Costamare Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Costamare Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	468	412	380	478	460	794	1,114	848	888	878
General and administrative	7.27	3.15	2.91	3.05	4.1	6.87	9.74	9.68	13.3	10.1
Operating income	166	137	117	173	60.3	441	662	595	490	456
Interest expense	49.9	55.9	61.4	88.3	66.5	72.3	107	127	117	90.2
Interest income	1.63	2.64	3.45	3.35	1.83	1.59	5.96	30.1	31.7	19.3
Other non-operating income	-84.4	-64.1	-49.9	-74.1	-51.5	-6.23	-108	-76.1	-82.4	-59.6
Net income to minority interests					0	0	-0.26	-4.73	-3.59	4.43
Net income	81.7	72.9	67.2	99	8.88	435	555	386	320	365
EBITDA	267	233	213	287	169	578	828	722	617	586
EPS, basic	0.79	0.52	0.33	0.59	-0.18	3.28	4.26	2.95	2.44	2.86
EPS, diluted	0.79	0.52	0.33	0.59	-0.18	3.28	4.26	2.95	2.44	2.86
Shares, basic (weighted)	77.2	101	110	116	121	123	123	120	119	120
Shares, diluted (weighted)	77.2	101	0	116	121	123	123	120	119	120
Dividend per share			0.10	0.10	0.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	165	179	114	149	144	276	718	711	657	520
Short-term investments						0	120	17.5	18.5	19.3
Receivables	0.97	1.32	5.63	7.4	8.25	21	26.9	50.7	45.5
Inventory	11.4	9.66	11	10.5	10.5	21.4	28	61.3	13.2	14.1
Other current assets	3.91	5.7	6.36	8.43	8.85	8.6	10.6	61.9	16.8	44.6
Total current assets	210	227	171	197	192	426	1,015	1,118	1,040	691
Property, plant and equipment	2,073	1,995	2,609	2,620	2,650	3,841	3,667	3,447	3,387
Lease right-of-use assets							0	284	1.13	1.13
Intangible assets			1.22	1.03	0.84	0.67	0.47	0.27	0.07	0
Other non-current assets	8.97	9.43	9.94	3.8	8.43	1.67	0
Total assets	2,558	2,490	3,051	3,012	3,011	4,407	4,896	5,287	5,149	3,863
Accounts payable	3.85	6.31	8.59	6.22	7.58	18.9	18.2	46.8	49.4
Accrued liabilities	11.1	10.8	17.6	19.4	17.6	27.3	51.6	39.5	20.7	22.6
Deferred revenue	19.7	15.3	12.4	10.4	11.9	23.8	25.2	52.2	24.9	42.6
Short-term debt	198	206	149	211	147	272	320	347	287	268
Total current liabilities	280	277	225	267	207	370	423	663	746	399
Long-term debt	856	645	1,159	1,206	1,305	2,170	2,265	1,999	1,410	1,247
Lease liabilities							0	114	87.4
Other non-current liabilities							0	9.18	11.1	15.2
Total liabilities	1,484	1,272	1,694	1,601	1,662	2,681	2,739	2,848	2,578	1,704
Total debt	1,055	851	1,308	1,417	1,452	2,442	2,585	2,346	1,698	1,515
Paid-in capital	1,057	1,176	1,314	1,351	1,366	1,387	1,424	1,435	1,337	1,333
Retained earnings	31.4	43.7	38.7	60.6	-9.72	341	747	1,046	1,280	869
Treasury stock						0	-60.1	-120	-120	-120
Other comprehensive income	-14.4	-0.97	4.54	-1.21	-7.96	-2.23	46.4	21.4	17.3	4.32
Shareholders' equity	1,074	1,219	1,357	1,411	1,349	1,726	2,157	2,383	2,514	2,086
Minority interests							0	56.2	57.5	72.8
Total equity	1,074	1,219	1,357	1,411	1,349	1,726	2,157	2,439	2,571	2,159
Total liabilities and equity	2,558	2,490	3,051	3,012	3,011	4,407	4,896	5,287	5,149	3,863
Shares outstanding		108	112	119	122	124	122	118	120	121

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	81.7	72.9	67.2	99	8.88	435	555	381	316	369
Depreciation and amortization	101	96.4	96.3	113	109	137	166	127	127	130
Stock-based compensation	4.95	3.87	3.76	3.88	3.66	7.41	7.09	5.85	8.43	6.98
Change in receivables	-0.01	-0.58	-14.4	7.42	3.85	-12.8	-6.15	-2.98	3.75	-5.79
Change in inventory	-0.84	1.75	-0.13	0.47	0.09	-9.92	-6.67	4.65	0.47	-0.97
Change in payables	-0.2	2.47	1.93	-2.37	1.37	9.64	-0.71	-3.33	-3.64	3.32
Cash from operations	221	192	141	250	274	466	582	331	538	537
Acquisitions						0	0	2.8	0	0
Purchases of investments					0	0	-179	-200	-72.1	-37.8
Cash from investing	-28.4	-43.4	-113	-8.86	-36.4	-787	42.5	79.1	-79.5	-179
Debt issued	71
Debt repaid	-336
Share buybacks					0	0	-60.1	-60	0	0
Dividends paid	-75	-37.8	-49.1	-58.7	-65.5	-71.3	-120	-71.9	-74.1	-79.3
Cash from financing	-144	-140	-80.5	-212	-242	483	-166	-397	-505	-508
Net change in cash	47.7	8.32	-52.4	29.4	-3.98	162	458	13.6	-47.3	-208
Interest paid	51.2	56.1	60.6	83.2	63.7	71.8	101	126	122	92.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	52.0%	Operating income / revenue.
EBITDA margin	66.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	41.5%	Net income / revenue.
Operating cash flow margin	61.2%	Cash from operations / revenue.
Return on equity (ROE)	15.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	14.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-6.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-11.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	49.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	28.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	14.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	110.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-25.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.73x	Current assets / current liabilities.
Quick ratio	1.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.2%	Total debt / total assets.
Liabilities / assets	44.1%	Total liabilities / total assets.
Net debt	$975.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.06x	Operating income / interest expense.
Working capital	$292.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.09B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.86	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.30	Revenue / diluted weighted shares.
Operating cash flow per share	$4.47	Cash from operations / diluted weighted shares.
Book value per share	$17.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.30	Tangible book value / shares outstanding.
Cash per share	$4.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.75B	Share price x shares outstanding.
Enterprise value	$2.73B	Market cap + total debt - cash - short-term investments.
P/E	4.81x	Market cap / net income. Only when net income is positive.
P/S	2.00x	Market cap / revenue.
P/B	0.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.84x	Market cap / tangible book value, when positive.
P/OCF	3.26x	Market cap / cash from operations, when positive.
EV/Sales	3.11x	Enterprise value / revenue.
EV/EBIT	5.98x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.66x	Enterprise value / EBITDA, when both are positive.
Earnings yield	20.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.

What was Costamare Inc.'s revenue in fiscal 2025?

Costamare Inc. reported revenue of $877.9M for fiscal 2025, 1.2% lower than the year before.

Was Costamare Inc. profitable in fiscal 2025?

Yes. Net income was $364.6M, a net margin of 41.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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