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C3is

CISS
60
Marine Shipping · Industrials
Price
$1.38
-0.02 (-1.43%)
after-hours:$1.36-1.45%
Market Cap
$378,675
Exchange
NASDAQ Capital Market
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 3, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Strong
Stability
Exceptional
Valuation
Good

Share count rising — dilution

+340918.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 102.648 (2021) → 350K (2025)

Winston Score History

The full picture

C3is Inc. is a small marine shipping company that owns and operates dry bulk vessels and tankers. These ships carry cargo like grain, coal, minerals, and petroleum products across international waters for commodity traders and industrial customers. The company is based in Greece, which is a major hub for global shipping operations.

C3is makes money by chartering its vessels to customers, earning revenue based on daily hire rates or voyage contracts. It operates a very small fleet, which means it has limited scale compared to larger shipping peers. The company's results are heavily tied to global shipping rates, which can swing dramatically based on trade demand, fuel costs, and fleet supply. Key risks include volatile freight markets, the cost of maintaining and expanding its fleet, and significant share dilution that has historically weighed on shareholder value.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+123.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+384.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$33M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

C3is grew revenue 124% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
43.6%
Healthy — 43.6% gross margin
Profit after running costs
Operating Margin
40.5%
Excellent — 40.5% operating margin
Return on the money invested
ROCE
12.3%
Good — 12.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+33.8%
Fast-growing sales (+33.8% YoY)
Profit growth
EPS YoY
+32.3%
Earnings growing fast (+32.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
66%
Modest — 66% of profit becomes cash
Spare cash per sale
FCF Margin
27.2%
Converts sales into free cash efficiently (27.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
56.37x
Comfortably covers interest (56.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
0.0x
Attractive valuation — P/E 0.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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