Star Bulk Carriers Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Star Bulk Carriers Corp. 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	222	332	652	821	693	1,427	1,437	949	1,265	1,042
General and administrative	24.6	31	34	34.8	31.9	39.5	56.8	54.4	70.8	70.5
Operating expenses	331	293	520
Operating income	-109	38.8	132	73.7	84	739	608	238	383	137
Interest expense	40.4	50.5	73.7	87.6	69.6	56	52.6	71.3	91.8	71.2
Other non-operating income	-44.8	-48.5	-73.5	-89.8	-74.2	-59	-41.5	-64.8	-78.5	-51.8
Pre-tax income	-154	-9.54	58.4	-16.1	9.78	680	566	174	305	85.1
Income tax	0.27	0.24	0.06	0.11	0.15	0.02	0.24	0.18	-0.12	0
Net income	-154	-9.77	58.4	-16.2	9.66	681	566	174	305	84.2
EBITDA	-27.3	121	235	198	226	892	764	377	547	305
EPS, basic	-3.24	-0.16	0.76	-0.17	0.10	6.73	5.54	1.76	2.85	0.73
EPS, diluted	-3.24	-0.16	0.76	-0.17	0.10	6.71	5.52	1.75	2.80	0.73
Shares, basic (weighted)	47.6	63	77.1	93.7	96.1	101	102	98.5	107	115
Shares, diluted (weighted)	47.6	63	77.3	93.7	96.3	101	103	98.9	109	115
Dividend per share				0.05	0.05	2.25	6.50	1.57	2.50	0.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	182	258	205	118	183	450	270	227	425	489
Receivables	12.6	18.5	38.4	58.8	38.1	81.1	84	68.6	79.3	83.6
Inventory	14.5	19.3	27.4	51.2	47.3	75.1	67.2	62.4	78.6	51.5
Other current assets	6.45	5.16	7.05	11.4	13	15.2	14.9	22.8	43.6	34.5
Total current assets	228	313	299	266	307	683	502	454	659	683
Property, plant and equipment	1,772	1,824	2,716	2,966	2,877	3,013	2,882	2,540	3,236	2,962
Lease right-of-use assets			0	1.22	0.89	48.3	37.6	27.8	185	157
Intangible assets	0
Long-term investments	0.97	1.06	1.11	1.16	1.32	1.57	1.68	1.74	1.73	0.83
Other non-current assets	1.6	0	3.66	3.7	0.04			0	0.35	0.32
Total assets	2,012	2,146	3,022	3,239	3,192	3,755	3,434	3,028	4,086	3,805
Accounts payable	5.2	9.94	21	42.8	32.9	21.8	32.1	39.3	51.6	49.5
Accrued liabilities	11.7	10.5	16.9	46.8	20.9	30.8	34	31.4	62.6	38.7
Deferred revenue	2.06	7.23	10.9	7.37	11.7	25	16.7	16.7	17.3	20.4
Total current liabilities	28.1	219	223	311	266	291	283	359	400	384
Lease liabilities			0	1.22	0.89	48.3	27.7	22.6	156	128
Other non-current liabilities	0.47	0.56	0.67	0.77	1.05	1.06	0.83	1	0.85	0.65
Total liabilities	974	1,058	1,502	1,695	1,642	1,675	1,414	1,368	1,605	1,356
Paid-in capital	2,063	2,123	2,502	2,544	2,549	2,618	2,646	2,287	3,084	3,004
Retained earnings	-1,027	-1,036	-980	-1,001	-996	-546	-649	-633	-606	-556
Treasury stock		0	-3.15	-0.09	-0.09	0
Other comprehensive income	-0.29	0.61	0	0	-3.99	6.93	21	5.39	2.3	0.32
Shareholders' equity	1,037	1,088	1,520	1,544	1,550	2,080	2,019	1,660	2,482	2,449
Total equity	1,037	1,088	1,520	1,544	1,550	2,080	2,019	1,660	2,482	2,449
Total liabilities and equity	2,012	2,146	3,022	3,239	3,192	3,755	3,434	3,028	4,086	3,805

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-154	-9.77	58.4	-16.2	9.66	681	566	174	305	84.2
Depreciation and amortization	81.9	82.6	103	124	142	153	157	138	164	168
Stock-based compensation	4.17	9.27	8.07	7.94	4.62	10.3	28.5	20.9	18.3	17.8
Change in receivables	-1.68	-5.95	-22.3	-20.4	20.3	-43.6	-3.65	14.4	33.6	-4.28
Change in inventory	-0.18	-4.81	-8.09	-23.7	3.86	-27.8	-9.41	-5.85	1.93	25.6
Cash from operations	-33.2	82.8	169	88.5	171	767	770	336	471	296
Capital expenditures	-396	-144	-329	-347	-72.1	-130	-25.4	-18.1	-55.1	-84
Cash from investing	-13.4	-127	-325	-280	-66.3	-121	-20.9	236	356	101
Debt issued	152	161	988	768	688	471	315	441	388	378
Debt repaid	-181	-86.3	-875	-624	-709	-593	-576	-493	-730	-580
Stock issued	50.6	51.5	0	0	0	0	19.8	13.2	0	0
Share buybacks	0	0	-3.15	-20.5	0	-10.3	-20.1	-393	-25.3	-98.1
Dividends paid		0	0	-4.8	-4.8	-230	-669	-158	-277	-34.4
Cash from financing	20.4	122	96.7	104	-34.9	-368	-936	-596	-648	-336
Net change in cash	-26.3	77.7	-59.6	-87.6	69.3	278	-187	-24.6	179	61.1
Free cash flow	-429	-60.9	-160	-259	98.5	637	744	318	416	212
Interest paid	48	50.2	65.2	82.2	61.6	49.7	49.6	56	87.5	58.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $29.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	13.1%	Operating income / revenue.
EBITDA margin	29.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.2%	Pre-tax income / revenue.
Net margin	8.1%	Net income / revenue.
FCF margin	20.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.4%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	6.8%	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	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.1%	Capital expenditures / revenue.
D&A / revenue	16.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-17.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-64.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-39.2%	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	10.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-44.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-26.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-72.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-47.0%	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	54.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-73.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-49.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	48.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-37.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-27.3%	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	11.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-49.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-88.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-64.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	43.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	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	9.6%	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	-6.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	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	3.6%	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	6.2%	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	4.0%	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	3.7%	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	1.78x	Current assets / current liabilities.
Quick ratio	1.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.6%	Total liabilities / total assets.
Interest coverage	1.92x	Operating income / interest expense.
Working capital	$299.7M	Current assets - current liabilities.
Tangible book value	$2.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	0.34x	Revenue / average property, plant and equipment.
Receivables turnover	12.8x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
FCF conversion	251.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	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	$0.73	Net income per basic share, as reported (split-adjusted).
Revenue per share	$9.03	Revenue / diluted weighted shares.
FCF per share	$1.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.56	Cash from operations / diluted weighted shares.
Book value per share	$21.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.22	Tangible book value / shares outstanding.
Cash per share	$4.23	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.30	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	40.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	46.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.29B	Share price x shares outstanding.
Enterprise value	$2.81B	Market cap + total debt - cash - short-term investments.
P/E	39.1x	Market cap / net income. Only when net income is positive.
P/S	3.16x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.35x	Market cap / tangible book value, when positive.
P/FCF	15.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	2.69x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.20x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.4%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was Star Bulk Carriers Corp.'s revenue in fiscal 2025?

Star Bulk Carriers Corp. reported revenue of $1.04B for fiscal 2025, 17.6% lower than the year before.

Was Star Bulk Carriers Corp. profitable in fiscal 2025?

Yes. Net income was $84.2M, a net margin of 8.1%.

How much free cash flow did Star Bulk Carriers Corp. generate in fiscal 2025?

Cash from operations of $295.9M minus capital expenditures of $84.0M left free cash flow of $211.9M.

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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