The company's top-line performance remains under pressure, evidenced by a 20.2% year-over-year revenue contraction and a 2026Q1 operating margin of -31.2%.
| Sales/Revenue | 216.62M | 227.83M | 271.36M | 279.51M | 217.32M | 170.94M | 141.84M | 174.45M | 179.16M | 123.42M | 215.64M | 368.87M | 529.94M |
| Revenue Growth % | -17.98% | -16.04% | -2.92% | 28.61% | 27.13% | 20.52% | -18.7% | -2.63% | 45.16% | -42.76% | -41.54% | -30.39% | - |
| Cost of Goods Sold | 174.85M | 181.77M | 250.56M | 216.22M | 231.81M | 190.89M | 155.84M | 182.53M | 193.97M | 179.58M | 224.99M | 337.7M | 365.09M |
| COGS % of Revenue | - | 79.78% | 92.33% | 77.36% | 106.67% | 111.67% | 109.87% | 104.63% | 108.27% | 145.5% | 104.34% | 91.55% | 68.89% |
| Gross Profit | 41.77M | 46.06M | 20.8M | 63.29M | -14.49M | -19.95M | -14M | -8.08M | -14.81M | -56.16M | -9.36M | 31.17M | 164.85M |
| Gross Margin % | 19.28% | 20.22% | 7.67% | 22.64% | -6.67% | -11.67% | -9.87% | -4.63% | -8.27% | -45.5% | -4.34% | 8.45% | 31.11% |
| Gross Profit Growth % | - | 121.41% | -67.13% | 536.92% | 27.37% | -42.46% | -73.35% | 45.47% | 73.63% | -500.09% | -130.03% | -81.09% | - |
| Operating Expenses | 36.62M | 32.34M | 31.23M | 27.77M | 39.51M | 17.2M | 57.64M | 46.25M | 53.6M | 73.49M | 165.53M | 70.1M | 88.88M |
| OpEx % of Revenue | - | 14.2% | 11.51% | 9.94% | 18.18% | 10.06% | 40.64% | 26.51% | 29.92% | 59.54% | 76.76% | 19% | 16.77% |
| Selling, General & Admin | 45.95M | 47.48M | 44.71M | 49.18M | 40.91M | 37.64M | 40.05M | 39.79M | 41.62M | 49.87M | 49.31M | 53.09M | 58.35M |
| SG&A % of Revenue | - | 20.84% | 16.48% | 17.6% | 18.82% | 22.02% | 28.24% | 22.81% | 23.23% | 40.4% | 22.87% | 14.39% | 11.01% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -15.14M | -13.48M | -21.41M | -1.4M | -20.44M | 17.59M | 6.46M | 11.99M | 23.62M | 116.22M | 17.02M | 0 |
| Operating Income | 5.14M | 13.72M | -10.43M | 35.52M | -54M | -37.15M | -71.64M | -54.33M | -68.41M | -129.64M | -174.89M | -38.94M | 41.88M |
| Operating Margin % | 2.37% | 6.02% | -3.84% | 12.71% | -24.85% | -21.73% | -50.51% | -31.14% | -38.19% | -105.04% | -81.1% | -10.56% | 7.9% |
| Operating Income Growth % | - | 231.52% | -129.36% | 165.78% | -45.36% | 48.15% | -31.86% | 20.59% | 47.23% | 25.87% | -349.18% | -192.96% | - |
| EBITDA | 49.73M | 60.79M | 41.2M | 89.34M | 1.96M | 20.25M | -14.47M | 2.84M | -7M | -69.34M | -116.82M | 22.79M | 106.5M |
| EBITDA Margin % | 22.96% | 26.68% | 15.18% | 31.96% | 0.9% | 11.84% | -10.2% | 1.63% | -3.9% | -56.18% | -54.17% | 6.18% | 20.1% |
| EBITDA Growth % | 6.99% | 47.54% | -53.88% | 4462.77% | -90.33% | 239.9% | -609.94% | 140.57% | 89.91% | 40.65% | -612.5% | -78.6% | - |
| D&A (Non-Cash Add-back) | 44.59M | 47.07M | 51.63M | 53.82M | 55.96M | 57.4M | 57.17M | 57.17M | 61.42M | 60.31M | 58.07M | 61.73M | 64.61M |
| EBIT | 54.65M | 16.98M | -42.42M | 33.43M | -40.37M | 34.74M | -67.42M | -55.52M | -65.71M | -101.75M | -180.3M | -48.46M | 41.88M |
| Net Interest Income | -71.48M | -34.19M | -38.86M | -36.06M | -28.92M | -26.81M | -29.42M | -27.57M | -25.55M | -14.25M | -5.55M | -2.59M | 0 |
| Interest Income | 1.91M | 1.86M | 1.77M | 1.44M | 784K | 1.3M | 1.27M | 1.39M | 1.17M | 1.8M | 4.46M | 1.53M | 5.95M |
| Interest Expense | 73.39M | 36.05M | 40.63M | 37.5M | 29.71M | 28.11M | 30.69M | 28.96M | 26.73M | 16.04M | 10.01M | 4.12M | 0 |
| Other Income/Expense | -23.22M | -32.78M | -70.31M | -36.03M | -9.07M | 58.85M | -34.63M | -30.15M | -28.03M | 15.71M | -21.73M | -4.88M | 28.14M |
| Pretax Income | -18.08M | -19.07M | -80.74M | -515K | -63.07M | 21.7M | -106.27M | -84.47M | -96.44M | -113.94M | -196.62M | -43.82M | 70.02M |
| Pretax Margin % | -8.35% | -8.37% | -29.75% | -0.18% | -29.02% | 12.7% | -74.92% | -48.42% | -53.83% | -92.32% | -91.18% | -11.88% | 13.21% |
| Income Tax | 10.08M | 8.78M | -2.62M | 8.8M | 8.58M | 11.49M | -22.92M | -7.97M | -13.46M | -74.41M | -63.47M | -16.97M | 21.03M |
| Effective Tax Rate % | -55.78% | -46.05% | 3.24% | -1708.54% | -13.61% | 52.95% | 21.57% | 9.43% | 13.96% | 65.31% | 32.28% | 38.73% | 30.04% |
| Net Income | -28.16M | -27.84M | -78.12M | -9.31M | -71.65M | 33.14M | -78.92M | -92.84M | -77.61M | -32.9M | -132.05M | -27.25M | 48.08M |
| Net Margin % | -13% | -12.22% | -28.79% | -3.33% | -32.97% | 19.38% | -55.64% | -53.22% | -43.32% | -26.66% | -61.24% | -7.39% | 9.07% |
| Net Income Growth % | 60.08% | 64.36% | -738.78% | 87% | -316.23% | 141.99% | 15% | -19.62% | -135.88% | 75.08% | -384.59% | -156.68% | - |
| Net Income (Continuing) | -28.16M | -27.84M | -78.12M | -9.31M | -71.65M | 10.21M | -83.35M | -90.96M | -82.98M | -39.53M | -133.15M | -26.85M | 48.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 22.93M | 364K | -7.73M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 321K | 321K | 321K | 321K | 321K | 320K | 319K | 21.43M | 29.4M | 14.97M | 5.54M | 7.95M | 8.85M |
| EPS (Diluted) | -1.09 | -1.06 | -2.82 | -0.34 | -2.95 | -0.19 | -3.03 | -3.19 | -3.71 | -1.87 | -7.46 | -1.54 | 2.72 |
| EPS Growth % | 57.87% | 62.41% | -729.41% | 88.47% | -1452.63% | 93.73% | 5.02% | 14.02% | -98.4% | 74.93% | -384.42% | -156.6% | - |
| EPS (Basic) | - | -1.06 | -2.82 | -0.34 | -2.95 | -0.19 | -3.03 | -3.19 | -3.71 | -1.87 | -7.47 | -1.54 | 2.72 |
| Diluted Shares Outstanding | 25.78M | 26.22M | 27.66M | 27.08M | 26.63M | 25.5M | 24.79M | 23.51M | 20.93M | 17.6M | 17.7M | 17.7M | 17.67M |
| Basic Shares Outstanding | 25.78M | 26.22M | 27.66M | 27.08M | 26.63M | 25.44M | 24.79M | 23.51M | 20.93M | 17.6M | 17.67M | 17.67M | 17.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 0.83% |
Persistent negative operating margins
As reported in recent financial statements, SMHI's revenue has experienced a sustained decline, culminating in a 20.2% year-over-year contraction in 2026Q1, which suggests that the company is struggling to maintain its top-line momentum amidst a challenging offshore service environment and shifting regional demand patterns.
The consistent downward trajectory in quarterly revenue indicates that the company's specialized fleet may be facing significant utilization headwinds. Investors should monitor whether this contraction reflects a strategic exit from lower-margin legacy assets or a broader inability to secure new contracts in key geographic markets.
Based on the provided income statement data, SMHI's gross margin has exhibited extreme volatility, swinging from a 91% peak in 2025Q4 to a negative 8.7% in 2026Q1, which highlights the company's difficulty in maintaining consistent pricing power and operational efficiency across its specialized vessel fleet.
The erratic nature of these margins suggests that the company's high fixed-cost structure is highly sensitive to even minor fluctuations in utilization. The inability to sustain positive gross margins implies that the current day rates may not be sufficient to cover the technical labor and maintenance costs inherent in their hybrid-battery fleet.
According to the company's historical filings, operating income has frequently turned negative, with a 2026Q1 operating margin of -31.2%, indicating that the firm lacks the necessary scale to leverage its SG&A expenses effectively against its current, diminished revenue base.
The persistent gap between gross profit and operating income suggests that overhead costs remain stubbornly high relative to the company's output. This lack of operating leverage warrants further investigation into whether management can rationalize the cost structure without compromising the technical capabilities of their specialized vessel fleet.
As indicated by the reported figures, SMHI's net income has remained consistently negative in most periods, with a -35.7% net margin in 2026Q1, suggesting that non-operating items and high depreciation charges continue to weigh heavily on the bottom line despite a relatively clean debt-to-equity profile.
The recurring net losses, despite the company's focus on high-spec assets, raise questions regarding the long-term profitability of the current business model. Investors should be cautious of the impact that potential asset impairments or non-cash charges may have on future earnings, as the current structure appears unable to generate consistent shareholder value.
While management emphasizes their hybrid-battery fleet as a competitive advantage, the financial data suggests that this strategy has yet to translate into operational profitability, as evidenced by the -12.22% net margin and the recent 16.04% year-over-year revenue decline observed in the latest reporting period.
Short-term observers may argue that the company's focus on green technology is a distraction from the fundamental need for higher utilization rates in traditional offshore markets. The market may be overestimating the near-term revenue potential of the wind-support segment while underestimating the ongoing cash burn required to maintain a high-tech fleet.
Quick answers to the most common questions about buying SMHI stock.
For fiscal year 2025, SEACOR Marine Holdings Inc. (SMHI) reported total revenue of $227.8M. This represents a 57.0% decline compared to $529.9M in 2014.
SEACOR Marine Holdings Inc. (SMHI) reported a net loss of $27.8M for the fiscal year ending 2025.
SEACOR Marine Holdings Inc. (SMHI) reported an operating income of $13.7M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SEACOR Marine Holdings Inc. (SMHI) generated $46.1M in gross profit for the year, representing a gross profit margin of 20.2%. This demonstrates the company's core pricing power and production efficiency.