Operational cash flow remains inconsistent, with the company reporting a -$15.1 million outflow in 2026Q1, necessitating reliance on asset divestitures to support liquidity.
| Cash from Operations | -40.07M | -10.26M | -10.26M | 8.95M | -14.62M | 18.24M | -21.51M | 15.44M | -53.02M | 34.74M | -29.19M | 20.2M | 68.91M |
| Operating CF Margin % | - | -4.5% | -3.78% | 3.2% | -6.73% | 10.67% | -15.16% | 8.85% | -29.6% | 28.15% | -13.53% | 5.48% | 13% |
| Operating CF Growth % | -1994.7% | 0% | -214.7% | 161.21% | -180.11% | 184.83% | -239.29% | 129.12% | -252.64% | 219.03% | -244.46% | -70.68% | - |
| Net Income | -28.16M | -78.12M | -78.12M | -9.31M | -71.65M | 10.21M | -79.28M | -85.11M | -82.05M | -38.54M | -133.15M | -26.85M | 48.08M |
| Depreciation & Amortization | 44.59M | 51.63M | 51.63M | 53.82M | 55.96M | 57.4M | 57.17M | 57.17M | 72.25M | 62.78M | 58.07M | 61.73M | 64.61M |
| Stock-Based Compensation | 6.08M | 6.46M | 6.46M | 6M | 0 | 0 | 0 | 0 | 4.39M | 1.41M | 0 | 0 | 4.4M |
| Deferred Taxes | -1.42M | -13.68M | -13.68M | -5.06M | 97K | 4.86M | 2.26M | -12.89M | -22.74M | -61.01M | -48.05M | -16.49M | 0 |
| Other Non-Cash Items | -60.27M | 23.98M | 26.63M | -8.38M | -8.43M | -80.24M | 40.33M | 44.58M | 11.78M | 41.39M | -13.15M | -37.69M | -64.58M |
| Working Capital Changes | -890K | -523K | -3.17M | -28.11M | 9.41M | 26.02M | -41.98M | 11.69M | -36.65M | 28.71M | -19.43M | 19.44M | 16.4M |
| Change in Receivables | 71K | 11.14M | -4.6M | -17.21M | -652K | 22.44M | -30.16M | 10.18M | -18.98M | 28.94M | 5.64M | 39.87M | 15.46M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -94.24M | -71.84M | -187.63M | 0 | 0 |
| Change in Payables | -1.19M | -11.74M | 2.75M | 0 | 7.5M | 471K | -18.34M | 957K | -18.85M | -6.46M | -6.99M | 0 | 0 |
| Cash from Investing | 99.45M | 17.56M | 17.56M | 49.13M | 57.8M | 62.36M | -4.5M | 12.25M | -31.15M | -32.26M | -15.67M | -88.2M | 93.04M |
| Capital Expenditures | -34.08M | -7.29M | -7.29M | -10.6M | -462K | -7M | -20.81M | -44.77M | -51.98M | -69.02M | -100.88M | -87.77M | -83.51M |
| CapEx % of Revenue | 15.73% | 3.2% | 2.69% | 3.79% | 0.21% | 4.1% | 14.67% | 25.67% | 29.01% | 55.92% | 46.78% | 23.79% | 15.76% |
| Acquisitions | 57.46M | 0 | 24.86M | 0 | 6.73M | 68.85M | 29.82M | 89.35M | -35.71M | -5.72M | -16.86M | -9.8M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 76.07M | 24.86M | 0 | 59.73M | -14.47M | 3.35M | -2.86M | -15.39M | 56.54M | 35.3M | 60.53M | 32.32M | 176.55M |
| Cash from Financing | -29.38M | -15.29M | -15.29M | -16.99M | -41.35M | -78.9M | -21.66M | -22.55M | 69.25M | -11.73M | 15.59M | 115.1M | -87.75M |
| Debt Issued (Net) | -13.81M | -11.7M | -7.83M | -12.82M | -38.15M | -78.12M | -22.6M | -23.97M | 11.61M | -5.38M | 15.79M | 161.79M | -86.62M |
| Equity Issued (Net) | -13.76M | -13.76M | 140K | 24K | 151K | 11K | 2K | 1.42M | 43M | 0 | 0 | 6.9M | 0 |
| Dividends Paid | 0 | -2.92M | 0 | 0 | 0 | 0 | 0 | 0 | -1.72M | -2.66M | 0 | -1.84M | -400K |
| Share Repurchases | -13.76M | -13.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.81M | 13.08M | -7.6M | -4.19M | -3.35M | -785K | 941K | 0 | 16.36M | -3.69M | -205K | -51.75M | -726K |
| Net Change in Cash | 30M | -7.99M | -7.99M | 41.09M | 1.82M | 5.2M | -48.47M | -8.77M | -15.7M | -7.08M | -31.75M | 45.47M | 71.92M |
| Free Cash Flow | -74.14M | -17.56M | -17.56M | -1.66M | -15.08M | 11.24M | -42.31M | -29.34M | -105M | -34.28M | -130.07M | -67.56M | -14.6M |
| FCF Margin % | -34.23% | -7.71% | -6.47% | -0.59% | -6.94% | 6.58% | -29.83% | -16.82% | -58.61% | -27.78% | -60.32% | -18.32% | -2.76% |
| FCF Growth % | -88.99% | 0% | -959.51% | 89.01% | -234.13% | 126.57% | -44.24% | 72.06% | -206.3% | 73.64% | -92.52% | -362.63% | - |
| FCF per Share | -2.88 | -0.67 | -0.63 | -0.06 | -0.57 | 0.44 | -1.71 | -1.25 | -5.02 | -1.95 | -7.35 | -3.82 | -0.83 |
| FCF Conversion (FCF/Net Income) | 2.63x | 0.37x | 0.13x | -0.96x | 0.20x | 0.55x | 0.27x | -0.17x | 0.68x | -1.06x | 0.22x | -0.74x | 1.43x |
| Interest Paid | 7.18M | 0 | 0 | 31.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 2.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to recent financial disclosures, SMHI exhibits a recurring inability to convert net income into positive operating cash flow, with the 2026Q1 OCF/NI ratio of 0.96 failing to mask the underlying cash burn that has plagued the company for the majority of the last ten quarters.
The consistent failure to generate positive operating cash flow despite significant depreciation add-backs suggests that the company's core operations are not yet self-sustaining. Investors should monitor whether this reflects structural inefficiencies in vessel utilization or if the high fixed-cost nature of the fleet prevents meaningful cash generation at current revenue levels.
As reported in quarterly filings, SMHI's free cash flow remains deeply negative, reaching a low of -$32.3 million in 2025Q1, which indicates that the company is currently consuming rather than generating liquidity to support its ongoing fleet modernization and maintenance requirements in a challenging offshore market.
The persistent negative FCF margins, which hit -47.9% in 2026Q1, underscore the difficulty of funding capital-intensive maritime operations without a robust revenue base. This trajectory suggests that the company may remain reliant on external financing or asset divestitures to bridge the gap between operational cash needs and capital expenditure.
Based on historical data, SMHI's capital expenditure as a percentage of revenue has remained elevated, peaking at 37.5% in 2025Q1, which highlights the heavy financial burden of maintaining a specialized hybrid-battery fleet while top-line revenue continues to face significant downward pressure across its primary operating regions.
The high capital intensity relative to revenue suggests that the company is prioritizing fleet quality over immediate cash preservation. Analysts should investigate whether these expenditures are truly growth-oriented or if they represent essential maintenance capex required to keep aging or specialized assets compliant with modern offshore service standards.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $7.1 million inflow in 2025Q2 to a $5.5 million outflow in 2025Q3, reflecting the inherent difficulty in managing receivables and payables within a cyclical and project-based marine shipping business.
This volatility suggests that the company's cash position is highly sensitive to the timing of contract payments and the settlement of operational liabilities. Investors should monitor these fluctuations closely, as they may indicate potential friction in the collection cycle or shifts in the company's ability to manage vendor credit terms.
According to reported figures, SMHI has frequently utilized net proceeds from asset sales, such as the $31.6 million inflow in 2025Q2, to offset operational cash burn, a strategy that appears to be a primary mechanism for maintaining liquidity in the absence of consistent internally generated cash flow.
The reliance on asset sales to fund operations warrants further investigation into the long-term sustainability of the fleet size. If the company continues to divest assets to cover operating deficits, it may eventually reach a point where the remaining fleet is insufficient to capture a meaningful market recovery.
Quick answers to the most common questions about buying SMHI stock.
SEACOR Marine Holdings Inc. (SMHI) generated $-10.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SEACOR Marine Holdings Inc. (SMHI) reported negative free cash flow of $17.6M in 2025, indicating capital requirements exceeded cash from operations.
SEACOR Marine Holdings Inc. (SMHI) spent $7.3M 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, SEACOR Marine Holdings Inc. (SMHI) returned $2.9M to shareholders via cash dividends and spent $13.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.