SEACOR Marine Holdings Inc. — Earnings Quality Grade F
SMHI · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 103 days, change +9 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -16.0%, CFFO -254.7%. Cash follows revenue
Expense Quality
Inventory -20.4% vs COGS -8.2%. Normal
CapEx growth 568.8% is >2x revenue growth -16.0%
SG&A/Gross Profit = -2145.6%, excellent (<30%)
Gross margin swung -8.6pp (7.7% → -1.0%)
Cash Flow Quality
CFFO/NI = 1.31. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = 1.3%. Low accruals
Cash $0.1B covers only 21% of debt $0.3B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 5.2x (>4x). Interest coverage = -1.4x (<2x). Financial stress
Other assets 17.6% vs revenue -16.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -7.21 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25