Costamare Inc. (CMRE) vs Okeanis Eco Tankers Corp. (ECO)

Costamare Inc. and Okeanis Eco Tankers Corp. are both Marine Shipping companies. Okeanis Eco Tankers Corp. is the larger, with a market value of $3.0B against $1.8B — 1.7× the size. Costamare Inc. trades at the lower P/E: 5.5× against 7.3×. Okeanis Eco Tankers Corp. grew revenue faster over the last twelve months: 105.2% against 34.8%. Okeanis Eco Tankers Corp. has the higher net margin (56.9% vs 37.1%) and the higher return on invested capital (20.3% vs 7.70%). Both pay a dividend; Okeanis Eco Tankers Corp. yields more (15.4% vs 4.18%). Across the 21 metrics below, Costamare Inc. leads on 12 and Okeanis Eco Tankers Corp. on 9.

Valuation

Metric CMRE ECO Marine Shipping median
P/E 5.52 7.27 6.89
P/S 2.05 4.31 1.92
P/B 0.77 3.47 0.90
Price to free cash flow 28.50 72.08 4.62
EV/EBITDA 4.98 7.24 6.57
EV/Sales 3.29 4.98 2.73
Earnings yield 18.10% 13.76% 9.59%
Free cash flow yield 3.51% 1.39% 16.76%

Profitability

Metric CMRE ECO Marine Shipping median
Gross margin 72.32% 72.33% 60.61%
Operating margin 48.24% 62.34% 27.74%
Net margin 37.08% 56.92% 25.21%
Free cash flow margin 7.18% 5.97% 17.29%
Return on equity 14.75% 61.59% 8.62%
Return on assets 8.21% 29.44% 5.35%
Return on invested capital 7.70% 20.29% 5.32%

Growth

Metric CMRE ECO Marine Shipping median
Revenue growth (TTM) 34.83% 105.24% 13.26%
EPS growth (last fiscal year) 17.21% 11.54% —
Revenue growth, 5-year CAGR 13.78% — 11.77%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric CMRE ECO Marine Shipping median
Debt to equity 0.66 0.82 0.52
Current ratio 1.61 4.43 1.63
Net debt to EBITDA 1.49 2.38 2.34

Dividend

Metric CMRE ECO Marine Shipping median
Dividend yield 4.18% 15.38% 5.54%
Payout ratio 0.11 — 0.13

Size

Metric CMRE ECO Marine Shipping median
Market cap 1.77b 2.97b 420.73m

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