Seanergy Maritime Holdings Corp

Worth knowing

• Shareholders being diluted. Shares outstanding up 16% from December 2022 to December 2025.

  Seanergy Maritime had 16% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Seanergy Maritime had 16% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $18M vs $7M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Seanergy Maritime recorded $18M of stock-based pay expense and spent $7M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Seanergy Maritime recorded $18M of stock-based pay expense and spent $7M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Profit isn't fully turning into cash. Free cash flow is only 14% of reported profit.

  Free cash flow is only 14% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

• Valuation signals disagree. Cheaper than 95% of peers on earnings, but only 41% on free cash flow.

  Relative to its earnings, Seanergy Maritime looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 41%. The valuation score blends the two, so look at which measure fits this business best.