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ValueScreener company report

Costamare Bulkers Holdings Ltd (CMDB)

NYSE / Industrials / Marine Shipping

Share price

19.47 USD Market dataClose of Oct 15, 2026

Market capitalisation

473.2M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 30, 2026
Ratios computed
Oct 15, 2026
Filed years
3, FY2023 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-5.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.71x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, by fiscal year

FY2022 Revenue: 316.5M USDFY2022 Net income: 90.4M USDFY2023 Revenue: 0.00 USDFY2023 Net income: 0.00 USDFY2024 Revenue: 0.00 USDFY2024 Net income: 6.0K USDFY2025 Revenue: 597.2M USDFY2025 Net income: -37.4M USD
Revenue Net income4 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -5.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Marine Shipping industry (46 companies), -5.6% sits at the 18th percentile; the middle half of that group runs from -0.9% to 12.9%.

Is it safe

Debt to equity was 0.29 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Industrials sector (433 companies), 0.29 sits at the 26th percentile; the middle half of that group runs from 0.28 to 1.21.

Year by year against peers
Whether Costamare Bulkers Holdings Ltd's return on equity stayed above the median of the Marine Shipping industry, year by year. (FY2024 to FY2025, 2 fiscal years of Costamare Bulkers Holdings Ltd with a comparable figure)
What could explain it
What in Costamare Bulkers Holdings Ltd's filed statements could explain the movements. (2 readings drawn from the statement lines Costamare Bulkers Holdings Ltd filed)
What to check next
What to check next on Costamare Bulkers Holdings Ltd, and where in its filings. (1 question for Costamare Bulkers Holdings Ltd)
In one paragraph
One paragraph on Costamare Bulkers Holdings Ltd's returns, cash, balance sheet and price. (4 of sixteen figures read for Costamare Bulkers Holdings Ltd)

These are CMDB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CMDBPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 30, 2026, accession 0001140361-26-011994.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Costamare Bulkers Holdings Ltd: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Return on equity-5.6% ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Return on capital employed, pre-tax-3.8% ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Return on assets-4.0% ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Operating margin-5.1% ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Net margin-6.3% ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
CMDB -6.3%
PANL 3.1%GNK -1.3%DSX 8.3%NAT 4.2%ASC 13.2%
-6.3%13.2%
Net margin: CMDB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Costamare Bulkers Holdings Ltd: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.29 ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Current ratio2.38 ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Quick ratio2.27 ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Altman Z-score1.77 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Net debt-17.1M ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Total assets 929.4MTotal liabilities 263.8MShareholders' equity 665.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Costamare Bulkers Holdings Ltd owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 30, 2026, 0001140361-26-011994).

Costamare Bulkers Holdings Ltd: balance sheet position
Total assets929.4M FiledFY2025 20-F, filed Mar 30, 2026
Total liabilities263.8M FiledFY2025 20-F, filed Mar 30, 2026
Shareholders' equity665.6M FiledFY2025 20-F, filed Mar 30, 2026
Cash211.8M FiledFY2025 20-F, filed Mar 30, 2026
Total debt194.7M FiledFY2025 20-F, filed Mar 30, 2026
Net debt-17.1M
Current ratio2.38
Debt to equity0.29
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Costamare Bulkers Holdings Ltd: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.71x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Price to sales0.79x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994

We publish no fair value or price target of our own. Value CMDB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Costamare Bulkers Holdings Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Costamare Bulkers Holdings Ltd: valuation
Share price19.47 USD
Market capitalisation473.2M USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per share, FY2022n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Costamare Bulkers Holdings Ltd

  1. Pangaea Logistics Solutions, Ltd. (PANL)Market cap 515.3M USD
  2. Genco Shipping & Trading Limited (GNK)Market cap 1.09B USD
  3. Diana Shipping Inc. (DSX)Market cap 318.5M USD
  4. Nordic American Tankers Limited (NAT)Market cap 1.66B USD
  5. Ardmore Shipping Corporation (ASC)Market cap 775.4M USD

Same industry (Marine Shipping) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Costamare Bulkers Holdings Ltd: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
FY2022 Free cash flow: 61.9M USDFY2022 Net income: 90.4M USDFY2023 Net income: 0.00 USDFY2024 Net income: 6.0K USDFY2025 Net income: -37.4M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Costamare Bulkers Holdings Ltd: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.71xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Mar 30, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.29FY2025Mar 30, 2026
2.38FY2025Mar 30, 2026
0.79xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.77FY2025Oct 15, 2026
n/aFY2025Mar 30, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
4/9FY2025Mar 30, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

4 fiscal years, FY2022 to FY2025. 3 read from the annual reports Costamare Bulkers Holdings Ltd filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Costamare Bulkers Holdings Ltd: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025597.2M-30.6M-37.4Mn/an/a-5.1%-5.6%20-F, Mar 30, 20260001140361-26-011994
FY20240.000.006.0Kn/an/an/m100.0%20-F, Mar 30, 20260001140361-26-011994
FY20230.000.000.00n/an/an/mn/a20-F, Mar 30, 20260001140361-26-011994
FY2022316.5M109.0M90.4M3.7461.9M34.5%20.3%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2022 to FY2025: 23.6%
  • Earnings: Earnings was not positive in both 2022 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Costamare Bulkers Holdings Ltd: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Piotroski F-score4/9 ComputedFY2025 20-F, filed Mar 30, 2026, 0001140361-26-011994
Named tests met2 of 30 Computed
Beta
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 16 not met, 12 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Book or below, low debt (Walter Schloss); Cheapest quarter on P/B (David Dreman)
Does not
Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Clean books, high ROIC
Not measured
Defensive investor (Benjamin Graham); Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(22)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • Beneish M-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Beta: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 22 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 12 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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