Star Bulk Carriers
SBLK on Nasdaq. Deep sea foreign transportation of freight. Market value $3.4bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.26 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 63 of 100. Our list needs 70 on quality and 60 on price.
$29.86 a share, 79% above its 1-year low
Over the past year the price has ranged from $16.72 to $32.88.
Dividend: 1.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.4bn | $1.4bn | $949m | $1.3bn | $1.0bn |
| Operating margin | |||||
| Operating margin | 51.8% | 42.3% | 25.1% | 30.3% | 13.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.08bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positive3 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 8.5% a year
- Buying back its own sharesNo, 11% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 202 funds in all.
- ValueWorksCharles Lemonides
- Value
- $9m
- Share of fund
- 1.8%
- Horizon KineticsMurray Stahl
- Value
- $1m
- Share of fund
- <0.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $539,352
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $26m | <0.1% | New |
| Boston PartnersBoston Partners team | $20m | <0.1% | Cut |
| ValueWorksCharles Lemonides | $9m | 1.8% | |
| Horizon KineticsMurray Stahl | $1m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $539,352 | <0.1% |
Largest holders overall
- TWO Sigma Investments, LP$88mAdded
- BlackRock$70mAdded
- Renaissance Technologies$52m
- Victory Capital Management$51mAdded
- Goldman Sachs Group$50mAdded
- Philosophy Capital Management$44mCut
- Focus Partners Wealth$32mAdded
- Qube Research & Technologies$29mAdded
- Morgan Stanley$26mCut
- First Eagle Investment Management$26mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Famatown Finance Limitedat least 11.8%+0.5 pts(filed with 2 related holders)Since 3 October 2025
What they said
On October 3, 2025, Mr. Mikkel Storm Weum, an investment director of Seatankers Management AS ("Seatankers"), an entity that is related to the Reporting Persons, was appointed as a director of the Issuer (the "Director"). A copy of the Issuer's press release is attached as…
Read the filing - Greenwich Holdings LimitedPassive investorat least 11.4%+1.3 pts(filed with 1 related holder)Since 31 March 2025
- Danaos CorporationPassive investor5.2%Since 6 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
Famatown Finance Limited | at least 11.8%+0.5 pts (filed with 2 related holders) | 3 October 2025 | What they saidOn October 3, 2025, Mr. Mikkel Storm Weum, an investment director of Seatankers Management AS ("Seatankers"), an entity that is related to the Reporting Persons, was appointed as a director of the Issuer (the "Director"). A copy of the Issuer's press release is attached as… Read the filing |
Greenwich Holdings Limited Passive investor | at least 11.4%+1.3 pts (filed with 1 related holder) | 31 March 2025 | |
Danaos Corporation Passive investor | 5.2% | 6 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 8 insiders bought $5m of shares on the open market. 6 sold $6m, $2m of it under preset trading plans.
- Vrettou EleniDirectorSold
- Date
- 21 September 2026
- Shares
- 3,500
- Price
- $32.12
- Value
- $112,420
- Balakrishnan MaheshDirectorSold
- Date
- 18 September 2026
- Shares
- 10,000
- Price
- $32.34
- Value
- $323,400
- Pappa Milena MariaDirectorBought
- Date
- 15 September 2026
- Shares
- 74,400
- Price
- $28.27
- Value
- $2m
- Zagari RaffaeleDirectorBought
- Date
- 15 September 2026
- Shares
- 60,000
- Price
- $28.27
- Value
- $2m
- Plakantonaki CharisChief Strategy OfficerBought
- Date
- 15 September 2026
- Shares
- 3,000
- Price
- $28.27
- Value
- $84,810
- Reskos NikolaosChief Operating OfficerBought
- Date
- 15 September 2026
- Shares
- 10,000
- Price
- $28.27
- Value
- $282,700
- Karellis NikolaosDirectorBought
- Date
- 15 September 2026
- Shares
- 2,000
- Price
- $28.27
- Value
- $56,540
- Spyrou Symeonco CFOBought
- Date
- 15 September 2026
- Shares
- 15,000
- Price
- $28.27
- Value
- $424,050
- Erhardt KoertDirectorBought
- Date
- 15 September 2026
- Shares
- 6,000
- Price
- $28.27
- Value
- $169,620
- Zagari RaffaeleDirectorSold
- Date
- 25 August 2026
- Shares
- 50,000
- Price
- $31.20
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Vrettou Eleni Director | Sold | 3,500 | $32.12 | $112,420 |
| 18 September 2026 | Balakrishnan Mahesh Director | Sold | 10,000 | $32.34 | $323,400 |
| 15 September 2026 | Pappa Milena Maria Director | Bought | 74,400 | $28.27 | $2m |
| 15 September 2026 | Zagari Raffaele Director | Bought | 60,000 | $28.27 | $2m |
| 15 September 2026 | Plakantonaki Charis Chief Strategy Officer | Bought | 3,000 | $28.27 | $84,810 |
| 15 September 2026 | Reskos Nikolaos Chief Operating Officer | Bought | 10,000 | $28.27 | $282,700 |
| 15 September 2026 | Karellis Nikolaos Director | Bought | 2,000 | $28.27 | $56,540 |
| 15 September 2026 | Spyrou Symeon co CFO | Bought | 15,000 | $28.27 | $424,050 |
| 15 September 2026 | Erhardt Koert Director | Bought | 6,000 | $28.27 | $169,620 |
| 25 August 2026 | Zagari Raffaele Director | Sold | 50,000 | $31.20 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Star Bulk Carriers doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.