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Toro Corp. (TORO) stock

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NASDAQ: TORO Nasdaq Marine Transportation Next results ~December 3, 2026

E Fundamentals grade

Toro Corp. is a US-listed company in the marine transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Toro Corp. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Toro Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling4 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds16 adding, 7 cuttingOf 3 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Toro files

Where Toro stands after its latest Filing

Revenue for the twelve months was $21m, down 5.9% on a year earlier, against growth of 0.4% a quarter earlier. Free-cash-flow margin rose to -346.8% from -395.4% a year earlier. Operating margin narrowed to -22.1% from -2.5%. The diluted share count is up 2.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 1 of our 2 financial-health checks.

Our model value for Toro is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 3, 2026 (estimated)

Toro Corp.'s trailing-twelve-month revenue fell 5.9% year on year, with a free-cash-flow margin of -346.8%. Where it lags: free-cash-flow margin of -346.8% ranks 41 of 41 marine transportation companies we cover.

Current signal Capital expenditure surging: TTM capex grew 55866% year over year and now absorbs 316.7% of revenue.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Revenue shrinking. Revenue fell 5.9% over the last 12 months.
  • Growth slowing. The growth rate is 6.3 points lower than a quarter earlier.
  • Loss-making. Operating margin is -22.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -346.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 17.0% of revenue, against a median of 0.9% for marine transportation companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 2.8% in a year.

Price chart

  • 1 day+0.7%
  • 1 week-0.2%
  • 1 month-19.3%
  • This year+37.0%
  • 1 year+102.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$21.1M
Operating margin
-22.1%
Net margin
28.1%
EPS (TTM, diluted)
$0.33

Growth

Revenue growth
−5.9%
Change in growth rate
−6.3 pts
Share count change
+2.8%

Cash

Free cash flow (TTM)
-$73.1M
FCF margin
-346.8%
Stock pay % of revenue
17.0%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for TORO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Toro Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Toro Corp. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$0.1 ~$0.3–$0.9 Left out: out of range vs price (0.02x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$54 ~$37–$78 Left out: out of range vs price (12.33x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$29 ~$25–$35 Left out: out of range vs price (6.74x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Toro Corp. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025
Share price$2.95$1.69$3.17
Market value$144m$29m$57m
+ Net debt (− = net cash)−$147m−$37m−$87m
Enterprise value−$3m−$8m−$31m
Multiples
Price / sales 6.4x1.3x2.7x
Price / earnings 1.0x1.2x9.5x
Price / free cash flow —2.8x—
EV / EBITDA n/m—n/m

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 3, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Toro Corp.: too few analysts cover it.

Positioning

Short interest
0.4%
of tradable shares
Days to cover
1.02
at average volume
Short interest, 1 month
+59%
to October 15, 2026
Held by institutions
2%
of shares
Held by insiders
74.6%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202420252026 to date
Return
TORO−43%+88%+37%
Industry peers (median)−10%+20%+28%
S&P 500+25%+18%+11%
Months that ended higher
TORO42%58%55%
S&P 50075%75%46%
Largest fall from a high during the year
TORO−63%−45%−46%
S&P 500−8%−19%−9%

Worst fall since March 3, 2023: 89% from March 6, 2023 to March 23, 2023. Getting back needed a 794% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.06 – $6.78
From 52-week high
−36.0%
vs 50-day average
−18.6%
vs 200-day average
−7.2%
Volatility (1 year)
101%
Beta vs S&P 500
0.99

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Toro Corp. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Toro Corp.
$15M $20M $25M $30M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY21 Q4: $29.3M Revenue (TTM), FY22 Q4: $15.6M Revenue (TTM), FY23 Q4: $22.3M Revenue (TTM), FY24 Q4: $22.4M Revenue (TTM), FY25 Q4: $21.1M $21.1M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY21 Q4 $29.3M
FY22 Q4 $15.6M
FY23 Q4 $22.3M
FY24 Q4 $22.4M
FY25 Q4 $21.1M
Revenue growth, TTM YoY Toro Corp.
-50% 0% 50% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY22 Q4: -46.6% Revenue growth, TTM YoY, FY23 Q4: 42.6% Revenue growth, TTM YoY, FY24 Q4: 0.4% Revenue growth, TTM YoY, FY25 Q4: -5.9% -5.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 -46.6%
FY23 Q4 42.6%
FY24 Q4 0.4%
FY25 Q4 -5.9%
Operating margin (TTM) Toro Corp.
-40% -20% 0% 20% 40% 60% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY21 Q4: -2.5% Operating margin (TTM), FY22 Q4: 44.3% Operating margin (TTM), FY23 Q4: 36.8% Operating margin (TTM), FY24 Q4: -24.8% Operating margin (TTM), FY25 Q4: -22.1% -22.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY21 Q4 -2.5%
FY22 Q4 44.3%
FY23 Q4 36.8%
FY24 Q4 -24.8%
FY25 Q4 -22.1%
FCF margin (TTM) Toro Corp.
-400% -200% 0% 200% 400% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -395.4% FCF margin (TTM), FY22 Q4: 263.7% FCF margin (TTM), FY23 Q4: -72.1% FCF margin (TTM), FY24 Q4: 47.6% FCF margin (TTM), FY25 Q4: -346.8% -346.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY21 Q4 -395.4%
FY22 Q4 263.7%
FY23 Q4 -72.1%
FY24 Q4 47.6%
FY25 Q4 -346.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 29 16 22 22 21
EBITDA 3 8 12 −1 0
Operating income −1 7 8 −6 −5
Net income −1 50 141 25 6
Diluted EPS −$0.15 $1.17 $2.87 $1.09 $0.08
Growth (year on year)
Revenue — −46.6% +42.6% +0.4% −5.9%
EBITDA — +168.9% +38.7% −105.7% —
Operating income — — +18.3% −167.8% —
Net income — — +181.7% −82.1% −76.5%
Diluted EPS — — +145.3% −62.0% −92.7%
Margins
EBITDA margin 10.6% 53.3% 51.8% −2.9% 1.4%
Operating margin −2.5% 44.3% 36.8% −24.8% −22.1%
Net margin −4.9% 319.3% 630.5% 112.6% 28.1%
Free-cash-flow margin −395.4% 263.7% −72.1% 47.6% −346.8%
Cash flow
Cash from operations −4 42 56 11 −6
Capital spending 111 0 72 0 67
Free cash flow −116 41 −16 11 −73
Stock-based pay 0 0 1 5 4
Free cash flow after stock pay −116 41 −17 5 −77
Balance sheet
Cash 5 42 152 37 87
Total debt 16 13 5 — 0
Net debt (negative = net cash) 11 −29 −147 −37 −87
Diluted shares 9m 43m 49m 17m 18m
Returned to shareholders
Buybacks 0 0 1 4 0
Total returned 0 0 1 4 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · December 31, 2025
What it owns · $331m
Short-term assets $96mLonger-term assets $235m
What it owes, and who funded it · $206m
Short-term liabilities $42mShareholders' equity $164m
  • Short-term assets cover short-term liabilities $96m of assets due within a year against $42m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$5m against $68,116 of interest.

From Toro Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$4.8M
Diluted share count
+2.8%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value

Competitors: side by side with peers

Closest by revenue in marine transportation
Last 12 months unless stated TORO RUBI NCT CISS USEA PXS Median
Revenue, last 12 months $21m $24m $25m $35m $38m $39m $329m
Revenue growth, last 12 months −5.9% −2.8% 1.2% −17.8% −16.8% −24.3% 0.8%
Operating margin −22.1% 52.7% −25.9% 3.9% −1.2% 15.2% 18.6%
Net margin 28.1% 11.2% −42.0% 30.1% −16.4% 5.1% 13.3%
Cash from operations / revenue −30.1% 48.2% −21.0% 11.5% 5.9% 34.9% 33.1%
Free-cash-flow margin −346.8% −36.6% −26.1% 11.0% 4.1% 15.5% 14.2%
Stock pay / revenue 17.0% — — 1.1% 1.3% 0.7% 0.7%
Change in share count 2.8% 312.6% 3.4% >999% 1.8% −1.0% 0.5%

Median of all 42 companies we cover in marine transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 marine transportation companies
Measure Company Peer median Rank
Revenue growth Growth -5.9% 0.8% 28 of 40
Change in growth rate Growth -6.3pp +0.7pp 30 of 40
Operating margin Profitability -22.1% 19.8% 38 of 40
Net margin Profitability 28.1% 13.4% 11 of 42
Free-cash-flow margin Cash generation -346.8% 13.6% 41 of 41
Stock pay as % of revenue Cash generation 17.0% 0.9% 34 of 34
Change in share count Balance sheet 2.8% 0.5% 29 of 39

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$3.5M
Institutions reporting
28
Shares held vs prior quarter
▲ 84.6%
Positions opened / closed
11 / 3

Top buyers and sellers, Q2 2026: 16 institutions bought and 7 sold ; the biggest buyer was Jane Street Group, LLC (+191K shares) and the biggest seller Susquehanna International Group, LLP (−56K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Renaissance Technologies LLC $945,754 194K 26.7% ▲ 7.8%
Jane Street Group, LLC $927,920 191K 26.2% New
Almitas Capital LLC $487,000 100K 13.7% New
Two Sigma Investments, LP $254,458 52K 7.2% New
Marshall Wace, LLP $237,811 49K 6.7% New
Susquehanna International Group, LLP $205,538 42K 5.8% ▼ 56.9%
Focus Partners Wealth $204,642 42K 5.8% ▼ 17.3%
Xtx Topco Ltd $130,423 27K 3.7% ▲ 94.3%
HRT Financial LP $60,000 12K 1.7% New
Geode Capital Management, LLC $57,904 12K 1.6% 0.0%
TD Waterhouse Canada Inc. $14,014 3K 0.4% New
Caitong International Asset Management Co., Ltd $5,016 1K 0.1% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Toro Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $14.3M 4 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $14.3M net buying
Insider Date Trade Shares Price Value
Panagiotidis Petros Panagiotis Chief Executive Officer April 24, 2026 Buy 67,407 $6.79 $457,694
Panagiotidis Petros Panagiotis Chief Executive Officer April 23, 2026 Buy 265,836 $6.52 $1.7M
Panagiotidis Petros Panagiotis Chief Executive Officer April 22, 2026 Buy 1,465,990 $6.45 $9.5M
Panagiotidis Petros Panagiotis Chief Executive Officer April 22, 2026 Buy 516,738 $5.04 $2.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Toro Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Toro Corp. in brief

What does Toro Corp. do?
Toro Corp. is a US-listed company in the marine transportation industry. Its financial year ends in December.
What is Toro Corp.'s stock ticker?
Toro Corp. trades under the ticker TORO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Toro Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Toro Corp. reported revenue of $21.1M, 5.9% lower than a year earlier, according to its SEC filings.
What is Toro Corp.'s free cash flow?
Toro Corp.'s free-cash-flow margin is -346.8% of revenue over the trailing twelve months, ranking 41 of the 41 marine transportation companies we cover.
Who are Toro Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Renaissance Technologies LLC, Jane Street Group, LLC and Almitas Capital LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Toro Corp. buying back stock, and does it pay a dividend?
Toro Corp. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 2.8% over the year.
What is Toro Corp.'s market cap?
On December 31, 2025, Toro Corp.'s market capitalisation was about $56.7M, with a price-to-earnings ratio of 9.5 and net debt of -$87.4M. Market figures come from third-party market data and may be delayed.
Who are Toro Corp.'s competitors?
In our Marine Transportation peer group, the companies closest to Toro Corp. are Rubico Inc., Intercont (cayman) Ltd, C3is Inc., United Maritime Corp and Pyxis Tankers Inc. The side-by-side comparison below sets their revenue, margins and growth against Toro Corp.'s.
Are insiders buying or selling Toro Corp. stock?
Over the last 12 months, Toro Corp.'s directors and officers reported 4 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Toro Corp.'s next earnings date?
Around December 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Toro Corp. announces its own schedule.