Costamare Inc. (CMRE) 10-Year Financial Performance & Capital Metrics

CMRE • • Industrial / General

IndustrialsMarine ShippingContainer ShippingContainer Ship Operators

AboutCostamare Inc. owns and charters containerships to liner companies worldwide. As of March 18, 2022, it had a fleet of 76 containerships with a total capacity of approximately 557,400 twenty-foot equivalent units and 45 dry bulk vessels with a total capacity of approximately 2,435,500 DWT. The company was founded in 1974 and is based in Monaco.Show more

Revenue $2.08B +37.9%
EBITDA $626M -1.3%
Net Income $320M -17.1%
EPS (Diluted) 2.44 -17.3%
Gross Margin 26.71% -7.5%
EBITDA Margin 30.03% -28.4%
Operating Margin 22.18% -28.4%
Net Margin 15.35% -39.8%
ROE 12.78% -23.8%
ROIC 8.1% -3.4%
Debt/Equity 0.92 -15.7%
Interest Coverage 3.08

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 26.4%
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 34.2%
✓Good 3Y average ROE of 19.4%
✓Healthy dividend yield of 3.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y15.72%

5Y34.24%

3Y37.96%

TTM10.17%

Profit (Net Income) CAGR

10Y10.76%

5Y26.44%

3Y-9.74%

TTM-17.62%

EPS CAGR

10Y5.86%

5Y32.83%

3Y-9.39%

TTM-16.31%

ROCE

10Y Avg8.44%

5Y Avg10.23%

3Y Avg12.03%

Latest10.24%

Peer Comparison

Container Ship Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATXMatson, Inc.	4.55B	145.97	10.48	10.57%	12.7%	15.98%	10.06%	0.28
CMRECostamare Inc.	1.95B	16.18	6.63	37.88%	17.4%	15.08%	13.2%	0.92
EHLDEuroholdings Ltd.	19.49M	6.92	5.16	112.37%	122.75%	81.86%	24.39%
DACDanaos Corporation	1.86B	101.42	3.89	4.16%	45.16%	12.59%		0.21
GSLGlobal Ship Lease, Inc.	1.29B	36.11	3.72	5.82%	54.16%	23.67%	14.53%	0.47
ESEAEuroseas Ltd.	386.41M	55.15	3.40	12.43%	54.01%	28.23%		0.57
ZIMZIM Integrated Shipping Services Ltd.	2.73B	22.70	1.27	63.25%	13.21%	24.94%	100%	1.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	490.38M	468.19M	412.43M	380.4M	478.11M	460.32M	793.64M	1.11B	1.51B	2.08B
Revenue Growth %	0.01%	-0.05%	-0.12%	-0.08%	0.26%	-0.04%	0.72%	0.4%	0.36%	0.38%
Cost of Goods Sold+	237.75M	226.82M	222.04M	231.32M	249.08M	248.7M	351.77M	513.2M	1.07B	1.53B
COGS % of Revenue	0.48%	0.48%	0.54%	0.61%	0.52%	0.54%	0.44%	0.46%	0.71%	0.73%
Gross Profit+	252.63M	241.37M	190.39M	149.08M	229.03M	211.62M	441.87M	600.66M	436.42M	556.66M
Gross Margin %	0.52%	0.52%	0.46%	0.39%	0.48%	0.46%	0.56%	0.54%	0.29%	0.27%
Gross Profit Growth %	0.06%	-0.04%	-0.21%	-0.22%	0.54%	-0.08%	1.09%	0.36%	-0.27%	0.28%
Operating Expenses+	36.27M	33.35M	28.21M	28.7M	55.9M	151.29M	517K	-61.59M	-31.59M	94.4M
OpEx % of Revenue	0.07%	0.07%	0.07%	0.08%	0.12%	0.33%	0%	-0.06%	-0.02%	0.05%
Selling, General & Admin	17.4M	14.72M	9.52M	9.16M	9.43M	11.02M	16.82M	19.53M	24.22M	33.47M
SG&A % of Revenue	0.04%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	427K	595K	593K	350K	46.47M	140.28M	-16.3M	-81.12M	-55.8M	60.93M
Operating Income+	217.91M	166.06M	137.01M	117.16M	173.12M	60.33M	441.35M	662.25M	468.01M	462.26M
Operating Margin %	0.44%	0.35%	0.33%	0.31%	0.36%	0.13%	0.56%	0.59%	0.31%	0.22%
Operating Income Growth %	0.02%	-0.24%	-0.17%	-0.14%	0.48%	-0.65%	6.32%	0.5%	-0.29%	-0.01%
EBITDA+	319.56M	274.83M	241.09M	220.71M	286.78M	169.22M	577.88M	828.44M	634.15M	625.84M
EBITDA Margin %	0.65%	0.59%	0.58%	0.58%	0.6%	0.37%	0.73%	0.74%	0.42%	0.3%
EBITDA Growth %	-0%	-0.14%	-0.12%	-0.08%	0.3%	-0.41%	2.41%	0.43%	-0.23%	-0.01%
D&A (Non-Cash Add-back)	101.64M	108.78M	104.08M	103.55M	113.65M	108.89M	136.53M	166.2M	166.14M	163.58M
EBIT	188.83M	142.94M	141.55M	119.18M	184.83M	72.13M	506.92M	661.9M	533.14M	456.29M
Net Interest Income+	-46.46M	-59.52M	-69.41M	-60.54M	-87.54M	-65.55M	-70.21M	-101.25M	-119.68M	-117.11M
Interest Income	1.37M	1.63M	2.64M	3.45M	3.35M	1.83M	1.59M	5.96M	32.45M	33.19M
Interest Expense	47.83M	61.16M	72.05M	63.99M	90.89M	67.38M	71.8M	107.2M	152.12M	150.29M
Other Income/Expense	-74.15M	-84.35M	-64.14M	-49.92M	-74.12M	-51.45M	-6.23M	-107.55M	-86.99M	-145.93M
Pretax Income+	143.76M	81.7M	72.88M	67.24M	99M	8.88M	435.12M	554.69M	381.02M	316.33M
Pretax Margin %	0.29%	0.17%	0.18%	0.18%	0.21%	0.02%	0.55%	0.5%	0.25%	0.15%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1.01%	1.01%
Net Income+	143.76M	81.7M	72.88M	67.24M	99M	8.88M	435.12M	554.96M	385.75M	319.92M
Net Margin %	0.29%	0.17%	0.18%	0.18%	0.21%	0.02%	0.55%	0.5%	0.26%	0.15%
Net Income Growth %	0.25%	-0.43%	-0.11%	-0.08%	0.47%	-0.91%	48.02%	0.28%	-0.3%	-0.17%
Net Income (Continuing)	143.76M	81.7M	72.88M	67.24M	99M	8.88M	435.12M	554.69M	381.02M	316.33M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	3.49M	56.86M	55.09M
EPS (Diluted)+	1.68	0.79	0.52	0.61	0.59	-0.18	3.28	4.26	2.95	2.44
EPS Growth %	0.22%	-0.53%	-0.34%	0.17%	-0.03%	-1.31%	19.22%	0.3%	-0.31%	-0.17%
EPS (Basic)	1.68	0.79	0.52	0.61	0.59	-0.18	3.28	4.26	2.95	2.44
Diluted Shares Outstanding	75.03M	77.24M	100.53M	110.4M	115.75M	120.7M	123.07M	122.96M	120.3M	119.3M
Basic Shares Outstanding	75.03M	77.24M	100.53M	110.4M	115.75M	120.7M	123.07M	122.96M	120.3M	119.3M
Dividend Payout Ratio	0.71%	0.92%	0.52%	0.73%	0.59%	7.38%	0.16%	0.22%	0.19%	0.23%

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+	145.06M	209.83M	226.63M	170.77M	197.24M	192.05M	426.12M	1.01B	1.12B	1.04B
Cash & Short-Term Investments	100.11M	164.9M	178.99M	113.71M	155.84M	148.92M	276M	838.06M	813.02M	766.44M
Cash Only	100.11M	164.9M	178.99M	113.71M	155.84M	148.92M	276M	718.05M	745.54M	704.63M
Short-Term Investments	0	0	0	0	0	0	0	120.01M	67.47M	61.81M
Accounts Receivable	11.49M	7.71M	8.87M	16.78M	16.77M	10.95M	32.31M	47.08M	83.01M	75.33M
Days Sales Outstanding	8.55	6.01	7.85	16.1	12.8	8.68	14.86	15.43	20.05	13.19
Inventory	10.58M	11.41M	9.66M	11.02M	10.55M	10.46M	21.36M	28.04M	61.27M	57.66M
Days Inventory Outstanding	16.24	18.37	15.88	17.39	15.45	15.34	22.17	19.94	20.8	13.78
Other Current Assets	17.91M	17.05M	20.36M	20.5M	14.09M	21.73M	87.85M	101.44M	160.36M	140.79M
Total Non-Current Assets+	2.49B	2.35B	2.26B	2.88B	2.81B	2.82B	3.98B	3.88B	4.17B	4.11B
Property, Plant & Equipment	2.25B	2.07B	2B	2.61B	2.62B	2.65B	3.84B	3.67B	3.77B	3.72B
Fixed Asset Turnover	0.22x	0.23x	0.21x	0.15x	0.18x	0.17x	0.21x	0.30x	0.40x	0.56x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	1.22M	0	0	667K	468K	269K	74K
Long-Term Investments	117.93M	153.13M	161.9M	131.08M	161.95M	132.75M	19.87M	20.97M	211.71M	228.82M
Other Non-Current Assets	127.96M	122.31M	106.59M	57.12M	32.51M	36.11M	118.88M	193.31M	186.98M	156.77M
Total Assets+	2.64B	2.56B	2.49B	3.05B	3.01B	3.01B	4.41B	4.9B	5.29B	5.15B
Asset Turnover	0.19x	0.18x	0.17x	0.12x	0.16x	0.15x	0.18x	0.23x	0.29x	0.40x
Asset Growth %	-0.03%	-0.03%	-0.03%	0.23%	-0.01%	-0%	0.46%	0.11%	0.08%	-0.03%
Total Current Liabilities+	271.97M	279.99M	276.71M	224.67M	266.53M	206.97M	370.03M	423.09M	662.77M	745.56M
Accounts Payable	3.68M	3.85M	6.31M	8.59M	6.21M	7.58M	18.86M	18.16M	46.77M	49.42M
Days Payables Outstanding	5.64	6.19	10.38	13.55	9.11	11.13	19.57	12.91	15.88	11.81
Short-Term Debt	183.83M	198.28M	206.32M	149.16M	227.56M	163.63M	272.37M	320.11M	347.03M	317.87M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	36.2M	18.02M	5.14M	2.57M	22.38M	23.87M	9.29M	5.71M	10.43M	62.69M
Current Ratio	0.53x	0.75x	0.82x	0.76x	0.74x	0.93x	1.15x	2.40x	1.69x	1.40x
Quick Ratio	0.49x	0.71x	0.78x	0.71x	0.70x	0.88x	1.09x	2.33x	1.59x	1.32x
Cash Conversion Cycle	19.15	18.19	13.36	19.94	19.15	12.9	17.45	22.46	24.97	15.16
Total Non-Current Liabilities+	1.4B	1.2B	995.05M	1.47B	1.33B	1.45B	2.31B	2.31B	2.18B	1.83B
Long-Term Debt	1.14B	856.33M	644.66M	1.16B	1.21B	1.31B	2.17B	2.26B	2B	1.72B
Capital Lease Obligations	217.81M	331.2M	339.33M	305.03M	119.92M	116.37M	99.69M	0	137.94M	87.42M
Deferred Tax Liabilities	0	-16.49M	-11.06M	-4.74M	0	0	0	0	0	0
Other Non-Current Liabilities	20.93M	0	0	0	433K	3.65M	7.84M	13.65M	20.38M	16.27M
Total Liabilities	1.68B	1.48B	1.27B	1.69B	1.6B	1.66B	2.68B	2.74B	2.85B	2.58B
Total Debt+	1.56B	1.41B	1.22B	1.65B	1.55B	1.59B	2.56B	2.58B	2.65B	2.35B
Net Debt	1.46B	1.25B	1.04B	1.53B	1.4B	1.44B	2.28B	1.87B	1.9B	1.65B
Debt / Equity	1.62x	1.32x	1.00x	1.21x	1.10x	1.18x	1.48x	1.20x	1.09x	0.92x
Debt / EBITDA	4.87x	5.15x	5.07x	7.47x	5.42x	9.37x	4.43x	3.12x	4.18x	3.76x
Net Debt / EBITDA	4.56x	4.55x	4.33x	6.95x	4.88x	8.49x	3.95x	2.25x	3.00x	2.63x
Interest Coverage	4.56x	2.72x	1.90x	1.83x	1.90x	0.90x	6.15x	6.18x	3.08x	3.08x
Total Equity+	963.51M	1.07B	1.22B	1.36B	1.41B	1.35B	1.73B	2.16B	2.44B	2.57B
Equity Growth %	0.2%	0.12%	0.13%	0.11%	0.04%	-0.04%	0.28%	0.25%	0.13%	0.05%
Book Value per Share	12.84	13.91	12.12	12.29	12.19	11.18	14.02	17.57	20.28	21.53
Total Shareholders' Equity	963.51M	1.07B	1.22B	1.36B	1.41B	1.35B	1.73B	2.16B	2.38B	2.51B
Common Stock	8K	9K	11K	11K	12K	12K	12K	12K	13K	13K
Retained Earnings	44.25M	31.42M	43.72M	38.73M	60.58M	-9.72M	341.48M	746.66M	1.05B	1.28B
Treasury Stock	0	0	0	0	0	0	0	-60.09M	-120.09M	-120.09M
Accumulated OCI	-44.65M	-14.42M	-969K	4.54M	-1.21M	-7.96M	-2.23M	46.42M	21.39M	17.34M
Minority Interest	0	0	0	0	0	0	0	3.49M	56.86M	55.09M

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+	244.7M	226.6M	191M	140.8K	250.39M	274.28M	466.49M	562.77M	331.37M	537.72M
Operating CF Margin %	0.5%	0.48%	0.46%	0%	0.52%	0.6%	0.59%	0.51%	0.22%	0.26%
Operating CF Growth %	0.01%	-0.07%	-0.16%	-1%	1777.35%	0.1%	0.7%	0.21%	-0.41%	0.62%
Net Income	143.76M	81.7M	72.88M	67.24M	99M	8.88M	435.12M	554.96M	385.75M	316.33M
Depreciation & Amortization	101.64M	100.94M	96.45M	96.29M	113.65M	108.89M	136.53M	179.48M	166.14M	163.58M
Stock-Based Compensation	8.62M	4.95M	3.87M	3.75M	3.88M	3.65M	7.41M	0	5.85M	8.43M
Deferred Taxes	-17.98M	37.21M	20.53M	-141.37M	0	0	-111.62M	0	0	0
Other Non-Cash Items	13.51M	20.65M	17.58M	17.57M	33.29M	132.37M	15.86M	-130.07M	-86.34M	71.91M
Working Capital Changes	-4.86M	-18.86M	-20.3M	-43.34M	569K	20.49M	-16.81M	-41.59M	-140.04M	-22.54M
Change in Receivables	1.25M	-10K	-578K	-14.37M	5.88M	29.55M	-12.83M	-16.83M	-47.5M	-17.99M
Change in Inventory	987K	-837K	1.75M	-134K	474K	91K	-9.92M	-6.67M	-32.98M	3.61M
Change in Payables	-2.25M	-199K	2.47M	1.93M	-2.37M	1.37M	9.64M	-710K	27.9M	2.66M
Cash from Investing+	-43M	-34.4M	-42.7M	-112.6K	-8.86M	-36.4M	-787.46M	46.22M	79.09M	-79.51M
Capital Expenditures	-2.76M	-2.79M	-64.23M	-142.99M	-61.98M	-101.92M	-992.09M	-61.9M	-282.33M	-280.48M
CapEx % of Revenue	0.01%	0.01%	0.16%	0.38%	0.13%	0.22%	1.25%	0.06%	0.19%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4.64M	3.67M	31.42M	145.7M	28.64M	32.52M	9.22M	2.77M	250.83M	200.79M
Cash from Financing+	-214.7M	-127.4M	-134.2M	-80.53M	-212.15M	-241.86M	482.59M	-149.67M	-396.81M	-505.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-102.29M	-75M	-37.76M	-49.14M	-58.66M	-65.47M	-71.26M	-119.55M	-71.87M	-74.15M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.37M	13.14M	4.03M	-3.44M	-3.89M	-9.57M	-16.14M	0	-8.99M	-3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	241.94M	223.81M	126.77M	-142.85M	188.42M	172.37M	-525.6M	500.88M	49.04M	257.23M
FCF Margin %	0.49%	0.48%	0.31%	-0.38%	0.39%	0.37%	-0.66%	0.45%	0.03%	0.12%
FCF Growth %	0.56%	-0.07%	-0.43%	-2.13%	2.32%	-0.09%	-4.05%	1.95%	-0.9%	4.25%
FCF per Share	3.22	2.90	1.26	-1.29	1.63	1.43	-4.27	4.07	0.41	2.16
FCF Conversion (FCF/Net Income)	1.70x	2.77x	2.62x	0.00x	2.53x	30.90x	1.07x	1.01x	0.86x	1.68x
Interest Paid	0	0	0	0	83.15M	63.73M	0	0	0	147.07M
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)	16.28%	8.02%	6.36%	5.22%	7.15%	0.64%	28.3%	28.56%	16.77%	12.78%
Return on Invested Capital (ROIC)	6.7%	5.25%	4.48%	3.41%	4.56%	1.62%	9.75%	12.36%	8.39%	8.1%
Gross Margin	51.52%	51.55%	46.16%	39.19%	47.9%	45.97%	55.68%	53.93%	28.88%	26.71%
Net Margin	29.32%	17.45%	17.67%	17.68%	20.71%	1.93%	54.83%	49.82%	25.52%	15.35%
Debt / Equity	1.62x	1.32x	1.00x	1.21x	1.10x	1.18x	1.48x	1.20x	1.09x	0.92x
Interest Coverage	4.56x	2.72x	1.90x	1.83x	1.90x	0.90x	6.15x	6.18x	3.08x	3.08x
FCF Conversion	1.70x	2.77x	2.62x	0.00x	2.53x	30.90x	1.07x	1.01x	0.86x	1.68x
Revenue Growth	1.32%	-4.52%	-11.91%	-7.77%	25.69%	-3.72%	72.41%	40.35%	35.69%	37.88%

Revenue by Segment

	2022	2023	2024
Time Charters	-	-	1.13B
Time Charters Growth	-	-	-
Dry Bulk Vessels	316.1M	11.9M	-
Dry Bulk Vessels Growth	-	-96.23%	-
Other	-	-	-
Other Growth	-	-	-
Container Vessels	797.39M	-	-
Container Vessels Growth	-	-	-
Total	1.11B	-	-
Total Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Costamare Inc. (CMRE) has a price-to-earnings (P/E) ratio of 6.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Costamare Inc. (CMRE) reported $1.75B in revenue for fiscal year 2024. This represents a 358% increase from $382.2M in 2011.

Costamare Inc. (CMRE) grew revenue by 37.9% over the past year. This is strong growth.

Yes, Costamare Inc. (CMRE) is profitable, generating $304.5M in net income for fiscal year 2024 (15.4% net margin).

Dividend & Returns

Yes, Costamare Inc. (CMRE) pays a dividend with a yield of 3.84%. This makes it attractive for income-focused investors.

Costamare Inc. (CMRE) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.

Costamare Inc. (CMRE) generated $226.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...