Pangaea Logistics Solutions, Ltd. (PANL) Balance Sheet
PANL balance sheet, 2025
December 31, 2025 · U.S. dollars$928.1M assets = $453.4M liabilities + $474.7M equity
Both columns are drawn to the same scale: what PANL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PANL financial health
Descriptive bands, not a rating. Fiscal 2025.
PANL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $362.2M2016 | $928.1M2025 | +11.0%/yr | |
| Total liabilities | $185.5M2016 | $453.4M2025 | +10.4%/yr | |
| Shareholders’ equity | $116.3M2016 | $429.3M2025 | +15.6%/yr | |
| Cash & short-term investments | $22.3M2016 | $103.1M2025 | +18.5%/yr | |
| Total debt | $143.2M2016 | $372.2M2025 | +11.2%/yr | |
| Net cash (debt) | −$120.9M2016 | −$269.2M2025 | −$148.2M | |
| Working capital | −$9.3M2016 | $87.7M2025 | +$97.1M | |
| Book value per share | $3.292016 | $6.642025 | +8.1%/yr | |
| Current ratio | 0.882016 | 1.692025 | +0.81 | |
| Debt / equity | 1.232016 | 0.872025 | −0.36 | |
| Shares outstanding | 35.4M2016 | 64.7M2025 | +6.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PANL assets
PANL liabilities and equity
PANL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PANL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $103.1M | $86.8M | $99.0M | $128.4M | $56.2M | $46.9M | $50.6M | $53.6M | $34.5M | $22.3M |
| Cash & equivalents | $103.1M | $86.8M | $99.0M | $128.4M | $56.2M | $46.9M | $50.6M | $53.6M | $34.5M | $22.3M |
| Short-term investments | — | — | $10.2M | $46.0M | $351.2M | $15 | — | $304.3M | $287.4M | $188.6M |
| Receivables | $67.0M | $49.7M | $53.7M | $44.5M | $71.3M | $36.0M | $34.8M | $28.5M | $21.1M | $16.0M |
| Inventory | $28.4M | $32.8M | $16.6M | $29.1M | $27.1M | $16.0M | $21.0M | $19.2M | $15.4M | $13.2M |
| Other current assets | $17.3M | $22.6M | $22.6M | $20.5M | $29.3M | $12.5M | $21.6M | $12.2M | $12.0M | $17.0M |
| Total current assets | $215.8M | $192.0M | $191.8M | $222.5M | $184.0M | $111.3M | $128.0M | $113.5M | $83.0M | $68.5M |
| Property, plant & equipment (net) | $704.4M | $736.6M | $504.7M | $520.4M | $519.1M | $322.0M | $335.1M | $337.5M | $336.3M | $275.3M |
| Goodwill & intangible assets | $3.7M | $4.1M | $4.9M | $62.2M | $0 | $96.5M | $0 | $139.9M | $161.9M | $183.9M |
| Long-term investments | $4.0M | $3.8M | $3.8M | $259.9M | $4.0M | $15.4M | $15.4M | $0 | $14.8M | $15.0M |
| Other non-current assets | $270,000 | $0 | $0 | $0 | $0 | $0 | $1.5M | $0 | $0 | $0 |
| Total assets | $928.1M | $936.5M | $705.2M | $748.2M | $707.0M | $450.4M | $479.9M | $453.5M | $423.3M | $362.2M |
| Liabilities | ||||||||||
| Accounts payable | $54.3M | $47.8M | $6.3M | $10.0M | $7.0M | $18.7M | $24.2M | $31.9M | $15.7M | $15.4M |
| Short-term debt | $46.9M | $44.7M | $52.7M | $32.1M | $30.2M | $64.6M | $35.9M | $28.4M | $27.8M | $35.6M |
| Deferred revenue | $24.9M | $15.4M | $15.6M | $20.9M | $32.2M | $12.8M | $14.4M | $14.7M | $5.8M | $6.4M |
| Total current liabilities | $128.0M | $109.1M | $105.3M | $92.2M | $111.7M | $110.8M | $90.9M | $79.0M | $70.0M | $77.9M |
| Long-term debt | $97.2M | $112.7M | $68.4M | $98.8M | $105.8M | $54.6M | $141.1M | $141.1M | $142.6M | $107.6M |
| Lease obligations | $38.4M | $268.1M | $165.2M | $184.9M | $185.4M | $57.5M | $70.0M | $51.0M | $26.8M | — |
| Other long-term liabilities | $228.2M | $240.0M | $161.2M | $188.5M | $188.8M | $50.5M | $4.8M | $0 | $3 | $1 |
| Total liabilities | $453.4M | $461.8M | $335.0M | $379.5M | $406.3M | $216.0M | $236.8M | $220.1M | $212.6M | $185.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7,000 | $6,498 | $4,648 | $4,590 | $4,562 | $4,545 | $4,489 | $4,400 | $4,379 | $3,659 |
| Retained earnings (deficit) | $172.3M | $169.2M | $159.0M | $151.3M | $85.7M | $23.2M | $12.7M | $5.7M | −$9.6M | −$17.4M |
| Treasury stock | — | — | — | −$41.3M | −$41.3M | −$41.3M | — | −$40.6M | −$40.2M | −$40.2M |
| Accumulated other comprehensive income | — | — | — | — | — | $0 | $0 | −$73.1M | −$61.3M | −$49.0M |
| Minority interest | $45.4M | $46.8M | $46.3M | $54.5M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $429.3M | $427.8M | $323.9M | $314.2M | $247.2M | $182.8M | $170.2M | $233.4M | $145.4M | $116.3M |
| Key figures | ||||||||||
| Total debt | $372.2M | $397.4M | $264.4M | $299.5M | $307.0M | $159.6M | $177.0M | $169.4M | $170.4M | $143.2M |
| Net cash (debt) | −$269.2M | −$310.6M | −$165.4M | −$171.1M | −$250.8M | −$112.7M | −$126.5M | −$115.8M | −$135.9M | −$120.9M |
| Working capital | $87.7M | $82.9M | $86.5M | $130.3M | $72.2M | $532,439 | $37.1M | $34.5M | $13.0M | −$9.3M |
| Tangible book value | $425.7M | $423.7M | $319.0M | $252.1M | $247.2M | $86.3M | $170.2M | $93.4M | −$16.6M | −$67.6M |
| Book value per share | $6.64 | $9.29 | $7.12 | $6.97 | $5.51 | $4.17 | $3.93 | $5.45 | $3.73 | $3.29 |
| Shares outstanding | 64.7M | 46.0M | 45.5M | 45.1M | 44.8M | 43.8M | 43.3M | 42.8M | 38.9M | 35.4M |
| Current ratio | 1.69 | 1.76 | 1.82 | 2.41 | 1.65 | 1.00 | 1.41 | 1.44 | 1.19 | 0.88 |
| Quick ratio | 1.33 | 1.25 | 1.45 | 1.87 | 1.14 | 0.75 | 0.94 | 1.04 | 0.79 | 0.49 |
| Debt / equity | 0.87 | 0.93 | 0.82 | 0.95 | 1.24 | 0.87 | 1.04 | 0.73 | 1.17 | 1.23 |
| Equity / assets | 46.3% | 45.7% | 45.9% | 42.0% | 35.0% | 40.6% | 35.5% | 51.5% | 34.3% | 32.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $105.7M | $89.7M | $103.1M | $94.0M | $59.3M | $63.9M | $86.8M | $93.1M | $77.9M | $95.9M | $99.0M | $87.4M |
| Cash & equivalents | $105.7M | $59.5M | $103.1M | $94.0M | $59.3M | $63.9M | $86.8M | $93.1M | $77.9M | $95.9M | $99.0M | $87.4M |
| Short-term investments | — | $30.2M | — | — | — | — | — | $93.03B | — | $10.0M | $10.2M | $17.5M |
| Receivables | $59.1M | $75.9M | $67.0M | $59.0M | $62.7M | $55.7M | $49.7M | $44.16B | $52.8M | $53.4M | $53.7M | $61.8M |
| Inventory | $51.1M | $43.3M | $28.4M | $36.1M | $38.6M | $36.0M | $32.8M | $26.7M | $28.9M | $22.2M | $16.6M | $26.3M |
| Other current assets | $50.0M | $41.8M | $17.3M | $23.5M | $23.5M | $20.2M | $22.6M | $0 | $21.7M | $24.1M | $22.6M | $23.0M |
| Total current assets | $265.9M | $250.8M | $215.8M | $212.6M | $184.0M | $175.9M | $192.0M | $196.2M | $181.4M | $195.6M | $191.8M | $198.5M |
| Property, plant & equipment (net) | $683.6M | $691.5M | $704.4M | $711.4M | $722.3M | $733.7M | $736.6M | $543.7M | $502.5M | $498.9M | $504.7M | $520.9M |
| Goodwill & intangible assets | $3.5M | $3.6M | $3.7M | $3.8M | $3.9M | $4.0M | $4.1M | $6.21B | $4.5M | $4.7M | $4.9M | $5.1M |
| Long-term investments | $3.4M | $4.5M | $4.0M | $4.1M | $5.8M | $4.4M | $3.8M | $5.0M | $4.6M | $4.2M | $3.8M | $4.1M |
| Other non-current assets | $271,000 | $270,000 | $270,000 | $269,610 | $0 | $1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $956.7M | $950.7M | $928.1M | $932.1M | $916.0M | $918.0M | $936.5M | $749.2M | $692.9M | $703.3M | $705.2M | $728.6M |
| Liabilities | ||||||||||||
| Accounts payable | $19.2M | $20.9M | $54.3M | $18.9M | $18.1M | $14.4M | $47.8M | $12.0M | $12.0M | $11.0M | $6.3M | $9.3M |
| Short-term debt | $79.7M | $49.7M | $46.9M | $19.2M | $44.9M | $44.8M | $44.7M | $30.78B | $33.5M | $51.6M | $52.7M | $58.1M |
| Deferred revenue | $27.8M | $28.7M | $24.9M | $18.3M | $18.5M | $19.3M | $15.4M | $16.08B | $10.1M | $13.8M | $15.6M | $13.8M |
| Total current liabilities | $192.2M | $153.6M | $128.0M | $130.9M | $126.0M | $109.0M | $109.1M | $95.9M | $84.0M | $99.3M | $105.3M | $115.3M |
| Long-term debt | $66.5M | $93.2M | $97.2M | $100.7M | $104.7M | $108.7M | $112.7M | $117.0M | $78.5M | $65.9M | $68.4M | $71.0M |
| Lease obligations | $47.4M | $40.9M | $38.4M | $237.5M | $11.9M | $12.6M | $268.1M | $155.2M | $158.5M | $161.6M | $165.2M | $173.1M |
| Other long-term liabilities | $203.3M | $217.1M | $228.2M | $235.0M | $226.1M | $233.1M | $240.0M | $203.6M | $153.7M | $158.7M | $161.2M | $165.0M |
| Total liabilities | $462.0M | $463.9M | $453.4M | $466.6M | $456.9M | $450.8M | $461.8M | $416.6M | $316.1M | $324.0M | $335.0M | $351.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7,000 | $7,000 | $7,000 | $6,520 | $6,539 | $6,564 | $6,498 | $4,692 | $4,692 | $4,685 | $4,648 | $4,648 |
| Retained earnings (deficit) | $189.2M | $182.3M | $172.3M | $163.6M | $154.6M | $160.6M | $169.2M | $165.4M | $165.0M | $166.0M | $159.0M | $162.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | — | $0 |
| Minority interest | $46.1M | $45.8M | $45.4M | $45.3M | $44.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $448.6M | $441.1M | $429.3M | $420.3M | $414.4M | $420.8M | $427.8M | $332.6M | $331.5M | $332.0M | $323.9M | $326.7M |
| Key figures | ||||||||||||
| Total debt | $349.5M | $360.0M | $372.2M | $354.9M | $375.8M | $386.6M | $397.4M | $147.8M | $249.0M | $257.6M | $264.4M | $275.6M |
| Net cash (debt) | −$243.8M | −$270.3M | −$269.2M | −$260.9M | −$316.5M | −$322.7M | −$310.6M | −$54.7M | −$171.1M | −$161.7M | −$165.4M | −$188.2M |
| Working capital | $73.8M | $97.2M | $87.7M | $81.7M | $58.0M | $66.9M | $82.9M | $100.3M | $97.4M | $96.2M | $86.5M | $83.2M |
| Tangible book value | $445.1M | $437.5M | $425.7M | $416.5M | $410.5M | $416.8M | $423.7M | −$5.87B | $327.1M | $327.3M | $319.0M | $321.6M |
| Book value per share | $6.90 | $6.81 | $6.69 | $6.46 | $6.47 | $7.64 | $9.29 | $7.23 | $7.20 | $7.23 | $7.14 | $7.25 |
| Shares outstanding | 65.0M | 64.8M | 64.2M | 65.0M | 64.0M | 55.0M | 46.0M | 46.0M | 46.0M | 45.9M | 45.4M | 45.1M |
| Current ratio | 1.38 | 1.63 | 1.69 | 1.62 | 1.46 | 1.61 | 1.76 | 2.05 | 2.16 | 1.97 | 1.82 | 1.72 |
| Quick ratio | 0.86 | 1.08 | 1.33 | 1.17 | 0.97 | 1.10 | 1.25 | 461.36 | 1.56 | 1.50 | 1.45 | 1.29 |
| Debt / equity | 0.78 | 0.82 | 0.87 | 0.84 | 0.91 | 0.92 | 0.93 | 0.44 | 0.75 | 0.78 | 0.82 | 0.84 |
| Equity / assets | 46.9% | 46.4% | 46.3% | 45.1% | 45.2% | 45.8% | 45.7% | 44.4% | 47.8% | 47.2% | 45.9% | 44.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
PANL financial position
At the end of fiscal 2025 (December 31, 2025), Pangaea Logistics Solutions had total assets of $928.1 million (down 0.9% from a year earlier), total liabilities of $453.4 million and shareholders' equity of $429.3 million. It held $103.1 million in cash and short-term investments against $372.2 million of debt, net debt of $269.2 million. Its current ratio was 1.69. In the latest quarter (ended June 30, 2026) total assets were $956.7 million and equity $448.6 million.
Related: PANL income statement, PANL cash flow statement, PANL key metrics. See the PANL stock overview for the latest quote and news.
PANL balance sheet FAQ
What are Pangaea Logistics Solutions's total assets?
Pangaea Logistics Solutions reported total assets of $928.1 million at the end of fiscal 2025 (December 31, 2025), compared with $936.5 million a year earlier.
How much debt does Pangaea Logistics Solutions have?
Pangaea Logistics Solutions had $372.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.87.
How much cash does Pangaea Logistics Solutions have?
Pangaea Logistics Solutions held $103.1 million in cash and short-term investments at the end of fiscal 2025; with $372.2 million of debt that is net debt of $269.2 million.
What is Pangaea Logistics Solutions's book value?
Pangaea Logistics Solutions's shareholders' equity (book value) was $429.3 million at the end of fiscal 2025, or $6.64 per share.
What is Pangaea Logistics Solutions's current ratio?
Pangaea Logistics Solutions had current assets of $215.8 million and current liabilities of $128.0 million, a current ratio of 1.69 (it can cover its short-term obligations).
How much goodwill does Pangaea Logistics Solutions have?
Pangaea Logistics Solutions carried $3.7 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.