United Maritime Corporation — financial distress indicators
Financial-health summary
United Maritime Corporation's reported numbers place it in the 'Watch' financial-health band (distress score 43/100). The main indicators are operating profit does not cover interest, very high leverage and losses in 2 of the last 3 years. Independently, the market-implied (Merton) default probability is 0.0%. In its favour: operating cash flow is positive over the latest 12 months.
Stress by dimension
Share price — last 12 months
Indicators behind the score
Each red flag shows the evidence from the company’s own filings and the financial or legal principle behind it. Points add to the 0–100 score.
Interest coverage (EBIT / interest) is 0.61×.
When EBIT < interest, debt service is funded from cash reserves or new borrowing — the classic precursor to payment default and covenant breach.
Total debt is 26.8× EBITDA.
Debt above ~6× EBITDA is deep sub-investment-grade territory; refinancing becomes difficult when rates or earnings move against the company.
Recurring net losses.
Repeated losses are a core input in both Ohlson and Altman failure models.
Revenue changed -17% year over year.
Falling sales reduce cash available for debt service.
0 severe and 1 moderate distress-related headlines in the last 6 months.
Headlines are corroborating evidence only; they are weighted lightly and never drive a flag alone.
Revenue vs net income
Cash generation
Debt vs cash vs equity
✅ Mitigating factors
- Operating cash flow is positive over the latest 12 months.
📰 Recent news scan
- dilutUnited Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per ShareYahoo Finance · 2026-05-21
- United Maritime Corp (USEA) (Q2 2026) Earnings Call Highlights: Strategic Fleet Shift Drives ...Yahoo Finance · 2026-07-30
- United Maritime Reports Second Quarter and First Half 2026 Financial ResultsYahoo Finance · 2026-07-30
- United Maritime Announces the Date for the First Quarter Ended March 31, 2026, Financial ResultsYahoo Finance · 2026-05-19
⚖️ U.S. legal pathway — Title 11, U.S. Code
Which chapter would apply?
- Chapter 11 — reorganisation. Management usually stays in control as debtor-in-possession; the automatic stay (§362) halts collection; a plan must meet the best-interests test (§1129(a)(7)) and the absolute priority rule (§1129(b)) — creditors are paid before shareholders, who are frequently wiped out.
- Chapter 7 — liquidation. A trustee sells assets and distributes proceeds by statutory priority (§§507, 726).
- Subchapter V (“Chapter 5”) is a fast track for small-business debtors under a statutory debt cap, but SEC-reporting companies are excluded (§101(51D)) — so it rarely applies to listed companies.
What typically triggers a filing
- Payment default or covenant breach lenders will not waive; a debt maturity that cannot be refinanced.
- Auditor going-concern doubt (ASC 205-40 / PCAOB AS 2415) — often itself a default trigger in loan agreements.
- Creditors can force a case with an involuntary petition (§303) if debts are not paid as they come due.
- Delisting after sustained sub-$1 prices or equity deficits cuts off equity funding.
Transactions shortly before filing can be clawed back (preferences — 90 days, §547; fraudulent transfers — 2 years, §548).
Frequently asked questions
What do United Maritime Corporation's financial-health indicators show?
As of 2026-10-08, United Maritime Corporation's public financial data places it in the 'Watch' band with a distress score of 43/100, driven by operating profit does not cover interest, very high leverage and losses in 2 of the last 3 years. This is a statistical screen of reported numbers — it does not mean the company is insolvent, has defaulted or will enter insolvency proceedings.
What is United Maritime Corporation's financial distress score?
43/100 ('Watch'). Merton distance-to-default 4.37 σ (model default probability 0.0%).
What works in United Maritime Corporation's favour?
Operating cash flow is positive over the latest 12 months.
How are shareholders treated if a company enters insolvency?
In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.
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Methodology
Score = capped sum of rule-based red flags across seven dimensions (liquidity, solvency, profitability, cash flow, sales trend, market signal, news). Ohlson O-score (1980) gives an accounting-based 1-year failure probability; Merton distance-to-default (Bharath & Shumway 2008) gives a market-implied probability. Financial institutions use a capital-based rule set. Recalculated every trading day from the latest filings, prices and news.