NYSE:SMHI
SEACOR Marine Holdings Inc.
A premier offshore wind specialist providing heavy-lift marine services and vessel support for global renewable energy infrastructure projects.
Key Metrics
Investment Thesis
Bull Case
SMHI is positioned to capitalize on the accelerating global offshore wind boom with its specialized vessel fleet which offers high barriers to entry for new competitors. Potential stabilization in project financing costs could improve operating margins, and the company's strategic focus on renewable energy aligns with long-term ESG investment themes driving capital allocation.
Bear Case
The substantial accumulated deficit of -$208.4M combined with recent net losses raises concerns about sustainable profitability without significant revenue expansion or asset monetization. High levels of long-term debt ($304.6M) and negative operating cash flow create vulnerability to interest rate hikes or delays in major offshore wind project completions.
About SEACOR Marine Holdings Inc.
SMHI operates as a leading marine services provider specializing in offshore wind farm installation and support, serving global markets with specialized heavy-lift vessels. The company delivers critical infrastructure development solutions including cable laying, subsea engineering, and vessel-based logistics for renewable energy projects. With a diverse fleet supporting the booming offshore wind sector, SMHI bridges the gap between traditional maritime operations and emerging green energy demands.
Analysis
Management Discussion
The company reported a net loss of $27.8M in 2025 following revenue growth from 2024 to 2023 levels, while operating cash flow turned negative at -$36.4M despite strong investing cash inflows of $80.4M likely from asset acquisitions or divestitures. The reduction in accounts receivable and increased current liabilities suggest working capital pressures amidst a challenging revenue environment that requires careful liquidity management.
Industry Overview
The offshore wind industry is experiencing rapid expansion driven by global climate goals, creating intense demand for specialized marine installation vessels and support services. Market consolidation is expected as smaller operators struggle with capital requirements, favoring established players like SMHI that possess the fleet depth to secure multi-year contracts.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $217.3M | $279.5M | $271.4M | $227.8M |
| Cost of Revenue | $172.0M | $159.7M | $197.3M | $181.8M |
| Gross Profit | $45.3M | $119.9M | $74.1M | $46.1M |
| Operating Expenses | $99.3M | $84.3M | $84.5M | $32.3M |
| Operating Income | $-54.0M | $35.5M | $-10.4M | $13.7M |
| G&A | $40.9M | $49.2M | $44.7M | $47.5M |
| Stock-Based Comp | $4.6M | $6.0M | $6.5M | $6.3M |
| D&A | $56.0M | $53.8M | $51.6M | $47.1M |
| Other OpEx | $58.4M | $35.2M | $39.8M | $-15.1M |
| Non-Operating Income | $-16.1M | $-39.6M | $-72.6M | $-32.8M |
| Interest Expense | $29.7M | $37.5M | — | — |
| Interest Income | — | $1.4M | $1.8M | $1.9M |
| Pre-Tax Income | $-70.1M | $-4.1M | $-83.0M | $-19.1M |
| Income Tax | $8.6M | $8.8M | $-2.6M | $10.5M |
| Continuing Ops | $-71.6M | $-9.3M | $-80.4M | $-29.6M |
| Discontinued Ops | $0 | $0 | $2.3M | $1.7M |
| Net Income | $-71.6M | $-9.3M | $-78.1M | $-27.8M |
| Minority Interest | $1.0K | $0 | $0 | $0 |
| Net to Common | $-71.7M | $-9.3M | $-78.1M | $-27.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $132.6M | $164.7M | $173.7M | $179.8M |
| Cash & Equivalents | $40.0M | $67.5M | $59.5M | $68.9M |
| Accounts Receivable | $54.4M | $63.7M | $69.9M | $64.5M |
| Inventory | $2.1M | $1.6M | $2.8M | $2.2M |
| Prepaid Expenses | $3.1M | $2.7M | $4.4M | $5.2M |
| Other Current Assets | $33.0M | $29.2M | $37.1M | $39.0M |
| Long-Term Assets | $683.1M | $615.6M | $553.5M | $480.8M |
| PP&E (Net) | $665.0M | $605.0M | $544.9M | $475.0M |
| Operating Leases | $6.2M | $4.3M | $3.4M | $982.0K |
| Other LT Assets | $8.8M | $2.2M | $1.6M | $1.9M |
| Total Assets | $815.6M | $780.3M | $727.1M | $660.6M |
| Current Liabilities | $121.4M | $77.1M | $85.0M | $70.7M |
| Accounts Payable | — | — | $29.2M | $21.3M |
| Current Debt | $61.5M | $28.4M | $27.5M | $30.0M |
| Current Leases | $2.4M | $1.6M | $606.0K | $405.0K |
| Deferred Revenue | $2.3M | $687.0K | $2.5M | $1.1M |
| Other Current Liab | $55.2M | $46.4M | $25.2M | $18.0M |
| Long-Term Liabilities | $315.1M | $329.0M | $343.7M | $325.2M |
| Long-Term Debt | $260.1M | $287.5M | $317.3M | $304.6M |
| LT Operating Leases | $4.7M | $3.5M | $3.0M | $607.0K |
| Other LT Liab | $50.2M | $38.0M | $23.4M | $19.9M |
| Total Liabilities | $436.5M | $406.1M | $428.8M | $395.9M |
| Shareholders' Equity | $379.1M | $374.2M | $298.3M | $264.7M |
| Retained Earnings | $-93.1M | $-102.4M | $-180.6M | $-208.4M |
| AOCI | $6.8M | $7.6M | $7.1M | $10.3M |
| Treasury Stock | $1.9M | $4.2M | $8.1M | $9.7M |
| Total L&E | $815.6M | $780.3M | $727.1M | $660.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-71.6M | $-9.3M | $-78.1M | $-27.8M |
| Non-Cash Adjustments | $51.4M | $16.5M | $59.2M | $14.4M |
| Working Capital Changes | $5.6M | $1.7M | $8.7M | $-23.0M |
| Cash from Operations | $-14.6M | $8.9M | $-10.3M | $-36.4M |
| Capital Expenditures | $462.0K | $10.6M | $7.3M | $48.8M |
| Cash from Investing | $57.8M | $49.1M | $17.6M | $80.4M |
| Debt Issuances | — | $148.5M | $345.2M | $15.8M |
| Debt Repayments | $38.2M | $29.2M | $24.3M | $27.5M |
| Share Buybacks | — | — | — | $7.1M |
| Cash from Financing | $-41.4M | $-17.0M | $-15.3M | $-27.1M |
| FX Effect | $-4.0K | $3.0K | $0 | $0 |
| Net Change in Cash | $1.8M | $41.1M | $-8.0M | $17.0M |
| Beginning Cash | $41.2M | $43.0M | $84.1M | $76.1M |
| Ending Cash | $43.0M | $84.1M | $76.1M | $93.1M |
Frequently Asked Questions
How does SEACOR Marine Holdings Inc. make money?
Offshore Wind Installation Services, Offshore Support & Logistics, Vessel Chartering & Leasing
What are the main risks for SMHI?
Significant debt load relative to cash reserves increasing refinancing risk, cyclical nature of offshore wind project financing potentially impacting demand, and volatility in maritime fuel and insurance costs eroding margins.
What is SMHI's competitive advantage?
Specialized fleet of high-capacity vessels tailored for deep-water wind projects, strong long-term contracts with major developers, and extensive operational expertise in complex marine environments.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.