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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $183.9M, roughly 1.3× Pangaea Logistics Solutions Ltd.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 4.4%, a 2.1% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 20.3%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 5.1%).
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
CSW vs PANL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $183.9M |
| Net Profit | $10.3M | $11.9M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 9.5% |
| Net Margin | 4.4% | 6.5% |
| Revenue YoY | 20.3% | 24.9% |
| Net Profit YoY | -61.9% | 40.9% |
| EPS (diluted) | $0.62 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $183.9M | ||
| Q3 25 | $277.0M | $168.7M | ||
| Q2 25 | $263.6M | $156.7M | ||
| Q1 25 | $230.5M | $122.8M | ||
| Q4 24 | $193.6M | $147.2M | ||
| Q3 24 | $227.9M | $153.1M | ||
| Q2 24 | $226.2M | $131.5M | ||
| Q1 24 | $210.9M | $104.7M |
| Q4 25 | $10.3M | $11.9M | ||
| Q3 25 | $40.7M | $12.2M | ||
| Q2 25 | $40.9M | $-2.7M | ||
| Q1 25 | $35.1M | $-2.0M | ||
| Q4 24 | $26.9M | $8.4M | ||
| Q3 24 | $36.1M | $5.1M | ||
| Q2 24 | $38.6M | $3.7M | ||
| Q1 24 | $31.8M | $11.7M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | 9.5% | ||
| Q3 25 | 20.5% | 10.0% | ||
| Q2 25 | 20.8% | 2.3% | ||
| Q1 25 | 19.5% | 2.4% | ||
| Q4 24 | 15.3% | 10.1% | ||
| Q3 24 | 22.6% | 9.8% | ||
| Q2 24 | 24.3% | 5.8% | ||
| Q1 24 | 21.0% | 10.5% |
| Q4 25 | 4.4% | 6.5% | ||
| Q3 25 | 14.7% | 7.2% | ||
| Q2 25 | 15.5% | -1.8% | ||
| Q1 25 | 15.2% | -1.6% | ||
| Q4 24 | 13.9% | 5.7% | ||
| Q3 24 | 15.8% | 3.3% | ||
| Q2 24 | 17.1% | 2.8% | ||
| Q1 24 | 15.1% | 11.1% |
| Q4 25 | $0.62 | $0.18 | ||
| Q3 25 | $2.41 | $0.19 | ||
| Q2 25 | $2.43 | $-0.04 | ||
| Q1 25 | $2.05 | $-0.03 | ||
| Q4 24 | $1.60 | $0.19 | ||
| Q3 24 | $2.26 | $0.11 | ||
| Q2 24 | $2.47 | $0.08 | ||
| Q1 24 | $2.03 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $1.1B | $429.3M |
| Total Assets | $2.3B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $103.1M | ||
| Q3 25 | $31.5M | $94.0M | ||
| Q2 25 | $38.0M | $59.3M | ||
| Q1 25 | $225.8M | $63.9M | ||
| Q4 24 | $213.8M | $86.8M | ||
| Q3 24 | $273.2M | $93.1M | ||
| Q2 24 | $18.9M | $77.9M | ||
| Q1 24 | $22.2M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | $800.1M | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | $166.0M | $95.9M |
| Q4 25 | $1.1B | $429.3M | ||
| Q3 25 | $1.1B | $420.3M | ||
| Q2 25 | $1.1B | $414.4M | ||
| Q1 25 | $1.1B | $420.8M | ||
| Q4 24 | $1.0B | $427.8M | ||
| Q3 24 | $1.0B | $332.6M | ||
| Q2 24 | $650.2M | $331.5M | ||
| Q1 24 | $615.7M | $332.0M |
| Q4 25 | $2.3B | $928.1M | ||
| Q3 25 | $1.5B | $932.1M | ||
| Q2 25 | $1.5B | $916.0M | ||
| Q1 25 | $1.4B | $918.0M | ||
| Q4 24 | $1.4B | $936.5M | ||
| Q3 24 | $1.4B | $749.2M | ||
| Q2 24 | $1.1B | $692.9M | ||
| Q1 24 | $1.0B | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | 0.75× | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | 0.27× | 0.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $15.1M |
| Free Cash FlowOCF − Capex | $22.7M | — |
| FCF MarginFCF / Revenue | 9.8% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $15.1M | ||
| Q3 25 | $61.8M | $28.6M | ||
| Q2 25 | $60.6M | $14.4M | ||
| Q1 25 | $27.3M | $-4.4M | ||
| Q4 24 | $11.6M | $19.3M | ||
| Q3 24 | $66.8M | $28.5M | ||
| Q2 24 | $62.7M | $9.0M | ||
| Q1 24 | $22.4M | $9.0M |
| Q4 25 | $22.7M | — | ||
| Q3 25 | $58.7M | — | ||
| Q2 25 | $57.7M | — | ||
| Q1 25 | $22.8M | — | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $61.3M | — | ||
| Q2 24 | $59.6M | — | ||
| Q1 24 | $17.5M | — |
| Q4 25 | 9.8% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 26.3% | — | ||
| Q1 24 | 8.3% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.3% | — |
| Q4 25 | 2.81× | 1.27× | ||
| Q3 25 | 1.52× | 2.34× | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | 2.29× | ||
| Q3 24 | 1.85× | 5.57× | ||
| Q2 24 | 1.62× | 2.43× | ||
| Q1 24 | 0.71× | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
