Financials Star Bulk Carriers Corp.

Equities

SBLK

MHY8162K2046

Marine Freight & Logistics

Market Closed - Nasdaq Other stock markets 16:00:00 2026-01-20 EST			5-day change	1st Jan Change
21.11 ^USD	+3.63%		+6.24%	+9.83%

11-26	Tranche Update on Star Bulk Carriers Corp.'s Equity Buyback Plan announced on August 6, 2025.	CI
11-20	Deutsche Bank Lifts Price Target on Star Bulk Carriers to $25 From $24, Keeps Buy Rating	MT

Projected Income Statement: Star Bulk Carriers Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	493.2	1,201	1,151	695.4	999.2	833.8	997.3	1,049
Change	-	143.58%	-4.22%	-39.56%	43.69%	-16.55%	19.6%	5.21%
EBITDA ¹	229.1	900.2	808.6	379.2	524.6	318.4	538.7	565
Change	-	292.98%	-10.18%	-53.1%	38.35%	-39.31%	69.19%	4.89%
EBIT ¹	86.78	747.6	651.9	240.8	360.6	176	374	-
Change	-	761.45%	-12.8%	-63.06%	49.75%	-51.19%	112.5%	-
Interest Paid ¹	-69.56	-56.04	-52.58	-71.32	-91.83	-63.55	-55.9	-46.6
Earnings before Tax (EBT) ¹	9.812	680.5	566.2	173.7	304.5	96.97	315.8	347.4
Change	-	6,835.85%	-16.8%	-69.33%	75.35%	-68.16%	225.67%	10.02%
Net income ¹	9.66	680.5	566	173.6	304.7	96.96	315.8	347.4
Change	-	6,944.82%	-16.83%	-69.34%	75.54%	-68.18%	225.72%	10.02%
Announcement Date	2/17/21	2/16/22	2/16/23	2/13/24	2/18/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	144.7	160.4	258.4	354.8	427.6	307.5	351	271.8	220.4	156.5	177.5	165.5	195.8	202.3	280.5	273.8	242.6	174.3	191.6	217.1	251.1	202.3	220.9	270.8	303.2
Change	-	10.88%	61.09%	37.31%	20.52%	-28.1%	14.14%	-22.55%	-18.93%	-28.96%	13.41%	-6.78%	18.33%	3.3%	38.68%	-2.42%	-11.37%	-28.15%	9.88%	13.35%	15.62%	-19.41%	9.19%	22.56%	11.99%
EBITDA ¹	81.46	84.67	182.5	277.8	355.1	225.9	258.3	189.8	134.6	84.8	96.18	84.19	114	123	153.5	144.4	103.8	48.97	68.95	86.82	124.2	101	107.2	146.6	183.9
Change	-	3.94%	115.52%	52.25%	27.82%	-36.39%	14.35%	-26.5%	-29.11%	-36.99%	13.42%	-12.47%	35.45%	7.83%	24.8%	-5.94%	-28.07%	-52.84%	40.79%	25.92%	43.08%	-18.68%	6.11%	36.76%	25.45%
EBIT	45.29	48.43	144.4	238.7	315.9	187.4	219.3	150.3	94.88	49.73	61.18	49.71	80.16	90.98	109.9	99.87	59.8	6.016	13.24	45.02	-	38	92	128	115
Change	-	6.94%	198.08%	65.34%	32.35%	-40.68%	17.01%	-31.46%	-36.87%	-47.58%	23.01%	-18.74%	61.23%	13.5%	20.82%	-9.14%	-40.12%	-89.94%	120.01%	240.11%	-	-	142.11%	39.13%	-10.16%
Charge d'intérêts ¹	-15.43	-14.44	-15.02	-13.81	-12.76	-12.08	-12.23	-13.45	-14.82	-15.7	-16.03	-18.06	-21.53	-20.5	-25.61	-24.4	-21.32	-19.28	-18.86	-17.69	-16	-15.9	-16.1	-16.4	-15.4
Earnings before Tax (EBT) ¹	27.88	35.76	124.2	220.4	300.2	170.4	200.1	109.7	86	45.98	44.23	43.75	39.66	74.75	106	81.25	42.49	0.493	0.026	18.56	71.76	40.49	58.19	96.1	121.3
Change	-	28.25%	247.31%	77.46%	36.17%	-43.23%	17.46%	-45.19%	-21.61%	-46.53%	-3.8%	-1.09%	-9.34%	88.45%	41.85%	-23.38%	-47.71%	-98.84%	-94.73%	71,292.31%	286.57%	-43.57%	43.72%	65.14%	26.19%
Net income ¹	27.77	35.76	124.2	220.4	300.2	170.4	200.1	109.7	85.8	45.88	44.32	43.66	39.71	74.86	106.1	81.27	42.45	0.462	0.039	18.52	69.57	40.49	58.19	96.1	121.3
Change	-	28.76%	247.31%	77.45%	36.18%	-43.24%	17.48%	-45.19%	-21.79%	-46.53%	-3.39%	-1.5%	-9.04%	88.52%	41.71%	-23.39%	-47.77%	-98.91%	-91.56%	47,384.62%	275.69%	-41.8%	43.72%	65.14%	26.19%
Announcement Date	2/17/21	5/19/21	8/5/21	11/16/21	2/16/22	5/24/22	8/4/22	11/16/22	2/16/23	5/16/23	8/3/23	11/13/23	2/13/24	5/22/24	8/7/24	11/19/24	2/18/25	5/14/25	8/6/25	11/18/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Star Bulk Carriers Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,377	1,070	1,001	977	835	558	357	82.9
Change	-	-22.29%	-6.45%	-2.4%	-14.53%	-33.19%	-36.02%	-76.78%
Announcement Date	2/17/21	2/16/22	2/16/23	2/13/24	2/18/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Star Bulk Carriers Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	72.06	130.1	20.87	15.3	356.2	107.6	193	-
Change	-	80.61%	-83.96%	-26.71%	2,228.27%	-69.8%	79.42%	-100%
Free Cash Flow (FCF) ¹	98.49	636.9	749	571.3	115	359.5	373.5	465
Change	-	546.67%	17.6%	-23.73%	-79.87%	212.67%	3.89%	24.5%
Announcement Date	2/17/21	2/16/22	2/16/23	2/13/24	2/18/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Star Bulk Carriers Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	46.45%	74.94%	70.28%	54.53%	52.5%	38.18%	54.02%	53.86%
EBIT Margin (%)	17.6%	62.23%	56.65%	34.62%	36.08%	21.11%	37.5%	-
EBT Margin (%)	1.99%	56.65%	49.21%	24.97%	30.48%	11.63%	31.67%	33.11%
Net margin (%)	1.96%	56.65%	49.19%	24.96%	30.49%	11.63%	31.67%	33.11%
FCF margin (%)	19.97%	53.02%	65.1%	82.15%	11.51%	43.11%	37.45%	44.32%
FCF / Net Income (%)	1,019.6%	93.59%	132.34%	329.17%	37.74%	370.79%	118.27%	133.84%
Profitability
ROA	0.3%	19.59%	15.75%	5.37%	8.56%	1.99%	8.14%	8.1%
ROE	0.62%	37.5%	27.61%	9.43%	14.71%	3.91%	12.37%	12.95%
Financial Health
Leverage (Debt/EBITDA)	6.01x	1.19x	1.24x	2.58x	1.59x	1.75x	0.66x	0.15x
Debt / Free cash flow	13.98x	1.68x	1.34x	1.71x	7.26x	1.55x	0.96x	0.18x
Capital Intensity
CAPEX / Current Assets (%)	14.61%	10.83%	1.81%	2.2%	35.65%	12.9%	19.35%	-
CAPEX / EBITDA (%)	31.46%	14.46%	2.58%	4.03%	67.89%	33.79%	35.83%	-
CAPEX / FCF (%)	73.16%	20.43%	2.79%	2.68%	309.78%	29.92%	51.67%	-
Items per share
Cash flow per share ¹	1.771	7.559	7.508	3.397	4.334	2.512	4.249	4.157
Change	-	326.72%	-0.67%	-54.76%	27.6%	-42.04%	69.15%	-2.17%
Dividend per Share ¹	-	4.25	5.1	1.42	2.14	0.4876	1.628	1.878
Change	-	-	20%	-72.16%	50.7%	-77.22%	233.83%	15.37%
Book Value Per Share ¹	16.12	21.41	19.63	19.76	22.83	21.53	23.12	23.79
Change	-	32.83%	-8.31%	0.64%	15.55%	-5.72%	7.39%	2.92%
EPS ¹	0.1	6.71	5.52	1.76	2.8	0.8954	2.773	3.197
Change	-	6,610%	-17.73%	-68.12%	59.09%	-68.02%	209.72%	15.28%
Nbr of stocks (in thousands)	96,068	102,130	102,688	83,862	117,892	113,847	113,847	113,847
Announcement Date	2/17/21	2/16/22	2/16/23	2/13/24	2/18/25	-	-	-