F

Costamare Bulkers Holdings Limi — Earnings Quality Grade F

CMDB · Industrials

Major red flags

Revenue
$597M
2025
Net Income
-$37M
2025
Gross Margin
12.4%
Free Cash Flow
$44M
01

Screening Summary

7
Passed
3
Watch
1
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

AR growth -100.0% vs revenue growth -100.0%

A3Revenue vs CFFO

Insufficient data

02

Expense Quality

B1Inventory vs COGS

Insufficient data

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 14.3%, excellent (<30%)

!
B4Gross Margin

Gross margin swung +10.3pp (2.2% → 12.4%)

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -2.02. Below 1.0

C2Free Cash Flow

FCF $0.0B, FCF/NI = -1.18

C3Accruals Ratio

Accruals ratio = -12.2%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.2B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 2346.4x (>4x). Interest coverage = -2.1x (<2x). Financial stress

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Calculation error: float division by zero

Portfolio monitoring

Monitor CMDB continuously

The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.

05

Altman Z-Score

3.52
Safe Zone
0 Distress1.102.605.0+ Safe
0.1834
Liquidity
-0.0402
Cumulative profit
-0.0305
Operating efficiency
2.5235
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25