EuroDry Ltd. (EDRY) Financials

EDRY

FY2025 annual

Revenue Not reported for FY2025

Net Income -$3.8M +72.0% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $12.8M +165.2% YoY

Market Cap $192.4M as of Sep 12, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 2.1x on $93.3M equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 28, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EDRY SEC filings page.

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 FY2025 2026-08-30

An asset-heavy business is recovering operationally, but debt service and depreciation still separate cash generation from reported earnings.

In FY2025, operating income of $3.0M remained below interest expense of $6.5M, so the operating recovery was not yet sufficient to produce net profitability. Operating cash flow of $12.8M alongside a net loss, while depreciation was $12.4M, indicates cash conversion was supported substantially by noncash cost add-backs rather than current-period earnings.

Leverage increased structurally: debt-to-equity nearly doubled from 0.5x to about 1.0x across the reported period, indicating greater reliance on obligations as equity absorbed losses. The current ratio recovered from roughly 1.0x to 1.5x, suggesting short-term flexibility improved even though the longer-term financing burden remained elevated.

Operating income moved from -$6.3M in FY2024 to $3.0M in FY2025, showing a return to positive operating contribution rather than merely a slower decline. Operating cash flow rose from $4.8M to $12.8M over the same span, so the recovery reached cash generation more strongly than the bottom line.

Financial Health Signals

Financial health score pending refresh

We are recalculating EuroDry Ltd.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

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

N/A

EuroDry Ltd. reported a net loss of $3.8M while generating $12.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

0.45x

EuroDry Ltd. earns $0.45 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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$20.3M

YoY+202.7%

QoQ+227.3%

EuroDry Ltd. held $20.3M in cash against $90.9M in long-term debt as of Q4 2025.

Shares Outstanding

YoY+2.3%

QoQ+2.3%

EuroDry Ltd. had 3M shares outstanding in Q4 2025. This represents an increase of 2.3% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

EDRY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EDRY quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	N/A	N/A	N/A	$74.6M+8.9%	$68.5M+190.3%	$23.6M-18.0%	$28.8M+11.0%	$25.9M	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$411K-82.9%	$2.4M+2800.2%	$83K
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$25.5M	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+1.7%	$2.3M-4.0%	$2.3M+155.8%	$917K+14.8%	$799K
Operating Income	$3.0M+147.2%	-$6.3M-675.7%	$1.1M-96.8%	$34.1M-12.3%	$38.9M+1518.7%	-$2.7M-191.1%	$3.0M-24.7%	$4.0M+51.9%	$2.6M+129.3%	-$9.0M
EBITDA	$15.4M+102.9%	$7.6M-37.1%	$12.1M-73.1%	$44.9M-3.6%	$46.5M+1120.1%	$3.8M-59.7%	$9.5M+0.5%	$9.4M+27.0%	$7.4M+244.2%	-$5.1M
Interest Expense	$6.5M-14.9%	$7.7M+22.5%	$6.3M+73.3%	$3.6M+77.5%	$2.0M-6.9%	$2.2M-34.8%	$3.4M+33.5%	$2.5M+56.4%	$1.6M+133.2%	$690K
Net Income	-$3.8M+72.0%	-$13.5M-311.7%	-$3.3M-109.8%	$33.5M+7.7%	$31.2M+630.0%	-$5.9M-35729.9%	$16K-98.5%	$1.1M+31.8%	$850K+108.4%	-$10.1M
EPS (Basic)	-$1.55+66.5%	-$4.62-340.0%	-$1.05-109.0%	$11.66+0.3%	$11.63+454.6%	-$3.28-285.9%	-$0.85	N/A	N/A	N/A
EPS (Diluted)	N/A	-$4.62-340.0%	-$1.05-109.0%	$11.61+0.6%	$11.54	-$3.28-285.9%	-$0.85	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	3M-1.3%	3M-4.4%	3M+13.4%	3M	2M+1.0%	2M	N/A	N/A	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q	Q4'2110-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

EDRY Balance Sheet

EDRY quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Total Assets	$212.1M-3.5%	$219.7M-4.9%	$231.1M+15.8%	$199.5M+23.7%	$161.3M+50.1%	$107.5M-8.6%	$117.7M-7.8%	$127.7M+31.0%	$97.5M	N/A
Current Assets	$28.6M+22.7%	$23.3M-3.7%	$24.2M-49.4%	$47.9M+57.5%	$30.4M+402.2%	$6.1M-36.8%	$9.6M-33.8%	$14.5M+89.8%	$7.6M	N/A
Cash & Equivalents	$20.3M+202.7%	$6.7M-16.1%	$8.0M-76.5%	$34.0M+26.8%	$26.8M+2761.3%	$938K-82.6%	$5.4M+23.3%	$4.4M+248.1%	$1.3M+112.7%	$591K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.3M-37.6%	$2.1M-49.1%	$4.1M+289.3%	$1.1M+37.3%	$770K-44.4%	$1.4M+172.3%	$509K-10.3%	$567K+25.4%	$452K	N/A
Accounts Receivable	$3.3M-60.8%	$8.4M+25.1%	$6.7M-5.7%	$7.1M+822.3%	$775K-49.3%	$1.5M-17.1%	$1.8M-17.6%	$2.2M+276.6%	$594K	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$109.6M-4.0%	$114.1M+2.3%	$111.6M+30.5%	$85.6M+3.8%	$82.4M+44.6%	$57.0M-6.9%	$61.2M-6.5%	$65.4M+1.3%	$64.6M	N/A
Current Liabilities	$18.7M-0.2%	$18.8M-26.4%	$25.5M-6.3%	$27.2M+53.6%	$17.7M-8.1%	$19.3M+72.4%	$11.2M+24.3%	$9.0M-6.8%	$9.6M	N/A
Non-Current Liabilities	$90.9M-4.7%	$95.4M+10.7%	$86.1M+47.6%	$58.4M-9.8%	$64.7M+71.6%	$37.7M-24.6%	$50.0M-11.4%	$56.4M+2.7%	$54.9M	N/A
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-24.9%	$49.7M-11.9%	$56.4M+85.8%	$30.4M	N/A
Total Equity	$93.3M-3.6%	$96.7M-11.8%	$109.7M-3.8%	$113.9M+44.4%	$78.9M+128.1%	$34.6M-17.2%	$41.8M-4.0%	$43.5M+32.5%	$32.9M+5.7%	$31.1M
Retained Earnings	$24.7M-14.7%	$29.0M-30.3%	$41.6M-6.5%	$44.5M+306.9%	$10.9M+159.2%	-$18.5M-67.6%	-$11.0M-21.1%	-$9.1M+5.7%	-$9.7M	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q	Q4'2110-K
Total Assets	$212.1M-3.5%	$206.6M	$219.7M-4.9%	$231.1M+15.8%	$192.6M+8.7%	$199.5M+23.7%	$177.2M+38.5%	$161.3M+50.1%
Current Assets	$28.6M+22.7%	$16.8M	$23.3M-3.7%	$24.2M-49.4%	$46.3M+223.3%	$47.9M+57.5%	$14.3M-20.5%	$30.4M+402.2%
Cash & Equivalents	$20.3M+202.7%	$6.2M	$6.7M-16.1%	$8.0M-76.5%	$36.7M+610.7%	$34.0M+26.8%	$5.2M-39.3%	$26.8M+2761.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.3M-37.6%	$1.8M	$2.1M-49.1%	$4.1M+289.3%	$1.1M+35.0%	$1.1M+37.3%	$796K+8.2%	$770K-44.4%
Accounts Receivable	$3.3M-60.8%	$5.2M	$8.4M+25.1%	$6.7M-5.7%	$3.5M+10.9%	$7.1M+822.3%	$3.2M+41.3%	$775K-49.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$109.6M-4.0%	$107.3M	$114.1M+2.3%	$111.6M+30.5%	$81.9M+10.5%	$85.6M+3.8%	$74.1M+6.0%	$82.4M+44.6%
Current Liabilities	$18.7M-0.2%	$18.4M	$18.8M-26.4%	$25.5M-6.3%	$15.3M-41.2%	$27.2M+53.6%	$26.0M+15.5%	$17.7M-8.1%
Non-Current Liabilities	$90.9M-4.7%	$88.9M	$95.4M+10.7%	$86.1M+47.6%	$66.6M+38.4%	$58.4M-9.8%	$48.1M+1.5%	$64.7M+71.6%
Long-Term Debt	$90.9M-4.7%	$88.9M	$95.4M+10.8%	$86.1M+47.6%	$66.6M+38.4%	$58.4M-9.8%	$48.1M+1.6%	$64.7M+73.4%
Total Equity	$93.3M-3.6%	$90.5M	$96.7M-11.8%	$109.7M-3.8%	$110.7M+7.4%	$113.9M+44.4%	$103.1M+129.1%	$78.9M+128.1%
Retained Earnings	$24.7M-14.7%	$22.2M	$29.0M-30.3%	$41.6M-6.5%	$41.7M+30.3%	$44.5M+306.9%	$32.0M+299.3%	$10.9M+159.2%

Not reported in any period shown, so not listed: Goodwill.

EDRY Cash Flow Statement

EDRY quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
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-84.6%	$15.1M+280.7%	$4.0M+36.4%	$2.9M-31.6%	$4.3M
Depreciation & Amortization	$12.4M-10.6%	$13.9M+26.5%	$11.0M+1.9%	$10.8M+40.5%	$7.7M+16.8%	$6.6M+1.5%	$6.5M+19.1%	$5.4M+13.3%	$4.8M+25.0%	$3.8M
Stock-Based Compensation	$801K-16.0%	$954K+19.6%	$798K+1.2%	$789K+242.0%	$231K-6.2%	$246K+33.1%	$185K+34.4%	$138K	$0	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	$36.8M+5925.7%	$611K-45.0%	$1.1M-96.2%	$29.0M+201.4%	$9.6M-60.3%	$24.2M
Free Cash Flow	N/A	N/A	N/A	N/A	$2.3M+35.0%	$1.7M-87.8%	$14.0M+155.8%	-$25.1M-272.9%	-$6.7M+66.4%	-$20.0M
Investing Cash Flow	$5.7M+165.8%	-$8.7M+86.6%	-$65.3M-129.9%	-$28.4M+22.9%	-$36.8M-5925.7%	-$611K+45.0%	-$1.1M+96.2%	-$29.0M-201.4%	-$9.6M+60.3%	-$24.2M
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+50.6%	-$12.6M-145.2%	$27.9M+200.8%	$9.3M-54.7%	$20.5M
Share Buybacks	$0-100.0%	$1.3M-37.3%	$2.0M+1.6%	$2.0M	$0	$0	N/A	N/A	N/A	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q	Q4'2110-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

EDRY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

EDRY quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	98.4%	N/A	N/A
Operating Margin	N/A	N/A	N/A	45.8%-11.0pp	56.8%+68.4pp	-11.6%-22.1pp	10.4%-5.0pp	15.4%	N/A	N/A
Net Margin	N/A	N/A	N/A	45.0%-0.5pp	45.5%+70.4pp	-24.9%-25.0pp	0.1%-4.3pp	4.3%	N/A	N/A
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%-17.0pp	0.0%-2.5pp	2.6%0.0pp	2.6%+35.2pp	-32.6%
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%-5.5pp	0.0%-0.9pp	0.9%0.0pp	0.9%	N/A
Current Ratio	1.53+0.3x	1.24+0.3x	0.95-0.8x	1.760.0x	1.72+1.4x	0.31-0.5x	0.86-0.8x	1.61+0.8x	0.79	N/A
Debt-to-Equity	0.970.0x	0.99+0.2x	0.79+0.3x	0.51-0.3x	0.82-0.3x	1.08-0.1x	1.19-0.1x	1.30+0.4x	0.92	N/A
Asset Turnover	N/A	N/A	N/A	0.37-0.1x	0.42+0.2x	0.220.0x	0.240.0x	0.20	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	3.4%-3.9pp	7.3%-41.4pp	48.6%+145.3pp	-96.7%	N/A	N/A

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q	Q4'2110-K
Current Ratio	1.53+0.3x	0.91	1.24+0.3x	0.95-0.8x	3.03+2.5x	1.760.0x	0.55-0.3x	1.72+1.4x
Debt-to-Equity	0.970.0x	0.98	0.99+0.2x	0.79+0.3x	0.60+0.1x	0.51-0.3x	0.47-0.6x	0.82-0.3x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
EuroDry Ltd. EDRY	FY2025	N/A	-$3.8M	N/A	$192.4M	—
Globus Maritime Limited GLBS	FY2025	$44.2M	-$1.7M	-4.0%	$80.3M	42/100
High-Trend International Group HTCO	FY2025	$214.4M	-$21.5M	-10.0%	$22.5M	38/100
Performance Shipping Inc. PSHG	FY2025	$84.2M	$50.0M	59.4%	$20.9M	46/100
Castor Maritime Inc. CTRM	FY2025	$81.8M	$19.3M	23.5%	$23.3M	42/100
United Maritime Corporation USEA	FY2025	$37.8M	-$6.2M	-16.4%	$28.5M	27/100

Where EuroDry Ltd. Ranks

Frequently Asked Questions

Is EuroDry Ltd. profitable?

No, EuroDry Ltd. (EDRY) reported a net income of -$3.8M in fiscal year 2025.

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 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 P/E ratio?

EuroDry Ltd. (EDRY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $192.4M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EuroDry Ltd.'s price-to-sales ratio?

EuroDry Ltd. (EDRY) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $192.4M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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) reported a net loss of $3.8M while generating $12.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.45x, 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.