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Star Bulk Carriers Corp. Financials

SBLK
Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Star Bulk Carriers Corp. (SBLK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI SBLK FY2025

FY2025 shows an asset-heavy cash generator whose reported earnings swing harder than cash flow when revenue softens.

From FY2024 to FY2025, revenue fell to $1.04B from $1.27B, but operating margin compressed much faster, which points to a cost base and financing burden that do not shrink as quickly as sales. Even then, operating cash flow still beat net income by $212M because depreciation stayed high at $168M, so accounting profit is more cyclical than cash earnings.

FY2025 actually left the company more liquid and less levered: cash rose to $489M while total liabilities fell to $1.36B, so the balance sheet got easier to carry despite weaker earnings. A big reason is capital returns were dialed back; dividends paid fell to $34M from $277M, showing cash was retained rather than pushed out during a softer year.

Across FY2023-FY2025, free cash flow stayed positive even as net margin moved from 18.3% to 8.1%, which means lower profitability did not automatically become a cash shortfall. That is a sign of manageable reinvestment needs: capital spending remained below operating cash flow, so this is an asset-heavy model, but not one that demands constant outsized spending just to remain cash generative.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 65 / 100
Financial Health Score 65/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Star Bulk Carriers Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
79

Star Bulk Carriers Corp. has an operating margin of 13.1%, meaning the company retains $13 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is down from 30.3% the prior year.

Growth
50

Star Bulk Carriers Corp.'s revenue declined 17.6% year-over-year, from $1.3B to $1.0B. This contraction results in a growth score of 50/100.

Leverage
58

Star Bulk Carriers Corp. has a moderate D/E ratio of 0.55. This balance of debt and equity financing earns a leverage score of 58/100.

Liquidity
51

Star Bulk Carriers Corp.'s current ratio of 1.78 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
93

Star Bulk Carriers Corp. converts 20.3% of revenue into free cash flow ($211.9M). This strong cash generation earns a score of 93/100.

Returns
56

Star Bulk Carriers Corp.'s ROE of 3.4% shows moderate profitability relative to equity, earning a score of 56/100. This is down from 12.3% the prior year.

Altman Z-Score Distress
1.59

Star Bulk Carriers Corp. scores 1.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($1.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/7

Star Bulk Carriers Corp. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
3.52x

For every $1 of reported earnings, Star Bulk Carriers Corp. generates $3.52 in operating cash flow ($295.9M OCF vs $84.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.9x

Star Bulk Carriers Corp. earns $1.9 in operating income for every $1 of interest expense ($136.9M vs $71.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.0B
YoY-17.6%
5Y CAGR+8.5%
10Y CAGR+16.1%

Star Bulk Carriers Corp. generated $1.0B in revenue in fiscal year 2025. This represents a decrease of 17.6% from the prior year.

EBITDA
$305.1M
YoY-44.2%
5Y CAGR+6.2%

Star Bulk Carriers Corp.'s EBITDA was $305.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 44.2% from the prior year.

Net Income
$84.2M
YoY-72.4%
5Y CAGR+54.2%

Star Bulk Carriers Corp. reported $84.2M in net income in fiscal year 2025. This represents a decrease of 72.4% from the prior year.

EPS (Diluted)
$0.73
YoY-73.9%
5Y CAGR+48.8%

Star Bulk Carriers Corp. earned $0.73 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 73.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$211.9M
YoY-49.1%
5Y CAGR+16.6%

Star Bulk Carriers Corp. generated $211.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 49.1% from the prior year.

Cash & Debt
$488.5M
YoY+14.9%
5Y CAGR+21.7%
10Y CAGR+8.9%

Star Bulk Carriers Corp. held $488.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.30
YoY-88.0%
5Y CAGR+43.1%

Star Bulk Carriers Corp. paid $0.30 per share in dividends in fiscal year 2025. This represents a decrease of 88.0% from the prior year.

Shares Outstanding
113M
YoY-3.6%
5Y CAGR+3.1%

Star Bulk Carriers Corp. had 113M shares outstanding in fiscal year 2025. This represents a decrease of 3.6% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
13.1%
YoY-17.1pp
5Y CAGR+1.0pp
10Y CAGR+194.8pp

Star Bulk Carriers Corp.'s operating margin was 13.1% in fiscal year 2025, reflecting core business profitability. This is down 17.1 percentage points from the prior year.

Net Margin
8.1%
YoY-16.0pp
5Y CAGR+6.7pp
10Y CAGR+203.6pp

Star Bulk Carriers Corp.'s net profit margin was 8.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 16.0 percentage points from the prior year.

Return on Equity
3.4%
YoY-8.8pp
5Y CAGR+2.8pp
10Y CAGR+43.8pp

Star Bulk Carriers Corp.'s ROE was 3.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.8 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$98.1M
YoY+287.8%

Star Bulk Carriers Corp. spent $98.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 287.8% from the prior year.

Capital Expenditures
$84.0M
YoY+52.4%
5Y CAGR+3.1%
10Y CAGR-15.9%

Star Bulk Carriers Corp. invested $84.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 52.4% from the prior year.

SBLK Income Statement

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
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

SBLK Balance Sheet

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
Total Assets $3.8B-2.3% $3.9B-4.7% $4.1B-3.6% $4.2B+39.9% $3.0B-7.8% $3.3B-4.3% $3.4B-5.7% $3.6B
Current Assets $683.3M+8.1% $632.0M-4.1% $659.0M-8.8% $722.8M+59.1% $454.4M-6.7% $487.1M-3.0% $502.1M-20.5% $631.5M
Cash & Equivalents $488.5M+23.5% $395.6M-6.9% $425.1M-8.1% $462.6M+103.3% $227.5M-20.3% $285.2M+5.7% $269.8M-19.7% $335.8M
Inventory $51.5M-30.0% $73.6M-6.4% $78.6M-3.8% $81.7M+30.9% $62.4M-4.1% $65.0M-3.2% $67.2M-31.2% $97.7M
Accounts Receivable $83.6M+18.9% $70.3M-11.4% $79.3M-13.2% $91.3M+33.1% $68.6M+14.9% $59.7M-28.9% $84.0M-10.1% $93.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $1.4B-9.1% $1.5B-7.1% $1.6B-9.9% $1.8B+30.1% $1.4B+5.9% $1.3B-8.6% $1.4B-7.9% $1.5B
Current Liabilities $383.7M-2.6% $393.7M-1.5% $399.8M-16.2% $477.2M+32.8% $359.4M+9.1% $329.5M+16.6% $282.6M-7.3% $304.9M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $2.4B+2.0% $2.4B-3.2% $2.5B+1.0% $2.5B+48.1% $1.7B-16.7% $2.0B-1.3% $2.0B-4.1% $2.1B
Retained Earnings -$555.8M+10.5% -$621.2M-2.6% -$605.6M-5.3% -$575.1M+9.2% -$633.2M+3.6% -$656.7M-1.2% -$648.7M-17.8% -$550.8M

SBLK Cash Flow Statement

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
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

SBLK Financial Ratios

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
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 1.78+0.2 1.61-0.0 1.65+0.1 1.51+0.3 1.26-0.2 1.48-0.3 1.78-0.3 2.07
Debt-to-Equity 0.55-0.1 0.62-0.0 0.65-0.1 0.72-0.1 0.82+0.2 0.65-0.1 0.70-0.0 0.73
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

Star Bulk Carriers Corp. (SBLK) reported $1.0B in total revenue for fiscal year 2025. This represents a -17.6% 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.

Star Bulk Carriers Corp. (SBLK) revenue declined by 17.6% year-over-year, from $1.3B to $1.0B in fiscal year 2025.

Yes, Star Bulk Carriers Corp. (SBLK) reported a net income of $84.2M in fiscal year 2025, with a net profit margin of 8.1%.

Star Bulk Carriers Corp. (SBLK) reported diluted earnings per share of $0.73 for fiscal year 2025. This represents a -73.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Star Bulk Carriers Corp. (SBLK) had EBITDA of $305.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Star Bulk Carriers Corp. (SBLK) had an operating margin of 13.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Star Bulk Carriers Corp. (SBLK) had a net profit margin of 8.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Star Bulk Carriers Corp. (SBLK) paid $0.30 per share in dividends during fiscal year 2025.

Star Bulk Carriers Corp. (SBLK) has a return on equity of 3.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Star Bulk Carriers Corp. (SBLK) generated $211.9M in free cash flow during fiscal year 2025. This represents a -49.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Star Bulk Carriers Corp. (SBLK) generated $295.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Star Bulk Carriers Corp. (SBLK) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Star Bulk Carriers Corp. (SBLK) invested $84.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Star Bulk Carriers Corp. (SBLK) spent $98.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Star Bulk Carriers Corp. (SBLK) had 113M shares outstanding as of fiscal year 2025.

Star Bulk Carriers Corp. (SBLK) had a current ratio of 1.78 as of fiscal year 2025, which is generally considered healthy.

Star Bulk Carriers Corp. (SBLK) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Star Bulk Carriers Corp. (SBLK) had a return on assets of 2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Star Bulk Carriers Corp. (SBLK) has an Altman Z-Score of 1.59, 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.

Star Bulk Carriers Corp. (SBLK) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Star Bulk Carriers Corp. (SBLK) has an earnings quality ratio of 3.52x, 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.

Star Bulk Carriers Corp. (SBLK) has an interest coverage ratio of 1.9x, meaning it can struggle to 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.

Star Bulk Carriers Corp. (SBLK) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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