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GLBSGlobus Maritime Limited
$2.55$55M
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HomeStocksGLBSBalance Sheet

Globus Maritime Limited (GLBS) Balance Sheet

18Y historyFree accessUpdated daily

The company maintains a disciplined debt-to-equity ratio of 0.61 as of 2026Q1, though the reliance on debt to fund a $253.4 million net PPE base highlights significant exposure to vessel valuation risks.

Income StatementBalance SheetCash FlowRatios

GLBS Balance Sheet

Annual statement

GLBS Balance Sheet

Globus Maritime Limited (GLBS) balance sheet — 18-year assets, liabilities & shareholders' equity history

AnnualQuarterly
MetricTTMDec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Total Current Assets40.69M30.97M53.04M79.3M62.33M49.94M22.28M5.49M2.79M4.23M2.15M4.7M10.23M21.95M24.76M13.47M26.9M61.34M68.37M
Cash & Short-Term Investments29.77M26.7M46.84M74.2M52.83M45.21M19.04M2.37M46K2.76M163K2M6.08M5.89M11.65M9.3M24.62M59.16M65.34M
Cash Only29.77M26.7M46.84M74.2M52.83M45.21M19.04M2.37M46K2.76M163K2M6.08M5.89M11.65M9.3M24.62M59.16M65.34M
Short-Term Investments0000000000000000000
Accounts Receivable3.8M654K1.11M1.15M109K1M153K240K577K177K243K690K1.18M847K730K1.39M281K336K830K
Days Sales Outstanding12.685.411.6613.460.648.444.755.6112.144.489.8419.8116.310.58.2814.313.552.323.07
Inventory1.33M2.22M1.23M1.26M3.03M852K1.25M1.54M650K661K516K453K441K633K658K554K467K355K565K
Days Inventory Outstanding19.4723.1315.8414.8332.8613.4928.832.414.0614.4111.798.317.711.428.3717.9721.29.3410.73
Other Current Assets5.78M1.4M3.87M2.69M6.36M1.65M816K1.19M1.35M426K714K1.25M2.53M14.26M11.24M1.82M00298K
Total Non-Current Assets253.39M257.85M267.94M152.1M163.13M135.71M64.16M50.17M83.88M87.37M91.85M110.14M141.83M133.71M140.97M242.59M191.56M126.23M216.07M
Property, Plant & Equipment251.38M255.84M264.98M148.07M158.22M131.71M62.9M48.91M83.75M87.32M91.84M110.13M141.74M133.58M140.96M242.58M191.55M93.19M216.06M
Fixed Asset Turnover0.21x0.17x0.13x0.21x0.39x0.33x0.19x0.32x0.21x0.17x0.10x0.12x0.19x0.22x0.23x0.15x0.15x0.57x0.46x
Goodwill0000000000000000000
Intangible Assets00000000000041K787K2.05M0000
Long-Term Investments8M2M2.95M4.03M4.91M3.99M1.25M1.25M00000000000
Other Non-Current Assets10K10K10K10K10K10K10K10K130K53K10K10K57K-657K-2.04M10K10K33.04M10K
Total Assets294.08M288.82M320.99M231.4M225.46M185.65M86.44M55.66M86.67M91.6M94M114.84M152.07M155.66M165.72M256.06M218.45M187.57M284.45M
Asset Turnover0.18x0.15x0.11x0.13x0.27x0.23x0.14x0.28x0.20x0.16x0.10x0.11x0.17x0.19x0.19x0.14x0.13x0.28x0.35x
Asset Growth %-19.51%-10.02%38.71%2.64%21.44%114.77%55.31%-35.79%-5.38%-2.55%-18.15%-24.48%-2.31%-6.07%-35.28%17.22%16.46%-34.06%-
Total Current Liabilities14.67M11.31M34.58M9.5M16.9M12.13M13.06M8.73M43.21M47.55M31.14M69.63M48.44M22.52M31.73M10.46M15.28M37.89M82.93M
Accounts Payable2.16M1.97M3.59M362K3.55M1.1M4.76M4.74M6.43M4.26M4.76M4.01M2.61M2.1M1.72M945K1.35M1.16M2.21M
Days Payables Outstanding24.9220.5346.364.2838.5117.42109.899.3139.192.83108.6773.5945.5237.8221.8830.6661.1130.4542.03
Short-Term Debt8.33M6.1M25.95M6.5M6.8M5.04M5.67M1.2M35.37M41.54M23.55M63.65M44.14M12.32M20.07M5.3M10.91M33.9M77.28M
Deferred Revenue (Current)2.18M448K696K688K416K2.04M285K1.97M86K302K220K171K306K534K1.39M1.58M526K511K1.36M
Other Current Liabilities3.58M000092K0-1.35M000006.15M7.45M1.43M2.5M2.33M2.08M
Current Ratio2.77x2.74x1.53x8.35x3.69x4.12x1.71x0.63x0.06x0.09x0.07x0.07x0.21x0.97x0.78x1.29x1.76x1.62x0.82x
Quick Ratio2.68x2.54x1.50x8.21x3.51x4.05x1.61x0.45x0.05x0.08x0.05x0.06x0.20x0.95x0.76x1.23x1.73x1.61x0.82x
Cash Conversion Cycle7.238.01-18.8624.02-54.51-76.25-61.29-112.91-73.94-87.05-45.48-21.52-15.9-5.231.62-36.36-18.8-28.22
Total Non-Current Liabilities98.28M101.52M110.01M45.93M37.86M27.11M31.29M37.05M45.62M47.63M42.1M14.67M88.75M95.32M78.81M105.58M85.39M36.22M79.73M
Long-Term Debt97.48M101.26M59.27M45.76M37.52M26.44M30.89M36.55M1.5M41.54M42.02M14.6M40.24M72.74M78.73M105.52M85.33M36.17M79.7M
Capital Lease Obligations99.6M050.55M0188K556K367K469K00000000000
Deferred Tax Liabilities0000000000000000000
Other Non-Current Liabilities266K253K191K171K148K114K31K26K918K6.1M78K73K69K64K77K66K56K43K30K
Total Liabilities112.95M112.83M144.59M55.43M54.76M39.23M44.35M45.78M45.62M47.63M73.24M84.3M88.75M95.32M110.54M116.04M100.66M74.11M162.66M
Total Debt106.34M109.25M137.95M52.45M44.83M32.39M37.11M38.42M36.87M41.54M65.57M78.25M84.39M91.21M98.81M110.81M96.24M70.08M156.98M
Net Debt76.57M82.54M91.12M-21.75M-8M-12.83M18.08M36.06M36.82M38.78M65.41M76.24M78.31M85.32M87.16M101.51M71.62M10.92M91.64M
Debt / Equity0.59x0.62x0.78x0.30x0.26x0.22x0.88x3.89x0.90x0.94x3.16x2.56x1.33x1.51x1.79x0.79x0.82x0.62x1.29x
Debt / EBITDA4.01x6.46x12.26x7.59x1.32x1.32x-18.66x8.54x24.42x--6.93x5.77x-5.38x5.76x2.07x2.09x
Net Debt / EBITDA2.89x4.88x8.10x-3.15x-0.24x-0.52x-17.51x8.53x22.80x--6.43x5.40x-4.93x4.29x0.32x1.22x
Interest Coverage1.86x0.30x1.07x2.26x11.25x6.85x-3.28x-6.87x--1.92x-2.72x-10.68x2.46x2.55x-24.00x3.40x3.75x6.93x7.30x
Total Equity181.12M175.99M176.4M175.97M170.7M146.42M42.09M9.88M41.05M43.97M20.76M30.54M63.32M60.34M55.18M140.02M117.79M113.46M121.78M
Equity Growth %3.08%-0.23%0.24%3.09%16.58%247.84%326.1%-75.93%-6.64%111.79%-32.01%-51.78%4.94%9.35%-60.59%18.87%3.82%-6.84%-
Book Value per Share8.398.518.578.558.299.8943.89237.351283.941707.567975.4111899.8424753.3223634.9421768.0563906.4464365.0363102.342626.28
Total Shareholders' Equity181.12M175.99M176.4M175.97M170.7M146.42M42.09M9.88M41.05M43.97M20.76M30.54M63.32M60.34M55.18M140.02M117.79M113.46M121.78M
Common Stock86K86K82K82K82K82K12K21K13K126K10K41K41K41K41K40K29K29K29K
Retained Earnings-104.71M-109.83M-108.09M-108.52M-113.79M-138.07M-153.02M-135.65M-99.3M-95.73M-89.25M-79.43M-46.59M-49.5M-54.61M30.75M28.94M24.91M34.15M
Treasury Stock0000000000000000000
Accumulated OCI00000000-102.66M000-2-200000
Minority Interest0000000000000000000

Key Metrics

Growth RegimeExpanding
ProfitabilityNegative
Balance SheetHealthy
Cash FlowMixed
Top Statement Risk

Cyclical asset value volatility

Asset Expansion Amidst Capital Shifts

According to the latest quarterly data, total assets grew to $290.6 million in 2026Q1 from $231.4 million in 2023Q4, reflecting a deliberate expansion of the fleet that appears to be funded by a combination of debt and equity rather than organic cash flow generation.

The trajectory of the balance sheet suggests a management team focused on scaling the fleet size to capture cyclical upside. However, the persistent negative retained earnings of $108.7 million indicate that this growth has not yet translated into sustainable value creation for shareholders.

Conservative Leverage Amidst Fleet Growth

As reported in financial statements, the company maintains a debt-to-equity ratio of 0.61 as of 2026Q1, which represents a disciplined approach to leverage compared to the more aggressive capital structures often seen in the highly cyclical marine shipping industry.

While the current debt load appears manageable, the increase in total debt from $52.4 million in 2023Q4 to $108.3 million in 2026Q1 warrants monitoring. Investors should consider whether this rising debt burden could constrain future flexibility if charter rates experience a prolonged downturn.

Capital Intensive Fleet Composition Risks

Based on the reported figures, net property, plant, and equipment accounts for the vast majority of the $290.6 million in total assets, underscoring the company's extreme sensitivity to vessel valuations and the inherent risks of an asset-heavy business model in dry bulk shipping.

The concentration of value in the fleet means that any impairment in vessel market values could rapidly erode the book value of equity. The absence of goodwill on the balance sheet is a positive indicator, suggesting that the asset base is comprised of tangible, albeit depreciating, shipping hardware.

Liquidity Buffer Supports Operational Runway

As of 2026Q1, the company reports a current ratio of 2.65, providing a sufficient liquidity buffer to cover short-term obligations despite the inherent volatility of the shipping sector and the ongoing challenges in achieving consistent net profitability.

The cash position of $28.0 million provides a necessary cushion against operational shocks, though it has declined from the $74.3 million peak observed in 2023Q4. This reduction suggests that cash is being actively deployed, likely toward fleet maintenance or debt service, which requires careful oversight by stakeholders.

Hidden Risks in Retained Earnings

Analysis of the balance sheet reveals a persistent deficit in retained earnings of $108.7 million, which serves as a critical indicator that historical operations have failed to generate sufficient cumulative profit to offset the capital intensity of the fleet.

This structural deficit suggests that the company's growth narrative may be masking underlying profitability issues that are not immediately apparent in the headline asset figures. Investors should be wary that the balance sheet strength is currently supported by capital structure decisions rather than operational success.

GLBS — Frequently Asked Questions

Quick answers to the most common questions about buying GLBS stock.

What are the total assets of Globus Maritime Limited (GLBS)?

As of 2025, Globus Maritime Limited (GLBS) had total assets of $288.8M including $31.0M in current assets.

How much debt does Globus Maritime Limited (GLBS) have?

Globus Maritime Limited (GLBS) carries total debt of $109.2M, offset by $26.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Globus Maritime Limited?

Globus Maritime Limited (GLBS) has total shareholders' equity (book value) of $176.0M ($8.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Globus Maritime Limited's current ratio and liquidity?

Globus Maritime Limited (GLBS) reported a current ratio of 2.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.