EuroDry
EDRY Industrials Marine Shipping
EuroDry’s revenue for fiscal 2025 (year ended December 2025) was $52.3 million, down 14.4% from fiscal 2024. In the quarter to June 2026, revenue grew 57.0%, EPS grew 310.7%, free cash flow grew 281.1% and total debt fell 3.85%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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EuroDry (EDRY) Altman Z-score
EuroDry's Altman Z-score for fiscal 2025 is 0.71, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.71 | 0.15 |
| FY2024 | 0.55 | (0.20) |
| FY2023 | 0.75 | (0.95) |
| FY2022 | 1.70 | (0.04) |
| FY2021 | 1.73 | 1.90 |
| FY2020 | −0.16 | (0.47) |
| FY2019 | 0.31 | (0.08) |
| FY2018 | 0.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | 0.12 | — | 0.16 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 0.32 | — | 0.19 | |
| Sales / total assets | 0.25 | — | 0.25 | |
| Altman Z-score | Distress zone | 0.71 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.76 | ||
Z and Z″ put EuroDry in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GASS StealthGas, Inc. compare | 8.4× |
| ESEA Euroseas Ltd. compare | 2.7× |
| EDRY EuroDry | 0.7× |
| HMR Heidmar Maritime Holdings Corp. compare | 0.6× |
| SMHI SEACOR Marine Holdings Inc. compare | 0.4× |
| SHIP Seanergy Maritime Holdings Corp compare | 0.1× |
| GLBS Globus Maritime Limited compare | −0.1× |
| DSX Diana Shipping inc. compare | −0.1× |
| SVRN SVRN, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets