Share count
58Mpeak FY2025
← All companies ← HMC Manual HMY → ← GSL Marine Shipping HSHP →
HMR, Heidmar Maritime Holdings Corp.
Marine Shipping capital-intensive
Heidmar is a global commercial and technical management company that operates tanker and dry-bulk vessel pools.
In 2024, tanker vessels commercially managed by Heidmar shipped 11.1 million tons of crude oil and 3.3 million tons of refined petroleum products.
Our primary lines of business currently include asset management, tanker pooling, commercial and time charters, assisting clients with the buying and selling of ships and technical management services for individual vessels, which includes assistance in technical operations and crewing of the vessel .
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$56M
+92.9% YoY · 23% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $56M 4-yr avg $41M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Voyage and Time Charter Revenues (78%) and Trade Revenues Related Parties (14%), with 2 more lines behind.
- What moves the needle
- Operating margin has run about 14% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from −8.7% to 56% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Voyage and Time Charter Revenues is 78% of revenue, with Trade Revenues Related Parties the other meaningful line at 14%.
Revenue by product line, FY2025
- Voyage and Time Charter Revenues78%$44M
- Trade Revenues Related Parties14%$8M
- Trade Revenues8%$4M
- Voyage Charter Revenues1%$730K
By geographyMarshall Islands21%Other17%Switzerland16%Germany14%United Arab Emirates12%United States11%Singapore9%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $30M | $49M | $29M | $56M | $56M | RevenueRevenue |
| $17M | $20M | $4M | ($5M) | ($5M) | Operating incomeOp. inc. |
| 56.3% | 40.0% | 14.1% | −8.7% | −8.7% | Operating marginOp. mgn |
| $16M | $20M | $2M | ($23M) | ($23M) | Net incomeNet inc. |
| 0% | 0% | 0% | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||
| $15M | $12M | $7M | $13M | $7M | Operating cash flowOp. cash |
| $21K | $13K | $40K | $47K | $47K | DepreciationDeprec. |
| ($2M) | ($8M) | $5M | $36M | $29M | Working capital & otherWC & other |
| — | $9K | $268K | $930 | $930 | CapexCapex |
| — | 0.0% | 0.9% | 0.0% | 0.0% | Capex / revenueCapex/rev |
| — | $12M | $7M | $13M | $7M | Owner earningsOwner earn. |
| — | 24.5% | 23.2% | 23.6% | 12.1% | Owner earnings marginOE mgn |
| — | $12M | $6M | $13M | $7M | Free cash flowFCF |
| — | 24.5% | 22.4% | 23.6% | 12.1% | Free cash flow marginFCF mgn |
| — | $25M | — | $8M | $8M | Dividends paidDiv. paid |
| 74% | 119% | 11% | -211% | -211% | Return on equityROE |
| — | −33% | — | −285% | −285% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $19M | $20M | $19M | $19M | Cash & investmentsCash+inv |
| — | — | — | $1M | $1M | ReceivablesReceiv. |
| — | $1M | $612K | $2K | $2K | InventoryInvent. |
| — | $1M | $612K | $1M | $1M | Operating working capitalOper. WC |
| — | $33M | $30M | $27M | $27M | Current assetsCur. assets |
| — | $25M | $20M | $29M | $29M | Current liabilitiesCur. liab. |
| — | 1.3× | 1.5× | 0.9× | 0.9× | Current ratioCurr. ratio |
| — | — | $344K | $344K | $344K | GoodwillGoodwill |
| — | $47M | $38M | $72M | $72M | Total assetsAssets |
| — | ($19M) | ($20M) | ($19M) | ($19M) | Net debt / (cash)Net debt |
| $22M | $16M | $18M | $11M | $11M | Shareholders’ equityEquity |
| Per share | |||||
| 96K | 57.1M | 57.1M | 58.3M | 58.4M | Shares out (diluted)Shares |
| $313.17 | $0.86 | $0.51 | $0.96 | $0.96 | Revenue / shareRev/sh |
| $168.55 | $0.34 | $0.03 | $-0.39 | $-0.39 | EPS (diluted)EPS |
| — | $0.21 | $0.12 | $0.23 | $0.12 | Owner earnings / shareOE/sh |
| — | $0.21 | $0.11 | $0.23 | $0.12 | Free cash flow / shareFCF/sh |
| — | $0.44 | — | $0.14 | $0.14 | Dividends / shareDiv/sh |
| — | $0.00 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $226.98 | $0.29 | $0.32 | $0.18 | $0.18 | Book value / shareBVPS |
The diluted share count moved ×595.04 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −85.5%/yr | −85.5%/yr (3-yr) |
| Owner earnings / share | +3.8%/yr (2-yr) | +3.8%/yr (2-yr) |
| Dividends / share | −44.0%/yr (2-yr) | −44.0%/yr (2-yr) |
| Capital spending / share | −68.3%/yr (2-yr) | −68.3%/yr (2-yr) |
| Book value / share | −90.7%/yr | −90.7%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$13Mowner earningsvs.($23M)net incomelow FY2024
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $23M loss into $13M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($23M) | $2M | $20M |
| Depreciation & amortizationnon-cash charge added back | +$47K | +$40K | +$13K |
| Working capital & othertiming of cash in and out, other non-cash items | +$36M | +$5M | −$8M |
| Cash from operations | $13M | $7M | $12M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$930 | −$40K | −$9K |
| Owner earnings | $13M | $7M | $12M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −$229K | — |
| Free cash flow | $13M | $6M | $12M |
| Owner-earnings marginowner earnings ÷ revenue | 24% | 23% | 24% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $19M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $19M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 4%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle3-yr median margin, range 23%–24%; latest $7M = operating cash $7M − maintenance capex $930Industry peers: median 12%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 24% median across 3 years.
- Loss, but cash-generativeNet income ($23M) · cash from operations $7M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Returned more than it generatedDividends + buybacks $8M ÷ Owner Earnings $7M
What this means
The company returned more than it generated: against $7M of Owner Earnings, $8M (118%) went back to shareholders, $8M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.02×HarvestingCapex $930 ÷ depreciation $47K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $56M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.94×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.01/share (latest year $-0.39), the averaged base the calculator's gate runs on, and book value is $0.18/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 4
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 48% → 3% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 48% early to 3% lately, median 14% — competition or costs are biting in.
- Owner earnings growth +3%/yr
What this means
Owner earnings grew about 3% a year over the record.
- Worst year 2025 · −8.7% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Dividend record paid
What this means
Paid a dividend in 2 of the years on record.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$27M
- Cash & short-term investments$19M
- Receivables$1M
- Inventory$2K
- Other current assets$7M
Current liabilities$29M
- Other current liabilities$29M
Current ratio0.94×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.94×stricter: inventory excluded
Cash ratio0.64×strictest: cash alone against what's due
Working capital($2M)the cushion left after near-term bills
Deeper floors
Tangible book value$10Mequity stripped of goodwill & intangibles
Net current asset value($34M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$454K$454K of it operating leases
Deferred revenue$37Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Marine Shipping
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| KEXKirby | $3.4B | — | 7.7% | 4% | 10% |
| MATXMatson | $3.3B | 96% | 11.4% | 11% | 12% |
| TDWTidewater Inc. | $1.4B | — | -12.5% | -6% | 3% |
| INSWInternational Seaways Inc. Common Stock | $843M | — | 12.3% | 3% | 33% |
| PANLPangaea Logistics Solutions Ltd. | $632M | — | 7.7% | 10% | 10% |
| LPGDorian LPG Ltd. | $482M | — | 35.2% | 7% | 38% |
| GNKGenco Shipping & Trading Limited | $342M | — | -1.1% | -0% | 31% |
| HMRHeidmar Maritime Holdings Corp. | $56M | — | 27.1% | — | 24% |
| Group median | — | — | 9.6% | — | 18% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Heidmar Maritime Holdings Corp. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Heidmar Maritime Holdings Corp. has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+5%/yr
Owner-earnings growth · ’23→’25+3%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $7M on 58M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $19M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Heidmar Maritime Holdings Corp. (HMR), the owner's record," https://ownerscorecard.com/c/HMR, data as of 2026-07-09.
Manual order: ← HMC its page in the Manual HMY →
Industry order: ← GSL the Marine Shipping chapter HSHP →