Star Bulk Carriers Corp. (SBLK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+27.7%

$34.63

vs $27.11 price

Levered DCF

$31.46

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

1.93

Grey zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.33×	5.34×	11.95×	3.47×	3.37×	88.3×	-69.47×	12.03×
P/B	0.9×	0.65×	1.25×	0.98×	1.11×	0.55×	0.72×	0.46×
P/S	2.12×	1.28×	2.18×	1.37×	1.61×	1.23×	1.35×	1.08×
EV / EBITDA	9.08×	5.26×	9.28×	3.93×	3.88×	10.6×	12.7×	7.67×
Gross margin	22.5%	46.0%	41.6%	57.1%	65.2%	35.0%	29.1%	44.4%
Operating margin	13.5%	30.3%	25.1%	42.3%	51.8%	12.1%	9.0%	20.2%
Net margin	8.1%	24.1%	18.3%	39.4%	47.7%	1.4%	-2.0%	9.0%
Current ratio	1.78×	1.65×	1.26×	1.78×	2.35×	1.15×	0.86×	1.34×
Debt / equity	0.5×	0.59×	0.76×	0.66×	0.76×	1.01×	1.03×	0.95×
Interest coverage	1.97×	3.93×	2.71×	9.7×	13.2×	1.21×	0.84×	1.79×
Dividend yield	1.6%	17.0%	7.6%	33.9%	10.0%	0.6%	0.4%	0.0%
Payout ratio	40.8%	90.9%	91.1%	118.1%	33.8%	49.7%	-29.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.4%	12.3%	10.5%	28.0%	32.7%	0.6%	-1.0%	3.8%
Return on invested capital	3.8%	9.7%	8.1%	18.2%	20.1%	2.7%	2.4%	4.4%
Return on assets	2.2%	7.5%	5.7%	16.5%	18.1%	0.3%	-0.5%	1.9%
Free cash flow yield	9.6%	25.6%	15.4%	37.8%	27.7%	11.6%	-23.4%	-22.7%
Earnings yield	3.8%	18.7%	8.4%	28.7%	29.6%	1.1%	-1.5%	8.3%
Enterprise value	$2.9B	$2.7B	$3.1B	$3B	$3.4B	$2.2B	$2.6B	$1.9B
Net debt / EBITDA	2.25×	2.04×	3.1×	1.36×	1.28×	6.55×	7.24×	4.89×
Cash conversion cycle (days)	35	43	49	42	70	32	32	29