Free cash flow remains highly unstable, swinging from a $4.1M deficit in 2025Q2 to a $13.9M surplus in 2025Q4, while the OCF/NI ratio of -5.87 indicates a disconnect between earnings and cash generation.
| Cash from Operations | 12.32M | 6.76M | 12.02M | 14.65M | 5.82M |
| Operating CF Margin % | 22.06% | 23.35% | 24.49% | 48.74% | 121.99% |
| Operating CF Growth % | 82.3% | -43.79% | -17.94% | 151.96% | - |
| Net Income | -8.64M | 1.91M | 19.55M | 16.18M | 1.06M |
| Depreciation & Amortization | 76.47K | 60.55K | 12.83K | 21.1K | 450.98K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.84M | 10.35M | 6.98M | 3.73M | -29.94K |
| Working Capital Changes | 2.04M | -5.56M | -14.52M | -5.27M | 4.33M |
| Change in Receivables | 3.1M | -334.98K | 17.56K | -406.18K | 13.9K |
| Change in Inventory | 609.72K | 499.51K | -1.2M | 0 | 0 |
| Change in Payables | 1.26M | -10.31K | 683.72K | 794.14K | 0 |
| Cash from Investing | -4.45M | -4.03M | -9.05K | 24.17K | -166.74K |
| Capital Expenditures | -2.53M | -268.44K | -9.05K | 0 | -166.74K |
| CapEx % of Revenue | 4.52% | 0.93% | 0.02% | - | 3.5% |
| Acquisitions | 0 | -2.83M | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -3.27M | -930K | 0 | 24.17K | 0 |
| Cash from Financing | -9.17M | -1.53M | -18.36M | 2.97M | -4.76M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -972.09K | 0 | 5.24M | 2M | 0 |
| Dividends Paid | -8M | 0 | -25M | 0 | -4.76M |
| Share Repurchases | -972.09K | 0 | 0 | 0 | 0 |
| Other Financing | -193.64K | -1.53M | 1.4M | 972.09K | 0 |
| Net Change in Cash | -1.38M | 1.1M | -6.28M | 17.36M | 7.85M |
| Free Cash Flow | 9.8M | 6.49M | 12.02M | 14.65M | 5.65M |
| FCF Margin % | 17.54% | 22.42% | 24.47% | 48.74% | 118.49% |
| FCF Growth % | 50.92% | -45.98% | -18.01% | 159.39% | - |
| FCF per Share | 0.17 | 0.11 | 0.21 | 0.26 | 0.10 |
| FCF Conversion (FCF/Net Income) | -0.55x | 3.53x | 0.61x | 0.91x | 5.46x |
| Interest Paid | 0 | 1.72M | 1.42M | 462.65K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Inconsistent cash conversion cycles
According to recent financial disclosures, HMR's cash conversion quality remains highly erratic, evidenced by a 2025Q4 OCF/NI ratio of -5.87, which suggests that reported net income is currently failing to serve as a reliable proxy for the firm's actual underlying cash-generating capacity.
The extreme variance between net income and operating cash flow indicates that non-cash items or significant timing differences in working capital are heavily distorting the bottom line. Investors should monitor whether this disconnect is a structural feature of the pooling model's revenue recognition or a sign of deteriorating earnings quality.
As reported in financial statements, HMR's free cash flow trajectory is characterized by sharp swings, with the firm swinging from a $13.9M FCF surplus in 2025Q4 to a $4.1M deficit in 2025Q2, highlighting the inherent instability of its current cash flow generation profile.
The inability to maintain positive FCF suggests that the company's operational scaling is not yet self-funding. This volatility warrants further investigation into whether the firm can stabilize cash flows as it attempts to grow its vessel management footprint.
Based on HMR's reported figures, capital expenditures remain negligible relative to revenue, with a 2025Q4 CapEx/Rev ratio of 6.2%, confirming the asset-light nature of the pooling business model which avoids the heavy capital requirements typical of traditional maritime vessel ownership.
The low capital intensity is a key pillar of the firm's strategy, yet it appears insufficient to offset the high operating overheads currently burdening the income statement. This suggests that while the firm avoids asset-heavy risks, it remains vulnerable to high fixed-cost operating leverage.
Data from recent filings indicates that HMR has engaged in share repurchases and dividend payments despite inconsistent cash flow, including $972.1K in buybacks during 2025Q4, which may indicate a management preference for shareholder returns that potentially conflicts with the firm's current negative earnings profile.
The decision to return capital while the business is still struggling to achieve consistent profitability appears aggressive and may limit the liquidity available for operational expansion. Investors should monitor whether these outflows are sustainable given the company's current cash runway and negative net margins.
Quick answers to the most common questions about buying HMR stock.
Heidmar Maritime Holdings Corp. (HMR) generated $12.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Heidmar Maritime Holdings Corp. (HMR) generated $9.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Heidmar Maritime Holdings Corp. (HMR) spent $2.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Heidmar Maritime Holdings Corp. (HMR) returned $8.0M to shareholders via cash dividends and spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.