Heidmar Maritime Holdings Corp.
HMRdata completeness 88%4 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'
Heidmar Maritime Holdings Corp. earns about -2% on equity, below its ~9% cost of capital, but has diluted owners by 60684876% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $1.61 and $4.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $30.1M1 | $49.1M2 | $28.9M2 | $55.9M2 |
| Net income | $16.2M3 | $19.6M4 | $1.91M4 | −$22.6M4 |
| Operating cash flow | $14.7M5 | $12M5 | $6.76M5 | $13.2M6 |
| Capital expenditure | — | $9,0537 | $268,4387 | $9307 |
| Free cash flow (derived) | — | $12M5 | $6.49M5 | $13.2M6 |
| Total debt | — | — | — | — |
| Cash & equivalents | $25.2M8 | $18.9M9 | $20M10 | $18.6M10 |
| Diluted shares | 96 | 57.1M | 57.1M | 58.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1.84 of net worth that earned you −$3.87 and generated $2.27 of cash last year.
It earned about -2% 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 60684876% over 4 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 $1.61 and $4.29 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$12M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$12M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$9.05M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.27 |
| Base | 5.0% | $3.98 |
| Bull | 10.0% | $4.83 |
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 2022-12-31 · accession 0000950170-25-072593 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-197112 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-072593 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-197112 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-072593 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001193125-26-197112 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-197112 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-072593 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2023-12-31 · accession 0000950170-25-072593 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001193125-26-197112 (CashAndCashEquivalentsAtCarryingValue)