The company has successfully deleveraged its capital structure, reducing total debt from $367.1M in 2025Q2 to $186.7M by 2026Q1, resulting in a conservative debt-to-equity ratio of 0.24.
| Total Current Assets | 371.31M | 344.88M | 240.02M | 252.42M | 151.49M |
| Cash & Short-Term Investments | 293.93M | 248.8M | 49.86M | 33.68M | 104.35M |
| Cash Only | 293.93M | 248.8M | 49.86M | 33.68M | 104.35M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 25.92M | 37.38M | 49.5M | 47.16M | 24.68M |
| Days Sales Outstanding | 21.07 | 22.84 | 15.12 | 25.96 | 28.46 |
| Inventory | 16.79M | 16.7M | 44.5M | 47.64M | 10.02M |
| Days Inventory Outstanding | 16.6 | 11.65 | 15.35 | 28.55 | 87.71 |
| Other Current Assets | 34.67M | 42M | 96.16M | 123.94M | 12.44M |
| Total Non-Current Assets | 669.04M | 746.68M | 1B | 934.1M | 720.35M |
| Property, Plant & Equipment | 632.09M | 713.14M | 969.82M | 898.88M | 685.44M |
| Fixed Asset Turnover | 0.90x | 0.84x | 1.23x | 0.74x | 0.46x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 30.49M | 11.98M | 0 | 0 | 0 |
| Other Non-Current Assets | 25.53M | 21.56M | 31.16M | 35.22M | 34.91M |
| Total Assets | 1.04B | 1.09B | 1.24B | 1.19B | 871.84M |
| Asset Turnover | 0.60x | 0.55x | 0.96x | 0.56x | 0.36x |
| Asset Growth % | -7.76% | -12.04% | 4.59% | 36.09% | - |
| Total Current Liabilities | 112.9M | 144.66M | 420.66M | 310.77M | 94.13M |
| Accounts Payable | 30.26M | 30.57M | 41.48M | 35.19M | 3.96M |
| Days Payables Outstanding | 18.92 | 21.34 | 14.3 | 21.08 | 34.69 |
| Short-Term Debt | 39.88M | 63.6M | 115.5M | 61.15M | 53.85M |
| Deferred Revenue (Current) | 55.56M | 13.99M | 22.91M | 27.84M | 4.07M |
| Other Current Liabilities | 35.01M | 36.51M | 18.37M | 3.54M | 473K |
| Current Ratio | 3.29x | 2.38x | 0.57x | 0.81x | 1.61x |
| Quick Ratio | 3.14x | 2.27x | 0.46x | 0.66x | 1.50x |
| Cash Conversion Cycle | 18.75 | 13.16 | 16.16 | 33.42 | 81.48 |
| Total Non-Current Liabilities | 147.97M | 165.13M | 398.32M | 401.06M | 331.7M |
| Long-Term Debt | 146.79M | 165.13M | 305.72M | 285.3M | 331.7M |
| Capital Lease Obligations | 42.39M | 0 | 87.42M | 114.06M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.18M | 0 | 5.17M | 1.7M | 0 |
| Total Liabilities | 260.87M | 309.79M | 818.98M | 711.83M | 425.83M |
| Total Debt | 186.67M | 228.72M | 713.83M | 621.51M | 385.55M |
| Net Debt | -107.26M | -20.08M | 663.97M | 587.83M | 281.2M |
| Debt / Equity | 0.24x | 0.29x | 1.69x | 1.31x | 0.86x |
| Debt / EBITDA | 8.73x | 23.92x | 191.07x | - | 2.59x |
| Net Debt / EBITDA | -5.02x | -2.10x | 177.72x | - | 1.89x |
| Interest Coverage | 0.31x | -3.14x | -2.60x | -4.24x | 5.63x |
| Total Equity | 779.49M | 781.77M | 422.02M | 474.69M | 446.01M |
| Equity Growth % | 15.53% | 85.25% | -11.1% | 6.43% | - |
| Book Value per Share | 32.23 | 32.31 | 17.41 | 19.58 | 18.43 |
| Total Shareholders' Equity | 779.49M | 781.77M | 422.02M | 474.69M | 446.01M |
| Common Stock | 2.3K | 2.35K | 250K | 250K | 142K |
| Retained Earnings | -31.58M | -43.86M | -98.06M | 194K | 147.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 904K | 5.99M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Cyclical Asset-Light Exposure
According to recent financial filings, CMDB has successfully reduced its total debt from $367.1M in 2025Q2 to $186.7M by 2026Q1, signaling a strategic pivot toward a more conservative capital structure as the company navigates a period of significant revenue contraction and persistent operating losses.
The reduction in debt appears to be a deliberate effort to insulate the balance sheet from the volatility inherent in the dry bulk spot market. While this deleveraging improves the company's risk profile, it also suggests that management is prioritizing liquidity preservation over aggressive fleet expansion during the current industry downturn.
Based on the reported figures for 2026Q1, CMDB maintains a strong liquidity position with $293.9M in cash and a current ratio of 3.29, providing a substantial buffer against the operational cash burn observed in recent quarters as the company manages its voyage-based cost structure.
The significant increase in cash reserves relative to previous quarters suggests that the company is well-positioned to weather prolonged periods of unfavorable freight rates. Investors should monitor whether this liquidity is deployed for opportunistic vessel acquisitions or if it remains held as a defensive measure against further market deterioration.
As reported in financial statements, CMDB's net PPE has declined from $816.8M in 2025Q1 to $632.1M in 2026Q1, indicating a reduction in the company's owned asset footprint as it shifts toward a more flexible, asset-light operating model within the dry bulk sector.
This decline in PPE suggests that the company may be divesting or depreciating its owned fleet faster than it is replacing it, which aligns with the broader strategic shift toward chartering-in tonnage. This transition may reduce long-term capital intensity but increases reliance on the availability and cost of third-party vessels.
Based on the company's balance sheet, the accumulation of negative retained earnings totaling $31.6M as of 2026Q1 highlights the underlying profitability challenges that persist despite the company's healthy cash position and low debt-to-equity ratio of 0.24.
The persistent negative retained earnings suggest that the company's core operating model has yet to achieve sustainable profitability, potentially masking the true economic cost of its chartering activities. This warrants further investigation into whether the current business model can generate positive returns without relying on the parent company's capital support.
Quick answers to the most common questions about buying CMDB stock.
As of 2025, Costamare Bulkers Holdings Ltd (CMDB) had total assets of $1.09B including $344.9M in current assets.
Costamare Bulkers Holdings Ltd (CMDB) carries total debt of $228.7M, offset by $248.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Costamare Bulkers Holdings Ltd (CMDB) has total shareholders' equity (book value) of $781.8M ($32.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Costamare Bulkers Holdings Ltd (CMDB) reported a current ratio of 2.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.