MeritValue

United Maritime Corp

USEAdata completeness 100%4 fiscal years on file

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

The thesis, from the filings

United Maritime Corp earns about 10% on equity, but has diluted owners by 21% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$9.24M1$4.31M2$02$5.45M2
Net income$37.5M3$221,0004−$3.38M4−$6.19M4
Operating cash flow$7.88M5−$6.23M6$3.26M6$2.21M6
Capital expenditure$80.8M7$81.7M8$249,0008$668,0008
Free cash flow (derived)−$73M5−$88M6$3.02M6$1.54M6
Total debt$85.2M9$129.1M10$157.5M11$95.8M11
Cash & equivalents$54.7M12$13.8M13$6.41M14$14.2M14
Diluted shares7.3M8.4M8.7M8.9M

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
$59.68
your share of equity
Profit it earned you last year
−$6.98
Free cash flow it threw off
$1.74
Debt you’d be carrying
$108.05

10 shares is a claim on $59.68 of net worth that earned you −$6.98 and generated $1.74 of cash last year, against $108.05 of debt.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 4y
FY22 58%FY23 0%FY24 -6%FY25 -12%

It earned an average 10% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+21% shares · 4y

Share count is up 21% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 12% over the same window.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.54M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.54M
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 0001140361-25-013255 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001140361-26-013851 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001140361-25-013255 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001140361-26-013851 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-013255 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-013851 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001140361-25-013255 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001140361-26-013851 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001140361-24-017280 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2023-12-31 · accession 0001140361-25-013255 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2024-12-31 · accession 0001140361-26-013851 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2022-12-31 · accession 0001140361-24-017280 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-12-31 · accession 0001140361-25-013255 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2024-12-31 · accession 0001140361-26-013851 (CashAndCashEquivalentsAtCarryingValue)