One-glance verdict
Undervalued
$412.45 our estimate vs market $1.09
100% below our estimate, below the bear case
Fundamentals snapshot
C3is Inc.
CISS · NCM · Industrials · Marine Shipping
Current price
$1.09
52-week range
$1.00 - $33,264.00
Market cap
$298.82K
Balance sheet
Healthy
3.64x Stretched
Net cash $33.18M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Returns 22.3% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Reward Trades at 0.0x P/E vs peer median 2.0x (99.8% cheaper).
- Risk Insider ownership is only 11.8% (peer median: 22.5%).
What this company does
C3is Inc.
C3is is a shipping company that owns a small fleet of massive ships to transport raw materials around the globe. It makes money by charging industrial companies to move things like iron ore, grain, and crude oil, which are the basic ingredients for the global economy. Therefore, the company's performance often depends on the health of international trade and the demand for these raw materials.
How the company got here
C3is Inc. is a relatively new company in the shipping world, having been founded in 2021 and based in Athens, Greece. It was formed as a spin-off from another shipping company, Imperial Petroleum Inc., in June 2023. This means that Imperial Petroleum created C3is as a new, separate company and gave shares of it to its own stockholders. C3is started with two dry bulk carriers from its parent company and has since been working to grow its fleet of ships.
What it actually does
C3is Inc. is in the business of moving large quantities of raw materials and crude oil across the ocean. Think of them as a global delivery service for the heavy-duty stuff that industries need to operate. Their customers are large industrial companies, commodity producers, and traders who need to ship things like iron ore, coal, grains, and crude oil from where they are produced to where they are needed. C3is owns a fleet of large ships and hires them out to these customers to transport their goods.
Dry Bulk Shipping
This is the company's original business and involves transporting unpackaged dry goods. Imagine giant floating containers filled with things like coal for power plants, iron ore for making steel, or grains for food production. C3is operates three 'Handysize' dry bulk carriers, which are medium-sized ships that can access a wide variety of ports. The company makes money by chartering (renting) these vessels to customers for specific periods, which provides a steady stream of cash.
Crude Oil and Product Tanker Shipping
This part of the business focuses on transporting liquids, specifically crude oil and refined petroleum products like gasoline or diesel. C3is owns one 'Aframax' tanker, a mid-sized vessel ideal for carrying crude oil on many different routes around the world. Recently, the company has expanded into carrying refined products by acquiring two 'MR product tankers'. Unlike the dry bulk ships that are often on longer-term contracts, these tankers are frequently hired on the spot market (for single voyages), where rates can change quickly based on supply and demand.
What management is betting on now
The company's recent actions show a clear strategy of growing and diversifying its fleet, with a particular focus on the tanker market. By acquiring two product tankers, they are expanding their ability to transport different types of energy products. This move allows them to take more advantage of the potentially higher, though more volatile, rates in the spot market (immediate, one-time charters). Management seems to be betting that the demand for oil and its refined products will remain strong, making this an area of profitable growth for the company.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$23.35M
FY2025 Q4
$3.84M
Revenue
$34.76M
Net income
$10.47M
Diluted EPS
3.98
Operating cash flow
$4.00M
Free cash flow
$3.84M
Fetching…
Sources
Revenue
$42.30M
Net income
$-2.75M
Diluted EPS
-25.73
Operating cash flow
$24.98M
Free cash flow
$23.35M
Fetching…
Sources
Is it cheap or expensive?
Fair value $412.45 vs current price $1.09
Our most-likely fair value is $412.45 a share — about 37,774.3% above today's price of $1.09, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $33.2M - more cash than debt. Interest coverage 3.6x.
Net debt
$-33.18M
Interest coverage
3.64x
C3is Inc.'s profit covers its interest bill about 3.6 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
CISS
BASELINE
C3is Inc.
Total debt $64.37K Interest coverage 3.64x This is the baseline the peer rows are being compared against.
Total debt $260.97M Interest coverage 1.64x -55% vs CISS Carries about 2.2x less debt cushion than CISS.
Total debt $72.57M Interest coverage -0.03x -100% vs CISS This peer has almost no interest-payment cushion compared with CISS.
Total debt $106.34M Interest coverage 0.30x -92% vs CISS Carries about 12.0x less debt cushion than CISS.
Total debt $310.05M Interest coverage 5.77x +58% vs CISS Carries about 1.6x more debt cushion than CISS.
What you should know
The case for and against CISS
3 Rewards
1 Risk
Rewards
-
Returns 22.3% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 3/10 years.
-
Trades at 0.0x P/E vs peer median 2.0x (99.8% cheaper).
Risks
-
Insider ownership is only 11.8% (peer median: 22.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
0.00x
Forward P/E
—
P/B
0.00x
P/S
0.01x
EV/EBITDA
-1.58x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
71.7%
Operating margin
40.5%
Net margin
41.3%
ROE
22.3%
ROA
7.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
1.68x
Quick ratio
1.56x
Total debt
$64.37K
Total cash
$33.25M
Growth
How the business has been compounding
Revenue TTM
$109.08M
Revenue 5Y CAGR
53.4%
EPS TTM
296.96
EPS 5Y CAGR
-87.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$35.67M
Free CF TTM
$3.84M
FCF margin
3.5%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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