MeritValue

SEACOR Marine Holdings Inc.

SMHIdata completeness 100%11 fiscal years on file
The thesis, from the filings

SEACOR Marine Holdings Inc. earns about -2% on invested capital, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$170.9M1$217.3M2$279.5M3$271.4M3$227.8M3
Net income$33.1M4−$71.7M5−$9.31M5−$78.1M5−$27.8M6
Operating cash flow$9.26M7−$14.6M8$8.95M9−$10.3M9−$36.4M9
Capital expenditure$7M10$462,00011$10.6M12$7.29M12$48.8M12
Free cash flow (derived)$2.25M7−$15.1M8−$1.66M9−$17.6M9−$85.2M9
Total debt$364.4M13$321.6M14$315.9M15$344.8M16$334.6M16
Cash & equivalents$37.6M17$40M18$67.5M19$59.5M20$68.9M20
Diluted shares25.5M26.6M27.1M27.7M26.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$100.81
your share of equity
Profit it earned you last year
−$10.62
Free cash flow it threw off
−$32.48
Debt you’d be carrying
$127.61

10 shares is a claim on $100.81 of net worth that earned you −$10.62 and generated −$32.48 of cash last year, against $127.61 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 2%FY22 -5%FY23 4%FY24 -11%FY25 -3%

It earned an average -2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023158 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-027933 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-072102 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023158 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-027933 (NetIncomeLoss)
  6. 10-K · period ending 2025-12-31 · accession 0001193125-26-072102 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023158 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-027933 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-072102 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023158 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-027933 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-072102 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006257 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023158 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-027933 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-072102 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-006257 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-023158 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-027933 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-072102 (CashAndCashEquivalentsAtCarryingValue)