United Maritime Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data United Maritime Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2023	FY2024	FY2025
Revenue	22.8	36.1	45.4	37.8
General and administrative	5.52	6.02	4.01	4.31
Operating income	40.5	7.08	4.82	-0.46
Interest expense	2.45	7.18	8.42	6.37
Interest income	0.01	0.43	0.31	0.22
Other non-operating income	-3.01	-6.86	-8.2	-5.76
Net income to minority interests		0	0	-0.03
Net income	37.5	0.22	-3.38	-6.19
EBITDA	42.4	16.2	14.5	7.37
EPS, basic	7.79	0.02	-0.39	-0.70
EPS, diluted	4.92	0.02	-0.39	-0.70
Shares, basic (weighted)	4.5	8.36	8.71	8.87
Shares, diluted (weighted)	7.3	8.36	8.71	8.87

Balance sheet

	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	54.7	13.8	6.41	14.2
Receivables	0.78	0.25	1.44	1.42
Inventory	0.11	0.66	0.65	0.36
Other current assets	3.21	3.69	0.5	1.2
Total current assets	59.8	19.1	24.5	33.1
Property, plant and equipment	50.2	153	138	85.1
Other non-current assets		0	1.16	1.45
Total assets	126	175	172	139
Accounts payable	3.02	3.31	1.82	2.4
Accrued liabilities	5.5	8.05	2.68	4.08
Short-term debt	7.47	8.69	17.7	14.3
Total current liabilities	25.2	53.1	33.5	48.6
Long-term debt	35.1	55.8	61.1	33.6
Other non-current liabilities	0.74	0	0.43	0
Total liabilities	61.1	109	112	82.2
Total debt	42.6	64.5	78.8	47.9
Paid-in capital	35.2	38.9	39.2	39.5
Retained earnings	29.4	27	20.9	13.5
Other comprehensive income		0	-0	0.01
Shareholders' equity	64.6	65.9	60.1	52.9
Minority interests			0	3.55
Total equity	64.6	65.9	60.1	56.5
Total liabilities and equity	126	175	172	139
Shares outstanding	8.18	8.69	8.84	9.08

Cash flow statement

	FY2022	FY2023	FY2024	FY2025
Net income	37.5	0.22	-3.38	-6.21
Depreciation and amortization	1.9	9.08	9.71	7.82
Stock-based compensation	2.79	2.52	0.78	0.48
Change in receivables	-0.66	0.53	-1.19	0.02
Change in inventory	0.09	-0.53	-0.08	0.31
Change in payables	-2.79	-1.57	-1.76	-1.69
Cash from operations	7.88	-6.23	3.26	2.21
Capital expenditures	-80.8	-81.7	-0.25	-0.67
Cash from investing	6.49	-59.1	7.95	40.4
Share buybacks	-6	-0.67	-0.47	-0.2
Dividends paid		-9.36	-2.64	-1.12
Cash from financing	55.6	9.94	-19	-34.8
Net change in cash	69.9	-55.4	-7.74	7.8
Free cash flow	-73	-88	3.02	1.54
Interest paid	1.74	6.34	7.6	5.95

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-1.2%	Operating income / revenue.
EBITDA margin	19.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-16.4%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.9%	Cash from operations / revenue.
Return on equity (ROE)	-11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.0%	Net income / average total assets.
Return on invested capital (ROIC)	-0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	20.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-16.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-109.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-49.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-44.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-32.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-34.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-48.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-11.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-19.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.68x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.91x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.5%	Total debt / total assets.
Liabilities / assets	59.3%	Total liabilities / total assets.
Net debt	$33.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.07x	Operating income / interest expense.
Working capital	-$15.6M	Current assets - current liabilities.
Tangible book value	$52.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.34x	Revenue / average property, plant and equipment.
Receivables turnover	26.4x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Capex / operating cash flow	30.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.70	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.26	Revenue / diluted weighted shares.
FCF per share	$0.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.25	Cash from operations / diluted weighted shares.
Book value per share	$5.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.83	Tangible book value / shares outstanding.
Cash per share	$1.56	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	72.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	13.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.9M	Share price x shares outstanding.
Enterprise value	$59.7M	Market cap + total debt - cash - short-term investments.
P/S	0.69x	Market cap / revenue.
P/B	0.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.49x	Market cap / tangible book value, when positive.
P/FCF	16.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	1.58x	Enterprise value / revenue.
EV/EBITDA	8.10x	Enterprise value / EBITDA, when both are positive.
EV/FCF	38.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	-23.9%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.

What was United Maritime Corp's revenue in fiscal 2025?

United Maritime Corp reported revenue of $37.8M for fiscal 2025, 16.8% lower than the year before.

Was United Maritime Corp profitable in fiscal 2025?

No. It reported a net loss of $6.2M.

How much free cash flow did United Maritime Corp generate in fiscal 2025?

Cash from operations of $2.2M minus capital expenditures of $668.0K left free cash flow of $1.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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