The company successfully eliminated its total debt, moving from $51.1M in 2025Q2 to $0 in 2025Q4, while maintaining a current ratio of 6.34.
| Total Current Assets | 26.44M | 30.25M | 32.98M | 40.37M | 8.95M |
| Cash & Short-Term Investments | 18.65M | 20.03M | 18.93M | 25.21M | 7.85M |
| Cash Only | 18.65M | 20.03M | 18.93M | 25.21M | 7.85M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 9.24M | 11.38M | 12.81M | 790.66K |
| Days Sales Outstanding | - | 116.55 | 84.57 | 155.57 | 60.53 |
| Inventory | 0 | 612.16K | 1.2M | 0 | 0 |
| Days Inventory Outstanding | - | 18.84 | 22.68 | - | - |
| Other Current Assets | 7.8M | 366.1K | 1.46M | 2.35M | 206.78K |
| Total Non-Current Assets | 44.76M | 7.87M | 14.29M | 22.57M | 626.77K |
| Property, Plant & Equipment | 0 | 5.37M | 14.13M | 22.37M | 437.28K |
| Fixed Asset Turnover | - | 5.40x | 3.47x | 1.34x | 10.90x |
| Goodwill | 0 | 344.16K | 0 | 0 | 0 |
| Intangible Assets | 0 | 420.33K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 1.57M | 0 | 0 | 0 |
| Other Non-Current Assets | 44.76M | 170.66K | 163.19K | 193.8K | 189.49K |
| Total Assets | 71.2M | 38.12M | 47.27M | 62.94M | 9.58M |
| Asset Turnover | 0.78x | 0.76x | 1.04x | 0.48x | 0.50x |
| Asset Growth % | 86.77% | -19.35% | -24.89% | 557.21% | - |
| Total Current Liabilities | 4.17M | 19.64M | 25.13M | 26.53M | 5.52M |
| Accounts Payable | 4.17M | 856.56K | 1.74M | 731.88K | 4.84M |
| Days Payables Outstanding | 549.43 | 26.37 | 32.82 | 33.07 | 5.36K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 1.12M | 1.81M | 5.03M | 0 |
| Other Current Liabilities | 0 | 0 | -1.08M | 0 | 0 |
| Current Ratio | 6.34x | 1.54x | 1.31x | 1.52x | 1.62x |
| Quick Ratio | 6.34x | 1.51x | 1.26x | 1.52x | 1.62x |
| Cash Conversion Cycle | - | 109.03 | 74.44 | - | - |
| Total Non-Current Liabilities | 56.32M | 264.56K | 5.73M | 14.62M | 158.54K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 179.59K | 4.75M | 13.65M | 108.23K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 56.32M | 84.97K | 972.09K | 972.09K | 50.31K |
| Total Liabilities | 60.49M | 19.91M | 30.86M | 41.15M | 5.67M |
| Total Debt | 0 | 5.07M | 14.04M | 22.28M | 290.95K |
| Net Debt | -18.65M | -14.96M | -4.89M | -2.93M | -7.56M |
| Debt / Equity | - | 0.28x | 0.86x | 1.02x | 0.07x |
| Debt / EBITDA | - | 1.22x | 0.71x | 1.32x | 0.35x |
| Net Debt / EBITDA | - | -3.60x | -0.25x | -0.17x | -9.18x |
| Interest Coverage | - | 2.00x | 15.24x | 22.53x | - |
| Total Equity | 10.71M | 18.22M | 16.41M | 21.79M | 3.9M |
| Equity Growth % | -41.21% | 11% | -24.69% | 458.53% | - |
| Book Value per Share | 0.18 | 0.32 | 0.29 | 0.38 | 0.07 |
| Total Shareholders' Equity | 10.71M | 18.22M | 16.41M | 21.79M | 3.9M |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 12.65M | 10.74M | 16.18M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 1.34M | 1.45M | 1.38M | 1.68M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency volatility
According to recent financial statements, HMR's total assets fluctuated from $47.5M in 2025Q1 to $71.2M by 2025Q4, reflecting a highly unstable balance sheet trajectory that appears driven by rapid, non-linear shifts in operational scale rather than steady, organic growth in the underlying maritime pooling business.
The erratic movement in total assets and liabilities suggests that the company is currently in a state of significant structural flux. Investors should monitor whether this volatility represents a temporary transition period or a fundamental lack of balance sheet stability as the firm attempts to scale its asset-light model.
As reported in financial filings, HMR successfully reduced its total debt from $51.1M in 2025Q2 to zero by 2025Q4, a dramatic shift that warrants further investigation into whether this was achieved through equity dilution or the liquidation of assets to satisfy pressing creditor obligations.
While the elimination of debt is ostensibly positive, the timing coincides with significant net losses, suggesting that the company may have prioritized debt repayment over operational investment. This rapid deleveraging may indicate a strategic pivot to avoid interest expense, yet it leaves the firm with limited financial flexibility if cash burn persists.
Based on reported figures, HMR's current ratio improved to 6.34 in 2025Q4 from 2.41 in 2025Q2, providing a temporary liquidity buffer, though this metric appears inflated by the absence of significant short-term liabilities rather than a genuine accumulation of high-quality, liquid operating capital.
The high current ratio may provide a false sense of security given the company's history of negative net margins and cash burn. Analysts should focus on the sustainability of this liquidity, as the current cash position of $18.6M may be quickly depleted if the firm fails to achieve profitability in the coming quarters.
Data from recent balance sheets indicates that HMR has effectively transitioned to an asset-light structure, with PPE net values dropping to zero by 2025Q4, confirming the firm's reliance on third-party tonnage rather than owned vessels to drive its maritime management service revenue.
The absence of physical assets underscores the company's dependence on intangible competitive advantages, such as its proprietary software and pool management expertise. This shift increases the firm's sensitivity to client retention, as the lack of tangible collateral limits the company's ability to secure traditional financing during periods of market stress.
Quick answers to the most common questions about buying HMR stock.
As of 2025, Heidmar Maritime Holdings Corp. (HMR) had total assets of $71.2M including $26.4M in current assets.
Heidmar Maritime Holdings Corp. (HMR) carries total debt of $0.0M, offset by $18.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heidmar Maritime Holdings Corp. (HMR) has total shareholders' equity (book value) of $10.7M ($0.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heidmar Maritime Holdings Corp. (HMR) reported a current ratio of 6.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.