Cash generation remains robust relative to accounting earnings, with an OCF/NI ratio frequently exceeding 1.40, though capital expenditure intensity remains a risk, having spiked to 67.7% of revenue in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 217.58M | 541.25M | 537.72M | 331.37M | 562.77M | 466.49M | 274.28M | 250.39M | 140.8K | 191M | 226.6M | 244.7M | 243.27M | 186.7M | 168.1M | 195.18M | 127.95M | 161.89M | 247.52M |
| Operating CF Margin % | - | 61.65% | 25.8% | 21.92% | 50.52% | 58.78% | 59.59% | 52.37% | 0.04% | 46.31% | 48.4% | 49.9% | 50.26% | 45.07% | 43.53% | 51.07% | 36.23% | 40.48% | 58.06% |
| Operating CF Growth % | -219.44% | 0.66% | 62.27% | -41.12% | 20.64% | 70.08% | 9.54% | 177734.52% | -99.93% | -15.71% | -7.4% | 0.59% | 30.3% | 11.06% | -13.87% | 52.55% | -20.97% | -34.59% | - |
| Net Income | 344.85M | 392.12M | 316.33M | 385.75M | 554.96M | 435.12M | 8.88M | 99M | 67.24M | 72.88M | 81.7M | 143.76M | 115.09M | 103.09M | 81.13M | 87.59M | 81.22M | 116.93M | 99.78M |
| Depreciation & Amortization | 140.93M | 149.33M | 163.58M | 166.14M | 179.48M | 136.53M | 108.89M | 113.65M | 96.29M | 96.45M | 100.94M | 101.64M | 105.79M | 89.96M | 80.33M | 78.8M | 70.89M | 75.76M | 77.34M |
| Stock-Based Compensation | 8.04M | 6.98M | 8.43M | 5.85M | 7.09M | 7.41M | 3.65M | 3.88M | 3.75M | 3.87M | 4.95M | 8.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -111.62M | 0 | 0 | -141.37M | 20.53M | 37.21M | -17.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -267.8M | -5.54M | 71.91M | -86.34M | -130.07M | 15.86M | 132.37M | 33.29M | 17.57M | 17.58M | 20.65M | 13.51M | 13.76M | 2.36M | 8.95M | 3.12M | 4.37M | -7.81M | 17.18M |
| Working Capital Changes | -24.11M | -1.64M | -22.54M | -140.04M | -41.59M | -16.81M | 20.49M | 569K | -43.34M | -20.3M | -18.86M | -4.86M | 8.64M | -8.71M | -2.31M | 25.66M | -28.53M | -22.98M | 53.21M |
| Change in Receivables | -5.63M | 7.11M | -17.99M | -47.5M | -16.83M | -12.83M | 29.55M | 5.88M | -14.37M | -578K | -10K | 1.25M | 13.71M | -22.74M | -87K | 1.21M | -225K | -22.34M | 86.06M |
| Change in Inventory | -2.58M | -965K | 3.61M | -32.98M | -6.67M | -9.92M | 91K | 474K | -134K | 1.75M | -837K | 987K | -560K | -1.61M | -63K | 199K | 1.95M | 1.11M | -1.3M |
| Change in Payables | 3.75M | 3.32M | 2.66M | 27.9M | -710K | 9.64M | 1.37M | -2.37M | 1.93M | 2.47M | -199K | -2.25M | 482K | -68K | 1.82M | -71K | -4.69M | 5M | -4.41M |
| Cash from Investing | -86.2M | -162.9M | -79.51M | 79.09M | 46.22M | -787.46M | -36.4M | -8.86M | -112.6K | -42.7M | -34.4M | -43M | -119.26M | -621.1M | -236.5M | -283.76M | -23.85M | 12.81M | -138.3M |
| Capital Expenditures | -210.11M | -68.97M | -280.48M | -282.33M | -61.9M | -992.09M | -101.92M | -61.98M | -142.99M | -64.23M | -2.79M | -2.76M | -88.04M | -642.28M | -265.23M | -338.58M | -50.78M | -56.77M | -104.19M |
| CapEx % of Revenue | 24.73% | 7.86% | 13.46% | 18.68% | 5.56% | 125.01% | 22.14% | 12.96% | 37.59% | 15.57% | 0.6% | 0.56% | 18.19% | 155.05% | 68.69% | 88.6% | 14.38% | 14.19% | 24.44% |
| Acquisitions | -1.35M | 4.42M | 262K | 4.45M | 224.07M | 8.82M | 33M | 24.48M | -2.82M | -9.89M | -35.27M | -44.88M | -85.1M | 7.34M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 126.38M | -98.12M | 200.79M | 250.83M | 2.77M | 9.22M | 32.52M | 28.64M | 145.7M | 31.42M | 3.67M | 4.64M | 53.88M | 13.85M | 28.73M | 48.74M | 18.9M | 48.16M | 1.1M |
| Cash from Financing | -99.23M | -586.01M | -505.48M | -396.81M | -149.67M | 482.59M | -241.86M | -212.15M | -80.53M | -134.2M | -127.4M | -214.7M | -104.3M | 260.4M | 237.7M | 26.8M | 43.4M | -252.68M | -22.53M |
| Debt Issued (Net) | -59.5M | -331.39M | -313.97M | -255.96M | 29.97M | 570M | -165.13M | -149.61M | -139.17M | -192.18M | -134.55M | -210.36M | -100.5M | 305.69M | 118.47M | 101.68M | -93.86M | -94.36M | 281.75M |
| Equity Issued (Net) | 0 | 0 | -114.35M | -60M | -60.09M | 0 | -1.68M | 0 | 111.22M | 91.67M | 69.04M | 96.62M | 96.52M | 48.04M | 194.13M | 0 | 151.23M | 0 | 0 |
| Dividends Paid | -40.75M | -79.29M | -74.15M | -71.87M | -119.55M | -71.26M | -65.47M | -58.66M | -49.14M | -37.76M | -75M | -102.29M | -93.07M | -81.52M | -73.09M | -61.51M | -10M | -161.23M | -279.78M |
| Share Repurchases | 0 | 0 | 0 | -60M | -60.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.02M | -175.33M | -3M | -8.99M | -20.13M | -16.14M | -9.57M | -3.89M | -3.44M | 4.03M | 13.14M | 1.37M | -7.24M | -11.78M | -1.79M | -13.38M | -3.98M | 2.9M | -24.5M |
| Net Change in Cash | -229.54M | -194.81M | -47.27M | 13.65M | 442.96M | 161.63M | -3.98M | 29.38M | -52.39M | 14.09M | 64.79M | -12.98M | 19.71M | -173.94M | 169.32M | -61.78M | 147.49M | -77.98M | 86.69M |
| Free Cash Flow | 158.04M | 472.28M | 257.23M | 49.04M | 500.88M | -525.6M | 172.37M | 188.42M | -142.85M | 126.77M | 223.81M | 241.94M | 155.23M | -455.58M | -97.13M | -143.4M | 77.17M | 105.13M | 143.32M |
| FCF Margin % | 18.6% | 53.8% | 12.34% | 3.24% | 44.97% | -66.23% | 37.45% | 39.41% | -37.55% | 30.74% | 47.8% | 49.34% | 32.07% | -109.98% | -25.15% | -37.52% | 21.85% | 26.29% | 33.62% |
| FCF Growth % | -56.39% | 83.6% | 424.52% | -90.21% | 195.3% | -404.93% | -8.52% | 231.9% | -212.69% | -43.36% | -7.5% | 55.86% | 134.07% | -369.04% | 32.27% | -285.84% | -26.6% | -26.65% | - |
| FCF per Share | 1.31 | 3.93 | 2.16 | 0.41 | 4.07 | -4.27 | 1.43 | 1.63 | -1.29 | 1.26 | 2.90 | 3.22 | 2.08 | -6.09 | -1.44 | -2.38 | 1.57 | 2.24 | 3.05 |
| FCF Conversion (FCF/Net Income) | 0.46x | 1.48x | 1.68x | 0.86x | 1.01x | 1.07x | 30.90x | 2.53x | 0.00x | 2.62x | 2.77x | 1.70x | 2.11x | 1.81x | 2.07x | 2.23x | 1.58x | 1.38x | 2.48x |
| Interest Paid | 41.99M | 0 | 147.07M | 0 | 0 | 0 | 63.73M | 83.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Capital Intensity
According to quarterly financial data, Costamare consistently reports operating cash flow exceeding net income, with an OCF/NI ratio frequently above 1.40, suggesting that non-cash charges like depreciation are significant drivers of the company's reported cash generation relative to its accounting profitability.
The persistent gap between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash depreciation of its vessel fleet. Investors should monitor whether this conversion quality remains stable as the company integrates its expanded dry bulk portfolio, which may carry different depreciation profiles than the legacy containership assets.
As reported in recent filings, free cash flow margins have fluctuated significantly, ranging from a low of 3.7% in 2025Q2 to a high of 44.3% in 2025Q4, highlighting the sensitivity of cash generation to the timing of fleet investments and cyclical charter rate adjustments.
The erratic FCF trajectory appears to be a direct consequence of the company's aggressive capital allocation strategy rather than operational failure. This volatility suggests that shareholders should view FCF on a multi-quarter basis rather than relying on quarterly snapshots to gauge the company's ability to sustain dividends.
Based on the provided cash flow statements, capital expenditure intensity has been highly variable, with CapEx/Revenue ratios spiking as high as 67.7% in 2025Q2, underscoring the heavy capital requirements inherent in maintaining and expanding a dual-asset maritime fleet.
The high and inconsistent level of capital expenditure suggests that Costamare is in a continuous cycle of fleet renewal and expansion. This intensity warrants further investigation into whether these expenditures are primarily for maintenance or growth, as the latter may be necessary to offset the aging profile of the fleet.
Data from recent periods indicates that working capital changes have been inconsistent, swinging from a positive $11.7M in 2025Q1 to a negative $13.8M in 2024Q3, which suggests that the company's cash flow is subject to timing differences in charter collections and voyage expense settlements.
The lack of a clear trend in working capital movements may reflect the operational complexity of managing both long-term container charters and more transactional dry bulk voyages. Investors should monitor these fluctuations as they may obscure the underlying cash-generating efficiency of the core shipping operations.
Quick answers to the most common questions about buying CMRE stock.
Costamare Inc. (CMRE) generated $541.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Costamare Inc. (CMRE) generated $472.3M 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 Inc. (CMRE) spent $69.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Costamare Inc. (CMRE) returned $79.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.