.2%	$58.4M+21.3%	$48.1M-25.6%	$64.7M
Total Equity	$93.3M+3.1%	$90.5M-6.5%	$96.7M-11.8%	$109.7M-0.9%	$110.7M-2.9%	$113.9M+10.5%	$103.1M+30.6%	$78.9M
Retained Earnings	$24.7M+11.3%	$22.2M-23.4%	$29.0M-30.3%	$41.6M-0.4%	$41.7M-6.1%	$44.5M+38.8%	$32.0M+193.2%	$10.9M

EDRY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$12.8M+165.2%	$4.8M-59.3%	$11.8M-64.2%	$33.0M-15.7%	$39.1M+1583.0%	$2.3M
Capital Expenditures	N/A	N/A	N/A	N/A	$36.8M+5925.7%	$611K
Free Cash Flow	N/A	N/A	N/A	N/A	$2.3M+35.0%	$1.7M
Investing Cash Flow	$5.7M+165.8%	-$8.7M+86.6%	-$65.3M-129.9%	-$28.4M+22.9%	-$36.8M-5925.7%	-$611K
Financing Cash Flow	-$4.7M-374.6%	$1.7M-94.3%	$30.5M+912.7%	$3.0M-86.7%	$22.6M+462.4%	-$6.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$1.3M-37.3%	$2.0M+1.6%	$2.0M	$0	$0

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EDRY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	2.3%	N/A	N/A	45.8%-11.0pp	56.8%+68.4pp	-11.6%
Net Margin	-6.9%	N/A	N/A	45.0%-0.5pp	45.5%+70.4pp	-24.9%
Return on Equity	-4.1%+9.9pp	-14.0%-11.0pp	-3.0%-32.4pp	29.4%-10.0pp	39.5%+56.5pp	-17.0%
Return on Assets	-1.8%+4.4pp	-6.2%-4.7pp	-1.4%-18.2pp	16.8%-2.5pp	19.3%+24.8pp	-5.5%
Current Ratio	1.53+0.3	1.24+0.3	0.95-0.8	1.76+0.0	1.72+1.4	0.31
Debt-to-Equity	0.97-0.0	0.99+0.2	0.79+0.3	0.51-0.3	0.82-0.3	1.08
FCF Margin	N/A	N/A	N/A	N/A	3.4%-3.9pp	7.3%

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.53+0.6	0.91-0.3	1.24+0.3	0.95-2.1	3.03+1.3	1.76+1.2	0.55-1.2	1.72
Debt-to-Equity	0.970.0	0.980.0	0.99+0.2	0.79+0.2	0.60+0.1	0.51+0.0	0.47-0.4	0.82
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Eurodry Ltd's annual revenue?

Eurodry Ltd (EDRY) reported $47.8M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Eurodry Ltd profitable?

No, Eurodry Ltd (EDRY) reported a net income of -$3.8M in fiscal year 2025, with a net profit margin of -6.9%.

What is Eurodry Ltd's EBITDA?

Eurodry Ltd (EDRY) had EBITDA of $15.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Eurodry Ltd have?

As of fiscal year 2025, Eurodry Ltd (EDRY) had $20.3M in cash and equivalents against $90.9M in long-term debt.

What is Eurodry Ltd's operating margin?

Eurodry Ltd (EDRY) had an operating margin of 2.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Eurodry Ltd's net profit margin?

Eurodry Ltd (EDRY) had a net profit margin of -6.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Eurodry Ltd's return on equity (ROE)?

Eurodry Ltd (EDRY) has a return on equity of -4.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Eurodry Ltd's operating cash flow?

Eurodry Ltd (EDRY) generated $12.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Eurodry Ltd's total assets?

Eurodry Ltd (EDRY) had $212.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Eurodry Ltd have outstanding?

Eurodry Ltd (EDRY) had 3M shares outstanding as of fiscal year 2025.

What is Eurodry Ltd's current ratio?

Eurodry Ltd (EDRY) had a current ratio of 1.53 as of fiscal year 2025, which is generally considered healthy.

What is Eurodry Ltd's debt-to-equity ratio?

Eurodry Ltd (EDRY) had a debt-to-equity ratio of 0.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Eurodry Ltd's return on assets (ROA)?

Eurodry Ltd (EDRY) had a return on assets of -1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Eurodry Ltd's Altman Z-Score?

Eurodry Ltd (EDRY) has an Altman Z-Score of 0.88, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Eurodry Ltd's Piotroski F-Score?

Eurodry Ltd (EDRY) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Eurodry Ltd's earnings high quality?

Eurodry Ltd (EDRY) has an earnings quality ratio of -3.37x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Eurodry Ltd cover its interest payments?

Eurodry Ltd (EDRY) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Eurodry Ltd?

Eurodry Ltd (EDRY) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.