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Costamare
(NYSE:CMRE)
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Rating:66Neutral
Price Target:
$17.00
â–²(10.32% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by mixed financial performance—excellent margins and positive operating cash flow, but weakening revenue and sharply negative TTM free cash flow. Valuation is a meaningful positive with a low P/E and a ~3% dividend yield, while technicals point to improving but not fully established longer-term momentum.
Positive Factors
Contracted charter revenue visibility
High fleet coverage and a long 5.9-year weighted contract duration provide meaningful revenue visibility through the next several years. This reduces near-term exposure to charter-rate volatility, supports planning for debt service and vessel investments, and strengthens cash-flow predictability.
Negative Factors
Contracting revenue trend
The reversal from a 2024 revenue spike to declines in 2025 and TTM shows that Costamare remains exposed to shipping-cycle conditions and charter-market normalization. Sustained top-line pressure could reduce earnings stability when vessels renew contracts at less favorable rates.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted charter revenue visibility
High fleet coverage and a long 5.9-year weighted contract duration provide meaningful revenue visibility through the next several years. This reduces near-term exposure to charter-rate volatility, supports planning for debt service and vessel investments, and strengthens cash-flow predictability.
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
$1.88B
Dividend Yield3.02%
Average Volume (3M)351.39K
Price to Earnings (P/E)5.9
Beta (1Y)0.69
Revenue Growth-52.60%
EPS Growth11.51%
CountryUS
Employees1,880
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.63
Shares Outstanding120,892,610
10 Day Avg. Volume345,272
30 Day Avg. Volume351,393
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 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)2.55
Revenue Forecast (FY)$823.87M
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 through (1) charter revenue from its containership fleet and (2) management fees (and potentially performance or incentive-related fees, where applicable) from its asset-management activities.
1) Containership char...
Costamare Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented multiple strong positives: solid Q1 profitability ($75M), robust liquidity (~$640–645M), a large secured newbuilding program of 16 vessels with long-term charters to COSCO (incremental contracted revenues of ~$2.8B), total contracted revenues of $6.2B with high employment coverage (97% for 2026, 94% for 2027), fleet renewal benefits (22 vessels under construction, fleet age reduction ~3.7 years) and an increased quarterly dividend (~+8.7%). Downsides are primarily execution and market risks: concentration of charters with one counterparty, long delivery timeline through 2030, funding/leverage implications from sizable capital commitments, and the purchase of older secondhand vessels. Overall, the positives—secured long-term cash flows, improved fleet profile and shareholder returns—outweigh the identified risks.Positive Updates
Solid Quarterly Profitability
Net income for Q1 2026 was about $75 million (reported $75M or $0.62 per share) and adjusted net income was $76 million ($0.63 per share).
Negative Updates
Counterparty Concentration Risk
All 16 newbuildings are contracted to commence long-term charters with a single counterparty (COSCO), creating concentration risk if that relationship or counterparty performance weakens.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Quarterly Profitability
Net income for Q1 2026 was about $75 million (reported $75M or $0.62 per share) and adjusted net income was $76 million ($0.63 per share).
Read all positive updates
Company Guidance
Management’s guidance emphasized strong cash generation and long‑term visibility: Q1 net income was about $75M (adjusted net income $76M, EPS $0.62/$0.63) with total liquidity roughly $640–645M, and a recommended quarterly dividend increase from $0.115 to $0.125/share commencing Q2’26. The company has ordered 16 newbuilds (12 ~9,200 TEU and 4 x 3,100 TEU) bringing 22 vessels under construction, with deliveries Q4’27–Q2’30 and pre/post‑delivery financing (up to 15‑year tenors) arranged with two Chinese banks; upon delivery the 12 larger and four smaller ships will commence 15‑year and 8‑year charters with COSCO, yielding incremental contracted revenues of about $2.8B and taking total contracted revenues to $6.2B with a TEU‑weighted remaining charter duration of 6.1 years and revenue days fixed at 97% for 2026 and 94% for 2027. Management also agreed to acquire two secondhand 5,600 TEU (built 2001) vessels to be delivered Q4’26 and enter 42‑month charters, noted the newbuild program increases the charter‑book weighted average duration by ~2 years and lowers fleet average age by ~3.7 years by 2030, and highlighted a robust market with idle fleet at ~1%.Costamare Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 839.45M | 877.90M | 2.08B | 1.51B | 1.11B | 793.64M |
| Gross Profit | 481.90M | 502.83M | 556.66M | 436.42M | 600.66M | 441.87M |
| EBITDA | 541.47M | 637.24M | 619.87M | 699.28M | 828.09M | 643.45M |
| Net Income | 338.80M | 364.57M | 319.92M | 385.75M | 554.96M | 435.12M |
Balance Sheet | ||||||
| Total Assets | 4.01B | 3.86B | 5.15B | 5.29B | 4.90B | 4.41B |
| Cash, Cash Equivalents and Short-Term Investments | 380.41M | 547.25M | 766.44M | 813.02M | 838.06M | 276.00M |
| Total Debt | 1.50B | 1.51B | 2.35B | 2.65B | 2.58B | 2.56B |
| Total Liabilities | 1.72B | 1.70B | 2.58B | 2.85B | 2.74B | 2.68B |
| Stockholders Equity | 2.22B | 2.09B | 2.51B | 2.38B | 2.16B | 1.73B |
Cash Flow | ||||||
| Free Cash Flow | -133.33M | 472.28M | 257.23M | 49.04M | 500.88M | -525.60M |
| Operating Cash Flow | 467.86M | 541.25M | 537.72M | 331.37M | 562.77M | 466.49M |
| Investing Cash Flow | -398.58M | -162.90M | -79.51M | 79.09M | 46.22M | -787.46M |
| Financing Cash Flow | -171.48M | -586.01M | -505.48M | -396.81M | -149.67M | 482.59M |
Costamare Technical Analysis
Positive
15.41
Price Trends
14.98
Positive
15.60
Negative
15.83
Negative
Market Momentum
0.12
Negative
55.98
Neutral
59.81
Neutral
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 15.41 is above the 20-day moving average (MA) of 15.08, above the 50-day MA of 14.98, and below the 200-day MA of 15.83, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 55.98 is Neutral, neither overbought nor oversold. The STOCH value of 59.81 is Neutral, 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 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.83B | 5.24 | 13.97% | 2.32% | 2.45% | 21.62% | |
81 Outperform | $1.67B | 4.46 | 20.88% | 5.39% | 5.55% | -3.50% | |
81 Outperform | $2.62B | 6.02 | 13.13% | 0.24% | 13.38% | 52.73% | |
71 Outperform | $3.62B | 12.66 | 11.71% | 5.80% | 6.34% | 141.62% | |
66 Neutral | $1.88B | 5.91 | 15.97% | 3.02% | -52.60% | 11.51% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.86B | 26.79 | 6.46% | 6.38% | -15.61% | 81.02% |
* Industrials Sector Average
CMRE
Costamare
15.55
3.72
31.47%
DAC
Danaos
155.26
62.46
67.30%
GSL
Global Ship Lease
46.40
16.71
56.28%
NMM
Navios Maritime Partners
92.16
43.14
88.00%
SFL
SFL Corporation
12.86
5.29
69.86%
SBLK
Star Bulk Carriers
32.42
14.29
78.80%
Costamare Corporate Events
Costamare Files Stronger Mid‑2026 Balance Sheet With Expanded Fleet Assets
Aug 13, 2026
Costamare Inc. has filed unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026, showing total assets rising to about $4.0 billion from $3.86 billion at year-end 2025 and Costamare stockholders’ ...
Costamare Sets October 6 Virtual Annual Meeting, Highlights Concentrated Voting Control
Aug 12, 2026
Costamare Inc. has filed a Form 6-K for August 2026, distributing its proxy statement, proxy card and 2025 annual report ahead of the 2026 Annual Meeting of Stockholders, scheduled as a virtual event on October 6, 2026 at 12:00 p.m. CET. Sharehold...
Costamare Posts Strong Q2 2026 Results and Locks In $1.3 Billion in Vessel Financings
Jul 27, 2026
Costamare reported unaudited results for the second quarter and six‑month period ended June 30, 2026, posting Q2 net income from continuing operations of $77.4 million and liquidity of $423 million. Management highlighted that voyage revenue...
Costamare Sets October 6 Virtual 2026 Annual Meeting of Stockholders
Jul 13, 2026
Costamare Inc., based in Monaco and listed on the NYSE, is one of the world’s leading owners and providers of containerships for charter. With 69 ships in operation, further newbuilds under construction, and additional secondhand vessels agr...
Costamare Declares Quarterly Dividends on Preferred and Common Shares
Jul 1, 2026
On July 1, 2026, Costamare Inc. declared quarterly cash dividends on three series of its cumulative redeemable perpetual preferred stock, covering the period from April 15 to July 14, 2026, payable on July 15 to holders of record as of July 14. Th...
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.