Latest Ratios: P/E Ratio 5.1x · EV/EBITDA 4.5x · ROE 15.4%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.9B | $1.1B | $929M | $846M | $1.2B | $741M | $818M | $360M | $430M | $321M |
| Enterprise Value | $2.7B | $2.9B | $2.8B | $2.8B | $2.7B | $3.4B | $2.2B | $2.2B | $1.9B | $1.5B | $1.6B |
| P/E Ratio → | 5.07 | 5.52 | 3.91 | 2.62 | 1.62 | 2.86 | — | 11.98 | 5.34 | 8.23 | 5.25 |
| P/S Ratio | 2.00 | 2.16 | 0.55 | 0.61 | 0.76 | 1.45 | 1.61 | 1.71 | 0.95 | 1.04 | 0.68 |
| P/B Ratio | 0.81 | 0.88 | 0.44 | 0.38 | 0.39 | 0.67 | 0.55 | 0.58 | 0.27 | 0.35 | 0.30 |
| P/FCF | 3.71 | 4.02 | 4.42 | 18.94 | 1.69 | — | 4.30 | 4.34 | — | 3.39 | 1.43 |
| P/OCF | 3.24 | 3.51 | 2.11 | 2.80 | 1.50 | 2.47 | 2.70 | 3.27 | 2556.02 | 2.25 | 1.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.29 | 1.34 | 1.87 | 2.44 | 4.33 | 4.73 | 4.64 | 4.98 | 3.58 | 3.35 |
| EV / EBITDA | 4.54 | 4.78 | 4.45 | 4.46 | 3.27 | 5.95 | 12.87 | 7.73 | 8.58 | 6.12 | 5.71 |
| EV / EBIT | 6.03 | 5.91 | 6.10 | 5.31 | 4.10 | 6.78 | 30.19 | 11.99 | 15.89 | 10.42 | 10.99 |
| EV / FCF | — | 6.11 | 10.82 | 57.73 | 5.42 | — | 12.63 | 11.76 | — | 11.63 | 7.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.3% | 57.3% | 26.7% | 28.9% | 53.9% | 55.7% | 46.0% | 47.9% | 39.2% | 46.2% | 51.6% |
| Operating Margin | 51.7% | 51.7% | 22.2% | 31.0% | 59.5% | 55.6% | 13.1% | 36.2% | 30.8% | 33.2% | 35.5% |
| Net Profit Margin | 41.5% | 41.5% | 15.4% | 25.5% | 49.8% | 54.8% | 1.9% | 20.7% | 17.7% | 17.7% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.4% | 15.4% | 12.8% | 16.8% | 28.6% | 28.3% | 0.6% | 7.2% | 5.2% | 6.4% | 8.0% |
| ROA | 8.1% | 8.1% | 6.1% | 7.6% | 11.9% | 11.7% | 0.3% | 3.3% | 2.4% | 2.9% | 3.1% |
| ROIC | 9.3% | 9.3% | 8.1% | 8.4% | 12.4% | 9.7% | 1.6% | 4.6% | 3.4% | 4.5% | 5.2% |
| ROCE | 11.5% | 11.5% | 10.2% | 10.3% | 15.6% | 12.9% | 2.2% | 6.2% | 4.6% | 6.1% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.92 | 1.09 | 1.20 | 1.48 | 1.18 | 1.10 | 1.21 | 1.00 | 1.32 |
| Debt / EBITDA | 2.51 | 2.51 | 3.76 | 4.18 | 3.12 | 4.43 | 9.37 | 5.42 | 7.47 | 5.07 | 5.15 |
| Net Debt / Equity | — | 0.46 | 0.64 | 0.78 | 0.86 | 1.32 | 1.06 | 0.99 | 1.13 | 0.86 | 1.16 |
| Net Debt / EBITDA | 1.64 | 1.64 | 2.63 | 3.00 | 2.25 | 3.95 | 8.49 | 4.88 | 6.95 | 4.33 | 4.55 |
| Debt / FCF | — | 2.09 | 6.40 | 38.79 | 3.73 | — | 8.33 | 7.42 | — | 8.24 | 5.58 |
| Interest Coverage | 5.34 | 5.34 | 3.04 | 3.50 | 6.17 | 7.06 | 1.07 | 2.03 | 1.86 | 1.96 | 2.34 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.73 | 1.73 | 1.40 | 1.69 | 2.40 | 1.15 | 0.93 | 0.74 | 0.76 | 0.82 | 0.75 |
| Quick Ratio | 1.70 | 1.70 | 1.32 | 1.59 | 2.33 | 1.09 | 0.88 | 0.70 | 0.71 | 0.78 | 0.71 |
| Cash Ratio | 1.37 | 1.37 | 1.03 | 1.23 | 1.98 | 0.75 | 0.72 | 0.58 | 0.51 | 0.65 | 0.59 |
| Asset Turnover | — | 0.23 | 0.40 | 0.29 | 0.23 | 0.18 | 0.15 | 0.16 | 0.12 | 0.17 | 0.18 |
| Inventory Turnover | 26.56 | 26.56 | 26.49 | 17.55 | 18.30 | 16.46 | 23.79 | 23.62 | 20.99 | 22.98 | 19.87 |
| Days Sales Outstanding | — | 10.08 | 13.19 | 20.05 | 15.43 | 14.86 | 8.68 | 12.80 | 16.10 | 7.85 | 6.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 4.2% | 6.5% | 7.7% | 14.1% | 6.2% | 8.8% | 7.2% | 13.7% | 8.8% | 23.4% |
| Payout Ratio | 21.7% | 21.7% | 23.2% | 18.6% | 21.5% | 16.4% | 737.5% | 59.2% | 73.1% | 51.8% | 91.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.7% | 18.1% | 25.6% | 38.2% | 61.9% | 35.0% | — | 8.3% | 18.7% | 12.1% | 19.0% |
| FCF Yield | 27.0% | 24.9% | 22.6% | 5.3% | 59.2% | — | 23.3% | 23.0% | — | 29.5% | 69.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 6.5% | 7.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 4.2% | 6.5% | 14.2% | 21.2% | 6.2% | 8.8% | 7.2% | 13.7% | 8.8% | 23.4% |
| Shares Outstanding | — | $120M | $119M | $120M | $123M | $123M | $121M | $116M | $110M | $101M | $77M |
Cyclical Asset Value Volatility
According to current market data, Costamare trades at a P/E of 5.05 and a P/B of 0.80, suggesting that investors are pricing in significant long-term earnings degradation despite the company's recent efforts to diversify its fleet and maintain a robust liquidity position relative to its maritime peers.
The valuation discount relative to book value implies that the market remains skeptical of the company's ability to sustain returns on its dry bulk assets. This pricing suggests that investors view the current earnings power as transitory rather than a new baseline for long-term value creation.
Based on reported financial statements, Costamare's ROIC has remained stagnant, hovering between 1.8% and 2.8% over the last ten quarters, which indicates that the company is struggling to generate meaningful economic value above its cost of capital despite its aggressive pivot into the dry bulk sector.
The low ROIC trend suggests that the capital-intensive nature of maritime operations, combined with the high depreciation of older vessels, continues to weigh on overall efficiency. Investors should monitor whether future fleet renewals can improve these returns or if the current asset base is structurally incapable of higher compounding.
As reported in recent filings, the company's cash conversion cycle has fluctuated significantly, reaching a high of 30 days in 2025Q2, which highlights the inherent difficulty in managing working capital across both long-term container charters and more transactional, spot-exposed dry bulk shipping operations.
The variability in DSO and DPO suggests that the company's cash flow timing is highly sensitive to the specific mix of chartering arrangements in any given quarter. This lack of consistency in working capital management may complicate short-term liquidity forecasting for institutional investors.
According to quarterly data, Costamare has successfully reduced its debt-to-equity ratio from 1.09 in 2023Q4 to 0.67 in 2026Q1, signaling a deliberate and effective strategy to strengthen the balance sheet against the cyclical downturns that frequently impact the global marine shipping industry.
This reduction in leverage provides a necessary buffer against potential interest rate volatility and asset price declines. The improved interest coverage ratio suggests that the company is better positioned to service its remaining debt obligations than it was during the previous two-year period.
The P/E ratio is frequently misapplied to Costamare, as it fails to account for the massive non-cash depreciation charges inherent in the shipping business model, which can artificially depress earnings and obscure the company's true underlying cash-generating capacity during different phases of the maritime cycle.
Analysts should prioritize EV/EBITDA or P/FCF to better evaluate the company's performance, as these metrics normalize for the capital-intensive nature of vessel ownership. Relying on P/E alone risks misinterpreting the company's valuation by ignoring the significant cash flow generated by fully depreciated, older tonnage.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CMRE stock.
Costamare Inc.'s current P/E ratio is 5.1x. The historical average is 6.2x. This places it at the 33th percentile of its historical range.
Costamare Inc.'s current EV/EBITDA is 4.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
Costamare Inc.'s return on equity (ROE) is 15.4%. The historical average is 24.5%.
Based on historical data, Costamare Inc. is trading at a P/E of 5.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Costamare Inc.'s current dividend yield is 4.55% with a payout ratio of 21.7%.
Costamare Inc. has 57.3% gross margin and 51.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Costamare Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.