Costamare Inc.

Scaled containership owner with top-quartile returns, fat operating margins and a strong cash balance, tempered by industry cyclicality and family control.

Strengths

• ROE 17.5% (80th pct), operating margin 52% (86th pct) and net margin 42% (76th pct)
• Large cash position (90th pct) with reasonable leverage (D/E 0.60) and interest coverage 5.1x

Risks

• Charter-rate cyclicality and vessel-value volatility outside the company's control
• Konstantakopoulos family control plus related-party managers create governance/conflict risk; newer leasing business adds counterparty exposure

Notable findings

• Strong balance sheetStrong balance sheet — $539M cash & investments