Performance Shipping Inc. (PSHG) vs United Maritime Corporation (USEA)

Performance Shipping Inc. and United Maritime Corporation are both Marine Shipping companies. United Maritime Corporation is the larger, with a market value of $28.9M against $21.9M — 1.3× the size. United Maritime Corporation has negative trailing earnings, so its P/E is not meaningful; Performance Shipping Inc. trades at 0.8×. Performance Shipping Inc. grew revenue faster over the last twelve months: 11.8% against −16.7%. Performance Shipping Inc. has the higher net margin (30.0% vs −4.95%) and the lower return on invested capital (0.00% vs 1.72%). Both pay a dividend; United Maritime Corporation yields more (11.1% vs 7.35%). Across the 21 metrics below, Performance Shipping Inc. leads on 15 and United Maritime Corporation on 6.

Valuation

Metric PSHG USEA Marine Shipping median
P/E 0.76 n/m 6.89
P/S 0.23 0.70 1.92
P/B 0.06 0.47 0.90
Price to free cash flow n/m 0.43 4.62
EV/EBITDA 5.91 28.53 6.57
EV/Sales 2.35 2.94 2.73
Earnings yield 131.64% (7.56%) 9.59%
Free cash flow yield (688.50%) 230.52% 16.76%

Profitability

Metric PSHG USEA Marine Shipping median
Gross margin 69.10% 62.79% 60.61%
Operating margin 39.68% 10.30% 27.74%
Net margin 29.96% (4.95%) 25.21%
Free cash flow margin 0.00% 162.13% 17.29%
Return on equity 0.00% (3.10%) 8.62%
Return on assets 0.00% (1.08%) 5.35%
Return on invested capital 0.00% 1.72% 5.32%

Growth

Metric PSHG USEA Marine Shipping median
Revenue growth (TTM) 11.81% (16.73%) 13.26%
EPS growth (last fiscal year) 15.32% (84.21%) —
Revenue growth, 5-year CAGR 14.89% 55.74% 11.77%
Net income growth, 5-year CAGR 56.12% 0.00% 0.00%

Health

Metric PSHG USEA Marine Shipping median
Debt to equity 0.90 1.72 0.52
Current ratio 3.91 0.96 1.63
Net debt to EBITDA 3.60 3.05 2.34

Dividend

Metric PSHG USEA Marine Shipping median
Dividend yield 7.35% 11.07% 5.54%
Payout ratio 0.00 — 0.13

Size

Metric PSHG USEA Marine Shipping median
Market cap 21.88m 28.90m 420.73m

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