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EuroDry
(NASDAQ:EDRY)
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Rating:57Neutral
Price Target:
$31.00
▲(28.63% Upside)
Action:Reiterated
Date:08/07/26
The score is driven by improving fundamentals (stronger operating profitability and positive free cash flow) and a strong technical uptrend. These positives are tempered by shipping-cycle volatility and leverage, weak valuation support from a negative P/E, and earnings-call risks tied to high spot-market exposure and freight-rate sensitivity.
Positive Factors
Profitability turnaround
Recent quarters show a durable operating turnaround with material YoY revenue and adjusted EBITDA gains and H1 2026 net income vs prior-year loss. Sustained higher TCEs and full utilization indicate improved operating leverage that can support earnings across the next several quarters.
Negative Factors
High spot-market exposure
With the majority of days exposed to spot/index-linked rates, earnings remain highly sensitive to freight swings. This structural exposure creates ongoing volatility in revenue and EBITDA, making multi-quarter planning and predictable cash generation difficult during rate troughs.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
Recent quarters show a durable operating turnaround with material YoY revenue and adjusted EBITDA gains and H1 2026 net income vs prior-year loss. Sustained higher TCEs and full utilization indicate improved operating leverage that can support earnings across the next several quarters.
Read all positive factors
EuroDry Key Performance Indicators (KPIs)
Any
Fleet Utilization Rate
Shows the share of the fleet that is actively employed and earning revenue. High utilization supports steady cash flow and better coverage of fixed costs, while low utilization signals idle capacity, lost revenue, and pressure on margins.
Shows the share of the fleet that is actively employed and earning revenue. High utilization supports steady cash flow and better coverage of fixed costs, while low utilization signals idle capacity, lost revenue, and pressure on margins.
Data provided by:
The Fly
The FlyEuroDry (EDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$75.99M
Dividend YieldN/A
Average Volume (3M)5.39K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth-0.04%
EPS Growth96.94%
CountryUS
Employees252
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.13
Shares Outstanding2,866,591
10 Day Avg. Volume2,828
30 Day Avg. Volume5,391
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.38
Price to Sales (P/S)0.68
P/FCF Ratio6.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$40.33Price Target Upside67.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.23
Revenue Forecast (FY)$66.00M
EuroDry Business Overview & Revenue Model
Company Description
EuroDry Ltd., a global marine shipping firm founded in 2018 and based in Marousi, Greece, provides worldwide ocean-going transport services through its subsidiaries. The company owns and manages a fleet of dry bulk carriers. These vessels are prim...
How the Company Makes Money
EuroDry makes money by earning charter revenues from its owned vessels when they are hired by customers to transport dry bulk cargoes. Its primary revenue stream is freight income generated under charter contracts, which can include time charters ...
EuroDry Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a clear financial turnaround and operational strength: material YoY revenue and EBITDA growth, return to profitability, full utilization, higher TCEs, disciplined fleet renewal, active hedging and improved liquidity initiatives (share buybacks and refinancing term sheet). Key risks noted were exposure to spot market given limited fixed coverage, sensitivity of earnings to freight rate moves, upcoming debt amortization/refinancing needs and some dry-docking/off-hire uncertainty. On balance, the positive operational and financial momentum substantially outweighs the highlighted risks.Positive Updates
Revenue Growth and Profitability Turnaround
Q2 2026 total net revenues of $17.7M, a 57% increase YoY (from $11.3M). Q2 net income attributable to controlling shareholders of $6.59M vs a net loss of $3.1M in Q2 2025. H1 2026 revenues $30.5M, up 49% YoY, and H1 net income $6.8M vs a $6.8M loss in H1 2025.
Negative Updates
Limited Fixed Rate Coverage / Market Exposure
Fixed-rate coverage for remainder of 2026 is only ~25–28%, leaving majority of days exposed to spot/index-linked rates and market volatility; company notes sensitivity to market moves (see sensitivity item).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Profitability Turnaround
Q2 2026 total net revenues of $17.7M, a 57% increase YoY (from $11.3M). Q2 net income attributable to controlling shareholders of $6.59M vs a net loss of $3.1M in Q2 2025. H1 2026 revenues $30.5M, up 49% YoY, and H1 net income $6.8M vs a $6.8M loss in H1 2025.
Read all positive updates
Company Guidance
Guidance on the call quantified the company’s near‑term exposure and cash‑flow drivers: fixed‑rate coverage for the remainder of 2026 was cited at a little more than 25% (≈28% on slide 17), two 90‑day Kamsarmax FFAs were sold at $17,250 and $17,100/day, and management modeled an annualized 2026 EBITDA contribution of $38.4M using forward freight curves and $7,500/day OpEx; sensitivity was highlighted as $1,000/day = ~$1.4M change in 2026 EBITDA (≈$0.50/share). Breakevens were an EBITDA breakeven of $8,458/day and an all‑in cash‑flow breakeven of $12,872/day. Balance‑sheet and financing metrics included outstanding debt of $98.1M (average margin ~1.99%, all‑in senior cost ~5.74% assuming 3‑month at 3.75%), scheduled repayments of ~$12.2M (2026), $21M (2027), $17M (2028) and $28.8M (2029) with balloon payments of ~$1.2M, $10.2M, $6.7M and $19M respectively, cash and other assets ~$37.5M, advances for newbuildings $14.4M, vessel book value $160.2M (market value est. ~$240M), and a plan to grow the fleet from 11 vessels (≈766k dwt, avg age ~13.8 yrs) to 15 vessels (~1.06M dwt) by 2028; management also noted potential to reduce new loan margins toward ~1.5%, a reapproved $10M repurchase program (358,130 shares bought for $5.8M to date), and a term sheet to refinance MV Ekaterini with a $19M facility.EuroDry Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.84M | 52.26M | 61.08M | 47.59M | 70.18M | 64.44M |
| Gross Profit | 12.77M | 6.41M | 20.81M | 8.47M | 37.30M | 43.98M |
| EBITDA | 19.40M | 15.83M | 13.33M | 14.17M | 48.15M | 41.45M |
| Net Income | -304.76K | -4.26M | -9.66M | -2.91M | 33.54M | 31.15M |
Balance Sheet | ||||||
| Total Assets | 209.06M | 212.10M | 219.74M | 231.05M | 199.51M | 161.33M |
| Cash, Cash Equivalents and Short-Term Investments | 21.51M | 22.47M | 6.71M | 10.80M | 35.24M | 26.85M |
| Total Debt | 100.13M | 102.88M | 107.19M | 103.93M | 81.22M | 78.65M |
| Total Liabilities | 105.90M | 109.59M | 114.14M | 111.63M | 85.56M | 82.41M |
| Stockholders Equity | 93.77M | 93.27M | 96.74M | 109.66M | 113.94M | 78.92M |
Cash Flow | ||||||
| Free Cash Flow | 9.81M | 5.40M | -3.92M | -53.50M | -4.80M | 2.31M |
| Operating Cash Flow | 17.46M | 12.76M | 4.81M | 11.81M | 32.99M | 39.14M |
| Investing Cash Flow | 602.84K | 6.14M | -8.73M | -65.30M | -28.40M | -36.82M |
| Financing Cash Flow | -4.40M | -5.13M | 1.73M | 30.47M | 3.01M | 22.61M |
EuroDry Technical Analysis
Positive
24.10
Price Trends
23.59
Positive
22.07
Positive
18.27
Positive
Market Momentum
1.88
Negative
80.56
Negative
96.38
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EDRY, the sentiment is Positive. The current price of 24.1 is below the 20-day moving average (MA) of 25.09, above the 50-day MA of 23.59, and above the 200-day MA of 18.27, indicating a bullish trend. The MACD of 1.88 indicates Negative momentum. The RSI at 80.56 is Negative, neither overbought nor oversold. The STOCH value of 96.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EDRY.
EuroDry Risk Analysis
EuroDry disclosed 87 risk factors in its most recent earnings report. EuroDry reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EuroDry Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $48.70M | 13.60 | 3.87% | ― | -20.22% | -47.01% | |
67 Neutral | $18.84M | 0.24 | 14.21% | ― | 24.97% | ― | |
65 Neutral | $21.63M | 0.63 | 9.57% | ― | 34.61% | -41.81% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $75.99M | -206.63 | -0.33% | ― | -0.04% | 96.94% | |
55 Neutral | $61.94M | 80.62 | 0.47% | ― | 33.71% | ― | |
54 Neutral | $4.70M | 0.95 | 2.85% | ― | -6.63% | -38.69% |
* Industrials Sector Average
EDRY
EuroDry
34.72
24.05
225.40%
PSHG
Performance Shipping
1.75
-0.05
-2.94%
GLBS
Globus Maritime
3.19
2.17
212.75%
TOPS
Top Ships
0.76
-5.22
-87.22%
PXS
Pyxis Tankers
5.03
2.49
98.03%
CTRM
Castor Maritime
2.04
-0.08
-3.77%
EuroDry Corporate Events
EuroDry Posts Strongest Quarter in Four Years as Charter Rates Surge
Aug 6, 2026
EuroDry Ltd., the Athens-headquartered drybulk shipowner, reported on August 6, 2026 that it operated an average of 11 vessels in the second quarter and first half of 2026, generating $17.7 million in quarterly net revenues and $30.5 million for t...
EuroDry Confirms Board Lineup and Auditor at 2026 Shareholders’ Meeting
Jul 24, 2026
EuroDry Ltd., a NASDAQ-listed drybulk shipping company with a fleet of Panamax, Ultramax, Kamsarmax and Supramax vessels managed by affiliated Eurobulk entities, operates 11 ships totaling 766,420 dwt and employs them on spot and period charters. ...
EuroDry Sets July 23, 2026 Date for Annual Shareholders’ Meeting
Jun 23, 2026
EuroDry Ltd., a NASDAQ-listed drybulk shipping company managing a diversified fleet of Panamax, Ultramax, Kamsarmax and Supramax vessels, focuses on seaborne transportation of drybulk cargoes and charters its ships on spot and period contracts. It...
EuroDry Boosts Q1 2026 Revenue and Orders Two Eco Kamsarmax Bulk Carriers
May 20, 2026
EuroDry reported first-quarter 2026 results on May 20, 2026, posting total net revenues of $12.8 million, up 38.9% year on year, and net income attributable to controlling shareholders of $0.26 million, or $0.09 per share. Adjusted net income reac...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.