MeritValue

OceanPal Inc.

SVRNdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

OceanPal Inc. earns about -8% on equity, but has diluted owners by 16827% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue——$01$01$934,0001
Net income−$3.8M2$750,9832−$326,0003−$1.98M3−$17.9M3
Operating cash flow−$2.72M4$3.18M4$1.51M5$815,0005−$3.53M5
Capital expenditure$1.47M6$23,8506$5.09M7$4.37M7$18.9M7
Free cash flow (derived)−$4.2M4$3.16M4−$3.58M5−$3.55M5−$22.4M5
Total debt—————
Cash & equivalents$39,6388$908$8.45M9$14.8M10$7.16M10
Diluted shares—44,101155,6553.4M7.5M

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
$113.02
your share of equity
Profit it earned you last year
−$23.93
Free cash flow it threw off
−$30.05
Debt you’d be carrying
—

10 shares is a claim on $113.02 of net worth that earned you −$23.93 and generated −$30.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-8% avg · 5y
FY20 —FY21 —FY22 -0%FY23 -2%FY24 -21%

It earned an average -8% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16827% shares · 5y

Share count is up 16827% over 5 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.

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. 20-F · period ending 2022-12-31 · accession 0001140361-25-014004 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2020-12-31 · accession 0001140361-24-019755 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001140361-25-014004 (NetIncomeLoss)
  4. 20-F · period ending 2020-12-31 · accession 0001140361-24-019755 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-014004 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2020-12-31 · accession 0001140361-24-019755 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2022-12-31 · accession 0001140361-25-014004 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2020-12-31 · accession 0001140361-24-019755 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  9. 20-F · period ending 2022-12-31 · accession 0001140361-24-019755 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2023-12-31 · accession 0001140361-25-014004 (CashAndCashEquivalentsAtCarryingValue)