Globus Maritime Limited (GLBS) 10-Year Financial Performance & Capital Metrics

GLBS • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutGlobus Maritime Limited, an integrated dry bulk shipping company, provides marine transportation services worldwide. It owns, operates, and manages a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes. As of March 31, 2022, the company's fleet included nine vessels with a total carrying capacity of 626,257 deadweight tonnage. It charters its vessels to operators, trading houses, shipping companies and producers, and government-owned entities. The company was incorporated in 2006 and is based in Athens, Greece. Globus Maritime Limited is a subsidiary of Firment Trading Limited.Show more

Revenue $35M +11.7%
EBITDA $13M -13.5%
Net Income $431K -91.8%
EPS (Diluted) 0.02 -92.0%
Gross Margin 18.96% +160.8%
EBITDA Margin 37.69% -22.6%
Operating Margin 9.75% -51.5%
Net Margin 1.24% -92.7%
ROE 0.24% -92.0%
ROIC 1.21% -59.3%
Debt/Equity 0.78 +162.4%
Interest Coverage 0.55 -62.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 17.4%
✓Trading at only 0.2x book value

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.83%

5Y17.42%

3Y-7.02%

TTM11.8%

Profit (Net Income) CAGR

10Y-18.2%

5Y-

3Y-69.34%

TTM-186.41%

EPS CAGR

10Y-66.46%

5Y-

3Y-72.55%

TTM-185.83%

ROCE

10Y Avg-6.16%

5Y Avg2.43%

3Y Avg5.54%

Latest1.34%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.71M	9.02M	14.42M	17.35M	15.62M	11.75M	43.38M	61.76M	31.2M	34.87M
Revenue Growth %	-0.52%	-0.29%	0.6%	0.2%	-0.1%	-0.25%	2.69%	0.42%	-0.49%	0.12%
Cost of Goods Sold+	19.89M	15.98M	16.74M	16.88M	17.41M	14.8M	21.6M	33.63M	28.94M	28.26M
COGS % of Revenue	1.56%	1.77%	1.16%	0.97%	1.11%	1.26%	0.5%	0.54%	0.93%	0.81%
Gross Profit+	-7.18M	-6.96M	-2.32M	474K	-1.78M	-3.05M	21.78M	28.12M	2.27M	6.61M
Gross Margin %	-0.56%	-0.77%	-0.16%	0.03%	-0.11%	-0.26%	0.5%	0.46%	0.07%	0.19%
Gross Profit Growth %	-2.31%	0.03%	0.67%	1.2%	-4.76%	-0.71%	8.14%	0.29%	-0.92%	1.91%
Operating Expenses+	2.39M	2.52M	1.7M	1.92M	1.97M	10.77M	3.84M	4.49M	717K	3.21M
OpEx % of Revenue	0.19%	0.28%	0.12%	0.11%	0.13%	0.92%	0.09%	0.07%	0.02%	0.09%
Selling, General & Admin	2.02M	2.23M	1.78M	1.92M	1.88M	3.72M	3.83M	4M	2.05M	4.89M
SG&A % of Revenue	0.16%	0.25%	0.12%	0.11%	0.12%	0.32%	0.09%	0.06%	0.07%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-110K	-30K	-83K	-2K	87K	7.05M	14K	496K	-1.33M	-1.68M
Operating Income+	-29.71M	-7.23M	-4.01M	-1.45M	-4.37M	-11.42M	17.94M	23.63M	6.28M	3.4M
Operating Margin %	-2.34%	-0.8%	-0.28%	-0.08%	-0.28%	-0.97%	0.41%	0.38%	0.2%	0.1%
Operating Income Growth %	-6.68%	0.76%	0.44%	0.64%	-2.02%	-1.62%	2.57%	0.32%	-0.73%	-0.46%
EBITDA+	-22.52M	-1.21M	1.7M	4.32M	2.06M	-7.69M	24.61M	33.88M	15.19M	13.14M
EBITDA Margin %	-1.77%	-0.13%	0.12%	0.25%	0.13%	-0.65%	0.57%	0.55%	0.49%	0.38%
EBITDA Growth %	-2.85%	0.95%	2.41%	1.54%	-0.52%	-4.73%	4.2%	0.38%	-0.55%	-0.13%
D&A (Non-Cash Add-back)	7.19M	6.02M	5.72M	5.77M	6.42M	3.73M	6.66M	10.25M	8.91M	9.74M
EBIT	-29.73M	-7.27M	-4.25M	-1.54M	-32.31M	-13.22M	18.21M	26.55M	9.57M	6.56M
Net Interest Income+	-2.77M	-2.67M	-2.22M	2.03M	-4.66M	-4.14M	-3.25M	-1.99M	-1.66M	-3.36M
Interest Income	8K	5K	3K	2.03M	47K	16K	8K	375K	2.63M	2.77M
Interest Expense	2.78M	2.68M	2.22M	0	4.7M	4.16M	3.26M	2.36M	4.29M	6.13M
Other Income/Expense	-22.94M	-370K	-2.46M	-2.12M	-31.98M	-5.95M	-2.99M	648K	-1M	-2.97M
Pretax Income+	-32.4M	-9.82M	-6.47M	-3.57M	-36.35M	-17.37M	14.95M	24.28M	5.27M	431K
Pretax Margin %	-2.55%	-1.09%	-0.45%	-0.21%	-2.33%	-1.48%	0.34%	0.39%	0.17%	0.01%
Income Tax+	2.67M	2.56M	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-32.4M	-9.82M	-6.47M	-3.57M	-36.35M	-17.37M	14.95M	24.28M	5.27M	431K
Net Margin %	-2.55%	-1.09%	-0.45%	-0.21%	-2.33%	-1.48%	0.34%	0.39%	0.17%	0.01%
Net Income Growth %	-11.09%	0.7%	0.34%	0.45%	-9.19%	0.52%	1.86%	0.62%	-0.78%	-0.92%
Net Income (Continuing)	-32.4M	-9.82M	-6.47M	-3.57M	-36.35M	-17.37M	14.95M	24.28M	5.27M	431K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-12625.10	-3774.49	-251.47	-111.60	-873.36	-18.11	1.01	1.18	0.26	0.02
EPS Growth %	-11.88%	0.7%	0.93%	0.56%	-6.83%	0.98%	1.06%	0.17%	-0.78%	-0.92%
EPS (Basic)	-12625.10	-3774.49	-251.47	-111.60	-873.36	-18.11	1.01	1.18	0.26	0.02
Diluted Shares Outstanding	2.57K	2.6K	25.75K	31.97K	41.62K	959.16K	14.81M	20.58M	20.58M	20.58M
Basic Shares Outstanding	2.57K	2.6K	25.75K	31.97K	41.62K	959.16K	14.81M	20.58M	20.58M	20.58M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.7M	2.15M	4.23M	2.79M	5.49M	22.28M	49.94M	62.33M	79.3M	53.04M
Cash & Short-Term Investments	2M	163K	2.76M	46K	2.37M	19.04M	45.21M	52.83M	74.2M	46.84M
Cash Only	2M	163K	2.76M	46K	2.37M	19.04M	45.21M	52.83M	74.2M	46.84M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	690K	243K	177K	577K	240K	153K	1M	109K	1.15M	1.11M
Days Sales Outstanding	19.81	9.84	4.48	12.14	5.61	4.75	8.44	0.64	13.46	11.66
Inventory	453K	516K	661K	650K	1.54M	1.25M	852K	3.03M	1.26M	1.23M
Days Inventory Outstanding	8.31	11.79	14.41	14.06	32.4	30.77	14.4	32.86	15.84	15.84
Other Current Assets	1.25M	714K	426K	1.35M	1.19M	816K	1.65M	6.36M	2.69M	3.87M
Total Non-Current Assets+	110.14M	91.85M	87.37M	83.88M	50.17M	64.16M	135.71M	163.13M	152.1M	267.94M
Property, Plant & Equipment	110.13M	91.84M	87.32M	83.75M	48.91M	62.9M	131.71M	158.22M	148.07M	264.98M
Fixed Asset Turnover	0.12x	0.10x	0.17x	0.21x	0.32x	0.19x	0.33x	0.39x	0.21x	0.13x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	1.25M	1.25M	3.99M	4.91M	4.03M	2.95M
Other Non-Current Assets	10K	10K	53K	130K	10K	10K	10K	10K	10K	10K
Total Assets+	114.84M	94M	91.6M	86.67M	55.66M	86.44M	185.65M	225.46M	231.4M	320.99M
Asset Turnover	0.11x	0.10x	0.16x	0.20x	0.28x	0.14x	0.23x	0.27x	0.13x	0.11x
Asset Growth %	-0.24%	-0.18%	-0.03%	-0.05%	-0.36%	0.55%	1.15%	0.21%	0.03%	0.39%
Total Current Liabilities+	69.63M	31.14M	47.55M	43.21M	8.73M	13.06M	12.13M	16.9M	9.5M	34.58M
Accounts Payable	4.01M	4.76M	4.26M	6.43M	4.74M	4.76M	1.1M	3.55M	362K	3.59M
Days Payables Outstanding	73.59	108.67	92.83	139.1	99.3	117.31	18.59	38.51	4.57	46.36
Short-Term Debt	63.65M	23.55M	41.54M	35.37M	1.2M	5.67M	5.04M	6.8M	6.5M	25.95M
Deferred Revenue (Current)	171K	220K	302K	86K	1000K	285K	1000K	416K	688K	696K
Other Current Liabilities	0	0	0	0	-1.35M	0	92K	0	0	0
Current Ratio	0.07x	0.07x	0.09x	0.06x	0.63x	1.71x	4.12x	3.69x	8.35x	1.53x
Quick Ratio	0.06x	0.05x	0.08x	0.05x	0.45x	1.61x	4.05x	3.51x	8.21x	1.50x
Cash Conversion Cycle	-45.48	-87.05	-73.94	-112.91	-61.29	-81.79	4.25	-5	24.74	-18.86
Total Non-Current Liabilities+	14.67M	42.1M	47.63M	45.62M	37.05M	31.29M	27.11M	37.86M	45.93M	110.01M
Long-Term Debt	14.6M	42.02M	41.54M	1.5M	36.55M	30.89M	26.44M	37.52M	45.76M	59.27M
Capital Lease Obligations	0	0	0	0	469K	367K	556K	188K	0	50.55M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	73K	78K	6.1M	918K	26K	31K	114K	148K	171K	191K
Total Liabilities	84.3M	73.24M	47.63M	45.62M	45.78M	44.35M	39.23M	54.76M	55.43M	144.59M
Total Debt+	78.25M	65.57M	41.54M	36.87M	38.42M	37.11M	32.39M	44.83M	52.45M	137.95M
Net Debt	76.24M	65.41M	38.78M	36.82M	36.06M	18.08M	-12.83M	-8M	-21.75M	91.12M
Debt / Equity	2.56x	3.16x	0.94x	0.90x	3.89x	0.88x	0.22x	0.26x	0.30x	0.78x
Debt / EBITDA	-	-	24.42x	8.54x	18.66x	-	1.32x	1.32x	3.45x	10.50x
Net Debt / EBITDA	-	-	22.80x	8.53x	17.51x	-	-0.52x	-0.24x	-1.43x	6.93x
Interest Coverage	-10.67x	-2.70x	-1.81x	-	-0.93x	-2.75x	5.50x	10.01x	1.46x	0.55x
Total Equity+	30.54M	20.76M	43.97M	41.05M	9.88M	42.09M	146.42M	170.7M	175.97M	176.4M
Equity Growth %	-0.52%	-0.32%	1.12%	-0.07%	-0.76%	3.26%	2.48%	0.17%	0.03%	0%
Book Value per Share	11899.84	7975.41	1707.56	1283.94	237.35	43.89	9.89	8.29	8.55	8.57
Total Shareholders' Equity	30.54M	20.76M	43.97M	41.05M	9.88M	42.09M	146.42M	170.7M	175.97M	176.4M
Common Stock	41K	10K	126K	13K	21K	12K	82K	82K	82K	82K
Retained Earnings	-79.43M	-89.25M	-95.73M	-99.3M	-135.65M	-153.02M	-138.07M	-113.79M	-108.52M	-108.09M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	-102.66M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-60K	-3.6M	631K	3.85M	213K	-6.24M	20.75M	26.91M	-4.46M	11.29M
Operating CF Margin %	-0%	-0.4%	0.04%	0.22%	0.01%	-0.53%	0.48%	0.44%	-0.14%	0.32%
Operating CF Growth %	-1.01%	-59%	1.18%	5.1%	-0.94%	-30.31%	4.32%	0.3%	-1.17%	3.53%
Net Income	-32.4M	-9.82M	-6.47M	-3.57M	-36.35M	-17.37M	14.95M	24.28M	5.27M	431K
Depreciation & Amortization	7.19M	6.02M	5.72M	5.77M	6.42M	3.73M	6.66M	10.25M	8.91M	9.74M
Stock-Based Compensation	60K	50K	30K	50K	40K	40K	40K	0	0	0
Deferred Taxes	20.12M	-2.31M	185K	55K	27.88M	6.39M	-185K	0	0	0
Other Non-Cash Items	1.79M	2.19M	1.81M	852K	3.79M	1.48M	-410K	-3.56M	-17.71M	-1.23M
Working Capital Changes	3.17M	273K	-631K	695K	-1.58M	-508K	-306K	-4.06M	-930K	2.34M
Change in Receivables	489K	-270K	66K	-400K	337K	87K	-850K	894K	-1.04M	37K
Change in Inventory	-12K	-161K	-145K	11K	-895K	297K	396K	-2.18M	1.77M	30K
Change in Payables	1.4M	746K	-499K	1.3M	-1.01M	89K	-1.92M	2.72M	-3.38M	2.94M
Cash from Investing+	5.35M	362K	-263K	-126K	-20K	-18.54M	-71.96M	-29.01M	18.46M	-98.92M
Capital Expenditures	-5K	-19K	-266K	-126K	-67K	-18.56M	-71.97M	-29.38M	-19.27M	-113.19M
CapEx % of Revenue	0%	0%	0.02%	0.01%	0%	1.58%	1.66%	0.48%	0.62%	3.25%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.36M	381K	3K	0	47K	16K	8K	375K	37.73M	14.26M
Cash from Financing+	-8.37M	1.4M	2.23M	-6.43M	2.13M	41.46M	77.39M	9.72M	7.37M	60.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-505K	-14K	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.86M	-1.44M	-3.31M	-3.04M	-5.88M	-4.66M	-6.7M	-2.62M	-880K	-5.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-65K	-3.62M	365K	3.73M	146K	-24.8M	-51.22M	-2.48M	-23.73M	-101.9M
FCF Margin %	-0.01%	-0.4%	0.03%	0.21%	0.01%	-2.11%	-1.18%	-0.04%	-0.76%	-2.92%
FCF Growth %	-1.01%	-54.68%	1.1%	9.21%	-0.96%	-170.87%	-1.07%	0.95%	-8.58%	-3.29%
FCF per Share	-25.33	-1390.32	14.18	116.51	3.51	-25.86	-3.46	-0.12	-1.15	-4.95
FCF Conversion (FCF/Net Income)	0.00x	0.37x	-0.10x	-1.08x	-0.01x	0.36x	1.39x	1.11x	-0.85x	26.18x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-69.03%	-38.31%	-20.01%	-8.39%	-142.75%	-66.85%	15.86%	15.31%	3.04%	0.24%
Return on Invested Capital (ROIC)	-17.94%	-5.62%	-3.57%	-1.35%	-5.29%	-16.15%	13.89%	11.96%	2.97%	1.21%
Gross Margin	-56.45%	-77.18%	-16.09%	2.73%	-11.41%	-25.96%	50.22%	45.54%	7.27%	18.96%
Net Margin	-254.79%	-108.95%	-44.89%	-20.56%	-232.68%	-147.81%	34.46%	39.32%	16.89%	1.24%
Debt / Equity	2.56x	3.16x	0.94x	0.90x	3.89x	0.88x	0.22x	0.26x	0.30x	0.78x
Interest Coverage	-10.67x	-2.70x	-1.81x	-	-0.93x	-2.75x	5.50x	10.01x	1.46x	0.55x
FCF Conversion	0.00x	0.37x	-0.10x	-1.08x	-0.01x	0.36x	1.39x	1.11x	-0.85x	26.18x
Revenue Growth	-51.8%	-29.08%	59.94%	20.32%	-9.97%	-24.77%	269.11%	42.35%	-49.47%	11.74%

Frequently Asked Questions

Valuation & Price

Globus Maritime Limited (GLBS) has a price-to-earnings (P/E) ratio of 82.3x. This suggests investors expect higher future growth.

Growth & Financials

Globus Maritime Limited (GLBS) reported $35.8M in revenue for fiscal year 2024. This represents a 1% increase from $35.6M in 2011.

Globus Maritime Limited (GLBS) grew revenue by 11.7% over the past year. This is steady growth.

Globus Maritime Limited (GLBS) reported a net loss of $5.9M for fiscal year 2024.

Dividend & Returns

Globus Maritime Limited (GLBS) has a return on equity (ROE) of 0.2%. This is below average, suggesting room for improvement.

Globus Maritime Limited (GLBS) had negative free cash flow of $77.9M in fiscal year 2024, likely due to heavy capital investments.

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