Castor Maritime Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Castor Maritime 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.96	5.97	12.5	103	150	97.5	66.2	81.8
Cost of revenue					0	0	1.12	22.1
Gross profit					150	97.5	65.1	59.7
General and administrative	0.11	0.38	1.13	3.27	7.04	5.68	13.3	19.4
Operating income	0.99	1.28	0.45	55.4	73.1	22	21.4	-18.4
Interest expense	0	0.22	2.19	2.35	7.68	11.3	6.09	4.97
Interest income	0	0.03	0.03	0.07	1.36	3.21	6.88	1.91
Other non-operating income	-0.01	-0.2	-2.18	-2.26	-6.16	-0.53	-5.99	40.8
Pre-tax income	0.98	1.09	-1.73	53.1	66.9	21.5	15.4	22.4
Income tax	0	0	0.02	0.29	0.39	0.18	0.13	0.32
Net income to minority interests					0	0	0.69	2.27
Net income	0.98	1.09	-1.75	52.3	119	38.6	14.6	19.3
EBITDA	1.62	2.18	2.36	65.9	91.6	44.1	36.5	-3.66
EPS, basic	-28.16	31.17	-2.61	4.81	12.53	3.86	3.50	1.13
EPS, diluted	-28.16	31.17	-2.61	4.71	12.53	1.74	0.38	0.36
Shares, basic (weighted)	0.02	0.03	0.68	8.37	9.46	9.57	9.66	9.66
Shares, diluted (weighted)	0.02	0.03	0.68	8.51	9.46	22	38.7	53.7

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.74	4.56	8.93	37.2	142	111	87.9	152
Receivables	0	0.22	1.3	8.22	2.71	2.91	2.69	7.91
Inventory	0.06	0.14	0.71	4.44	1.94	0.98	1.55	0.79
Other current assets	0.04	0.38	1.06	2.59	2.07	3.28	3.77	3.41
Total current assets	2.11	6.22	13.6	55	166	242	254	221
Property, plant and equipment	7.07	23.7	58	394	343	230
Lease right-of-use assets						0	7.77	7.42
Goodwill						0	17.9	24.1
Intangible assets						0	19.3	21.2
Other non-current assets	7.51
Total assets	9.62	30.4	74.4	463	633	605	797	797
Accounts payable	0.03	0.41	2.08	5.04	7.59	2.83	2.13	3.71
Accrued liabilities	0.12	0.56	1.61	4.46	5.49	3.59	23	16.7
Deferred revenue	0	0.49	0.11	3.93	2.58	1.55	0.58	0.83
Total current liabilities	0.15	2.98	10.9	34	51.6	28.6	64.4	34.4
Lease liabilities						0	6.72	6.21
Total liabilities	0.15	17.2	22	120	172	144	250	209
Total debt		10.8	13.2	102	139	85.8
Paid-in capital	7.61	12.8	53.7	304	304	266	265	265
Retained earnings	1.86	0.44	-1.32	39.2	158	195	229	239
Other comprehensive income						0	-1.51	20.6
Shareholders' equity	9.47	13.2	52.4	343	461	461	492	525
Minority interests						0	55.3	62.8
Total equity	9.47	13.2	52.4	343	461	461	548	588
Total liabilities and equity	9.62	30.4	74.4	463	633	605	797	797
Shares outstanding	0.02	0.33	1.31	9.44	94.6	9.66	9.66	9.66

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.98	1.09	-1.75	52.3	119	38.6	15.3	21.5
Depreciation and amortization	0.64	0.9	1.9	10.5	18.5	22.1	15	14.8
Stock-based compensation					0	0	0.01	0.24
Deferred income tax						0	0	-1.01
Change in receivables	0.34	0.45	-1.12	-2.82	1.42	-0.21	3.5	-2.98
Change in inventory	-0.01	-0.09	-0.57	-0.58	-0.64	0.54	-0.26	0.87
Change in payables	-0.07	0.13	0.58	3.02	3.34	-3.26	-1.79	1.08
Cash from operations	0.9	2.31	-2.34	60.8	124	22.2	41.9	10
Capital expenditures	0	-17.2	-35.5	-235	-75.6	-0.62	-72.2	-0.7
Acquisitions					0	0	-163	0
Cash from investing	0	-17.2	-35.5	-349	-63.7	-8.97	-133	97.1
Debt issued	0	11	9.5	79.2	77.5	0	100	51.6
Stock issued	0	2.63
Cash from financing	0	18.1	42.2	322	48.9	-2.14	59.6	-46.3
Exchange rate effect					0	0	-0.28	3.36
Net change in cash	0.9	3.17	4.37	34	109	-31.4	-32.3	64.2
Free cash flow	0.9	-14.9	-37.8	-174	48.2	21.6	-30.3	9.35
Interest paid	0	0	0.65	1.92	5.67	10.2	3.2	3.13
Income taxes paid					0	0	0.03	7.15

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.0%	Gross profit / revenue.
Operating margin	-22.5%	Operating income / revenue.
EBITDA margin	-4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.4%	Pre-tax income / revenue.
Net margin	23.6%	Net income / revenue.
FCF margin	11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	1.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	-4.7%	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	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	18.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-18.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	45.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-26.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-186.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-110.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	31.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-45.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-5.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-69.4%	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	-76.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-56.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-42.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	6.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.4%	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	58.6%	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	-0.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	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	60.7%	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	38.5%	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	78.3%	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	139.9%	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	6.44x	Current assets / current liabilities.
Quick ratio	4.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.2%	Total liabilities / total assets.
Interest coverage	-3.71x	Operating income / interest expense.
Working capital	$187.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$480.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.
Inventory turnover	18.9x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	15.4x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-5 days	Days inventory + days sales outstanding - days payables.
FCF conversion	48.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.36	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	$1.13	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.52	Revenue / diluted weighted shares.
FCF per share	$0.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$54.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$49.69	Tangible book value / shares outstanding.
Cash per share	$15.71	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$20.7M	Share price x shares outstanding.
Enterprise value	-$131.1M	Market cap + total debt - cash - short-term investments.
P/E	1.07x	Market cap / net income. Only when net income is positive.
P/S	0.25x	Market cap / revenue.
P/B	0.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.04x	Market cap / tangible book value, when positive.
P/FCF	2.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.06x	Market cap / cash from operations, when positive.
FCF yield	45.2%	Free cash flow / market cap.
Earnings yield	93.2%	Net income / market cap (the inverse of P/E).

What was Castor Maritime Inc.'s revenue in fiscal 2025?

Castor Maritime Inc. reported revenue of $81.8M for fiscal 2025, 23.5% higher than the year before.

Was Castor Maritime Inc. profitable in fiscal 2025?

Yes. Net income was $19.3M, a net margin of 23.6%.

How much free cash flow did Castor Maritime Inc. generate in fiscal 2025?

Cash from operations of $10.0M minus capital expenditures of $699.2K left free cash flow of $9.3M.

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.

Open interactive statements, quarterly figures and charts

Back to Castor Maritime Inc.