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Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $68.95 today, the market must believe free cash flow compounds -20.1%/yr for a decade (off $133.1M on the 3-yr avg basis).
On the basis ($131.6M) the requirement is -20.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -20.1% is more conservative than its 5-yr track record.
Default is 7.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $40.4M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 605.0% · volatility σ 1276% · implied rate exceeded in 5/5 yrs
Central path = implied -20.1%/yr growth; shaded band = ±1σ (1276%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 13% of free cash flow, leaving room to grow it and fund buybacks. Last year: $19.0M dividends + $2.1M buybacks = $21.1M returned on $141.1M FCF.
4 consecutive years of dividend increases · 21%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 20%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 57th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 30% against ROIC 20% — 9% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 33.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 7.5 | 6.1 | 5.7 | 3.7 | 2.5 | 2.5 | 2.8 | 3.0 |
| Operating Income | 6.8 | 4.9 | 17.4 | 48.7 | 58.4 | 63.1 | 56.4 | 65.6 |
| Net Income | -1.9 | -4.2 | 7.6 | 45.8 | 58.2 | 60.5 | 53.0 | 60.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ESEA: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.0M covers the $0 due within a year 6960258.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.7% on $216.8M of debt.
Cash of $176.5M fully covers short-term debt of $19.2M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $227.9M 100.0% | $212.9M 100.0% | $189.4M 100.0% | $182.7M 100.0% | $93.9M 100.0% | $53.3M 100.0% | $40.0M 100.0% | $34.4M 100.0% | $23.8M 100.0% | $20.5M 100.0% |
| Selling, General & Admin | $6.8M 3.0% | $5.9M 2.8% | $4.7M 2.5% | $4.6M 2.5% | $3.5M 3.7% | $3.0M 5.7% | $2.4M 6.1% | $2.6M 7.5% | $2.5M 10.5% | $2.7M 13.0% |
| Total Operating Expenses | $78.4M 34.4% | $92.9M 43.6% | $69.9M 36.9% | $76.1M 41.6% | $48.2M 51.3% | $44.0M 82.6% | $38.0M 95.1% | $32.1M 93.2% | $29.2M 122.8% | $33.2M 161.7% |
| Operating Income | $149.5M 65.6% | $120.0M 56.4% | $119.4M 63.1% | $106.6M 58.4% | $45.7M 48.7% | $9.3M 17.4% | $2.0M 4.9% | $2.3M 6.8% | -$5.4M -22.8% | -$12.7M -61.7% |
| Interest Expense | $14.5M 6.4% | $10.1M 4.7% | $6.0M 3.1% | $4.7M 2.6% | $2.6M 2.7% | $3.8M 7.2% | $3.2M 8.0% | $2.7M 7.9% | $1.4M 5.8% | $1.2M 6.0% |
| Other Income (Expense), net | -$12.5M -5.5% | -$7.2M -3.4% | -$4.9M -2.6% | -$395K -0.2% | -$2.8M -2.9% | -$5.3M -9.9% | -$3.7M -9.1% | -$3.0M -8.7% | -$1.5M -6.5% | -$4.9M -23.8% |
| Net Income | $137.0M 60.1% | $112.8M 53.0% | $114.5M 60.5% | $106.2M 58.2% | $43.0M 45.8% | $4.0M 7.6% | -$1.7M -4.2% | -$663K -1.9% | -$6.9M -29.2% | -$34.1M -165.9% |
| Per Share | ||||||||||
| EPS (Basic) | $19.73 | $16.25 | $16.53 | $14.79 | $6.07 | $0.58 | -$1.21 | — | — | — |
| EPS (Diluted) | $19.72 | $16.20 | $16.52 | $14.78 | $6.06 | $0.58 | -$1.21 | — | — | — |
| Weighted Avg Shares (Basic) | 6.9M | 6.9M | 6.9M | 7.2M | 7.0M | 5.8M | 2.9M | — | — | — |
| Weighted Avg Shares (Diluted) | 6.9M | 7.0M | 6.9M | 7.2M | 7.0M | 5.8M | 2.9M | 0 | — | 8.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBLK | $3.3B | 39.4× | 9.3× | 3.2× | -17.6% | — | 8.1% | 3.4% | 3.4% | -1.6× | 201 |
| DAC | $2.9B | 6.0× | 4.6× | 2.8× | 2.8% | — | 47.4% | 13.0% | 10.0% | 0.2× | 142 |
| LPG | $2.4B | 12.2× | 9.2× | 4.9× | 36.3% | — | 40.2% | 17.0% | 11.4% | 0.8× | 273 |
| SFL | $1.8B | — | 11.4× | 2.5× | -18.9% | — | -3.6% | -2.8% | -0.7% | 6.5× | 220 |
| CMRE | $1.8B | — | 4.8× | 2.0× | -1.2% | — | 41.5% | 17.5% | 10.1% | 1.7× | — |
| TEN | $1.6B | 12.1× | 7.8× | 2.0× | -0.7% | — | 20.1% | 8.8% | 4.5% | 3.7× | — |
| GSL | $1.6B | — | 3.5× | 2.0× | 7.8% | — | 54.3% | 23.1% | 16.7% | 0.8× | — |
| NVGS | $1.4B | 15.5× | — | 2.4× | 3.6% | — | 17.1% | 8.2% | 7.2% | — | 173 |
| TK | $1.3B | 12.8× | 0.8× | 1.3× | -22.2% | 66.6% | 10.3% | 4.5% | 4.5% | -2.4× | 174 |
| GNK | $1.1B | — | 15.0× | 3.3× | -19.1% | — | -1.3% | -0.5% | -0.4% | 1.6× | 164 |
| ASC | $804M | 22.4× | — | 2.6× | -23.6% | — | 13.2% | 6.5% | 5.4% | — | 187 |
| HSHP | $782M | 43.6× | 14.8× | 5.9× | 6.7% | 78.8% | 13.4% | 10.9% | 2.1% | 6.7× | 111 |
| PANL | $535M | 27.2× | 6.3× | 0.8× | 17.8% | — | 3.1% | 4.5% | 3.7% | -0.1× | 161 |
| ESEA | $486M | 3.5× | 3.0× | 2.1× | 7.0% | — | 60.1% | 29.6% | 20.1% | 0.2× | 59 |
| SHIP | $360M | 16.4× | — | 2.3× | -5.6% | — | 13.4% | 7.5% | 3.7% | — | — |
| GASS | $329M | 5.3× | 2.9× | 1.9× | 3.5% | — | 35.0% | 8.8% | 8.8% | -1.2× | 68 |
| DSX | $328M | 24.0× | 9.0× | 1.5× | -6.4% | — | 8.3% | 3.5% | 1.7% | 5.3× | — |
| IMPP | $237M | 4.1× | 3.5× | 1.5× | 9.2% | — | 31.0% | 9.4% | 9.4% | -0.1× | — |
| SMHI | $224M | — | 8.1× | 1.0× | -16.0% | 20.2% | -12.2% | -10.5% | -4.6% | 4.4× | 96 |
| TORO | $142M | 51.2× | 189.9× | 6.7× | -5.9% | — | 28.1% | 3.6% | 3.6% | — | — |
Peers = companies sharing ESEA's sector (Deep Sea Foreign Transportation of Freight) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -61.7% | -165.9% |
| FY2017 | not reported | -22.8% | -29.2% |
| FY2018 | not reported | 6.8% | -1.9% |
| FY2019 | not reported | 4.9% | -4.2% |
| FY2020 | not reported | 17.4% | 7.6% |
| FY2021 | not reported | 48.7% | 45.8% |
| FY2022 | not reported | 58.4% | 58.2% |
| FY2023 | not reported | 63.1% | 60.5% |
| FY2024 | not reported | 56.4% | 53.0% |
| FY2025 | not reported | 65.6% | 60.1% |
Leverage and buybacks account for 9 points of the 30% return on equity in FY2025. The business earns 20% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Cash conversion is 1.12x, but receivables have outgrown revenue 3 years running.
Receivables have outgrown revenue for 3 years running — sales are being booked faster than the money arrives, which reaches the cash flow statement a year or more after it shows up here.
Covers interest 7.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 10.30x |
| 5% | 9.78x |
| 10% | 9.27x |
| 15% | 8.75x |
| 20% | 8.24x |
| 25% | 7.72x |
| 30% | 7.21x |
| 35% | 6.69x |
| 40% | 6.18x |
| 45% | 5.66x |
| 50% | 5.15x |
| 55% | 4.63x |
| 60% | 4.12x |
This schedule comes from a filing dated 2018-12-31, 2845 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2018-12-31 (20-F); cash from the 2018-12-31 balance sheet; FCF from FY2018.
Balance sheet at 2018-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $68.95, free cash flow must compound -20.13%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 2885.5% | −20.1% |
| FY2022 | 116.8% | −20.1% |
| FY2023 | 14.0% | −20.1% |
| FY2024 | −1.4% | −20.1% |
| FY2025 | 10.1% | −20.1% |
The implied rate has been matched or beaten in 5 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $137M | $137M |
| Share-based comp | $2M | $139M |
| Other non-cash & working capital | $2M | $141M |
| Operating cash flow | $141M | $141M |
| Capex | $0 | $141M |
| Free cash flow | $141M | $141M |
| FCF after SBC | $139M | $139M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 33.2% | 181.5% | 148.3 points |
| FY2021 | 76.2% | -36.7% | -112.8 points |
| FY2022 | 94.6% | -55.0% | -149.6 points |
| FY2023 | 3.6% | 255.7% | 252.0 points |
| FY2024 | 12.4% | 123.3% | 110.9 points |
| FY2025 | 7.0% | 123.2% | 116.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 6.5 days | not reported | not reported | not reported |
| FY2020 | 13.8 days | not reported | not reported | not reported |
| FY2021 | 5 days | not reported | not reported | not reported |
| FY2022 | 1.1 days | not reported | not reported | not reported |
| FY2023 | 3.9 days | not reported | not reported | not reported |
| FY2024 | 7.8 days | not reported | not reported | not reported |
| FY2025 | 16.3 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.9 percent |
| FY2020 | 1.5 percent |
| FY2021 | -4.4 percent |
| FY2022 | -2.4 percent |
| FY2023 | -3.6 percent |
| FY2024 | -2.6 percent |
| FY2025 | -0.6 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.