Star Bulk Carriers

SBLK

Marine Shipping · Industrials

Price

$24.90

-1.12 (-4.30%)

Market Cap

$2.78B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+13.7% over 4y

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

Diluted shares outstanding: 101.5M (2021) → 115.4M (2025)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultra

Winston Score History

Score breakdown

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Quality

Gross Margin

34.8%

Modest — 34.8% gross margin

Operating Margin

27.2%

Excellent — 27.2% operating margin

ROCE

2.3%

Weak — 2.3% 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

-17.6%

Shrinking sales (-17.6% YoY)

EPS YoY

-74.9%

Earnings shrinking (-74.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

350%

Turns 350% of profit into real cash

FCF Margin

20.0%

Converts sales into free cash efficiently (20.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.44

Conservative — low debt load (0.44)

Interest Cover

1.98x

Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

33.9x

Pricey — P/E 33.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+27.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.9 → 6.4)

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Dividends

Dividend Yield

4.10%

Healthy income — 4.10% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-28.5%

Dividend cut (-28.5% YoY) — warning sign

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