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Costamare Inc. (CMRE)
NYSE:CMRE
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Costamare
(NYSE:CMRE)
64Neutral
Costamare (CMRE) vs. S&P 500 (SPY)
Market Cap
$1.22B
Dividend Yield4.53%
Average Volume (3M)503.46K
Price to Earnings (P/E)4.2
Beta (1Y)0.84
Revenue Growth37.10%
EPS Growth-17.36%
CountryUS
Employees290
SectorIndustrials
Sector Strength72
IndustryTransportation
Share Statistics
EPS (TTM)2.44
Shares Outstanding119,961,490
10 Day Avg. Volume588,832
30 Day Avg. Volume503,465
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.58
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$12.00Price Target Upside18.11% Upside
Rating ConsensusHold
Number of Analyst Covering1
Costamare Business Overview & Revenue Model
Company DescriptionCostamare Inc. (CMRE) is a leading international owner and provider of containerships for charter. Established in 1974, the company operates in the shipping industry, offering transportation services for containerized cargo through its diverse fleet of container vessels. Costamare serves major global liner companies, providing reliable and efficient shipping solutions to facilitate international trade.
How the Company Makes MoneyCostamare makes money through long-term, fixed-rate time charters with major liner companies. The company leases its containerships to shipping lines, which pay a daily charter rate for the use of the vessels over a contracted period. These charter agreements provide a steady revenue stream, insulating Costamare from the volatility of freight rates in the spot market. Additionally, Costamare benefits from its strategic partnerships with leading shipping lines, which help ensure high vessel utilization and stable cash flows. The company may also generate revenue from the sale and purchase of vessels, as well as from value-added services associated with ship management.
Costamare Financial Statement Overview
Summary
Costamare demonstrates a robust financial profile with strong revenue growth and profitability. The balance sheet shows improved leverage ratios and a solid equity base, while cash flow management highlights the company's capacity to generate operational cash. While fluctuations in free cash flow and net income have been noted, the overall financial health remains strong, positioning the company well in the transportation industry.Income Statement
Costamare's income statement shows strong revenue growth over the years, evidenced by a significant increase from $460 million in 2020 to $2.08 billion in 2024. The gross profit margin remains healthy, and the company has demonstrated an ability to maintain robust EBIT and EBITDA margins. Despite a slight decline in net income in 2024, overall profit margins are commendable, indicating effective cost management and profitability.80
Positive
Balance Sheet
The balance sheet reflects a stable financial position with a healthy equity base. The debt-to-equity ratio has improved over time, showing a decrease in leverage risk. Return on equity is strong, although fluctuations in net income have impacted its consistency. The equity ratio indicates a balanced asset-financing structure, suggesting financial stability.75
Positive
Cash Flow
Costamare's cash flow statement reveals a positive trend in operating cash flow, which supports net income effectively. However, the free cash flow has shown volatility, particularly due to significant capital expenditures in certain years. The company has managed to sustain free cash flow to net income ratios, reflecting its ability to generate cash from operations despite investment activities.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 2.08B | 1.51B | 1.11B | 793.64M | 460.32M | Gross Profit |
| 556.66M | 436.42M | 600.66M | 441.87M | 211.62M | EBIT |
| 463.91M | 468.01M | 380.18M | 277.96M | 194.07M | EBITDA |
| 619.87M | 730.09M | 853.31M | 649.28M | 177.82M | Net Income Common Stockholders |
| 319.92M | 385.75M | 554.96M | 435.12M | -71.75M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 741.28M | 790.40M | 838.06M | 276.00M | 143.92M | Total Assets |
| 5.15B | 5.29B | 4.90B | 4.41B | 3.01B | Total Debt |
| 2.35B | 2.65B | 2.58B | 2.56B | 1.59B | Net Debt |
| 1.63B | 1.90B | 1.87B | 2.28B | 1.44B | Total Liabilities |
| 2.58B | 2.85B | 2.74B | 2.68B | 1.66B | Stockholders Equity |
| 2.51B | 2.38B | 2.16B | 1.73B | 1.35B |
| Cash Flow | Free Cash Flow | |||
| 257.23M | 49.04M | 519.70M | -525.60M | 172.37M | Operating Cash Flow |
| 537.72M | 331.37M | 581.59M | 466.49M | 274.28M | Investing Cash Flow |
| -79.51M | 79.09M | 42.49M | -787.46M | -36.40M | Financing Cash Flow |
| -505.48M | -396.81M | -166.05M | 482.59M | -241.86M |
Costamare Technical Analysis
Negative
10.16
Price Trends
11.41
Negative
12.46
Negative
13.48
Negative
Market Momentum
-0.36
Negative
39.62
Neutral
63.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMRE, the sentiment is Negative. The current price of 10.16 is below the 20-day moving average (MA) of 10.33, below the 50-day MA of 11.41, and below the 200-day MA of 13.48, indicating a bearish trend. The MACD of -0.36 indicates Negative momentum. The RSI at 39.62 is Neutral, neither overbought nor oversold. The STOCH value of 63.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $803.58M | 2.40 | 26.71% | 7.57% | 7.05% | 6.23% | |
81 Outperform | $230.67M | 2.06 | 35.83% | 7.33% | 13.90% | 3.21% | |
77 Outperform | $1.88B | 5.63 | 14.71% | 15.87% | 33.31% | 62.94% | |
71 Outperform | $386.45M | 4.57 | 11.99% | 5.45% | 10.27% | 36.29% | |
69 Neutral | $1.15B | 3.26 | 12.41% | 0.51% | -1.61% | -3.33% | |
64 Neutral | $1.22B | 4.17 | 13.07% | 4.53% | 37.10% | -17.36% | |
62 Neutral | $8.16B | 12.85 | 0.64% | 3.04% | 3.83% | -15.83% |
* Industrials Sector Average
Performance Comparison
CMRE
Costamare
10.16
-0.86
-7.80%
ESEA
Euroseas
32.49
-1.99
-5.77%
GSL
Global Ship Lease
23.38
4.53
24.03%
NMM
Navios Maritime Partners
38.53
-3.79
-8.96%
SB
Safe Bulkers
3.71
-1.07
-22.38%
SBLK
Star Bulk Carriers
15.79
-6.06
-27.73%
Costamare Earnings Call Summary
Earnings Call Date: Feb 5, 2025 | % Change Since: -13.09% | Next Earnings Date: May 1, 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.Highlights
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.
Lowlights
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.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.