Toro Corp.
- Open
- 4.94
- Day high
- 4.97
- Day low
- 4.90
- Prev close
- 4.93
- Volume
- 22K
- Mkt cap
- $143M
- P/E (TTM)
- 52.5
- EPS (TTM)
- $0.09
- P/B
- 0.4
- P/S
- 6.6
- Yield
- 18.22%
- Per share
- $0.90
- ▲Insiders net buying $14.3M over the last 3 months (4 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Toro Corp. (TORO) is a Industrials company listed on NASDAQ. The stock is up 55% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Toro Corp. (TORO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TORO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | — | $-0.02 | — | $6M | — |
| Dec 5, 2025 | — | $0.01 | — | $6M | — |
| Apr 15, 2025 | — | $-0.01 | — | $6M | — |
| Mar 10, 2025 | — | $0.16 | — | $5M | — |
| May 10, 2024 | — | $0.51 | — | $8M | — |
| Feb 12, 2024 | — | $0.16 | — | $13M | — |
| Nov 9, 2023 | — | $0.79 | — | $11M | — |
| May 23, 2023 | — | $0.35 | — | $31M | — |
| Mar 8, 2023 | — | $2.65 | — | $38M | — |
| Sep 30, 2022 | — | $-5.55 | — | $18M | — |
| Jun 30, 2022 | — | $8.04 | — | $39M | — |
| Mar 31, 2022 | — | $0.13 | — | $17M | — |
TORO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 24, 2026 | Panagiotidis Petros Panagiotisdirector, officer: Chief Executive Officer | Buy | 516,738 | $5.04 |
| Apr 24, 2026 | Panagiotidis Petros Panagiotisdirector, officer: Chief Executive Officer | Buy | 1,465,990 | $6.45 |
| Apr 24, 2026 | Panagiotidis Petros Panagiotisdirector, officer: Chief Executive Officer | Buy | 265,836 | $6.52 |
| Apr 24, 2026 | Panagiotidis Petros Panagiotisdirector, officer: Chief Executive Officer | Buy | 67,407 | $6.79 |
Source: TORO SEC Form 4 filings, latest Apr 24, 2026. For informational purposes only — not investment advice.
See the full TORO insider & 13F page →Toro Corp. company profile
Overview
Toro Corp. (NASDAQ:TORO) is a Cyprus-based marine shipping company that was incorporated in 2022 and went public in March 2023. The company operates in the global tanker shipping industry, specializing in the transportation of crude oil and refined petroleum products through its fleet of oceangoing vessels. Despite being a relatively new public company, Toro has established itself as a focused player in the energy transportation sector, operating eight tanker vessels with a combined cargo capacity of 0.7 million deadweight tons.
Business
Toro Corp operates in the marine shipping industry, specifically focusing on the transportation of liquid energy commodities across global shipping routes. The company's core business involves acquiring, owning, chartering, and operating oceangoing tanker vessels that provide seaborne transportation services for crude oil and refined petroleum products worldwide. The marine shipping industry serves as a critical link in the global energy supply chain, moving crude oil from production regions to refineries and transporting refined products like gasoline, diesel, and jet fuel to consumption markets. Tanker vessels are specialized ships designed with multiple cargo holds and sophisticated pumping systems to safely transport liquid hydrocarbons across oceans. Toro operates through two primary business segments. The Aframax/LR2 tanker segment focuses on medium-sized vessels typically used for regional crude oil transportation and long-range product shipping, representing the larger portion of the fleet's capacity. The Handysize tanker segment operates smaller, more flexible vessels that can access ports with size restrictions and serve niche regional markets. While specific revenue breakdowns by segment are not disclosed, the company's fleet composition suggests the Aframax/LR2 segment likely generates the majority of revenues given the larger vessel sizes and cargo capacities involved.
Revenue model
Toro Corp generates revenue primarily through vessel chartering arrangements, where customers pay for the use of the company's tanker vessels to transport their oil and petroleum products. The company employs multiple charter types including time charters, where vessels are leased for specific periods at daily rates, and voyage charters, where payment is based on specific cargo movements between designated ports. The paying customers are typically major oil companies, petroleum product traders, government entities, and large commodity trading houses who need reliable transportation capacity for their energy shipments. Charter rates and profitability are influenced by several key factors that can significantly impact margins. Factors that increase profitability include rising global oil demand and trade flows, seasonal shipping patterns during winter months, geopolitical tensions that create longer shipping routes, port congestion that reduces available vessel supply, and overall fleet utilization rates in the global tanker market. Conversely, factors that decrease margins include oversupply of tanker capacity, economic slowdowns that reduce oil consumption, improved refining capacity in consuming regions that reduces product shipping needs, fuel cost increases that raise operating expenses, and regulatory changes requiring costly vessel modifications or compliance measures. The cyclical nature of the shipping industry means that charter rates can fluctuate significantly based on supply and demand imbalances, making timing and fleet management critical to sustained profitability.
Competitive moat
Toro Corp operates in the highly commoditized marine shipping industry, where the company's competitive moat is relatively limited. The primary barriers to entry include the substantial capital requirements for acquiring modern tanker vessels, which can cost tens of millions of dollars each, and the regulatory expertise needed to navigate complex international maritime laws and environmental standards. However, these barriers are not insurmountable for well-capitalized competitors, and the shipping industry is characterized by intense competition from both established operators and new entrants. Toro's small fleet size of eight vessels provides limited economies of scale compared to larger shipping companies that can spread fixed costs across hundreds of vessels and negotiate better rates with suppliers and customers. The company's competitive position relies primarily on operational efficiency, vessel availability, and the ability to secure favorable charter contracts. Geographic positioning and relationships with key customers can provide some temporary advantages, but these are not sustainable long-term moats. The industry's cyclical nature means that during downturns, smaller operators like Toro face pressure from larger competitors who can weather extended periods of low charter rates. Potential disruption could come from larger shipping conglomerates acquiring smaller operators, technological advances in shipping efficiency, changes in global energy trade patterns, or shifts toward alternative energy sources that reduce long-term demand for oil transportation services.
Risks & safety
Toro Corp demonstrates a strong financial position with substantial margin of safety, though recent operational performance shows some volatility. • Liquidity and Solvency: The company maintains exceptional liquidity with $37.2 million in cash and short-term investments against minimal current liabilities of $4.7 million, resulting in a current ratio of 11.8. Zero debt provides significant financial flexibility and eliminates solvency risk. • Valuation Metrics: Trading at attractive valuations with P/E ratio of 1.9, P/B ratio of 0.15, and EV/EBITDA of 1.0 for fiscal 2024, suggesting the stock is significantly undervalued relative to earnings and book value. • Cash Flow Concerns: Despite strong profitability, the company generated negative operating cash flow of $2.5 million in Q4 2024, raising questions about working capital management and cash conversion efficiency. • Other Considerations: The company's asset-heavy business model provides tangible value backing, while the cyclical nature of shipping markets creates both opportunity and risk for future performance.
Recent development
Based on the available financial data, Toro Corp's recent development has been marked by significant volatility in operational performance and strategic positioning since its 2023 IPO. The company experienced exceptional profitability in 2022 and 2023, with net income of $49.9 million and $140.6 million respectively, driven by favorable market conditions in the tanker shipping sector during the post-pandemic recovery period. However, 2024 presented challenges with more normalized market conditions. While the company maintained positive full-year profitability with $5.5 million in net income, quarterly results showed significant volatility, including an $18.7 million loss in Q3 2024. This pattern reflects the inherently cyclical nature of the shipping industry and the impact of fluctuating charter rates on smaller operators. The company has maintained its focus on operational efficiency and fleet optimization rather than aggressive expansion, as evidenced by stable fleet size and strong cash preservation. Toro's strategy appears centered on maintaining financial flexibility through zero debt levels and substantial cash reserves, positioning the company to weather industry downturns and potentially capitalize on acquisition opportunities when vessel values decline during market cycles.
TORO company profile · for informational purposes only — not investment advice.
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