Costamare Inc. (CMRE) vs Global Ship Lease, Inc. (GSL)

Costamare Inc. and Global Ship Lease, Inc. are both Marine Shipping companies. Costamare Inc. is the larger, with a market value of $1.8B against $1.6B — 1.1× the size. Global Ship Lease, Inc. trades at the lower P/E: 4.3× against 5.5×. Costamare Inc. grew revenue faster over the last twelve months: 34.8% against 5.55%. Global Ship Lease, Inc. has the higher net margin (47.9% vs 37.1%) and the higher return on invested capital (12.1% vs 7.70%). Both pay a dividend; Global Ship Lease, Inc. yields more (5.54% vs 4.18%). Across the 23 metrics below, Global Ship Lease, Inc. leads on 19 and Costamare Inc. on 4.

Valuation

Metric CMRE GSL Marine Shipping median
P/E 5.52 4.25 6.89
P/S 2.05 2.04 1.92
P/B 0.77 0.82 0.90
Price to free cash flow 28.50 3.32 4.62
EV/EBITDA 4.98 3.31 6.57
EV/Sales 3.29 2.17 2.73
Earnings yield 18.10% 23.52% 9.59%
Free cash flow yield 3.51% 30.10% 16.76%

Profitability

Metric CMRE GSL Marine Shipping median
Gross margin 72.32% 68.83% 60.61%
Operating margin 48.24% 50.76% 27.74%
Net margin 37.08% 47.87% 25.21%
Free cash flow margin 7.18% 65.72% 17.29%
Return on equity 14.75% 20.81% 8.62%
Return on assets 8.21% 13.28% 5.35%
Return on invested capital 7.70% 12.11% 5.32%

Growth

Metric CMRE GSL Marine Shipping median
Revenue growth (TTM) 34.83% 5.55% 13.26%
EPS growth (last fiscal year) 17.21% 17.04% —
Revenue growth, 5-year CAGR 13.78% 22.07% 11.77%
Net income growth, 5-year CAGR 0.00% 79.75% 0.00%

Health

Metric CMRE GSL Marine Shipping median
Debt to equity 0.66 0.35 0.52
Current ratio 1.61 2.13 1.63
Net debt to EBITDA 1.49 0.29 2.34

Dividend

Metric CMRE GSL Marine Shipping median
Dividend yield 4.18% 5.54% 5.54%
Payout ratio 0.11 0.18 0.13

Size

Metric CMRE GSL Marine Shipping median
Market cap 1.77b 1.59b 420.73m

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