PANLPangaea Logistics Solutions Ltd.
Is the business good?
The checks split: earnings fully cash-backed (1.3×), but margins compressing.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PANL?
Pangaea Logistics Solutions Ltd. earns 9.0% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.04 points above what the capital costs: growth creates value
- Operating margin
- 9.3%
Operating margin · Marine Shipping median 26% · 12 months to Q2 2026
- Cash conversion
- 1.33×
Cash conversion · 2.01× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 5.1% |
| FY2021 | 11% |
| FY2022 | 15% |
| FY2023 | 8.9% |
| FY2024 | 9.0% |
| FY2025 | 6.5% |
Details›
- Operating margin12 months to Q2 2026
- 9.3%
- Net margin12 months to Q2 2026
- 6.7%
- Revenue, trailing twelve months
- $710M
- Net income, trailing twelve months
- $48M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.