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) Beneish M-score
Star Bulk Carriers Corp.'s Beneish M-score for fiscal 2025 is −2.46; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.46 | (1.50) |
| FY2024 | −0.96 | 1.87 |
| FY2023 | −2.82 | 0.03 |
| FY2022 | −2.85 | (3.60) |
| FY2021 | 0.74 | 3.92 |
| FY2020 | −3.17 | (0.66) |
| FY2019 | −2.52 | (0.91) |
| FY2018 | −1.61 | 1.14 |
| FY2017 | −2.74 | (2.52) |
| FY2016 | −0.22 | 3.01 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.28 | — | 1.18 | |
| Gross margin index | 1.23 | — | 0.65 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 0.82 | — | 0.73 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 1.21 | — | −0.21 | |
| Total accruals to total assets | (0.06) | — | −0.26 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.46 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SFL SFL Corporation Ltd. compare | −3.4× |
| ZIM ZIM Integrated Shipping Services Ltd. compare | −3.2× |
| NMM Navios Maritime Partners LP compare | −2.7× |
| DAC Danaos Corporation compare | −2.6× |
| SBLK Star Bulk Carriers Corp. | −2.5× |
| CMRE Costamare Inc. compare | −2.4× |
| HAFN Hafnia Limited compare | −2.0× |
| GSL Global Ship Lease, Inc. compare | 0.0× |
| ECO Okeanis Eco Tankers Corp. compare | 1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI