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Introduction Pangaea Logistics Solutions Ltd. and its subsidiaries collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, i…
Operating margin is thin at 6.48%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 17.8%, still solid. Margins contracted 2.6pp, which offsets some of the top-line progress.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$680M
▲ +17.8% YoY
Net Income (TTM)
$35M
▼ -33.0% YoY
Op. Margin
7.13%
▼ -2.6pp YoY
ROIC
5.92%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$49M
▼ -24.6% YoY
Op. Cash Flow (TTM)
$63M
▼ -18.2% YoY
Net Debt
$162M
Cash & Equiv.
$90M
5Y CAGR: +10.5%
5Y CAGR: +18.9%
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