Detailed financial statements for Star Bulk Carriers Corp. (SBLK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes through the ownership and operation of dry bulk carrier vessels worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products.
Analysis Summary
Star Bulk Carriers Corp. reported revenue of $1.04B in the most recent fiscal year, growing at a 5-year CAGR of 8.5%. Net income reached $84.2M, with a 54.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.6%, operating margin 28.4%, net margin 23.9%. Free cash flow grew at 16.6% CAGR over 5 years.
At the current price of $30.84, SBLK trades at a P/E of 11.97 and an ROE of 11.71%. Market capitalisation stands at $3.4B.
Balance sheet quality for SBLK: current ratio of 1.8, net debt of $729.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $211.9M represents 252% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $222.1M | $332.0M | $651.6M | $821.4M | $693.2M | $1.43B | $1.44B | $949.3M | $1.27B | $1.04B |
| Cost of Revenue | $177.6M | $180.7M | $362.1M | $582.7M | $450.5M | $497.2M | $616.4M | $554.5M | $682.8M | $808.1M |
| Gross Profit | $44.5M | $151.3M | $289.4M | $238.7M | $242.8M | $930.2M | $820.7M | $394.7M | $582.6M | $234.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $24.3M | $31.0M | $34.7M | $36.4M | $32.3M | $40.1M | $57.5M | $54.7M | $71.1M | $93.7M |
| Operating Expenses | $153.8M | $112.5M | $157.5M | $165.0M | $158.8M | $190.8M | $213.1M | $156.3M | $199.6M | $93.7M |
| Operating Income | -$109.3M | $38.8M | $131.9M | $73.7M | $84.0M | $739.4M | $607.6M | $238.5M | $383.0M | $140.7M |
| EBITDA | $17.5M | $117.6M | $251.2M | $200.5M | $208.9M | $887.2M | $765.8M | $334.8M | $504.9M | $323.7M |
| Interest Expense | $45.0M | $49.6M | $73.7M | $87.6M | $69.6M | $56.0M | $62.6M | $87.9M | $97.4M | $71.2M |
| Pre-tax Income | -$154.0M | -$9.5M | $58.5M | -$16.1M | $9.8M | $680.5M | $566.2M | $173.7M | $304.5M | $84.2M |
| Income Tax | $267,000 | $236,000 | $61,000 | $109,000 | $152,000 | $16,000 | $244,000 | $183,000 | -$116,000 | 0 |
| Net Income | -$154.2M | -$9.8M | $58.4M | -$16.2M | $9.7M | $680.5M | $566.0M | $173.6M | $304.7M | $84.2M |
| EPS | $-3.24 | $-0.16 | $0.76 | $-0.17 | $0.10 | $6.73 | $5.54 | $1.75 | $2.80 | $0.73 |
| EPS (Diluted) | $-3.24 | $-0.16 | $0.76 | $-0.17 | $0.10 | $6.71 | $5.52 | $1.75 | $2.80 | $0.73 |
| Shares Outstanding (Diluted) | $47.6M | $63.0M | $77.3M | $93.7M | $96.3M | $101.5M | $102.5M | $98.9M | $108.7M | $115.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $263.9M | $300.6M | $281.2M | $357.4M |
| Gross Profit | $100.0M | $104.7M | $93.0M | $203.3M |
| Operating Income | $31.8M | $81.7M | $73.0M | $155.0M |
| EBITDA | $79.8M | $121.5M | $111.0M | $197.2M |
| Net Income | $18.5M | $65.2M | $58.5M | $144.9M |
| EPS | $0.16 | $0.57 | $0.53 | $1.30 |
| EPS (Diluted) | $0.16 | $0.57 | $0.52 | $1.30 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $181.8M | $257.9M | $204.9M | $117.8M | $183.2M | $450.3M | $284.3M | $227.5M | $425.1M | $500.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M |
| Receivables | $14.9M | $18.6M | $40.0M | $60.3M | $38.9M | $119.4M | $84.4M | $88.0M | $98.3M | $96.4M |
| Inventory | $14.5M | $19.3M | $27.4M | $51.2M | $47.3M | $75.1M | $67.2M | $62.4M | $78.6M | $51.5M |
| Total Current Assets | $228.5M | $312.6M | $298.8M | $266.0M | $307.4M | $682.9M | $502.1M | $454.4M | $659.0M | $683.3M |
| Property, Plant & Equipment | $1.71B | $1.78B | $2.66B | $2.97B | $2.88B | $3.06B | $2.88B | $2.57B | $3.42B | $2.96B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.01B | $2.15B | $3.02B | $3.24B | $3.19B | $3.75B | $3.43B | $3.03B | $4.09B | $3.81B |
| Accounts Payable | $5.2M | $9.9M | $21.0M | $42.8M | $32.9M | $21.8M | $32.1M | $39.3M | $51.6M | $49.5M |
| Short-term Debt | $2.5M | $174.0M | $101.0M | $150.3M | $144.9M | $156.7M | $166.6M | $249.1M | $221.1M | $226.1M |
| Total Current Liabilities | $28.1M | $219.3M | $222.7M | $310.9M | $266.4M | $290.8M | $282.6M | $359.4M | $399.8M | $383.7M |
| Long-term Debt | $793.3M | $623.1M | $734.2M | $1.01B | $990.2M | $932.6M | $928.0M | $970.0M | $1.04B | $833.5M |
| Total Liabilities | $974.5M | $1.06B | $1.50B | $1.69B | $1.64B | $1.67B | $1.41B | $1.37B | $1.60B | $1.36B |
| Retained Earnings | -$1.03B | -$1.04B | -$980.2M | -$1.00B | -$996.3M | -$546.3M | -$648.7M | -$633.2M | -$605.6M | -$555.8M |
| Total Equity | $1.04B | $1.09B | $1.52B | $1.54B | $1.55B | $2.08B | $2.02B | $1.66B | $2.48B | $2.45B |
| Total Debt | $951.3M | $1.03B | $1.44B | $1.58B | $1.56B | $1.59B | $1.32B | $1.26B | $1.46B | $1.23B |
| Net Debt | $769.6M | $769.3M | $1.24B | $1.47B | $1.38B | $1.14B | $1.04B | $1.04B | $1.03B | $729.0M |
| Working Capital | $200.3M | $93.4M | $76.1M | -$44.9M | $41.0M | $392.1M | $219.5M | $95.0M | $259.2M | $299.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $442.4M | $488.5M | $397.0M | $563.7M |
| Total Assets | $3.79B | $3.81B | $3.67B | $3.85B |
| Total Liabilities | $1.37B | $1.36B | $1.24B | $1.34B |
| Total Equity | $2.42B | $2.45B | $2.43B | $2.51B |
| Total Debt | $1.23B | $1.23B | $1.10B | $1.18B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$154.2M | -$9.8M | $58.4M | -$16.2M | $9.7M | $680.5M | $566.0M | $173.6M | $304.7M | $84.2M |
| Depreciation & Amortization | $81.9M | $82.6M | $102.9M | $124.3M | $142.3M | $152.6M | $167.4M | $138.4M | $164.1M | $168.3M |
| Stock-based Compensation | $4.2M | $9.3M | $8.1M | $7.9M | $4.6M | $10.3M | $28.5M | $20.9M | $18.3M | $17.8M |
| Change in Working Capital | -$10.0M | -$154,000 | -$20.9M | -$43.1M | $5.3M | -$83.6M | -$8.5M | $4.8M | $354,000 | -$15.4M |
| Operating Cash Flow | -$33.4M | $81.0M | $169.0M | $88.5M | $170.6M | $767.1M | $769.9M | $335.8M | $471.2M | $295.9M |
| Capital Expenditure | -$396.2M | -$143.7M | -$328.6M | -$347.1M | -$72.1M | -$130.1M | -$25.4M | -$18.1M | -$55.1M | -$84.0M |
| Acquisitions | -$16.0M | $15.2M | 0 | $56.6M | 0 | 0 | 0 | $251.0M | $104.3M | $174.4M |
| Stock Repurchased | 0 | 0 | -$3.1M | -$20.5M | 0 | -$10.3M | -$20.1M | -$393.1M | -$25.3M | -$98.1M |
| Dividends Paid | 0 | 0 | 0 | -$4.8M | -$4.8M | -$230.2M | -$668.7M | -$158.1M | -$277.0M | -$34.4M |
| Free Cash Flow | -$429.6M | -$62.7M | -$159.6M | -$258.6M | $98.5M | $636.9M | $744.5M | $317.7M | $416.1M | $211.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $91.8M | $101.1M | $112.0M | $149.0M |
| Capital Expenditure | -$10.7M | -$58.2M | -$20.0M | -$79.0M |
| Free Cash Flow | $81.1M | $42.9M | $92.0M | $70.0M |
| Dividends Paid | -$5.7M | -$12.5M | -$41.4M | -$55.9M |
| Stock-based Compensation | $7.2M | $4.1M | $1.9M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +49.5% | +96.3% | +26.1% | -15.6% | +105.9% | +0.7% | -33.9% | +33.3% | -17.6% | |
| Net Income Growth (YoY) | +93.7% | +697.7% | -127.7% | +159.6% | +6,944.8% | -16.8% | -69.3% | +75.5% | -72.4% | |
| EPS Growth (YoY) | +95.1% | +575.0% | -122.4% | +158.8% | +6,630.0% | -17.7% | -68.4% | +60.0% | -73.9% | |
| Shares Change (YoY) | +32.5% | +22.7% | +21.2% | +2.7% | +5.4% | +1.0% | -3.5% | +9.9% | +6.2% | |
| FCF Growth (YoY) | +85.4% | -154.5% | -62.0% | +138.1% | +546.7% | +16.9% | -57.3% | +31.0% | -49.1% | |
| Gross Margin | 20.0% | 45.6% | 44.4% | 29.1% | 35.0% | 65.2% | 57.1% | 41.6% | 46.0% | 22.5% |
| Operating Margin | -49.2% | 11.7% | 20.2% | 9.0% | 12.1% | 51.8% | 42.3% | 25.1% | 30.3% | 13.5% |
| EBITDA Margin | 7.9% | 35.4% | 38.6% | 24.4% | 30.1% | 62.2% | 53.3% | 35.3% | 39.9% | 31.0% |
| Net Margin | -69.4% | -2.9% | 9.0% | -2.0% | 1.4% | 47.7% | 39.4% | 18.3% | 24.1% | 8.1% |
| FCF Margin | -193.4% | -18.9% | -24.5% | -31.5% | 14.2% | 44.6% | 51.8% | 33.5% | 32.9% | 20.3% |
| Effective Tax Rate | -0.2% | -2.5% | 0.1% | -0.7% | 1.5% | 0.0% | 0.0% | 0.1% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-9.03 | $-0.99 | $-2.06 | $-2.76 | $1.02 | $6.28 | $7.26 | $3.21 | $3.83 | $1.84 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.05 | $0.05 | $2.27 | $6.52 | $1.60 | $2.55 | $0.30 |
| Shares Outstanding (Basic) | $47.6M | $61.1M | $77.1M | $93.7M | $96.3M | $101.4M | $102.5M | $98.9M | $108.7M | $115.0M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 11.71% |
| Return on Invested Capital | 9.25% |
| Return on Assets | 7.45% |
| Gross Margin | 41.64% |
| Operating Margin | 28.39% |
| Net Margin | 23.87% |
Financial Health
| Debt / Equity | 0.47 |
| Current Ratio | 1.91 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.26 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.58 | -70.38 | 12.03 | -69.47 | 88.30 | 3.37 | 3.47 | 11.95 | 5.34 | 26.33 |
| P/B | 0.23 | 0.63 | 0.46 | 0.72 | 0.55 | 1.11 | 0.98 | 1.25 | 0.65 | 0.90 |
| P/S | 1.09 | 2.07 | 1.08 | 1.35 | 1.23 | 1.61 | 1.37 | 2.18 | 1.28 | 2.12 |
| Gross Margin | 20.0% | 45.6% | 44.4% | 29.1% | 35.0% | 65.2% | 57.1% | 41.6% | 46.0% | 22.5% |
| Operating Margin | -49.2% | 11.7% | 20.2% | 9.0% | 12.1% | 51.8% | 42.3% | 25.1% | 30.3% | 13.5% |
| Net Margin | -69.4% | -2.9% | 9.0% | -2.0% | 1.4% | 47.7% | 39.4% | 18.3% | 24.1% | 8.1% |
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Explore sector: Industrials · Marine Shipping
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