Latest Ratios: P/E Ratio 5.1x · EV/EBITDA 4.6x · ROE 15.4%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.9B | $1.1B | $929M | $846M | $1.2B | $741M | $818M | $360M | $430M | $321M |
| Enterprise Value | $2.8B | $2.9B | $2.8B | $2.8B | $2.7B | $3.4B | $2.2B | $2.2B | $1.9B | $1.5B | $1.6B |
| P/E Ratio → | 5.13 | 5.52 | 3.91 | 2.62 | 1.62 | 2.86 | — | 11.98 | 5.34 | 8.23 | 5.25 |
| P/S Ratio | 2.02 | 2.16 | 0.55 | 0.61 | 0.76 | 1.45 | 1.61 | 1.71 | 0.95 | 1.04 | 0.68 |
| P/B Ratio | 0.82 | 0.88 | 0.44 | 0.38 | 0.39 | 0.67 | 0.55 | 0.58 | 0.27 | 0.35 | 0.30 |
| P/FCF | 3.75 | 4.02 | 4.42 | 18.94 | 1.69 | — | 4.30 | 4.34 | — | 3.39 | 1.43 |
| P/OCF | 3.27 | 3.51 | 2.11 | 2.80 | 1.50 | 2.47 | 2.70 | 3.27 | 2556.02 | 2.25 | 1.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.29 | 1.34 | 1.87 | 2.44 | 4.33 | 4.73 | 4.64 | 4.98 | 3.58 | 3.35 |
| EV / EBITDA | 4.57 | 4.78 | 4.45 | 4.46 | 3.27 | 5.95 | 12.87 | 7.73 | 8.58 | 6.12 | 5.71 |
| EV / EBIT | 6.08 | 5.91 | 6.10 | 5.31 | 4.10 | 6.78 | 30.19 | 11.99 | 15.89 | 10.42 | 10.99 |
| EV / FCF | — | 6.11 | 10.82 | 57.73 | 5.42 | — | 12.63 | 11.76 | — | 11.63 | 7.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.3% | 57.3% | 26.7% | 28.9% | 53.9% | 55.7% | 46.0% | 47.9% | 39.2% | 46.2% | 51.6% |
| Operating Margin | 51.7% | 51.7% | 22.2% | 31.0% | 59.5% | 55.6% | 13.1% | 36.2% | 30.8% | 33.2% | 35.5% |
| Net Profit Margin | 41.5% | 41.5% | 15.4% | 25.5% | 49.8% | 54.8% | 1.9% | 20.7% | 17.7% | 17.7% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.4% | 15.4% | 12.8% | 16.8% | 28.6% | 28.3% | 0.6% | 7.2% | 5.2% | 6.4% | 8.0% |
| ROA | 8.1% | 8.1% | 6.1% | 7.6% | 11.9% | 11.7% | 0.3% | 3.3% | 2.4% | 2.9% | 3.1% |
| ROIC | 9.3% | 9.3% | 8.1% | 8.4% | 12.4% | 9.7% | 1.6% | 4.6% | 3.4% | 4.5% | 5.2% |
| ROCE | 11.5% | 11.5% | 10.2% | 10.3% | 15.6% | 12.9% | 2.2% | 6.2% | 4.6% | 6.1% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.92 | 1.09 | 1.20 | 1.48 | 1.18 | 1.10 | 1.21 | 1.00 | 1.32 |
| Debt / EBITDA | 2.51 | 2.51 | 3.76 | 4.18 | 3.12 | 4.43 | 9.37 | 5.42 | 7.47 | 5.07 | 5.15 |
| Net Debt / Equity | — | 0.46 | 0.64 | 0.78 | 0.86 | 1.32 | 1.06 | 0.99 | 1.13 | 0.86 | 1.16 |
| Net Debt / EBITDA | 1.64 | 1.64 | 2.63 | 3.00 | 2.25 | 3.95 | 8.49 | 4.88 | 6.95 | 4.33 | 4.55 |
| Debt / FCF | — | 2.09 | 6.40 | 38.79 | 3.73 | — | 8.33 | 7.42 | — | 8.24 | 5.58 |
| Interest Coverage | 5.34 | 5.34 | 3.04 | 3.50 | 6.17 | 7.06 | 1.07 | 2.03 | 1.86 | 1.96 | 2.34 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.73 | 1.73 | 1.40 | 1.69 | 2.40 | 1.15 | 0.93 | 0.74 | 0.76 | 0.82 | 0.75 |
| Quick Ratio | 1.70 | 1.70 | 1.32 | 1.59 | 2.33 | 1.09 | 0.88 | 0.70 | 0.71 | 0.78 | 0.71 |
| Cash Ratio | 1.37 | 1.37 | 1.03 | 1.23 | 1.98 | 0.75 | 0.72 | 0.58 | 0.51 | 0.65 | 0.59 |
| Asset Turnover | — | 0.23 | 0.40 | 0.29 | 0.23 | 0.18 | 0.15 | 0.16 | 0.12 | 0.17 | 0.18 |
| Inventory Turnover | 26.56 | 26.56 | 26.49 | 17.55 | 18.30 | 16.46 | 23.79 | 23.62 | 20.99 | 22.98 | 19.87 |
| Days Sales Outstanding | — | 10.08 | 13.19 | 20.05 | 15.43 | 14.86 | 8.68 | 12.80 | 16.10 | 7.85 | 6.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 4.2% | 6.5% | 7.7% | 14.1% | 6.2% | 8.8% | 7.2% | 13.7% | 8.8% | 23.4% |
| Payout Ratio | 21.7% | 21.7% | 23.2% | 18.6% | 21.5% | 16.4% | 737.5% | 59.2% | 73.1% | 51.8% | 91.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.5% | 18.1% | 25.6% | 38.2% | 61.9% | 35.0% | — | 8.3% | 18.7% | 12.1% | 19.0% |
| FCF Yield | 26.6% | 24.9% | 22.6% | 5.3% | 59.2% | — | 23.3% | 23.0% | — | 29.5% | 69.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 6.5% | 7.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.2% | 6.5% | 14.2% | 21.2% | 6.2% | 8.8% | 7.2% | 13.7% | 8.8% | 23.4% |
| Shares Outstanding | — | $120M | $119M | $120M | $123M | $123M | $121M | $116M | $110M | $101M | $77M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CMRE stock.
Costamare Inc.'s current P/E ratio is 5.1x. The historical average is 6.2x. This places it at the 33th percentile of its historical range.
Costamare Inc.'s current EV/EBITDA is 4.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
Costamare Inc.'s return on equity (ROE) is 15.4%. The historical average is 24.5%.
Based on historical data, Costamare Inc. is trading at a P/E of 5.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Costamare Inc.'s current dividend yield is 4.49% with a payout ratio of 21.7%.
Costamare Inc. has 57.3% gross margin and 51.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Costamare Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Dry bulk revenue volatility
Deep Value Discount to Asset-Heavy Peers
Costamare trades at a P/E of 5.40 and EV/EBITDA of 4.73, a significant discount to peer Danaos (5.73 P/E) and the broader market, suggesting the market is applying a conglomerate discount to its diversified fleet strategy.
The valuation multiples, particularly the P/B of 0.86, indicate the market is pricing the company below its book value, which is unusual for a profitable industrial firm. This discount appears to reflect uncertainty about the sustainability of margins under the new dry bulk-heavy fleet mix and the potential for lower returns on capital in that segment compared to the stable container business. The forward EV/EBITDA of 4.09 suggests the market expects some earnings improvement, but the valuation remains compressed relative to the company's historical profitability.
Resilient Margins Mask Fleet Mix Shift
Despite a -57.9% YoY revenue decline, Costamare maintained a robust operating margin of 44.8% in Q2 2026, indicating the core container charter business continues to generate high returns on its fixed-cost base.
The gross margin of 51.1% and operating margin of 44.8% in the latest quarter are strong, but they represent a compression from the 72.0% gross margin seen in Q3 2025. This trend suggests the higher variable cost profile of the expanded dry bulk fleet is beginning to weigh on consolidated profitability. The net margin of 41.2% remains high, but the divergence between operating and net margins in prior quarters (e.g., Q4 2024) indicates that non-operating items, likely vessel sale gains or losses, can significantly distort the bottom line.
Low Returns on Expanding Capital Base
Costamare's ROIC has stabilized at a modest 2.1% in recent quarters, a significant decline from the 2.8% seen in Q3 2025, suggesting the recent fleet expansion has not yet translated into improved returns on invested capital.
The ROIC trend indicates that the capital deployed for the dry bulk expansion is currently generating lower returns than the existing container fleet. The ROE of 3.7% is also low, reflecting the asset-heavy nature of the business and the current earnings power relative to the equity base. This pattern suggests the company is in an investment phase where returns are temporarily depressed, and investors should monitor whether the new assets can achieve returns closer to the historical ROIC levels of 2.3-2.8% as they are fully integrated and chartered.
Conservative Leverage Provides Strategic Flexibility
The debt-to-equity ratio has improved to 0.66 in Q2 2026 from 1.03 in Q1 2024, and the interest coverage ratio of 5.12x indicates a comfortable ability to service debt, providing a buffer for strategic acquisitions.
The deleveraging trend is a positive development, reducing financial risk and potentially lowering the cost of capital. The interest coverage ratio, while lower than the 5.77x peak in Q2 2025, remains adequate. This conservative leverage profile is a key differentiator from peers like ZIM (D/E 1.43) and positions Costamare to act counter-cyclically. However, the D/EBITDA of 11.74x is high, reflecting the capital-intensive nature of the business and the significant debt load required to finance the fleet.
Adequate Liquidity with Declining Cash Buffer
The current ratio of 1.61 and quick ratio of 1.57 in Q2 2026 indicate a solid liquidity position, but the cash balance has declined from a peak of $894.9M to $360.8M, suggesting capital deployment for fleet expansion.
The liquidity ratios are healthy and above 1.0, indicating the company can cover its short-term obligations. However, the significant reduction in cash reserves over the past two years warrants monitoring, as it reduces the financial cushion available for unexpected operational needs or opportunistic investments. The minimal inventory (DIO of 14 days) is typical for a shipping company and does not pose a liquidity risk.
The Misleading Power of the P/E Ratio
The P/E ratio of 5.40 is the most commonly misapplied metric for Costamare, as it obscures the cyclical and capital-intensive nature of the shipping business and the significant non-cash items that distort net income.
For a company like Costamare, where net income is heavily influenced by non-cash depreciation, vessel sale gains/losses, and the timing of charter revenue recognition, the P/E ratio can be a poor indicator of underlying earning power. A more appropriate metric would be EV/EBITDA, which better reflects the cash-generating ability of the asset base and is less sensitive to capital structure and non-cash accounting items. The current EV/EBITDA of 4.73 provides a clearer picture of the company's valuation relative to its operational cash flow.