The company's asset base has shrunk significantly, with net PPE declining from $155.3 million in 2024Q3 to $85.1 million in 2025Q4.
| Total Current Assets | 33.09M | 24.48M | 19.09M | 59.81M | 994.27K | 507.47K |
| Cash & Short-Term Investments | 14.16M | 6.41M | 13.8M | 54.73M | 765.48K | 406.01K |
| Cash Only | 14.16M | 6.41M | 13.8M | 54.73M | 765.48K | 406.01K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.81M | 1.44M | 394K | 779K | 70K | 0 |
| Days Sales Outstanding | 17.46 | 11.54 | 3.99 | 12.48 | 3.45 | - |
| Inventory | 363K | 650K | 664K | 107K | 99.33K | 54.13K |
| Days Inventory Outstanding | 4.2 | 11.03 | 7.39 | 3.17 | 10.29 | 6.21 |
| Other Current Assets | 16.34M | 15.38M | 3.69M | 3.21M | 0 | 0 |
| Total Non-Current Assets | 105.59M | 147.75M | 155.72M | 65.84M | 12.44M | 13.44M |
| Property, Plant & Equipment | 85.14M | 138.15M | 152.53M | 50.2M | 12.28M | 13.04M |
| Fixed Asset Turnover | 0.44x | 0.33x | 0.24x | 0.45x | 0.60x | 0.32x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 17.41M | 3.59M | 700K | 155.55M | 0 | 0 |
| Other Non-Current Assets | 3.04M | 6.01M | 2.49M | -139.91M | 155.55K | 399.68K |
| Total Assets | 138.68M | 172.07M | 174.81M | 125.66M | 13.43M | 13.94M |
| Asset Turnover | 0.27x | 0.26x | 0.21x | 0.18x | 0.55x | 0.30x |
| Asset Growth % | -19.41% | -1.56% | 39.12% | 835.62% | -3.69% | - |
| Total Current Liabilities | 48.64M | 33.52M | 53.09M | 25.21M | 2.08M | 1.15M |
| Accounts Payable | 2.4M | 1.82M | 3.31M | 3.02M | 268.43K | 118.29K |
| Days Payables Outstanding | 27.82 | 30.93 | 36.8 | 89.36 | 27.8 | 13.57 |
| Short-Term Debt | 14.33M | 17.65M | 8.69M | 7.47M | 1.18M | 704.88K |
| Deferred Revenue (Current) | 593K | 1.4M | 527K | 1.03M | 326.37K | 123.14K |
| Other Current Liabilities | 0 | 663K | 0 | 8.2M | 0 | 0 |
| Current Ratio | 0.68x | 0.73x | 0.36x | 2.37x | 0.48x | 0.44x |
| Quick Ratio | 0.67x | 0.71x | 0.35x | 2.37x | 0.43x | 0.39x |
| Cash Conversion Cycle | -6.17 | -8.36 | -25.43 | -73.71 | -14.06 | - |
| Total Non-Current Liabilities | 33.57M | 78.47M | 55.84M | 35.87M | 4.31M | 5.48M |
| Long-Term Debt | 33.57M | 61.1M | 55.84M | 35.13M | 4.2M | 5.38M |
| Capital Lease Obligations | 0 | 16.94M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 428K | 0 | 739K | 104.55K | 98.39K |
| Total Liabilities | 82.22M | 111.98M | 108.94M | 61.09M | 6.39M | 6.63M |
| Total Debt | 64.84M | 97.72M | 95.95M | 42.61M | 5.38M | 6.09M |
| Net Debt | 50.67M | 91.31M | 82.15M | -12.13M | 4.62M | 5.68M |
| Debt / Equity | 1.15x | 1.63x | 1.46x | 0.66x | 0.76x | 0.83x |
| Debt / EBITDA | 6.04x | 7.03x | 6.77x | 1.00x | 1.47x | 5.74x |
| Net Debt / EBITDA | 4.72x | 6.57x | 5.79x | -0.29x | 1.26x | 5.36x |
| Interest Coverage | 0.03x | 0.50x | -0.66x | 16.12x | 3.75x | 2.38x |
| Total Equity | 56.47M | 60.09M | 65.87M | 64.57M | 7.04M | 7.31M |
| Equity Growth % | -6.03% | -8.78% | 2.01% | 817.11% | -3.71% | - |
| Book Value per Share | 6.37 | 6.90 | 7.88 | 8.85 | 0.57 | 0.59 |
| Total Shareholders' Equity | 52.92M | 60.09M | 65.87M | 64.57M | 7.04M | 7.31M |
| Common Stock | 0 | 1K | 1K | 1K | 7.87M | 10.31M |
| Retained Earnings | 13.45M | 20.91M | 26.95M | 29.37M | -828.3K | -3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 7K | -4K | 0 | 0 | 0 | 0 |
| Minority Interest | 3.55M | 0 | 0 | 0 | 0 | 0 |
Asset value volatility
According to recent financial filings, United Maritime Corporation has seen its total assets decline from $179.5 million in 2024Q3 to $138.7 million by 2025Q4, a trend that underscores the company's aggressive fleet recycling strategy and the ongoing reduction in its operational footprint within the dry bulk sector.
The consistent reduction in total assets suggests that management is prioritizing the liquidation of tonnage over long-term fleet expansion. This trajectory implies that the company is increasingly functioning as an asset-play vehicle rather than a traditional shipping operator, which may limit future revenue potential if market conditions improve.
As reported in quarterly balance sheets, the company's debt-to-equity ratio has fluctuated significantly, reaching 1.15 in 2025Q4, which indicates that while leverage remains manageable, the firm's reliance on debt is highly sensitive to the timing of vessel acquisitions and divestments throughout the volatile shipping cycle.
The volatility in debt levels suggests that management utilizes credit facilities opportunistically to fund vessel purchases rather than maintaining a stable capital structure. Investors should monitor whether this debt-to-equity profile remains sustainable if the company continues to face negative net margins and restricted cash flow generation.
Based on the provided data, net property, plant, and equipment (PPE) has dropped from $155.3 million in 2024Q3 to $85.1 million in 2025Q4, reflecting a substantial reduction in the company's physical asset base as it navigates the current downturn in global dry bulk shipping demand.
The sharp decline in PPE indicates that the company is shedding its core productive assets, likely to preserve liquidity or exit less efficient vessel classes. This shift necessitates a closer look at whether the remaining fleet is sufficient to generate meaningful economies of scale or if the company is effectively liquidating its business.
As evidenced by the 2025Q4 balance sheet, the current ratio stands at a precarious 0.68, which, when combined with a cash position of $14.2 million, suggests that the company maintains a limited buffer against sudden operational shocks or unexpected maintenance requirements in its aging fleet.
The low current ratio indicates that current liabilities are outpacing liquid assets, which may constrain the company's ability to meet short-term obligations without further asset sales or external financing. This liquidity profile appears vulnerable, particularly given the company's history of negative operating margins and reliance on spot-market revenue.
Financial statements reveal that the absence of goodwill on the balance sheet is a positive, yet the reliance on vessel sales to bolster equity, as seen in the 2025Q4 retained earnings of $13.5 million, masks the underlying operational weakness inherent in the company's current shipping business model.
The reliance on non-operational gains to support equity levels suggests that the headline balance sheet strength may be overstated relative to the company's ability to generate cash from core shipping activities. Investors should be wary that the book value of the fleet may not reflect the true market value if environmental regulations force premature vessel retirement.
Quick answers to the most common questions about buying USEA stock.
As of 2025, United Maritime Corporation (USEA) had total assets of $138.7M including $33.1M in current assets.
United Maritime Corporation (USEA) carries total debt of $64.8M, offset by $14.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
United Maritime Corporation (USEA) has total shareholders' equity (book value) of $52.9M ($6.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
United Maritime Corporation (USEA) reported a current ratio of 0.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.