One-glance verdict
Overvalued
$-8.20 our estimate vs market $9.59
Wall Street consensus: $11.00 (-234.1% lower than our fair-value estimate)
217% below our estimate, beyond the bull case
Fundamentals snapshot
SEACOR Marine Holdings Inc.
SMHI · NYQ · Industrials · Marine Shipping
Current price
$9.59
52-week range
$5.75 - $10.00
Market cap
$260.38M
Balance sheet
Distressed
-1.38x Concerning
Net debt $272.11M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Free cash flow was positive in 1/10 years.
- Risk Return on equity was -14.0% last year — the company lost money on shareholders' equity.
What this company does
SEACOR Marine Holdings Inc.
SEACOR Marine Holdings Inc. helps offshore energy projects, like oil rigs and wind farms, by moving people and equipment with their boats. Most of their money comes from providing these essential marine services, which are important because oil and wind operations can't happen without this kind of support.
How the company got here
SEACOR Marine Holdings Inc. was founded in 1989 by Charles Fabrikant, initially acquiring NICOR Marine, a business that supported the oil and gas industry with supply vessels. [1, 3] The company went public in 1992, listing on the New York Stock Exchange. [1, 2] Over the years, SEACOR Marine has strategically expanded and diversified its operations, entering and exiting various sectors such as offshore drilling, helicopter services, and environmental response. [1] A significant move was the acquisition of Seabulk International in 2005, which broadened its capabilities in crude oil transportation and offshore towing. [1, 3] In 2017, the company acquired International Shipholding Corporation, further expanding its fleet and services. [1] More recently, in April 2021, SEACOR Marine was acquired by American Industrial Partners, a private equity firm. [1]
What it actually does
SEACOR Marine Holdings Inc. provides essential marine and support transportation services to the offshore energy sector, which includes oil and gas exploration and production, as well as offshore wind farms. [5, 12, 14] The company operates and manages a fleet of specialized vessels designed to transport cargo, equipment, and personnel to offshore installations. [5, 9, 12] These services are crucial for various stages of offshore energy projects, from initial construction and drilling to ongoing operations, maintenance, and even decommissioning. [5, 12] SEACOR Marine's operations are global, serving clients across five continents. [14, 16]
Offshore Support Vessels
This is the core of SEACOR Marine's business, making up the majority of its operations. [5, 9, 13] The company operates a fleet of offshore support vessels (OSVs) that are essential for the day-to-day functioning of offshore energy facilities. [5, 9, 12] These vessels include Platform Supply Vessels (PSVs), which deliver supplies and equipment; Fast Support Vessels (FSVs), used for rapid personnel and cargo transport; and Anchor Handling Towing Supply (AHTS) vessels, which assist in positioning drilling rigs and other heavy equipment. [9, 12] SEACOR Marine also provides Liftboats, which are self-elevating platforms used for construction, maintenance, and well intervention work. [9, 12] These services are contracted by oil and gas companies, as well as offshore wind farm operators, on either a long-term contract basis or for specific projects. [9]
Specialty Marine Services
Beyond its core fleet operations, SEACOR Marine offers a range of specialized marine services tailored to the unique demands of the offshore industry. [5, 12] This includes providing accommodations for technicians and specialists working on offshore platforms, ensuring they have a safe and comfortable place to stay. [5, 12] The company also offers emergency response services, ready to assist in critical situations offshore. [5, 12] Furthermore, SEACOR Marine provides support for construction, well work-over operations (which involve maintaining or repairing existing oil and gas wells), and services related to the installation and decommissioning of offshore wind farms. [5, 12] These services leverage the company's maritime expertise and specialized equipment to address specific client needs in complex offshore environments.
What management is betting on now
SEACOR Marine's management is currently focused on maximizing shareholder value amidst a strategic review that could lead to various outcomes, including a sale of the company or its assets. [6, 7, 10] This review comes as the company has reported improved operational performance, with higher fleet utilization and increased dayrates, particularly in the third quarter of 2026. [15] Despite some disruptions in the Middle East, the company sees opportunities in several international markets and aims to benefit from incremental demand in offshore energy projects. [6, 10] Management is emphasizing fleet optimization, efficiency, and positioning the business to capitalize on improving offshore activity. [6, 10] The company is also working to address its debt and improve its financial standing, as indicated by recent asset sales and a focus on generating positive cash flow. [7, 10]
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
$5.52M
FY2025 Q1
$-32.26M
FY2025 Q2
$-12.29M
FY2025 Q3
$-20.01M
FY2025 Q4
$-20.63M
FY2026 Q1
$-21.22M
FY2026 Q2
$-19.61M
FY2026 Q3
$-10.22M
Revenue
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Net income
—
Diluted EPS
-0.36
Operating cash flow
$-3.15M
Free cash flow
$-10.22M
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Sources
Revenue
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Net income
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Diluted EPS
0.12
Operating cash flow
$-13.18M
Free cash flow
$-19.61M
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Sources
Revenue
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Net income
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Diluted EPS
-0.61
Operating cash flow
$-15.13M
Free cash flow
$-21.22M
Fetching…
Sources
Revenue
—
Net income
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Diluted EPS
-0.59
Operating cash flow
$-12.20M
Free cash flow
$-20.63M
Fetching…
Sources
Revenue
—
Net income
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Diluted EPS
0.35
Operating cash flow
$-10.66M
Free cash flow
$-20.01M
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Sources
Revenue
—
Net income
—
Diluted EPS
-0.26
Operating cash flow
$-2.08M
Free cash flow
$-12.29M
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Sources
Revenue
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Net income
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Diluted EPS
-0.56
Operating cash flow
$-11.47M
Free cash flow
$-32.26M
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Sources
Revenue
—
Net income
$-78.12M
Diluted EPS
-0.94
Operating cash flow
$8.53M
Free cash flow
$5.52M
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Sources
Is it cheap or expensive?
Fair value $-8.20 vs current price $9.59
Wall Street consensus is the average analyst price target: $11.00 (-234.1% lower than our fair-value estimate).
Our most-likely fair value is $-8.20 a share — about 185.5% below today's price of $9.59, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $272.1M. Interest coverage -1.4x.
Net debt
$272.11M
Interest coverage
-1.38x
SEACOR Marine Holdings Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
SMHI
BASELINE
SEACOR Marine Holdings Inc.
Total debt $314.03M Interest coverage -1.38x This is the baseline the peer rows are being compared against.
Total debt $862.26M Interest coverage 4.20x This peer still has a real interest-payment cushion, while SMHI does not.
Total debt $736.16M Interest coverage 4.97x This peer still has a real interest-payment cushion, while SMHI does not.
Total debt $490.11M Interest coverage 2.52x This peer still has a real interest-payment cushion, while SMHI does not.
Total debt $795.59M Interest coverage 8.24x This peer still has a real interest-payment cushion, while SMHI does not.
Total debt $975.72M Interest coverage 3.60x This peer still has a real interest-payment cushion, while SMHI does not.
What you should know
The case for and against SMHI
1 Reward
1 Risk
Rewards
-
Free cash flow was positive in 1/10 years.
Risks
-
Return on equity was -14.0% last year — the company lost money on shareholders' equity.
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)
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Forward P/E
-4.38x
P/B
1.07x
P/S
1.25x
EV/EBITDA
-182.22x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
20.2%
Operating margin
-21.1%
Net margin
-17.6%
ROE
-14.0%
ROA
-4.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.29x
Current ratio
2.20x
Quick ratio
1.61x
Total debt
$314.03M
Total cash
$41.92M
Growth
How the business has been compounding
Revenue TTM
$173.78M
Revenue 5Y CAGR
-52.9%
EPS TTM
-1.41
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-43.66M
Free CF TTM
$-85.18M
FCF margin
-49.0%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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