Despite erratic free cash flow margins ranging from 2.6% to 17.2%, the firm maintains a strong liquidity buffer with a current ratio of 3.29 as of 2026Q1.
| Cash from Operations | 96.11M | 75.59M | -55.53M | -196.79M | 117.6M |
| Operating CF Margin % | - | 12.66% | -4.65% | -29.68% | 37.16% |
| Operating CF Growth % | 119.04% | 236.12% | 71.78% | -267.35% | - |
| Net Income | -12.47M | -37.35M | -98.25M | -147.7M | 90.44M |
| Depreciation & Amortization | 39.97M | 28.41M | 37.38M | 39.62M | 39.66M |
| Stock-Based Compensation | 3.06M | 2.13M | 2.99M | 2.3M | 2.73M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.74M | 12.28M | 37.79M | 10M | 2.98M |
| Working Capital Changes | 80.53M | 70.13M | -35.44M | -101.02M | -18.23M |
| Change in Receivables | 47.07M | 36.89M | -37.53M | -36.66M | -9.18M |
| Change in Inventory | 25.82M | 25.69M | 3.14M | -37.62M | -2.5M |
| Change in Payables | -1.87M | -2.17M | 6.29M | 31.22M | -6.18M |
| Cash from Investing | 116.51M | 74.54M | -46.76M | -9.69M | -36.88M |
| Capital Expenditures | -37.88M | -31.69M | -172.86M | -75.93M | -55.72M |
| CapEx % of Revenue | 5.83% | 5.31% | 14.46% | 11.45% | 17.61% |
| Acquisitions | 45.2M | 22.8M | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 109.19M | 83.43M | 126.11M | 66.24M | 18.84M |
| Cash from Financing | 55.61M | 63.26M | 116.92M | 133.25M | 26.03M |
| Debt Issued (Net) | -196.1M | -167.2M | 75.5M | -39.44M | 21.76M |
| Equity Issued (Net) | 0 | 0 | 0 | 103.75M | 103.76M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 251.72M | 230.46M | 41.43M | 68.94M | -99.49M |
| Net Change in Cash | 277.02M | 213.39M | 14.64M | -73.23M | 106.75M |
| Free Cash Flow | 58.23M | 43.9M | -228.39M | -272.73M | 61.87M |
| FCF Margin % | 8.96% | 7.35% | -19.11% | -41.13% | 19.55% |
| FCF Growth % | - | 119.22% | 16.26% | -540.79% | - |
| FCF per Share | 2.41 | 1.81 | -9.42 | -11.25 | 2.56 |
| FCF Conversion (FCF/Net Income) | -4.67x | -2.02x | 0.57x | 1.33x | 1.30x |
| Interest Paid | 10.71M | 8.61M | 25.57M | 21.4M | 13.44M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Volatile Spot Market Exposure
As reported in recent financial statements, CMDB exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -1.45 to 4.34, suggesting that accruals and working capital movements are currently the primary drivers of reported cash generation.
The frequent negative OCF/NI ratios indicate that accounting earnings are failing to capture the underlying cash volatility inherent in the company's chartering model. Investors should monitor this gap closely, as it suggests that reported net income may be an unreliable proxy for the firm's actual ability to generate liquidity from its core trading operations.
Based on the provided cash flow data, CMDB's free cash flow trajectory remains highly erratic, with margins swinging from 2.6% to 17.2% over the last five quarters, highlighting the company's extreme sensitivity to the underlying freight rate environment and the timing of its voyage-based revenue recognition.
The inconsistency in FCF generation appears to stem from the company's reliance on spot market charters, which lack the stability of long-term contracts. This volatility suggests that the firm's cash flow profile is currently more reflective of short-term market fluctuations than a sustainable, predictable business model.
According to the quarterly cash flow filings, working capital changes have been a significant source of cash, contributing as much as $33.6M in a single quarter, which indicates that the company's cash position is heavily influenced by the timing of voyage-related payables and receivables.
The reliance on working capital shifts to bolster operating cash flow suggests that the company's underlying business may be struggling to generate organic cash from operations. This pattern warrants further investigation into whether these inflows are sustainable or merely temporary timing benefits that could reverse in subsequent periods.
As indicated by the historical cash flow statements, CMDB has prioritized liquidity preservation over aggressive capital deployment, with no dividends or buybacks reported, while utilizing cash for acquisitions that totaled $45.2M in 2025Q2, suggesting a cautious approach to scaling the fleet during market downturns.
The decision to hoard cash while maintaining a near-zero debt profile implies that management is prioritizing balance sheet flexibility over immediate shareholder returns. This strategy appears designed to weather prolonged industry weakness, though it raises questions regarding the long-term return on capital for the current cash-heavy structure.
Quick answers to the most common questions about buying CMDB stock.
Costamare Bulkers Holdings Ltd (CMDB) generated $75.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Costamare Bulkers Holdings Ltd (CMDB) generated $43.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Costamare Bulkers Holdings Ltd (CMDB) spent $31.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.