Castor Maritime Inc.: financial statements

CTRMNASDAQIndustrials · Deep Sea Foreign Transportation of Freight

Price

$1.31

November 13, 2026Market cap $13M

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What Ploutos Investor adds for Castor Maritime

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The full history: 8 fiscal years, from FY2018
The estimated fair value, with its range and its certainty
The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
An email when it reports, changes its dividend or an officer buys

Notes on these figures

The reported profit is far larger than a business usually earns on its market value, which usually means one-off or accounting gains. We leave out the P/E and the earnings yield.
Profit over the last twelve months is well above what the business itself earned, because it includes large gains outside the business, such as on investments or from selling a business. The P/E is lower than the business alone would give.
The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

-8.4% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$98M	$66M	$82M	-8.4%
Cost of revenue	$0	$1.1M	$22M
Gross profit	$98M	$65M	$60M	-21.7%
Operating income	$22M	$21M	-$18M
Net income	$39M	$15M	$19M	-29.4%
Earnings per share	$1.74	$0.38	$0.36	-54.5%
Earnings per share, basic	$3.86	$3.50	$1.13	-45.9%
Margins
Gross margin	100.0%	98.3%	73.0%
Operating margin	22.6%	32.3%	-22.5%
Net margin	39.6%	22.1%	23.6%

Financial statements

CTRM's revenue, profits and cash flows from FY2018 to 2022, 5 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	2023	2024	2025	Share 2025
Dry Bulk	$83M	$50M	$36M	44%
Asset Management	–	$1.2M	$36M	43%
Containership	$15M	$15M	$10M	12%

By segment

CTRM's revenue by segment from 2021 to 2022, 2 more fiscal years

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From the XBRL of 9 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$7.4M Leases

The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.

Leases

Dec 31, 2025

Operating leases

$7.4M

Finance leases

–

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Goodwill by segment

Dec 31, 2025

Total goodwill

$24M

The company does not state its goodwill by segment, at December 31, 2025. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$196M ahead of the shares1,545% of market value$54M securities and stakes

$196M of other claims rank ahead of the shares, about 1,545% of the market value.

On the other side, it holds $54M of long-term securities and stakes in other companies, at the value in its accounts, about 423% of the market value.

Ahead of the shares

at Jun 30, 2026: $82M
at Jun 30, 2026: $113M

On the other side

at Jun 30, 2026: $54M

From the balance sheet of June 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Taxes: deferred and paid

The deferred part was -312.3% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.

Cash taxes paid were 536.8% of the current tax charge in the year to Dec 31, 2025.

Deferred share, year to Dec 31, 2025-$1.0M of $323.1K: -312.3%
Deferred share, year to Dec 31, 2024$0 of $134.0K: 0.0%
Deferred share, year to Dec 31, 2023$0 of $177.8K: 0.0%
$7.2M paid, $1.3M current: 536.8%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

The earnings per share split is not shown: net income over the diluted share count does not match the earnings per share the company filed, so the parts would not add up to it.

Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Castor Maritime's filings show?

These are Castor Maritime's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about CTRM's financials

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How much revenue did CTRM have in 2025?

Castor Maritime had revenue of $82M and net income of $19M in fiscal 2025, a net margin of 23.6%.

How much debt does CTRM have?

On December 31, 2025 Castor Maritime had total assets of $797M, debt of – and shareholders' equity of $525M.

How much free cash flow does CTRM have?

In fiscal 2025 Castor Maritime had cash from operations of $10M and spent $190.1K on capital expenditure, leaving $9.9M of free cash flow.

Where are the figures from?

From Castor Maritime Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.