Pangaea Logistics Solutions, Ltd.
PANLHIGH VELOCITYFILING INTENSITYPangaea Logistics Solutions, Ltd. reads as High Velocity (composite 62/100); pressure / disclosure signals dominate the posture this cycle · primary market Industrial Services.
Lens
Disclosed M&A capital (2023–2025)
$14M
vs $213M in 2020–2022
Disclosed transactions
3
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
62
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $349M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 120 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 16 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 16 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 16 activism filings
- Latest activism 3.3y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 243d stale
- 16 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 4 auditor changes
- 1 NT late filing
- Latest event 11mo ago
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 120 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $781M
- 10-Q 243d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $198M · Peak count: 5
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | 2 | $7M | $3M | N/A |
| 2023 | 1 | $7M | $7M | N/A |
| 2022 | 2 | N/A | N/A | N/A |
| 2021 | 4 | $198M | $49M | N/A |
| 2020 | 1 | $15M | $15M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Platform33%
- Geographic Expansion33%
- Bolt On33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- platform
- geographic_expansion
- bolt_on
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.”
“In 2017, the Company invested $64.0 million to acquire vessels, including $37.1 million on newbuildings delivered in January 2017.”
“The increase in ownership days is due to the acquisition of vessels, as noted above, which was part of a fleet renewal plan.”
“The Company expects the impact of this guidance to depend on the nature and structure of future acquisition transactions.”
“The increase is due to the acquisition of two vessels in January, one in June and another in December.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Industrial Services
- Market spend (2023–2025)
- $65.5B
- Market spend (2020–2022)
- $39.6B
- Recent vs prior
- +65%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
PANL trades at a -4.1-turn discount to the Industrial Services peer median of 11.4×.
- EV / Revenue
- 1.2×
- Net debt / EBITDA
- 0.1×
- Peer median EV / EBITDA
- 11.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 15.1× | 1.0× | -0.4× | $24.2B | $444M | |
Paychex, Inc.PAYX | 13.1× | 5.8× | 1.1× | $6.3B | $3.2B |
| 11.4× | 0.9× | 7.8× | $2.5B | $3.9B | |
| 11.3× | 4.5× | 0.2× | $16.4B | $931M | |
AZZ Inc.AZZ | 8.7× | 3.0× | 0.8× | $1.7B | $1.3B |
Pangaea Logistics Solutions, Ltd.PANL | 7.3× | 1.2× | 0.1× | $632M | $14M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Industrial Services. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)132026-03-16
- 10-Q (quarterly)362025-11-10
- 8-K (event)1202026-03-11
- Proxy / DEF 14A142026-03-27
- Activism (13D / DFAN / PREC)162023-04-06
Signals on file
- elevated
Auditor change
2025-08-294 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2025-03-181 NT 10-K/10-Q filing on file.
- elevated
Activism on file
2023-04-0616 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.