olivLaw · US equity research
Rubico Inc. RUBI
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Rubico Inc. is an international owner and operator of just two Suezmax crude oil tankers of 157,000 dwt, both on long-term charters to Clearlake. The company listed on Nasdaq in August 2025 after a spin-off from its former parent and is expanding its fleet through newbuilding and acquisitions, which keeps single-customer dependence and dilutive equity financing in focus.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Rubico Inc. (RUBI) stock was 1.77 USD (−12.38% on the day), with market capitalisation 682.3 k USD, P/E 0.0 on diluted EPS of 49.07 USD over the last 12 months, beta 7.86, 52-week range 0.16–12,265.63 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.8
- neutral
- Bollinger (20, 2)
- -1.17 – 3.79
- in the upper half of the band · %B 0.59 · band width 378.1%
- SMA 50 / 200
- 1.08 / 108.68
- mixed trend
- MACD (12, 26, 9)
- 0.37 / 0.31
- MACD above 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 | +170.6% | −1.1% | +171.7 pp | — |
| 3 months | +13.5% | −0.5% | +13.9 pp | — |
| 6 months | −96.4% | +4.4% | −100.8 pp | — |
| Year to date | −99.9% | +12.3% | −112.2 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | +21.5% |
| 3 years | unavailable | +76.4% | unavailable | +57.7% |
| 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.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 28.4, median 28.4, max 28.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 24.5 m | 24.2 m | 23.5 m |
| Revenue YoY | unavailable | −1.1% | −2.8% |
| Net income | 6.6 m | 5.9 m | 2.6 m |
| Net income YoY | unavailable | −10.4% | −55.5% |
| Diluted EPS | 507.54 | 454.96 | 49.07 |
| Diluted EPS YoY | unavailable | −10.4% | −89.2% |
| net % | 27.1% | 24.6% | 11.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.0 m USD
- Financial debt
- 82.3 m USD
- Net debt
- 78.3 m USD
- Equity
- 45.8 m USD
- Total assets
- 134.1 m USD
- Debt / equity
- 1.80x
- Current ratio
- 0.70x
- ROE
- 6.6%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 24.5 m | 24.2 m | 23.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Operating income | 12.4 m | 12.4 m | 12.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Interest expense | 5.9 m | 6.5 m | 8.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Net income | 6.6 m | 5.9 m | 2.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Diluted EPS | 507.54 | 454.96 | 49.07 | SEC (XBRL)· 23 Mar 2026verified |
| Weighted average diluted shares | 13.1 k | 13.1 k | 53.9 k | SEC (XBRL)· 23 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.8 m | 1.2 m | 4.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Receivables | — | 229.0 k | 1.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Inventories | — | 176.0 k | 194.0 k | SEC (XBRL)· 23 Mar 2026verified |
| Current assets | — | 2.0 m | 7.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Property, plant & equipment, net | — | 110.4 m | 106.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Total assets | — | 113.4 m | 134.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Accounts payable | — | 901.0 k | 2.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Short-term debt | — | 4.2 m | 4.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Long-term debt | — | 71.6 m | 77.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Current liabilities | — | 7.6 m | 10.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Total liabilities | — | 79.3 m | 88.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Equity | 35.7 m † | 34.1 m † | 45.8 m † | SEC (XBRL)· 23 Mar 2026verified |
| Shares outstanding at year end | — | — | 385.5 k | SEC (XBRL)· 23 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.8 m | 10.5 m | 11.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Investing cash flow | 0 | 0 | -19.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Financing cash flow | -11.4 m | -12.1 m | 11.3 m | SEC (XBRL)· 23 Mar 2026verified |
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
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 682.3 k USD
Key indicators
Coverage and freshness
Score by group
38% · 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: 479.89 – 922.37 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E479.89 – 922.37 (Mid 687.78)13 companies used · median multiple 14.0x · quartiles 9.8x – 18.8xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, TDW, TNK, VIK
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 53 (vs peers) | 28% |
| Net margin · Quality | 11.2% | 53 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
Rubico Inc. (RUBI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 23.5 m USD in 2025; YoY growth -2.8%; net margin 11.2%; ROE 6.6%.
The estimated value range is 479.89–922.37 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 687.78 USD, the price of 1.77 USD leaves a potential of 38,757.4% (value / price − 1) and a margin of safety of 99.7% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 0.0x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.5x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 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 | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
1- and 3-year price returns: for RUBI 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 | 0.14 Total return -92% · Per year -92% | 0.24 Total return -86% · Per year -86% | 0.36 Total return -79% · Per year -79% |
| 3 years | 0.11 Total return -94% · Per year -60% | 0.23 Total return -87% · Per year -50% | 0.38 Total return -79% · Per year -40% |
| 5 years | 0.09 Total return -95% · Per year -44% | 0.21 Total return -88% · Per year -34% | 0.40 Total return -78% · Per year -26% |
- Exit P/E± 0.06
- Net margin± 0.04
- Annual revenue growth± 0.04
- Annual dilution± 0.00
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 23 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (21 Oct 2026), 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (06 Oct 2026), 6-K (28 Sept 2026).
In brief
Rubico Inc. is an international owner and operator of just two Suezmax crude oil tankers of 157,000 dwt, both on long-term charters to Clearlake. The company listed on Nasdaq in August 2025 after a spin-off from its former parent and is expanding its fleet through newbuilding and acquisitions, which keeps single-customer dependence and dilutive equity financing in focus.
SWOT
Strengths
- The fleet is modern and energy efficient, and the vessels are relatively young.
- Long-term charters with a core client give high visibility on revenue.
- Outsourcing to a fleet manager linked to the founding family may reduce administrative costs.
Weaknesses
- The fleet is very small, and dependence on two vessels means any interruption has a major effect.
- Voting control is concentrated in a family trust, which limits the influence of public shareholders.
- Debt and interest costs have risen, which compresses pre-tax results.
Opportunities
- Expansion into new seaborne segments could diversify revenue sources.
- The chemical tanker newbuilding could open a new segment with a large-scale client commitment.
- Capital markets could make it easier to fund new acquisitions if conditions remain favorable.
Threats
- Volatile charter rates and vessel values could reduce profitability in weak periods.
- Environmental rules and port fees could raise operating costs.
- Dilution from share and preferred issuances could weigh on existing shareholders.
Risks
- Single-customer dependencehigh
Both vessels are mainly chartered to one client, and failure to meet payment obligations could seriously affect cash flow.
- Concentrated voting controlhigh
A family trust controls most of the voting power, which could limit the ability of public shareholders to influence decisions.
- Dilution from equity issuancemedium
The company has relied on equity issuances that do not require shareholder approval, which could dilute existing holdings and depress the share price.
- Debt and interest costsmedium
Vessel-backed financings carry restrictive covenants, and interest costs could limit operational flexibility.
- Shipyard delayslow
Delays or defaults by shipyards could increase expenses and reduce net income and cash flows.
Investment thesis
What would need to be true (bull case)
- If charter rates remain firm and the newly delivered fleet secures good employment, revenue could become more predictable over the long term.
- A modern, energy-efficient fleet could attract customers that demand high performance standards.
- If expansion into new segments succeeds, the company could reduce its dependence on a single vessel category.
What would break the thesis
- Dependence on two vessels and a single client could make results very sensitive to any operational incident.
- Concentrated voting control and dilution from share issuance could limit gains for public shareholders.
- If crude oil demand falls because of electrification, demand for the company's vessels could weaken.
What to watch
- Trend in revenue and operating income versus fiscal 2025Q1 2027
- Execution of the MR newbuilding financing and delivery timing2027
- Use of the equity line and its effect on dilutionnext 10-K
- Status of the megayacht acquisition and shipyard installment payments2027
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 23 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (21 Oct 2026), 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (06 Oct 2026), 6-K (28 Sept 2026).
The business
Rubico Inc. is a Marshall Islands company with executive offices in Athens that owns and operates two eco Suezmax tankers of 157,000 dwt, the M/T Eco Malibu and M/T Eco West Coast, both focused on crude oil transportation 1. Both vessels are chartered to Clearlake under time charters that pay a fixed daily hire, and the ships are financed through sale and leaseback arrangements 1. Revenues reached 23.523 million USD in fiscal 2025, down 3% from the prior year, while operating income held near 12.400 million USD 1.
Segments
Crude oil transport with Suezmax tankers
The core segment consists of the two 157,000 dwt Suezmax tankers, both chartered to Clearlake at a daily rate of 29,990 USD for the extended period agreed in November 2025 1. The contracts have a firm period to January 2031, which provides fairly predictable revenue but concentrated on one client 1.
MR newbuilding under construction
The company has taken on a newbuilding for a 47,499 dwt chemical and product oil carrier, scheduled for delivery in the fourth quarter of 2029 and chartered to Trafigura 1. Leasing finance covers 85% of the shipyard installments, which shows the expansion depends on external financing 1.
Market context
The source describes the international tanker industry as cyclical and volatile, with wide swings in charter rates, vessel values and profitability 1. The company considers expanding into other seaborne sectors, including goods or passenger transport and recreational transport, depending on market conditions 1. Long-term crude oil demand is described as sensitive to the growth of electric vehicles and to shifts in trade patterns for oil products 1.
Trends
- Charter rate volatilitymixed
Tanker charter rates are described as fluctuating, which could affect earnings on vessels employed in the spot market, although the two current ships are on long-term charters 1. The firm long-term charter reduces exposure to these swings, at least until the contracts expire.
- Electrification of transportheadwind
Growth in electric vehicles could reduce global crude oil demand and therefore seaborne crude transport, which could weigh on long-term demand for the company's vessels 1.
- Environmental and climate rulesmixed
Greenhouse gas restrictions and environmental requirements could raise operating and dry-docking costs, but the fuel-efficient eco vessels in the fleet could benefit from efficiency standards set by customers 1.
- Port fees and trade measuresheadwind
New port fees imposed by the United States and China are identified as a risk that could materially affect operations and financial results 1.
Competitive position
The tanker operating industry is described as highly competitive, and Rubico could find it harder to win charters against new entrants or established companies with greater resources 1. The source does not name specific competitors, so the list below reflects only the categories it mentions.
- Established tanker operators with greater resources
Companies with larger fleets and greater financial resources, referred to generically in the source as rivals for charter contracts.
- New entrants in vessel operation
New market participants that could compete for the same charter commitments, as described in the risk factors.
- Other crude oil transport companies
Operators competing for the same customers in the oil sector, an implicit category in the industry risk factors.
- Chemical and product tanker operators
Competitors in the segment the company plans to enter through its MR newbuilding, where it would need to establish its position.
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)28 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)14 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Rubico Inc. · 23 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.