Globus Maritime Limited

GLBS

Marine Shipping · Industrials

Price

$2.77

+0.04 (+1.47%)

Market Cap

$59.8M

Exchange

NASDAQ Capital Market

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+39.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 14.8M (2021) → 20.7M (2025)

Globus Maritime Limited is a small shipping company based in Greece that transports dry bulk cargo around the world. Dry bulk means loose materials like iron ore, coal, grain, and minerals — the kinds of raw materials that factories and power plants need to operate. The company owns and operates a fleet of bulk carrier ships, serving industrial customers such as commodity traders, mining companies, and steel producers.

Globus Maritime earns money by charging customers to rent its ships, either on short-term spot contracts or longer fixed-rate charters. The company operates globally, with routes spanning Asia, Europe, and the Americas, and its small fleet keeps it in the micro-cap tier of the shipping industry. Dry bulk shipping is a highly cyclical business with no strong moat — freight rates rise and fall sharply based on global trade volumes and fleet supply, meaning the company's earnings can swing dramatically from year to year depending on market conditions.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+42.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+170.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

40.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$30M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Globus Maritime Limited grew revenue 42% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

35.6%

Modest — 35.6% gross margin

Operating Margin

18.1%

Healthy — 18.1% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+33.7%

Fast-growing sales (33.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

1507%

Turns 1507% of profit into real cash

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

0.83x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

77.8x

Expensive — P/E 77.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+67.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (77.8 → 10.7)

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Dividends

Not applicable for this business.

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