Costamare Inc. (CMRE) vs Safe Bulkers, Inc (SB)

Costamare Inc. and Safe Bulkers, Inc are both Marine Shipping companies. Costamare Inc. is the larger, with a market value of $1.7B against $912.9M — 1.9× the size. Costamare Inc. trades at the lower P/E: 5.3× against 10.1×. Costamare Inc. grew revenue faster over the last twelve months: 34.8% against 10.8%. Costamare Inc. has the higher net margin (37.1% vs 25.7%) and the higher return on invested capital (7.70% vs 5.56%). Both pay a dividend; Costamare Inc. yields more (4.25% vs 2.99%). Across the 21 metrics below, Costamare Inc. leads on 20 and Safe Bulkers, Inc on 1.

Valuation

Metric CMRE SB Marine Shipping median
P/E 5.32 10.06 8.37
P/S 1.97 2.60 1.87
P/B 0.74 0.96 0.86
Price to free cash flow 27.46 n/m 4.66
EV/EBITDA 4.87 10.59 6.48
EV/Sales 3.21 3.83 2.70
Earnings yield 18.79% 9.94% 10.65%
Free cash flow yield 3.64% (5.60%) 17.95%

Profitability

Metric CMRE SB Marine Shipping median
Gross margin 72.32% 63.42% 60.61%
Operating margin 48.24% 36.11% 27.74%
Net margin 37.08% 25.69% 25.21%
Free cash flow margin 7.18% (14.56%) 16.32%
Return on equity 14.75% 0.00% 8.62%
Return on assets 8.21% 5.57% 5.35%
Return on invested capital 7.70% 5.56% 5.32%

Growth

Metric CMRE SB Marine Shipping median
Revenue growth (TTM) 34.83% 10.81% 13.26%
EPS growth (last fiscal year) 17.21% (63.86%) (16.82%)
Revenue growth, 5-year CAGR 13.78% 6.83% 11.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CMRE SB Marine Shipping median
Debt to equity 0.66 0.59 0.52
Current ratio 1.61 1.00 1.63
Net debt to EBITDA 1.49 2.88 2.34

Dividend

Metric CMRE SB Marine Shipping median
Dividend yield 4.25% 2.99% 4.68%
Payout ratio 0.23 0.30 0.31

Size

Metric CMRE SB Marine Shipping median
Market cap 1.73b 912.94m 391.73m

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