Castor Maritime Inc.
CTRMdata completeness 88%8 fiscal years on fileCastor Maritime Inc. earns about 9% on invested capital, barely covering its ~9% cost of capital, and has bought back 37% of its shares over 5 years. The estimate methods put fair value between $5.92 and $7.46 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $15M1 | $02 | $03 | $1.17M3 | $35.6M3 |
| Net income | $52.3M4 | $118.6M5 | $38.6M6 | $14.6M6 | $19.3M6 |
| Operating cash flow | $60.8M7 | $123.8M7 | $22.2M8 | $41.9M8 | $10M8 |
| Capital expenditure | $235M9 | $75.6M10 | $623,28310 | $72.2M10 | $699,16411 |
| Free cash flow (derived) | −$174.2M7 | $48.2M7 | $21.6M8 | −$30.3M8 | $9.35M8 |
| Total debt | $102M12 | $138.8M13 | $85.8M13 | — | — |
| Cash & equivalents | $37.2M14 | $142.4M15 | $111.4M16 | $87.9M16 | $151.8M16 |
| Diluted shares | 85.3M | 9.5M | 22.0M | 38.7M | 53.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $97.93 of net worth that earned you $3.59 and generated $1.74 of cash last year.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 37% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 16% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $5.92 and $7.46 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$9.35M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$9.35M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$38.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.32 |
| Base | 5.0% | $5.92 |
| Bull | 10.0% | $6.64 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001140361-23-010606 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-018945 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-014700 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001140361-24-010463 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-018945 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-014700 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001140361-23-010606 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-014700 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 20-F · period ending 2021-12-31 · accession 0001140361-24-010463 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-018945 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001140361-26-014700 (PaymentsForCapitalImprovements)
- 20-F · period ending 2021-12-31 · accession 0001140361-23-010606 (LongTermDebt)
- 20-F · period ending 2022-12-31 · accession 0001140361-24-010463 (LongTermDebt)
- 20-F · period ending 2021-12-31 · accession 0001140361-23-010606 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-018945 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001140361-26-014700 (CashAndCashEquivalentsAtCarryingValue)