NASDAQ · Financial Statements

Euroseas Ltd. (ESEA) Financial Statements

$66.66 NASDAQ: ESEA Market Cap $470.31M

Euroseas Ltd. most recently reported annual revenue of $228.0M, net profit of $137.0M. Revenue grew at an average annual rate of 33.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Euroseas Ltd.: Revenue rose from $21.0M in 2016 to $228.0M in 2025, a change of +985.7% over 9 years; net profit was positive in 6 of 10 reported years; operating margin moved from -61.7% to 57.0%, a shift of +118.7 percentage points; the most recent year shows net profit of $137.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$21.0M$24.0M$34.0M$40.0M$53.0M$94.0M$183.0M$189.0M$213.0M$228.0M
Operating Expenses$33.0M$29.0M$32.0M$38.0M$44.0M$48.0M$76.0M$70.0M$93.0M$98.0M
Operating Profit$-13.0M$-5.0M$2.0M$2.0M$9.0M$46.0M$107.0M$119.0M$120.0M$130.0M
Operating Margin-61.7%-22.8%6.8%4.9%17.4%48.7%58.4%63.1%56.4%57.0%
Other Income$-21.0M$-2.0M$-3.0M$-4.0M$-5.0M$-3.0M$0$-5.0M$-7.0M$7.0M
Interest$3.0M$2.0M$3.0M$3.0M$4.0M$3.0M$5.0M$6.0M$11.0M$15.0M
Depreciation$5.0M$4.0M$3.0M$4.0M$7.0M$7.0M$19.0M$23.0M$26.0M$29.0M
Profit Before Tax$-34.0M$-7.0M$-1.0M$-2.0M$4.0M$43.0M$106.0M$115.0M$113.0M$137.0M
Tax$0$0$0$0$0$0$0$0$0$0
Net Profit$-44.0M$-6.0M$0$-2.0M$4.0M$43.0M$106.0M$115.0M$113.0M$137.0M
EPS$-43.32$-4.41$-0.08$-1.78$0.58$6.06$14.78$16.52$16.20$19.72
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$51.0M$49.0M$47.0M$59.0M$54.0M$53.0M$56.0M$57.0M$57.0M$57.0M$56.0M$57.0M
Operating Expenses$17.0M$21.0M$26.0M$16.0M$23.0M$27.0M$16.0M$24.0M$24.0M$23.0M$22.0M$22.0M
Operating Profit$33.0M$28.0M$20.0M$42.0M$31.0M$27.0M$40.0M$33.0M$33.0M$34.0M$34.0M$34.0M
Operating Margin65.6%56.4%43.6%72.1%56.6%50.0%71.8%58.3%57.1%59.1%61.0%60.2%
Interest$2.0M$3.0M$2.0M$2.0M$3.0M$4.0M$4.0M$4.0M$4.0M$3.0M$3.0M$3.0M
Profit Before Tax$32.0M$25.0M$20.0M$41.0M$28.0M$24.0M$37.0M$30.0M$30.0M$40.0M$33.0M$33.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$32.0M$25.0M$20.0M$41.0M$28.0M$24.0M$37.0M$30.0M$30.0M$40.0M$33.0M$33.0M
EPS$4.65$3.56$2.87$5.84$3.95$3.49$5.29$4.29$4.25$5.79$4.65$4.74

Over the 10 years reported for Euroseas Ltd., borrowings increased from $52.0M in 2016 to $217.0M in 2025, cash stood at $177.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 4.92 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$144.0M$162.0M$67.0M$127.0M$111.0M$221.0M$329.0M$425.0M$591.0M$700.0M
Current Assets$10.0M$16.0M$12.0M$6.0M$10.0M$33.0M$47.0M$66.0M$85.0M$192.0M
Cash$3.0M$4.0M$7.0M$1.0M$4.0M$27.0M$26.0M$59.0M$74.0M$177.0M
Inventory$1.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$3.0M$3.0M$3.0M
Receivables$2.0M$2.0M$3.0M$2.0M$4.0M$3.0M$6.0M$4.0M$5.0M$12.0M
Fixed Assets$123.0M$139.0M$49.0M$116.0M$98.0M$176.0M$276.0M$353.0M$500.0M$466.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$4.0M$4.0M$6.0M$4.0M$2.0M$5.0M$0$0$0$6.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$56.0M$80.0M$44.0M$99.0M$75.0M$145.0M$160.0M$158.0M$228.0M$237.0M
Current Liabilities$11.0M$19.0M$12.0M$25.0M$29.0M$37.0M$74.0M$51.0M$57.0M$39.0M
Borrowings$52.0M$72.0M$37.0M$89.0M$69.0M$118.0M$107.0M$130.0M$205.0M$217.0M
Other Liabilities$4.0M$8.0M$8.0M$9.0M$6.0M$27.0M$53.0M$28.0M$23.0M$20.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$88.0M$82.0M$23.0M$28.0M$35.0M$77.0M$168.0M$267.0M$363.0M$463.0M

For Euroseas Ltd., operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was $64.0M; free cash flow was positive in 4 of 10 years; financing activities used $15.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-1.0M$-1.0M$-1.0M$3.0M$2.0M$53.0M$114.0M$130.0M$128.0M$141.0M
Investing Cash Flow$-42.0M$-41.0M$13.0M$-111.0M$16.0M$-148.0M$-178.0M$-214.0M$-348.0M$-92.0M
Financing Cash Flow$14.0M$-1.0M$-4.0M$-12.0M$0$-1.0M$-5.0M$-4.0M$-2.0M$-15.0M
Net Cash Flow$-6.0M$-10.0M$5.0M$-7.0M$0$25.0M$0$33.0M$16.0M$102.0M
Free Cash Flow$-28.0M$-28.0M$-1.0M$-53.0M$2.0M$-21.0M$23.0M$18.0M$-51.0M$64.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.26
EV / EBITDA3.25
FCF Yield17.33%
Quick Ratio5.38
Interest Coverage10.51
Return 1Y55.37%
Return 3Y427.83%
Return 5Y497.05%

Euroseas Ltd. (ESEA) financials — frequently asked questions

What is Euroseas Ltd.'s annual revenue?

Euroseas Ltd. (ESEA) reported annual revenue of $228.0M in its most recent fiscal year.

What is Euroseas Ltd.'s net profit?

Euroseas Ltd. (ESEA) reported net profit of $137.0M in its most recent fiscal year.

What is ESEA EV/EBITDA?

Euroseas Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is 3.25.

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