Costamare (CMRE) AI Stock Analysis

• Market Cap: $2.02B
• Dividend Yield: 2.94%
• Average Volume (3M): 462.72K
• Price to Earnings (P/E): 5.2
• Beta (1Y): 0.88
• Revenue Growth: -29.82%
• EPS Growth: -16.77%
• Country: US
• Employees: 2,430
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 0.60
• Shares Outstanding: 120,588,760
• 10 Day Avg. Volume: 441,479
• 30 Day Avg. Volume: 462,721
• PEG Ratio: 0.30
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 2.16
• P/FCF Ratio: 4.02
• Enterprise Value/Market Cap: 1.49
• Enterprise Value/Revenue: 2.75
• Enterprise Value/Gross Profit: 5.70
• Enterprise Value/Ebitda: 5.26
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 2.72
• Revenue Forecast (FY): $800.00M

• Rating: 72 Outperform
• Price Target: $18.50 ▲(8.00% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

CMRE’s score is driven most by attractive valuation (low P/E with a dividend) and supportive earnings-call fundamentals (strong liquidity and multi-year contracted revenue visibility). Financial performance remains solid on margins and leverage, but is held back by the sharp TTM revenue decline and uneven cash-flow conversion; technicals are moderately positive with a constructive trend and steady momentum.

Positive Factors

Long-duration contracted revenue

A $3.4B forward book with a TEU-weighted average charter duration near six years materially increases revenue visibility and reduces short-term demand exposure. Multi-year contracts help lock in cash flows, simplify financing, and support stable earnings through shipping cycles.

Robust liquidity position

Nearly $590M in liquidity gives the company runway to fund operations, newbuild financing, and leasing commitments without urgent refinancing. Strong cash buffers support opportunistic investments and mitigate short-term market disruptions, improving resilience across 2–6 months.

High margins and improving leverage

Sustained high gross and net margins combined with improving leverage and healthy ROE indicate durable profitability and efficient capital use. That profile supports dividend capacity and capacity to service debt, making profitability less sensitive to modest rate or demand swings.

Negative Factors

Sharp recent revenue decline

A significant TTM revenue drop highlights the business’s exposure to charter-rate cyclicality and the impact of asset mix changes (including the dry bulk spin-off). Lower top-line levels can pressure margins, cash flow and investment capacity if weak rates persist.

Volatile cash-flow conversion

Operating cash flow covering only ~66% of reported earnings and a history of volatile free cash flow reduce forecasting confidence. Inconsistent cash conversion constrains steady dividend funding, debt paydown or reinvestment, and raises sensitivity to working-capital swings.

Meaningful absolute debt & limited deleveraging

Although leverage has improved, the company still carries notable absolute debt and management’s decision not to accelerate prepayments leaves exposure to rate or demand shocks. With refinancing pressure potential after 2027, limited proactive deleveraging raises structural financing risk.

Costamare Business Overview & Revenue Model

Company Description

Costamare 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.

How the Company Makes Money

Costamare generates revenue primarily through long-term charter agreements with major shipping companies. The company earns income by leasing its fleet of containerships, which provides a steady cash flow as these contracts typically span multiple years. Key revenue streams include fixed charter rates, which offer predictable earnings, and, in some cases, profit-sharing arrangements with charterers based on market conditions. Significant partnerships with prominent shipping lines enhance Costamare's market position and contribute to its earnings stability. Additionally, the company may benefit from favorable market conditions that lead to increased demand for container shipping, impacting charter rates positively.

Costamare Financial Statement Overview

Summary

Strong TTM profitability (gross margin ~48%, net margin ~33%) and improving leverage (debt-to-equity ~0.73) support the score, but the sharp TTM revenue decline (~-23.5%) and uneven/volatile cash-flow conversion (OCF coverage ~0.66; prior-year volatility) temper confidence through the cycle.

Income Statement

TTM (Trailing-Twelve-Months) profitability remains very strong (gross margin ~48%, net margin ~33%), showing the business can still generate meaningful earnings despite a weaker rate environment. However, revenue is down sharply in TTM (about -23.5% vs. the prior year), and profitability is off prior-cycle peaks (2021–2022 margins were materially higher), highlighting cyclicality and a less favorable near-term trajectory.

Balance Sheet

Leverage looks manageable and has improved versus recent history, with debt-to-equity around 0.73 in TTM (down from ~0.94 in 2024 and >1.1 in 2022–2023), supported by a solid equity base. Returns on equity are healthy (~16.9% TTM), but the company still carries meaningful absolute debt, leaving results more exposed if industry conditions soften further.

Cash Flow

Cash generation is positive with TTM free cash flow up strongly (about +36%) and free cash flow covering a good portion of earnings (roughly 73% of net income). That said, operating cash flow coverage is below 1.0 in TTM (~0.66), and the historical profile has been volatile (including a large negative free cash flow year in 2021 and very weak conversion in 2023), which reduces confidence in consistency across the cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	877.90M	2.08B	1.51B	1.11B	793.64M
Gross Profit	502.83M	556.66M	436.42M	600.66M	441.87M
EBITDA	603.25M	619.87M	699.28M	828.09M	643.45M
Net Income	364.57M	319.92M	385.75M	554.96M	435.12M
Balance Sheet
Total Assets	3.86B	5.15B	5.29B	4.90B	4.41B
Cash, Cash Equivalents and Short-Term Investments	547.25M	766.44M	813.02M	838.06M	276.00M
Total Debt	1.51B	2.35B	2.65B	2.58B	2.56B
Total Liabilities	1.70B	2.58B	2.85B	2.74B	2.68B
Stockholders Equity	2.09B	2.51B	2.38B	2.16B	1.73B
Cash Flow
Free Cash Flow	472.28M	257.23M	49.04M	500.88M	-525.60M
Operating Cash Flow	541.25M	537.72M	331.37M	562.77M	466.49M
Investing Cash Flow	-162.90M	-79.51M	79.09M	46.22M	-787.46M
Financing Cash Flow	-586.01M	-505.48M	-396.81M	-149.67M	482.59M

Costamare Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 17.13
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMRE, the sentiment is Positive. The current price of 17.13 is above the 20-day moving average (MA) of 16.95, above the 50-day MA of 16.60, and above the 200-day MA of 13.07, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 50.11 is Neutral, neither overbought nor oversold. The STOCH value of 62.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMRE.

Costamare Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GSL	83 Outperform	$1.35B	3.00	24.76%	6.16%	7.13%	23.37%
DAC	81 Outperform	$2.03B	3.51	13.56%	3.64%	3.82%	-13.73%
CMRE	72 Outperform	$2.02B	5.21	16.86%	2.94%	-29.82%	-16.77%
NMM	70 Outperform	$1.84B	3.29	8.85%	0.39%	-1.33%	-33.66%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SBLK	62 Neutral	$2.54B	26.26	3.46%	1.59%	-13.87%	-82.48%
SFL	59 Neutral	$1.50B	-39.32	-2.63%	12.24%	-11.10%	-101.57%

Costamare Corporate Events

Costamare Files 2025 Form 20-F and Publishes Annual Report

On March 4, 2026, Costamare Inc. announced that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission, making the document available through the investors section of its website. The filing, which includes the company’s audited 2025 financial statements and can be requested in hard copy by shareholders, provides updated transparency on Costamare’s performance and financial position, giving equity and credit investors an official basis to assess the container ship owner’s operations and outlook after a year of activity in global shipping and lease financing markets.

The most recent analyst rating on (CMRE) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on Costamare stock, see the CMRE Stock Forecast page.

Costamare Posts Strong 2025 Earnings and Locks In Long-Term Charter Revenue After Dry Bulk Spin-Off

On February 18, 2026, Costamare reported unaudited results for the fourth quarter and full year 2025, reflecting the May 6, 2025 spin-off of its dry bulk business, which is now treated as discontinued operations. For 2025, continuing operations generated net income available to common shareholders of $371 million ($3.09 per share) and adjusted net income of $375.6 million, while fourth-quarter net income reached $72.6 million, supported by year-end liquidity of $589.6 million.

The company strengthened its long-term earnings visibility by forward-fixing 12 containerships of 4,000–14,000 TEU, adding about $940 million in contracted revenue and lifting contracted revenues to roughly $3.4 billion, with its containership fleet 96% and 92% fixed for 2026 and 2027 respectively. Costamare also arranged new bilateral debt facilities, leaving it with no significant debt maturities until 2027, expanded its Neptune Maritime Leasing platform to 54 assets with over $665 million in investments and commitments, and continued returning cash to investors via common and preferred dividends declared on January 2, 2026.

The most recent analyst rating on (CMRE) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on Costamare stock, see the CMRE Stock Forecast page.

Costamare Declares Quarterly Dividends on Preferred and Common Shares

On January 2, 2026, Costamare Inc. announced that it had declared quarterly cash dividends on all three of its listed preferred share series for the period from October 15, 2025 to January 14, 2026, with payments scheduled for January 15, 2026 to holders of record as of January 14, 2026. The company also declared a quarterly dividend of $0.115 per share on its common stock for the quarter ended December 31, 2025, payable on February 5, 2026 to shareholders of record on January 20, 2026, underscoring continued capital returns to investors while emphasizing that future dividends remain at the board’s discretion and will be influenced by earnings, financial condition, funding access, debt covenants and broader economic conditions.

The most recent analyst rating on (CMRE) stock is a Buy with a $16.50 price target. To see the full list of analyst forecasts on Costamare stock, see the CMRE Stock Forecast page.