Cash generation quality appears robust with an OCF/NI ratio of 2.21 in 2025Q4, yet capital expenditure remains lumpy, evidenced by a 139.1% CapEx/Revenue ratio during the 2025Q1 period.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 52.61M | 75.28M | 31.32M | 37.29M | 80.76M | -9.73M | 13.11M | 5.72M | 2.78M | -15.34M | -4.74M | -14.86M | 1.03M | 2.42M | 26.44M | 31.54M | 43.21M | 25.7M | 1.58M | -20.05K |
| Operating CF Margin % | 33.27% | 44.95% | 28.42% | 29.82% | 52.75% | -15.37% | 15.15% | 6.25% | 3.72% | -44.25% | -42.21% | -739.2% | 4.46% | 4.35% | 25.41% | 32.9% | 49.16% | 74.59% | - | - |
| Operating CF Growth % | -30.12% | 140.33% | -15.99% | -53.83% | 929.58% | -174.27% | 129.04% | 105.72% | 118.14% | -223.81% | 68.12% | -1542.52% | -57.4% | -90.85% | -16.17% | -27.01% | 68.12% | 1522.04% | 8003.16% | - |
| Net Income | 20.83M | 43.47M | 2.27M | 17.24M | 41.35M | -18.36M | -11.7M | -21.06M | -3.23M | -24.62M | -8.96M | 80.35M | 10.91M | -193.77M | -197.76M | 1.64M | 31.57M | -31.98M | 1.45M | -4.37K |
| Depreciation & Amortization | 36.16M | 29.7M | 24.68M | 23.42M | 17.15M | 12.72M | 11.02M | 10.88M | 10.52M | 8.53M | 1.86M | 3K | 982K | 15.61M | 28.59M | 29.01M | 27.73M | 9.93M | 0 | 0 |
| Stock-Based Compensation | 0 | 4.99M | 9.15M | 7.18M | 5.1M | 869K | 1.31M | 1.29M | 730K | 624K | 178K | 0 | 15K | 15K | 14K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -5.56M | 0 | 7.27M | 0 | 0 | -170K | 0 | -20.83M | 169.5M | 203.79M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.38M | 2.38M | -1.15M | 6.23M | 15.51M | 10.76M | 9.44M | 6.15M | -7.86M | 1.98M | 444K | -85.75M | -742K | -1.61M | -4.2M | -1.15M | -13.05M | 49.55M | 0 | 0 |
| Working Capital Changes | 0 | -5.25M | -3.62M | -16.79M | 1.66M | -10.17M | 3.04M | 1.19M | 2.63M | -1.85M | 1.9M | -9.46M | 10.7M | 12.67M | -4M | 2.04M | -3.05M | -1.79M | 139.18K | -15.68K |
| Change in Receivables | 0 | 492K | 345K | -839K | 801K | 962K | 845K | -511K | -843K | -1.5M | -1.29M | 1.19M | 1.02M | -1.19M | -765K | -493K | -263K | 0 | 0 | 0 |
| Change in Inventory | 0 | -135K | 219K | -840K | 3.2M | -788K | 1.43M | -492K | -748K | -1.07M | -2.98M | 61K | -1M | 1.15M | -1.05M | -70K | 1.22M | -872K | 0 | 0 |
| Change in Payables | 0 | 1.48M | -2.22M | -589K | 348K | -12.4M | 1.68M | 5.5M | 2.35M | 371K | 5.71M | -1.88M | -658K | 2.29M | 255K | 0 | 236K | 0 | 0 | 0 |
| Cash from Investing | -23.35M | -79.37M | 17.75M | -56.26M | -184.62M | -21.86M | -12.35M | -8.83M | -32.99M | -40.78M | -201.68M | 105.89M | 993K | 55.4M | 0 | 7.88M | 36.35M | -142.92M | -232.92M | 0 |
| Capital Expenditures | -35.59M | -74.35M | -490K | -70.45M | -197.32M | -20.26M | -12.35M | -31.48M | -32.99M | -40.78M | -201.68M | -64K | 0 | 0 | 0 | -28K | -21K | -9K | 0 | 0 |
| CapEx % of Revenue | 22.51% | 44.4% | 0.44% | 56.35% | 128.88% | 31.99% | 14.28% | 34.4% | 44.09% | 117.65% | 1797.06% | 3.18% | - | - | - | 0.03% | 0.02% | 0.03% | - | - |
| Acquisitions | 21.59M | 0 | 23.91M | 12.69M | 0 | 0 | 0 | 22.65M | 0 | 0 | 0 | 0 | -3M | -3.53M | 0 | 17.91M | 36.37M | -375.83M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.52M | -5.02M | -5.67M | 1.5M | 12.6M | 0 | 0 | 22.65M | 0 | 0 | 0 | 105.96M | 4M | 58.93M | 0 | -10M | 0 | 0 | -232.92M | 0 |
| Cash from Financing | -1.52M | 14.08M | -56.62M | 5.83M | 127.44M | 39.1M | 6.35M | -491K | 25.34M | 65.67M | 206.85M | -91.24M | -3.25M | -71.26M | -62.49M | -49.24M | -43.5M | 142.55M | 233.19M | 375.99K |
| Debt Issued (Net) | 8.76M | 25.96M | -46.77M | 25.1M | 34.31M | -31.01M | -6.18M | 662K | 23.27M | 46.65M | 194.01M | -94.44M | -5.25M | -98.82M | -53.15M | -67.94M | -54.88M | 212.34M | -426K | 350K |
| Equity Issued (Net) | -1.6M | -4.85M | -1.7M | 70K | 96.84M | 73.75M | 13.22M | 0 | 2.64M | 0 | 0 | 3.2M | 0 | 10M | 0 | 28.53M | 0 | -62.85M | 233.62M | 25K |
| Dividends Paid | -9.49M | -10.75M | -6.03M | -17.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.25M | 0 | 0 |
| Share Repurchases | 0 | -4.85M | -1.7M | 0 | -1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -63.7M | -11.8M | 0 |
| Other Financing | 805K | 3.72M | -2.12M | -1.42M | -3.72M | -3.64M | -698K | -1.15M | -561K | 22.02M | 12.89M | 0 | 2M | 17.56M | -9.35M | -9.83M | 11.38M | -2.69M | 383 | 986 |
| Net Change in Cash | 32.74M | 9.99M | -7.55M | -13.15M | 23.57M | 7.5M | 7.11M | -3.6M | -4.87M | 9.55M | 431K | -202K | -1.22M | -13.44M | -36.05M | -9.82M | 36.06M | 25.33M | 1.85M | 355.94K |
| Free Cash Flow | 17.02M | 927K | 30.83M | -33.16M | -116.56M | -30M | 759K | -25.76M | -30.21M | -56.12M | -206.42M | -14.92M | 1.03M | 2.42M | 26.44M | 31.51M | 43.19M | 25.69M | 1.58M | -20.05K |
| FCF Margin % | 10.77% | 0.55% | 27.97% | -26.53% | -76.13% | -47.36% | 0.88% | -28.14% | -40.37% | -161.9% | -1839.27% | -742.39% | 4.46% | 4.35% | 25.41% | 32.87% | 49.13% | 74.57% | - | - |
| FCF Growth % | 1736.03% | -96.99% | 192.97% | 71.55% | -288.55% | -4052.44% | 102.95% | 14.74% | 46.17% | 72.81% | -1283.33% | -1548.74% | -57.4% | -90.85% | -16.09% | -27.04% | 68.1% | 1521.47% | 8003.16% | - |
| FCF per Share | 0.83 | 0.05 | 1.67 | -1.88 | -6.09 | -8.97 | 7.92 | -1643.76 | -2022.77 | -6553.54 | -45993.98 | -13407.01 | 1034.14 | 2427.71 | 43413.79 | 51738.92 | 234711.96 | 207185.48 | 10028.01 | -501.20 |
| FCF Conversion (FCF/Net Income) | 2.53x | 1.73x | 13.73x | 2.16x | 1.95x | 0.53x | -1.12x | -0.27x | -0.86x | 0.62x | 0.53x | -0.18x | 0.09x | -0.01x | -0.13x | 238.92x | 1.44x | -0.80x | 1.10x | 4.59x |
| Interest Paid | 0 | 20.05M | 0 | 0 | 11.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Spot market rate volatility
As reported in recent financial statements, Seanergy consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio reaching 2.21 in 2025Q4, suggesting that non-cash depreciation charges play a substantial role in the company's reported earnings profile and overall cash generation quality.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash depreciation of its vessel fleet. Investors should interpret this as a sign that the business is more cash-generative than the bottom-line net income figure suggests, provided that maintenance capital requirements do not escalate.
Based on the provided quarterly data, Seanergy's free cash flow trajectory remains highly erratic, swinging from a negative $28.0 million in 2025Q1 to a positive $26.5 million by 2025Q4, reflecting the extreme sensitivity of the company's cash generation to the underlying volatility of the Capesize spot market.
The sharp fluctuations in free cash flow margins highlight the inherent risk of a pure-play shipping model where revenue is tied to cyclical charter rates. While the recent positive trend is encouraging, the lack of consistent cash flow stability warrants caution regarding the company's ability to sustain dividends during market downturns.
According to historical cash flow filings, Seanergy's capital intensity is characterized by irregular, lumpy expenditures, with CapEx/Revenue ratios spiking as high as 139.1% in 2025Q1, which suggests that periodic fleet upgrades and dry-docking requirements create significant, non-linear pressures on the company's available liquidity.
These capital outlays appear to be driven by mandatory regulatory compliance and vessel maintenance rather than consistent growth investment. Analysts should monitor whether these periodic spikes in spending will continue to constrain free cash flow as the fleet ages and environmental regulations become more stringent.
Based on recent cash flow statements, Seanergy has shifted its capital deployment strategy toward debt management and modest shareholder returns, with dividend payments totaling nearly $1 million in 2025Q4, signaling a transition toward balance sheet fortification rather than aggressive fleet expansion through new vessel acquisitions.
The reduction in acquisition activity compared to prior periods suggests management is prioritizing financial stability over fleet growth. This approach appears prudent given the cyclical nature of the industry, though it may limit the company's ability to capture upside during periods of strong market demand.
Quick answers to the most common questions about buying SHIP stock.
Seanergy Maritime Holdings Corp. (SHIP) generated $52.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seanergy Maritime Holdings Corp. (SHIP) generated $17.0M 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.
Seanergy Maritime Holdings Corp. (SHIP) spent $35.6M 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, Seanergy Maritime Holdings Corp. (SHIP) returned $9.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.