Forensic Analysis · General / Diversified · as of Jun 28, 2026
Pangaea Logistics Solutions Ltd. (PANL)
A forensic read on Pangaea Logistics Solutions Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
12.9
P / E (ttm)
8.1%
ROE
$446M
Market cap
2.87%
Dividend yield
Pangaea Logistics Solutions Ltd. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5%Return on invested capital.Return on invested capital is 5% and slipping from 16% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+14.5%/yrShare-count dilution.Diluted share count changed +44% over the last 3 years to FY2025 (+14.5%/yr). The count is GROWING — existing holders are being diluted. That's ~14.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~44%.
-93%Dividend — cut.The payout was CUT ~93% in FY2020 (from FY2019). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin3.1%
Debt / Equity0.28x
Free Cash Flow$49.4M
Latest Revenue$632.0M
Return on Equity4.5%
Revenue Growth YoY+17.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Pangaea Logistics Solutions Ltd.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PANL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown