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Safe Bulkers, Inc

SB Industrials Marine Shipping

Safe Bulkers, Inc’s revenue for fiscal 2025 (year ended December 2025) was $275.7 million, down 10.4% from fiscal 2024.

Revenue
+33.0%
EPS
0.00%
Free cash flow
−35.3%
Total debt
−7.44%

Quarter to June 2026, against a year earlier

7.13 0.07 +0.99%
Market cap
$803.7M
P/E
9.1×
Fwd P/E
7.1×
Dividend yield
3.32%
F-score
5/9
Altman Z
1.51
Beneish M
−2.81
Dividend safety
43/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 37.72%

Capital & Financial Ratios $m

Size
Market Cap 803.66
Revenue ttm 307.50
Net income ttm 95.93
Free cash flow ttm (44.78)
Net debt Q 376.91
Valuation
P/E 9.06
Forward P/E 7.12
Price / sales 2.34
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.87
Financial health
Current ratio Q 1.00
Debt / equity Q 0.59
Interest coverage Q 6.58
Growth
Revenue growth Q +33.04% (above 0%: growing)
Operating income growth Q +281.40% (above 0%: growing)
EPS, this year +223.74% (at or above 15%: strong)
EPS, next year A −36.45% (below 0%: weak)
Revenue, next year A +16.78% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +20.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 3.3×; over the ten years it ranged from 1.7× in 2022 to 6.6× in 2017.
P/E against its own 10 years 60.22%
10-year low 10-year high
P/S against its own 10 years 90.72%
10-year low 10-year high
P/B against its own 10 years 95.05%
10-year low 10-year high
EV/Sales against its own 10 years 60.80%
10-year low 10-year high

Dividends

Yield
3.32%
Annual rate
0.24
Payout ratio
30.1%
Growth, 2022–25
0.00%/yr
  1. 0.20 ’22
  2. 0.25 ’23 +25
  3. 0.20 ’24 −20
  4. 0.20 ’25 +0
  5. 0.29 ’26e +42
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 90 128 158 135
Receivables 9 14 11 —
Inventory 17 15 19 —
Other 25 1 7 77
147 165 201 211
2023 2024 2025 Q'26
Payables 10 10 13 —
ST’ Debt 25 58 42 172
Other 12 7 5 39
56 86 69 211

Compound Annual Growth %

10y 5y 3y
Sales 8.03% 6.83% (7.62%)
Cash Flow 14.89% 10.05% (22.30%)
Earnings 0.00% 0.00% (42.83%)
Book Value 2.74% 13.31% 2.48%

Earnings Trends EPS, adjusted, against the consensus

Jun 2025 Estimate 0.08 Actual 0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2024 0.16 0.16 Met by 0.00
Dec 2024 0.14 0.15 Beat by 0.01
Mar 2025 0.03 0.05 Beat by 0.02
Jun 2025 0.08 0.01 Miss by 0.07

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.33 — — —
’25 0.05 0.00 0.15 0.10 0.30
’24 0.21 0.24 0.22 0.16 0.83
’23 0.15 0.12 0.12 0.23 0.61
’22 0.28 0.40 0.41 0.28 1.36
’21 0.18 0.27 0.44 0.51 1.44
’20 (0.12) (0.16) 0.00 0.04 (0.25)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 74 87 — — —
’25 64 66 73 73 276
’24 82 79 76 71 308
’23 67 71 65 82 284
’22 78 92 94 87 350
’21 63 82 92 92 329
’20 46 48 52 52 198
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 35 43 — — —
’25 30 19 20 33 102
’24 36 40 25 29 130
’23 33 29 22 39 122
’22 61 64 37 56 218
’21 39 86 68 63 217
’20 3 20 15 63 63
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 35 (17) — — —
’25 30 (12) 20 15 84
’24 36 40 25 (37) 64
’23 33 29 22 (139) (56)
’22 61 64 37 (110) 52
’21 39 87 54 75 215
’20 3 (13) 15 13 13
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 110 148 193 198 198 329 350 284 308 276 307 +10.8% 322 291 287 +1.3%
Gross margin, % 47.89 61.68 63.82 58.39 43.65 75.14 74.21 61.02 64.46 57.64 63.42 +9.8 pt
EBT (56) (85) 28 16 (13) 174 173 77 97 39 87 n/m
EBT margin, % (50.98) (57.20) 14.33 8.11 (6.51) 52.99 49.34 27.20 31.65 13.99 28.29 +65.0 pt
Net income (56) (85) 28 16 (13) 174 173 77 97 39 96 n/m
Per share, $
Per share, $ Revenue 1.30 1.47 1.90 1.94 1.93 2.89 2.90 2.50 2.86 2.68 3.02 +8.4%
Earnings (0.83) (0.98) 0.16 0.04 (0.25) 1.44 1.36 0.61 0.83 0.30 0.78 n/m
Cash flow 0.16 0.50 0.84 0.57 0.62 1.91 1.81 1.08 1.21 0.99 1.29 +22.5%
Capex (0.35) (0.39) (0.45) (0.39) (0.49) (0.02) (1.38) (1.57) (0.62) (0.18) (1.73) (7.0%)
Free cash flow (0.19) 0.11 0.39 0.19 0.13 1.89 0.43 (0.49) 0.59 0.81 (0.44) n/m
Book value 6.84 4.52 4.58 4.65 4.33 5.97 6.40 6.98 7.73 8.06 8.55 +1.8%
Shares, m 85 101 102 102 103 114 121 114 108 103 102 +2.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 11.13 34.00 0.00 2.69 2.09 6.37 4.30 16.07 9.06 7.7
P/S 0.92 2.24 0.94 0.87 0.67 1.30 0.99 1.58 1.25 1.80 2.34 1.3
P/B 0.17 0.73 0.39 0.37 0.30 0.63 0.45 0.57 0.46 0.60 0.87 0.5
EV/Sales 5.35 5.67 3.49 3.38 3.21 2.07 1.84 3.05 2.58 3.20 3.57 3.4
EV/FCF (2.83) (4.08) (7.55) (65.16) (9.44) 3.34 12.77 (3.86) (2.95) (4.58) (24.49) (8.4)
Cash, $m
Cash, $m Operating cash flow 13 50 85 58 63 217 218 122 130 102 131 +25.3%
Capex (29) (39) (46) (39) (50) (2) (166) (178) (67) (19) (176) (4.9%)
Free cash flow (16) 11 40 19 13 215 52 (56) 64 84 (45) n/m
Balance, $m
Balance, $m Working capital 87 42 47 49 30 35 66 91 79 132 0 +4.7%
Net debt 487 507 493 495 502 254 300 417 408 382 377 (2.7%)
Shareholders’ equity 579 456 466 473 445 679 772 793 832 831 870 +4.1%
Returns, %
Returns, % ROA (5.64) (8.98) 1.54 0.40 (2.28) 14.87 13.98 5.36 6.52 2.18 5.57 +7.8 pt
ROIC (1.84) (4.49) 3.64 2.85 0.69 12.82 10.77 5.38 6.47 3.61 5.56 +5.5 pt
ROE (11.54) (19.16) 3.54 0.93 (5.52) 29.11 22.55 8.87 11.01 3.68 0.00 +15.2 pt
People
People Employees 820 797 844 952 952 916 914 948 941 933 — +1.4%
Revenue/emp, $m 0.13 0.19 0.23 0.21 0.21 0.36 0.38 0.30 0.33 0.30 — +9.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Safe Bulkers, Inc vs peers in Marine Shipping (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GSL Global Ship Lease, Inc. $1.4B 3.7× 4.2× +3.56% (above 0%: growing) −4.98% (below 0%: shrinking) +0.47% (above 0%: growing) 68.06% 47.24% Compare
CCEC Capital Clean Energy Carriers Corp. $1.3B 11.1× 11.5× +8.46% (above 0%: growing) −5.88% (below 0%: shrinking) −2,376.31% (below 0%: shrinking) 78.04% 50.63% Compare
HOS Hornbeck Offshore Services Inc $1.2B 19.9× 6.1× +0.57% (above 0%: growing) n/m +320.12% (above 0%: growing) 18.49% 8.79% Compare
GNK Genco Shipping & Trading Limited $1.1B 14.0× 10.6× +90.01% (above 0%: growing) n/m +2,052.95% (above 0%: growing) 0.00% 29.14% Compare
SB Safe Bulkers, Inc $803.7M 9.1× 7.1× +33.04% (above 0%: growing) n/m −35.33% (below 0%: shrinking) 65.78% 45.75%
HSHP Himalaya Shipping Ltd. $704.7M 13.3× 8.8× +79.60% (above 0%: growing) +2,500.00% (above 0%: growing) +312.05% (above 0%: growing) 85.47% 68.34% Compare
ASC Ardmore Shipping Corporation $698.2M 6.4× 4.7× +7.96% (above 0%: growing) +33.40% (above 0%: growing) +103.64% (above 0%: growing) 38.73% 19.69% Compare
PANL Pangaea Logistics Solutions Ltd. $482.5M 6.4× 9.1× +29.87% (above 0%: growing) +210.53% (above 0%: growing) +76.28% (above 0%: growing) 0.00% 19.90% Compare
CMDB Costamare Bulkers Holdings Limited $432.3M 10.7× — — — −166.66% (below 0%: shrinking) 37.19% 6.44% Compare
Median of peers $902.4M 10.9× 8.8× +8.46% +33.40% +89.96% 37.96% 24.52%

All 38 Marine Shipping stocks →

Safe Bulkers, Inc (SB) Latest News

2 Oct

Impact 3 · · GlobeNewswire

27 Aug

Impact 4 ·

30 Jul

Impact 3 · · MarketBeat transcript

29 Jul

Impact 4 · · Moby transcript

28 Jul

Impact 3 ·

14 Jul

Impact 3 ·

18 Jun

Impact 3 ·
Impact 3 · · Moby transcript

26 May

Impact 3 · · GlobeNewswire

11 May

Impact 4 · · GlobeNewswire

7 Apr

Impact 3 · · GlobeNewswire

23 Feb

Impact 4 · · MarketBeat

20 Feb

Impact 4 · · GuruFocus.com

19 Feb

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

18 Feb

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

13 Feb

Impact 3 · · GlobeNewswireMT NewswiresMT NewswiresSimply Wall St.Simply Wall St.GuruFocus.comMotley FoolMarketBeat

9 Feb

Impact 3 · · Simply Wall St.

22 Jan

Impact 4 · · GlobeNewswire

20 Jan

Impact 4 · · Simply Wall St.

14 Jan

Impact 4 · · GlobeNewswire

1 Dec

Impact 3 · · GlobeNewswire

26 Nov

Impact 3 · · GuruFocus.comGuruFocus.com

25 Nov

Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press Finance
Impact 3 · · GlobeNewswire

21 Nov

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · Simply Wall St.

13 Oct

Impact 4 · · GlobeNewswire

6 Oct

Impact 4 · · Simply Wall St.
stockrow.com/SB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com