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Marine shipping · Industrials · Fiscal year ends Dec 31
Star Bulk Carriers reported revenue of $1B in the fiscal year ended Dec 2025, down 17.6% from the year before. Operating income was $137M, an operating margin of 13.1%, and net income was $84M. Operating cash flow of $296M less capital expenditure of $84M left free cash flow of $212M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,427 | 1,437 | 949 | 1,265 | 1,042 |
| Operating income | 739 | 608 | 238 | 383 | 137 |
| Interest expense | 56.0 | 52.6 | 71.3 | 91.8 | 71.2 |
| Pre-tax income | 680 | 566 | 174 | 305 | 85.1 |
| Income tax | 0.0 | 0.2 | 0.2 | −0.1 | 0.0 |
| Net income | 681 | 566 | 174 | 305 | 84.2 |
| Diluted EPS | 6.71 | 5.52 | 1.75 | 2.80 | 0.73 |
| Diluted shares | 101 | 103 | 98.9 | 109 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 450 | 270 | 227 | 425 | 489 |
| Receivables | 81.1 | 84.0 | 68.6 | 79.3 | 83.6 |
| Inventory | 75.1 | 67.2 | 62.4 | 78.6 | 51.5 |
| Current assets | 683 | 502 | 454 | 659 | 683 |
| Net PP&E | 3,013 | 2,882 | 2,540 | 3,236 | 2,962 |
| Total assets | 3,755 | 3,434 | 3,028 | 4,086 | 3,805 |
| Payables | 21.8 | 32.1 | 39.3 | 51.6 | 49.5 |
| Deferred revenue | 25.0 | 16.7 | 16.7 | 17.3 | 20.4 |
| Current liabilities | 291 | 283 | 359 | 400 | 384 |
| Total liabilities | 1,675 | 1,414 | 1,368 | 1,605 | 1,356 |
| Shareholders' equity | 2,080 | 2,019 | 1,660 | 2,482 | 2,449 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 767 | 770 | 336 | 471 | 296 |
| Capital expenditure | 130 | 25.4 | 18.1 | 55.1 | 84.0 |
| Free cash flow | 637 | 744 | 318 | 416 | 212 |
| Depreciation & amortisation | 153 | 157 | 138 | 164 | 168 |
| Stock-based compensation | 10.3 | 28.5 | 20.9 | 18.3 | 17.8 |
| Share buybacks | 10.3 | 20.1 | 393 | 25.3 | 98.1 |
| Dividends paid | 230 | 669 | 158 | 277 | 34.4 |
| Dividend per share | 2.25 | 6.50 | 1.57 | 2.50 | 0.30 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.7% | −33.9% | 33.3% | −17.6% |
| Operating income growth (YoY) | – | −17.8% | −60.8% | 60.6% | −64.3% |
| EPS growth (YoY) | – | −17.7% | −68.3% | 60.0% | −73.9% |
| Operating margin | 51.8% | 42.3% | 25.1% | 30.3% | 13.1% |
| Net margin | 47.7% | 39.4% | 18.3% | 24.1% | 8.1% |
| Return on equityBlank when equity is negative | 32.7% | 28.0% | 10.5% | 12.3% | 3.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.3% | 19.3% | 8.9% | 10.4% | 4.0% |
| Free cash flow margin | 44.6% | 51.8% | 33.5% | 32.9% | 20.3% |
| Cash conversion (CFO ÷ net income) | 1.13x | 1.36x | 1.93x | 1.55x | 3.52x |
| Receivable days | 21 | 21 | 26 | 23 | 29 |
| Interest cover | 13.2x | 11.6x | 3.34x | 4.17x | 1.92x |
| Current ratio | 2.35x | 1.78x | 1.26x | 1.65x | 1.78x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.