C3is Inc.
CISSdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
C3is Inc. earns about 8% on equity, below its ~9% cost of capital, but has diluted owners by 71780% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $196.43 and $275.07 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $28.7M1 | $42.3M1 | $34.8M1 |
| Net income | $9.29M2 | −$2.75M2 | $10.5M2 |
| Operating cash flow | $5.64M3 | $25M3 | $4M3 |
| Capital expenditure | $4.3M4 | $1.62M4 | $161,9004 |
| Free cash flow (derived) | $1.34M3 | $23.4M3 | $3.84M3 |
| Total debt | — | — | — |
| Cash & equivalents | $695,2885 | $4.64M6 | $616,6406 |
| Diluted shares | 487 | 23,007 | 350,055 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $2,716.7 of net worth that earned you $299.19 and generated $109.69 of cash last year.
It earned about 8% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 71780% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $196.43 and $275.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$3.84M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$3.84M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$9.29M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $158.49 |
| Base | 5.0% | $196.43 |
| Bull | 10.0% | $241.82 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001193125-26-170448 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-170448 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-170448 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-170448 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001193125-25-100539 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001193125-26-170448 (CashAndCashEquivalentsAtCarryingValue)