Costamare Inc. (CMRE) vs SFL Corporation Ltd. (SFL)

Costamare Inc. and SFL Corporation Ltd. are both Marine Shipping companies. SFL Corporation Ltd. is the larger, with a market value of $2.0B against $1.8B — 1.1× the size. Costamare Inc. trades at the lower P/E: 5.5× against 26.6×. Costamare Inc. grew revenue faster over the last twelve months: 34.8% against −15.6%. Costamare Inc. has the higher net margin (37.1% vs 8.76%) and the higher return on invested capital (7.70% vs 3.83%). Both pay a dividend; SFL Corporation Ltd. yields more (8.19% vs 4.18%). Across the 22 metrics below, Costamare Inc. leads on 18 and SFL Corporation Ltd. on 4.

Valuation

Metric CMRE SFL Marine Shipping median
P/E 5.52 26.63 6.89
P/S 2.05 2.36 1.92
P/B 0.77 1.66 0.90
Price to free cash flow 28.50 3.78 4.62
EV/EBITDA 4.98 9.24 6.57
EV/Sales 3.29 5.47 2.73
Earnings yield 18.10% 3.76% 9.59%
Free cash flow yield 3.51% 26.49% 16.76%

Profitability

Metric CMRE SFL Marine Shipping median
Gross margin 72.32% 61.42% 60.61%
Operating margin 48.24% 27.73% 27.74%
Net margin 37.08% 8.76% 25.21%
Free cash flow margin 7.18% 62.49% 17.29%
Return on equity 14.75% 6.25% 8.62%
Return on assets 8.21% 1.71% 5.35%
Return on invested capital 7.70% 3.83% 5.32%

Growth

Metric CMRE SFL Marine Shipping median
Revenue growth (TTM) 34.83% (15.61%) 13.26%
EPS growth (last fiscal year) 17.21% (119.80%) —
Revenue growth, 5-year CAGR 13.78% 9.25% 11.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CMRE SFL Marine Shipping median
Debt to equity 0.66 2.30 0.52
Current ratio 1.61 0.38 1.63
Net debt to EBITDA 1.49 6.35 2.34

Dividend

Metric CMRE SFL Marine Shipping median
Dividend yield 4.18% 8.19% 5.54%
Payout ratio 0.11 1.02 0.13

Size

Metric CMRE SFL Marine Shipping median
Market cap 1.77b 1.95b 420.73m

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