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PXS, Pyxis Tankers Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Latest annual: FY2025 20-F · US listing is the ordinary share

PXS · Pyxis Tankers Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$39M

−24.3% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $39M 5-yr avg $44M

Operating margin 15.2% 5-yr avg 27.2%

ROIC 3% 5-yr avg 9%

Owner-earnings margin 15% 5-yr avg 11%

Free cash flow margin −80% 5-yr avg −58%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 92% at its best but run negative through the cycle (median −8.9%) — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −2%, above 15% in 1 of 10 years). By owner earnings: roughly 14% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$30M	$30M	$28M	$28M	$22M	$25M	$58M	$45M	$52M	$39M	$39M	RevenueRevenue
($3M)	($2M)	($8M)	($3M)	($2M)	($9M)	$17M	$42M	$17M	$6M	$6M	Operating incomeOp. inc.
−9.9%	−7.9%	−28.2%	−9.1%	−8.9%	−33.6%	29.7%	92.1%	32.4%	15.2%	15.2%	Operating marginOp. mgn
($6M)	($5M)	($8M)	($8M)	($7M)	($12M)	$13M	$37M	$13M	$2M	$2M	Net incomeNet inc.
											Cash flow & returns
$4M	$4M	($2M)	$6M	($13M)	($896K)	$8M	$21M	$19M	$14M	$14M	Operating cash flowOp. cash
$6M	$6M	$6M	$5M	$4M	$5M	$6M	$6M	$7M	$8M	$8M	DepreciationDeprec.
$4M	$3M	$511K	$9M	($11M)	$7M	($11M)	($21M)	($565K)	$4M	$4M	Working capital & otherWC & other
—	—	—	$569K	$486K	$43M	$3M	$29M	$45M	—	$45M	CapexCapex
—	—	—	2.1%	2.2%	169.7%	5.1%	62.7%	87.2%	—	115.3%	Capex / revenueCapex/rev
—	—	—	$5M	($14M)	($6M)	$5M	$16M	$12M	—	$6M	Owner earningsOwner earn.
—	—	—	18.3%	−62.3%	−22.9%	9.0%	35.1%	23.2%	—	15.5%	Owner earnings marginOE mgn
—	—	—	$5M	($14M)	($44M)	$5M	($7M)	($26M)	—	($31M)	Free cash flowFCF
—	—	—	18.3%	−62.3%	−173.2%	9.0%	−15.5%	−50.7%	—	−80.4%	Free cash flow marginFCF mgn
—	—	—	—	—	—	—	$1M	$1M	$472K	—	BuybacksBuybacks
-2%	-2%	-6%	-2%	-2%	-6%	12%	27%	8%	3%	3%	ROICROIC
-12%	-11%	-21%	-26%	-23%	-25%	22%	38%	13%	2%	2%	Return on equityROE
											Balance sheet
$783K	$2M	$545K	$1M	$2M	$6M	$8M	$55M	$38M	$54M	$54M	Cash & investmentsCash+inv
$2M	$703K	$3M	—	$663K	$2M	$10M	$5M	$5M	$2M	$2M	ReceivablesReceiv.
$1M	$1M	$807K	$501K	$681K	$2M	$2M	$957K	$2M	$536K	$536K	InventoryInvent.
$3M	$2M	$5M	$5M	$4M	$3M	$3M	$2M	$2M	$1M	$1M	Accounts payablePayables
($261K)	($574K)	($1M)	($4M)	($2M)	$199K	$10M	$4M	$5M	$1M	$1M	Operating working capitalOper. WC
$4M	$4M	$4M	$17M	$5M	$19M	$21M	$61M	$46M	$57M	$57M	Current assetsCur. assets
$13M	$13M	$14M	$23M	$8M	$23M	$13M	$10M	$12M	$13M	$13M	Current liabilitiesCur. liab.
0.3×	0.3×	0.3×	0.8×	0.7×	0.8×	1.7×	6.0×	3.8×	4.4×	4.4×	Current ratioCurr. ratio
$131M	$125M	$117M	$109M	$93M	$143M	$139M	$166M	$189M	$193M	$193M	Total assetsAssets
$73M	$66M	$62M	$58M	$54M	$77M	$65M	$61M	$85M	$87M	$87M	Total debtDebt
$73M	$65M	$62M	$57M	$52M	$70M	$57M	$6M	$46M	$34M	$34M	Net debt / (cash)Net debt
-1.1×	-0.8×	-1.8×	-0.4×	-0.4×	-2.6×	3.9×	7.2×	2.6×	1.0×	—	Interest coverageInt. cov.
$49M	$48M	$40M	$32M	$30M	$49M	$61M	$97M	$93M	$95M	$95M	Shareholders’ equityEquity
											Per share
4.6M	4.6M	5.2M	5.3M	5.4M	9.0M	12.6M	12.6M	10.5M	10.4M	10.4M	Shares out (diluted)Shares
$6.65	$6.41	$5.45	$5.25	$4.03	$2.82	$4.62	$3.61	$4.90	$3.74	$3.74	Revenue / shareRev/sh
$-1.27	$-1.14	$-1.57	$-1.57	$-1.28	$-1.37	$1.06	$2.93	$1.19	$0.19	$0.19	EPS (diluted)EPS
—	—	—	$0.96	$-2.51	$-0.64	$0.42	$1.27	$1.13	—	$0.58	Owner earnings / shareOE/sh
—	—	—	$0.96	$-2.51	$-4.88	$0.42	$-0.56	$-2.48	—	$-3.01	Free cash flow / shareFCF/sh
—	—	—	$0.11	$0.09	$4.78	$0.24	$2.26	$4.27	—	$4.32	Cap. spending / shareCapex/sh
$10.67	$10.43	$7.65	$6.05	$5.49	$5.43	$4.86	$7.67	$8.87	$9.13	$9.13	Book value / shareBVPS

Share counts before 2020 are restated ×1/4 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1.67 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.41 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−6.2%/yr	−1.5%/yr
Owner earnings / share	+3.3%/yr (5-yr)	+3.3%/yr
Capital spending / share	+108.8%/yr (5-yr)	+108.8%/yr
Book value / share	−1.7%/yr	+10.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

10Mpeak FY2022

ROIC

3%low FY2018

Net debt ÷ owner earnings

3.9×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$12Mowner earningsvs.$13Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business earned $12M of owner earnings, the operating cash left after the $7M it takes just to hold its position. It put $38M more into growth; free cash flow, after that spending, was ($26M).

Reported net income$13M

Owner earnings$12M · 23% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$13M	$37M	$13M	($12M)	($7M)
Depreciation & amortizationnon-cash charge added back	+$7M	+$6M	+$6M	+$5M	+$4M
Working capital & othertiming of cash in and out, other non-cash items	−$565K	−$21M	−$11M	+$7M	−$11M
Cash from operations	$19M	$21M	$8M	($896K)	($13M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$7M	−$6M	−$3M	−$5M	−$486K
Owner earnings	$12M	$16M	$5M	($6M)	($14M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$38M	−$23M	—	−$38M	—
Free cash flow	($26M)	($7M)	$5M	($44M)	($14M)
Owner-earnings marginowner earnings ÷ revenue	23%	35%	9%	-23%	-62%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $7M, roughly its depreciation, the rate its assets wear out). The other $38M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.0×

Thin

Operating income $6M ÷ interest expense $6M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $34M · 5.7× operating profit

Heavy net debt

Cash $36M + ST investments $18M − debt $87M

What this means
Netting $54M of cash and short-term investments against $87M of debt leaves $34M owed, about 5.7× a year's operating profit (14.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -2%

Below average through the cycle

10-yr median, range -6%–27%; 3% latest = NOPAT $5M ÷ invested capital $147M

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

6-yr median margin, range -62%–35%; latest $6M = operating cash $14M − maintenance capex $8M

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 9% median across 6 years. It chose to put $37M more into growth, so free cash flow this year was ($31M) — the gap is investment, not weakness.
Are earnings backed by cash? 7.03×

Cash-backed

Cash from ops $14M ÷ net income $2M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 9%

Reinvests most of it

Dividends + buybacks $541K ÷ Owner Earnings $6M

What this means
Of $6M Owner Earnings, $541K (9%) went back to shareholders, $69K dividends, $472K buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 5.94×

Expanding

Capex $45M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $39M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.45×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $87M vs $44M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.64/share (latest year $0.19), the averaged base the calculator's gate runs on, and book value is $9.13/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −15% → 47% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −15% early to 47% lately, median −9% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2021 · −33.6% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
Share count −6.1%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Additionally, there continues to be significant evolution and developments in the use of artificial intelligence technologies, including generative artificial intelligence.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$57M

Cash & short-term investments$54M
Receivables$2M
Inventory$536K
Other current assets$552K

Current liabilities$13M

Debt due within a year$8M
Accounts payable$1M
Other current liabilities$3M

Current ratio4.45×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.40×stricter: inventory excluded

Cash ratio4.20×strictest: cash alone against what's due

Working capital$44Mthe cushion left after near-term bills

Debt due this year vs. cash$8M due · $54M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book value$95Mequity stripped of goodwill & intangibles

Debt incl. operating leases$87Mno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$597Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2024

Over the record, the business generated $40M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$121M · 299%
Dividends$69K · 0%
Buybacks$3M · 7%

Returned to owners$3M
15% of the owner earnings the business produced over the span, $69K as dividends and $3M as buybacks.
Source of funding−$83M
Reinvestment and shareholder returns ran $83M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $58M to $87M.
Average price paid for buybacks—
Buybacks ran $3M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count96.9%
The diluted count rose from 5M to 10M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.01/sh
Paid in 1 of the years on record. It was never cut over the span.
Return on what it retained49%
Of the earnings it kept rather than paid out ($32M over the span), annual owner earnings (first three years vs last three) grew $16M, so each retained $1 added about 0.49 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Pyxis Tankers Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?96.9%
Diluted shares grew 96.9% over 2019–2024, even as the company spent $3M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$26M · 66% of revenue on the largest customers (TTM)
“In 2024, three customers accounted for 66% of our total revenues, one of which accounted for 31% of our total revenues, and in 2025, three customers accounted for 53% of our total revenues.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Marine Shipping

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KEXKirby	$3.4B	—	7.7%	4%	10%
MATXMatson	$3.3B	96%	11.4%	11%	12%
TDWTidewater Inc.	$1.4B	—	-12.5%	-6%	3%
INSWInternational Seaways Inc. Common Stock	$843M	—	12.3%	3%	33%
PANLPangaea Logistics Solutions Ltd.	$632M	—	7.7%	10%	10%
LPGDorian LPG Ltd.	$482M	—	35.2%	7%	38%
GNKGenco Shipping & Trading Limited	$342M	—	-1.1%	-0%	31%
PXSPyxis Tankers Inc.	$39M	—	-8.4%	-2%	14%
Group median	—	—	7.7%	3%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Pyxis Tankers Inc.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Pyxis Tankers Inc. has delivered.

Pyxis Tankers Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Pyxis Tankers Inc. earns about $6M on its 15.5% median owner-earnings margin. This year’s 15.5% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($6M) Net of stock comp Steady-state · maintenance capex ($6M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2022+50%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($31M) on 10M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $34M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($45M) runs well above depreciation ($8M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $6M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PXS against another business →

Cite: Owner Scorecard, "Pyxis Tankers Inc. (PXS), the owner's record," https://ownerscorecard.com/c/PXS, data as of 2026-07-09.

Manual order: ← PUK its page in the Manual QFIN →

Industry order: ← PANL the Marine Shipping chapter RCL →