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Costamare
(NYSE:CMRE)
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Rating:65Neutral
Price Target:
$17.50
â–²(2.16% Upside)
Action:Reiterated
Date:05/29/26
The score is supported by strong profitability and an improving leverage profile, plus an attractive low P/E and dividend yield. Offsetting these positives are a contracting top line and deteriorating cash-flow conversion, alongside weak technical momentum with the stock trading below key moving averages.
Positive Factors
High Profitability
Sustained, very high TTM margins indicate the core containership leasing model generates strong earnings power and operating leverage. Durable margin levels provide a structural cushion to cover financing costs, support dividend payouts and absorb cyclical rate weakness over the coming months.
Negative Factors
Contracting Top-line
A materially contracting top line signals weaker demand or lower charter rates, which can erode future revenue as older high-rate charters roll off. Over 2–6 months this trend can compress utilization and renewal pricing, challenging the sustainability of current profit levels if not offset by new long-term contracts.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained, very high TTM margins indicate the core containership leasing model generates strong earnings power and operating leverage. Durable margin levels provide a structural cushion to cover financing costs, support dividend payouts and absorb cyclical rate weakness over the coming months.
Read all positive factors
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 (CMRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.86B
Dividend Yield2.94%
Average Volume (3M)445.81K
Price to Earnings (P/E)5.7
Beta (1Y)0.78
Revenue Growth-59.07%
EPS Growth10.43%
CountryUS
Employees1,880
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.68
Shares Outstanding120,588,760
10 Day Avg. Volume323,680
30 Day Avg. Volume445,813
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)0.91
Price to Sales (P/S)2.16
P/FCF Ratio4.02
Enterprise Value/Market Cap1.48
Enterprise Value/Revenue3.25
Enterprise Value/Gross Profit5.56
Enterprise Value/Ebitda4.77
Forecast
1Y Price Target
$21.00Price Target Upside22.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.55
Revenue Forecast (FY)$809.84M
Costamare Business Overview & Revenue Model
Company Description
Costamare Inc. owns and operates containerships and dry bulk vessels worldwide. Its containerships are chartered to liner companies providing transportation of cargoes. The company also charters dry bulk vessels to various customers providing worl...
How the Company Makes Money
Costamare primarily makes money by contracting its containerships to container liner companies under charter agreements. Under these contracts, customers pay the company charter hire for the right to use a vessel for a specified period and rate st...
Costamare Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 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
72
Positive
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 849.60M | 877.90M | 2.08B | 1.51B | 1.11B | 793.64M |
| Gross Profit | 495.90M | 502.83M | 556.66M | 436.42M | 600.66M | 441.87M |
| EBITDA | 578.40M | 637.24M | 619.87M | 699.28M | 828.09M | 643.45M |
| Net Income | 344.85M | 364.57M | 319.92M | 385.75M | 554.96M | 435.12M |
Balance Sheet | ||||||
| Total Assets | 3.92B | 3.86B | 5.15B | 5.29B | 4.90B | 4.41B |
| Cash, Cash Equivalents and Short-Term Investments | 602.26M | 547.25M | 766.44M | 813.02M | 838.06M | 276.00M |
| Total Debt | 1.49B | 1.51B | 2.35B | 2.65B | 2.58B | 2.56B |
| Total Liabilities | 1.70B | 1.70B | 2.58B | 2.85B | 2.74B | 2.68B |
| Stockholders Equity | 2.15B | 2.09B | 2.51B | 2.38B | 2.16B | 1.73B |
Cash Flow | ||||||
| Free Cash Flow | 130.38M | 472.28M | 257.23M | 49.04M | 500.88M | -525.60M |
| Operating Cash Flow | 223.29M | 541.25M | 537.72M | 331.37M | 562.77M | 466.49M |
| Investing Cash Flow | -87.38M | -162.90M | -79.51M | 79.09M | 46.22M | -787.46M |
| Financing Cash Flow | -106.86M | -586.01M | -505.48M | -396.81M | -149.67M | 482.59M |
Costamare Technical Analysis
Neutral
17.13
Price Trends
15.86
Negative
16.36
Negative
15.36
Negative
Market Momentum
-0.24
Negative
51.78
Neutral
86.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMRE, the sentiment is Neutral. The current price of 17.13 is above the 20-day moving average (MA) of 14.89, above the 50-day MA of 15.86, and above the 200-day MA of 15.36, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 86.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 2 New Risks
1.
The operation of dry bulk vessels entails certain unique operational risks, which could affect our business, financial condition, results of operations and ability to pay dividends. Q4, 2023
2.
Declines in the value of our derivative instruments, such as forward freight agreements, could have an adverse effect on our future performance, results of operations, cash flows and financial position. Q4, 2023
Costamare Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $2.14B | 6.28 | 10.67% | 0.39% | 5.87% | 8.14% | |
80 Outperform | $2.35B | 4.56 | 13.85% | 3.64% | 2.95% | 15.92% | |
79 Outperform | $1.47B | 3.92 | 21.99% | 6.16% | 7.07% | -0.61% | |
72 Outperform | $3.02B | 21.07 | 5.87% | 1.59% | -11.62% | -37.75% | |
65 Neutral | $1.86B | 5.70 | 16.80% | 2.94% | -59.07% | 10.43% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.61B | 46.89 | 3.21% | 12.24% | -16.39% | -44.25% |
* Industrials Sector Average
CMRE
Costamare
15.28
6.27
69.65%
DAC
Danaos
129.59
43.49
50.51%
GSL
Global Ship Lease
41.24
15.38
59.47%
NMM
Navios Maritime Partners
74.52
35.34
90.19%
SFL
SFL Corporation
11.30
3.12
38.06%
SBLK
Star Bulk Carriers
26.56
9.11
52.17%
Costamare Corporate Events
Costamare Files Strong First-Quarter 2026 Unaudited Results Highlighting Higher Assets and Equity
May 20, 2026
Costamare Inc. reported unaudited interim condensed consolidated financial statements for the three-month period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 20, 2026. The balance sheet shows total assets ris...
Costamare Boosts Dividend and Orders 16 Newbuild Ships on Long-Term COSCO Charters
Apr 29, 2026
Costamare reported unaudited first-quarter 2026 results on April 29, 2026, posting adjusted net income from continuing operations of $76.0 million and liquidity of $644.4 million, while declaring and paying common and preferred dividends earlier i...
Costamare Declares Quarterly Dividends on Preferred and Common Shares
Apr 2, 2026
On April 2, 2026, Costamare Inc. announced it had declared quarterly cash dividends on its Series B, Series C and Series D cumulative redeemable perpetual preferred shares, covering the period from January 15 to April 14, 2026, payable on April 15...
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...
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.