Tearsheet

Costamare (CMRE)

Market Price (12/28/2025): $15.715 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Marine Transportation

Costamare (CMRE)

Market Price (12/28/2025): $15.715
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 14%	Trading close to highs Dist 52W High is -3.7%, Dist 3Y High is -3.7%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47%		Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.3%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		Key risks CMRE key risks include [1] earnings volatility from its dry bulk fleet's significant exposure to the spot market and [2] a vulnerable financial position due to high debt levels combined with substantial exposure to floating interest rates.
4	Low stock price volatility Vol 12M is 37%
5	Megatrend and thematic drivers Megatrends include Future of Freight, E-commerce & Digital Retail, and Global Supply Chains. Themes include Freight Technology, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 14%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
4	Low stock price volatility Vol 12M is 37%
5	Megatrend and thematic drivers Megatrends include Future of Freight, E-commerce & Digital Retail, and Global Supply Chains. Themes include Freight Technology, Show more.
6	Trading close to highs Dist 52W High is -3.7%, Dist 3Y High is -3.7%
7	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54%
8	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.3%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73%
10	Key risks CMRE key risks include [1] earnings volatility from its dry bulk fleet's significant exposure to the spot market and [2] a vulnerable financial position due to high debt levels combined with substantial exposure to floating interest rates.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$15.71	$9.56	$7.46	$6.35	$8.07
Market Cap CYE ($ Bil)	1.9	1.1	0.9	0.8	1.0
Total Debt ($ Bil)	1.6	2.4	2.6	2.6	2.6
Total Cash ($ Bil)	0.6	0.8	0.8	0.8	0.3
Enterprise Value ($ Bil)	2.9	3.5	3.5	3.4	3.6
Valuation Ratios
P/S TTM	0.9	0.7	0.8	1.0	2.0
P/EBIT TTM	4.2	3.4	2.3	1.7	3.1
P/E TTM	5.9	4.8	3.2	2.1	3.6
P/FCF TTM	6.9	6.0	25.5	2.2	-3.0
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/28/25	2024	2023
Share Price CYE	$15.71	$9.56	$7.46
Market Cap CYE ($ Bil)	1.9	1.1	0.9
Total Debt ($ Bil)	1.6	2.4	2.6
Total Cash ($ Bil)	0.6	0.8	0.8
Enterprise Value ($ Bil)	2.9	3.5	3.5
Valuation Ratios
P/S TTM	0.9	0.7	0.8
P/EBIT TTM	4.2	3.4	2.3
P/E TTM	5.9	4.8	3.2
P/FCF TTM	6.9	6.0	25.5
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	CMRE	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	2.1
Rev Chg Q	-0.3%	7.3%
Rev Chg LTM	47.5%	6.1%
Rev Chg 3Y Avg	23.7%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	21.5%	18.8%
CFO/Rev LTM	25.1%	20.4%
Net Inc Mgn	15.4%	13.1%
VALUATION	VERY LOW
P/S	0.9	3.3
P/CFO	3.6	15.8
P/FCF	6.9	20.7
P/E	5.9	23.7
STABILITY	GOOD
Debt/Equity	0.84	0.21
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Number of Containerships	69	11042025	Link
Total TEU Capacity	approximately 520,000	11042025	Link
Containership Fleet Employment (2025)	100%	11042025	Link
Containership Fleet Employment (2026)	80%	11042025	Link
Contracted Revenues	2.6 billion USD	11042025	Link
Average Remaining Time Charter Duration	3.2 years	11042025	Link
Number of Newbuilds under Construction	6	11042025	Link
Total TEU Capacity of Newbuilds	18,600	11042025	Link
Number of Shipping Assets Funded or on Commitment (Neptune Maritime Leasing)	50	11042025	Link
Total Investments and Commitments (Neptune Maritime Leasing)	exceeding 650 million USD	11042025	Link
Average Containership Fleet Age (weighted by TEU capacity)	13.3 years	2122025	Link

Upcoming
2/04/2026	Earnings Release	Rev: $204 Mil (E) EPS: $0.74 (E)

CMRE Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the stock movement for Costamare (CMRE) from approximately August 31, 2025, to December 28, 2025:

1. Costamare reported strong financial results for the third quarter of 2025, surpassing analyst expectations for both earnings per share (EPS) and revenue. The company announced Q3 2025 EPS of $0.81, beating the consensus estimate of $0.70, and quarterly revenue of $225.17 million, exceeding analysts' expectations of $197.92 million. This performance led to a significant increase in net income for the period.

2. The company advanced its strategic focus on its containership fleet and Neptune Maritime Leasing following the spin-off of its dry bulk business. Costamare completed the spin-off of Costamare Bulkers Holdings Limited in May 2025, allowing Costamare Inc. to concentrate solely on its core containership operations and its growing leasing platform.

3. Costamare expanded its fleet with new containership orders and secured long-term charter agreements. During Q3 2025, the company ordered two additional 3,100 TEU containerships, bringing its total newbuild orders to six. These vessels are expected to be delivered in Q1 2028 and will commence 8-year charters, contributing to increased contracted revenues.

4. The company maintained high fleet employment rates and significantly increased its contracted revenues. Costamare's containership fleet was 100% fixed for 2025 and 80% for 2026. These strong employment levels, coupled with new charters, led to an increase of over $310 million in contracted revenues, with total contracted revenues for the containership fleet reaching approximately $2.6 billion.

5. Costamare demonstrated robust liquidity and proactive debt management during the period. The company reported strong liquidity of $560 million to $569.6 million in Q3 2025. Additionally, Costamare successfully refinanced six vessels for a total of $361.6 million, with five-year repayment terms, ensuring no significant debt maturities until 2027.

Stock Movement Drivers

Fundamental Drivers

The 27.0% change in CMRE stock from 9/27/2025 to 12/27/2025 was primarily driven by a 20.4% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	12.37	15.72	27.04%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2085.91	2085.34	-0.03%
Net Income Margin (%)	14.60%	15.43%	5.66%
P/E Multiple	4.88	5.88	20.42%
Shares Outstanding (Mil)	120.12	120.28	-0.13%
Cumulative Contribution			27.04%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
CMRE	27.0%
Market (SPY)	4.3%	32.1%
Sector (XLI)	3.0%	11.7%

Fundamental Drivers

The 73.9% change in CMRE stock from 6/28/2025 to 12/27/2025 was primarily driven by a 72.5% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	9.04	15.72	73.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2309.31	2085.34	-9.70%
Net Income Margin (%)	13.78%	15.43%	11.96%
P/E Multiple	3.41	5.88	72.49%
Shares Outstanding (Mil)	119.96	120.28	-0.26%
Cumulative Contribution			73.94%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
CMRE	73.9%
Market (SPY)	12.6%	21.0%
Sector (XLI)	7.5%	13.6%

Fundamental Drivers

The 65.0% change in CMRE stock from 12/27/2024 to 12/27/2025 was primarily driven by a 100.8% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	9.53	15.72	65.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1413.95	2085.34	47.48%
Net Income Margin (%)	27.53%	15.43%	-43.97%
P/E Multiple	2.93	5.88	100.84%
Shares Outstanding (Mil)	119.58	120.28	-0.58%
Cumulative Contribution			64.99%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
CMRE	65.0%
Market (SPY)	17.0%	45.0%
Sector (XLI)	19.2%	43.6%

Fundamental Drivers

The 153.8% change in CMRE stock from 12/28/2022 to 12/27/2025 was primarily driven by a 307.5% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	6.19	15.72	153.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1132.35	2085.34	84.16%
Net Income Margin (%)	46.07%	15.43%	-66.51%
P/E Multiple	1.44	5.88	307.49%
Shares Outstanding (Mil)	121.46	120.28	0.97%
Cumulative Contribution			153.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
CMRE	111.3%
Market (SPY)	48.0%	38.1%
Sector (XLI)	41.2%	36.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CMRE Return	-7%	59%	-21%	18%	28%	63%	185%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
CMRE Win Rate	50%	58%	50%	50%	50%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CMRE Max Drawdown	-62%	-4%	-27%	-15%	-0%	-34%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	CMRE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-56.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	129.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-66.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	201.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	410 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-49.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	96.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	330 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Costamare's stock fell -56.4% during the 2022 Inflation Shock from a high on 3/28/2022. A -56.4% loss requires a 129.1% gain to breakeven.

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About Costamare (CMRE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Costamare Inc. owns and charters containerships to liner companies worldwide. As of March 18, 2022, it had a fleet of 76 containerships with a total capacity of approximately 557,400 twenty-foot equivalent units and 45 dry bulk vessels with a total capacity of approximately 2,435,500 DWT. The company was founded in 1974 and is based in Monaco.

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Here are 1-3 brief analogies for Costamare (CMRE):

Costamare is like Prologis for the high seas, owning and leasing out critical logistics assets (ships) for global trade.
It's similar to American Tower for the ocean, providing essential mobile infrastructure (ships) that other companies then utilize for their services.
Think of it as Hertz for giant cargo ships, owning and chartering out a massive fleet of specialized vessels to businesses worldwide.

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Containership Chartering: Providing containerships for lease to liner companies for the global transportation of containerized cargo.
Dry Bulk Vessel Chartering: Providing dry bulk vessels for lease to operators for the global transportation of unpackaged bulk commodities.

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Costamare (CMRE) sells primarily to other companies, specifically major liner companies that charter its containerships for their global shipping operations. These customers utilize Costamare's vessels to transport goods globally.

Based on their financial filings, Costamare's major customers include:

Mediterranean Shipping Company (MSC): A privately held global shipping and logistics company, and one of the world's largest container shipping lines.
Maersk (symbol: AMKBY on OTC Markets, or MAERSK B on Nasdaq Copenhagen): A Danish integrated shipping and logistics company, and a global leader in container shipping.
ZIM Integrated Shipping Services Ltd. (symbol: ZIM on NYSE): An Israeli international shipping company.

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Samsung Heavy Industries Co., Ltd. (010140.KS)
HD Hyundai Heavy Industries Co., Ltd. (329180.KS)
Jiangsu New Hantong Shipyard Co., Ltd.
Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd.
Daehan Shipbuilding Co., Ltd.
CSSC Guangzhou Huangpu Shipbuilding Company Limited
Columbia Shipmanagement Ltd.
V.Ships (UK) Ltd.

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Konstantinos Konstantakopoulos, Chief Executive Officer and Chairman

Mr. Konstantakopoulos is the Chief Executive Officer and Chairman of Costamare, having taken over as CEO of Costamare Shipping in 1998 and becoming Chairman and CEO of Costamare in 2010. He wholly owns Costamare Shipping, the company's head manager, and, along with family members, controls Costamare Services, a service provider to their vessel-owning subsidiaries. Mr. Konstantakopoulos also founded Shanghai Costamare in 2005, C-Man Maritime, a vessel manning agency, in 2006, and Ciel Shipmanagement SA in 2001. He indirectly holds a 25% ownership in C-Man Maritime and a 50% ownership in Blue Net, which offers chartering brokerage services. He has been a board member of the Union of Greek Shipowners since 2006.

Gregory Zikos, Chief Financial Officer and Director

Mr. Zikos serves as Costamare's Chief Financial Officer and is a member of its board of directors, having joined the company in 2007. Before his tenure at Costamare, he was the Chief Financial Officer for DryShips, Inc., a publicly traded shipping company, from 2006 to 2007. From 2004 to 2006, he managed project and structured finance debt transactions at J&P Avax S.A., a real estate investment and construction firm. Earlier in his career, between 2000 and 2004, Mr. Zikos worked at Citigroup (London) in global corporate and investment banking, where he was involved in numerous European leveraged and acquisition debt financing transactions. He also practiced law from 1994 to 1998, advising financial institutions and shipping companies on debt and acquisition transactions. In March 2025, Mr. Zikos was named CEO and a board member of Costamare Bulkers, the company's dry bulk spin-off, while retaining his CFO role at Costamare Inc.

Anastassios Gabrielides, General Counsel and Secretary

Mr. Gabrielides holds the position of General Counsel and Secretary at Costamare and has also served as a director and secretary of Costamare Services since May 2013. His prior experience includes serving at the Hellenic Capital Markets Commission, the Greek securities regulator, first as Vice Chairman from 2004 to 2009, and then as Chairman from 2009 to 2011. From 1999 to 2004, Mr. Gabrielides practiced law in Athens, specializing in securities, banking and finance, and corporate law. He also held various positions and was a member of the Executive Committee at the Alexander S. Onassis Foundation from 1991 to 1999.

Konstantinos Zacharatos, Director

Mr. Zacharatos previously served as Costamare's General Counsel and Secretary until April 2013. He has been the Vice Chairman of Shanghai Costamare since its establishment in 2005. Before joining Costamare Shipping and Costaterra S.A., he was employed by the law firm Pagoropoulos & Associates, and also served as a legal adviser for Costaterra S.A., a Greek property company.

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The key risks to Costamare's business, in order of significance, are:

Cyclicality and Volatility of the Shipping Industry: Costamare's profitability is highly dependent on charter and freight rates, which are subject to significant macroeconomic factors and are inherently cyclical and volatile. This unpredictability in demand and rates, particularly for segments employed on short-term charters or in the spot market (such as its dry bulk fleet), can lead to quarter-to-quarter volatility in operating results and impact the company's ability to pay dividends. Global economic downturns, prolonged tariff disputes, and geopolitical instability can further disrupt trade flows and depress demand for shipping services.
Exposure to Interest Rate Fluctuations and High Debt Levels: A substantial portion of Costamare's credit facilities bear interest costs at floating rates, primarily based on SOFR. Significant increases in interest rates can adversely affect the company's financial position, results of operations, and capacity to service its debt. Furthermore, high levels of debt may limit Costamare's ability to secure additional financing, pursue new business opportunities, or maintain dividend payments, potentially increasing borrowing costs or necessitating the issuance of dilutive equity securities.
Regulatory Changes and Environmental Compliance Costs: The global shipping industry is facing an evolving regulatory landscape, particularly concerning environmental protection and decarbonization. New carbon regulations, IMO emissions rules, and regional mandates (such as the EU's requirements for emissions allowances starting in 2025) will likely increase operational costs. Compliance may necessitate significant investments in more fuel-efficient vessels, retrofits, or the adoption of alternative fuels, which could impact the company's financial performance and fleet management strategies.

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The clearest emerging threat for Costamare (CMRE) is the rapid acceleration of environmental regulations and the shipping industry's decarbonization efforts. This trend, driven by international bodies like the IMO (e.g., IMO 2030, 2050 targets) and regional regulations such as the EU Emissions Trading System (ETS) for shipping, poses a significant risk to the value and charterability of conventional, fossil fuel-powered vessels, which constitute a large portion of CMRE's current fleet.

This emerging threat manifests in several ways:

    Asset Obsolescence: Existing vessels that cannot comply with tightening emission standards or become prohibitively expensive to operate due to carbon pricing mechanisms risk becoming "stranded assets" or experiencing significant devaluation.
    Capital Expenditure Demands: Costamare will face substantial capital requirements to invest in new, more expensive dual-fuel or zero-emission vessels (e.g., methanol, ammonia, hydrogen-powered ships) or to undertake expensive retrofits, to maintain a competitive and compliant fleet.
    Competitive Disadvantage: Liner companies, CMRE's primary customers, are increasingly prioritizing "green" vessels to meet their own sustainability targets, potentially leading to lower demand or lower charter rates for older, less eco-friendly ships.

This transition parallels historical disruptions where established technologies (e.g., internal combustion engines, fossil fuels) are challenged by newer, more sustainable alternatives, requiring incumbents to rapidly adapt their core asset base.

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Costamare (CMRE) operates in several key segments within the maritime shipping industry. Its main products and services include containership leasing, dry bulk shipping, and ship management services. The addressable markets for Costamare's main products and services are as follows:

Containership Leasing: The global container leasing market size was valued at USD 7.11 billion in 2024 and is projected to grow to USD 10.42 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% from 2025 to 2033. Costamare is a leading international owner and provider of containerships for charter.
Dry Bulk Shipping: The global dry bulk shipping market size was valued at USD 4.06 billion in 2024 and is expected to reach USD 5.78 billion by 2032, with a CAGR of 4.5% during the forecast period. Another estimate places the global market for Dry Bulk Shipping at US$157.8 billion in 2023, projected to reach US$186.9 billion by 2030, growing at a CAGR of 2.5%. Costamare has expanded into the dry bulk shipping sector, transporting commodities such as coal, grain, and iron ore.
Ship Leasing Market (broader category including containerships and dry bulk carriers): The global ship leasing market size was estimated at USD 14.49 billion in 2024 and is predicted to increase from USD 16.74 billion in 2025 to approximately USD 61.37 billion by 2034, expanding at a CAGR of 15.53% from 2025 to 2034. This market encompasses the leasing of various vessel types, including container ships and bulk carriers.

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Here are 3-5 expected drivers of future revenue growth for Costamare (CMRE) over the next 2-3 years:

Expansion of the Containership Fleet through Newbuilding Orders and Acquisitions: Costamare is actively expanding its containership fleet through strategic newbuilding orders and the acquisition of second-hand vessels. The company has ordered a total of six new 3,100 TEU containerships, with deliveries expected between Q2 and Q4 2027 for four vessels, and in Q1 2028 for the additional two. Upon delivery, these new vessels are slated to commence 8-year time charters with leading liner companies, ensuring long-term revenue streams. Additionally, Costamare has acquired second-hand vessels, such as the 6,541 TEU container vessel Maersk Puelo, through deals like sale and leasebacks, and remains open to similar opportunities. This continuous fleet growth directly increases the company's earning capacity.
Securing Long-Term Charter Agreements: Costamare's strategy of securing long-term charter agreements provides significant revenue visibility and stability. The company has substantially increased its contracted revenues through new chartering agreements and forward fixing of vessels, adding over $310 million in revenue. Its containership fleet is 100% fixed for 2025 and 80% for 2026, with total contracted revenues amounting to approximately $2.6 billion and a weighted remaining duration of 3.2 years. This strong contract backlog ensures predictable and sustained revenue generation in the coming years.
Growth of Neptune Maritime Leasing: As the controlling shareholder of Neptune Maritime Leasing, Costamare is leveraging this platform as a significant growth driver. Neptune Maritime Leasing has funded or committed to funding 50 shipping assets, with total investments and commitments exceeding $650 million. The continued expansion of this leasing platform into various shipping asset classes represents a growing revenue stream for the company.
Favorable Container Shipping Market Conditions: The current strong charter market, characterized by healthy and stable rates, low idle fleet levels (less than 1%), and steady demand, is a key driver for Costamare's revenue growth. This robust market environment allows Costamare to secure favorable terms for new and renewed charters, optimizing revenue from its existing and expanding fleet. Positive trade discussions and delays in port fee implementation are also expected to contribute positively to global trade flows, further bolstering demand for container shipping services.

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 Share Repurchases

    Costamare authorized a share repurchase program allowing for up to $150 million of common shares and up to $150 million of preferred shares.
    Under this program, the company acquired 4,736,702 common shares during the year ended December 31, 2022.
    As of June 2025, Costamare's 6-Month Share Buyback Ratio was -0.26%, indicating no recent share repurchases or potential share issuance in that period.

 Share Issuance

    On October 15, 2025, Costamare issued 1,200 shares of new high-vote, non-economic Series F Preferred Stock for $1,200 to Konstantinos Konstantakopoulos, increasing the Konstantakopoulos family's voting power to 75.7%.
    On May 6, 2025, Costamare completed the spin-off of its dry bulk business into Costamare Bulkers Holdings Limited (CMDB), distributing one CMDB common share for every five CMRE common shares held.
    Shares valued at $4.2 million were issued as a non-cash component of general and administrative expenses during the six-month period ended June 30, 2024.

 Outbound Investments

    As of September 30, 2025, Costamare has invested $182.2 million in Neptune Maritime Leasing Limited (NML), holding a controlling interest and representing 91.1% of its total committed investment in NML.
    Neptune Maritime Leasing (NML) has funded or committed to fund 50 shipping assets for a total amount exceeding $650 million.

 Capital Expenditures

    Costamare has ordered a total of six newbuild containerships, including two additional 3,100 TEU vessels, with deliveries expected between Q2 2027 and Q1 2028, all of which will commence 8-year charters upon delivery.
    In the third quarter of 2025, net cash used in investing activities amounted to $44.5 million, primarily for advance payments for newbuild container vessels, the acquisition of the secondhand vessel Maersk Puelo, and vessel upgrades.
    The company acquired and accepted delivery of the secondhand container vessel Maersk Puelo (6,541 TEU) during the third quarter of 2025, which immediately commenced a time charter with Maersk.

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SFL (41.1%)

SFL

SB (35.9%)

Safe Bulkers

HSHP (31.4%)

Himalaya Shipping

ASC (25.3%)

Ardmore Shipping

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

SB (35.9%)

Safe Bulkers

HSHP (31.3%)

Himalaya Shipping

SFL (16.1%)

SFL

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMRE: 23.7% | 0.9x)

VVX (26.7% | 0.4x)

V2X

DSGR (29.0% | 0.7x)

Distribution Solutions

ASPN (39.7% | 0.7x)

Aspen Aerogels

ESOA (28.8% | 0.3x)

Energy Services of America

BAER (41.9% | 0.7x)

Bridger Aerospace

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMRE: 23.7% | 4.2x)

WLFC (32.0% | 3.3x)

Willis Lease Finance

BAER (41.9% | 3.4x)

Bridger Aerospace

Higher Rev Chg LTM (Value for CMRE: 47.5%)

QXO (8117.4%)

QXO

JOBY (1934.5%)

Joby Aviation

AVAV (79.9%)

AeroVironment

RKLB (52.4%)

Rocket Lab

FTAI (51.4%)

FTAI Aviation

Higher Rev Chg 3Y Avg (Value for CMRE: 23.7%)

RKLB (44.3%)

Rocket Lab

RBA (43.6%)

RB Global

AXON (33.7%)

Axon Enterprise

FIX (29.0%)

Comfort Systems USA

HEI (26.9%)

Heico

Higher Op Mgn LTM (Value for CMRE: 21.5%)

TDG (47.4%)

TransDigm

UNP (40.6%)

Union Pacific

ADP (26.2%)

Automatic Data Processing

HWM (24.0%)

Howmet Aerospace

CTAS (22.9%)

Cintas

Higher CFO/Rev LTM (Value for CMRE: 25.1%)

UNP (39.6%)

Union Pacific

CP (36.5%)

Canadian Pacific Kansas City

NSC (34.7%)

Norfolk Southern

CSX (32.7%)

CSX

RSG (26.3%)

Republic Services

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

PH (16.9%)

Parker Hannifin

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

Higher Total Yield (Value for CMRE: 20.2%)

PPSI (94.1%)

Pioneer Power Solutions

FLR (51.2%)

Fluor

EBF (28.5%)

Ennis

RAIL (24.4%)

FreightCar America

GFL (23.1%)

GFL Environmental

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMRE: 23.7% | 0.9x)

SW (55.9% | 0.6x)

Smurfit WestRock

SMCI (63.1% | 0.9x)

Super Micro Computer

BTSG (24.3% | 0.6x)

BrightSpring Health Services

SNEX (29.6% | 0.0x)

StoneX

CALM (31.8% | 0.9x)

Cal-Maine Foods

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMRE: 23.7% | 4.2x)

IBKR (48.1% | 3.5x)

Interactive Brokers

BIPC (30.2% | 2.5x)

Brookfield Infrastructure

SNEX (29.6% | 2.6x)

StoneX

CALM (31.8% | 2.5x)

Cal-Maine Foods

NUTX (87.7% | 3.3x)

Nutex Health

Higher Rev Chg LTM (Value for CMRE: 47.5%)

APP (86.4%)

AppLovin

HOOD (74.6%)

Robinhood Markets

NVDA (65.2%)

NVIDIA

TFC (55.5%)

Truist Financial

COIN (48.6%)

Coinbase Global

Higher Rev Chg 3Y Avg (Value for CMRE: 23.7%)

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

Higher Op Mgn LTM (Value for CMRE: 21.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for CMRE: 25.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for CMRE: 20.2%)

BCE (41.2%)

BCE

RCI (37.5%)

Rogers Communications

FMCC (34.2%)

Federal Home Loan Mortgage

CMCSA (25.2%)

Comcast

FNMA (23.7%)

Federal National Mortgage Association Fannie Mae

		Best Bets In Industrials Sector
	CMRE	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	5.9	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	4.2	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	-0.3%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	47.5%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	23.7%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	16.1%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Costamare Stock Really Go?	Return
2	CMRE Dip Buy Analysis
3	Time To Buy Costamare Stock?	Buy or Fear
4	Costamare (CMRE) Valuation Ratios Comparison	Financials
5	Costamare Total Shareholder Return (TSR): 32.1% in 2024 and 14.6% 3-yr compounded annual returns (above peer average)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CMRE. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Costamare

Peers to compare with:

Financials

	CMRE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Costamare	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	15.72	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	1.9	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,085	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	448	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	272	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	254	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	522	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	472	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	CMRE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Costamare	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	47.5%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	23.7%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-0.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-0.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	21.5%	6.6%	4.8%	17.7%	22.5%	31.9%	19.6%
Op Mgn 3Y Avg	27.3%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-0.3%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	25.1%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	30.1%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	13.0%	5.1%	1.8%	18.1%	22.1%	23.5%	15.6%
FCF/Rev 3Y Avg	16.1%	5.5%	4.6%	18.6%	24.6%	25.6%	17.4%

Valuation

	CMRE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Costamare	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.9	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.9	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	4.2	6.8	19.9	25.1	22.5	31.3	21.2
P/E	5.9	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	3.6	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	20.2%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	3.1%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	16.1%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.8	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.5	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	CMRE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Costamare	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	2.9%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	27.0%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	73.9%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	65.0%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	153.8%	-1.9%	71.1%	143.1%	81.3%	120.2%	100.7%
1M Excs Rtn	0.6%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	22.7%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	61.7%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	48.9%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	78.2%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/20/2025	3/29/2024	4/3/2023	3/28/2022	3/1/2021	2/26/2020
Key Financials
Total Revenue	2,085	2,084	1,511	1,114	794	460	478
EBITDA	510	620	699	828	643	181	298
Operating Income	448	464	356	534	395	179	198
Net Income	322	320	386	555	435	9	99
EPS	2.51	2.44	2.95	4.26	3.28	-0.18	0.59
Growth Rates
Total Revenue Growth	47.5%	37.9%	35.7%	40.3%	72.4%	-3.7%	25.7%
EBITDA Growth	-21.6%	-11.4%	-15.6%	28.7%	255.5%	-39.4%	33.2%
Operating Income Growth	-1.3%	30.3%	-33.4%	35.1%	120.9%	-9.7%	64.7%
Net Income Growth	-17.4%	-17.1%	-30.5%	27.5%	4801.7%	-91.0%	47.2%
Margins
EBITDA Margin	24.5%	29.7%	46.3%	74.3%	81.1%	39.3%	62.4%
Operating Income Margin	21.5%	22.3%	23.6%	48.0%	49.8%	38.9%	41.5%
Net Income Margin	15.4%	15.4%	25.5%	49.8%	54.8%	1.9%	20.7%
Cash & Debt
Total Cash	558	766	813	838	276	144	149
Total Debt	1,582	2,351	2,648	2,585	2,558	1,585	1,554
Net Debt / (Cash)	1,024	1,584	1,835	1,747	2,282	1,441	1,405
Cash Flows
Net Cash from Operations	522	538	331	582	466	274	250
Free Cash from Operations	272	257	49	520	-526	172	188
Returns to Shareholders
Dividends	59	74	72	120	71	65	59
Share Repurchases	-0	114	60	60	-0	2	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/21/2025	5/13/2025	2/20/2025	11/19/2024	8/8/2024	5/23/2024	3/29/2024	11/13/2023	8/10/2023	5/26/2023	4/3/2023
Key Financials Quarterly
Total Revenue	225	-5	446	1,419	226	218	475	495	400	367	249	265
Ebitda	121	157	171	61	138	149	179	184	97	145	227	257
Operating Income	118	123	112	95	125	118	105	106	92	91	67	112
Net Income	98	89	100	35	81	102	102	104	61	71	149	194
EPS	0.77	0.70	0.79	0.25	0.63	0.77	0.79	0.82	0.45	0.52	1.16	1.53
Key Financials TTM
Total Revenue TTM	2,085	2,086	2,309	2,339	1,414	1,589	1,738	1,511	1,282	1,171	1,095	1,114
Ebitda TTM	510	527	520	528	651	610	606	653	725	817	865	824
Operating Income TTM	448	454	450	442	454	421	394	356	362	415	472	534
Net Income TTM	322	305	318	320	389	370	338	386	476	530	581	555
Growth Rates Quarterly
Total Revenue Growth	-0.3%	-102.5%	-6.1%	186.8%	-43.6%	-40.7%	91.1%	86.4%	38.3%	26.3%	-7.2%	-6.5%
EBITDA Growth	-12.4%	5.0%	-4.6%	-66.7%	42.7%	2.8%	-20.9%	-28.2%	-48.7%	-25.0%	22.6%	15.3%
Operating Income Growth	-5.2%	3.7%	7.1%	-10.8%	35.1%	30.6%	56.3%	-5.0%	-36.8%	-38.5%	-48.2%	-27.9%
Net Income Growth	21.2%	-13.3%	-1.7%	-66.5%	32.1%	43.9%	-31.7%	-46.3%	-47.1%	-41.7%	21.2%	20.7%
Margins Quarterly
EBITDA Margin	53.7%	-	38.4%	4.3%	61.2%	68.4%	37.7%	37.3%	24.2%	39.5%	91.1%	96.7%
Operating Income Margin	52.5%	-	25.2%	6.7%	55.2%	54.3%	22.0%	21.4%	23.0%	24.7%	26.9%	42.0%
Net Income Margin	43.5%	-	22.4%	2.5%	35.8%	47.0%	21.4%	21.1%	15.3%	19.4%	60.0%	73.3%
Cash & Debt
Total Cash	558	511	819	766	866	972	908	813	765	857	939	838
Total Debt	1,582	1,589	2,278	2,351	2,478	2,520	2,614	2,648	2,761	2,761	2,612	2,585
Net Debt / (Cash)	1,024	1,078	1,459	1,584	1,612	1,549	1,706	1,835	1,996	1,903	1,673	1,747
Cash Flows Quarterly
FCF from Operations	136	148	143	96	152	147	138	153	75	66	37	124
Cash Flows TTM
FCF from Operations TTM	522	539	539	533	590	513	432	331	303	370	465	582
Returns to Shareholders Quarterly
Dividends	0	20	20	20	19	18	18	18	18	18	18	18
Share Repurchases	-0	-0	-0	-0	114	-0	-0	-0	29	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	22.3%	22.6%	17.5%	14.0%	18.3%	17.7%	14.3%	13.9%	11.4%	11.4%	8.9%	14.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	21.1%	20.9%	17.5%	16.4%	16.7%	15.8%	13.4%	11.7%	11.2%	13.0%	15.7%	17.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment				460	478
Total				460	478

Assets by Segment

$ Mil	2024	2023	2022
Container vessels segment	3,154	3,273	3,672
Dry bulk vessels segment	735	771	715
Other corporate assets	707	752	20
Costamare Bulkers (CBI)	456	102
Neptune Maritime Leasing Limited (NML)	239
Elimination of intersegment revenues	-3	-1
Total	5,287	4,896	4,407

Price Behavior

Price Behavior

Market Price	$15.72
Market Cap ($ Bil)	1.9
First Trading Date	11/04/2010
Distance from 52W High	-3.7%
	50 Days	200 Days
DMA Price	$14.21	$10.58
DMA Trend	up	up
Distance from DMA	10.6%	48.6%
	3M	1YR
Volatility	29.7%	37.1%
Downside Capture	23.48	35.84
Upside Capture	133.87	79.66
Correlation (SPY)	30.2%	45.1%

CMRE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.66	0.68	0.52	0.36	0.83	0.87
Up Beta	1.90	1.30	1.75	1.64	0.99	0.96
Down Beta	-0.27	0.19	0.33	0.11	1.05	0.89
Up Capture	266%	179%	110%	87%	61%	69%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	15	27	41	77	129	381
Down Capture	-75%	-2%	-49%	-115%	42%	90%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	4	14	21	46	115	358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of CMRE With Other Asset Classes (Last 1Y)
	CMRE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	70.6%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	37.0%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.51	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		43.5%	45.1%	-4.8%	32.3%	26.7%	14.7%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CMRE With Other Asset Classes (Last 5Y)
	CMRE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	26.5%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	39.1%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.71	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		40.9%	39.7%	10.0%	29.1%	27.7%	17.7%

Based On 10-Year Data

		Comparison of CMRE With Other Asset Classes (Last 10Y)
	CMRE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.9%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	45.9%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.47	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		43.6%	40.2%	2.8%	29.6%	31.8%	11.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,146,593
Short Interest: % Change Since 11302025	14.3%
Average Daily Volume	545,106
Days-to-Cover Short Interest	3.94
Basic Shares Quantity	120,276,106
Short % of Basic Shares	1.8%

Returns Analyses

	Title
0	How Low Can Costamare Stock Really Go?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	6-K 9/30/2025
6302025	8212025	6-K 6/30/2025
3312025	5132025	6-K 3/31/2025
12312024	2202025	20-F 12/31/2024
9302024	11192024	6-K 9/30/2024
6302024	8082024	6-K 6/30/2024
3312024	5232024	6-K 3/31/2024
12312023	3292024	20-F 12/31/2023
9302023	11132023	6-K 9/30/2023
6302023	8102023	6-K 6/30/2023
3312023	5262023	6-K 3/31/2023
12312022	4032023	20-F 12/31/2022
9302022	11102022	6-K 9/30/2022
6302022	8112022	6-K 6/30/2022
3312022	5172022	6-K 3/31/2022
12312021	3282022	20-F 12/31/2021

Insider Activity

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External Quote Links

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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Costamare (CMRE)

Market Price (12/28/2025): $15.715 | Market Cap: $1.9 BilSector: Industrials | Industry: Marine Transportation

Costamare (CMRE)

Market Price (12/28/2025): $15.715Market Cap: $1.9 BilSector: IndustrialsIndustry: Marine Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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CMRE Stock

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About Costamare (CMRE)

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Better Bets than Costamare (CMRE)

INDUSTRY: Marine Transportation

Higher Op Mgn LTM (Value for CMRE: 21.5%)

Higher CFO/Rev LTM (Value for CMRE: 25.1%)

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMRE: 23.7% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMRE: 23.7% | 4.2x)

Higher Rev Chg LTM (Value for CMRE: 47.5%)

Higher Rev Chg 3Y Avg (Value for CMRE: 23.7%)

Higher Op Mgn LTM (Value for CMRE: 21.5%)

Higher CFO/Rev LTM (Value for CMRE: 25.1%)

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

Higher Total Yield (Value for CMRE: 20.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CMRE: 23.7% | 0.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CMRE: 23.7% | 4.2x)

Higher Rev Chg LTM (Value for CMRE: 47.5%)

Higher Rev Chg 3Y Avg (Value for CMRE: 23.7%)

Higher Op Mgn LTM (Value for CMRE: 21.5%)

Higher CFO/Rev LTM (Value for CMRE: 25.1%)

Higher FCF/Rev LTM (Value for CMRE: 13.0%)

Higher Total Yield (Value for CMRE: 20.2%)

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Market Price (12/28/2025): $15.715 | Market Cap: $1.9 Bil
Sector: Industrials | Industry: Marine Transportation

Market Price (12/28/2025): $15.715
Market Cap: $1.9 Bil
Sector: Industrials
Industry: Marine Transportation