Star Bulk Carriers Corp.
SBLK Industrials Marine Shipping
Star Bulk Carriers Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, down 17.6% from fiscal 2024. In the quarter to June 2026, revenue grew 44.5%, EPS grew 433,233.3%, free cash flow grew 25.8% and total debt fell 12.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Star Bulk Carriers Corp. (SBLK) Altman Z-score
Star Bulk Carriers Corp.'s Altman Z-score for fiscal 2025 is 1.26, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.26 | 0.18 |
| FY2024 | 1.09 | (0.15) |
| FY2023 | 1.24 | (0.41) |
| FY2022 | 1.65 | (0.13) |
| FY2021 | 1.77 | 1.58 |
| FY2020 | 0.19 | (0.08) |
| FY2019 | 0.27 | 0.05 |
| FY2018 | 0.22 | 0.22 |
| FY2017 | −0.01 | 0.51 |
| FY2016 | −0.51 | 0.48 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.09 | |
| Retained earnings / total assets | (0.15) | — | −0.20 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 1.63 | — | 0.98 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Distress zone | 1.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.18 | ||
Z and Z″ put Star Bulk Carriers Corp. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ECO Okeanis Eco Tankers Corp. compare | 2.4× |
| DAC Danaos Corporation compare | 2.4× |
| HAFN Hafnia Limited compare | 2.4× |
| GSL Global Ship Lease, Inc. compare | 2.2× |
| CMRE Costamare Inc. compare | 1.7× |
| ZIM ZIM Integrated Shipping Services Ltd. compare | 1.5× |
| SBLK Star Bulk Carriers Corp. | 1.3× |
| SFL SFL Corporation Ltd. compare | 0.4× |
| NMM Navios Maritime Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets