Costamare (CMRE)
NYSE:CMRE
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Costamare
(NYSE:CMRE)
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Rating:72Outperform
Price Target:
$18.50
â–²(8.00% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Costamare (CMRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.03B
Dividend Yield2.94%
Average Volume (3M)470.39K
Price to Earnings (P/E)5.2
Beta (1Y)0.89
Revenue Growth-29.82%
EPS Growth-16.77%
CountryUS
Employees2,430
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.60
Shares Outstanding120,588,760
10 Day Avg. Volume448,624
30 Day Avg. Volume470,391
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)0.91
Price to Sales (P/S)2.16
P/FCF Ratio4.02
Enterprise Value/Market Cap1.49
Enterprise Value/Revenue2.76
Enterprise Value/Gross Profit5.72
Enterprise Value/Ebitda5.28
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.72
Revenue Forecast (FY)$800.00M
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 tota...
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...
Costamare Key Performance Indicators (KPIs)
Any
Average Number of Vessels
Tracks the average size of Costamare’s fleet over the period, showing scale and revenue potential. A rising average fleet points to greater future income but also higher financing, depreciation, and operating costs; a falling average suggests disposals, idling, or contract expirations that could pressure earnings.
Tracks the average size of Costamare’s fleet over the period, showing scale and revenue potential. A rising average fleet points to greater future income but also higher financing, depreciation, and operating costs; a falling average suggests disposals, idling, or contract expirations that could pressure earnings.
Data provided by:
The Fly
The FlyCostamare Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial picture: strong quarterly and annual profitability, robust liquidity, significant forward chartering adding ~$940 million of incremental contracted revenues, high fleet deployment (96% for 2026) and very low idle tonnage (0.5%), supported by financing actions and an expanding leasing platform. Downsides were limited to an accounting-driven increase in deferred revenues (requiring cash-revenue adjustments), a decision not to accelerate debt prepayments despite strong free cash flow, and limited quantified forward guidance on margins. Overall, the positives materially outweigh the negatives.Positive Updates
Strong Quarterly and Annual Profitability
Net income for Q4 2025 of about $73 million (adjusted net income for the quarter ~$72 million or $0.60 per share). Net income for the full year ~ $370 million (adjusted net income for 2025 ~$376 million or $3.12 per share).
Negative Updates
Accounting-Driven Increase in Deferred Revenues
Management noted a substantial quarter-over-quarter increase in deferred revenues driven by accounting treatment related to changes in long-term charter hire. The increase is not quantified on the call and requires adjustments to model cash revenues; potential modeling complexity for investors.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Annual Profitability
Net income for Q4 2025 of about $73 million (adjusted net income for the quarter ~$72 million or $0.60 per share). Net income for the full year ~ $370 million (adjusted net income for 2025 ~$376 million or $3.12 per share).
Read all positive updates
Company Guidance
Management guided that Costamare has strong forward visibility and liquidity, reporting Q4 net income of about $73M and FY net income of about $370M (adjusted FY ’25 net income ~$376M or $3.12/sh and adjusted Q4 ~$72M or $0.60/sh) with liquidity of $590M; the company has forward-fixed 12 vessels (4,000–14,000 TEU) over the next 3 years with a TEU-weighted average charter duration of 6 years, adding ~ $940M of incremental contracted revenues, taking revenue days fixed to 96% for 2026 and 92% for 2027 and lifting total contracted revenues to $3.4B with a TEU-weighted remaining duration of 4.5 years; the market remains tight with an idle fleet of ~0.5% (<1%); on financing, pre- and post-delivery financing is in place for 6 newbuilds, 2 ships were refinanced at substantially lower cost, there are no significant maturities until 2027, and management — citing relatively low leverage and strong contracted cash flows — does not currently plan material debt prepayments; on leasing, Neptune Maritime Leasing has funded/committed 54 assets >$665M and Costamare’s leasing commitment is ~$250M (≈$180M invested to date).Costamare Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| 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
Positive
17.13
Price Trends
16.67
Positive
15.82
Positive
13.20
Positive
Market Momentum
0.10
Negative
52.42
Neutral
82.16
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 17.13 is above the 20-day moving average (MA) of 17.02, above the 50-day MA of 16.67, and above the 200-day MA of 13.20, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 52.42 is Neutral, neither overbought nor oversold. The STOCH value of 82.16 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.37B | 3.00 | 24.76% | 6.16% | 7.13% | 23.37% | |
81 Outperform | $2.05B | 3.66 | 13.56% | 3.64% | 3.82% | -13.73% | |
72 Outperform | $2.03B | 5.21 | 16.86% | 2.94% | -29.82% | -16.77% | |
70 Outperform | $1.90B | 3.29 | 8.85% | 0.39% | -1.33% | -33.66% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $2.56B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% | |
59 Neutral | $1.54B | -39.32 | -2.63% | 12.24% | -11.10% | -101.57% |
* Industrials Sector Average
CMRE
Costamare
16.86
9.73
136.47%
DAC
Danaos
112.36
36.14
47.41%
GSL
Global Ship Lease
38.09
16.82
79.10%
NMM
Navios Maritime Partners
66.40
27.33
69.96%
SFL
SFL Corporation
10.64
3.25
44.02%
SBLK
Star Bulk Carriers
22.50
7.01
45.27%
Costamare Corporate Events
Costamare Files 2025 Form 20-F and Publishes Annual Report
Mar 4, 2026
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 o...
Costamare Posts Strong 2025 Earnings and Locks In Long-Term Charter Revenue After Dry Bulk Spin-Off
Feb 18, 2026
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 ge...
Costamare Declares Quarterly Dividends on Preferred and Common Shares
Jan 2, 2026
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 ...
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.