# SEACOR Marine Holdings (SMHI.US)

Canonical: https://gigainvestors.com/s/SMHI

Analysis as of: 2026-10-16T07:31:58.756Z. Financial observations: FY2013–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.06 per share; close as of 2026-10-15.

Estimated value: low $6.33 per share, central $6.94 per share, high $7.75 per share. Buy at or below the central value $6.94 per share. Valuation as of 2026-10-16T07:31:58.756Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 9

- Operating margin variation: 1.34×

Chart: Operating margin; fiscal year observations.

- FY2017: -1.05×

- FY2018: -0.38×

- FY2019: -0.31×

- FY2020: -0.51×

- FY2021: -0.22×

- FY2022: -0.25×

- FY2023: 0.13×

- FY2024: -0.04×

- FY2025: 0.06×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -5.9%

- ROIC, second-lowest year: -14.4%

- Typical minus recent gross margin: -25.9 pp

- Typical gross margin (annual median): -5.6%

- Recent gross margin (lower of latest and 3-year median): 20.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.4%

- ROIC including acquisitions, ten-year median: -5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -22.1%

- FY2017: -14.4%

- FY2018: -6.5%

- FY2019: -5.5%

- FY2020: -6.7%

- FY2021: -3.1%

- FY2022: -6.3%

- FY2023: 4.5%

- FY2024: -1.4%

- FY2025: 2.0%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $79M

- Net income, five-year total: -$154M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -9.8 pp

- Working capital / revenue, final three-year average: 19.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $84M

- FY2022: -$16M

- FY2023: $34M

- FY2024: -$34M

- FY2025: $12M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -14.4% vs 2.0%

- Per-share earnings: -1.87 to -1.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.0%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: -$48M

- Cumulative retained earnings: -$425M

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.81

- Per-share value, starting three-year median: -$1.87

- Per-share value, ending three-year median: -$1.06

- Buybacks concentrated in cheaper years (correlation): 0.29

- Average buyback yield: 3.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $9.8M

- Cumulative net income, 10 years: -$568M

- ROIC, first three-year median: -14.4%

- ROIC, last three-year median: 2.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$7.47

- FY2017: -$1.87

- FY2018: -$3.71

- FY2019: -$3.95

- FY2020: -$3.18

- FY2021: $1.30

- FY2022: -$2.69

- FY2023: -$0.34

- FY2024: -$2.82

- FY2025: -$1.06

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.1%

- FY2017: -6.7%

- FY2018: -2.2%

- FY2019: -10.7%

- FY2020: -5.5%

- FY2021: 1.6%

- FY2022: -7.0%

- FY2023: -2.3%

- FY2024: -9.3%

- FY2025: -2.7%

## Holders

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Mar 2024 · sales -7.6%

Story as of 2026-10-16T09:59:35.935Z; price observation 2026-10-15.

Price needs cash profits to grow 3.4% a year for ten years

### Sales · FY2025–2026

sales -7.6%; source https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm; observed 2026-02-25.

- FY2017: $123M 

- FY2018: $179M 

- FY2019: $174M 

- FY2020: $142M 

- FY2021: $171M 

- FY2022: $217M 

- FY2023: $280M 

- FY2024: $271M 

- FY2025: $228M 

- FY2026: $210M 

### Gross margin · FY2025

gross margin 20.2%; source https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm; observed 2026-02-25.

- FY2023: 22.6% 

- FY2024: 7.7% 

- FY2025: 20.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are USD 227.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm (filed 2026-02-25); FY2025: revenue 227832000; grossProfit 46060000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SMHI.US: SEACOR Marine Holdings Inc. provides marine and support transportation services to offshore energy facilities worldwide. The company engages in the operation and management of a fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assisting in offshore operations for production and storage facilities; and carrying and launching of equipment used underwater in drilling and well installation, maintenance, inspection and repair. It also provides construction, well work-over, offshore wind farm installation and decommissioning support services; emergency response services; and accommodations for technicians and specialists. As of December 31, 2025, the Company operated a fleet of 44 support vessels, of which all were owned. It serves integrated national and international oil companies, independent oil and natural gas exploration and production companies, and oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies. SEACOR Marine Holdings Inc. was founded in 1989 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 7.7% to 22.6% during 2023–25; it lost 5.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 7.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,-0.22092834938788042],[2017,-0.14367384156126903],[2018,-0.06472686292966963],[2019,-0.055467040245445395],[2020,-0.06658965012519061],[2021,-0.030958809968895284],[2022,-0.06321390731715268],[2023,0.0447146057961684],[2024,-0.014036243513341307],[2025,0.02040252837073733]]; median -0.05934047378129904. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 13.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 7003000; cash acquisitions 0; owner earnings 83528000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 10604000; cash acquisitions 0; owner earnings 33903000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 7294000; owner earnings 11932000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,2656000],[2018,1724000],[2019,1724000],[2020,176000],[2021,272000],[2022,732000],[2023,0],[2024,2241000],[2025,2916000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 13757000 USD.

### Are managers owners

Insiders own 21% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); SMHI.US SharesStats.PercentInsiders = 21.011 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.035801435740610996. Price 8.06; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -3.0153317040299568 → FY2025 0.45501771239959493. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-06: $20.36 per share

- 2017-07: $14.58 per share

- 2017-08: $12.81 per share

- 2017-09: $15.64 per share

- 2017-10: $14.15 per share

- 2017-11: $12.25 per share

- 2017-12: $11.70 per share

- 2018-01: $14.96 per share

- 2018-02: $16.92 per share

- 2018-03: $19.02 per share

- 2018-04: $23.69 per share

- 2018-05: $23.48 per share

- 2018-06: $23.09 per share

- 2018-07: $25.30 per share

- 2018-08: $20.48 per share

- 2018-09: $22.63 per share

- 2018-10: $18.28 per share

- 2018-11: $17.99 per share

- 2018-12: $11.76 per share

- 2019-01: $13.25 per share

- 2019-02: $13.72 per share

- 2019-03: $13.31 per share

- 2019-04: $13.58 per share

- 2019-05: $13.77 per share

- 2019-06: $14.96 per share

- 2019-07: $14.08 per share

- 2019-08: $13.03 per share

- 2019-09: $12.57 per share

- 2019-10: $13.01 per share

- 2019-11: $11.83 per share

- 2019-12: $13.79 per share

- 2020-01: $10.44 per share

- 2020-02: $7.95 per share

- 2020-03: $4.38 per share

- 2020-04: $3.13 per share

- 2020-05: $1.55 per share

- 2020-06: $2.55 per share

- 2020-07: $2.46 per share

- 2020-08: $2.68 per share

- 2020-09: $2.03 per share

- 2020-10: $1.72 per share

- 2020-11: $2.05 per share

- 2020-12: $2.71 per share

- 2021-01: $2.70 per share

- 2021-02: $3.96 per share

- 2021-03: $5.33 per share

- 2021-04: $4.61 per share

- 2021-05: $4.34 per share

- 2021-06: $4.41 per share

- 2021-07: $3.88 per share

- 2021-08: $4.29 per share

- 2021-09: $4.63 per share

- 2021-10: $4.46 per share

- 2021-11: $3.72 per share

- 2021-12: $3.40 per share

- 2022-01: $4.19 per share

- 2022-02: $5.12 per share

- 2022-03: $8.07 per share

- 2022-04: $7.20 per share

- 2022-05: $8.90 per share

- 2022-06: $5.76 per share

- 2022-07: $7.40 per share

- 2022-08: $6.50 per share

- 2022-09: $5.62 per share

- 2022-10: $7.77 per share

- 2022-11: $8.15 per share

- 2022-12: $9.16 per share

- 2023-01: $10.24 per share

- 2023-02: $10.39 per share

- 2023-03: $7.61 per share

- 2023-04: $8.34 per share

- 2023-05: $8.03 per share

- 2023-06: $11.43 per share

- 2023-07: $11.49 per share

- 2023-08: $11.49 per share

- 2023-09: $13.88 per share

- 2023-10: $13.86 per share

- 2023-11: $11.55 per share

- 2023-12: $12.59 per share

- 2024-01: $10.56 per share

- 2024-02: $10.50 per share

- 2024-03: $13.94 per share

- 2024-04: $12.22 per share

- 2024-05: $13.16 per share

- 2024-06: $13.49 per share

- 2024-07: $13.86 per share

- 2024-08: $11.45 per share

- 2024-09: $9.65 per share

- 2024-10: $6.80 per share

- 2024-11: $6.87 per share

- 2024-12: $6.56 per share

- 2025-01: $6.78 per share

- 2025-02: $5.79 per share

- 2025-03: $5.06 per share

- 2025-04: $4.88 per share

- 2025-05: $5.34 per share

- 2025-06: $5.10 per share

- 2025-07: $5.00 per share

- 2025-08: $6.41 per share

- 2025-09: $6.49 per share

- 2025-10: $6.36 per share

- 2025-11: $7.12 per share

- 2025-12: $6.02 per share

- 2026-01: $6.68 per share

- 2026-02: $7.66 per share

- 2026-03: $7.16 per share

- 2026-04: $7.60 per share

- 2026-05: $7.55 per share

- 2026-06: $7.65 per share

- 2026-07: $9.43 per share

- 2026-08: $9.55 per share

- 2026-09: $8.12 per share

- 2026-10: $8.06 per share

## Annual estimated value (USD per share)

- FY2025: low $7.43 per share, central $8.11 per share, high $9.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1690334/000119312526072102/smhi-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.