Costamare Bulkers Holdings Limited (CMDB)
NYSE:CMDB
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Costamare Bulkers Holdings Limited
(NYSE:CMDB)
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Rating:60Neutral
Price Target:
$19.50
▲(25.08% Upside)
Action:Reiterated
Date:05/13/26
The score is held back most by weak multi-year profitability and a negative P/E, despite meaningful balance sheet de-leveraging and improved cash generation. Offsetting this, technicals are positive with price above key moving averages and supportive momentum indicators. The latest earnings call adds confidence via profitable Q1 results and a strong net cash position alongside continued de-risking, though residual legacy exposure and macro/geopolitical volatility remain key risks.
Positive Factors
Net cash position and liquidity
A net cash position (cash ~ $270M vs debt ~ $140M) materially increases financial flexibility, lowers refinancing risk and funds selective growth or capex without raising equity. This strengthens the firm's ability to withstand freight cycles and pursue accretive opportunities over coming quarters.
Negative Factors
Multi‑year weak profitability
Sustained negative operating results over multiple years indicate structural profitability challenges. Even with balance‑sheet repair, persistent losses erode returns on equity and limit the company's ability to convert improved liquidity into consistent shareholder returns without durable improvement in charter earnings or cost structure.
Read all positive and negative factors
Positive Factors
Negative Factors
Net cash position and liquidity
A net cash position (cash ~ $270M vs debt ~ $140M) materially increases financial flexibility, lowers refinancing risk and funds selective growth or capex without raising equity. This strengthens the firm's ability to withstand freight cycles and pursue accretive opportunities over coming quarters.
Read all positive factors
Costamare Bulkers Holdings Limited (CMDB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$431.14M
Dividend YieldN/A
Average Volume (3M)65.04K
Price to Earnings (P/E)8.0
Beta (1Y)0.50
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,120
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)-1.65
Shares Outstanding24,180,471
10 Day Avg. Volume110,360
30 Day Avg. Volume65,044
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)0.48
Price to Sales (P/S)0.62
P/FCF Ratio8.49
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue0.54
Enterprise Value/Gross Profit5.16
Enterprise Value/Ebitda118.94
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Costamare Bulkers Holdings Limited Business Overview & Revenue Model
Company Description
Costamare Bulkers Holdings Limited is an international operator of dry bulk vessels, providing transportation services for major commodities such as grain, coal, and iron ore. The Company manages vessel chartering and freight contracts through its...
How the Company Makes Money
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Costamare Bulkers Holdings Limited Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and financial picture: profitable Q1 results, a net cash position, successful de-risking of legacy trades, accretive vessel transactions, and strengthening charter rates. Offsetting risks include elevated market volatility, geopolitical disruptions (notably a ~50% reduction in Persian Gulf exports), and a remaining single vessel to be novated before the trading book is fully cleared by year-end. On balance, the positive items around balance sheet repair, fleet renewal, and market tailwinds outweigh the manageable residual risks.Positive Updates
Adjusted and GAAP Net Income
Adjusted net income of $12.4 million ($0.51 per share) and net income of $9.9 million ($0.41 per share) for Q1 2026, indicating profitable operations during the quarter.
Negative Updates
Elevated Market Volatility and Geopolitical Uncertainty
Market exhibited elevated volatility relative to historical averages during the first four months of the year, and geopolitical instability added uncertainty to freight markets and demand visibility.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted and GAAP Net Income
Adjusted net income of $12.4 million ($0.51 per share) and net income of $9.9 million ($0.41 per share) for Q1 2026, indicating profitable operations during the quarter.
Read all positive updates
Company Guidance
Management's guidance emphasized substantial de‑risking and a clear path to full exit from legacy trading positions by year‑end (only one vessel remains to be novated), leaving the company net cash positive with total cash of about $270 million versus debt of circa $140 million (cash exceeded debt by roughly $127 million) and positioned to grow counter‑cyclically; Q1 results were net income $9.9 million ($0.41/share) and adjusted net income $12.4 million ($0.51/share), including capital gains of approximately $7 million from the sale of a 2011 Capesize. They reiterated fleet renewal and chartering guidance — acquisition of a 2018 Ultramax, delivery of a Kamsarmax chartered in for a minimum 5 years (already re‑chartered out for ~11 months/1 year at profitable levels), an operating platform focused on Kamsarmax with 20 third‑party vessels, most owned ships on index‑linked period charters with conversion options, and a newbuilding order book at 13.5% — while noting Q1 charter rates strengthened with further upside since April.Costamare Bulkers Holdings Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
57
Neutral
Cash Flow
49
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 597.22M | 1.20B | 663.12M | 316.47M |
| Gross Profit | 74.26M | 136.94M | 53.91M | 274.76M |
| EBITDA | 83.00K | -33.60M | -79.90M | 149.64M |
| Net Income | -37.35M | -98.25M | -147.70M | 90.44M |
Balance Sheet | ||||
| Total Assets | 1.09B | 1.24B | 1.19B | 871.84M |
| Cash, Cash Equivalents and Short-Term Investments | 248.80M | 49.86M | 33.68M | 104.35M |
| Total Debt | 228.72M | 713.83M | 621.51M | 385.55M |
| Total Liabilities | 309.79M | 818.98M | 711.83M | 425.83M |
| Stockholders Equity | 781.77M | 422.02M | 474.69M | 446.01M |
Cash Flow | ||||
| Free Cash Flow | 43.90M | -228.39M | -272.73M | 61.87M |
| Operating Cash Flow | 75.59M | -55.53M | -196.79M | 117.60M |
| Investing Cash Flow | 74.54M | -46.76M | -9.69M | -36.88M |
| Financing Cash Flow | 63.26M | 116.92M | 133.25M | 26.03M |
Costamare Bulkers Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.01B | 10.92 | 5.87% | 1.59% | -11.62% | -37.75% | |
71 Outperform | $1.02B | 26.47 | <0.01% | 4.04% | 2.22% | -63.61% | |
66 Neutral | $671.75M | 10.42 | 4.68% | 4.16% | -10.37% | -64.20% | |
66 Neutral | $319.25M | 3.91 | 7.83% | 4.94% | -5.59% | -52.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $431.14M | 8.05 | -1.71% | ― | ― | ― | |
57 Neutral | $321.20M | 15.21 | 3.60% | 2.34% | -6.43% | 79.57% |
* Industrials Sector Average
CMDB
Costamare Bulkers Holdings Limited
17.83
8.31
87.29%
DSX
Diana Shipping
2.60
1.20
85.85%
GNK
Genco Shipping
23.39
10.83
86.23%
SB
Safe Bulkers
6.57
3.06
87.29%
SHIP
Seanergy Maritime
15.12
9.36
162.36%
SBLK
Star Bulk Carriers
26.40
10.65
67.61%
Costamare Bulkers Holdings Limited Corporate Events
Costamare Bulkers Posts Q1 2026 Profit, Strengthens Balance Sheet and Renews Fleet
May 13, 2026
Costamare Bulkers Holdings Limited, an international dry bulk shipowner and operator listed on the NYSE, reported unaudited results for the first quarter ended March 31, 2026 on May 13, 2026. The Monaco-based company owns 30 dry bulk vessels acros...
Costamare Bulkers Files 2025 Form 20-F and Publishes Annual Report
Mar 31, 2026
Costamare Bulkers Holdings Limited, a Monaco-based international owner and operator of dry bulk vessels with a 31-ship fleet and an affiliated dry bulk operating platform, focuses on transporting dry bulk commodities and actively managing freight ...
Costamare Bulkers Posts Q4 2025 Loss but Strengthens Balance Sheet and Renews Dry Bulk Fleet
Feb 20, 2026
On February 20, 2026, Costamare Bulkers reported unaudited results for the fourth quarter and full year ended December 31, 2025, its second full quarter as an independent public company after a May 6, 2025 spin-off from Costamare Inc. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.