Euroseas Ltd.
ESEA Industrials Marine Shipping
Euroseas Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $227.9 million, up 7.03% from fiscal 2024. In the quarter to June 2026, revenue fell 1.28%, EPS grew 10.4%, free cash flow fell 70.1% and total debt fell 9.17%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Euroseas Ltd. (ESEA) Altman Z-score
Euroseas Ltd.'s Altman Z-score for fiscal 2025 is 2.66, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.66 | 0.79 |
| FY2024 | 1.87 | (0.24) |
| FY2023 | 2.11 | 0.57 |
| FY2022 | 1.54 | 1.06 |
| FY2021 | 0.48 | 2.64 |
| FY2020 | −2.16 | 0.17 |
| FY2019 | −2.33 | 1.76 |
| FY2018 | −4.09 | (2.17) |
| FY2017 | −1.92 | 0.37 |
| FY2016 | −2.29 | (0.99) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | 0.29 | — | 0.41 | |
| EBIT / total assets | 0.21 | — | 0.70 | |
| Market value of equity / total liabilities | 1.60 | — | 0.96 | |
| Sales / total assets | 0.33 | — | 0.33 | |
| Altman Z-score | Grey zone | 2.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.87 | ||
Z and Z″ put Euroseas Ltd. in different zones: grey zone by Z, safe 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× |
| ASC Ardmore Shipping Corporation compare | 2.7× |
| ESEA Euroseas Ltd. | 2.7× |
| PANL Pangaea Logistics Solutions Ltd. compare | 1.8× |
| CMDB Costamare Bulkers Holdings Limited compare | 1.3× |
| HSHP Himalaya Shipping Ltd. compare | 0.8× |
| SMHI SEACOR Marine Holdings Inc. compare | 0.4× |
| SHIP Seanergy Maritime Holdings Corp compare | 0.1× |
| DSX Diana Shipping inc. compare | −0.1× |
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