Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Pangaea Logistics Solutions Ltd.PANL · other
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025
Peer failure rate1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$591M to $2.67B assetstotal assets $928.1M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningslate filer, thin datanot computable: distress
Inputs computable6 of 14
Graded fromfilings received through Mar 16, 2026207 days before the rescan; every figure keyed to the SEC receipt date
Last close$8.602026-10-08; market equity $562.7M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$6$8NovDecJanFebMarAprMayJunJulAugSepOct$8.60
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2015nonen/aQ3
Mar 21, 2022nonen/aQ4

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 16, 2026; the document on sec.gov.

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, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone.

Warnings [top]

Late filer. found 1 NT 10-K/Q filings in the last eight quarters
Thin data. 6 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 65.3
Gross profitabilitynot computable27.1%
one or more required annual facts are missing
Return on invested capitalnot computable10.0%
one or more required annual facts are missing
Accruals ratio(3.7%)[1,3-5](5.9%)65.35062025-12-31
Gross margin stability, five yearsnot computable2.2 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 37.7
Twelve-month failure probabilitynot computable0.04%
liabilities and a nearby cover-page share count are required at 2026-06-30
Altman Z double-primenot computable2.05
one or more required annual facts are missing
Net debt to EBITDA1.76x[6-9]2.52x41.01842025-12-31
Interest coveragenot computable2.18x
latest aligned inputs end 2018-12-31; latest annual assets end 2025-12-31
Current ratio1.69x[10-11]1.32x34.55062025-12-31
Growth and financing, sleeve percentile 52.3
Revenue growth, three-year compound(3.3%)[2,12-14]5.1%77.64032025-12-31
Free cash flow growth, three-year compoundnot computable8.7%
four consecutive annual FCF observations are required; found 0
Reinvestment ratenot computable11.9%
one or more required annual facts are missing
Asset growth, three years7.4%[1,5,15-16]4.1%35.24382025-12-31
Net share issuance, one year(0.5%)[17-18](0.4%)43.93562026-03-09

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 336 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month60.9%2.0%88hotter than 88 of 100 peers
Distance from 52-week high(8.0%)(26.8%)84closer to its high than 84 of 100 peers
EBIT to enterprise value5.9%4.4%65pricier than 35 of 100 peers
Free cash flow yieldnot computable4.1%required accounting or market input is missing
Book value to price0.800.3480pricier than 20 of 100 peers
Sales to price1.120.7065pricier than 35 of 100 peers
Composite equity issuance, five years10.0%(8.8%)78more equity-funded than 78 of 100 peers
Relative strength against the sector, log excess return0.33(0.13)88ahead of 88 of 100 peers

Inputs: market equity $563.1M; EBIT $40.9M; book equity $448.6M; sales $632.0M; debt $235.6M; cash $105.7M[19].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero2.1%✓ pass[3,5]
Operating cash flow above zero$53.7M✓ pass[4]
Return on assets improved(2.0 pts)✗ fail[3,5,15,20]
Operating cash flow exceeds net income$34.4M✓ pass[3-4]
Long-term leverage fell(20.9 pts)✓ pass[1,5,15,21-22]
Current ratio improved(7.4 pts)✗ fail[10-11,23-24]
No new shares issued(0.5%)✓ pass[17-18]
Gross margin improvedn/a
Asset turnover improved(8.6 pts)✗ fail[2,5,12,15]
Cash, filings, liquidity
Cash and equivalents$105.7M[25]
Operating cash flow, four quarters$69.6M[4,25-29]
Months of runwaynot finite
trailing operating cash flow is nonnegative, so runway is not finite
Late filings, two years1
NT 10-K or NT 10-Q
Days since last periodic filing60
10-Q received Aug 10, 2026
Median daily dollar volume$3.0M
63 sessions
Days since newest grade input207

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$928.1M2025-12-312026-03-1610-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$632.0M2025-12-312026-03-1610-Kfiling · viewer · series
3net incomeus-gaap:NetIncomeLoss$19.4M2025-12-312026-03-1610-Kfiling · viewer · series
4operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$53.7M2025-12-312026-03-1610-Kfiling · viewer · series
5assetsus-gaap:Assets$936.5M2024-12-312026-03-1610-Kfiling · viewer · series
6total debtus-gaap:LongTermDebtAndCapitalLeaseObligations$249.6M2025-12-312026-03-1610-Kfiling · viewer · series
7cashus-gaap:CashAndCashEquivalentsAtCarryingValue$103.1M2025-12-312026-03-1610-Kfiling · viewer · series
8operating incomeus-gaap:OperatingIncomeLoss$40.9M2025-12-312026-03-1610-Kfiling · viewer · series
9depreciation amortizationus-gaap:DepreciationDepletionAndAmortization$42.5M2025-12-312026-03-1610-Kfiling · viewer · series
10current assetsus-gaap:AssetsCurrent$215.8M2025-12-312026-03-1610-Kfiling · viewer · series
11current liabilitiesus-gaap:LiabilitiesCurrent$128.0M2025-12-312026-03-1610-Kfiling · viewer · series
12revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$536.5M2024-12-312026-03-1610-Kfiling · viewer · series
13revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$499.3M2023-12-312025-03-1810-Kfiling · viewer · series
14revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$699.7M2022-12-312025-01-1310-K/Afiling · viewer · series
15assetsus-gaap:Assets$705.2M2023-12-312025-03-1810-Kfiling · viewer · series
16assetsus-gaap:Assets$748.2M2022-12-312025-01-1310-K/Afiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding65,318,6472026-03-092026-03-1610-Kfiling · viewer · series
18shares outstandingdei:EntityCommonStockSharesOutstanding65,628,4372025-03-122025-03-1810-Kfiling · viewer · series
19shares outstandingdei:EntityCommonStockSharesOutstanding65,473,7722026-08-072026-08-1010-Qfiling · viewer · series
20net incomeus-gaap:NetIncomeLoss$28.9M2024-12-312026-03-1610-Kfiling · viewer · series
21long term debtus-gaap:LongTermDebtNoncurrent$97.2M2025-12-312026-03-1610-Kfiling · viewer · series
22long term debtus-gaap:LongTermDebtAndCapitalLeaseObligations$257.2M2024-12-312026-03-1610-Kfiling · viewer · series
23current assetsus-gaap:AssetsCurrent$192.0M2024-12-312026-03-1610-Kfiling · viewer · series
24current liabilitiesus-gaap:LiabilitiesCurrent$109.1M2024-12-312026-03-1610-Kfiling · viewer · series
25cashus-gaap:CashAndCashEquivalentsAtCarryingValue$105.7M2026-06-302026-08-1010-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$25.9M2026-06-302026-08-1010-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$4.5M2026-03-312026-05-1110-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$38.6M2025-09-302025-11-1010-Qfiling · viewer · series
29operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$10.0M2025-06-302026-08-1010-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026