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Star Bulk Carriers
(NASDAQ:SBLK)
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Rating:71Outperform
Price Target:
$34.00
â–²(9.29% Upside)
Action:Reiterated
Date:08/10/26
Overall score reflects solid financial recovery and improved balance-sheet positioning, reinforced by strong earnings-call guidance on cash generation and shareholder returns. Technicals add support via a clear uptrend with positive momentum. The main restraint is the company’s pronounced cyclicality and operational/macro risks (including drydock off-hire timing), while valuation is reasonable but not exceptionally cheap.
Positive Factors
Strong Earnings Recovery
The earnings rebound demonstrates meaningful operating leverage when freight conditions improve. Healthy margins and strong quarterly EBITDA provide a solid base for debt reduction, fleet investment and shareholder distributions over the next several quarters.
Negative Factors
High Freight-Rate Cyclicality
Dry bulk earnings remain tied to commodity volumes, fleet supply and charter rates, creating substantial variability in revenue and profitability. The recent recovery may not be durable if global trade weakens or vessel capacity expands faster than demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Earnings Recovery
The earnings rebound demonstrates meaningful operating leverage when freight conditions improve. Healthy margins and strong quarterly EBITDA provide a solid base for debt reduction, fleet investment and shareholder distributions over the next several quarters.
Read all positive factors
Star Bulk Carriers (SBLK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.47B
Dividend Yield6.36%
Average Volume (3M)1.19M
Price to Earnings (P/E)11.6
Beta (1Y)1.10
Revenue Growth6.34%
EPS Growth141.62%
CountryUS
Employees294
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.56
Shares Outstanding111,530,150
10 Day Avg. Volume1,108,901
30 Day Avg. Volume1,190,590
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)0.90
Price to Sales (P/S)2.12
P/FCF Ratio10.43
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)4.45
Revenue Forecast (FY)$1.18B
Star Bulk Carriers Business Overview & Revenue Model
Company Description
Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes through the ownership and operation of dry bulk carrier vessels worldwide. Its vessels transport a range of bulk commodities, including iron ores...
How the Company Makes Money
Star Bulk primarily makes money by chartering its dry bulk vessels to customers in exchange for freight income.
1) Charter revenue (core revenue stream)
- Time charters: Customers hire a vessel for a fixed period (days to years) at an agreed dail...
Star Bulk Carriers Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call highlighted strong quarter results: robust profitability (adjusted EBITDA $184.2M), significant cash generation (operating cash flow $150M), a strengthened liquidity position (quarter-end cash $565M), disciplined capital allocation (dividends, buybacks, 66% net debt reduction since 2021) and active fleet modernization (newbuild deliveries, ESD installs). Management remains cautious on acquisitions due to elevated asset prices and flagged macro/geopolitical risks (China slowdown, Middle East tensions, volatile bunker spreads). Operational headwinds include drydock off‑hire scheduling and an aging global fleet that requires ongoing renewal. On balance, the positive financial performance, strong balance sheet and clear capital return policy outweigh the medium-term market and operational risks.Positive Updates
Strong Profitability and Cash Generation
Q2 2026 net income $144.9M; adjusted net income $134.8M; adjusted EPS $1.21; adjusted EBITDA $184.2M. Generated $150M of operating cash flow during the quarter.
Negative Updates
Cautious Acquisition Outlook due to High Asset Prices
Management views secondhand/newbuilding prices as relatively high; cash acquisitions require high breakeven rates to generate meaningful ROE. Company is more likely to conserve cash and consider equity as currency for accretive deals.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Profitability and Cash Generation
Q2 2026 net income $144.9M; adjusted net income $134.8M; adjusted EPS $1.21; adjusted EBITDA $184.2M. Generated $150M of operating cash flow during the quarter.
Read all positive updates
Company Guidance
The company’s guidance emphasized strong cash generation and disciplined capital allocation: based on a next‑12‑month FFA curve of ~ $22,000/day fleet‑wide, Star Bulk would generate ≈ $4.1 per share of free cash flow (14.3% implied cash‑flow yield), and every $1,500/day fleet‑wide TCE uplift equates to +$72 million EBITDA or ≈ $0.64/share incremental dividend; management will continue to distribute 100% of operating cash flow subject to a minimum cash balance of $2.1 million per vessel (Q2 dividend declared $0.90/share, payable Sept 3, record Aug 21). Key Q2 metrics supporting guidance: net income $144.9m, adjusted net income $134.8m ($1.21 adj. EPS), adjusted EBITDA $184.2m; per‑vessel TCE $24,486/day, combined OpEx + net cash G&A $6,542/day (OpEx $5,180; G&A $1,362) → daily cash margin ≈ $17,944/vessel before debt service and CapEx; fleet 138 vessels (avg age ~12.4 years) with ~49,000 annualized available days. Balance sheet/capital items noted: beginning cash $409m, generated $150m operating cash in the quarter and ended the quarter with ~$565m (presentation also cited ~$532m cash), outstanding debt ≈ $955m, undrawn revolver $110m, 29 debt‑free vessels with MV ≈ $790m, expect ~$31.5m net sale proceeds in Q3 (Q2 net proceeds ~$60.2m; total ~ $70.3m net of commissions and debt repayments), remaining newbuilding CapEx $122m (expect to draw up to $129m debt), mark‑to‑market gain on newbuilds ~$56m, 62 ESDs completed (+7 scheduled) = 88% fleet fitted; management remains cautious on acquisitions given high asset prices but may use accretive equity where justified.Star Bulk Carriers Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.20B | 1.04B | 1.27B | 949.27M | 1.44B | 1.43B |
| Gross Profit | 500.99M | 234.38M | 582.64M | 394.75M | 820.71M | 930.25M |
| EBITDA | 509.47M | 323.68M | 504.86M | 334.84M | 765.78M | 887.19M |
| Net Income | 287.15M | 84.17M | 304.65M | 173.56M | 566.00M | 680.53M |
Balance Sheet | ||||||
| Total Assets | 3.85B | 3.81B | 4.09B | 3.03B | 3.43B | 3.75B |
| Cash, Cash Equivalents and Short-Term Investments | 565.14M | 500.32M | 425.07M | 227.48M | 284.32M | 450.29M |
| Total Debt | 1.18B | 1.23B | 1.46B | 1.26B | 1.32B | 1.59B |
| Total Liabilities | 1.34B | 1.36B | 1.60B | 1.37B | 1.41B | 1.67B |
| Stockholders Equity | 2.51B | 2.45B | 2.48B | 1.66B | 2.02B | 2.08B |
Cash Flow | ||||||
| Free Cash Flow | 286.08M | 211.95M | 416.06M | 317.69M | 744.50M | 636.92M |
| Operating Cash Flow | 453.92M | 295.94M | 471.15M | 335.78M | 769.90M | 767.07M |
| Investing Cash Flow | 24.14M | 101.16M | 356.18M | 235.52M | -20.87M | -121.26M |
| Financing Cash Flow | -343.75M | -336.04M | -648.20M | -595.89M | -935.95M | -368.07M |
Star Bulk Carriers Technical Analysis
Positive
31.11
Price Trends
26.60
Positive
25.63
Positive
22.87
Positive
Market Momentum
1.11
Negative
73.33
Negative
91.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBLK, the sentiment is Positive. The current price of 31.11 is above the 20-day moving average (MA) of 28.38, above the 50-day MA of 26.60, and above the 200-day MA of 22.87, indicating a bullish trend. The MACD of 1.11 indicates Negative momentum. The RSI at 73.33 is Negative, neither overbought nor oversold. The STOCH value of 91.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SBLK.
Star Bulk Carriers Risk Analysis
Star Bulk Carriers disclosed 54 risk factors in its most recent earnings report. Star Bulk Carriers 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 3 New Risks
1.
We and Eagle may be targets of shareholder class actions or derivative actions, which could result in substantial costs and may delay or prevent the Eagle Merger from being completed. Q4, 2023
2.
If the completion of the Eagle Merger occurs, we may not realize all of the anticipated benefits of the Eagle Merger or those benefits may take longer to realize than expected. We may also encounter significant difficulties in integrating the two businesses. Q4, 2023
3.
Our future results will suffer if we do not effectively manage our expanded operations following the Eagle Merger. Q4, 2023
Star Bulk Carriers Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.58B | 5.58 | 13.31% | 0.27% | 13.38% | 52.70% | |
73 Outperform | $389.59M | 5.95 | 20.72% | 3.58% | 31.98% | 274.58% | |
71 Outperform | $3.47B | 11.55 | 11.71% | 3.66% | 6.34% | 141.62% | |
68 Neutral | $885.95M | 10.67 | 10.32% | 2.79% | 10.81% | 81.30% | |
66 Neutral | $1.19B | 28.21 | 0.02% | 4.30% | 25.64% | 156.91% | |
64 Neutral | $342.14M | 5.49 | 11.56% | 1.78% | -3.68% | 258.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
SBLK
Star Bulk Carriers
29.58
11.90
67.36%
DSX
Diana Shipping
2.67
1.06
65.74%
GNK
Genco Shipping
25.83
10.05
63.74%
NMM
Navios Maritime Partners
85.40
38.62
82.56%
SB
Safe Bulkers
8.28
4.13
99.33%
SHIP
Seanergy Maritime
17.03
9.43
124.11%
Star Bulk Carriers Corporate Events
Star Bulk Carriers Calls Off 16-Vessel Acquisition Deal with Diana Shipping
Aug 11, 2026
On August 10, 2026, Star Bulk Carriers Corp. and Diana Shipping Inc. mutually terminated their March 6, 2026 agreement for the sale and purchase of 16 dry bulk vessels, releasing both parties from all related obligations and liabilities. The decis...
Star Bulk Carriers Files Mid‑2026 Results and Updates Risk Disclosures
Aug 7, 2026
On June 30, 2026, Star Bulk Carriers filed a Form 6-K for the month of August 2026, providing unaudited interim condensed consolidated financial statements and a management’s discussion and analysis for the six-month periods ended June 30, 2...
Star Bulk Carriers Delivers Strongest Quarter Since 2022 and Lifts Dividend on Fleet Renewal Drive
Aug 5, 2026
Star Bulk Carriers reported on August 5, 2026 that it delivered its strongest quarterly performance since mid-2022, with second-quarter 2026 net profit surging to $144.9 million on voyage revenues of $357.4 million and a TCE of $24,486 per vessel ...
Star Bulk Carriers Sells Three Vessels, Cuts Debt and Updates Q1 2026 Results
May 26, 2026
Star Bulk disclosed that during the first months of 2026 it completed the sale of three dry bulk vessels – Star Stonington, Star Scarlett and Star Mariella – delivered to their new owners on February 3, April 21 and May 13, 2026, respe...
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.