TORO CORP.
TORO · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
C58Marshall Islands LPG/tanker owner with positive net income driven by investment income but a loss-making operating business.
Strengths
- Net margin 28% and current ratio 2.3; sizable cash/investments ($87M)
- Low operating leverage and related-party preferred holdings generating other income
Risks
- Operating margin -22% (8th pct) — core shipping operations unprofitable
- ROE 3.6% and ROA 1.8% are weak; net income fell 76% YoY
- Charterer/related-party concentration (Castor) and controlled-company governance
Notable findings
- China exposure• Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business
Key metrics
Operating margin
-22.1%
Net margin
28.1%
Return on equity
3.6%
Return on assets
1.8%
Revenue growth (QoQ)
-5.9%
Net-income growth
-76.5%
Current ratio
2.3×
EBITDA
$285K
Tangible book value
$164M
Cash & investments
$87M
Stock comp / revenue
17.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-15 | 2025-12-31 | 0001140361-26-014706 ↗ |
| 20-F | 2025-04-15 | 2024-12-31 | 0001140361-25-013963 ↗ |
| 20-F | 2024-03-12 | 2023-12-31 | 0001140361-24-012747 ↗ |
| 20-F | 2023-03-08 | 2022-12-31 | 0001140361-23-010601 ↗ |