United Maritime Corp is a US-listed company in the marine transportation industry. Its financial year ends in December.
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Under review: valuation models disagree too widely to rate.
Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.
United Maritime Corp 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.
Revenue for the twelve months was $38m. Free-cash-flow margin held at 4.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 6 financial-health checks.
Our model value for United Maritime is under review, so past values are not shown until it is resolved.
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.
United Maritime Corp's trailing-twelve-month revenue fell 16.8% year on year, with a free-cash-flow margin of 4.1%. Where it lags: net margin of -16.4% ranks 39 of 42 marine transportation companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -16.8% (-42.8pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in United Maritime Corp's latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for USEA from the sources we follow. See filings →
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 United Maritime Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$2.2 ~$2.2–$3.8 | Primary model, counts double |
| 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. | ~$6.5 ~$4.7–$9.1 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$6.9 ~$5.8–$8.4 | Included |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.5 ~$3.1–$10 | Left out: out of range vs price (0.20x) |
| 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 United Maritime Corp 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share price | $2.12 | $1.80 | $1.43 | $1.51 |
| Market value | $15m | $15m | $12m | $13m |
| + Net debt (− = net cash) | −$12m | $52m | $74m | $35m |
| Enterprise value | $4m | $67m | $86m | $48m |
| Multiples | ||||
| Price / sales | 0.7x | 0.4x | 0.3x | 0.4x |
| Price / earnings | 0.4x | 68.1x | — | — |
| Price / free cash flow | — | — | 4.1x | 8.7x |
| EV / EBITDA | 0.1x | 4.2x | 6.0x | 6.5x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, before the open. Analysts expect revenue of $11m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.44 | — | $39m | +2% |
| Next | $0.12 | −73% | $37m | −5% |
The consensus EPS forecast for the current fiscal year is −2300.0% on 90 days ago. In the last 30 days, 1 analyst raised United Maritime Corp's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.02 | −$0.01 |
| 60 days ago | $0.09 | −$0.01 |
| 30 days ago | $0.09 | −$0.01 |
| 7 days ago | $0.09 | −$0.01 |
| Now | $0.44 | $0.12 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.03 | $0.11 | +266.7% |
| Mar 2026 | −$0.12 | −$0.01 | +91.7% |
| Dec 2025 | −$0.04 | −$0.17 | −325.0% |
| Sept 2025 | −$0.15 | $0.12 | +180.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| USEA | −15% | −21% | +6% | +66% |
| Industry peers (median) | +22% | −10% | +22% | +28% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| USEA | 42% | 33% | 58% | 73% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| USEA | −35% | −38% | −41% | −21% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since July 6, 2022: 84% from July 8, 2022 to September 1, 2022. Getting back needed a 520% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $22.8M |
| FY23 Q4 | $36.1M |
| FY24 Q4 | $45.4M |
| FY25 Q4 | $37.8M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 177.8% |
| FY23 Q4 | 19.6% |
| FY24 Q4 | 10.6% |
| FY25 Q4 | -1.2% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | -320.2% |
| FY23 Q4 | -243.9% |
| FY24 Q4 | 6.6% |
| FY25 Q4 | 4.1% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 23 | 36 | 45 | 38 |
| EBITDA | 42 | 16 | 15 | 7 |
| Operating income | 41 | 7 | 5 | −0 |
| Net income | 37 | 0 | −3 | −6 |
| Diluted EPS | $4.92 | $0.02 | −$0.39 | −$0.70 |
| Growth (year on year) | ||||
| Revenue | — | +58.3% | +26.0% | −16.8% |
| EBITDA | — | −61.9% | −10.1% | −49.3% |
| Operating income | — | −82.5% | −31.9% | −109.4% |
| Net income | — | −99.4% | — | — |
| Diluted EPS | — | −99.6% | — | — |
| Margins | ||||
| EBITDA margin | 186.1% | 44.8% | 32.0% | 19.5% |
| Operating margin | 177.8% | 19.6% | 10.6% | −1.2% |
| Net margin | 164.5% | 0.6% | −7.4% | −16.4% |
| Free-cash-flow margin | −320.2% | −243.9% | 6.6% | 4.1% |
| Cash flow | ||||
| Cash from operations | 8 | −6 | 3 | 2 |
| Capital spending | 81 | 82 | 0 | 1 |
| Free cash flow | −73 | −88 | 3 | 2 |
| Stock-based pay | 3 | 3 | 1 | 0 |
| Free cash flow after stock pay | −76 | −90 | 2 | 1 |
| Balance sheet | ||||
| Cash | 55 | 14 | 6 | 14 |
| Total debt | 43 | 66 | 80 | 49 |
| Net debt (negative = net cash) | −12 | 52 | 74 | 35 |
| Diluted shares | 7m | 8m | 9m | 9m |
| Returned to shareholders | ||||
| Dividends | — | 9 | 3 | 1 |
| Buybacks | 6 | 1 | 0 | 0 |
| Total returned | 6 | 10 | 3 | 1 |
| Last 12 months unless stated | USEA | PXS | CISS | GLBS | HMR | NCT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $38m | $39m | $35m | $44m | $56m | $25m | $329m |
| Revenue growth, last 12 months | −16.8% | −24.3% | −17.8% | 26.8% | 92.9% | 1.2% | 0.8% |
| Operating margin | −1.2% | 15.2% | 3.9% | 10.2% | −8.7% | −25.9% | 18.6% |
| Operating margin, 3-year average | — | −8.8% | — | 7.6% | — | — | 13.1% |
| Net margin | −16.4% | 5.1% | 30.1% | −4.0% | −40.4% | −42.0% | 13.3% |
| Cash from operations / revenue | 5.9% | 34.9% | 11.5% | 25.7% | 23.6% | −21.0% | 33.1% |
| Free-cash-flow margin | 4.1% | 15.5% | 11.0% | 25.7% | 23.6% | −26.1% | 14.2% |
| Stock pay / revenue | 1.3% | 0.7% | 1.1% | 0.0% | 8.9% | — | 0.7% |
| Change in share count | 1.8% | −1.0% | >999% | 0.5% | 2.0% | 3.4% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -16.8% | 0.8% | 32 of 40 |
| Change in growth rate Growth | -42.8pp | +0.7pp | 36 of 40 |
| Operating margin Profitability | -1.2% | 19.8% | 34 of 40 |
| Net margin Profitability | -16.4% | 13.4% | 39 of 42 |
| Free-cash-flow margin Cash generation | 4.1% | 13.6% | 32 of 41 |
| Stock pay as % of revenue Cash generation | 1.3% | 0.9% | 23 of 34 |
| Long-term debt as % of assets Balance sheet | 24.2% | 24.2% | 18 of 35 |
| Change in share count Balance sheet | 1.8% | 0.5% | 26 of 39 |
| Days sales outstanding Balance sheet | 14 days | 19 days | 10 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Renaissance Technologies LLC | $585,364 | 223K | 36.5% | ▼ 4.3% |
| UBS Group AG | $232,481 | 88K | 14.5% | ▲ 10.6% |
| Newedge Advisors, LLC | $213,307 | 81K | 13.3% | ▲ 208.0% |
| Angeles Wealth Management, LLC | $210,352 | 77K | 13.1% | 0.0% |
| Acadian Asset Management LLC | $145,000 | 56K | 9.0% | 0.0% |
| Centiva Capital, LP | $75,781 | 29K | 4.7% | ▼ 5.1% |
| Focus Partners Wealth | $57,516 | 21K | 3.6% | ▼ 33.2% |
| Cetera Investment Advisers | $50,078 | 19K | 3.1% | 0.0% |
| Goldman Sachs Group Inc | $27,270 | 10K | 1.7% | ▼ 21.1% |
| Osaic Holdings, Inc. | $4,233 | 2K | 0.3% | ▼ 1.3% |
| Sbi Securities Co., Ltd. | $3,466 | 1K | 0.2% | ▼ 45.8% |
| Morgan Stanley | $225 | 0K | 0.0% | 0.0% |
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 United Maritime Corp's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Gyftakis Stavros See Remarks | October 5, 2026 | Sell | 5,000 | $2.69 | $13,451 |
| Kostopoulos Dimitrios Director | July 31, 2026 | Buy | 15,000 | $2.74 | $41,100 |
| Gyftakis Stavros See Remarks | July 13, 2026 | Sell | 5,000 | $2.64 | $13,200 |
| Kostopoulos Dimitrios Director | May 22, 2026 | Buy | 20,000 | $2.40 | $48,000 |
| Gyftakis Stavros See Remarks | April 6, 2026 | Sell | 5,000 | $2.08 | $10,400 |
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 | |
| 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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