olivLaw · US equity research
Vantage Corp VNTG
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Vantage Corp is a shipbroking firm specialized in the tanker market, providing chartering, negotiation and operational services through offices in Singapore, the United Arab Emirates, Hong Kong and China. The company listed on NYSE American in June 2025, and in fiscal 2026 revenue eased slightly due to softer global shipping conditions, while acquisitions during the year extended its regional footprint.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vantage Corp (VNTG) stock was 0.46 USD (−1.48% on the day), with market capitalisation 14.3 m USD, dividend yield 15.54%, beta 0.28, 52-week range 0.46–1.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 0.40 – 0.65
- in the lower half of the band · %B 0.25 · band width 48.4%
- SMA 50 / 200
- 0.59 / 0.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.6% | −1.1% | −27.5 pp | — |
| 3 months | −29.1% | −0.5% | −28.7 pp | — |
| 6 months | −43.2% | +4.4% | −47.6 pp | — |
| Year to date | −47.1% | +12.3% | −59.4 pp | — |
| 1 year | −46.9% | +13.5% | −60.5 pp | −42.6% |
| 3 years | unavailable | +76.4% | unavailable | −70.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 24.0 m | 20.0 m | 18.7 m | 17.8 m |
| Revenue YoY | unavailable | −16.6% | −6.7% | −4.4% |
| Net income | 5.9 m | 5.0 m | 3.8 m | -1.3 m |
| Net income YoY | unavailable | −15.5% | −22.4% | −134.3% |
| Diluted EPS | 0.21 | 0.17 | 0.14 | -0.04 |
| Diluted EPS YoY | unavailable | −19.0% | −17.6% | −128.6% |
| net % | 24.4% | 24.8% | 20.6% | -7.4% |
| Free cash flow | 12.9 m | -210.1 k | 1.8 m | -4.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 8.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 9.9 m USD
- Total assets
- 22.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.48x
- ROE
- unavailable
- ROA
- -7.8%
- FCF margin
- -26.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 24.0 m | 20.0 m | 18.7 m | 17.8 m | SEC (XBRL)· 27 Jul 2026verified |
| Cost of revenue | 15.2 m | 10.6 m | 10.0 m | 10.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Gross profit | 8.8 m | 9.4 m | 8.6 m | 7.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Operating income | 6.3 m | 5.8 m | 4.4 m | -834.1 k | SEC (XBRL)· 27 Jul 2026verified |
| Depreciation & amortisation | 167.6 k | 175.5 k | 272.7 k | 598.5 k | SEC (XBRL)· 27 Jul 2026verified |
| EBITDA | 6.5 m ≈ | 6.0 m ≈ | 4.7 m ≈ | -235.6 k ≈ | SEC (XBRL)· 27 Jul 2026derived |
| Interest expense | 3.9 k | 9.3 k | 12.3 k | 355.9 k | SEC (XBRL)· 27 Jul 2026verified |
| Pre-tax income | 7.0 m | 6.0 m | 4.7 m | -1.2 m | SEC (XBRL)· 27 Jul 2026verified |
| Income tax | 1.2 m | 1.0 m | 825.9 k | 155.7 k | SEC (XBRL)· 27 Jul 2026verified |
| Net income | 5.9 m | 5.0 m | 3.8 m | -1.3 m | SEC (XBRL)· 27 Jul 2026verified |
| Diluted EPS | 0.21 | 0.17 | 0.14 | -0.04 | SEC (XBRL)· 27 Jul 2026verified |
| Weighted average diluted shares | 28.0 m | 28.0 m | 28.0 m | 31.0 m | SEC (XBRL)· 27 Jul 2026verified |
| Dividend per share | — | — | 0.41 | 0.07 | SEC (XBRL)· 27 Jul 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 16.6 m | 5.9 m | 8.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Receivables | — | 4.7 m | 3.8 m | 5.6 m | SEC (XBRL)· 27 Jul 2026verified |
| Current assets | — | 21.8 m | 10.9 m | 15.7 m | SEC (XBRL)· 27 Jul 2026verified |
| Property, plant & equipment, net | — | 40.2 k | 108.7 k | 201.1 k | SEC (XBRL)· 27 Jul 2026verified |
| Goodwill | — | — | — | 2.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 1.3 m | SEC (XBRL)· 27 Jul 2026verified |
| Total assets | — | 22.1 m | 11.2 m | 22.8 m | SEC (XBRL)· 27 Jul 2026verified |
| Accounts payable | — | 200.5 k | 46.2 k | 211.0 k | SEC (XBRL)· 27 Jul 2026verified |
| Current liabilities | — | 14.4 m | 10.0 m | 10.6 m | SEC (XBRL)· 27 Jul 2026verified |
| Total liabilities | — | 14.5 m | 11.5 m | 12.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Equity | 9.8 m | 7.6 m | -360.2 k | 9.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Shares outstanding at year end | — | — | 28.0 m | 31.0 m | SEC (XBRL)· 27 Jul 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 12.9 m | -173.3 k | 1.9 m | -4.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Capex | 9.5 k | 36.9 k | 126.5 k | 213.4 k | SEC (XBRL)· 27 Jul 2026verified |
| Free cash flow | 12.9 m ≈ | -210.1 k ≈ | 1.8 m ≈ | -4.7 m ≈ | SEC (XBRL)· 27 Jul 2026derived |
| Investing cash flow | -9.5 k | -36.9 k | -126.5 k | -997.2 k | SEC (XBRL)· 27 Jul 2026verified |
| Financing cash flow | -826.0 k | -2.2 m | -12.4 m | 8.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Dividends paid | — | 2.1 m | 11.4 m | 2.2 m | SEC (XBRL)· 27 Jul 2026verified |
| Share repurchases | — | — | — | 749.4 k | SEC (XBRL)· 27 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 14.3 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.94 – 1.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.94 – 1.26 (Mid 1.08)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -7.4% | 50 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.4% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.3x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -32.7% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 20.8% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial50/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vantage Corp (VNTG). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 17.8 m USD in 2026; YoY growth -4.4%; net margin -7.4%; ROE -31.1%.
The estimated value range is 0.94–1.26 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.08 USD, the price of 0.46 USD leaves a potential of 134.2% (value / price − 1) and a margin of safety of 57.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 20.8%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -9.4%
- Interest coverage: -2.3x
- FCF yield: -32.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 25.5 bn | 25.1 | 45.0% | 7.9% | +4.4% | +35% / +64% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 29.6 | 56.0% | 2.9% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −47% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for VNTG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 6-K (21 Sept 2026).
In brief
Vantage Corp is a shipbroking firm specialized in the tanker market, providing chartering, negotiation and operational services through offices in Singapore, the United Arab Emirates, Hong Kong and China. The company listed on NYSE American in June 2025, and in fiscal 2026 revenue eased slightly due to softer global shipping conditions, while acquisitions during the year extended its regional footprint 1.
SWOT
Strengths
- The founders' experience and relationships with oil companies, shipowners and commodity traders are clear strengths in the source.
- A presence in several hubs, including Singapore, Hong Kong, Shanghai and Dubai, gives broad regional coverage.
- The proprietary OpsWiz platform and the separate IT division support operational efficiency and could create strategic options.
Weaknesses
- Revenue depends largely on freight commissions, which are sensitive to market conditions and rate volatility.
- General and administrative costs rose sharply after the listing and acquisitions, weighing on profitability in fiscal 2026.
- The company is small in scale, which may limit its ability to compete with large global brokers.
Opportunities
- Integrating recent acquisitions and expanding petrochemical and biofuel divisions could open new commission sources.
- A larger share of time charter contracts could bring more stable and recurring revenue.
- Commercializing the Hadō software for the maritime industry could create a separate revenue stream.
Threats
- A drop in oil demand or a faster energy transition could reduce tanker transport volumes.
- Geopolitical conflicts can disrupt shipping routes and abruptly change market conditions.
- Environmental regulation and technological change could reduce the availability of compliant vessels.
Risks
- Dependence on freight market conditionshigh
Commissions are calculated as a percentage of freight, so a fall in rates could directly reduce revenue.
- Costs of being a listed companymedium
Legal, compliance and investor relations costs have risen and will continue, which could pressure margins.
- Geopolitical and maritime riskshigh
Regional conflicts can disrupt shipments and raise costs, with effects on revenue that are hard to predict.
- Integration of acquisitionsmedium
Integrating the three entities acquired in fiscal 2026 may be complex and could affect results if it falls short.
- Long-term energy transitionlow
A long-term decline in fossil fuel demand could erode the revenue base if diversification does not progress enough.
Investment thesis
What would need to be true (bull case)
- If expansion in Asia and the Middle East translates into transaction volume, the company could regain growth momentum after fiscal 2026.
- A rising share of time charter contracts could stabilize revenue and reduce reliance on freight rate swings.
- If Hadō and the OpsWiz platform generate revenue, the company could develop a more diversified business profile.
What would break the thesis
- Revenue fell in fiscal 2026, and if the freight market stays weak, pressure on results could persist.
- Higher costs after the listing and acquisitions could remain elevated and weigh on profitability.
- If oil demand declines faster than expected, the commission base could be severely affected.
What to watch
- Integration of the PJ entities and their revenue contribution2027
- Revenue development from Hadō and OpsWiz2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 6-K (21 Sept 2026).
The business
Vantage Corp, founded in 2012 by five experienced shipbrokers, earns its revenue mainly from commissions on freight, time charter, demurrage and sale and purchase transactions. The company links shipowners with charterers and offers operational and consultancy services across the oil, clean petroleum products and petrochemicals markets 1. In fiscal 2026 it acquired PJ Marine Singapore, PJ Marine Hong Kong and PJ Marine Shanghai, and since February 2026 its IT division operates as a separate entity, Hadō, which develops maritime software 1.
The proprietary OpsWiz platform, a cloud-based tanker operations system, supports voyage management, fixture documentation and operational workflows. Its development was supported by a grant from Enterprise Singapore, reflecting the company's investment in digitalization 1.
Operations are organized into dedicated divisions: dirty petroleum products and crude, clean petroleum products, petrochemicals, biofuels and vegetable oils, and long-term projects. Each division is led by a head who oversees brokers and client relationships 1.
Segments
Freight commissions
Freight commissions are the largest revenue source, accounting for 75.6% of revenue in fiscal 2026 at about 13.5 million USD, broadly stable on the prior year 1.
Time charter commissions
Time charter commissions grew steadily and reached 16.6% of revenue in fiscal 2026, suggesting a tilt toward longer-period transactions with more predictable income 1.
Demurrage and other commissions
Demurrage commissions declined each year over the last three, due to lower claims settled, and other commissions also fell, pointing to weaker transactional activity 1.
Market context
The company operates in tanker brokerage, where revenue depends on freight levels, oil prices, demand and the supply of available vessels. The source notes that transaction volumes and global shipping conditions weakened in fiscal 2026 1.
Geopolitical tensions and conflicts in strategic areas such as the Strait of Hormuz or the South China Sea can raise fuel costs and delays, which could lift freight and demurrage rates, but could also reduce activity if routes become unsafe 1.
Trends
- Geopolitical tensions and route risksmixed
Regional conflicts can raise freight and demurrage but may also reduce transport volumes. The source suggests the net effect could be positive for brokerage if fuel cost increases dominate.
- Oil prices and global demandmixed
Higher oil prices can increase transport rates and commissions. Global inventories and economic growth also shape shipping demand 1.
- Energy transitionheadwind
Climate policies and the shift to electric vehicles could reduce long-term fossil fuel demand, which would limit revenue if diversification into biofuels and petrochemicals does not advance 1.
- IMO environmental regulationheadwind
Stricter fuel and emissions standards may temporarily reduce the availability of compliant vessels, which could weigh on transaction volumes unless the company has strong ties with compliant shipowners 1.
Competitive position
Competition comes from other global tanker brokers. Vantage Corp differentiates itself through its regional presence in Asia and the Middle East and its digital platform, but its scale is small compared with larger players 1.
The company's advantage could come from relationships with shipowners and oil companies and from its market analysis capability. If those relationships weakened, its competitive position could erode 1.
- Other tanker shipbrokers
The source does not name competitors; these are global tanker brokers covering the same divisions.
- Asian and Middle Eastern brokerage houses
Regional competition in Singapore, Hong Kong, Shanghai and Dubai, where the company already has offices.
- Shipowners with in-house commercial teams
Some owners can negotiate directly with charterers, reducing the need for intermediaries.
- Digital shipping platform operators
Software platforms may compete for voyage management and transport documentation.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)21 Sept 2026
- Annual report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)21 Jul 2026
- Current report (foreign issuer)08 Jul 2026
- Current report (foreign issuer)24 Mar 2026
- Current report (foreign issuer)11 Mar 2026
- Current report (foreign issuer)04 Feb 2026
- Current report (foreign issuer)26 Jan 2026
- Current report (foreign issuer)20 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Vantage Corp · 27 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.