Odyssey Marine Exploration Inc is a US-listed company in the marine transportation industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Odyssey Marine Exploration Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Odyssey Marine Exploration Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Odyssey Marine Exploration has little or no product revenue yet; it used $17m of cash in the twelve months to September 2026.
Our model value for Odyssey Marine Exploration is under review, so past values are not shown until it is resolved.
Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation
Odyssey Marine Exploration has little or no product revenue yet; it used $13m of cash in the twelve months to June 2026. It passes 0 of our 3 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Odyssey Marine Exploration Inc's trailing-twelve-month revenue fell 50.3% year on year, with a free-cash-flow margin of -7465.0%.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 122.2% while net income fell 1.1%: a 121pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Odyssey Marine Exploration Inc shares closed at $11.30, their highest level in a year. Here is how the price compares with the company's own figures and our model's value.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Odyssey Marine Exploration Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.59 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.1–$0.2 | Left out: out of range vs price (0.00x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Odyssey Marine Exploration Inc with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $81.00 | $85.50 | $94.25 | $83.25 | $79.75 | $177.50 | $130.00 | $97.00 | $116.25 | $18.00 | $49.00 |
| Market value | $601m | $647m | $774m | $715m | $745m | $1.9bn | $1.7bn | $1.7bn | $2.3bn | $511m | $1.9bn |
| + Net debt (− = net cash) | $558683 | $3m | $2m | −$3m | −$213389 | −$6m | −$2m | −$1m | −$4m | −$5m | −$4m |
| Enterprise value | $601m | $649m | $776m | $712m | $745m | $1.9bn | $1.7bn | $1.7bn | $2.3bn | $506m | $1.9bn |
| Multiples | |||||||||||
| Price / sales | 112.7x | 138.1x | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — | — | — | — | n/m | 32.6x | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | n/m | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Odyssey Marine Exploration's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 12.5% of total assets over 9 years.
Gross margin has been a median 100.0%, moving by 13.7 percentage points (standard deviation) across 8 years.
Operating margin has been a median -1289.3%; its worst year was -9982.8%.
Free cash flow was positive in 1 of 10 years, at a median -474.6% of revenue.
The diluted share count rose 152.5% over five years; stock-based pay has been a median 103.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).
Next results: November 12, 2026, after the close.
No analyst estimates are published for Odyssey Marine Exploration Inc: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| OMEX | −27% | −25% | +20% | −85% | +172% | −75% |
| Industry peers (median) | +27% | +15% | +22% | −10% | +20% | +33% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| OMEX | 25% | 42% | 67% | 25% | 42% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| OMEX | −39% | −67% | −36% | −94% | −61% | −81% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 97% from April 16, 2018 to April 7, 2025. Getting back needed a 3738% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $803.8K |
| FY24 Q1 | $718.1K |
| FY24 Q2 | $761.1K |
| FY24 Q3 | $799.1K |
| FY24 Q4 | $768.7K |
| FY25 Q1 | $700.6K |
| FY25 Q2 | $620K |
| FY25 Q3 | $467.1K |
| FY25 Q4 | $353.7K |
| FY26 Q1 | $241.2K |
| FY26 Q2 | $184.1K |
| FY26 Q3 | $232K |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | -39.8% |
| FY24 Q1 | -45.8% |
| FY24 Q2 | -31.2% |
| FY24 Q3 | -13.5% |
| FY24 Q4 | -4.4% |
| FY25 Q1 | -2.4% |
| FY25 Q2 | -18.5% |
| FY25 Q3 | -41.5% |
| FY25 Q4 | -54.0% |
| FY26 Q1 | -65.6% |
| FY26 Q2 | -70.3% |
| FY26 Q3 | -50.3% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -1286.1% |
| FY24 Q1 | -1704.8% |
| FY24 Q2 | -1630.7% |
| FY24 Q3 | -1604.7% |
| FY24 Q4 | -1561.8% |
| FY25 Q1 | -1357.9% |
| FY25 Q2 | -1753.5% |
| FY25 Q3 | -2169.7% |
| FY25 Q4 | -3797.1% |
| FY26 Q1 | -7302.9% |
| FY26 Q2 | -11370.0% |
| FY26 Q3 | -9982.8% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -1432.9% |
| FY24 Q1 | -1225.0% |
| FY24 Q2 | 109.1% |
| FY24 Q3 | 15.7% |
| FY24 Q4 | 72.6% |
| FY25 Q1 | 53.6% |
| FY25 Q2 | -1170.4% |
| FY25 Q3 | -1668.6% |
| FY25 Q4 | -2506.3% |
| FY26 Q1 | -4446.7% |
| FY26 Q2 | -7290.0% |
| FY26 Q3 | -7465.0% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 4 | 21 | 16 | 13 | 24 | 1 | 5 | 5 | 1 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 0 | 0 |
| EBITDA | −16 | −14 | −13 | −14 | −15 | −23 | −20 | −9 | −8 | −6 | −10 | −13 | −15 | −18 | −10 | −12 | −13 | −23 |
| Operating income | −18 | −16 | −15 | −16 | −17 | −28 | −22 | −11 | −8 | −6 | −10 | −13 | −15 | −18 | −10 | −12 | −13 | −23 |
| Net income | −19 | −23 | −16 | −18 | −11 | −26 | −18 | −6 | −8 | −5 | −10 | −15 | −10 | −22 | 5 | 16 | −43 | −31 |
| Diluted EPS | −$0.33 | −$4.32 | −$3.36 | −$3.00 | −$1.61 | −$3.74 | −$2.46 | −$0.84 | −$0.95 | −$0.60 | −$1.12 | −$1.41 | −$0.75 | −$1.28 | $0.27 | $0.07 | −$1.10 | — |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +383.1% | −25.1% | −16.1% | +81.2% | −94.5% | +302.9% | −12.1% | −73.3% | +162.4% | −6.2% | −33.7% | −54.8% | +44.9% | −39.8% | −4.4% | −54.0% | −50.3% |
| Net income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +192.9% | −375.2% | — |
| Diluted EPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −74.1% | <−999% | — |
| Margins | ||||||||||||||||||
| EBITDA margin | −369.8% | −67.8% | −85.7% | −106.1% | −62.8% | <−999% | −377.2% | −202.6% | −608.4% | −171.4% | −332.9% | −619.4% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | −422.2% | −78.1% | −97.7% | −118.1% | −70.9% | <−999% | −403.8% | −225.3% | −669.4% | −185.2% | −336.7% | −619.9% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | −428.5% | −111.2% | −103.2% | −137.8% | −44.9% | <−999% | −341.6% | −134.9% | −621.5% | −157.9% | −339.7% | −726.7% | <−999% | <−999% | 665.1% | >999% | <−999% | <−999% |
| Free-cash-flow margin | −316.2% | −65.7% | −102.8% | −57.9% | −101.0% | <−999% | −322.9% | −180.1% | — | −197.3% | −177.7% | −450.5% | −591.0% | −875.7% | <−999% | 72.6% | <−999% | <−999% |
| Cash flow | ||||||||||||||||||
| Cash from operations | −13 | −12 | −15 | −7 | −20 | −29 | −17 | −8 | −6 | −6 | −5 | −9 | −5 | −10 | −10 | 1 | −9 | −17 |
| Capital spending | 1 | 2 | 1 | 1 | 5 | 3 | 0 | 0 | — | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow | −14 | −14 | −16 | −8 | −24 | −32 | −17 | −8 | — | −6 | −5 | −9 | −5 | −12 | −12 | 1 | −9 | −17 |
| Stock-based pay | 2 | 2 | 2 | 1 | 2 | 2 | 3 | 2 | 1 | 0 | 0 | 0 | 1 | 2 | 1 | 2 | 0 | 0 |
| Free cash flow after stock pay | −16 | −16 | −18 | −9 | −27 | −34 | −20 | −10 | — | −7 | −6 | −10 | −7 | −13 | −12 | −1 | −9 | −18 |
| Balance sheet | ||||||||||||||||||
| Cash | 2 | 0 | 8 | 10 | 21 | 3 | 2 | 2 | 1 | 3 | 0 | 6 | 2 | 1 | 4 | 5 | 4 | 1 |
| Total debt | 0 | 0 | 10 | — | 12 | 16 | 3 | 4 | 3 | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −2 | −0 | 3 | −10 | −9 | 13 | 1 | 3 | 2 | −3 | −0 | −6 | −2 | −1 | −4 | −5 | −4 | −1 |
| Diluted shares | — | 5m | 6m | 6m | 7m | 7m | 7m | 8m | 8m | 9m | 9m | 11m | 13m | 17m | 20m | 28m | 39m | — |
| Returned to shareholders | ||||||||||||||||||
| Dividends | — | — | 1 | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total returned | — | — | 1 | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −1 | −2 | −4 | −2 | −5 | −6 | −8 | −4 |
| Operating income | −1 | −2 | −4 | −2 | −5 | −6 | −8 | −4 |
| Net income | −5 | 2 | −15 | −13 | −17 | 0 | −9 | −5 |
| Diluted EPS | $0.18 | $0.25 | −$12.00 | −$7.86 | $17.86 | −$1.00 | −$4.00 | −$1.98 |
| Growth (year on year) | ||||||||
| Revenue | −18.3% | −33.5% | −37.4% | −71.5% | −83.3% | −83.3% | −42.3% | +78.6% |
| Net income | — | −35.9% | — | −170.0% | — | −84.5% | — | — |
| Diluted EPS | — | — | — | <−999% | — | −500.0% | — | — |
| Margins | ||||||||
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | >999% | <−999% | <−999% | <−999% | >999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | — | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −2 | −2 | −2 | −2 | −3 | −4 | −5 | −6 |
| Capital spending | −0 | 0 | 0 | 0 | 0 | — | 0 | 0 |
| Free cash flow | −2 | −2 | −2 | −2 | −3 | — | −5 | −6 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −2 | −2 | −2 | −2 | −3 | — | −5 | −6 |
| Last 12 months unless stated | OMEX | RBNE | TORO | RUBI | NCT | CISS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $232012 | $10m | $21m | $24m | $25m | $35m | $310m |
| Revenue growth, last 12 months | −50.3% | 46.3% | −5.9% | −2.8% | 1.2% | −17.8% | 0.3% |
| Gross margin | 100.0% | — | — | — | 21.9% | — | 66.6% |
| Operating margin | <−999% | 7.3% | −22.1% | 52.7% | −25.9% | 3.9% | 17.4% |
| Net margin | <−999% | −0.5% | 28.1% | 11.2% | −42.0% | 30.1% | 13.2% |
| Cash from operations / revenue | <−999% | 102.7% | −30.1% | 48.2% | −21.0% | 11.5% | 32.9% |
| Free-cash-flow margin | <−999% | −281.9% | −346.8% | −36.6% | −26.1% | 11.0% | 13.6% |
| Stock pay / revenue | 212.5% | — | 17.0% | — | — | 1.1% | 0.8% |
| Change in share count | 17.1% | −70.2% | 2.8% | 312.6% | 3.4% | >999% | 0.6% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Marine Services | $353,719 | 100.0% | ▼ 51.3% |
| Operating and Other | $0 | 0.0% | ▼ 100.0% |
From Odyssey Marine Exploration Inc's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Two Seas Capital LP | $4.8M | 5.6M | 27.4% | 0.0% |
| Old West Investment Management, LLC | $3.8M | 4.5M | 22.0% | ▼ 5.7% |
| Vanguard Capital Management LLC | $2M | 2.4M | 11.7% | ▼ 0.1% |
| Jefferies Financial Group Inc. | $1.3M | 1.5M | 7.3% | 0.0% |
| Morgan Stanley | $1.2M | 1.4M | 6.8% | ▲ 126379.4% |
| UBS Group AG | $1M | 1.2M | 5.9% | ▲ 230.3% |
| Susquehanna International Group, LLP | $566,704 | 666K | 3.3% | ▼ 19.6% |
| Geode Capital Management, LLC | $512,837 | 603K | 3.0% | ▼ 0.4% |
| Blackrock, Inc. | $390,154 | 459K | 2.2% | ▲ 17.1% |
| Vanguard Fiduciary Trust Co | $254,622 | 300K | 1.5% | ▲ 12.4% |
| State Street Corp | $195,432 | 230K | 1.1% | 0.0% |
| Xtx Topco Ltd | $146,136 | 172K | 0.8% | ▼ 22.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Odyssey Marine Exploration Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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