What are the investment strengths of Costamare Inc (CMRE)?

Best-in-class profitability: Operating margin 21.5% and ROE 14.2% in sector where median peer is unprofitable. Zero goodwill means tangible book equals equity. Strong balance sheet: 0.78x debt/equity, 505M cash, net debt/EBITDA of 1.8x provides flexibility for opportunistic fleet expansion or shareholder returns.

What are the investment risks for Costamare Inc (CMRE)?

Capital intensity consuming cash: 450M capex TTM leaves only 106M FCF (5% FCF margin). Shipping requires continuous fleet renewal to maintain earnings. Interest burden elevated: 118M interest expense TTM (5.7% of revenue) with 1.6B total debt. Rising rates or refinancing risk could compress margins.

Costamare Inc

CMRE

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Costamare Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-17

Snapshot

ROE TTM of 14.2% vs industry median -12.7% - profitable in a sector where most peers lose money[Return on Equity]
Net margin 15.4% vs industry median -5.1% - 20+ percentage point advantage in capital-intensive shipping[Net Margin]
Capex of 450M TTM (22% of revenue) consuming 81% of operating cash flow - heavy reinvestment phase[Capital Expenditure]

Watch Triggers

Free Cash Flow: Sustained above 200M annually — Would signal capex cycle peaking and cash available for dividends/buybacks
Operating Margin: Falls below 15% — Charter rate weakness would signal cycle turning - margin is key earnings driver
Debt to Equity: Rises above 1.0x — Would indicate aggressive fleet expansion funded by debt, increasing risk

Bull Case

Best-in-class profitability: Operating margin 21.5% and ROE 14.2% in sector where median peer is unprofitable. Zero goodwill means tangible book equals equity.

Operating MarginROEGoodwill

Strong balance sheet: 0.78x debt/equity, 505M cash, net debt/EBITDA of 1.8x provides flexibility for opportunistic fleet expansion or shareholder returns.

Debt to EquityCash and EquivalentsNet Debt

Bear Case

Capital intensity consuming cash: 450M capex TTM leaves only 106M FCF (5% FCF margin). Shipping requires continuous fleet renewal to maintain earnings.

Capital ExpenditureFree Cash Flow

Interest burden elevated: 118M interest expense TTM (5.7% of revenue) with 1.6B total debt. Rising rates or refinancing risk could compress margins.

Interest ExpenseTotal Debt

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Cash generation to improve as fleet expansion capex normalizes

1-3ymed

FCF 106M TTM despite 450M capex
505M cash provides runway
EBITDA 605M supports debt service

Operating cash flow 555M TTMDebt/equity 0.78x manageableInterest coverage 3.7x EBIT/interest

Valuation Context

Caveats

Public Strategies Rankings

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CMRE Fundamentals

Transportation and Warehousing → Support Activities for Transportation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.87B		—
Enterprise Value	$2.94B		—
P/E Ratio	5.9		—
Total Revenue - TTM	$2.09B	+2.7%	—
Earnings Per Share (diluted) - TTM	$2.64	+5.6%	—
Operating Margin - TTM	21.5%	-0.0%	—
Net Margin - TTM	15.4%	-3.7%	—
Free Cash Flow - TTM	$105.51M	-65.9%	—
Return on Common Equity - TTM	0.14	-1.9%	—
Beta 5Y (Monthly)	unknown		—

CMRE Dividend History

61 dividends

2026

$0.1150

01/20/26$0.1150

2025

$0.4600

10/21/25$0.1150

07/21/25$0.1150

04/17/25$0.1150

01/21/25$0.1150

2024

$0.4600

10/21/24$0.1150

07/19/24$0.1150

04/18/24$0.1150

01/19/24$0.1150

2023

$0.4600

10/19/23$0.1150

07/19/23$0.1150

04/18/23$0.1150

01/19/23$0.1150

2022

$0.9600

10/19/22$0.1150

07/20/22$0.1150

04/18/22$0.6150

01/19/22$0.1150

2021

$0.4300

10/19/21$0.1150

07/19/21$0.1150

04/19/21$0.1000

01/19/21$0.1000

2020

$0.4000

10/19/20$0.1000

07/21/20$0.1000

04/20/20$0.1000

01/17/20$0.1000

2019

$0.4000

10/21/19$0.1000

07/19/19$0.1000

04/18/19$0.1000

01/18/19$0.1000

2018

$0.4000

10/22/18$0.1000

07/20/18$0.1000

04/19/18$0.1000

01/22/18$0.1000

2017

$0.4000

10/20/17$0.1000

07/20/17$0.1000

04/19/17$0.1000

01/19/17$0.1000

2016

$0.9700

10/19/16$0.1000

08/01/16$0.2900

04/15/16$0.2900

01/19/16$0.2900

2015

$1.1500

10/19/15$0.2900

07/20/15$0.2900

04/17/15$0.2900

01/16/15$0.2800

2014

$1.1100

10/20/14$0.2800

07/21/14$0.2800

05/07/14$0.2800

01/16/14$0.2700

2013

$1.0800

10/21/13$0.2700

07/22/13$0.2700

04/22/13$0.2700

01/28/13$0.2700

2012

$1.0800

10/18/12$0.2700

07/19/12$0.2700

04/26/12$0.2700

01/23/12$0.2700

2011

$1.0200

10/19/11$0.2700

07/25/11$0.2500

04/26/11$0.2500

01/26/11$0.2500

CMRE Stock Splits

No stock splits

CMRE SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/04/25	09/30/25	6-K	0001171843-25-006940
11/25/25	09/30/25	6-K	0001171843-25-007564
08/21/25	06/30/25	6-K	0001171843-25-005530
07/31/25	06/30/25	6-K	0001171843-25-004873
05/13/25	03/31/25	6-K	0001171843-25-003110
05/08/25	03/31/25	6-K	0001171843-25-002939
02/20/25	12/31/24	Unknown	0001140361-25-005199
11/19/24	09/30/24	6-K	0001171843-24-006441
08/08/24	06/30/24	6-K	0001171843-24-004560
05/23/24	03/31/24	6-K	0001171843-24-003061
03/29/24	12/31/23	20-F	0001140361-24-016465
11/01/24	09/30/23	6-K	0001171843-24-005948
11/13/23	09/30/23	6-K	0001171843-23-006991
08/10/23	06/30/23	6-K	0001171843-23-005223
07/31/24	06/30/23	6-K	0001171843-24-004272
05/26/23	03/31/23	6-K	0001171843-23-003602
04/03/23	12/31/22	20-F	0001140361-23-015560
11/01/23	09/30/22	6-K	0001171843-23-006575
11/10/22	09/30/22	6-K	0001171843-22-007378
07/28/23	06/30/22	6-K	0001171843-23-004778
08/11/22	06/30/22	6-K	0001171843-22-005618
05/17/22	03/31/22	6-K	0001140361-22-019513
03/28/22	12/31/21	20-F	0001140361-22-011397
11/02/22	09/30/21	6-K	0001171843-22-006985
11/09/21	09/30/21	6-K	0001171843-21-007713
07/28/22	06/30/21	6-K	0001171843-22-005087
08/10/21	06/30/21	6-K	0001171843-21-005789
06/08/21	03/31/21	6-K	0001171843-21-004222
03/01/21	12/31/20	20-F	0000930413-21-000517
10/27/21	09/30/20	6-K	0001171843-21-007169
11/06/20	09/30/20	6-K	0001171843-20-007720
07/28/21	06/30/20	6-K	0001171843-21-005151
08/05/20	06/30/20	6-K	0001171843-20-005553
05/11/20	03/31/20	6-K	0001171843-20-003593
02/26/20	12/31/19	20-F	0000930413-20-000573
10/28/20	09/30/19	6-K	0001171843-20-007292
11/05/19	09/30/19	6-K	0001171843-19-007185
08/06/19	06/30/19	6-K	0001171843-19-005209
07/27/20	06/30/19	6-K	0001171843-20-005270
05/13/19	03/31/19	6-K	0001171843-19-003285
03/07/19	12/31/18	20-F	0000930413-19-000881
10/23/19	09/30/18	6-K	0001171843-19-006734
11/02/18	09/30/18	6-K	0001171843-18-007531
07/24/19	06/30/18	6-K	0001171843-19-004797
08/03/18	06/30/18	6-K	0001171843-18-005725
05/10/18	03/31/18	6-K	0001171843-18-003793
02/27/18	12/31/17	20-F	0000930413-18-000609
11/01/17	09/30/17	6-K	0001171843-17-006485
10/24/18	09/30/17	6-K	0001171843-18-007181
07/24/18	06/30/17	6-K	0001171843-18-005335
08/04/17	06/30/17	6-K	0001171843-17-004724
05/10/17	03/31/17	6-K	0001199073-17-000341
03/14/17	12/31/16	20-F	0000930413-17-001032
10/24/17	09/30/16	6-K	0001171843-17-006237
11/08/16	09/30/16	6-K	0001102624-16-003601
08/09/16	06/30/16	6-K	0001102624-16-003234
07/25/17	06/30/16	6-K	0001171843-17-004320
05/12/16	03/31/16	6-K	0001102624-16-002770
04/27/16	12/31/15	20-F	0000930413-16-006664
11/03/15	09/30/15	6-K	0001199073-15-000091
10/24/16	09/30/15	6-K	0001102624-16-003514
07/29/15	06/30/15	6-K	0001102624-15-001176
07/27/16	06/30/15	6-K	0001102624-16-003141
05/04/15	03/31/15	6-K	0001102624-15-000701
03/05/15	12/31/14	20-F	0000930413-15-001051
10/21/15	09/30/14	6-K	0001102624-15-001590
11/10/14	09/30/14	6-K	0001102624-14-001841
07/29/14	06/30/14	6-K	0001102624-14-001187
05/13/14	03/31/14	6-K	0001102624-14-000780
02/21/14	12/31/13	20-F	0000930413-14-000779
10/31/13	09/30/13	6-K	0001102624-13-001312
10/31/14	09/30/13	6-K	0001102624-14-001757
07/23/14	06/30/13	6-K	0001102624-14-001155
07/24/13	06/30/13	6-K	0001102624-13-000853
04/26/13	03/31/13	6-K	0001317861-13-000030
03/01/13	12/31/12	20-F	0000930413-13-001312
10/23/13	09/30/12	6-K	0001102624-13-001268
10/25/12	09/30/12	6-K	0001317861-12-000109
07/26/12	06/30/12	6-K	0001317861-12-000078
05/10/12	03/31/12	6-K	0001317861-12-000061
02/29/12	12/31/11	20-F	0000930413-12-001233
10/26/11	09/30/11	6-K	0001317861-11-000370
07/28/11	06/30/11	6-K	0001317861-11-000297
05/24/11	03/31/11	6-K	0001317861-11-000212
03/22/11	12/31/10	20-F	0000930413-11-002161
12/10/10	09/30/10	6-K	0001317861-10-000403
11/04/10	06/30/10	424B1	0000930413-10-005414
05/24/11	03/31/10	6-K	0001317861-11-000212
11/04/10	12/31/09	424B1	0000930413-10-005414
09/30/09	09/30/09	Unknown	--