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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. In the quarter to June 2026, revenue grew 33.0%, EPS was flat, free cash flow fell 35.3% and total debt fell 7.44%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

7.85 0.17 −2.12%
Market cap
$912.9M
P/E
10.1×
Fwd P/E
8.6×
Dividend yield
2.99%
F-score
5/9
Altman Z
1.51
Beneish M
−2.81
Dividend safety
43/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 37.72%

Capital & Financial Ratios $m

Market Cap 912.94
Revenue 307.50
Net Income 95.93
Free Cash Flow (44.78)
Net Debt 376.91
Current Ratio 1.00
Debt/Equity 0.59
P/E ratio 10.06
Fwd P/E 8.55
P/S ratio 2.60
P/B ratio 0.96
Past 5Y EPS Growth —
This Y EPS Growth 210.94% (at or above 15%: strong)
Next Y EPS Growth (41.71%) (below 0%: weak)
Next Y revenue growth 16.78% (at or above 10%: strong)
Next 5Y EPS Growth 20.51% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, 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 67.62%
10-year low 10-year high
P/S against its own 10 years 97.68%
10-year low 10-year high
P/B against its own 10 years 97.86%
10-year low 10-year high
EV/Sales against its own 10 years 68.67%
10-year low 10-year high

Dividends

Payout Ratio 0.30
Annual Dividend Rate 0.24
Annual Dividend Yield 2.99%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.29
0.05
0.06
0.08
2025 0.20
0.05
0.05
0.05
0.05
2024 0.20
0.05
0.05
0.05
0.05
2023 0.25
0.05
0.05
0.05
0.05
0.05
2022 0.20
0.05
0.05
0.05
0.05
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 0.30 1.17 1.61 1.28 0.74 1.31 2.35 2.71 3.40 3.02

Analyst estimates 2026–2028

Powerpack
High 2.38 3.79 4.00 2.38 1.75 5.44 5.12 4.10 6.33 5.54
People
People Employees 820 797 844 952 952 916 914 948 941 933
Revenue/emp, $m 0.13 0.19 0.23 0.21 0.21 0.36 0.38 0.30 0.33 0.30
Income, $m
Income, $m Revenue 110 148 193 198 198 329 350 284 308 276
Gross margin, % 47.89 61.68 63.82 58.39 43.65 75.14 74.21 61.02 64.46 57.64
EBT (56) (85) 28 16 (13) 174 173 77 97 39
EBT margin, % (50.98) (57.20) 14.33 8.11 (6.51) 52.99 49.34 27.20 31.65 13.99
Net income (56) (85) 28 16 (13) 174 173 77 97 39
Depreciation 53 54 50 52 56 55 52 57 61 63
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
Earnings (0.83) (0.98) 0.16 0.04 (0.25) 1.44 1.36 0.61 0.83 0.30
Cash flow 0.16 0.50 0.84 0.57 0.62 1.91 1.81 1.08 1.21 0.99
Capex (0.35) (0.39) (0.45) (0.39) (0.49) (0.02) (1.38) (1.57) (0.62) (0.18)
Free cash flow (0.19) 0.11 0.39 0.19 0.13 1.89 0.43 (0.49) 0.59 0.81
Book value 6.84 4.52 4.58 4.65 4.33 5.97 6.40 6.98 7.73 8.06
Shares, m 85 101 102 102 103 114 121 114 108 103
Valuation, ×
Valuation, × P/E 0.00 0.00 11.13 34.00 0.00 2.69 2.09 6.37 4.30 16.07
P/S 0.92 2.24 0.94 0.87 0.67 1.30 0.99 1.58 1.25 1.80
P/B 0.17 0.73 0.39 0.37 0.30 0.63 0.45 0.57 0.46 0.60
EV/Sales 5.35 5.67 3.49 3.38 3.21 2.07 1.84 3.05 2.58 3.20
EV/FCF (2.83) (4.08) (7.55) (65.16) (9.44) 3.34 12.77 (3.86) (2.95) (4.58)
Cash, $m
Cash, $m Operating cash flow 13 50 85 58 63 217 218 122 130 102
Capex (29) (39) (46) (39) (50) (2) (166) (178) (67) (19)
Free cash flow (16) 11 40 19 13 215 52 (56) 64 84
Balance, $m
Balance, $m Working capital 87 42 47 49 30 35 66 91 79 132
Total debt 582 567 575 601 608 356 414 507 537 540
Net debt 487 507 493 495 502 254 300 417 408 382
Shareholders’ equity 579 456 466 473 445 679 772 793 832 831
Returns, %
Returns, % ROA (5.64) (8.98) 1.54 0.40 (2.28) 14.87 13.98 5.36 6.52 2.18
ROIC (1.84) (4.49) 3.64 2.85 0.69 12.82 10.77 5.38 6.47 3.61
ROE (11.54) (19.16) 3.54 0.93 (5.52) 29.11 22.55 8.87 11.01 3.68
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
CMRE Costamare Inc. $1.7B 5.3× 6.3× −4.00% (below 0%: shrinking) −7.25% (below 0%: shrinking) −269.21% (below 0%: shrinking) 71.38% 46.73% Compare
GSL Global Ship Lease, Inc. $1.5B 4.0× 3.9× +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. $1.2B 10.9× 12.9× +8.46% (above 0%: growing) −5.88% (below 0%: shrinking) −2,376.31% (below 0%: shrinking) 78.04% 50.63% Compare
GNK Genco Shipping & Trading Limited $1.1B 26.7× 10.6× +68.54% (above 0%: growing) n/m +2,327.68% (above 0%: growing) 47.95% 15.95% Compare
SB Safe Bulkers, Inc $912.9M 10.1× 8.6× +33.04% (above 0%: growing) n/m −35.33% (below 0%: shrinking) 65.78% 45.75%
ASC Ardmore Shipping Corporation $775.4M 7.3× 5.1× +61.31% (above 0%: growing) +572.73% (above 0%: growing) +8,990.87% (above 0%: growing) 57.14% 42.84% Compare
HSHP Himalaya Shipping Ltd. $766.0M 14.2× 8.8× +79.60% (above 0%: growing) +2,500.00% (above 0%: growing) +312.05% (above 0%: growing) 85.47% 68.34% Compare
PANL Pangaea Logistics Solutions Ltd. $515.3M 10.1× 5.7× +19.42% (above 0%: growing) n/m +114.13% (above 0%: growing) 36.85% 11.41% Compare
CMDB Costamare Bulkers Holdings Limited $473.2M 11.7× — — — −166.66% (below 0%: shrinking) 37.19% 6.44% Compare
Median of peers $932.7M 10.5× 6.3× +19.42% −4.98% +57.30% 62.60% 44.78%

All 38 Marine Shipping stocks →

Safe Bulkers, Inc (SB) key facts

  • Concern: Safe Bulkers, Inc’s revenue for fiscal 2025 (year ended December 2025) was $275.7 million, down 10.4% from fiscal 2024.
  • Safe Bulkers, Inc (SB) is a Marine Shipping company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, SB traded at $7.85, a market capitalization of $912.9 million.
  • Safe Bulkers, Inc pays an annual dividend of $0.24 per share, a yield of 2.99%, with a payout ratio of 30.1%.
  • Return on equity was 3.68% and debt-to-equity 0.59.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.51 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Safe Bulkers, Inc (SB) Latest News

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