SEACOR Marine Holdings Inc.
SMHI Industrials Marine Shipping
SEACOR Marine Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $227.8 million, down 16.0% from fiscal 2024. In the quarter to June 2026, revenue fell 10.2%, EPS grew 150.0%, free cash flow grew 30.2% and total debt fell 6.10%, each against the same quarter a year earlier.
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SEACOR Marine Holdings Inc. (SMHI) Altman Z-score
SEACOR Marine Holdings Inc.'s Altman Z-score for fiscal 2025 is 0.41, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.41 | 0.03 |
| FY2024 | 0.38 | (0.58) |
| FY2023 | 0.96 | 0.72 |
| FY2022 | 0.24 | 0.08 |
| FY2021 | 0.16 | 0.21 |
| FY2020 | −0.04 | (0.53) |
| FY2019 | 0.49 | 0.00 |
| FY2018 | 0.49 | 0.15 |
| FY2017 | 0.35 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.20 | |
| Retained earnings / total assets | (0.32) | — | −0.44 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 0.40 | — | 0.24 | |
| Sales / total assets | 0.34 | — | 0.34 | |
| Altman Z-score | Distress zone | 0.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.90 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GASS StealthGas, Inc. compare | 8.4× |
| ESEA Euroseas Ltd. compare | 2.7× |
| PANL Pangaea Logistics Solutions Ltd. compare | 1.8× |
| CMDB Costamare Bulkers Holdings Limited compare | 1.3× |
| EDRY EuroDry compare | 0.7× |
| HMR Heidmar Maritime Holdings Corp. compare | 0.6× |
| SMHI SEACOR Marine Holdings Inc. | 0.4× |
| SHIP Seanergy Maritime Holdings Corp compare | 0.1× |
| DSX Diana Shipping inc. compare | −0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets