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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 34.9GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-11.2%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, SEACOR Marine Holdings Inc. (SMHI) receives a "Hold" rating with a composite score of 43.5/100, ranked #998 out of 4446 stocks. Key factor scores: Quality 35/100, Value 57/100, Momentum 60/100. This is quantitative analysis only — not investment advice.
SEACOR Marine Holdings Inc. (SMHI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does SEACOR Marine Holdings Inc. Do?
SEACOR Marine Holdings Inc. provides marine and support transportation services to offshore oil, natural gas, and windfarm facilities worldwide. Its offshore support and specialty vessels deliver cargo and personnel to offshore installations, including wind farms; handle anchors and mooring equipment required to tether rigs to the seabed; assist in placing them on location and moving them between regions; provide construction, well work-over, maintenance, and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection, and repair, as well as offer accommodations for technicians and specialists, safety support, and emergency response services. As of December 31, 2021, the company operated a fleet of 81 support and specialty vessels, of which 60 were owned or leased-in, 20 were joint-ventured, and 1 was managed on behalf of unaffiliated third parties. It serves integrated oil companies, large independent oil and natural gas exploration and production companies, and emerging independent companies, as well as windfarm operations and installation contractors. The company was founded in 1989 and is headquartered in Houston, Texas. SEACOR Marine Holdings Inc. (SMHI) is classified as a micro-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO John M. Gellert and employs approximately 1,620 people. With a market capitalization of $194M, SMHI is one of the notable companies in the Industrials sector.
SEACOR Marine Holdings Inc. (SMHI) Stock Rating — Hold (April 2026)
As of April 2026, SEACOR Marine Holdings Inc. receives a Hold rating with a composite score of 43.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.SMHI ranks #998 out of 4,446 stocks in our coverage universe. Within the Industrials sector, SEACOR Marine Holdings Inc. ranks #171 of 752 stocks, placing it in the top quartile of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
SMHI Stock Price and 52-Week Range
SEACOR Marine Holdings Inc. (SMHI) currently trades at $7.71. The stock lost $0.08 (1.0%) in the most recent trading session. The 52-week high for SMHI is $8.17, which means the stock is currently trading -5.6% from its annual peak. The 52-week low is $3.63, putting the stock 112.4% above its annual trough. Recent trading volume was 37K shares, suggesting relatively thin trading activity.
Is SMHI Overvalued or Undervalued? — Valuation Analysis
SEACOR Marine Holdings Inc. (SMHI) carries a value factor score of 57/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 4.87x, compared to the Industrials sector average of 28.33x — a discount of 83%. The price-to-book ratio stands at 0.77x, versus the sector average of 2.23x. The price-to-sales ratio is 0.84x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, SMHI trades at 16.48x EV/EBITDA, versus 5.70x for the sector.
Overall, SMHI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
SEACOR Marine Holdings Inc. Profitability — ROE, Margins, and Quality Score
SEACOR Marine Holdings Inc. (SMHI) earns a quality factor score of 35/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -11.2%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -4.5% versus the sector average of 3.3%.
On a margin basis, SEACOR Marine Holdings Inc. reports gross margins of 21.4%, compared to 35.8% for the sector. The operating margin is 5.4% (sector: 6.2%). Net profit margin stands at -11.9%, versus 3.9% for the average Industrials stock. Revenue growth is running at -15.3% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
SMHI Debt, Balance Sheet, and Financial Health
SEACOR Marine Holdings Inc. has a debt-to-equity ratio of 150.0%, compared to the Industrials sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.54x, indicating strong short-term liquidity. Total debt on the balance sheet is $342M. Cash and equivalents stand at $91M.
SMHI has a beta of 1.34, meaning it is more volatile than the broader market — a $10,000 investment in SMHI would be expected to move 33.8% more than the S&P 500 on any given day. The stability factor score for SEACOR Marine Holdings Inc. is 44/100, reflecting average volatility within the normal range for its sector.
SEACOR Marine Holdings Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, SEACOR Marine Holdings Inc. reported revenue of $244M and earnings per share (EPS) of $-1.06. Net income for the quarter was $-30M. Gross margin was 21.4%. Operating income came in at $12M.
In FY 2025, SEACOR Marine Holdings Inc. reported revenue of $228M and earnings per share (EPS) of $-1.06. Net income for the quarter was $-28M. Gross margin was 20.2%. Revenue grew -16.0% year-over-year compared to FY 2024. Operating income came in at $14M.
In Q3 2025, SEACOR Marine Holdings Inc. reported revenue of $59M and earnings per share (EPS) of $0.35. Net income for the quarter was $9M. Gross margin was 19.4%. Revenue grew -14.1% year-over-year compared to Q3 2024. Operating income came in at $18M.
In Q2 2025, SEACOR Marine Holdings Inc. reported revenue of $61M and earnings per share (EPS) of $-0.26. Net income for the quarter was $-7M. Gross margin was 18.6%. Revenue grew -13.0% year-over-year compared to Q2 2024. Operating income came in at $6M.
Over the past 8 quarters, SEACOR Marine Holdings Inc. has demonstrated a growth trajectory, with revenue expanding from $70M to $244M. Investors analyzing SMHI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
SMHI Dividend Yield and Income Analysis
SEACOR Marine Holdings Inc. (SMHI) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
SMHI Momentum and Technical Analysis Profile
SEACOR Marine Holdings Inc. (SMHI) has a momentum factor score of 60/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 13/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
SMHI vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing SMHI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SMHI vs S&P 500 (SPY) comparison to assess how SEACOR Marine Holdings Inc. stacks up against the broader market across all factor dimensions.
SMHI Next Earnings Date
No upcoming earnings date has been announced for SEACOR Marine Holdings Inc. (SMHI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy SMHI? — Investment Thesis Summary
SEACOR Marine Holdings Inc. presents a balanced picture with arguments on both sides. The quality score of 35/100 flags below-average profitability. Price momentum is positive at 60/100, suggesting the trend favors buyers.
In summary, SEACOR Marine Holdings Inc. (SMHI) earns a Hold rating with a composite score of 43.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on SMHI stock.
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Institutional Research Dossier
SEACOR Marine Holdings Inc. (SMHI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on SEACOR Marine Holdings Inc. (SMHI). The company operates in a highly cyclical and capital-intensive industry, providing essential support services to the offshore energy and windfarm sectors. While the company's valuation appears attractive based on current earnings multiples, this is largely due to the recent, albeit volatile, improvements in profitability. The sustainability of these improvements remains uncertain given the inherent volatility of the underlying energy markets and the company's significant debt burden.
SMHI's future performance hinges on its ability to capitalize on the increasing demand for offshore windfarm support and maintain operational efficiency. However, the company's historical financial performance, characterized by inconsistent profitability and significant losses, warrants caution. The Hold rating reflects a balanced view of the potential upside from improved market conditions and the downside risks associated with the company's financial leverage and the cyclical nature of its business.
Business Strategy & Overview
SEACOR Marine Holdings operates within the offshore support vessel (OSV) industry, providing critical services to offshore oil and gas exploration and production, as well as the burgeoning offshore windfarm sector. The company's core business involves deploying a fleet of specialized vessels to transport personnel and cargo, handle anchors and mooring equipment, assist with rig placement and relocation, and provide construction, maintenance, and decommissioning support. This diversified service offering allows SEACOR to cater to a broad range of customer needs within the offshore energy and windfarm industries.
The company's strategic positioning is centered on maintaining a modern and versatile fleet capable of meeting the evolving demands of its customer base. This includes investing in vessels equipped with advanced technology and capabilities, such as dynamic positioning systems and heavy-lift cranes, to support complex offshore operations. SEACOR also focuses on building strong relationships with its key customers, which include integrated oil companies, large independent exploration and production companies, and windfarm developers.
SEACOR's revenue generation is primarily driven by day rates charged for the utilization of its vessels. These rates are influenced by factors such as vessel type, location, contract duration, and overall market conditions. The company also generates revenue from ancillary services, such as vessel management and crewing. The company's geographic footprint spans key offshore energy regions worldwide, including the Gulf of Mexico, North Sea, and Southeast Asia, allowing it to capitalize on regional market dynamics.
The company's growth strategy involves expanding its presence in the offshore windfarm sector, which is expected to experience significant growth in the coming years. This includes investing in vessels specifically designed to support windfarm construction, installation, and maintenance activities. SEACOR is also focused on improving its operational efficiency and cost structure to enhance its profitability and competitiveness. The company's ability to successfully execute its growth strategy will be critical to its long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-15.3%
Sector: 6.4%
-340% VS SCTR
Economic Moat Analysis
SEACOR Marine's economic moat is, at best, narrow. The OSV industry is characterized by intense competition and relatively low barriers to entry. While SEACOR possesses a sizable fleet of specialized vessels, this alone does not constitute a significant competitive advantage. The company's vessels are largely commoditized, and customers can easily switch between providers based on price and availability.
The company's relationships with key customers, while valuable, are not necessarily exclusive or long-term. Customers often solicit bids from multiple OSV providers for each project, and contracts are typically awarded based on the most competitive offer. This limits SEACOR's ability to command premium pricing or secure long-term commitments.
SEACOR's intangible assets, such as its brand reputation and operational expertise, provide a modest competitive edge. However, these assets are not sufficiently strong to create a wide economic moat. The company's brand is not widely recognized outside of the offshore energy industry, and its operational expertise can be replicated by competitors.
The company does not possess any significant cost advantages. The OSV industry is highly capital-intensive, and all players face similar costs for vessel construction, maintenance, and crewing. SEACOR's scale may provide some marginal cost efficiencies, but these are not substantial enough to create a sustainable competitive advantage.
Efficient scale is not a significant factor in the OSV industry. While there are some economies of scale associated with operating a larger fleet, these are not sufficient to deter new entrants or prevent existing players from expanding their operations. The industry remains fragmented, with a large number of small and medium-sized players competing for market share.
Overall, SEACOR Marine's economic moat is limited by the commoditized nature of its services, the intense competition in the OSV industry, and the lack of significant barriers to entry. While the company possesses some intangible assets and customer relationships, these are not strong enough to create a wide or even a moderate economic moat. We believe the moat is trending towards shrinking as new entrants and technological advancements further commoditize the industry.
Financial Health & Profitability
SEACOR Marine's financial health presents a mixed picture. The company's revenue has been volatile, reflecting the cyclical nature of the offshore energy industry. The TTM revenue of $227.83 million represents a significant decline compared to the $271.36 million in FY2024 and $279.51 million in FY2023, indicating ongoing challenges in the market. This revenue decline is significantly worse than the sector average revenue growth of 6.6%.
Profitability has also been inconsistent. The company reported a net loss of $27.84 million for the TTM period, although this is an improvement from the larger losses of $78.12 million in FY2024 and $9.31 million in FY2023. The company's net margin of -11.9% is significantly below the sector average of 3.7%. The gross margin of 21.4% is also substantially lower than the sector average of 35.8%, indicating potential pricing pressures or operational inefficiencies.
The company's balance sheet is characterized by a high level of debt. Total debt stands at $341.86 million, while total cash is $90.95 million, resulting in a debt-to-equity ratio of 150.00, significantly higher than the sector average of 70.00. This high level of leverage increases the company's financial risk and limits its flexibility to invest in growth opportunities. The current ratio of 2.54 indicates a strong ability to meet short-term obligations.
Free cash flow generation has been positive, with a TTM FCF of $92.19 million. This is a positive sign, as it indicates the company's ability to generate cash from its operations. However, it's important to note that FCF can be volatile in the OSV industry, and future FCF generation may be impacted by changes in market conditions or capital expenditure requirements.
The quarterly financial history reveals a fluctuating performance. While Q3 FY2025 showed a positive net income of $8.99 million, other quarters in FY2025 and FY2024 reported losses. This inconsistency highlights the challenges of operating in a cyclical industry and the difficulty of predicting future financial performance.
Valuation Assessment
SEACOR Marine's valuation presents a complex picture. The company's P/E ratio of 4.9x appears attractive compared to the sector average of 27.7x. However, this is based on recent earnings, which may not be sustainable given the cyclical nature of the OSV industry. The company's EV/EBITDA multiple of 3.6x is also lower than the sector average of 5.7x, suggesting that the company may be undervalued based on its current earnings.
However, it's important to consider the company's historical financial performance and its high level of debt. The company has a history of losses, and its high debt burden increases its financial risk. These factors may warrant a lower valuation multiple compared to its peers.
The company's free cash flow yield is difficult to assess given the volatility of its FCF. While the TTM FCF is positive, it's unclear whether this level of FCF can be sustained in the future. A more conservative valuation approach would consider the company's historical FCF generation and its future growth prospects.
Relative to its historical performance, SEACOR Marine's current valuation may appear reasonable. However, the company's historical performance has been characterized by inconsistency and losses. A more appropriate valuation would consider the company's future growth prospects and its ability to generate sustainable earnings.
Overall, SEACOR Marine's valuation is not clearly cheap or expensive. While the company's current earnings multiples appear attractive, these may not be sustainable. A more conservative valuation approach would consider the company's historical financial performance, its high level of debt, and the cyclical nature of its business. We believe the current valuation is fair, reflecting the balance of potential upside and downside risks.
Risk & Uncertainty
SEACOR Marine faces several specific, idiosyncratic risks that could negatively impact its business and financial performance. The most significant risk is the cyclical nature of the offshore energy industry. Demand for OSVs is highly correlated with oil and gas prices, and a decline in prices could lead to reduced exploration and production activity, resulting in lower vessel utilization rates and day rates. This is compounded by the increasing, though still nascent, shift towards renewable energy sources, which could further depress demand for traditional OSV services.
Competition is another significant risk. The OSV industry is highly fragmented, with a large number of players competing for market share. This intense competition can lead to pricing pressures and reduced profitability. New entrants and technological advancements could further intensify competition and commoditize the industry.
The company's high level of debt is also a major risk factor. The company's debt burden increases its financial risk and limits its flexibility to invest in growth opportunities. A decline in vessel utilization rates or day rates could make it difficult for the company to service its debt obligations, potentially leading to financial distress.
Regulatory risks are also present. The offshore energy industry is subject to extensive regulations related to safety, environmental protection, and labor standards. Changes in these regulations could increase the company's operating costs and reduce its profitability. Furthermore, increasing environmental scrutiny and potential restrictions on offshore drilling could negatively impact demand for OSV services.
Finally, concentration risk exists. The company's revenue is dependent on a relatively small number of large customers. The loss of one or more of these customers could have a significant negative impact on the company's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWThe increasing demand for offshore windfarm support services will drive significant revenue growth for SEACOR Marine, as the company is well-positioned to capitalize on this emerging market.
BULL VIEWThe company's recent cost-cutting initiatives and operational improvements will lead to higher profitability and improved cash flow generation, justifying a higher valuation.
BULL VIEWA sustained recovery in oil and gas prices will boost demand for OSV services, leading to higher vessel utilization rates and day rates, benefiting SEACOR Marine's financial performance.
The Bear Case
BEAR VIEWThe cyclical nature of the offshore energy industry and the company's high debt burden make SEACOR Marine vulnerable to a significant downturn in oil and gas prices.
BEAR VIEWIntense competition in the OSV industry will continue to pressure vessel utilization rates and day rates, limiting SEACOR Marine's ability to generate sustainable profits.
BEAR VIEWThe shift towards renewable energy sources will reduce demand for traditional OSV services, negatively impacting SEACOR Marine's long-term growth prospects.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score SMHI and 4,400+ other equities.
SEACOR Marine Holdings Inc. exhibits a 27% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
-4.5%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
21.4%
Sector: 35.8%
Operating Margin
Core business profitability
5.4%
Sector: 6.2%
Net Margin
Bottom-line profitability
-11.9%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
SEACOR Marine Holdings (SMHI) closed FY 2025 with Q4 revenue of US$52.3 million and a basic EPS loss of US$0.57, while the trailing 12 month figures show revenue of US$227.8 million and a basic EPS loss of US$1.06. Over the past six quarters, the company has seen quarterly revenue move between US$52.3 million and US$69.8 million, with EPS ranging from a loss of US$0.94 to a profit of US$0.35. This puts the latest results in the context of uneven profitability and tight margins. For investors,...
