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Costamare Bulkers Holdings Limited
(NYSE:CMDB)
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Rating:52Neutral
Price Target:
$18.50
▼(-1.80% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak recent profitability and margin deterioration in the financials, plus an expensive P/E with no dividend yield support. These are partially offset by improved leverage and rebounding free cash flow, and a constructive earnings-call outlook focused on de-risking to a net cash position and strengthening charter-market conditions. Technicals are broadly neutral and do not materially change the view.
Positive Factors
Net Cash and Liquidity
The net cash position and substantial liquidity reduce refinancing pressure and provide flexibility to renew the fleet, withstand freight-rate volatility, and pursue countercyclical opportunities without relying heavily on new borrowing.
Negative Factors
Persistent Profitability Weakness
Repeated annual losses and negative operating profit indicate that the business has not yet demonstrated durable pricing power or cost control. Thin gross margins could remain a constraint if freight rates weaken or vessel expenses rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Net Cash and Liquidity
The net cash position and substantial liquidity reduce refinancing pressure and provide flexibility to renew the fleet, withstand freight-rate volatility, and pursue countercyclical opportunities without relying heavily on new borrowing.
Read all positive factors
Costamare Bulkers Holdings Limited (CMDB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$440.81M
Dividend YieldN/A
Average Volume (3M)65.04K
Price to Earnings (P/E)121.5
Beta (1Y)0.23
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees904
SectorGeneral
Sector StrengthN/A
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.15
Shares Outstanding24,180,471
10 Day Avg. Volume110,360
30 Day Avg. Volume65,044
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)0.48
Price to Sales (P/S)0.62
P/FCF Ratio8.49
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Costamare Bulkers Holdings Limited Business Overview & Revenue Model
Company Description
Costamare Bulkers Holdings Ltd. engages in the provision of solid, unpackaged raw materials and dry bulk commodities transportation. It offers a broad range of iron ore, coal and grains and minor bulks, such as bauxite, phosphate fertilizers, and ...
How the Company Makes Money
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Costamare Bulkers Holdings Limited Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 13, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and financial picture: profitable Q1 results, a net cash position, successful de-risking of legacy trades, accretive vessel transactions, and strengthening charter rates. Offsetting risks include elevated market volatility, geopolitical disruptions (notably a ~50% reduction in Persian Gulf exports), and a remaining single vessel to be novated before the trading book is fully cleared by year-end. On balance, the positive items around balance sheet repair, fleet renewal, and market tailwinds outweigh the manageable residual risks.Positive Updates
Adjusted and GAAP Net Income
Adjusted net income of $12.4 million ($0.51 per share) and net income of $9.9 million ($0.41 per share) for Q1 2026, indicating profitable operations during the quarter.
Negative Updates
Elevated Market Volatility and Geopolitical Uncertainty
Market exhibited elevated volatility relative to historical averages during the first four months of the year, and geopolitical instability added uncertainty to freight markets and demand visibility.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted and GAAP Net Income
Adjusted net income of $12.4 million ($0.51 per share) and net income of $9.9 million ($0.41 per share) for Q1 2026, indicating profitable operations during the quarter.
Read all positive updates
Company Guidance
Management's guidance emphasized substantial de‑risking and a clear path to full exit from legacy trading positions by year‑end (only one vessel remains to be novated), leaving the company net cash positive with total cash of about $270 million versus debt of circa $140 million (cash exceeded debt by roughly $127 million) and positioned to grow counter‑cyclically; Q1 results were net income $9.9 million ($0.41/share) and adjusted net income $12.4 million ($0.51/share), including capital gains of approximately $7 million from the sale of a 2011 Capesize. They reiterated fleet renewal and chartering guidance — acquisition of a 2018 Ultramax, delivery of a Kamsarmax chartered in for a minimum 5 years (already re‑chartered out for ~11 months/1 year at profitable levels), an operating platform focused on Kamsarmax with 20 third‑party vessels, most owned ships on index‑linked period charters with conversion options, and a newbuilding order book at 13.5% — while noting Q1 charter rates strengthened with further upside since April.Costamare Bulkers Holdings Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
57
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 701.58M | 597.22M | 1.20B | 663.12M | 316.47M |
| Gross Profit | 128.27M | 74.26M | 136.94M | 53.91M | 274.76M |
| EBITDA | 61.47M | 83.00K | -33.60M | -79.90M | 149.64M |
| Net Income | 6.80M | -37.35M | -98.25M | -147.70M | 90.44M |
Balance Sheet | |||||
| Total Assets | 1.05B | 1.09B | 1.24B | 1.19B | 871.84M |
| Cash, Cash Equivalents and Short-Term Investments | 263.05M | 248.80M | 49.86M | 33.68M | 104.35M |
| Total Debt | 196.88M | 228.72M | 713.83M | 621.51M | 385.55M |
| Total Liabilities | 272.17M | 309.79M | 818.98M | 711.83M | 425.83M |
| Stockholders Equity | 780.59M | 781.77M | 422.02M | 474.69M | 446.01M |
Cash Flow | |||||
| Free Cash Flow | 44.87M | 43.90M | -228.39M | -272.73M | 61.87M |
| Operating Cash Flow | 78.67M | 75.59M | -55.53M | -196.79M | 117.60M |
| Investing Cash Flow | 51.31M | 74.54M | -46.76M | -9.69M | -36.88M |
| Financing Cash Flow | -30.36M | 63.26M | 116.92M | 133.25M | 26.03M |
Costamare Bulkers Holdings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $363.38M | 5.86 | 20.72% | 3.58% | 31.98% | 274.58% | |
71 Outperform | $3.31B | 11.35 | 11.71% | 3.66% | 6.34% | 141.62% | |
68 Neutral | $308.55M | 5.10 | 11.56% | 1.78% | -3.68% | 258.59% | |
68 Neutral | $789.21M | 9.99 | 10.32% | 2.79% | 10.81% | 81.30% | |
66 Neutral | $1.15B | 28.76 | 0.02% | 4.30% | 25.64% | 156.91% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $440.81M | 121.53 | 0.90% | ― | ― | ― |
* General Sector Average
CMDB
Costamare Bulkers Holdings Limited
18.23
8.96
96.66%
DSX
Diana Shipping
2.48
0.88
55.29%
GNK
Genco Shipping
26.34
10.78
69.26%
SB
Safe Bulkers
7.75
3.64
88.38%
SHIP
Seanergy Maritime
16.77
9.77
139.57%
SBLK
Star Bulk Carriers
29.05
10.89
59.94%
Costamare Bulkers Holdings Limited Corporate Events
Costamare Bulkers Sets October Virtual AGM as Konstantakopoulos Family Tightens Governance Grip
Aug 14, 2026
Costamare Bulkers Holdings Limited has filed a Form 6-K for August 2026, distributing its 2025 annual report and convening its 2026 annual meeting of stockholders, scheduled as a fully virtual event on October 8, 2026. Shareholders will be asked t...
Costamare Bulkers Posts Q2 2026 Profit, Strengthens Balance Sheet and Sells Older Supramax
Aug 3, 2026
Costamare Bulkers reported unaudited financial results on August 3, 2026, for the quarter and six-month period ended June 30, 2026, its first fully comparable periods since its May 2025 spin-off from Costamare Inc. The company posted second-quarte...
Costamare Bulkers Sets October 8 Virtual 2026 Shareholder Meeting
Jul 17, 2026
Costamare Bulkers Holdings Limited, an international dry bulk vessel owner and operator listed on the NYSE under CMDB, controls a fleet of 30 ships with a total carrying capacity of roughly 2,665,000 DWT. The Monaco-based company also runs a dry b...
Costamare Bulkers Files Q1 2026 Unaudited Results, Highlighting Strong Liquidity and Lower Leverage
Jun 2, 2026
Costamare Bulkers Holdings Limited has filed a Form 6-K with the U.S. Securities and Exchange Commission dated June 2, 2026, furnishing unaudited interim condensed consolidated financial statements for the quarter ended March 31, 2026 and comparab...
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.