United Maritime Corporation (USEA) 10-Year Financial Performance & Capital Metrics

USEA • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutUnited Maritime Corporation, a shipping company, provides seaborne transportation services worldwide. It owns one Capesize dry bulk vessel having a carrying capacity of 171,314 deadweight tons. The company was incorporated in 2022 and is based in Glyfada, Greece. United Maritime Corporation operates independently of Seanergy Maritime Holdings Corp. as of July 5, 2022.Show more

Revenue $45M +26.0%
EBITDA $14M -2.0%
Net Income -$3M -1630.8%
EPS (Diluted) -0.39 -2682.8%
Gross Margin 52.65% +482.7%
EBITDA Margin 30.58% -22.2%
Operating Margin 10.6% -46.0%
Net Margin -7.45% -1315.1%
ROE -5.37% -1685.0%
ROIC 2.41% -54.4%
Debt/Equity 1.63 +11.6%
Interest Coverage 0.57 -41.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.2%
✓Healthy 5Y average net margin of 42.7%
✓Trading at only 0.3x book value

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y83.16%

TTM-8.96%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-86.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM-89.39%

ROCE

10Y Avg21.81%

5Y Avg21.81%

3Y Avg27.51%

Latest3.7%

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 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.12M	7.4M	22.78M	36.07M	45.44M
Revenue Growth %	-	0.79%	2.08%	0.58%	0.26%
Cost of Goods Sold+	3.18M	3.52M	12.33M	32.81M	21.52M
COGS % of Revenue	0.77%	0.48%	0.54%	0.91%	0.47%
Gross Profit+	941.43K	3.87M	10.46M	3.26M	23.92M
Gross Margin %	0.23%	0.52%	0.46%	0.09%	0.53%
Gross Profit Growth %	-	3.11%	1.7%	-0.69%	6.34%
Operating Expenses+	640.46K	955.65K	-30.05M	-3.82M	19.11M
OpEx % of Revenue	0.16%	0.13%	-1.32%	-0.11%	0.42%
Selling, General & Admin	300.7K	613.4K	5.52M	7.98M	6.27M
SG&A % of Revenue	0.07%	0.08%	0.24%	0.22%	0.14%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	339.75K	342.25K	-35.57M	-11.8M	12.83M
Operating Income+	300.97K	2.92M	40.5M	7.08M	4.82M
Operating Margin %	0.07%	0.39%	1.78%	0.2%	0.11%
Operating Income Growth %	-	8.69%	12.89%	-0.83%	-0.32%
EBITDA+	1.06M	3.67M	42.41M	14.18M	13.9M
EBITDA Margin %	0.26%	0.5%	1.86%	0.39%	0.31%
EBITDA Growth %	-	2.46%	10.55%	-0.67%	-0.02%
D&A (Non-Cash Add-back)	758.84K	756.76K	1.9M	7.1M	9.08M
EBIT	1.68M	2.79M	39.53M	-4.72M	4.22M
Net Interest Income+	-708.45K	-743.69K	-2.44M	-6.64M	-8.1M
Interest Income	0	0	13K	542K	314K
Interest Expense	708.45K	743.69K	2.45M	7.18M	8.42M
Other Income/Expense	790.24K	-744.9K	-3.01M	-6.86M	-8.2M
Pretax Income+	1.09M	2.17M	37.49M	221K	-3.38M
Pretax Margin %	0.26%	0.29%	1.65%	0.01%	-0.07%
Income Tax+	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%
Net Income+	1.09M	2.17M	37.49M	221K	-3.38M
Net Margin %	0.26%	0.29%	1.65%	0.01%	-0.07%
Net Income Growth %	-	0.99%	16.27%	-0.99%	-16.31%
Net Income (Continuing)	1.09M	2.17M	37.49M	221K	-3.38M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	0.09	1.44	4.92	0.02	-0.39
EPS Growth %	-	15.23%	2.42%	-1%	-26.83%
EPS (Basic)	0.09	1.44	7.79	0.02	-0.39
Diluted Shares Outstanding	12.31M	12.31M	7.3M	8.36M	8.71M
Basic Shares Outstanding	12.31M	12.31M	9.11M	8.36M	8.71M
Dividend Payout Ratio	-	-	-	42.37%	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	507.47K	994.27K	59.81M	19.09M	24.48M
Cash & Short-Term Investments	406.01K	765.48K	54.73M	13.8M	6.41M
Cash Only	406.01K	765.48K	54.73M	13.8M	6.41M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	0	70K	779K	394K	1.44M
Days Sales Outstanding	-	3.45	12.48	3.99	11.54
Inventory	54.13K	99.33K	107K	664K	650K
Days Inventory Outstanding	6.21	10.29	3.17	7.39	11.03
Other Current Assets	0	0	3.21M	3.69M	15.38M
Total Non-Current Assets+	13.44M	12.44M	65.84M	155.72M	147.75M
Property, Plant & Equipment	13.04M	12.28M	50.2M	152.53M	138.15M
Fixed Asset Turnover	0.32x	0.60x	0.45x	0.24x	0.33x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
Long-Term Investments	0	0	155.55M	700K	3.59M
Other Non-Current Assets	399.68K	155.55K	-139.91M	2.49M	6.01M
Total Assets+	13.94M	13.43M	125.66M	174.81M	172.07M
Asset Turnover	0.30x	0.55x	0.18x	0.21x	0.26x
Asset Growth %	-	-0.04%	8.36%	0.39%	-0.02%
Total Current Liabilities+	1.15M	2.08M	25.21M	53.09M	33.52M
Accounts Payable	118.29K	268.43K	3.02M	3.31M	1.82M
Days Payables Outstanding	13.57	27.8	89.36	36.8	30.93
Short-Term Debt	704.88K	1.18M	7.47M	8.69M	17.65M
Deferred Revenue (Current)	123.14K	326.37K	1000K	527K	1000K
Other Current Liabilities	0	0	8.2M	0	663K
Current Ratio	0.44x	0.48x	2.37x	0.36x	0.73x
Quick Ratio	0.39x	0.43x	2.37x	0.35x	0.71x
Cash Conversion Cycle	-	-14.06	-73.71	-25.43	-8.36
Total Non-Current Liabilities+	5.48M	4.31M	35.87M	55.84M	78.47M
Long-Term Debt	5.38M	4.2M	35.13M	55.84M	61.1M
Capital Lease Obligations	0	0	0	0	16.94M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	98.39K	104.55K	739K	0	428K
Total Liabilities	6.63M	6.39M	61.09M	108.94M	111.98M
Total Debt+	6.09M	5.38M	42.61M	95.95M	97.72M
Net Debt	5.68M	4.62M	-12.13M	82.15M	91.31M
Debt / Equity	0.83x	0.76x	0.66x	1.46x	1.63x
Debt / EBITDA	5.74x	1.47x	1.00x	6.77x	7.03x
Net Debt / EBITDA	5.36x	1.26x	-0.29x	5.79x	6.57x
Interest Coverage	0.42x	3.92x	16.52x	0.99x	0.57x
Total Equity+	7.31M	7.04M	64.57M	65.87M	60.09M
Equity Growth %	-	-0.04%	8.17%	0.02%	-0.09%
Book Value per Share	0.59	0.57	8.85	7.88	6.90
Total Shareholders' Equity	7.31M	7.04M	64.57M	65.87M	60.09M
Common Stock	10.31M	7.87M	1K	1K	1K
Retained Earnings	-3M	-828.3K	29.37M	26.95M	20.91M
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	0	-4K
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-444.61K	3.66M	7.88M	-6.23M	3.26M
Operating CF Margin %	-0.11%	0.49%	0.35%	-0.17%	0.07%
Operating CF Growth %	-	9.23%	1.15%	-1.79%	1.52%
Net Income	1.09M	2.17M	37.49M	221K	-3.38M
Depreciation & Amortization	758.84K	1.17M	1.9M	9.08M	9.71M
Stock-Based Compensation	0	0	2.79M	2.52M	779K
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	-1.08M	337.12K	-34.99M	-10.67M	4.14M
Working Capital Changes	-1.22M	-24.55K	681K	-7.38M	-7.98M
Change in Receivables	480.77K	-70K	-660K	385K	-1.04M
Change in Inventory	-3.35K	-45.19K	87K	-531K	-82K
Change in Payables	0	0	-2.79M	-1.57M	-1.76M
Cash from Investing+	-10.78K	-56.07K	6.49M	-59.14M	7.95M
Capital Expenditures	-10.78K	-56.07K	-93.52M	-81.75M	-249K
CapEx % of Revenue	0%	0.01%	4.1%	2.27%	0.01%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	0	100.01M	22.61M	11.93M
Cash from Financing+	-730.95K	-3.24M	55.57M	9.94M	-18.95M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	-243K	-9.36M	-2.64M
Share Repurchases	-	-	-	-	-
Other Financing	1.78M	0	-909K	-1.8M	2.79M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-455.39K	3.6M	-85.64M	-87.98M	3.02M
FCF Margin %	-0.11%	0.49%	-3.76%	-2.44%	0.07%
FCF Growth %	-	8.91%	-24.78%	-0.03%	1.03%
FCF per Share	-0.04	0.29	-11.73	-10.52	0.35
FCF Conversion (FCF/Net Income)	-0.41x	1.69x	0.21x	-28.18x	-0.96x
Interest Paid	454.58K	642.22K	1.74M	6.33M	7.6M
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.92%	30.24%	104.71%	0.34%	-5.37%
Return on Invested Capital (ROIC)	-	17.74%	94.78%	5.3%	2.41%
Gross Margin	22.83%	52.34%	45.9%	9.04%	52.65%
Net Margin	26.46%	29.35%	164.55%	0.61%	-7.45%
Debt / Equity	0.83x	0.76x	0.66x	1.46x	1.63x
Interest Coverage	0.42x	3.92x	16.52x	0.99x	0.57x
FCF Conversion	-0.41x	1.69x	0.21x	-28.18x	-0.96x
Revenue Growth	-	79.32%	208.09%	58.3%	25.99%

Revenue by Segment

	2022
Spot Charter	9.24M
Spot Charter Growth	-

Frequently Asked Questions

Growth & Financials

United Maritime Corporation (USEA) reported $42.0M in revenue for fiscal year 2024. This represents a 919% increase from $4.1M in 2020.

United Maritime Corporation (USEA) grew revenue by 26.0% over the past year. This is strong growth.

United Maritime Corporation (USEA) reported a net loss of $4.3M for fiscal year 2024.

Dividend & Returns

Yes, United Maritime Corporation (USEA) pays a dividend with a yield of 17.14%. This makes it attractive for income-focused investors.

United Maritime Corporation (USEA) has a return on equity (ROE) of -5.4%. Negative ROE indicates the company is unprofitable.

United Maritime Corporation (USEA) generated $3.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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