The strategic review is the key catalyst; any definitive agreement or termination announcement would drive significant price movement. Monitor for updates on the two newbuild PSV deliveries and liftboat return to service, which could further improve utilization and revenue.
Price Chart
Executive Summary
SEACOR Marine reported Q3 2026 revenue of $57.3M, slightly below the $53.0M consensus, and a net loss of $9.5M ($0.36 per share) vs. consensus EPS of -$0.61. While operating metrics improved sequentially (DVP up 138% QoQ, utilization at 71%, day rates at $21,100), the company swung to a net loss from a $9.0M profit in Q3 2025 due to the absence of large vessel sale gains. The ongoing strategic review adds uncertainty.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $57.3M, down 3.3% YoY from $59.2M in Q3 2025
- Net loss of $9.5M ($0.36 per share) vs. net income of $9.0M ($0.35 per share) in Q3 2025
- Direct vessel profit (DVP) of $18.9M, up 64.5% YoY from $11.5M
- DVP margin improved to 33.1% from 19.4% in Q3 2025
- Average day rates rose to $21,100 from $19,490 YoY; utilization improved to 71% from 66%
- Operating loss of $1.4M vs. operating income of $18.1M in Q3 2025, driven by absence of $30.2M in vessel sale gains
- Board continues strategic alternatives evaluation announced July 29, 2026
- Cash and restricted cash at $75.6M, down from $108.2M a year ago
- Fleet reduced to 38 vessels from 44 at year-end 2025
Financial Impact
Revenue of $57.3M vs. consensus $53.0M; net loss of $9.5M vs. consensus loss of $15.8M (EPS -$0.36 vs. -$0.61 consensus)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Americas | $19.6M | -15.4% |
| Africa and Europe | $27.9M | +20.6% |
| Middle East and Asia | $9.8M | -24.3% |
Risk Factors
- Strategic review may not result in a transaction, creating downside if expectations are priced in
- Middle East market softening and ongoing liftboat maintenance continue to weigh on utilization
- Cash burn from operating losses and debt service ($7.5M quarterly) reduces liquidity
- Fleet reduction limits top-line growth potential even as rates improve
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001690334-26-000027 |
| Document: smhi-20261028.htm | 0001690334-26-000027 |
| Document: 0001690334-26-000027-index-headers.html | 0001690334-26-000027 |
| Document: 0001690334-26-000027-index.html | 0001690334-26-000027 |
| Document: 0001690334-26-000027.txt | 0001690334-26-000027 |
| 8-K Data (Synthetic) | 0001690334-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 2d ago | 8-K | $9.83 | awaiting T+60 | awaiting T+60 | $9.86 (+0.31%) |
Oct 15, 2026 15d ago | Court Ruling | $8.21 | awaiting T+60 | awaiting T+60 | $9.86 (+20.10%) |
Aug 11, 2026 11w ago | Insider Cluster | $9.73 | awaiting T+60 | awaiting T+60 | $9.86 (+1.34%) |
Aug 4, 2026 12w ago | Insider Cluster | $9.45 $9.83 | ▲ +4.02% | ▲ +4.08% | $9.86 (+4.34%) |
Jul 31, 2026 12w ago | Insider Cluster | $9.48 $8.83 | ▲ +6.91% | ▲ +8.69% | $9.86 (−4.01%) |
Jul 29, 2026 13w ago | Press Release | $9.54 $8.63 | ▼ −9.54% | ▼ −12.00% | $9.86 (+3.35%) |
Jul 17, 2026 15w ago | Insider Cluster | $7.73 $8.67 | ▲ +12.16% | ▲ +7.32% | $9.86 (+27.55%) |
May 21, 2026 23w ago | 8-K | $7.21 $9.86 | ▲ +36.75% | ▲ +33.56% | $9.86 (+36.75%) |
Apr 29, 2026 26w ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
US Market Status
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