Costamare Financials

CMRE

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 75/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Costamare has an operating margin of 22.2%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 31.0% the prior year.

Growth

100

Costamare's revenue surged 37.9% year-over-year to $2.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Costamare carries a low D/E ratio of 0.56, meaning only $0.56 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Costamare's current ratio of 1.40 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Costamare's ROE of 12.7% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 16.2% the prior year.

Altman Z-Score Distress

1.58

Costamare scores 1.58, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Costamare passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.68x

For every $1 of reported earnings, Costamare generates $1.68 in operating cash flow ($537.7M OCF vs $319.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.3x

Costamare earns $3.3 in operating income for every $1 of interest expense ($462.3M vs $140.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows Costamare (CMRE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$2.1B

YoY+37.9%

5Y CAGR+34.2%

Costamare generated $2.1B in revenue in fiscal year 2024. This represents an increase of 37.9% from the prior year.

EBITDA

$626.5M

YoY-1.2%

5Y CAGR+16.9%

Costamare's EBITDA was $626.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.2% from the prior year.

Free Cash Flow

N/A

Net Income

$319.9M

YoY-17.1%

5Y CAGR+26.4%

10Y CAGR+10.8%

Costamare reported $319.9M in net income in fiscal year 2024. This represents a decrease of 17.1% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$656.9M

YoY-11.9%

5Y CAGR+34.6%

10Y CAGR+19.2%

Costamare held $656.9M in cash against $1.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

120M

YoY+1.3%

5Y CAGR+0.1%

10Y CAGR+4.8%

Costamare had 120M shares outstanding in fiscal year 2024. This represents an increase of 1.3% from the prior year.

Gross Margin

N/A

Operating Margin

22.2%

YoY-8.8pp

5Y CAGR-14.0pp

Costamare's operating margin was 22.2% in fiscal year 2024, reflecting core business profitability. This is down 8.8 percentage points from the prior year.

Net Margin

15.3%

YoY-10.2pp

5Y CAGR-5.4pp

Costamare's net profit margin was 15.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 10.2 percentage points from the prior year.

Return on Equity

12.7%

YoY-3.5pp

5Y CAGR+5.7pp

10Y CAGR-1.6pp

Costamare's ROE was 12.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Costamare spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

N/A

CMRE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.1B+37.9%	$1.5B+35.7%	$1.1B+40.3%	$793.6M+72.4%	$460.3M-3.7%	$478.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$22.1M+40.9%	$15.7M+61.0%	$9.7M+41.7%	$6.9M+67.5%	$4.1M+34.5%	$3.1M
Operating Income	$462.3M-1.2%	$468.0M-29.3%	$662.2M+50.1%	$441.4M+631.6%	$60.3M-65.2%	$173.1M
Interest Expense	$140.0M-8.0%	$152.1M+41.9%	$107.2M+48.4%	$72.3M+8.6%	$66.5M-24.6%	$88.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$319.9M-17.1%	$385.7M-30.5%	$555.0M+27.5%	$435.1M+4801.7%	$8.9M-91.0%	$99.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMRE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$5.1B-2.6%	$5.3B+8.0%	$4.9B+11.1%	$4.4B+46.4%	$3.0B0.0%	$3.0B
Current Assets	$1.0B-6.9%	$1.1B+10.2%	$1.0B+138.1%	$426.1M+121.9%	$192.1M-2.6%	$197.2M
Cash & Equivalents	$656.9M-11.9%	$745.5M+3.8%	$718.0M+160.2%	$276.0M+91.8%	$143.9M-3.4%	$148.9M
Inventory	$13.2M-78.5%	$61.3M+118.5%	$28.0M+31.2%	$21.4M+104.4%	$10.5M-0.9%	$10.5M
Accounts Receivable	$45.5M-10.2%	$50.7M+88.1%	$26.9M+28.4%	$21.0M+154.3%	$8.2M+11.5%	$7.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.6B-9.3%	$2.9B+6.0%	$2.7B+2.2%	$2.7B+61.3%	$1.7B+3.8%	$1.6B
Current Liabilities	$745.6M+12.5%	$662.8M+56.6%	$423.1M+14.3%	$370.0M+78.8%	$207.0M-22.3%	$266.5M
Long-Term Debt	$1.4B-29.4%	$2.0B-11.7%	$2.3B+4.4%	$2.2B+66.3%	$1.3B+8.2%	$1.2B
Total Equity	$2.5B+5.5%	$2.4B+10.5%	$2.2B+25.0%	$1.7B+28.0%	$1.3B-4.4%	$1.4B
Retained Earnings	$1.3B+22.3%	$1.0B+40.1%	$746.7M+118.7%	$341.5M+3612.8%	-$9.7M-116.0%	$60.6M

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Total Assets	$3.7B-27.4%	$5.1B-2.6%	$5.3B-0.4%	$5.3B+8.4%	$4.9B+2.9%	$4.8B+8.0%	$4.4B+12.2%	$3.9B
Current Assets	$618.9M-40.5%	$1.0B-6.9%	$1.1B+0.5%	$1.1B+9.6%	$1.0B+21.4%	$836.1M+96.2%	$426.1M-1.2%	$431.4M
Cash & Equivalents	$442.7M-32.6%	$656.9M-11.9%	$745.5M+9.2%	$682.7M-4.9%	$718.0M+19.4%	$601.2M+117.8%	$276.0M-1.1%	$279.1M
Inventory	$14.1M+7.4%	$13.2M-78.5%	$61.3M+12.5%	$54.4M+94.1%	$28.0M+18.5%	$23.7M+10.8%	$21.4M+53.6%	$13.9M
Accounts Receivable	N/A	$45.5M-10.2%	$50.7M	N/A	$26.9M+1.0%	$26.7M+27.1%	$21.0M+197.0%	$7.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8B-32.0%	$2.6B-9.3%	$2.9B-3.4%	$3.0B+9.7%	$2.7B-5.3%	$2.9B+7.9%	$2.7B+9.3%	$2.5B
Current Liabilities	$369.2M-50.5%	$745.6M+12.5%	$662.8M+0.2%	$661.1M+56.3%	$423.1M-11.0%	$475.5M+28.5%	$370.0M+8.6%	$340.8M
Long-Term Debt	$1.3B-7.4%	$1.4B-29.4%	$2.0B-4.8%	$2.1B-7.3%	$2.3B-4.3%	$2.4B+9.1%	$2.2B+10.2%	$2.0B
Total Equity	$1.9B-22.5%	$2.5B+5.5%	$2.4B+3.5%	$2.3B+6.8%	$2.2B+15.5%	$1.9B+8.2%	$1.7B+17.0%	$1.5B
Retained Earnings	$731.1M-42.9%	$1.3B+22.3%	$1.0B+13.3%	$923.2M+23.6%	$746.7M+55.5%	$480.2M+40.6%	$341.5M+213.2%	$109.0M

CMRE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$537.7M+62.3%	$331.4M-43.0%	$581.6M+24.7%	$466.5M+70.1%	$274.3M+9.5%	$250.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$79.5M-200.5%	$79.1M+86.2%	$42.5M+105.4%	-$787.5M-2063.5%	-$36.4M-310.9%	-$8.9M
Financing Cash Flow	-$505.5M-27.4%	-$396.8M-139.0%	-$166.1M-134.4%	$482.6M+299.5%	-$241.9M-14.0%	-$212.2M
Dividends Paid	$74.1M+3.2%	$71.9M-39.9%	$119.5M+67.8%	$71.3M+8.8%	$65.5M+11.6%	$58.7M
Share Buybacks	$0-100.0%	$60.0M-0.2%	$60.1M	$0	$0	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMRE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.2%-8.8pp	31.0%-28.5pp	59.5%+3.8pp	55.6%+42.5pp	13.1%-23.1pp	36.2%
Net Margin	15.3%-10.2pp	25.5%-24.3pp	49.8%-5.0pp	54.8%+52.9pp	1.9%-18.8pp	20.7%
Return on Equity	12.7%-3.5pp	16.2%-9.5pp	25.7%+0.5pp	25.2%+24.6pp	0.7%-6.4pp	7.0%
Return on Assets	6.2%-1.1pp	7.3%-4.0pp	11.3%+1.5pp	9.9%+9.6pp	0.3%-3.0pp	3.3%
Current Ratio	1.40-0.3	1.69-0.7	2.40+1.2	1.15+0.2	0.93+0.2	0.74
Debt-to-Equity	0.56-0.3	0.84-0.2	1.05-0.2	1.26+0.3	0.97+0.1	0.86
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21	Q2'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.68+0.3	1.40-0.3	1.690.0	1.68-0.7	2.40+0.6	1.76+0.6	1.15-0.1	1.27
Debt-to-Equity	0.67+0.1	0.56-0.3	0.84-0.1	0.91-0.1	1.05-0.2	1.270.0	1.26-0.1	1.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Costamare's annual revenue?

Costamare (CMRE) reported $2.1B in total revenue for fiscal year 2024. This represents a 37.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Costamare's revenue growing?

Costamare (CMRE) revenue grew by 37.9% year-over-year, from $1.5B to $2.1B in fiscal year 2024.

Is Costamare profitable?

Yes, Costamare (CMRE) reported a net income of $319.9M in fiscal year 2024, with a net profit margin of 15.3%.

What is Costamare's EBITDA?

Costamare (CMRE) had EBITDA of $626.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Costamare have?

As of fiscal year 2024, Costamare (CMRE) had $656.9M in cash and equivalents against $1.4B in long-term debt.

What is Costamare's operating margin?

Costamare (CMRE) had an operating margin of 22.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Costamare's net profit margin?

Costamare (CMRE) had a net profit margin of 15.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Costamare's return on equity (ROE)?

Costamare (CMRE) has a return on equity of 12.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Costamare's operating cash flow?

Costamare (CMRE) generated $537.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Costamare's total assets?

Costamare (CMRE) had $5.1B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Costamare have outstanding?

Costamare (CMRE) had 120M shares outstanding as of fiscal year 2024.

What is Costamare's current ratio?

Costamare (CMRE) had a current ratio of 1.40 as of fiscal year 2024, which is considered adequate.

What is Costamare's debt-to-equity ratio?

Costamare (CMRE) had a debt-to-equity ratio of 0.56 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Costamare's return on assets (ROA)?

Costamare (CMRE) had a return on assets of 6.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Costamare's Altman Z-Score?

Costamare (CMRE) has an Altman Z-Score of 1.58, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Costamare's Piotroski F-Score?

Costamare (CMRE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Costamare's earnings high quality?

Costamare (CMRE) has an earnings quality ratio of 1.68x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Costamare cover its interest payments?

Costamare (CMRE) has an interest coverage ratio of 3.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Costamare?

Costamare (CMRE) scores 75 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.