Costamare (CMRE)
Market Price (8/13/2026): $14.17 | Market Cap: $1.7 BilSector: Industrials | Industry: Marine Transportation
Costamare (CMRE)
Market Price (8/13/2026): $14.17Market Cap: $1.7 BilSector: IndustrialsIndustry: Marine Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Future of Freight, E-commerce & Digital Retail, and Global Supply Chains. Themes include Freight Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -7.5% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is -4.0% Key risksCMRE 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Future of Freight, E-commerce & Digital Retail, and Global Supply Chains. Themes include Freight Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -7.5% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is -4.0% |
| Key risksCMRE 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. |
Qualitative Assessment
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Costamare (CMRE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Declining Year-over-Year Earnings and Revenue Despite Q2 Beat. Costamare's adjusted net income from continuing operations available to common stockholders for fiscal Q2 2026 (ended June 30, 2026) was $0.62 per share, which, while beating analyst estimates of $0.57 per share, represented a significant decline of approximately 19% from $0.77 per share in the prior year's fiscal Q2 2025. Similarly, voyage revenue for fiscal Q2 2026 decreased by 4.8% year-over-year to approximately $200.8 million. This year-over-year reduction in profitability and revenue indicates a normalization of the containership charter cycle from its post-pandemic highs.
2. Weakening Profit Margins. The company's profitability has shown signs of weakening, with its trailing 12-month net margin easing from 45.6% in the prior year to 37.1% by fiscal Q2 2026. Furthermore, expectations suggest that margins could continue to decline from 39.3% to 35.1% over the coming years, indicating persistent pressure on the company's profitability even with its substantial contracted revenue backlog.
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Costamare (CMRE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Declining Year-over-Year Earnings and Revenue Despite Q2 Beat. Costamare's adjusted net income from continuing operations available to common stockholders for fiscal Q2 2026 (ended June 30, 2026) was $0.62 per share, which, while beating analyst estimates of $0.57 per share, represented a significant decline of approximately 19% from $0.77 per share in the prior year's fiscal Q2 2025. Similarly, voyage revenue for fiscal Q2 2026 decreased by 4.8% year-over-year to approximately $200.8 million. This year-over-year reduction in profitability and revenue indicates a normalization of the containership charter cycle from its post-pandemic highs.
2. Weakening Profit Margins. The company's profitability has shown signs of weakening, with its trailing 12-month net margin easing from 45.6% in the prior year to 37.1% by fiscal Q2 2026. Furthermore, expectations suggest that margins could continue to decline from 39.3% to 35.1% over the coming years, indicating persistent pressure on the company's profitability even with its substantial contracted revenue backlog.
3. Softening Container Spot Freight Rates Post-Peak. While Costamare benefits from long-term charters, the broader container shipping market experienced a "technical correction" in July 2026, with spot rates softening after an earlier spike. The Drewry World Container Index declined by 2% to $4,547 per 40ft container by mid-July, marking the first retreat after ten consecutive weeks of gains, and further decreases are anticipated. This general downward trend in spot rates for container shipping, despite ongoing disruptions like Red Sea diversions that maintained higher rates earlier in the period, likely contributed to investor concern about future earnings potential as existing charters eventually expire.
4. Dry Bulk Market Volatility and Weakness. Although Costamare spun off its dry bulk business in May 2025, the overall shipping market sentiment can impact related segments. The dry bulk market experienced mixed and weakening trends during the period. The Baltic Dry Index fell to its lowest level in over three weeks by July 28, 2026, dropping 1.2% to 2,664 points, primarily due to lower rates across all vessel segments, including a 1.4% decline in the Capesize index. This general weakness in the broader shipping industry could have weighed on investor confidence in shipping stocks.
5. Significant Insider Selling. Gregory Zikos, the Chief Financial Officer and Director, executed an insider selling transaction on July 30, 2026, netting approximately $9 million. This substantial insider selling, exceeding the $5 million threshold, can be perceived negatively by the market, potentially signaling that company executives see limited upside or anticipate future challenges.
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Stock Movement Drivers
Fundamental Drivers
The -14.1% change in CMRE stock from 4/30/2026 to 8/12/2026 was primarily driven by a -7.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.48 | 14.16 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 878 | 857 | -2.3% |
| Net Income Margin (%) | 41.5% | 39.5% | -4.8% |
| P/E Multiple | 5.4 | 5.0 | -7.3% |
| Shares Outstanding (Mil) | 120 | 121 | -0.3% |
| Cumulative Contribution | -14.1% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CMRE | -14.1% | |
| Market (SPY) | 7.5% | 8.0% |
| Sector (XLI) | 6.5% | 8.2% |
Fundamental Drivers
The -14.3% change in CMRE stock from 1/31/2026 to 8/12/2026 was primarily driven by a -18.3% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.53 | 14.16 | -14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 890 | 857 | -3.7% |
| Net Income Margin (%) | 36.1% | 39.5% | 9.3% |
| P/E Multiple | 6.2 | 5.0 | -18.3% |
| Shares Outstanding (Mil) | 120 | 121 | -0.4% |
| Cumulative Contribution | -14.3% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CMRE | -14.3% | |
| Market (SPY) | 11.9% | 32.5% |
| Sector (XLI) | 12.7% | 33.3% |
Fundamental Drivers
The 45.0% change in CMRE stock from 7/31/2025 to 8/12/2026 was primarily driven by a 37.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.77 | 14.16 | 45.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 891 | 857 | -3.7% |
| Net Income Margin (%) | 35.7% | 39.5% | 10.6% |
| P/E Multiple | 3.7 | 5.0 | 37.0% |
| Shares Outstanding (Mil) | 120 | 121 | -0.6% |
| Cumulative Contribution | 45.0% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CMRE | 45.0% | |
| Market (SPY) | 23.3% | 27.9% |
| Sector (XLI) | 23.6% | 23.3% |
Fundamental Drivers
The 83.1% change in CMRE stock from 7/31/2023 to 8/12/2026 was primarily driven by a 209.5% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.73 | 14.16 | 83.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,095 | 857 | -21.7% |
| Net Income Margin (%) | 53.1% | 39.5% | -25.6% |
| P/E Multiple | 1.6 | 5.0 | 209.5% |
| Shares Outstanding (Mil) | 123 | 121 | 1.5% |
| Cumulative Contribution | 83.1% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CMRE | 83.1% | |
| Market (SPY) | 74.7% | 36.5% |
| Sector (XLI) | 75.3% | 36.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMRE Return | 59% | -21% | 18% | 28% | 65% | -9% | 182% |
| Peers Return | 50% | -3% | 56% | 12% | -11% | 60% | 263% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CMRE Win Rate | 58% | 50% | 50% | 50% | 67% | 38% | |
| Peers Win Rate | 58% | 54% | 71% | 62% | 50% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CMRE Max Drawdown | -31% | -48% | -27% | -27% | -37% | -21% | |
| Peers Max Drawdown | -23% | -36% | -19% | -24% | -37% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MATX, SFL.
[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] 2026 data is for the year up to 8/12/2026 (YTD)
How Low Can It Go
| Event | CMRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.0% | -18.8% |
| % Gain to Breakeven | 25.0% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.3% | -7.8% |
| % Gain to Breakeven | 14.1% | 8.5% |
| Time to Breakeven | 55 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.0% | -6.7% |
| % Gain to Breakeven | 26.5% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.6% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 290 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.4% | -33.7% |
| % Gain to Breakeven | 110.1% | 50.9% |
| Time to Breakeven | 215 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.0% | -19.2% |
| % Gain to Breakeven | 40.9% | 23.8% |
| Time to Breakeven | 115 days | 105 days |
In The Past
Costamare's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 25.0% gain to breakeven.
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Asset Allocation
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| Event | CMRE | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.0% | -6.7% |
| % Gain to Breakeven | 26.5% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.6% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 290 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.4% | -33.7% |
| % Gain to Breakeven | 110.1% | 50.9% |
| Time to Breakeven | 215 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.0% | -19.2% |
| % Gain to Breakeven | 40.9% | 23.8% |
| Time to Breakeven | 115 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.0% | -3.7% |
| % Gain to Breakeven | 69.5% | 3.9% |
| Time to Breakeven | 512 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -59.0% | -12.2% |
| % Gain to Breakeven | 144.2% | 13.9% |
| Time to Breakeven | 1930 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -68.5% | -6.8% |
| % Gain to Breakeven | 217.9% | 7.3% |
| Time to Breakeven | 2049 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.6% | -17.9% |
| % Gain to Breakeven | 52.9% | 21.8% |
| Time to Breakeven | 484 days | 123 days |
In The Past
Costamare's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 25.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Costamare (CMRE)
Costamare Inc. (CMRE) is a global maritime shipping company that owns and charters out a large fleet of vessels. Its primary business model involves acquiring ships and then leasing them to other companies under various charter agreements. This allows their customers to utilize these vessels for their shipping needs without the significant capital outlay of owning them outright.
The company's fleet is comprised of two main types of vessels. First, it operates a substantial number of containerships, which are specifically designed to transport standardized cargo containers across international waters. These containerships are primarily chartered to major liner companies worldwide, enabling the global movement of manufactured goods and products.
Secondly, Costamare also owns and charters dry bulk vessels. These ships are used for transporting unpackaged, bulk commodities such as iron ore, coal, and grain across oceans. By providing both containerships and dry bulk carriers, Costamare plays a crucial role in facilitating global trade, serving the broad international shipping market and a diverse set of customers who require large-scale maritime transport solutions.
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Here are 1-2 brief analogies for Costamare (CMRE):
- Costamare is like Prologis for ocean cargo, owning and leasing out a massive fleet of ships (like floating warehouses) to companies that need to transport goods globally.
- It's similar to Ryder Systems for the high seas, providing a fleet of vessels for charter to other shipping and logistics businesses.
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- Containership Chartering: Leasing containerships to liner companies for the transport of containerized cargo worldwide.
- Dry Bulk Vessel Chartering: Leasing dry bulk vessels for the transport of unpackaged bulk commodities such as grain, coal, and iron ore.
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Costamare Inc. (CMRE) primarily sells its services to other companies, specifically global liner companies for its containerships and various charterers and commodity traders for its dry bulk vessels. Its major customers include:
- MSC Mediterranean Shipping Company S.A. (Private company)
- A.P. Møller - Mærsk A/S (Maersk) - Public company, Symbol: MAERSK-B.CO
- CMA CGM S.A. (Private company)
- COSCO Shipping Holdings Co., Ltd. (COSCO Shipping Lines) - Public company, Symbol: 1919.HK
- Hapag-Lloyd AG - Public company, Symbol: HLAG.DE
- Evergreen Marine Corp. (Taiwan) Ltd. - Public company, Symbol: 2603.TW
- Oldendorff Carriers (Private company)
- Cargill (Private company)
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- HD Hyundai Heavy Industries (KRX: 009540)
- Yangzijiang Shipbuilding Holdings Ltd. (SGX: BS6)
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Konstantinos V. Konstantakopoulos Chief Executive Officer, Chairman and Director
Konstantinos V. Konstantakopoulos is the son of the founder of Costamare Group, Captain Vasileios Konstantakopoulos. He became the CEO of Costamare Shipping in 1998 and assumed the roles of Chairman and CEO of Costamare Inc. in 2010. Mr. Konstantakopoulos wholly owns and controls Costamare Shipping, the company's head manager, and also controls Costamare Services with members of his family. He founded Shanghai Costamare in 2005, C-Man Maritime (a vessel manning agency) in 2006, and indirectly owns 50% of Blue Net, which provides chartering brokerage services. He has been on the board of directors of the Union of Greek Shipowners since 2006.
Gregory G. Zikos Chief Financial Officer and Director
Gregory G. Zikos joined Costamare Inc. in 2007. Prior to this, he served as Chief Financial Officer at DryShips, Inc., a public shipping company, from 2006 to 2007. From 2004 to 2006, Mr. Zikos worked at J&P Avax S.A., a real estate investment and construction company, where he was responsible for project and structured finance debt transactions. Between 2000 and 2004, he was employed at Citigroup (London) in their global corporate and investment banking group, 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 in debt and acquisition transactions. Mr. Zikos also serves as the Chief Executive Officer of Costamare Bulkers Holdings Ltd.
Anastassios Gabrielides General Counsel and Secretary
Anastassios Gabrielides has served as a director and secretary of Costamare Services since May 2013. He also holds the position of general counsel and secretary of Costamare Bulkers Holdings Ltd.
Konstantinos Zacharatos Director
Konstantinos Zacharatos served as Costamare Inc.'s General Counsel and Secretary until April 2013. He has been the Vice Chairman of Shanghai Costamare since its incorporation in 2005. Mr. Zacharatos joined Costamare Shipping in 2000 and has been responsible for the legal affairs of various Costamare entities. He previously served as a legal adviser for Costaterra S.A., a Greek property company.
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Here are the key risks to Costamare (CMRE):
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Cyclicality of the Shipping Market and Charter Rate Volatility: Costamare's financial performance is heavily dependent on the global shipping market, which is inherently cyclical. Fluctuations in supply and demand for containerships and dry bulk vessels, driven by global economic conditions, trade volumes, and geopolitical events, directly impact charter rates and vessel values. A downturn in charter rates or vessel values can significantly reduce the company's revenues and profitability.
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High Debt Levels and Exposure to Interest Rate Fluctuations: The company carries substantial outstanding indebtedness, which stood at approximately $2.4 billion as of December 31, 2023 (and around $1.5 billion as of December 31, 2025). A significant portion of its credit facilities are subject to floating interest rates, primarily based on SOFR. Therefore, considerable increases in interest rates could adversely affect Costamare's financial position, increase its cost of borrowing, and limit its ability to service its debt or pursue new business opportunities.
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Aging Fleet and Substantial Capital Expenditure Requirements: Costamare's fleet includes a number of older vessels, and the company faces the need for significant capital expenditures to maintain and renew its operating capacity. For instance, in December 2025, it was noted that Costamare has 26 vessels that are around 20 years old or older. The cost of renewing these vessels, estimated to potentially exceed $2 billion for some segments of the fleet, could reduce the amount of cash available for distribution to stockholders and impact overall financial flexibility, especially in an environment with lower charter rates.
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Costamare Inc. (CMRE) is poised for future revenue growth over the next two to three years, driven by its strategic expansion of the containership fleet, securing long-term charter agreements, and the continued development of its leasing platform. The company also focuses on fleet renewal and optimization within its dry bulk segment.
Here are the key expected drivers of future revenue growth for Costamare:
- Expansion of Containership Fleet through Newbuilds and Acquisitions: Costamare is actively increasing its containership fleet through newbuilding programs. The company has ordered additional 3,100 TEU newbuilds, bringing the total of this type on order to ten, with deliveries scheduled from late 2027 through late 2028. These new vessels already have medium-term charter contracts in place, commencing immediately after delivery. Furthermore, there are indications of potential orders for up to twelve 9,200 TEU mid-sized containerships at Chinese yards, expected to be backed by long-term charter agreements. As of February 2026, Costamare's operational fleet includes ten containerships currently under construction.
- Securing Long-Term Charter Agreements: A core component of Costamare's strategy is to secure long-term cash flows from high-quality counterparties. The company has forward-chartered 12 vessels, ranging from 4,000 to 14,000 TEUs, with these charters commencing over the next three years and having a TEU-weighted average duration of six years. This initiative is expected to generate approximately $940 million in incremental contracted revenues. These forward fixtures have significantly boosted fleet employment, with 96% and 92% of the containership fleet fixed for 2026 and 2027, respectively, on a TEU basis. The total contracted revenues for the containership fleet have reached $3.4 billion, with a remaining time charter duration of 4.5 years.
- Growth of Neptune Maritime Leasing Platform: Costamare holds a controlling interest in Neptune Maritime Leasing Limited (NML), its leasing arm. NML has demonstrated substantial growth, having funded or committed to fund 54 shipping assets, representing total investments and commitments exceeding $665 million. Costamare has increased its investment commitment in NML to approximately $247.8 million, with a significant portion already invested. This platform is reported to have a "healthy pipeline," indicating further expansion and revenue generation potential.
- Strategic Fleet Renewal and Optimization in the Dry Bulk Segment: Costamare Bulkers, the company's dry bulk division, is undergoing a strategic transformation aimed at fleet renewal and operational realignment, with a focus on Kamsarmax vessels. This includes the acquisition of newer, more fuel-efficient vessels, such as the 2018-built Ultramax vessel 'Koushun' (to be renamed Astros), with delivery anticipated in the first half of 2026. Additionally, two newbuild Kamsarmax vessels will be chartered-in under period charters with purchase options, with deliveries expected between Q2 2026 and Q1 2028. This strategic pivot seeks to capitalize on strong charter rates and market opportunities within the dry bulk sector.
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Share Repurchases
- Costamare completed the repurchase of 11,004,510 shares for $120.09 million under an equity buyback plan announced on December 1, 2021.
- As of early March 2026, this buyback program has been completed.
- Management had not indicated plans to continue share buybacks as of December 2025.
Share Issuance
- As of December 31, 2025, 131,588,439 common shares of Costamare were issued.
- By December 31, 2025, the company issued an aggregate of 21,823,024 shares to common stockholders through its dividend reinvestment plan.
- Costamare issued 598,400 shares to Costamare Shipping Services Ltd. in connection with its investment in the Neptune Maritime Leasing business.
Outbound Investments
- Costamare holds a controlling interest in Neptune Maritime Leasing Limited (NML), a platform dedicated to financing shipping assets.
- As of December 31, 2025, Costamare's investment commitment in NML increased to $247.8 million, with $182.2 million invested to date.
- NML has funded or committed to fund 54 shipping assets, with total investments and commitments exceeding $665 million.
- Costamare invested in the dry bulk segment starting in 2021 by acquiring secondhand Capesize vessels and establishing a dry bulk trading firm; this dry bulk business was subsequently spun off in May 2025.
Capital Expenditures
- As of March 2026, Costamare has 10 newbuild containerships under construction.
- In July 2025, the company ordered four new 3,100 TEU containerships, expected for delivery between Q2 and Q4 of 2027, which are already chartered for eight years post-delivery, contributing to over $310 million in increased contracted revenues.
- The company anticipates a significant capital requirement, estimated to be over $2 billion, for renewing 20 containerships with capacities above 5,000 TEU that are older than 20 years.
- Costamare has secured pre- and post-delivery financing for its newbuild vessels and refinanced existing container ships to achieve lower funding costs.
Peer Outperformance in Marine Transportation
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 33.5% | 137.8% | 201.6% | CDNL 2667% · STRL 2272% · FIX 2224% |
| Marine Transportation ← | 9 | 62.0% | 74.0% | 135.3% | ASC 532% · MATX 213% · SB 166% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.9% | 56.6% | 108.9% | CAT 327% · ALSN 244% · WAB 242% |
| Aerospace & Defense | 55 | 14.5% | 84.3% | 92.1% | DFNS 4877% · ATI 1083% · FTAI 1048% |
| Passenger Ground Transportation | 3 | -12.7% | 45.7% | 59.7% | UBER 78% · CAR 60% · LYFT -69% |
| Industrial Machinery & Supplies & Components | 71 | 15.1% | 58.6% | 59.1% | CRS 1424% · PSIX 1005% · GHM 826% |
| Cargo Ground Transportation | 16 | 46.9% | 15.3% | 52.2% | PAMT 679% · XPO 282% · R 275% |
| Trading Companies & Distributors | 18 | 11.8% | 38.8% | 43.0% | DXPE 563% · AIT 306% · URI 232% |
| Rail Transportation | 7 | 37.3% | 65.5% | 42.2% | FSTR 111% · CSX 58% · UNP 44% |
| Diversified Support Services | 33 | 13.2% | 34.5% | 40.8% | LIME 4279% · TH 373% · WLFC 373% |
| Electrical Components & Equipment | 40 | 34.7% | 49.9% | 37.9% | POWL 2415% · BE 1017% · VRT 967% |
| Building Products | 34 | 1.2% | 16.9% | 29.4% | GFF 462% · LMB 422% · PPIH 285% |
| Office Services & Supplies | 10 | 21.8% | 25.0% | 3.8% | TILE 190% · PBI 158% · EBF 55% |
| Research & Consulting Services | 13 | -7.7% | -20.2% | -3.1% | HURN 216% · CRAI 98% · GRNQ 21% |
| Environmental & Facilities Services | 28 | -10.2% | 13.1% | -5.4% | CECO 1023% · ADUR 627% · NVRI 295% |
| Industrial Conglomerates | 18 | 18.7% | 20.3% | -5.9% | RCMT 566% · TTI 177% · CSW 173% |
| Passenger Airlines | 11 | 22.7% | -0.9% | -17.8% | LTM 2232% · UAL 169% · SKYW 156% |
| Agricultural & Farm Machinery | 17 | -5.6% | -17.1% | -25.1% | BLBD 182% · DE 72% · GENC 52% |
| Data Processing & Outsourced Services | 6 | -33.7% | -16.3% | -29.5% | EXLS 43% · BR 6% · MMS -29% |
| Air Freight & Logistics | 12 | -17.3% | -13.2% | -35.6% | CHRW 80% · FDX 62% · EXPD 58% |
| Human Resource & Employment Services | 21 | 7.1% | -26.3% | -37.1% | BBSI 69% · ADP 40% · KFY 35% |
| Security & Alarm Services | 10 | -23.7% | -25.2% | -40.5% | CIX 108% · MG 80% · NL 57% |
| Airport Services | 3 | -68.8% | -62.6% | -58.0% | JOBY -16% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Costamare Stock Really Go? | 10/17/2025 | |
| CMRE Dip Buy Analysis | 07/10/2025 | |
| Time To Buy Costamare Stock? | 05/16/2025 | |
| Costamare (CMRE) Valuation Ratios Comparison | 05/15/2025 | |
| Costamare Total Shareholder Return (TSR): 32.1% in 2024 and 14.6% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 02/28/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.16 |
| Mkt Cap | 1.7 |
| Rev LTM | 857 |
| Op Inc LTM | 415 |
| FCF LTM | 188 |
| FCF 3Y Avg | 247 |
| CFO LTM | 475 |
| CFO 3Y Avg | 517 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.7% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | -4.0% |
| QoQ Delta Rev Chg LTM | -1.0% |
| Op Inc Chg LTM | -14.5% |
| Op Inc Chg 3Y Avg | 1.8% |
| Op Mgn LTM | 25.1% |
| Op Mgn 3Y Avg | 29.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 34.8% |
| CFO/Rev 3Y Avg | 40.4% |
| FCF/Rev LTM | 26.6% |
| FCF/Rev 3Y Avg | 7.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Container vessels segment | 847 | 865 | 839 | 797 | 678 |
| Neptune Maritime Leasing Limited (NML) | 31 | 24 | 9 | ||
| Costamare Bulkers (CBI) | 0 | ||||
| Dry bulk vessels segment | 317 | 115 | |||
| Elimination of intersegment revenues | -1 | ||||
| Other corporate assets | 0 | ||||
| Total | 878 | 888 | 848 | 1,114 | 794 |
| $ Mil | 2023 | 2022 | 2021 |
|---|---|---|---|
| Container vessels segment | 507 | 458 | 303 |
| Neptune Maritime Leasing Limited (NML) | 5 | ||
| Other corporate assets | 1 | 2 | 75 |
| Elimination of intersegment revenues | 0 | ||
| Dry bulk vessels segment | -43 | 97 | 57 |
| Costamare Bulkers (CBI) | -88 | ||
| Single Segment | -4 | ||
| Total | 381 | 555 | 435 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Container vessels segment | 3,416 | 3,577 | 3,154 | 3,273 | 3,672 |
| Neptune Maritime Leasing Limited (NML) | 447 | 333 | 239 | ||
| Assets from discontinued operations | 1,239 | ||||
| Costamare Bulkers (CBI) | 456 | 102 | |||
| Dry bulk vessels segment | 735 | 771 | 715 | ||
| Eliminations | -3 | ||||
| Other corporate assets | 707 | 752 | 20 | ||
| Elimination of intersegment revenues | -1 | ||||
| Total | 3,863 | 5,149 | 5,287 | 4,896 | 4,407 |
Price Behavior
| Market Price | $14.16 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 11/04/2010 | |
| Distance from 52W High | -19.7% | |
| 50 Days | 200 Days | |
| DMA Price | $15.08 | $15.63 |
| DMA Trend | up | down |
| Distance from DMA | -6.1% | -9.4% |
| 3M | 1YR | |
| Volatility | 32.4% | 31.6% |
| Downside Capture | 67.00 | 68.00 |
| Upside Capture | -16.36 | 87.13 |
| Correlation (SPY) | 1.6% | 29.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.20 | -0.06 | 0.25 | 0.84 | 0.70 | 0.81 |
| Up Beta | 1.20 | -0.14 | 0.95 | 1.01 | 1.15 | 0.96 |
| Down Beta | 0.35 | -0.30 | -0.27 | 0.28 | 0.35 | 0.84 |
| Up Capture | 74% | 12% | 6% | 75% | 91% | 51% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 21 | 28 | 61 | 137 | 386 |
| Down Capture | -109% | -1% | 40% | 109% | 51% | 85% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 22 | 35 | 65 | 113 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMRE | |
|---|---|---|---|---|
| CMRE | 37.7% | 31.6% | 1.03 | - |
| Sector ETF (XLI) | 25.0% | 17.0% | 1.14 | 24.1% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 29.6% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 8.4% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | -6.3% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 17.8% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMRE | |
|---|---|---|---|---|
| CMRE | 16.2% | 38.1% | 0.49 | - |
| Sector ETF (XLI) | 14.3% | 17.6% | 0.64 | 38.7% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 39.5% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | 8.7% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 22.9% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 27.8% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CMRE | |
|---|---|---|---|---|
| CMRE | 13.5% | 43.5% | 0.44 | - |
| Sector ETF (XLI) | 14.4% | 20.0% | 0.63 | 43.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 40.3% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 6.0% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 25.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 32.7% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 6-K |
| 03/31/2026 | 05/20/2026 | 6-K |
| 12/31/2025 | 03/04/2026 | 20-F |
| 09/30/2025 | 11/25/2025 | 6-K |
| 06/30/2025 | 08/21/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 02/20/2025 | 20-F |
| 09/30/2024 | 11/19/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/23/2024 | 6-K |
| 12/31/2023 | 03/29/2024 | 20-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/26/2023 | 6-K |
| 12/31/2022 | 04/03/2023 | 20-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/27/2026 | 6-K |
| 03/31/2026 | 05/20/2026 | 6-K |
| 12/31/2025 | 03/04/2026 | 20-F |
| 09/30/2025 | 11/25/2025 | 6-K |
| 06/30/2025 | 08/21/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 02/20/2025 | 20-F |
| 09/30/2024 | 11/19/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/23/2024 | 6-K |
| 12/31/2023 | 03/29/2024 | 20-F |
| 09/30/2023 | 11/13/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/26/2023 | 6-K |
| 12/31/2022 | 04/03/2023 | 20-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/11/2022 | 6-K |
| 03/31/2022 | 05/17/2022 | 6-K |
| 12/31/2021 | 03/28/2022 | 20-F |
| 09/30/2021 | 11/09/2021 | 6-K |
| 06/30/2021 | 08/10/2021 | 6-K |
| 03/31/2021 | 06/08/2021 | 6-K |
| 12/31/2020 | 03/01/2021 | 20-F |
| 09/30/2020 | 11/06/2020 | 6-K |
| 06/30/2020 | 08/05/2020 | 6-K |
| 03/31/2020 | 05/11/2020 | 6-K |
| 12/31/2019 | 02/26/2020 | 20-F |
| 09/30/2019 | 11/05/2019 | 6-K |
Insider Activity
Updated 7/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zikos, Grigorios | Chief Financial Officer | See Footnote | Sell | 7302026 | 15.34 | 59,840 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zikos, Grigorios | Chief Financial Officer | See Footnote | Sell | 7302026 | 15.34 | 59,840 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Marine Transportation Resources |
| The Maritime Executive |
| MarineLink |
| gCaptain |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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