Forensic Analysis · Marine Freight · as of Nov 8, 2026
Seacor Marine Holdings Inc. (SMHI)
A forensic read on Seacor Marine Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
0.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-9.9%
ROE
-16.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Seacor Marine Holdings Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 0.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.9%
FY2025
Return on invested capital.Return on invested capital is 1.9% in the latest fiscal year, against 4.2% in FY2023, having run between -1.3% and 4.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $28M in FY2023 and $11M in FY2025, with operating income at 12.7% of revenue in FY2023, -3.8% in FY2024 and 6.0% in FY2025. The capital base behind it came down -13% across FY2023–FY2025, from $664M to $581M, so this return is struck on a smaller base than it started on.
FCF ($85M)
FY2025
Shareholder returns.Returned $7M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($85M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
103d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 94 to 103 days FY2024→FY2025 (receivables -8% vs revenue -16%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 83 → 94 → 103 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 4 consecutive quarters (Dec 2025 +21, Mar 2026 +37, Jun 2026 +8, Sep 2026 +10 days). In the latest of them the receivable balance grew +6% against sales -3%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$227.8M
Revenue Growth YoY-16.0%
Revenue CAGR (2yr)-9.7%
Net Margin-12.2%
Free Cash Flow-$85.2M
Return on Equity-9.9%
Debt / Equity1.27x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Seacor Marine Holdings Inc.'s actual 10-K/10-Q/8-K filings?