Pangaea Logistics Solutions, Ltd. Financial Ratios — PANL

Profitability (USD)

	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	126.15	63.2	123.52	67.08	16.96	17.61	11.35
Return on Assets (%)	- -	-0.11	-7.31	3.23	2.05	1.99	4.05	2.5	2.44	11.62	10.92	3.62	3.52	2.08
Return on Capital (%)	- -	- -	- -	9.19	6.04	7.18	8.64	6.1	7.18	21.63	20.16	8.53	10.83	11.29
Return on Invested Capital (%)	- -	- -	- -	9.07	4.04	7.29	9.48	7.96	5.49	15.81	17.15	7.17	7.65	6.03
Gross Margin (%)	8.4	- -	4.49	14.44	10.78	10.48	14.32	12.12	9.96	13.62	18.43	13.85	13.62	10.92
EBITDA Margin (%)	7.9	- -	4.2	13.66	11.34	10.6	14.63	12.4	10.26	14.18	19.77	15.31	14.69	12.72
Operating Margin (%)	5.45	- -	1.27	9.23	5.42	6.56	9.9	7.91	5.81	10.98	15.55	9.28	9.03	6
Incremental Operating Margin (%)	- -	5.5	1.33	-19.34	27.63	8.39	-89.63	-11.06	35.38	16.9	-162.86	31.17	5.61	-11
Pretax Margin (%)	3.95	- -	-3.43	4.65	3.85	2.36	6.43	4.14	3.31	10.08	12.22	5.72	5.92	3.19
Profit Margin (%)	3.94	- -	-3.05	3.92	3.13	2.02	4.76	2.83	2.96	9.36	11.36	5.27	5.39	3.06
Net Income to Common Margin (%)	0.05	- -	-7.58	3.92	3.13	2.02	4.76	2.83	2.96	9.36	11.36	5.27	5.39	3.06
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-4,607.07	- -	54.08	0.65	0.92	9.64	7.51	36.05	3.81	7.14	14.66	58.87	54.02	77.76
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	80.67	60.79	114.7	57.25	6.98	8.1	2.52

Credit (USD)

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	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	127	- -	167	162	143	170	169	177	160	307	299	264	168	152
ST Debt	27	- -	80	33	36	28	28	36	65	30	32	53	45	47
LT Debt	101	- -	87	129	108	143	141	141	95	277	267	212	123	106
Total Debt/EBITDA	4.11	- -	9.95	4.14	5.31	4.16	3.11	3.46	4.06	3.01	2.17	3.46	2.13	1.9
Net Debt/EBITDA	3.5	- -	8.17	3.18	4.48	2.67	1.19	1.1	1.41	0.64	-0.1	- -	0.54	0.14
Total Debt/EBIT	5.95	- -	32.88	6.12	11.11	6.74	4.59	5.43	7.18	3.89	2.75	5.7	3.46	4.02
Net Debt/EBIT	5.07	- -	26.99	4.71	9.38	4.31	1.75	1.73	2.48	0.83	-0.13	- -	0.88	0.29
EBITDA to Interest Expense	4.42	- -	2.69	6.7	4.71	4.95	6.13	5.51	5.02	8.85	6.17	4.37	3.91	3.35
EBITDA-CapEx/Interest Expense	-7.23	- -	-6.56	-5.6	2.92	-2.79	4.16	-0.63	4.64	-8.23	4.55	2.81	0.47	3.08
EBIT to Interest Expense	3.05	- -	0.81	4.53	2.25	3.06	4.15	3.51	2.84	6.85	4.85	2.65	2.4	1.58
Interest Expense	7	- -	6	6	6	8	9	9	8	12	22	17	20	24
Common Equity/Total Assets	-1.8	- -	-10.9	-6.78	-4.81	-2.27	1.27	2.65	5.15	12.12	20.23	22.55	18.06	18.56
Long-Term Debt/Equity (%)	687.32	- -	86.33	78.33	60.92	67.71	60.45	58.07	40.54	92.06	72.5	57.19	25.95	22.23
Long-Term Debt/Capital (%)	70.93	- -	65.17	66.56	57.8	63.08	57.14	53.75	40.53	62.05	52.91	45.07	32.08	28.52
Long-Term Debt/Total Assets (%)	30.45	- -	26.12	35.29	29.72	33.7	31.11	29.41	21.1	39.15	35.73	30.02	13.15	11.37
Total Debt/Equity (%)	869.61	- -	165.96	98.19	81.07	80.89	72.6	72.83	68.09	102.09	81.22	71.43	35.36	32.11
Total Debt/Capital (%)	89.74	- -	125.28	83.43	76.91	75.36	68.64	67.41	68.08	68.81	59.27	56.29	43.73	41.19
Total Debt/Total Assets (%)	38.53	- -	50.21	44.23	39.55	40.26	37.36	36.89	35.44	43.42	40.02	37.5	17.92	16.42
Net Debt to Equity	740.3	- -	136.24	75.49	68.44	51.78	27.75	23.21	23.56	21.72	-3.74	0.04	8.95	2.32
Net Debt/Capital (%)	88.16	- -	132.59	79.47	73.77	56.93	33.52	26.61	29.45	16.75	-3.66	0.04	14.31	4.12
EBITDA	31	- -	17	39	27	41	55	51	39	102	138	76	79	80
EBITDA-CapEx	-51	- -	-41	-33	17	-23	37	-6	36	-95	102	49	9	74
Operating Income (Loss)	21	- -	5	27	13	25	37	33	22	79	109	46	48	38

Liquidity (USD)

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	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.17	- -	0.21	0.52	0.29	0.49	0.68	0.56	0.42	0.5	1.39	0.94	0.8	0.8
Current Ratio	0.88	- -	0.59	0.96	0.8	1.19	1.44	1.41	1	1.65	2.41	1.82	1.76	1.69
Quick Ratio	0.57	- -	0.4	0.79	0.57	0.88	1.07	0.94	0.75	1.14	1.87	1.45	1.25	1.33
CFO/Avg Current Liab	- -	- -	0.27	0.24	0.26	0.4	0.54	0.52	0.21	0.55	1.32	0.54	0.61	0.45
Common Equity/Total Assets	-1.8	- -	-10.9	-6.78	-4.81	-2.27	1.27	2.65	5.15	12.12	20.23	22.55	18.06	18.56
Long-Term Debt/Equity (%)	687.32	- -	86.33	78.33	60.92	67.71	60.45	58.07	40.54	92.06	72.5	57.19	25.95	22.23
Long-Term Debt/Capital (%)	70.93	- -	65.17	66.56	57.8	63.08	57.14	53.75	40.53	62.05	52.91	45.07	32.08	28.52
Long-Term Debt/Total Assets (%)	30.45	- -	26.12	35.29	29.72	33.7	31.11	29.41	21.1	39.15	35.73	30.02	13.15	11.37
Total Debt/Equity (%)	869.61	- -	165.96	98.19	81.07	80.89	72.6	72.83	68.09	102.09	81.22	71.43	35.36	32.11
Total Debt/Capital (%)	89.74	- -	125.28	83.43	76.91	75.36	68.64	67.41	68.08	68.81	59.27	56.29	43.73	41.19
Total Debt/Total Assets (%)	38.53	- -	50.21	44.23	39.55	40.26	37.36	36.89	35.44	43.42	40.02	37.5	17.92	16.42
CFO/Total Liabilities	6.69	- -	8.52	12.9	10.36	13.74	18.23	18.77	9.65	15.2	35.52	16.06	14.23	11.85
CFO/CapEx	0.26	- -	0.34	0.36	1.87	0.46	2.29	0.78	7.12	0.31	3.7	1.97	0.95	8.28
Altman's Z-Score	1.57	- -	1.11	1.19	1.04	1.51	1.55	1.53	1.42	1.92	2.27	2.06	1.42	1.77

Working Capital (USD)

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	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	29.11	12.23	13.37	20.82	15.05	14.52	13.33	17.22	15.38	11.8	11.89	12.87
Days Sales Outstanding	- -	- -	12.54	29.84	27.3	17.53	24.26	25.14	27.39	21.2	23.74	30.94	30.7	28.36
Inventory Turnover	- -	- -	48.76	21.29	20.52	24.19	18.48	18.01	18.65	28.77	20.29	18.84	18.76	18.39
Days Inventory Outstanding	- -	- -	7.49	17.14	17.78	15.09	19.75	20.27	19.57	12.69	17.99	19.37	19.45	19.85
Accounts Payable Turnover	- -	-1.08	23.61	9.99	14.78	22.34	18.18	16.52	15.86	49.12	67.34	51.37	45.49	38.33
Accounts Payable Turnover Days	- -	-339.51	15.46	36.54	24.69	16.34	20.08	22.09	23.02	7.43	5.42	7.11	8.02	9.52
Cash Conversion Cycle	- -	- -	4.57	10.44	20.4	16.28	23.93	23.32	23.94	26.45	36.3	43.21	42.13	38.69
Inventory to Cash Days	- -	- -	5.05	12.7	9.52	2.45	4.51	4.88	7.82	8.51	5.75	11.57	11.25	8.51
Inventories	21	- -	16	7	13	15	19	21	16	27	29	17	33	28
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	21	- -	16	7	13	15	19	21	16	27	29	17	33	28

Enterprise Value (USD)

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	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	129	28	89	92	120	141	128	126	120	166	229	369	243	439
- Cash & Cash Equivalents	19	- -	30	38	22	35	54	51	47	56	128	99	87	103
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	20	- -	3	57	60	65	72	73	52	53	54	46	47	45
+ Total Debt	127	- -	167	162	143	170	169	177	160	307	299	264	168	152
Enterprise Value	258	28	228	274	301	343	316	325	285	471	454	581	371	534
Total Capital	142	- -	133	195	186	226	247	263	234	446	505	470	384	370
Total Debt/Capital (%)	89.74	- -	125.28	83.43	76.91	75.36	68.64	67.41	68.08	68.81	59.27	56.29	43.73	41.19
Total Debt / EV	0.49	- -	0.73	0.59	0.48	0.5	0.54	0.54	0.56	0.65	0.66	0.46	0.45	0.29
EV/Sales	0.66	- -	0.57	0.95	1.26	0.89	0.85	0.79	0.74	0.66	0.65	1.16	0.69	0.84
EV/EBITDA	8.32	- -	13.64	6.97	11.14	8.37	5.78	6.37	7.25	4.62	3.28	7.6	4.71	6.64
EV/EBIT	12.06	- -	45.05	10.32	23.34	13.54	8.54	9.98	12.81	5.97	4.17	12.53	7.66	14.07
EV/Cash Flow to Firm	9.17	- -	8.8	8.59	12.06	9.14	6.43	6.06	9.93	6.42	2.89	8.15	4.32	6.87
EV/Free Cash Flow to Firm	2.35	- -	2.73	2.63	8.55	3.37	4.74	2.94	9.01	1.74	2.35	5.89	2.39	6.34
Diluted Market Cap	129	28	89	92	120	143	130	128	121	170	232	375	247	445
Diluted Enterprise Value	258	28	228	274	302	344	317	327	286	474	458	586	375	540
EV per Share	19.22	9.8	12.19	7.87	8.56	8.92	7.47	7.61	6.56	10.69	10.23	12.97	8.18	8.37
TTM Sales	392	- -	398	287	238	386	373	412	383	718	700	499	537	632
TTM EBITDA	31	- -	17	39	27	41	55	51	39	102	138	76	79	80
TTM Operating Income	21	- -	5	27	13	25	37	33	22	79	109	46	48	38
TTM Cash Flow to Firm	28	- -	26	32	25	37	49	54	29	73	157	71	86	78
TTM Free Cash Flow to Firm	110	- -	84	104	35	102	67	111	32	270	194	99	155	84

Multiples (USD)

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	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	1.26	-137.04	1.15	0.94	4.08	1.54	2.25	1.26	5.11	0.66	1.36	4.62	1.83	7.39
EV/EBIT	12.06	- -	45.05	10.32	23.34	13.54	8.54	9.98	12.81	5.97	4.17	12.53	7.66	14.07
Enterprise Value	258	28	228	274	301	343	316	325	285	471	454	581	371	534
Low Price	9.62	9.6	4.5	2.11	1.89	2.14	2.13	2.71	1.6	2.66	3.6	5.06	4.82	3.93
EV/Sales	0.66	- -	0.57	0.95	1.26	0.89	0.85	0.79	0.74	0.66	0.65	1.16	0.69	0.84
EV/EBITDA	8.32	- -	13.64	6.97	11.14	8.37	5.78	6.37	7.25	4.62	3.28	7.6	4.71	6.64
Price/Earnings	631.41	- -	- -	8.14	16.03	18.09	7.21	10.82	10.59	2.47	2.88	14.02	8.42	22.66
Price/Earnings Average	631.41	-156.2	-5.49	9.64	11.95	15.26	7.41	11.97	9.54	2.64	2.79	10.69	11.19	17.25
Price/Earnings High	631.41	-172.79	-6.65	14.71	20.93	41.3	9.28	15.95	13.42	4.06	3.94	14.12	14.97	24.44
Price/Earnings Low	631.41	-154.59	-2.79	6.51	8.91	10.52	5.07	9.94	6.12	1.74	2.01	8.61	7.57	12.95
Price/Book Value	-21.76	- -	-2.46	-3.69	-6.87	-14.74	22.3	9.9	5.19	1.94	1.51	2.32	1.44	2.55
Price/Book Value Average	-21.76	- -	-4.59	-4.37	-5.12	-12.43	22.93	10.95	4.67	2.07	1.47	1.77	1.91	1.94
Price/Book Value High	-21.76	- -	-5.56	-6.67	-8.97	-33.64	28.7	14.6	6.57	3.18	2.07	2.34	2.56	2.75
Price/Book Value Low	-21.76	- -	-2.33	-2.95	-3.82	-8.57	15.67	9.09	3	1.37	1.06	1.42	1.29	1.46
Price/Tangible Book Value	8.82	- -	0.89	0.56	0.68	0.67	0.55	0.52	0.51	0.55	0.62	1.01	0.52	0.93
Price/Tangible Book Value Average	8.82	- -	1.65	0.66	0.5	0.57	0.56	0.57	0.46	0.59	0.6	0.77	0.69	0.71
Price/Tangible Book Value High	8.82	- -	2	1	0.88	1.53	0.71	0.77	0.65	0.91	0.85	1.02	0.92	1.01
Price/Tangible Book Value Low	8.82	- -	0.84	0.44	0.38	0.39	0.39	0.48	0.3	0.39	0.43	0.62	0.46	0.53
Price/Sales	0.33	- -	0.22	0.32	0.5	0.37	0.34	0.31	0.31	0.23	0.33	0.74	0.45	0.69
Price/Sales Average	0.33	- -	0.42	0.38	0.37	0.31	0.35	0.34	0.28	0.25	0.32	0.56	0.6	0.53
Price/Sales High	0.33	- -	0.5	0.58	0.66	0.84	0.44	0.45	0.4	0.38	0.45	0.74	0.81	0.75
Price/Sales Low	0.33	- -	0.21	0.26	0.28	0.21	0.24	0.28	0.18	0.16	0.23	0.45	0.41	0.4
Price/Cash Flow	6.11	-137.04	4.51	3.53	6.22	4.84	3.19	2.84	5.77	2.69	1.7	6.86	3.7	8.17
Price/Cash Flow Average	6.11	-135.63	8.42	4.18	4.64	4.08	3.28	3.14	5.2	2.87	1.65	5.23	4.92	6.22
Price/Cash Flow High	6.11	-150.04	10.19	6.38	8.12	11.04	4.11	4.18	7.31	4.42	2.32	6.91	6.59	8.81
Price/Cash Flow Low	6.11	-134.24	4.27	2.82	3.46	2.81	2.24	2.61	3.33	1.9	1.19	4.21	3.33	4.67
Price/Free Cash Flow Average	1.26	-135.63	2.15	1.11	3.04	1.3	2.31	1.39	4.6	0.7	1.32	3.53	2.43	5.63
Price/Free Cash Flow High	1.26	-150.04	2.6	1.7	5.33	3.51	2.89	1.86	6.47	1.08	1.86	4.66	3.25	7.97
Price/Free Cash Flow Low	1.26	-134.24	1.09	0.75	2.27	0.89	1.58	1.16	2.95	0.46	0.95	2.84	1.64	4.22
EV/Sales Average	0.66	- -	0.77	1.01	1.14	0.83	0.86	0.82	0.71	0.67	0.64	0.99	0.84	0.68
EV/Sales High	0.66	- -	0.85	1.21	1.42	1.36	0.94	0.93	0.83	0.8	0.77	1.17	1.04	0.9
EV/Sales Low	0.66	- -	0.56	0.89	1.04	0.73	0.74	0.76	0.61	0.59	0.55	0.88	0.65	0.55
EV/EBITDA Average	8.32	-131.98	18.24	7.4	10.02	7.83	5.85	6.63	6.94	4.73	3.24	6.45	5.72	5.33
EV/EBITDA High	8.32	-146	20.33	8.86	12.5	12.8	6.46	7.54	8.06	5.67	3.89	7.63	7.11	7.07
EV/EBITDA Low	8.32	-130.62	13.36	6.5	9.18	6.93	5.09	6.16	5.95	4.14	2.79	5.73	4.4	4.3
EV/EBIT Average	12.06	-131.98	60.26	10.96	20.98	12.66	8.64	10.4	12.27	6.1	4.11	10.64	9.31	11.3
EV/EBIT High	12.06	-146	67.16	13.12	26.17	20.7	9.54	11.82	14.25	7.32	4.95	12.58	11.57	14.97
EV/EBIT Low	12.06	-130.62	44.13	9.63	19.22	11.2	7.51	9.67	10.52	5.34	3.54	9.45	7.16	9.11
Last Price	9.62	9.8	4.75	2.64	3.4	3.68	3.03	2.95	2.77	3.78	5.15	8.24	5.36	6.88
High Price	9.62	10.73	10.73	4.77	4.44	8.4	3.9	4.35	3.51	6.2	7.05	8.3	9.53	7.42
Enterprise Value Average	258	28	305	291	270	320	319	339	273	481	448	493	451	429
Enterprise Value High	258	31	340	348	337	524	352	385	317	577	539	583	560	568
Enterprise Value Low	258	28	224	255	248	283	277	315	234	421	385	438	347	346

	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	13	- -	35	37	37	44	44	45	45	46	46	46	65	65
Diluted Weighted Avg Shares	13	3	19	35	35	39	43	43	44	45	45	45	46	65
Basic Weighted Avg Shares	13	3	19	35	35	38	42	43	43	44	44	45	45	64
Revenue per Share	29.24	- -	21.27	8.26	6.77	10.05	8.83	9.64	8.82	16.32	15.76	11.15	11.82	9.91
EBITDA per Share	2.31	-0.07	0.89	1.13	0.77	1.07	1.29	1.2	0.9	2.31	3.12	1.71	1.74	1.26
Operating Income per Share	1.59	-0.07	0.27	0.76	0.37	0.66	0.87	0.76	0.51	1.79	2.45	1.04	1.07	0.59
Basic EPS, GAAP	0.02	-0.06	-1.61	0.32	0.21	0.2	0.42	0.27	0.26	1.53	1.79	0.59	0.64	0.3
Basic EPS from Cont Ops	1.16	-0.06	-0.73	0.38	0.26	0.24	0.57	0.4	0.29	1.64	1.93	0.64	0.7	0.32
Diluted EPS, GAAP	0.02	-0.06	-1.61	0.32	0.21	0.2	0.42	0.27	0.26	1.5	1.76	0.58	0.63	0.3
Diluted EPS from Cont Ops	1.16	-0.06	-0.73	0.38	0.26	0.23	0.56	0.39	0.29	1.61	1.9	0.63	0.69	0.31
Dividend per Share	0.01	- -	0.01	- -	- -	0.03	0.05	0.19	0.01	0.13	0.3	0.4	0.41	0.26
Cash Flow per Share	1.57	-0.07	1.05	0.75	0.55	0.76	0.95	1.04	0.48	1.4	3.04	1.2	1.45	0.84
Free Cash Flow per Basic Share	-4.52	-0.07	-2.02	-1.32	0.25	-0.91	0.53	-0.29	0.41	-3.07	2.22	0.59	-0.08	0.74
Cash & Equivalents per Share	1.41	- -	1.59	1.08	0.63	0.9	1.27	1.18	1.08	1.28	2.89	2.21	1.91	1.62
Book Value per Share	-0.44	- -	-1.93	-0.71	-0.5	-0.25	0.14	0.3	0.53	1.95	3.41	3.55	3.73	2.7
Tangible Book Value per Share	1.09	- -	5.36	4.75	5.03	5.48	5.52	5.69	5.4	6.83	8.3	8.16	10.37	7.38

Pangaea Logistics Solutions, Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)