United Maritime Corp
USEA · Water Transportation · EDGAR filings ↗
Grade
D47Sub-scale dry-bulk shipping micro-cap with a loss year, weak liquidity, and related-party governance entanglements.
Strengths
- Manageable leverage (debt/equity 0.63) and unencumbered tangible book
- Positive (if thin) free cash flow of $1.5M
Risks
- Loss-making — net margin -16% (5.6th pct), ROE -11.7% (5.3rd pct), ROA -4.5% (4.8th pct); operating margin negative
- Weak liquidity (current ratio 0.68), small cash ($14M, 14th pct), index-linked charter cyclicality, and conflicts via shared Seanergy management
Notable findings
- Net lossNet loss (net margin -16.4%)
- Weak liquidityCurrent ratio 0.68 (<1)
- Revenue declineRevenue -16.8% YoY
Key metrics
Operating margin
-1.2%
Net margin
-16.4%
Return on equity
-11.7%
Return on assets
-4.5%
ROIC
-0.4%
Revenue growth (QoQ)
-16.8%
Debt / equity
0.6×
Current ratio
0.7×
Free cash flow
$2M
Tangible book value
$53M
Cash & investments
$14M
Stock comp / revenue
1.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-08 | 2025-12-31 | 0001140361-26-013851 ↗ |
| 20-F | 2025-04-10 | 2024-12-31 | 0001140361-25-013255 ↗ |
| 20-F | 2024-04-02 | 2023-12-31 | 0001140361-24-017280 ↗ |
| 20-F | 2023-04-04 | 2022-12-31 | 0001140361-23-016228 ↗ |