Forensic Analysis · Transportation / Logistics · as of Sep 6, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-14.0
P / E (ttm)
-10.5%
ROE
$259M
Market cap
0.00%
Dividend yield
-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 (red flags, auditor quality, say on pay, board independence). 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 a D (Weak — demands caution) 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
2.0%
FY2025
Return on invested capital.Return on invested capital is 2.0% in the latest fiscal year and rising from -6% — well below its ~9% cost of capital, and it has been across FY2017–FY2025, so reinvested dollars have not been earning their keep.
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.
108d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 90 to 108 days FY2024→FY2025 (receivables -8% vs revenue -16%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 108 → 92 → 77 → 90 → 108 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. 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 3 consecutive quarters (Dec 2025 +21, Mar 2026 +37, Jun 2026 +8 days). In the latest of them the receivable balance grew -2% against sales -10%, 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.
Key fundamentals
Net Margin-12.2%
Debt / Equity1.27x
Free Cash Flow-$85.2M
Latest Revenue$227.8M
Return on Equity-10.5%
Revenue Growth YoY-16.0%
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?