Heidmar Maritime Holdings Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for an open operating question, not for an acute substance risk. Against red: the cash position of $27.55 million at March 31, 2026, no conventional financial debt, positive cash from operations of $6.56 million in the quarter and net income of $2.78 million — there is no going-concern language, no negative equity and no financial delisting risk; the Nasdaq deadline of October 19, 2026 is a price question, not a balance sheet one. Against green: the actual core business has been shrinking for two years — fee revenue from $18.72 million (2023) to $12.33 million, average pool vessels from 30.0 to 18.0, operating income negative in 2025. The growth comes from a pass-through business at four percent margin, and earning power rests on a few shipowners, the largest of whom is related to a major shareholder. The stock is also expensive at roughly 4.7 times book — but that is a price argument and does not set this rating. What sets it is the unanswered question of whether the strong first quarter of 2026 turns into a durable fee base or remains a freight-rate peak. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Heidmar Maritime is a ship manager without ships: 50 tankers and bulkers under commercial management as of April 30, 2026, but the high-margin fee base has shrunk since 2023 from $18.72 million to $12.33 million, while revenue growth comes from a chartering business with roughly 4.0 percent gross margin. The Nasdaq listing arrived in 2025 through a combination with the listed MGO Global; the $11.08 million of goodwill booked at the time — described in the notes as the value of the listing itself — was written off four months later and drove much of the $22.56 million annual loss. Two shareholders hold 89.0 percent, the largest pool customer belongs to the family of one of them, and the Nasdaq minimum bid price deadline runs to October 19, 2026. The first quarter of 2026, with $2.78 million of net income, shows the model can work. Not investment advice.
Business model
Asset-light and capital-efficient: Heidmar owns none of the 50 vessels it managed as of April 30, 2026, carries neither newbuilding finance nor residual value risk, and reports no conventional financial debt. The price of that model is a thin earnings base — fee income was $12.33 million in 2025 while administration cost $19.26 million.
Earnings quality
Revenue rose 93 percent in 2025 to $55.85 million, yet operating income turned to minus $4.88 million (2023: plus $19.64 million). The reason is the shift: fees fell from $18.72 million (2023) to $12.33 million, while $43.52 million of charter revenue left only about $1.76 million, or 4.0 percent gross margin (our own calculation from the 2025 income statement).
Balance sheet and liquidity
At March 31, 2026 cash of $27.55 million stood against shareholders equity of $14.18 million, with $6.56 million of cash from operations in the quarter. The structure is the burden: $40.28 million of the December 31, 2025 balance sheet is a right-of-use asset from a five-year charter with a related party, offset by an equally large lease liability.
Ownership and related parties
Two shareholders each held 44.5 percent as of April 29, 2026, together 89.0 percent; the non-affiliate float was 6,498,572 of 58,991,997 shares on May 20, 2026. At the same time Capital Maritime, which per the annual report is owned by the father of the indirect owner of one of those shareholders, supplies 25 of the 49 pool vessels and 37 percent of 2025 pool revenue.
Dilution and listing
Agreed or registered are 5,354,022 earnout shares, 1,961,172 share awards and 11,080,332 shares for a $20 million equity line — arithmetically 77.39 million shares, or 31 percent more, with no preemptive rights and authorized capital of 450 million shares. In parallel, the Nasdaq minimum bid price deadline runs to October 19, 2026.
Current momentum
The first quarter of 2026 was the best since the listing: $18.35 million of revenue after $5.84 million a year earlier, $2.78 million of net income after a $6.03 million loss, administrative expenses cut from $6.09 million to $3.56 million, and cash raised from $18.65 million to $27.55 million. Eight vessels traded on voyage or time charter in the quarter, against one a year before.
Worth Noting
Heidmar reached our research list through a review of Nasdaq-listed small caps without an existing deep dive. The stock appeared in none of our scanners on July 30, 2026 — the lists are recomputed daily, but with trading starting on February 20, 2025 and only two annual reports on file, the history that momentum, valuation or quality filters need is missing.
Heidmar reports as a foreign private issuer on Forms 20-F and 6-K; there is no quarterly report on Form 10-Q. Quarterly figures appear voluntarily as an exhibit to a 6-K — the first quarter 2026 numbers come from the May 28, 2026 release and are unaudited, while the 2025 annual figures come from the audited annual report filed April 30, 2026.
Not to be confused: HMR is not Heidmar Inc., the operating subsidiary founded in 1984, and not the former U.S. company MGO Global Inc., whose listing provided the route to market. Valuation figures are dated and evergreen: the anchor is the $1.14 closing price documented in the prospectus supplement on May 28, 2026; daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at HMR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.768 $ to 1.80 $ · Last price: 1.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Marine Shipping
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Heidmar Maritime Holdings Corp. HMR | 0.1 | – | 22.1 | 22.5 | 15.2 | 92.9 | 39.2 |
| Kirby Corporation KEX | 7.4 | 20.9 | 10.8 | 33.2 | 13.3 | 3.0 | 67.5 |
| Matson Inc MATX | 7.1 | 17.1 | 9.0 | 23.0 | 7.8 | -2.3 | 123.3 |
| Hafnia Limited HAFN | 4.9 | 10.8 | 5.5 | 31.9 | 22.3 | -18.1 | 77.2 |
| ZIM Integrated Shipping Services Ltd ZIM | 3.7 | 38.0 | 3.8 | 31.0 | -1.0 | -18.1 | 112.0 |
| Star Bulk Carriers Corp SBLK | 3.6 | 12.5 | 8.2 | 47.3 | 39.7 | -17.6 | 71.6 |
| Okeanis Eco Tankers Corp. ECO | 3.4 | 8.0 | 6.7 | 51.7 | 75.0 | -0.4 | 234.7 |
| Danaos Corporation DAC | 3.1 | 5.5 | 3.7 | 70.8 | 48.4 | 2.8 | 73.6 |
| Navios Maritime Partners LP NMM | 2.7 | 7.9 | 4.1 | 90.3 | 34.3 | 0.8 | 92.0 |
| Median of companies shown | 3.6 | 11.6 | 6.7 | 33.2 | 22.3 | -0.4 | 77.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 5 | 1 | 1 | 0.02 | 6 | 4 | 10 |
| 2022 | 30 | 17 | 16 | 0.28 | 15 | 22 | 63 |
| 2023 | 49 | 20 | 20 | 0.34 | 12 | 16 | 47 |
| 2024 | 29 | 4 | 2 | 0.03 | 7 | 18 | 38 |
| 2025 | 56 | -9 | -23 | -0.39 | 12 | 11 | 71 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.02 | – | 6 | -32.40 | -103.40 | 5 | 5 |
| 2025: Q2 | 0.01 | – | 10 | 22.50 | -143.30 | -4 | -4 |
| 2025: Q3 | 0.03 | – | 16 | 117.20 | 7.50 | – | – |
| 2026: Q1 | 0.06 | 200.00 | 18 | 214.40 | 15.20 | 16 | 14 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.20 | 0.20 – 0.20 | 92 | 4,900.0% | 1 |
| 12/31/2027 | 0.25 | 0.25 – 0.25 | 94 | 25.0% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Kein wesentlicher KI-Bezug: In allen ausgewerteten Filings — Jahresbericht 20-F für 2025, Prospekt-Nachtrag POS AM, Prospekt 424B3 und beide Ergebnis-Mitteilungen — kommt kein einziger Treffer für „artificial intelligence“, „machine learning“, „generative“ oder „AI“ vor; die einzige benannte eigene Technologie ist die Berichts- und Abrechnungsplattform eFleetWatch.
View the full file — quotes, sources, reviewed filings
„Established in the early 1990s, eFleetWatch® is Heidmar’s market-facing digital platform in the commercial management space and has been a pillar of Heidmar’s brand for over two decades, with over 18 years of in-house development."
eFleetWatch® wurde in den frühen 1990er-Jahren aufgesetzt und ist Heidmars marktseitige digitale Plattform im kommerziellen Management; sie ist seit über zwei Jahrzehnten eine Säule der Marke Heidmar, mit mehr als 18 Jahren hauseigener Entwicklung.
20-F · 2026-04-30 · View SEC filing
„eFleetWatch® also provides port agents, brokers and employees with tools to monitor, track and manage vessels on a real-time basis. The system empowers Heidmar’s chartering and operations staff with a proprietary inhouse vessel management capability."
eFleetWatch® stellt außerdem Hafenagenten, Maklern und Beschäftigten Werkzeuge bereit, um Schiffe in Echtzeit zu überwachen, zu verfolgen und zu steuern. Das System gibt Heidmars Befrachtungs- und Betriebsmannschaft eine hauseigene Schiffsmanagement-Funktion an die Hand.
20-F · 2026-04-30 · View SEC filing
Filings Reviewed: 20-F 2026-04-30 · 20-F 2025-05-15 · POS AM 2026-06-01 · 424B3 2026-03-24 · 6-K 2026-05-28 · 6-K 2026-03-24
Rated on July 30, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 22.9%
- More than 10% revenue growth is expected for the coming year -70.5%
- Share count grows by less than 3% a year 0.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 110.5%
- Gross margin at 40% or higher and without meaningful erosion 95.0%
- Goodwill from acquisitions does not grow faster than revenue 0.5%
- Net debt below twice EBITDA 19 m net cash
- Operating cash flow covers the profits of the last three years 32 m
- Return on capital at 15% or higher, or up versus two years ago -13.0%
- Insiders hold at least 10% or are net buyers 89.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 85.0%
- Exp. sales growth 3Y > 5% 29.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 29.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -226.2%
- ROCE > 15% -13.0%
- Expected return > 10% 42.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Khanna Pankaj Ramesh | Chief Executive Officer | Other | 15,000 | 1.30 | 19,500 |
| Jun 24, 2026 | Khanna Pankaj Ramesh | Chief Executive Officer | Other | 20,000 | 1.22 | 24,400 |
The company
About the Company
Heidmar Maritime Holdings Corp., a commercial and technical management company, operates tanker and dry-bulk vessel pools worldwide. It offers asset management, tanker pooling, and commercial and time charters services; and provides assistance to 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 company also develops and operates eFleetWatch, a digital platform in the commercial management space which provides port agents, brokers, and employees with tools to monitor, track, and manage vessels. As of April 30, 2026, it manages a fleet of 50 vessels, with an aggregate capacity of approximately 6.5 million dwt, which include 5 VLCCs, 9 Suezmax tankers, 4 LR2 tankers, 2 LR1 tankers, 11 MR tankers, 7 Aframax tankers, 3 small tankers, 1 platform supply vessel's (PSV), 5 bulk carriers, and 3 vessels as chartering brokers. Heidmar Maritime Holdings Corp. is headquartered in Piraeus, Greece.
- Employees
- 52
- Headquarters
- Piraeus, Greece
- Address
- 89, Akti Miaouli, 18538 Piraeus, Greece
- Phone
- 30 216 00 24 900
- Website
- heidmar.com
- IPO Date
- 02/05/2008
- ISIN
- MHY3130D1013
Management
| Name | Title | Birth Year |
|---|---|---|
| Pankaj Khanna | Interim CFO, CEO & Director | 1970 |
| Deepak Laishram | Head of Operations | – |
| Kalliopi Michalopoulou | Head of Legal | – |
| Andreas C. Konialidis | Head of Tanker Chartering & Director | 1978 |
| Gerasimos Ventouris | Chief Commercial Officer | 1951 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.