EUROSEAS LTD. ESEA
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS19.72
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $227.9M | $212.9M | $189.4M | $182.7M | $93.9M | $53.3M | $40.0M | $34.4M | $23.8M | $20.5M |
| SG&A | $6.8M | $5.9M | $4.7M | $4.6M | $3.5M | $3.0M | $2.4M | $2.6M | $2.5M | $2.7M |
| Total operating expenses | $78.4M | $92.9M | $69.9M | $76.1M | $48.2M | $44.0M | $38.0M | $32.1M | $29.2M | $33.2M |
| Operating income | $149.5M | $120.0M | $119.4M | $106.6M | $45.7M | $9.3M | $2.0M | $2.3M | -$5.4M | -$12.7M |
| Interest expense | $14.5M | $10.1M | $6.0M | $4.7M | $2.6M | $3.8M | $3.2M | $2.7M | $1.4M | $1.2M |
| Net income | $137.0M | $112.8M | $114.5M | $106.2M | $43.0M | $4.0M | -$1.7M | -$663.4K | -$6.9M | -$34.1M |
| EPS, basic | 19.73 | 16.25 | 16.53 | 14.79 | 6.07 | 0.58 | -1.21 | — | — | — |
| EPS, diluted | 19.72 | 16.20 | 16.52 | 14.78 | 6.06 | 0.58 | -1.21 | -1.02 | -5.72 | -5.63 |
| Shares, diluted (wtd. avg.) | 6.9M | 7.0M | 6.9M | 7.2M | 7.0M | 5.8M | 2.9M | 0 | — | 8.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $176.5M | $73.7M | $58.6M | $31.4M | $31.5M | $6.3M | $5.9M | $13.2M | $8.3M | $7.0M |
| Receivables | $10.2M | $4.6M | $2.0M | $573.0K | $1.3M | $2.0M | $715.1K | $958.7K | $885.5K | $1.4M |
| Inventory | $2.8M | $3.2M | $2.5M | $2.3M | $2.3M | $1.7M | $1.9M | $1.7M | $1.2M | $1.3M |
| Total current assets | $192.4M | $84.7M | $66.0M | $46.9M | $32.9M | $9.7M | $6.3M | $12.0M | $16.1M | $10.4M |
| Property, plant and equipment | $465.9M | $443.4M | $267.6M | $216.6M | $176.1M | $98.5M | $116.2M | $48.8M | $52.1M | $105.6M |
| Total assets | $700.5M | $591.2M | $424.7M | $328.6M | $221.4M | $110.6M | $126.9M | $67.0M | $162.3M | $143.7M |
| Accounts payable | — | — | $5.7M | $5.2M | $2.8M | $2.9M | $3.9M | $2.3M | $1.5M | $1.9M |
| Short-term debt | $19.2M | $36.9M | $30.8M | $55.4M | $29.0M | $20.6M | $12.3M | $4.9M | $4.2M | $5.5M |
| Total current liabilities | $39.4M | $57.2M | $51.2M | $73.7M | $37.1M | $28.6M | $24.9M | $11.6M | $18.5M | $11.2M |
| Long-term debt | $197.7M | $168.5M | $99.2M | $51.8M | $89.0M | $46.2M | $72.2M | $31.7M | $29.8M | $44.4M |
| Total liabilities | $237.0M | $228.3M | $158.1M | $160.4M | $144.6M | $75.2M | $98.8M | $44.4M | $80.0M | $55.8M |
| Retained earnings | $204.5M | $103.9M | $7.9M | -$92.6M | -$188.0M | -$230.3M | -$233.7M | -$230.2M | -$237.9M | -$230.0M |
| Total equity | $463.4M | $362.9M | $266.6M | $168.2M | $76.9M | $27.3M | $20.5M | $3.8M | $46.7M | $54.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $141.1M | $128.2M | $130.0M | $114.1M | $52.6M | $2.4M | $3.2M | -$1.5M | $5.1M | -$5.1M |
| Depreciation and amortisation | $28.6M | $26.4M | $22.8M | $18.5M | $7.2M | $6.6M | $4.2M | $3.3M | $3.6M | $5.0M |
| Stock-based compensation | $2.0M | $1.5M | $1.1M | $951.4K | $182.3K | $121.6K | $97.9K | $124.5K | $116.6K | $294.3K |
| Capital expenditure | — | — | — | — | — | $647.1K | $55.7M | $1.9K | $30.1M | $3.1M |
| Investing cash flow | -$15.2M | -$168.8M | -$102.2M | -$87.1M | -$74.1M | $16.3M | -$55.7M | $6.3M | -$16.5M | $1.1M |
| Financing cash flow | -$23.3M | $57.0M | $5.1M | -$27.0M | $46.6M | -$18.3M | $45.2M | $135.4K | $12.8M | -$6.3M |
| Dividends paid | $19.0M | $16.8M | $14.0M | $10.8M | $0 | $0 | — | — | — | — |
| Buybacks | $2.1M | $1.1M | $3.1M | $5.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-002807.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.5M | $23.8M | $34.4M | $40.0M | $53.3M | $93.9M | $182.7M | $189.4M | $212.9M | $227.9M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$34.1M | -$6.9M | -$663.4K | -$1.7M | $4.0M | $43.0M | $106.2M | $114.5M | $112.8M | $137.0M |
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