Costamare Bulkers Holdings Ltd (CMDB) 10-Year Financial Performance & Capital Metrics

CMDB • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutCostamare Bulkers Holdings Limited is an international operator of dry bulk vessels, providing transportation services for major commodities such as grain, coal, and iron ore. The Company manages vessel chartering and freight contracts through its integrated dry bulk platform. Headquartered in Monaco, it was established as a spin-off from Costamare Inc.Show more

Revenue $1.2B +80.3%
EBITDA $4M +103.8%
Net Income -$98M +33.5%
EPS (Diluted) -4.05 +33.5%
Gross Margin 11.46% +40.9%
EBITDA Margin 0.31% +102.1%
Operating Margin -2.81% +86.4%
Net Margin -8.22% +63.1%
ROE -21.91% +31.7%
ROIC -2.35% +79.5%
Debt/Equity 1.69 +29.2%
Interest Coverage -1.23 +74.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 81 (top 19%)
✓Trading at only 0.9x book value

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg-2.16%

5Y Avg-2.16%

3Y Avg-2.16%

Latest-3.97%

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 2022	Dec 2023	Dec 2024
Sales/Revenue+	316.47M	663.12M	1.2B
Revenue Growth %	-	1.1%	0.8%
Cost of Goods Sold+	41.71M	609.21M	1.06B
COGS % of Revenue	0.13%	0.92%	0.89%
Gross Profit+	274.76M	53.91M	136.94M
Gross Margin %	0.87%	0.08%	0.11%
Gross Profit Growth %	-	-0.8%	1.54%
Operating Expenses+	165.71M	190.69M	170.59M
OpEx % of Revenue	0.52%	0.29%	0.14%
Selling, General & Admin	7.37M	13M	17.8M
SG&A % of Revenue	0.02%	0.02%	0.01%
Research & Development	0	0	0
R&D % of Revenue	-	-	-
Other Operating Expenses	158.34M	177.69M	152.8M
Operating Income+	109.05M	-136.78M	-33.65M
Operating Margin %	0.34%	-0.21%	-0.03%
Operating Income Growth %	-	-2.25%	0.75%
EBITDA+	148.71M	-97.16M	3.74M
EBITDA Margin %	0.47%	-0.15%	0%
EBITDA Growth %	-	-1.65%	1.04%
D&A (Non-Cash Add-back)	39.66M	39.62M	37.38M
EBIT	109.99M	-119.52M	-70.98M
Net Interest Income+	-19.54M	-25.81M	-25.79M
Interest Income	0	2.37M	1.48M
Interest Expense	19.54M	28.17M	27.27M
Other Income/Expense	-18.6M	-10.92M	-64.61M
Pretax Income+	90.44M	-147.7M	-98.25M
Pretax Margin %	0.29%	-0.22%	-0.08%
Income Tax+	0	0	0
Effective Tax Rate %	1%	1%	1%
Net Income+	90.44M	-147.7M	-98.25M
Net Margin %	0.29%	-0.22%	-0.08%
Net Income Growth %	-	-2.63%	0.33%
Net Income (Continuing)	90.44M	-147.7M	-98.25M
Discontinued Operations	0	0	0
Minority Interest	0	0	0
EPS (Diluted)+	3.74	-6.09	-4.05
EPS Growth %	-	-2.63%	0.33%
EPS (Basic)	3.74	-6.09	-4.05
Diluted Shares Outstanding	24.2M	24.24M	24.24M
Basic Shares Outstanding	24.2M	24.24M	24.24M
Dividend Payout Ratio	-	-	-

Balance Sheet

	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	151.49M	252.42M	240.02M
Cash & Short-Term Investments	104.35M	33.68M	49.86M
Cash Only	104.35M	33.68M	49.86M
Short-Term Investments	0	0	0
Accounts Receivable	24.68M	47.16M	49.5M
Days Sales Outstanding	28.46	25.96	15.12
Inventory	10.02M	47.64M	44.5M
Days Inventory Outstanding	87.71	28.55	15.35
Other Current Assets	12.44M	123.94M	96.16M
Total Non-Current Assets+	720.35M	934.1M	1B
Property, Plant & Equipment	685.44M	898.88M	969.82M
Fixed Asset Turnover	0.46x	0.74x	1.23x
Goodwill	0	0	0
Intangible Assets	0	0	0
Long-Term Investments	0	0	0
Other Non-Current Assets	34.91M	35.22M	31.16M
Total Assets+	871.84M	1.19B	1.24B
Asset Turnover	0.36x	0.56x	0.96x
Asset Growth %	-	0.36%	0.05%
Total Current Liabilities+	94.13M	310.77M	420.66M
Accounts Payable	3.96M	35.19M	41.48M
Days Payables Outstanding	34.69	21.08	14.3
Short-Term Debt	53.85M	61.15M	115.5M
Deferred Revenue (Current)	1000K	1000K	1000K
Other Current Liabilities	473K	3.54M	18.37M
Current Ratio	1.61x	0.81x	0.57x
Quick Ratio	1.50x	0.66x	0.46x
Cash Conversion Cycle	81.48	33.42	16.16
Total Non-Current Liabilities+	331.7M	401.06M	398.32M
Long-Term Debt	331.7M	285.3M	305.72M
Capital Lease Obligations	0	114.06M	87.42M
Deferred Tax Liabilities	0	0	0
Other Non-Current Liabilities	0	1.7M	5.17M
Total Liabilities	425.83M	711.83M	818.98M
Total Debt+	385.55M	621.51M	713.83M
Net Debt	281.2M	587.83M	663.97M
Debt / Equity	0.86x	1.31x	1.69x
Debt / EBITDA	2.59x	-	191.07x
Net Debt / EBITDA	1.89x	-	177.72x
Interest Coverage	5.58x	-4.86x	-1.23x
Total Equity+	446.01M	474.69M	422.02M
Equity Growth %	-	0.06%	-0.11%
Book Value per Share	18.43	19.58	17.41
Total Shareholders' Equity	446.01M	474.69M	422.02M
Common Stock	142K	250K	250K
Retained Earnings	147.89M	194K	-98.06M
Treasury Stock	0	0	0
Accumulated OCI	5.99M	904K	0
Minority Interest	0	0	0

Cash Flow

	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	117.6M	-196.79M	-55.53M
Operating CF Margin %	0.37%	-0.3%	-0.05%
Operating CF Growth %	-	-2.67%	0.72%
Net Income	90.44M	-147.7M	-98.25M
Depreciation & Amortization	39.66M	39.62M	37.38M
Stock-Based Compensation	2.73M	2.3M	2.99M
Deferred Taxes	0	0	0
Other Non-Cash Items	2.98M	10M	37.79M
Working Capital Changes	-18.23M	-101.02M	-35.44M
Change in Receivables	-9.18M	-36.66M	-37.53M
Change in Inventory	-2.5M	-37.62M	3.14M
Change in Payables	-6.18M	31.22M	6.29M
Cash from Investing+	-36.88M	-9.69M	-46.76M
Capital Expenditures	-55.72M	-75.93M	-172.86M
CapEx % of Revenue	0.18%	0.11%	0.14%
Acquisitions	-	-	-
Investments	-	-	-
Other Investing	18.84M	66.24M	126.11M
Cash from Financing+	26.03M	133.25M	116.92M
Debt Issued (Net)	-	-	-
Equity Issued (Net)	-	-	-
Dividends Paid	0	0	0
Share Repurchases	-	-	-
Other Financing	-99.49M	68.94M	41.43M
Net Change in Cash	-	-	-
Free Cash Flow+	61.87M	-272.73M	-228.39M
FCF Margin %	0.2%	-0.41%	-0.19%
FCF Growth %	-	-5.41%	0.16%
FCF per Share	2.56	-11.25	-9.42
FCF Conversion (FCF/Net Income)	1.30x	1.33x	0.57x
Interest Paid	13.44M	21.4M	25.57M
Taxes Paid	0	0	0

Key Ratios

Metric	2022	2023	2024
Return on Equity (ROE)	20.28%	-32.08%	-21.91%
Return on Invested Capital (ROIC)	-	-11.46%	-2.35%
Gross Margin	86.82%	8.13%	11.46%
Net Margin	28.58%	-22.27%	-8.22%
Debt / Equity	0.86x	1.31x	1.69x
Interest Coverage	5.58x	-4.86x	-1.23x
FCF Conversion	1.30x	1.33x	0.57x
Revenue Growth	-	109.54%	80.27%

Frequently Asked Questions

Growth & Financials

Costamare Bulkers Holdings Ltd (CMDB) reported $1.20B in revenue for fiscal year 2024. This represents a 278% increase from $316.5M in 2022.

Costamare Bulkers Holdings Ltd (CMDB) grew revenue by 80.3% over the past year. This is strong growth.

Costamare Bulkers Holdings Ltd (CMDB) reported a net loss of $98.3M for fiscal year 2024.

Dividend & Returns

Costamare Bulkers Holdings Ltd (CMDB) has a return on equity (ROE) of -21.9%. Negative ROE indicates the company is unprofitable.

Costamare Bulkers Holdings Ltd (CMDB) had negative free cash flow of $228.4M in fiscal year 2024, likely due to heavy capital investments.

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