Imperial Petroleum Inc./Marshall Islands
IMPP on Nasdaq. Deep sea foreign transportation of freight. Market value $243m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
What to watch out for
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 75 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$5.20 a share, 65% above its 1-year low
Over the past year the price has ranged from $3.15 to $6.57.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $17m | $97m | $184m | $147m | $161m |
| Operating margin | |||||
| Operating margin | -20.1% | 30.7% | 35.9% | 29.9% | 24.8% |
| Debt to equity | |||||
| Debt to equity | 0.29 | 0.25 | 0.00 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.19bn | 0.03bn | 0.03bn | 0.04bn |
Health checks
- Free cash flow positive3 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 74.5% a year
- Buying back its own sharesNo, 835% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 29 April 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
None of the long-term investors we follow own it. 59 funds in all.
Largest holders overall
- Acadian Asset Management$8m
- Anson Funds Management LP$7mCut
- Deuterium Capital Management$4mCut
- Renaissance Technologies$3mAdded
- Marshall Wace, LLP$3mCut
- Peak6$3mCut
- TWO Sigma Investments, LP$2mAdded
- BNP Paribas Financial Markets$2mAdded
- Jane Street Group$2mAdded
- Empowered Funds$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Harry N. VafiasInsider or founderat least 31.9%+2.3 pts(filed with 2 related holders)Since 22 June 2026
What they said
The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or…
Read the filing - Empery Asset Management, LPPassive investorat least 5.0%−2.1 pts(filed with 1 related holder)Since 31 March 2026
- WEXFORD CAPITAL LPPassive investorat least 4.8%−1.1 pts(filed with 3 related holders)Since 24 September 2025
- Anson Funds Management LPPassive investorat least 3.6%−4.2 pts(filed with 5 related holders)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Harry N. Vafias Insider or founder | at least 31.9%+2.3 pts (filed with 2 related holders) | 22 June 2026 | What they saidThe Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and intend to review their investment in the Issuer on a continuing basis. Any Reporting Person may from time to time acquire additional securities of the Issuer, or retain or… Read the filing |
Empery Asset Management, LP Passive investor | at least 5.0%−2.1 pts (filed with 1 related holder) | 31 March 2026 | |
WEXFORD CAPITAL LP Passive investor | at least 4.8%−1.1 pts (filed with 3 related holders) | 24 September 2025 | |
Anson Funds Management LP Passive investor | at least 3.6%−4.2 pts (filed with 5 related holders) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Imperial Petroleum Inc./Marshall Islands doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.