MeritValue

Costamare Inc.

CMREdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Costamare Inc. earns about 19% on equity, and has bought back 2% of its shares over 5 years. The applicable estimate puts fair value near $33.26 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$793.6M1$1.11B2$848.3M3$888.5M3$877.9M3
Net income$435.1M4$555M5$385.7M6$319.9M6$364.6M6
Operating cash flow$466.5M7$581.6M8$331.4M8$537.7M8$536.9M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.88B10$5.17B11$4.69B12$3.4B13$3.03B13
Cash & equivalents$276M14$718M15$710.6M16$656.9M16$519.8M16
Diluted shares123.1M123.0M120.3M119.3M120.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$173.56
your share of equity
Profit it earned you last year
$30.33
Free cash flow it threw off
—
Debt you’d be carrying
$252.06

10 shares is a claim on $173.56 of net worth that earned you $30.33 last year, against $252.06 of debt.

iii. Is this a good business?
Moat signal · return on equity
19% avg · 5y
FY21 25%FY22 26%FY23 16%FY24 13%FY25 17%

It earned an average 19% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 38% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$33.26
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$385.7M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001140361-24-016465 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001140361-25-005199 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-007868 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001140361-24-016465 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-005199 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-007868 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001140361-24-016465 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001140361-25-005199 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-12-31 · accession 0001140361-26-007868 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 20-F · period ending 2021-12-31 · accession 0001140361-23-015560 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001140361-24-016465 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001140361-25-005199 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001140361-26-007868 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001140361-24-016465 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001140361-25-005199 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001140361-26-007868 (CashAndCashEquivalentsAtCarryingValue)