Safe Bulkers, Inc.

IndustrialsSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Safe Bulkers, Inc., together with its subsidiaries, provides marine drybulk transportation services internationally. The company owns and operates a fleet of dry bulk vessels for transporting bulk cargoes comprising coal, grain, and iron ore. Its fleet consists of 45 vessels, including 8 Panamax class vessels, 12 Kamsarmax class vessels, 17 post-Panamax class vessels, and 8 Capesize class vessels with an aggregate carrying capacity of 4,559,000 deadweight tons. Safe Bulkers, Inc. was incorporated in 2007 and is based in Monaco.

Valuation

Market Cap$675M

Current Price$6.60

P/E Ratio22.00

P/B Ratio0.81

EV / EBITDA8.44

EV / Sales3.83

Profitability

Operating Margin-

Net Profit Margin14.0%

EBITDA Margin46.7%

Returns

ROE4.6%

ROCE-

ROIC %4.4%

ROA2.7%

Solvency

Current Ratio2.90

Debt / Equity0.65

Debt / Assets0.38

CFO / Net Profit2.65

Price History▲ 95.27% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$276M▼ 10.4%

EBITDA$129M

Net Profit$39M▼ 60.4%

Cash from Ops (CFO)$102M

Free Cash Flow (FCF)$60M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$276M	$129M	$39M	$60M	4.6%	-10.4%	-60.4%
2024	$308M	$187M	$97M	$-14M	11.7%	8.2%	25.9%
2023	$284M	$156M	$77M	$-87M	9.8%	-18.7%	-55.2%
2022	$350M	$239M	$173M	$35M	22.4%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	349.72	284.40	307.63	275.74
Cost Of Revenue	139.70	165	167.46	176.68
Gross Profit	210.02	119.41	140.17	99.06
Operating Expense	25.37	25.63	28.30	33.69
Operating Income	184.65	93.77	111.87	65.37
EBITDA	239.21	156.19	186.89	128.78
EBIT	189.69	102.06	128.75	68.91
Pretax Income	172.55	77.35	97.38	38.56
Net Income	172.55	77.35	97.38	38.56
Net Income Common Stockholders	163.58	69.35	89.38	30.56
Total Expenses	165.07	190.63	195.76	210.37
Interest Expense	17.14	24.71	31.38	30.34
Interest Income	0.78	2.50	3.40	5.12
Selling General And Administration	21.80	23.76	27.04	29.85
Normalized EBITDA	231.59	147.16	169.83	126.91
Normalized Income	166.84	71.94	84.58	37.44
Basic EPS	1.36	0.61	0.83	0.30
Diluted EPS	1.36	0.61	0.83	0.30
Tax Effect Of Unusual Items	1.91	3.61	4.26	0.75
Tax Rate For Calcs	0.25	0.40	0.25	0.40
Total Unusual Items	7.62	9.03	17.06	1.88
Total Unusual Items Excluding Goodwill	7.62	9.03	17.06	1.88
Net Income From Continuing Operation Net Minority Interest	172.55	77.35	97.38	38.56
Reconciled Depreciation	49.52	54.13	58.13	59.88
Reconciled Cost Of Revenue	139.70	165	167.46	176.68
Net Interest Income	-19.72	-25.45	-31.55	-28.68
Net Income From Continuing And Discontinued Operation	172.55	77.35	97.38	38.56
Total Operating Income As Reported	184.65	104.15	128.43	69.97
Diluted Average Shares	120.65	113.62	107.58	103.04
Basic Average Shares	120.65	113.62	107.58	103.04
Diluted NI Availto Com Stockholders	163.58	69.35	89.38	30.56
Otherunder Preferred Stock Dividend	0	0	0	0
Preferred Stock Dividends	8.98	8	8	8
Net Income Including Noncontrolling Interests	172.55	77.35	97.38	38.56
Net Income Continuous Operations	172.55	77.35	97.38	38.56
Other Income Expense	7.62	9.03	17.06	1.88
Special Income Charges	0	10.38	16.55	4.60
Gain On Sale Of Ppe	0	10.38	16.55	4.60
Other Special Charges	0	0	0	0
Gain On Sale Of Security	7.62	-1.35	0.50	-2.72
Net Non Operating Interest Income Expense	-19.72	-25.45	-31.55	-28.68
Total Other Finance Cost	3.36	3.24	3.57	3.46
Interest Expense Non Operating	17.14	24.71	31.38	30.34
Interest Income Non Operating	0.78	2.50	3.40	5.12
Other Operating Expenses	3.57	1.87	1.26	3.84
Other Taxes	0	0	0	0
General And Administrative Expense	21.80	23.76	27.04	29.85
Other Gand A	21	22.98	26.29	29.22
Insurance And Claims	0	0	0	0
Salaries And Wages	0.80	0.78	0.74	0.63
Operating Revenue	351.01	290.44	316.55	284.38

Peer Comparison

Industrials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Safe Bulkers, Inc.this co.	SB	$675M	22.00↓ discount	0.81	4.6%	8.44
Cardinal Infrastructure Group Inc.	CDNL	$701M	30.18	11.73	16.3%	10.97
Transcat, Inc.	TRNS	$695M	87.59	2.34	5.1%	19.97
Hyster-Yale, Inc.	HY	$686M	-	1.44	-12.2%	20.87
Smith & Wesson Brands, Inc.	SWBI	$686M

Learn while you research

Hand-picked academy chapters to deepen your understanding of Safe Bulkers, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$276M

$129M

$39M

$60M

4.6%

-10.4%

-60.4%

2024

$308M

$187M

$97M

$-14M

11.7%

8.2%

25.9%

2023

$284M

$156M

$77M

$-87M

9.8%

-18.7%

-55.2%

2022

$350M

$239M

$173M

$35M

22.4%

Metric

2022

2023

2024

2025

Total Revenue

349.72

284.40

307.63

275.74

Cost Of Revenue

139.70

165

167.46

176.68

Gross Profit

210.02

119.41

140.17

99.06

Operating Expense

25.37

25.63

28.30

33.69

Operating Income

184.65

93.77

111.87

65.37

EBITDA

239.21

156.19

186.89

128.78

EBIT

189.69

102.06

128.75

68.91

Pretax Income

172.55

77.35

97.38

38.56

Net Income

172.55

77.35

97.38

38.56

Net Income Common Stockholders

163.58

69.35

89.38

30.56

Total Expenses

165.07

190.63

195.76

210.37

Interest Expense

17.14

24.71

31.38

30.34

Interest Income

0.78

2.50

3.40

5.12

Selling General And Administration

21.80

23.76

27.04

29.85

Normalized EBITDA

231.59

147.16

169.83

126.91

Normalized Income

166.84

71.94

84.58

37.44

Basic EPS

1.36

0.61

0.83

0.30

Diluted EPS

1.36

0.61

0.83

0.30

Tax Effect Of Unusual Items

1.91

3.61

4.26

0.75

Tax Rate For Calcs

0.25

0.40

0.25

0.40

Total Unusual Items

7.62

9.03

17.06

1.88

Total Unusual Items Excluding Goodwill

7.62

9.03

17.06

1.88

Net Income From Continuing Operation Net Minority Interest

172.55

77.35

97.38

38.56

Reconciled Depreciation

49.52

54.13

58.13

59.88

Reconciled Cost Of Revenue

139.70

165

167.46

176.68

Net Interest Income

-19.72

-25.45

-31.55

-28.68

Net Income From Continuing And Discontinued Operation

172.55

77.35

97.38

38.56

Total Operating Income As Reported

184.65

104.15

128.43

69.97

Diluted Average Shares

120.65

113.62

107.58

103.04

Basic Average Shares

120.65

113.62

107.58

103.04

Diluted NI Availto Com Stockholders

163.58

69.35

89.38

30.56

Otherunder Preferred Stock Dividend

Preferred Stock Dividends

8.98

Net Income Including Noncontrolling Interests

172.55

77.35

97.38

38.56

Net Income Continuous Operations

172.55

77.35

97.38

38.56

Other Income Expense

7.62

9.03

17.06

1.88

Special Income Charges

10.38

16.55

4.60

Gain On Sale Of Ppe

10.38

16.55

4.60

Other Special Charges

Gain On Sale Of Security

7.62

-1.35

0.50

-2.72

Net Non Operating Interest Income Expense

-19.72

-25.45

-31.55

-28.68

Total Other Finance Cost

3.36

3.24

3.57

3.46

Interest Expense Non Operating

17.14

24.71

31.38

30.34

Interest Income Non Operating

0.78

2.50

3.40

5.12

Other Operating Expenses

3.57

1.87

1.26

3.84

Other Taxes

General And Administrative Expense

21.80

23.76

27.04

29.85

Other Gand A

22.98

26.29

29.22

Insurance And Claims

Salaries And Wages

0.80

0.78

0.74

0.63

Operating Revenue

351.01

290.44

316.55

284.38

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Safe Bulkers, Inc.this co.

$675M

22.00↓ discount

0.81

4.6%

8.44

Cardinal Infrastructure Group Inc.

CDNL

$701M

30.18

11.73

16.3%

10.97

Transcat, Inc.

TRNS

$695M

87.59

2.34

5.1%

19.97

Hyster-Yale, Inc.

$686M

1.44

-12.2%

20.87

Smith & Wesson Brands, Inc.

SWBI

$686M

Safe Bulkers, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Safe Bulkers, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on