Pangaea Logistics Solutions Ltd. Reports Financial Results for the Three Months and Year Ended December 31, 2017
Company posts strong earnings after two years of industry turmoil
NEWPORT, RI - March 21, 2018 - Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months and year ended December 31, 2017.
2017 Highlights

39% increase in net revenue(1) from 2016 to $55.2 million.
$40.1 million adjusted EBITDA(2) in 2017 as compared to $27.0 million in 2016.
Net income of $7.8 million or $0.20 per share and adjusted EPS(3) of $0.39 per share, as drybulk market rates improve from 2016 levels.
Income from operations of $15.2 million including the effect of losses incurred on two sale and leaseback financing transactions.
Cash flow from operations of $29.2 million representing a significant increase over the prior year.
Cash and cash equivalents totaling $34.5 million at December 31, 2017.
Improved working capital resulting from cash generated by operations, debt extinguishment and conversion of dividends payable to common stock.

4th Quarter 2017 Highlights     

Revenue up 54% to $102.2 million from $66.3 million in Q4 of 2016.
Total shipping days increased to 5,036, a 38% increase over the Q4 2016 total of 3,654.
TCE of $12,510 per day for the three months ended December 31, 2017 compared to $10,159 for the three months ended December 31, 2016.
Adjusted EBITDA of $10.7 million for the fourth quarter of 2017 versus $4.4 million for the same period in 2016.
The Company operated an average of 55 vessels during the fourth quarter of 2017 versus an average of 40 vessels in the same period of 2016.

Ed Coll, said “We came through the toughest dry bulk market the industry has ever experienced in excellent shape.  We generated $67 million of adjusted EBITDA during this two year span, and deployed capital to expand our fleet and grow our business in ways that better serve our customers, spread shipping risks, and provide steady returns to our shareholders.  We did this while recording positive net earnings, paying down debt and keeping our promises to our lenders by improving our balance sheet and leverage ratios. These actions helped us expand our credit capabilities to borrow for expansion at reasonable rates and terms.  I am very thankful and proud of our entire organization, our customers and partners, and all of our employees for the hard work in difficult times.  We look forward to even greater success as the drybulk market continues to improve.”


(1) Net revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses.

(2) Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel and, when applicable, loss on impairment of vessels and certain non-recurring items. See Reconciliation of Income from Operations to Adjusted EBITDA.

(3) Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel and certain non-recurring charges, divided by the weighted average number of shares of common stock.







Results for the three months and year ended December 31, 2017
For the year ended December 31, 2017, the Company reported net income of $7.8 million or $0.20 per common share compared to net income of $7.5 million, or $0.21 per common share for the previous year. Net income reflects a $9.3 million loss on two sale and leaseback financing transactions executed to acquire two vessels.
The Baltic Dry Index, a measure of drybulk market performance, averaged 1,137 in 2017, up from an average of 692 in 2016 and rose 288% from February 2016 (the lowest point on record) to December 31, 2017. The market improvement resulted in an increase in revenue to $385.1 million, up from $238.0 million in 2016 and a corresponding increase in charter hire expense, from $63.7 million in 2016 to $132.9 million in 2017 which put modest pressure on the gross margin percentage. Adjusted EBITDA in 2017 was $40.1 million as compared to $27.0 million in 2016. The Company operated an average of 53 vessels in the year ended December 31, 2017 as compared to an average of 38 in 2016.
During the year, the Company completed a private placement of 6,533,443 shares of common stock issued for aggregate net proceeds of $14.1 million, of which $4.3 million was issued as in-kind payment of accrued dividends.
For the fourth quarter of 2017, the Company reported net income of $4.0 million, compared to net income of $0.1 million in the fourth quarter of 2016. Drybulk market demand improved considerably in the fourth quarter as compared to the same period of 2016, which helped push total shipping days up 38% to 5,036 for the three months ended December 31, 2017, compared to 3,654 for the three months ended December 31, 2016. This increase in market demand, together with higher market rates during the same period, drove total revenue up to $102.2 million for the three months ended December 31, 2017, compared to $66.3 million for the three months ended December 31, 2016. However, charter hire rates increased at a higher rate as the Company took in additional tonnage to meet its obligations. Charter hire expense represented 38% of total revenue in the three months ended December 31, 2017 as compared to 31% in the same period of 2016. Adjusted EBITDA for the quarter was $10.7 million, compared with $4.4 million for the fourth quarter of 2016. The Company operated an average of 55 vessels during the fourth quarter of 2017 versus an average of 40 vessels in the same period of 2016.
Liquidity and Cash Flows
Cash and cash equivalents were $34.5 million as of December 31, 2017, compared with $22.3 million on December 31, 2016.
At December 31, 2017 and December 31, 2016, the Company had working capital of $13.0 million and a working capital deficit of $9.3 million, respectively. The improvement in working capital is due to the acquisition of noncontrolling interest in a consolidated joint venture in January 2017 and the resulting reduction in related party debt, to the increase in cash from proceeds of a common stock issuance, and to cash generated from operations. For the twelve months ended December 31, 2017, the Company’s net cash provided by operating activities was $29.2 million, compared to $19.2 million for the twelve months ended December 31, 2016.
For the twelve months ended December 31, 2017 and 2016, net cash used in investing activities was $64.6 million and $10.3 million, respectively. Net cash provided by financing activities was $47.5 million for the twelve months ended December 31, 2017 and net cash used for financing activities was $24.2 million for the twelve months ended December 31, 2016. These changes reflect the Company’s investment in and purchase of vessels, including the m/v Bulk Destiny and m/v Bulk Beothuk, which were financed under sale and leaseback arrangements; and the m/v Bulk Endurance and the m/v Bulk Freedom, which were financed under commercial loan facilities.
Conference Call Details
The Company’s management team will host a conference call to discuss the Company’s financial results on March 22, 2018 at 8:00 a.m., Eastern Time (ET). To access the conference call, please dial (888) 895-3561 (domestic) or (904) 685-6494 (international) approximately ten minutes before the scheduled start time and reference ID# 5090958.





A supplemental slide presentation will accompany this quarter’s conference call and can be found attached to the Current Report on Form 8-K that the Company filed concurrently with this press release. This document will be available at http://www.pangaeals.com/company-filings or at sec.gov.
A recording of the call will also be available for two weeks and can be accessed by calling (800) 585-8367 (domestic) or (404) 537-3406 (international) and referencing ID# 5090958.





Pangaea Logistics Solutions Ltd.
Consolidated Statements of Income

 
Three months ended December 31,
 
Years ended December 31,
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 

 
 

Voyage revenue
$
86,075,085

 
$
60,606,537

 
$
337,683,383

 
$
222,116,152

Charter revenue
16,111,189

 
5,726,845

 
47,404,826

 
15,900,346

Total revenue
102,186,274

 
66,333,382

 
385,088,209

 
238,016,498

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 

 
 

Voyage expense
39,184,807

 
29,212,870

 
160,577,816

 
103,647,127

Charter hire expense
38,931,048

 
20,492,162

 
132,852,712

 
63,691,892

Vessel operating expenses
9,625,888

 
8,626,622

 
36,435,959

 
30,904,039

General and administrative
3,744,452

 
3,622,173

 
15,163,352

 
12,773,781

Depreciation and amortization
4,010,403

 
3,531,599

 
15,614,571

 
14,107,822

Loss on sale and leaseback of vessels

 

 
9,275,042

 

Total expenses
95,496,598

 
65,485,426

 
369,919,452

 
225,124,661

 
 
 
 
 
 
 
 
Income from operations
6,689,676

 
847,956

 
15,168,757

 
12,891,837

 
 
 
 
 
 
 
 
Other (expense) income:
 
 
 

 
 

 
 

Interest expense, net
(1,972,889
)
 
(1,264,914
)
 
(7,954,126
)
 
(5,423,057
)
Interest expense, related party
(79,712
)
 
(79,713
)
 
(316,250
)
 
(314,925
)
Unrealized gain on derivative instruments
(70,553
)
 
951,050

 
360,316

 
2,163,484

Other (income) expense
(43,843
)
 
(115,774
)
 
1,841,958

 
(158,528
)
Total other expense, net
(2,166,997
)
 
(509,351
)
 
(6,068,102
)
 
(3,733,026
)
 
 
 
 
 
 
 
 
Net income
4,522,679

 
338,605

 
9,100,655

 
9,158,811

Income attributable to noncontrolling interests
(500,798
)
 
(272,724
)
 
(1,287,861
)
 
(1,701,856
)
Net income attributable to Pangaea Logistics Solutions Ltd.
$
4,021,881

 
$
65,881

 
$
7,812,794

 
$
7,456,955

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 

 
 

Basic
$
0.10

 
$

 
$
0.20

 
$
0.21

Diluted
$
0.09

 
$

 
$
0.20

 
$
0.21

 
 
 
 
 
 
 
 
Weighted average shares used to compute earnings per common share
 
 
 
 
 

 
 

Basic
41,941,300

 
35,189,068

 
38,414,383

 
35,158,917

Diluted
42,619,933

 
35,581,897

 
38,925,745

 
35,376,950









Pangaea Logistics Solutions Ltd.
Consolidated Balance Sheets


 
December 31, 2017
 
December 31, 2016
Assets
 

 
 

Current Assets
 

 
 

Cash and cash equivalents
$
34,531,812

 
$
22,322,949

Accounts receivable (net of allowance of $2,135,877 and $4,752,265 at December 31, 2017 and 2016, respectively)
21,089,425

 
15,990,219

Bunker inventory
15,356,712

 
13,202,937

Advance hire, prepaid expenses and other current assets
12,032,272

 
10,928,161

Total current assets
83,010,221

 
62,444,266

 
 
 
 
Restricted cash
4,000,000

 
6,100,000

Fixed assets, net
306,292,655

 
275,265,672

Investment in newbuildings in-process

 
18,383,964

Vessels under capital lease
29,994,212

 

Total assets
$
423,297,088

 
$
362,193,902

 
 
 
 
Liabilities and stockholders' equity
 

 
 

Current liabilities
 

 
 

Accounts payable, accrued expenses and other current liabilities
$
29,181,276

 
$
23,231,179

Related party debt
7,009,597

 
15,972,147

Deferred revenue
5,815,924

 
6,422,982

Current portion of long-term debt
18,979,335

 
19,627,846

Current portion of capital lease obligation
1,785,620

 

Dividends payable
7,238,401

 
12,624,825

Total current liabilities
70,010,153

 
77,878,979

 
 
 
 
Secured long-term debt, net
117,615,634

 
107,637,851

Obligations under capital lease
25,015,659

 

 
 
 
 
Commitments and contingencies - Note 10
 
 
 
 
 
 
 
Stockholders' equity:
 

 
 

Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no share issued or outstanding

 

Common stock, $0.0001 par value, 100,000,000 shares authorized, 43,794,526 and 36,590,417 shares issued and outstanding at December 31, 2017 and 2016, respectively
4,379

 
3,659

Additional paid-in capital
154,943,728

 
133,677,321

Accumulated deficit
(9,596,785
)
 
(17,409,579
)
Total Pangaea Logistics Solutions Ltd. equity
145,351,322

 
116,271,401

Non-controlling interests
65,304,320

 
60,405,671

Total stockholders' equity
210,655,642

 
176,677,072

Total liabilities and stockholders' equity
$
423,297,088

 
$
362,193,902







Pangaea Logistics Solutions Ltd.
Consolidated Statements of Cash Flows

 
Years ended December 31,
 
2017
 
2016
Operating activities
 

 
 

Net income
$
9,100,655

 
$
9,158,811

Adjustments to reconcile net income to net cash provided by operations:
 

 
 

Depreciation and amortization expense
15,614,571

 
14,107,822

Amortization of deferred financing costs
681,279

 
662,724

Amortization of prepaid rent
121,938

 

Unrealized gain on derivative instruments
(360,316
)
 
(2,163,484
)
Income from equity method investee
(256,478
)
 

Provision for doubtful accounts
543,621

 
922,414

Loss on sales of vessels
9,275,042

 

Drydocking costs
(3,775,393
)
 
(42,478
)
Recognized cost for restricted stock issued as compensation
1,074,038

 
601,921

Change in operating assets and liabilities:
 
 
 
Restricted cash

 
1,503,341

Accounts receivable
(5,642,755
)
 
(1,781,268
)
Bunker inventory
(2,153,775
)
 
(5,712,347
)
Advance hire, prepaid expenses and other current assets
(1,368,584
)
 
(3,708,549
)
Accounts payable, accrued expenses and other current liabilities
6,976,446

 
3,690,569

Deferred revenue
(607,058
)
 
1,974,187

Net cash provided by operating activities
29,223,231

 
19,213,663

 
 
 
 
Investing activities
 

 
 

Purchase of vessels
(64,029,798
)
 
(319,433
)
Deposits on  newbuildings in-process

 
(9,618,964
)
Purchase of building and equipment

 
(315,918
)
Proceeds from sale of building and equipment
306,968

 

Acquisition of noncontrolling interest in consolidated subsidiary
(830,906
)
 

Net cash used in investing activities
(64,553,736
)
 
(10,254,315
)
 
 
 
 
Financing activities
 

 
 

Proceeds of related party debt

 
4,836,300

Payments on related party debt

 
(2,500,497
)
Proceeds from long-term debt
35,000,000

 
1,375,971

Payments of financing and issuance costs
(1,022,549
)
 
(45,755
)
Payments on long-term debt
(25,329,458
)
 
(23,722,658
)
Proceeds from sale and leaseback of vessels
28,000,000

 

Payments on capital lease obligation
(1,198,721
)
 

Common stock accrued dividends paid
(1,001,424
)
 
(100,000
)
Decrease (increase) in restricted cash
2,100,000

 
(5,600,000
)
Contributions from noncontrolling interests
1,359,990

 
1,600,000

Proceeds from private placement of common stock
9,631,530

 

Net cash provided by (used in) financing activities
47,539,368

 
(24,156,639
)
 
 
 
 
Net increase (decrease) in cash and cash equivalents
12,208,863

 
(15,197,291
)
Cash and cash equivalents at beginning of period
22,322,949

 
37,520,240

Cash and cash equivalents at end of period
$
34,531,812

 
$
22,322,949












Pangaea Logistics Solutions Ltd.
Reconciliation of Non-GAAP Measures

 
Three Months Ended December 31,
 
Years Ended December 31,
 
2017
 
2016
 
2017
 
2016
Net Revenue
 
 
 
 
 
 
 
Income from operations
6,689,676

 
847,956

 
15,168,757

 
12,891,837

General and administrative
3,744,452

 
3,622,173

 
15,163,352

 
12,773,781

Depreciation and amortization
4,010,403

 
3,531,599

 
15,614,571

 
14,107,822

Loss on sale and leaseback of vessels

 

 
9,275,042

 

Net Revenue
14,444,531

 
8,001,728

 
55,221,722

 
39,773,440

 
 
 
 
 
 
 
 
Adjusted EBITDA (in millions)
 
 
 
 
 
 
 
Income from operations
6,689,676

 
847,956

 
15,168,757

 
12,891,837

Depreciation and amortization
4,010,403

 
3,531,599

 
15,614,571

 
14,107,822

Loss on sale and leaseback of vessel

 

 
9,275,042

 

Adjusted EBITDA
$
10,700,079

 
$
4,379,555

 
$
40,058,370

 
$
26,999,659

 
 
 
 
 
 
 
 
Earnings Per Common Share
 
 
 
 
 
 
 
Net Income attributable to Pangaea Logistics Solutions Ltd.
$
4,021,881

 
$
65,881

 
$
7,812,794

 
$
7,456,955

 
 
 
 
 
 
 
 
Weighted average number of common shares - basic
41,941,300

 
35,189,068

 
38,414,383

 
35,158,917

Weighted average number of common shares - diluted
42,619,933

 
35,581,897

 
38,925,745

 
35,376,950

 
 
 
 
 
 
 
 
Earnings per common share - basic
$
0.10

 
$

 
$
0.20

 
$
0.21

Earnings per common share - diluted
$
0.09

 
$

 
$
0.20

 
$
0.21

 
 
 
 
 
 
 
 
Adjusted EPS
 
 
 
 
 
 
 
Net Income attributable to Pangaea Logistics Solutions Ltd.
$
4,021,881

 
$
65,881

 
$
7,812,794

 
$
7,456,955

Non-GAAP
 
 
 
 
 
 
 
Add: loss on sale and leaseback of vessels

 

 
9,275,042

 

less: loss on sale and leaseback of vessels attributable to noncontrolling interests

 

 
(2,157,633
)
 

Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd.
$
4,021,881

 
$
65,881

 
$
14,930,203

 
$
7,456,955

 
 
 
 
 
 
 
 
Weighted average number of common shares - basic
41,941,300

 
35,189,068

 
38,414,383

 
35,158,917

Weighted average number of common shares - diluted
42,619,933

 
35,581,897

 
38,925,745

 
35,376,950

 
 
 
 
 
 
 
 
Adjusted EPS - basic
$
0.10

 
$

 
$
0.39

 
$
0.21

Adjusted EPS - diluted
$
0.09

 
$

 
$
0.38

 
$
0.21








INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

Net revenue. Net revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses. Net revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea’s definition of net revenue used here may not be comparable to an operating measure used by other companies.

Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents income or loss from operations before depreciation, amortization and, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessels and certain non-recurring charges. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel and certain non-recurring charges, divided by the weighted average number of shares of common stock.

There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea’s definition of adjusted EBITDA used here are not comparable to EBITDA.

The table set forth above provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.

About Pangaea Logistics Solutions Ltd.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.








Investor Relations Contacts

Thomas Rozycki
Prosek Partners
212-279-3115
trozycki@prosek.com

Sean Silva
Prosek Partners
212-279-3115
ssilva@prosek.com

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.




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