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what it is
Seacor Marine moves cargo, crews, and equipment to offshore energy sites using a fleet of support vessels.
how it gets paid
Last year Seacor Marine made $228M in revenue. Cargo and personnel transport was the main engine at $91M, or 40% of sales.
why growth slowed
Revenue fell 16.0% last year. The latest quarter can look better than that full-year decline, but the company still posted a loss—utilization is improving faster than the bottom line.
what just happened
Latest quarter revenue was about $57M (order-of-magnitude vs ~$228M FY), but Seacor still lost money.
At a glance
C balance sheet — red flag territory — real financial stress
20/100 earnings predictability — expect surprises
1.4% return on capital — nothing to write home about
-$2.82 fy2024 eps est
~$228M reported FY revenue
xvary composite: 25/100 — weak
What they do
Seacor Marine moves cargo, crews, and equipment to offshore energy sites using a fleet of support vessels.
The edge is simple: boats in the water now. Seacor operated 45 owned vessels as of September 30, 2025, and owned assets mean you can redeploy equipment without waiting on a lessor. The vessels move across the U.S., Africa and Europe, the Middle East and Asia, and Latin America, so your capacity is already where offshore jobs happen.
How they make money
$228M
annual revenue · their business grew -16.0% last year
Cargo and personnel transport
$91M
Production and storage support
$48M
Construction and well support
$41M
Offshore wind support
$27M
Emergency response and accommodation
$21M
The products that matter
marine transportation services
Offshore Support Vessels
$17,519 average day rate in Q4 2025
this is the entire operating engine. In Q4 2025, average day rates were $17,519. If that number does not move higher, the rest of the recovery story gets harder to fund.
day-rate driven
fleet profitability metric
Direct Vessel Profit
$46.1M in full-year 2025
direct vessel profit was $46.1M for 2025 and $9.7M in Q4. In human-speak: this tells you whether the boats are making money before corporate overhead and financing costs show up.
the number that matters
capital structure pressure
Cash and Debt
$68.93M cash · $312M long-term debt
this is not a product, but it is part of the thesis. $68.93M of cash against $312M of long-term debt means operating improvement has to arrive before financing pressure does.
capital structure
Key numbers
-$2.82
2024 EPS (FY)
EPS → profit per share → so what: Seacor lost $2.82 per share in 2024 (FY), versus a $0.34 loss in 2023 — the headline loss deepened even though operating margin on sales can look positive after overhead vs. interest.
$312M
long-term debt
Long-term debt → money owed beyond a year → so what: debt is bigger than the company's roughly $189 million market value, which limits your margin for error.
6.0%
operating margin
Operating margin → profit after running the business → so what: Seacor keeps about $6 on every $100 of sales before interest and taxes, which is thin for an asset-heavy fleet.
1.4%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: 1.4% says the fleet is working, but not hard enough.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $312M (62% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SMHI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue about $57M (vs ~$228M FY)—Seacor still lost money.
EPS was still negative at about -$0.50. Gross margin was 20.7%, which tells you the business is producing work but not enough clean profit after overhead and financing.
~$57M
revenue (q)
-$0.50
eps (Q)
20.7%
gross margin (Q)
the number that mattered
Full-year revenue fell 16%, so read any strong quarter against that backdrop—the fleet can be busier while net income stays red.
source: company earnings report, 2026
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What could go wrong
the #1 risk is offshore vessel day rates staying too low to cover the debt-heavy cost structure.
high
day rates never inflect
average day rates were $17,519 in Q4 2025, quarterly revenue was $52.3M, and the company still posted a $5.2M operating loss.
if pricing stays near this level, the equity stays a recovery story without the recovery.
high
the balance sheet tightens
SMHI has $68.93M of cash and $312M of long-term debt, with debt equal to 62% of capital and a C balance sheet grade.
another run of weak vessel economics would reduce flexibility fast.
med
scale works against them
SMHI's market cap is about $189M. Long-term debt alone is $312M. In a cyclical vessel market, small scale limits strategic options.
that can cap pricing power, asset utilization, and bargaining room when conditions get worse.
med
earnings stay lumpy
earnings predictability is 20/100 and TTM EPS is -$1.46. In plain English: you should expect messy quarters, not a steady compounding story.
that makes timing harder even if offshore demand improves.
$68.93M of cash against $312M of long-term debt means SMHI is exposed to any stretch where revenue stays near $52.3M a quarter and operations keep losing money.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
average day rates
Q4 2025 average day rates were $17,519. This is the cleanest operating signal on the page because pricing is the business.
calendar
next earnings report
scheduled for may 5, 2026. You want updated commentary on utilization, vessel pricing, and whether Q4 weakness carried into the new year.
risk
cash versus debt
$68.93M of cash against $312M of long-term debt is manageable only if operating results improve from here.
trend
direct vessel profit trend
Q4 direct vessel profit fell to $9.7M from $14.6M in Q3. If that slide continues, the turnaround case gets weaker fast.
Analyst rankings
earnings predictability
20 / 100
in human-speak, the quarterly numbers are lumpy and the range of outcomes is wide.
xvary composite
25 / 100
this is a weak overall setup. You need an operating recovery and balance-sheet stability at the same time.
source: institutional data
Institutional activity
institutional ownership data for SMHI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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