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Costamare Inc. (CMRE)
NYSE:CMRE
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Costamare
(NYSE:CMRE)
Rating:83Outperform
Price Target:
$11.50
▲(1.95% Upside)
Costamare (CMRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.33B
Dividend Yield4.14%
Average Volume (3M)542.79K
Price to Earnings (P/E)4.7
Beta (1Y)0.86
Revenue Growth-7.24%
EPS Growth-16.39%
CountryUS
Employees2,430
SectorIndustrials
Sector Strength78
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.77
Shares Outstanding119,961,490
10 Day Avg. Volume606,874
30 Day Avg. Volume542,791
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit4.11
Enterprise Value/Ebitda4.23
Forecast
1Y Price Target
$10.65Price Target Upside-5.59% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Costamare Business Overview & Revenue Model
Company DescriptionCostamare 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 MoneyCostamare generates revenue primarily through long-term charters of its fleet of container ships. The company enters into agreements with shipping lines, allowing them to lease these vessels for a specified duration, which provides Costamare with stable and predictable cash flows. Key revenue streams include daily charter rates received from these leases. Additionally, Costamare benefits from operational efficiencies, economies of scale, and strategic partnerships with major shipping companies, which enhance its market position and revenue stability. The company's fleet management capabilities and its focus on maintaining modern, fuel-efficient vessels also contribute to its profitability.
Costamare Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q4-2024)
| % Change Since: 18.12%|
Next Earnings Date:Oct 29, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive outlook with strong financial results, high liquidity, and strategic fleet management despite challenges in the dry bulk market and potential shifts in market dynamics.Q4-2024 Updates
Positive Updates
Strong Financial Performance
Adjusted net income for the fourth quarter of 2024 was approximately $82 million, contributing to an annual adjusted net income of around $330 million or $2.76 per share.
High Liquidity Levels
The company maintains strong liquidity with over $940 million available, providing opportunities for future growth and investments.
Successful Chartering and Contracting
Chartered 12 containerships with estimated contracted revenues close to $330 million and total contracted revenues amounting to $2.4 billion with a TEU-weighted remaining duration of 3.4 years.
Strategic Fleet Management
Acquired 1 Capesize and 2 Ultramax vessels, while disposing of 1 Handysize ship and agreeing to sell 1 Panamax vessel, aligning with the strategy to renew and increase the average size of the owned fleet.
Growth in Neptune Maritime Leasing
Neptune Maritime Leasing continues to grow with total investments and commitments exceeding $500 million.
Negative Updates
Dry Bulk Market Weakness
Charter rates in the dry bulk market dropped to their lowest levels of 2024 during the last quarter, with continued softness into 2025 due to oversupply and pressures in the China steel market.
Potential Market Dynamics Shift
The return to the Suez Canal route and new building capacity could affect the containership market dynamics, posing a risk to current favorable conditions.
Company Guidance
During the fourth quarter of 2024, Costamare Inc. reported an adjusted net income of approximately $82 million, with liquidity standing at around $940 million. The company has chartered 12 containerships on a forward basis, securing estimated contracted revenues close to $330 million. Their containership fleet is employed at 96% for 2025 and 69% for 2026, contributing to total contracted revenues of $2.4 billion with a remaining time charter duration of about 3.4 years. In the dry bulk market, Costamare acquired a Capesize and two Ultramax vessels, while selling one Handysize ship and agreeing to sell one Panamax vessel. The dry bulk charter rates have reached their lowest levels in 2024 and remain soft into 2025. Neptune Maritime Leasing has a pipeline exceeding $500 million in investments and commitments, while Costamare's overall net income for the year reached around $330 million, or $2.76 per share.Costamare Financial Statement Overview
Summary
Costamare demonstrates solid financial performance with strong profitability and cash generation capabilities. The company has a stable revenue base, though growth has slowed. Leverage is manageable, but there is a concerning downward trend in equity.Income Statement
Costamare's income statement shows a stable revenue base with moderate growth. The company achieved a Gross Profit Margin of 27% and a Net Profit Margin of 15.5% in TTM, indicating strong profitability. However, revenue growth has slowed recently, and the EBIT and EBITDA margins have slightly decreased compared to previous years.75
Positive
Balance Sheet
The balance sheet reflects a solid equity position with a Debt-to-Equity Ratio of 0.88 in TTM, indicating manageable leverage. The Equity Ratio of 50.5% suggests a strong capital structure. However, the decreasing trend in stockholders' equity over time may pose a risk to future financial stability.70
Positive
Cash Flow
Costamare's cash flow statement is robust, with a strong Operating Cash Flow to Net Income Ratio of 1.71 in TTM. Free Cash Flow has grown significantly, showcasing efficient capital management. The Free Cash Flow to Net Income Ratio of 0.96 reflects the company's ability to generate cash efficiently relative to its earnings.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.05B | 2.08B | 1.51B | 1.11B | 793.64M | 460.32M |
| Gross Profit | 553.00M | 556.66M | 436.42M | 600.66M | 441.87M | 211.62M |
| EBITDA | 537.30M | 619.87M | 730.09M | 853.31M | 649.28M | 177.82M |
| Net Income | 318.19M | 319.92M | 385.75M | 554.96M | 435.12M | -71.75M |
Balance Sheet | ||||||
| Total Assets | 5.13B | 5.15B | 5.29B | 4.90B | 4.41B | 3.01B |
| Cash, Cash Equivalents and Short-Term Investments | 818.80M | 741.28M | 790.40M | 838.06M | 276.00M | 143.92M |
| Total Debt | 2.28B | 2.35B | 2.65B | 2.58B | 2.56B | 1.59B |
| Total Liabilities | 2.48B | 2.58B | 2.85B | 2.74B | 2.68B | 1.66B |
| Stockholders Equity | 2.59B | 2.51B | 2.38B | 2.16B | 1.73B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | 306.66M | 257.23M | 49.04M | 519.70M | -525.60M | 172.37M |
| Operating Cash Flow | 542.80M | 537.72M | 331.37M | 581.59M | 466.49M | 274.28M |
| Investing Cash Flow | -112.57M | -79.51M | 79.09M | 42.49M | -787.46M | -36.40M |
| Financing Cash Flow | -517.55M | -505.48M | -396.81M | -166.05M | 482.59M | -241.86M |
Costamare Technical Analysis
Positive
11.28
Price Trends
9.64
Positive
8.52
Positive
8.63
Positive
Market Momentum
0.50
Negative
71.50
Negative
89.20
Negative
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 11.28 is above the 20-day moving average (MA) of 10.41, above the 50-day MA of 9.64, and above the 200-day MA of 8.63, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 71.50 is Negative, neither overbought nor oversold. The STOCH value of 89.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMRE.
Costamare Risk Analysis
Costamare disclosed 72 risk factors in its most recent earnings report. Costamare reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Costamare Peers Comparison
Overall Rating
UnderperformOutperform
Sector (71)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.33B | 4.70 | 14.61% | 4.14% | -7.24% | -16.39% | |
81 Outperform | $1.08B | 2.81 | 26.40% | 6.10% | 4.43% | 17.82% | |
80 Outperform | $1.70B | 3.82 | 13.38% | 3.62% | 5.63% | -17.54% | |
74 Outperform | $1.26B | 3.91 | 11.19% | 0.46% | 0.28% | -17.08% | |
74 Outperform | $2.14B | 17.65 | 5.11% | 7.60% | 2.95% | -61.74% | |
71 Outperform | ¥267.71B | 14.94 | 8.32% | 2.77% | 6.08% | 11.04% | |
69 Neutral | $1.31B | 21.81 | 5.09% | 11.83% | 6.68% | -57.55% |
* Industrials Sector Average
Performance Comparison
CMRE
Costamare
11.28
1.30
13.03%
DAC
Danaos
94.10
13.15
16.24%
GSL
Global Ship Lease
30.76
5.58
22.16%
NMM
Navios Maritime Partners
43.82
-3.31
-7.02%
SFL
SFL Corporation
9.13
-1.17
-11.36%
SBLK
Star Bulk Carriers
18.95
-0.80
-4.05%
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.
Disclaimer
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.