The shipbuilding industry plays an important role in the economic development of coastal countries, and Croatia, with its maritime heritage, is no exception. Croatian shipyards have a long history of building various types of vessels. However, in recent years, the industry has faced challenges such as global competition and financial problems, leading to bankruptcies and the restructuring of certain shipyards. Despite this, efforts are being made to revive the industry, with government support, the attraction of foreign investments, and a focus on specialized segments, such as the construction of luxury yachts. The geographical position and international cooperation further strengthen this sector. The focus of this paper is the financial analysis of three selected companies from the shipbuilding industry of the Republic of Croatia: Brodogradilište Viktor Lenac d.d., Brodotrogir d.d., and 3. MAJ Brodogradilište d.d., for the period from 2017 to 2021. The analysis was conducted based on the consolidated financial statements of these companies, applying horizontal and vertical methods, as well as financial indicators, in order to assess the safety and success of their operations. The results of the analysis indicate that Brodogradilište Viktor Lenac d.d. had satisfactory liquidity and moderate indebtedness, with improvements in the last years of the analyzed period, despite challenges, particularly in 2018. On the other hand, Brodotrogir d.d. and 3. MAJ Brodogradilište d.d. showed serious liquidity difficulties and high levels of indebtedness, which significantly affected their profitability and operational security. It is concluded that, among the three observed shipyards, Brodogradilište Viktor Lenac d.d. has the highest level of stability and operational success, while Brodotrogir d.d. and 3. MAJ Brodogradilište d.d. require further improvements and restructuring to ensure long-term sustainability.