Seanergy Maritime Holdings Corp. Common Stock (SHIP)

FairStock Score: 76/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Shipping is a commodity business, and I try to remember that a strong quarter can be followed by a weak one. Seanergy controls 18 Capesize and two Newcastlemax dry bulk vessels, about 3.63 million deadweight tons, transporting dry bulk commodities. That gives scale, but not a true moat: freight rates are set by global supply and demand, and owners have little pricing power. The 2026 second quarter was exceptional, with $55.7 million of revenue, $26.2 million of net income and a 47.13% net margin. FairStock's calculations at the 2026-10-13 close of $17.37 show a market cap of $306.6 million, a P/E of 6.03, P/B of 1.20, ROE of 21.41%, ROCE of 7.27%, and a 7.53% dividend yield. The gap between ROE and ROCE tells me leverage is flattering equity returns: debt-to-equity is 0.94. Free cash flow is only $8.8 million, a 2.9% FCF yield, so the dividend and fleet reinvestment need watching. FairStock's Graham Number is $30.60, implying a 43.24% margin of safety at the closing price, and its Piotroski F-Score is 8/9. However, FairStock's Altman Z-Score of 0.78 signals financial distress risk, a red flag in a cyclical industry. FairStock's EV/EBITDA is 6.86 and PEG is 0.07, both superficially cheap, but those depend on earnings that may be peak-cycle. The supplied growth figures are impressive, yet the key question is durability. I would want evidence that debt can be reduced through the cycle before trusting the dividend.

In plain English: Seanergy owns and operates large dry bulk ships that carry commodities around the world. In the 2026 second quarter, the business earned $26.2 million of net income on $55.7 million of revenue, a very strong margin, though shipping profits can swing sharply with freight rates. At $17.37 a share, the price looks inexpensive compared with the company's recent earnings and the stated value of its net assets.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer