Seanergy Maritime Holdings Corp. (SHIP) 10-Year Financial Performance & Capital Metrics

SHIP • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutSeanergy Maritime Holdings Corp., a shipping company, engages in the seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 17 Capesize vessels with a cargo-carrying capacity of approximately 3,011,083 deadweight tons. The company was formerly known as Seanergy Merger Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008. Seanergy Maritime Holdings Corp. was incorporated in 2008 and is based in Athens, Greece.Show more

Revenue $167M +51.9%
EBITDA $92M +100.5%
Net Income $43M +1805.0%
EPS (Diluted) 2.11 +1658.3%
Gross Margin 69.97% +90.7%
EBITDA Margin 55.1% +32.0%
Operating Margin 37.37% +92.9%
Net Margin 25.96% +1154.0%
ROE 17.72% +1647.8%
ROIC 9.98% +176.7%
Debt/Equity 0.98 -3.6%
Interest Coverage 3.34 +185.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.1%
✓Healthy dividend yield of 5.7%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y55.62%

5Y14.12%

3Y3.03%

TTM1.66%

Profit (Net Income) CAGR

10Y-5.96%

5Y-

3Y1.68%

TTM-48.98%

EPS CAGR

10Y-64.79%

5Y-

3Y-5.5%

TTM-46.81%

ROCE

10Y Avg4.02%

5Y Avg9.24%

3Y Avg8.81%

Latest14.02%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.22M	34.66M	74.83M	91.52M	86.5M	63.34M	153.11M	125.02M	110.23M	167.46M
Revenue Growth %	4.58%	2.09%	1.16%	0.22%	-0.05%	-0.27%	1.42%	-0.18%	-0.12%	0.52%
Cost of Goods Sold+	15M	43.79M	55.56M	72.44M	66.64M	55.95M	69.95M	71.26M	69.79M	50.28M
COGS % of Revenue	1.34%	1.26%	0.74%	0.79%	0.77%	0.88%	0.46%	0.57%	0.63%	0.3%
Gross Profit+	-3.78M	-9.13M	19.27M	19.08M	19.86M	7.39M	83.16M	53.76M	40.45M	117.18M
Gross Margin %	-0.34%	-0.26%	0.26%	0.21%	0.23%	0.12%	0.54%	0.43%	0.37%	0.7%
Gross Profit Growth %	-11.72%	-1.42%	3.11%	-0.01%	0.04%	-0.63%	10.25%	-0.35%	-0.25%	1.9%
Operating Expenses+	3.25M	5.58M	16.47M	7.54M	7.82M	7.66M	17.25M	24.08M	19.1M	54.6M
OpEx % of Revenue	0.29%	0.16%	0.22%	0.08%	0.09%	0.12%	0.11%	0.19%	0.17%	0.33%
Selling, General & Admin	2.87M	4.13M	5.08M	6.5M	5.99M	6.61M	13.74M	17.41M	22.85M	24.73M
SG&A % of Revenue	0.26%	0.12%	0.07%	0.07%	0.07%	0.1%	0.09%	0.14%	0.21%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.93M	9.09M	11.39M	-37K	1.83M	1.05M	3.51M	6.67M	-3.75M	29.87M
Operating Income+	-7.05M	-14.71M	2.8M	4.28M	12.04M	-268K	65.91M	29.68M	21.35M	62.57M
Operating Margin %	-0.63%	-0.42%	0.04%	0.05%	0.14%	-0%	0.43%	0.24%	0.19%	0.37%
Operating Income Growth %	-1.09%	-1.09%	1.19%	0.53%	1.82%	-1.02%	246.93%	-0.55%	-0.28%	1.93%
EBITDA+	-5.19M	-5.63M	14.19M	15.79M	23.06M	12.45M	83.06M	53.1M	46.02M	92.27M
EBITDA Margin %	-0.46%	-0.16%	0.19%	0.17%	0.27%	0.2%	0.54%	0.42%	0.42%	0.55%
EBITDA Growth %	-1.06%	-0.08%	3.52%	0.11%	0.46%	-0.46%	5.67%	-0.36%	-0.13%	1%
D&A (Non-Cash Add-back)	1.86M	9.09M	11.39M	11.51M	11.02M	12.72M	17.15M	23.42M	24.68M	29.7M
EBIT	-7.34M	-16.19M	14.16M	4.25M	3.16M	5.07M	52.18M	29.51M	20.54M	62.75M
Net Interest Income+	-2.06M	-9.83M	-17.35M	-25.21M	-23.63M	-23.22M	-10.67M	-10.94M	-18.25M	-18.51M
Interest Income	0	20K	47K	83K	0	208K	161K	1.36M	10K	229K
Interest Expense	1.62M	9.85M	17.4M	25.3M	23.63M	23.43M	10.83M	12.3M	18.26M	18.74M
Other Income/Expense	-1.9M	-9.88M	-6.04M	-25.32M	-23.68M	-18.09M	-24.56M	-12.47M	-19.07M	-19.1M
Pretax Income+	-8.96M	-24.59M	-3.23M	-21.06M	-11.64M	-18.36M	41.35M	17.21M	2.28M	43.47M
Pretax Margin %	-0.8%	-0.71%	-0.04%	-0.23%	-0.13%	-0.29%	0.27%	0.14%	0.02%	0.26%
Income Tax+	0	34K	0	16K	54K	0	0	-28K	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-8.96M	-24.62M	-3.23M	-21.06M	-11.7M	-18.36M	41.35M	17.24M	2.28M	43.47M
Net Margin %	-0.8%	-0.71%	-0.04%	-0.23%	-0.14%	-0.29%	0.27%	0.14%	0.02%	0.26%
Net Income Growth %	-1.11%	-1.75%	0.87%	-5.51%	0.44%	-0.57%	3.25%	-0.58%	-0.87%	18.05%
Net Income (Continuing)	-8.96M	-24.62M	-3.23M	-21.06M	-11.7M	-18.36M	41.35M	17.24M	2.28M	43.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1995.54	-2875.51	-216.61	-1343.93	-122.64	-5.49	2.50	0.96	0.12	2.11
EPS Growth %	-1.03%	-0.44%	0.92%	-5.2%	0.91%	0.96%	1.46%	-0.62%	-0.88%	16.58%
EPS (Basic)	-1995.54	-2875.51	-216.61	-1343.93	-122.64	-5.49	2.70	0.97	0.12	2.12
Diluted Shares Outstanding	4.49K	8.56K	14.94K	15.67K	95.83K	3.34M	19.13M	17.68M	18.44M	19.88M
Basic Shares Outstanding	4.49K	8.56K	14.94K	15.67K	95.83K	3.34M	15.33M	17.44M	18.39M	20.6M
Dividend Payout Ratio	-	-	-	-	-	-	-	1.04%	2.64%	0.25%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.28M	22.33M	19.5M	7.44M	14.55M	30.55M	47.13M	61.64M	25.09M	45.9M
Cash & Short-Term Investments	3.3M	12.86M	8.89M	7.44M	14.55M	22.61M	43M	26.03M	19.43M	21.87M
Cash Only	3.3M	12.86M	8.89M	7.44M	14.55M	21.01M	41.5M	32.48M	19.43M	21.87M
Short-Term Investments	0	0	0	0	0	1.6M	1.5M	0	0	0
Accounts Receivable	1.29M	2.78M	3.63M	2.65M	1.76M	801K	0	1.55M	1.2M	7.67M
Days Sales Outstanding	41.86	29.31	17.69	10.56	7.44	4.62	-	4.52	3.99	16.73
Inventory	2.98M	4.05M	4.8M	5.29M	3.86M	4.65M	1.45M	2M	1.56M	1.69M
Days Inventory Outstanding	72.51	33.75	31.51	26.65	21.15	30.33	7.56	10.22	8.15	12.29
Other Current Assets	231K	2.64M	1.55M	1.55M	-6.03M	1.34M	1.56M	30.98M	1.66M	11.14M
Total Non-Current Assets+	201.07M	235.21M	256.21M	260.44M	268M	271.59M	439.8M	481.12M	452.79M	510.94M
Property, Plant & Equipment	199.88M	232.13M	254.73M	243.21M	253.78M	256.74M	426.06M	462.38M	440.87M	488.19M
Fixed Asset Turnover	0.06x	0.15x	0.29x	0.38x	0.34x	0.25x	0.36x	0.27x	0.25x	0.34x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	40K	0	0	0	0	0	0	0	0	60K
Long-Term Investments	0	1.5M	600K	500K	0	0	0	4.8M	5.5M	0
Other Non-Current Assets	1.15M	1.58M	877K	16.72M	14.22M	14.86M	13.73M	13.94M	6.43M	22.68M
Total Assets+	209.35M	257.53M	275.7M	267.88M	282.55M	295.25M	486.92M	513.6M	477.88M	545.85M
Asset Turnover	0.05x	0.13x	0.27x	0.34x	0.31x	0.21x	0.31x	0.24x	0.23x	0.31x
Asset Growth %	63.06%	0.23%	0.07%	-0.03%	0.05%	0.04%	0.65%	0.05%	-0.07%	0.14%
Total Current Liabilities+	9.25M	21.23M	34.46M	19.35M	24.24M	30.76M	88.03M	94.65M	69.52M	61.62M
Accounts Payable	5.71M	6.35M	8.78M	14.43M	16.11M	3.71M	5.76M	7.83M	5.49M	7.11M
Days Payables Outstanding	138.94	52.93	57.66	72.69	88.21	24.18	30.07	40.09	28.71	51.63
Short-Term Debt	821K	10.5M	19.22M	16.2M	185.65M	19.42M	69.24M	58.87M	31.78M	37.4M
Deferred Revenue (Current)	154K	1000K	1000K	890K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	-213.04M	0	0	4.55M	0	5.3M
Current Ratio	0.89x	1.05x	0.57x	0.38x	0.60x	0.99x	0.54x	0.65x	0.36x	0.74x
Quick Ratio	0.57x	0.86x	0.43x	0.11x	0.44x	0.84x	0.52x	0.63x	0.34x	0.72x
Cash Conversion Cycle	-24.57	10.13	-8.47	-35.48	-59.62	10.77	-	-25.34	-16.57	-22.61
Total Non-Current Liabilities+	176.82M	205.47M	199.93M	246.58M	228.46M	168.79M	154.7M	197.25M	179.92M	222.05M
Long-Term Debt	176.82M	199.59M	199.93M	209.5M	12.02M	164.86M	153.5M	196.82M	179.01M	220.19M
Capital Lease Obligations	0	0	0	497K	318K	705K	529K	391K	300K	189K
Deferred Tax Liabilities	0	0	0	0	-3.07M	0	-538K	0	0	0
Other Non-Current Liabilities	0	5.88M	0	0	0	450K	130K	0	353K	1.61M
Total Liabilities	186.07M	226.7M	234.39M	246.58M	252.69M	199.55M	242.44M	291.9M	249.43M	283.67M
Total Debt+	177.64M	210.09M	201.81M	207.82M	197.67M	184.28M	222.75M	256.2M	232.97M	257.87M
Net Debt	174.34M	197.24M	192.92M	200.38M	183.12M	160.63M	175.62M	282.2M	213.54M	236M
Debt / Equity	7.63x	6.81x	4.88x	9.76x	6.62x	1.93x	0.91x	1.16x	1.02x	0.98x
Debt / EBITDA	-	-	14.22x	13.17x	8.57x	14.80x	2.68x	4.82x	5.06x	2.79x
Net Debt / EBITDA	-	-	13.60x	12.69x	7.94x	12.90x	2.11x	5.31x	4.64x	2.56x
Interest Coverage	-4.36x	-1.49x	0.16x	0.17x	0.51x	-0.01x	6.08x	2.41x	1.17x	3.34x
Total Equity+	23.28M	30.83M	41.31M	21.3M	29.86M	95.69M	244.48M	221.7M	228.44M	262.18M
Equity Growth %	7.7%	0.32%	0.34%	-0.48%	0.4%	2.2%	1.55%	-0.09%	0.03%	0.15%
Book Value per Share	5188.06	3600.61	2766.19	1359.56	311.58	28.62	12.78	12.54	12.39	13.19
Total Shareholders' Equity	23.28M	30.83M	41.31M	21.3M	29.86M	95.69M	244.48M	221.7M	228.44M	262.18M
Common Stock	2K	3K	3K	0	3K	7K	17K	2K	2K	2K
Retained Earnings	-313.84M	-338.46M	-341.7M	-364.54M	-376.24M	-394.6M	-353.25M	-361.99M	-361.69M	-333.77M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.74M	-15.34M	2.78M	5.72M	13.11M	-9.73M	80.76M	37.29M	31.32M	75.28M
Operating CF Margin %	-0.42%	-0.44%	0.04%	0.06%	0.15%	-0.15%	0.53%	0.3%	0.28%	0.45%
Operating CF Growth %	0.68%	-2.24%	1.18%	1.06%	1.29%	-1.74%	9.3%	-0.54%	-0.16%	1.4%
Net Income	-8.96M	-24.62M	-3.23M	-21.06M	-11.7M	-18.36M	41.35M	17.24M	2.27M	43.47M
Depreciation & Amortization	1.86M	8.53M	10.52M	10.88M	11.02M	12.72M	17.15M	23.42M	24.68M	29.7M
Stock-Based Compensation	178K	624K	730K	1.29M	1.31M	869K	5.1M	7.18M	9.15M	4.99M
Deferred Taxes	-170K	0	0	7.27M	0	-5.56M	0	0	0	0
Other Non-Cash Items	444K	1.98M	-7.86M	6.15M	9.44M	10.76M	15.51M	6.23M	-1.15M	2.38M
Working Capital Changes	1.9M	-1.85M	2.63M	1.19M	3.04M	-10.17M	1.66M	-16.79M	-3.62M	-5.25M
Change in Receivables	-1.29M	-1.5M	-843K	-511K	845K	962K	801K	-839K	345K	492K
Change in Inventory	-2.98M	-1.07M	-748K	-492K	1.43M	-788K	3.2M	-840K	219K	-135K
Change in Payables	5.71M	371K	2.35M	5.5M	1.68M	-12.4M	348K	-589K	-2.22M	1.48M
Cash from Investing+	-201.68M	-40.78M	-32.99M	-8.83M	-12.35M	-21.86M	-184.62M	-56.26M	17.75M	-79.37M
Capital Expenditures	-201.68M	-40.78M	-32.99M	-31.48M	-12.35M	-20.26M	-197.32M	-70.45M	-490K	-74.35M
CapEx % of Revenue	17.97%	1.18%	0.44%	0.34%	0.14%	0.32%	1.29%	0.56%	0%	0.44%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	22.65M	0	0	12.6M	1.5M	-5.67M	-5.02M
Cash from Financing+	206.85M	65.67M	25.34M	-491K	6.35M	39.1M	127.44M	5.83M	-56.62M	14.08M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	-17.92M	-6.03M	-10.75M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	12.89M	22.02M	-561K	-1.15M	-698K	-3.64M	-3.72M	-1.42M	-2.12M	3.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-206.42M	-56.12M	-30.21M	-25.76M	759K	-30M	-116.56M	-33.16M	30.83M	927K
FCF Margin %	-18.39%	-1.62%	-0.4%	-0.28%	0.01%	-0.47%	-0.76%	-0.27%	0.28%	0.01%
FCF Growth %	-12.83%	0.73%	0.46%	0.15%	1.03%	-40.52%	-2.89%	0.72%	1.93%	-0.97%
FCF per Share	-45993.98	-6553.54	-2022.77	-1643.76	7.92	-8.97	-6.09	-1.88	1.67	0.05
FCF Conversion (FCF/Net Income)	0.53x	0.62x	-0.86x	-0.27x	-1.12x	0.53x	1.95x	2.16x	13.73x	1.73x
Interest Paid	0	0	0	0	0	0	11.17M	0	0	20.05M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-69%	-91%	-8.97%	-67.26%	-45.73%	-29.24%	24.31%	7.4%	1.01%	17.72%
Return on Invested Capital (ROIC)	-5.36%	-5.18%	0.91%	1.41%	4.15%	-0.09%	14.44%	5.11%	3.61%	9.98%
Gross Margin	-33.65%	-26.33%	25.75%	20.85%	22.96%	11.67%	54.31%	43%	36.69%	69.97%
Net Margin	-79.8%	-71.04%	-4.32%	-23.01%	-13.52%	-28.98%	27.01%	13.79%	2.07%	25.96%
Debt / Equity	7.63x	6.81x	4.88x	9.76x	6.62x	1.93x	0.91x	1.16x	1.02x	0.98x
Interest Coverage	-4.36x	-1.49x	0.16x	0.17x	0.51x	-0.01x	6.08x	2.41x	1.17x	3.34x
FCF Conversion	0.53x	0.62x	-0.86x	-0.27x	-1.12x	0.53x	1.95x	2.16x	13.73x	1.73x
Revenue Growth	458.36%	208.85%	115.9%	22.3%	-5.49%	-26.77%	141.7%	-18.35%	-11.83%	51.91%

Revenue by Segment

	2018	2019	2020	2021
Time Charter	-	30.8M	36.31M	124.84M
Time Charter Growth	-	-	17.90%	243.81%
Spot Charter	73.77M	55.7M	27.03M	28.26M
Spot Charter Growth	-	-24.49%	-51.47%	4.55%

Frequently Asked Questions

Valuation & Price

Seanergy Maritime Holdings Corp. (SHIP) has a price-to-earnings (P/E) ratio of 4.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Seanergy Maritime Holdings Corp. (SHIP) reported $147.7M in revenue for fiscal year 2024. This represents a 42% increase from $104.1M in 2011.

Seanergy Maritime Holdings Corp. (SHIP) grew revenue by 51.9% over the past year. This is strong growth.

Yes, Seanergy Maritime Holdings Corp. (SHIP) is profitable, generating $15.1M in net income for fiscal year 2024 (26.0% net margin).

Dividend & Returns

Yes, Seanergy Maritime Holdings Corp. (SHIP) pays a dividend with a yield of 5.73%. This makes it attractive for income-focused investors.

Seanergy Maritime Holdings Corp. (SHIP) has a return on equity (ROE) of 17.7%. This is reasonable for most industries.

Seanergy Maritime Holdings Corp. (SHIP) had negative free cash flow of $19.6M in fiscal year 2024, likely due to heavy capital investments.

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