Pangaea Logistics Solutions Ltd. (PANL) intrinsic value & 10-year financials
Pangaea Logistics Solutions Ltd. (PANL) has a Graham intrinsic value of $4.29 per share. At $7.61 on Oct 17, 2026, the stock trades 77% above that value. Over the last 10 fiscal years revenue grew 11.5% a year to $632.0M, with an average return on invested capital of 14.3%.
- Graham intrinsic value
- $4.29
- Share price (Oct 17, 2026)
- $7.61
- Price vs Graham value
- 77% above
- Market cap
- $492.4M
- Revenue (FY2025)
- $632.0M
- Revenue growth (10-yr CAGR)
- 11.5%
- ROIC (10-yr avg)
- 14.3%
- Free cash flow (FY2025)
- —
PANL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $632.0M | $19.4M | $0.30 | — | 6.5% | 11.2% |
| FY2024 | $536.5M | $28.9M | $0.63 | — | 9.0% | 15.7% |
| FY2023 | $499.3M | $26.3M | $0.58 | — | 8.9% | 14.7% |
| FY2022 | $699.7M | $79.5M | $1.76 | — | 15.1% | 29.3% |
| FY2021 | $718.1M | $67.2M | $1.50 | — | 11.0% | 28.5% |
| FY2020 | $382.9M | $11.4M | $0.26 | — | 5.1% | 8.0% |
| FY2019 | $412.2M | $11.7M | $0.27 | — | 5.6% | 8.8% |
| FY2018 | $373.0M | $17.8M | $0.42 | — | 9.7% | 15.0% |
| FY2017 | $385.9M | $7.8M | $0.20 | — | 3.9% | 6.1% |
| FY2016 | $238.0M | $7.5M | $0.21 | — | 5.4% | 5.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Pangaea Logistics Solutions Ltd. is a consistent compounder, expanding top-line revenue at 11.5% annually over the past decade.
Pangaea Logistics Solutions Ltd. returns on capital have been average, hovering around 14.3% ROIC over the decade.
Pangaea Logistics Solutions Ltd. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Pangaea Logistics Solutions Ltd. is modeled at 4.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.29 per share.