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Costamare Inc. (CMRE) vs Navios Maritime Partners LP (NMM)

Costamare Inc. and Navios Maritime Partners LP are both Marine Shipping companies. Navios Maritime Partners LP is the larger, with a market value of $2.4B against $1.6B — 1.5× the size. Costamare Inc. trades at the lower P/E: 4.8× against 5.6×. Navios Maritime Partners LP grew revenue faster over the last twelve months: 13.4% against −4.19%. Costamare Inc. has the higher net margin (36.8% vs 29.6%) and the higher return on invested capital (7.21% vs 6.14%). Both pay a dividend; Costamare Inc. yields more (3.77% vs 0.26%). Across the 22 metrics below, Costamare Inc. leads on 14 and Navios Maritime Partners LP on 8.

Valuation

Metric CMRE NMM Marine Shipping median
P/E 4.81 5.59 7.09
P/S 1.80 1.64 1.71
P/B 0.65 0.68 0.86
Price to free cash flow 24.98 4.22 4.22
EV/EBITDA 4.60 4.72 5.98
EV/Sales 3.05 2.86 2.47
Earnings yield 20.80% 17.90% 12.90%
Free cash flow yield 4.00% 23.69% 17.34%

Profitability

Metric CMRE NMM Marine Shipping median
Gross margin 71.29% 64.47% 60.42%
Operating margin 46.30% 35.74% 27.77%
Net margin 36.80% 29.64% 25.21%
Free cash flow margin 0.00% 38.92% 9.45%
Return on equity 14.08% 12.93% 8.04%
Return on assets 7.63% 7.22% 5.13%
Return on invested capital 7.21% 6.14% 5.17%

Growth

Metric CMRE NMM Marine Shipping median
Revenue growth (TTM) (4.19%) 13.38% 10.81%
EPS growth (last fiscal year) 17.21% (19.95%) (20.39%)
Revenue growth, 5-year CAGR 13.78% 42.75% 11.95%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CMRE NMM Marine Shipping median
Debt to equity 0.77 0.63 0.44
Current ratio 2.52 1.53 1.67
Net debt to EBITDA 1.49 2.29 2.34

Dividend

Metric CMRE NMM Marine Shipping median
Dividend yield 3.77% 0.26% 4.83%
Payout ratio 0.18 0.01 0.30

Size

Metric CMRE NMM Marine Shipping median
Market cap 1.55b 2.38b 424.00m

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