Safe Bulkers, Inc. Common Stock (SB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.22	$0.28	+27.3%	—	$87.5M	—
Q1 26	$0.09	$0.18	+100.0%	—	$74.4M	—
Q4 25	$0.14	$0.14	0.0%	—	$72.6M	—
Q3 25	$0.1	$0.12	+20.0%	—	$73.1M	—
Q2 25	$0.07	$0.01	-85.7%	—	$65.7M	—
Q1 25	$0.03	$0.05	+66.7%	—	$64.3M	—
Q4 24	$0.14	$0.15	+7.1%	—	$71.5M	—
Q3 24	$0.17	$0.16	-5.9%	—	$75.9M	—
Q2 24	$0.19	$0.17	-10.5%	—	$78.5M	—
Q1 24	$0.19	$0.2	+5.3%	—	$81.7M	—
Q4 23	$0.17	$0.25	+47.1%	—	$82.3M	—
Q3 23	$0.1	$0.12	+20.0%	—	$64.7M	—
Q2 23	$0.13	$0.12	-7.7%	—	$70.6M	—
Q1 23	$0.16	$0.1	-37.5%	—	$66.8M	—
Q4 22	$0.25	$0.29	+16.0%	—	$86.7M	—
Q3 22	$0.3	$0.39	+30.0%	—	$93.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.3	—	—	$275.7M	—
FY24	—	$0.83	—	—	$307.6M	—
FY23	—	$0.61	—	—	$284.4M	—
FY22	—	$1.36	—	—	$349.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$109.8M	$148M	$193.2M	$197.8M	$198.2M	$329M	$349.7M	$284.4M	$307.6M	$275.7M
YoY change	-13.8%	+34.9%	+30.5%	+2.37%	+0.2%	+66%	+6.29%	-18.7%	+8.17%	-10.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	109.8M	148M	193.2M	197.8M	198.2M	329M	349.7M	284.4M	307.6M	275.7M
Cost of revenue	106.7M	108.2M	118M	132.6M	165.9M	134.2M	139.7M	165M	167.5M	176.7M
Gross profit	3.1M	39.9M	75.2M	65.2M	32.2M	194.9M	210M	119.4M	140.2M	99.1M
Gross margin	2.81%	26.9%	38.9%	33%	16.3%	59.2%	60.1%	42%	45.6%	35.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	15.4M	16.1M	19.2M	20.6M	21.5M	22.5M	21.8M	23.8M	27M	29.9M
Operating expenses	14.6M	16.5M	38.8M	21.1M	21.7M	44.6M	25.4M	25.6M	28.3M	33.7M
Operating income	-11.5M	23.4M	56M	44.1M	10.5M	172.4M	184.6M	93.8M	111.9M	65.4M
Operating margin	-10.5%	15.8%	29%	22.3%	5.29%	52.4%	52.8%	33%	36.4%	23.7%
Non-operating income, net	-20.6M	-90.8M	-757K	-260K	-387K	20.3M	7.6M	9M	17.1M	1.9M
Pretax income	-56M	-84.7M	27.7M	16M	-12.9M	174.3M	172.6M	77.4M	97.4M	38.6M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	-56M	-84.7M	27.7M	16M	-12.9M	174.3M	172.6M	77.4M	97.4M	38.6M
Net margin	-51%	-57.2%	14.3%	8.11%	-6.51%	53%	49.3%	27.2%	31.7%	14%
EBITDA	33.7M	80.8M	102.2M	93.4M	63M	221.1M	231.6M	147.2M	169.8M	126.9M
EPS	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.3
Diluted EPS	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	64.7M	82.3M	81.7M	78.5M	75.9M	71.5M	64.3M	65.7M	73.1M	72.6M	74.4M	87.5M
Cost of revenue	41.4M	39.4M	42.5M	44.1M	42.2M	38.6M	42.8M	47.6M	44.3M	42.1M	40.7M	44.4M
Gross profit	23.2M	42.9M	39.1M	34.4M	33.7M	32.9M	21.6M	18.2M	28.8M	30.5M	33.7M	43M
Gross margin	35.9%	52.1%	47.9%	43.8%	44.4%	46%	33.5%	27.7%	39.4%	42%	45.3%	49.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.9M	6.2M	6.5M	6.6M	7M	7M	6.7M	7.7M	7.5M	8M	7.2M	7.1M
Operating expenses	5.9M	6.2M	6.5M	6.6M	7M	7M	6.7M	7.7M	7.5M	8M	7.2M	7.1M
Operating income	17.3M	34.8M	32.7M	27.9M	26.7M	24.6M	14.9M	10.5M	21.2M	18.7M	26.5M	35.9M
Operating margin	26.8%	42.3%	40%	35.5%	35.2%	34.5%	23.2%	16%	29.1%	25.8%	35.6%	41.1%
Non-operating income, net	3.9M	-40K	1.1M	7.3M	6.1M	2.5M	-529K	-1.3M	3.9M	-236K	1.5M	4.5M
Pretax income	15M	27.6M	25.3M	27.6M	25.1M	19.4M	7.2M	1.7M	17.8M	11.8M	22.2M	35.2M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	15M	27.6M	25.3M	27.6M	25.1M	19.4M	7.2M	1.7M	17.8M	11.8M	22.2M	35.2M
Net margin	23.3%	33.6%	31%	35.1%	33.1%	27.1%	11.3%	2.58%	24.3%	16.3%	29.9%	40.2%
EBITDA	17.3M	34.8M	32.5M	27.8M	26.7M	24.7M	15.2M	10.8M	21.5M	19.6M	27.3M	36.7M
EPS	0.12	0.23	0.21	0.24	0.22	0.16	0.05	0	0.15	0.1	0.2	0.33
Diluted EPS	0.12	0.23	0.21	0.24	0.22	0.16	0.05	0	0.15	0.1	0.2	0.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	97.2M	—	180.9M	172.9M	133.4M	—	351.1M	446.5M	384M	496.6M	939.1M
Enterprise value	585.5M	—	673.8M	667.5M	639.3M	—	652.1M	865.8M	795.3M	878.8M	1.2B
Shares outstanding	84.5M	100.9M	101.6M	101.7M	102.6M	113.7M	120.7M	113.6M	107.6M	103M	103M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	6.53	10.8	—	—	2.03	5.77	3.94	12.9	10.7
P/S	0.89	—	0.94	0.87	0.67	—	1	1.57	1.25	1.8	3.06
P/B	0.17	—	0.37	0.35	0.29	—	0.45	0.56	0.46	0.6	0.97
EV/EBITDA	17.4	—	6.59	7.15	10.1	—	2.82	5.88	4.68	6.92	7.47
EV/Sales	5.33	—	3.49	3.38	3.23	—	1.86	3.04	2.59	3.19	3.92
Earnings yield	—	—	15.3%	9.28%	—	—	49.1%	17.3%	25.4%	7.76%	9.32%
FCF yield	-46.2%	—	21.9%	11%	9.69%	—	9.9%	-19.5%	-3.73%	12.1%	1.13%
PEG	—	—	—	—	—	—	—	—	—	—	0

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	2.81%	26.9%	38.9%	33%	16.3%	59.2%	60.1%	42%	45.6%	35.9%	49.2%
Operating margin	-10.5%	15.8%	29%	22.3%	5.29%	52.4%	52.8%	33%	36.4%	23.7%	41.1%
Net margin	-51%	-57.2%	14.3%	8.11%	-6.51%	53%	49.3%	27.2%	31.7%	14%	28.3%
ROE	-9.67%	-18.6%	5.73%	3.27%	-2.79%	25.7%	22.4%	9.76%	11.7%	4.64%	10.3%
ROA	-4.77%	-8.18%	2.57%	1.44%	-1.17%	15.9%	13.8%	5.77%	6.94%	2.75%	4.51%
Return on tangible assets	-4.77%	-8.18%	2.57%	1.44%	-1.17%	15.9%	13.8%	5.77%	6.94%	2.75%	6.09%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.67	2.14	1.85	1.57	1.29	1.4	1.73	2.63	1.91	2.9	1
Quick ratio	4.45	2.03	1.78	1.46	1.17	1.3	1.54	2.33	1.74	2.63	1
Debt / equity	1.01	1.24	1.19	1.23	1.31	0.56	0.54	0.64	0.65	0.65	0.59
Debt / assets	0.5	0.55	0.53	0.54	0.55	0.35	0.33	0.38	0.38	0.38	0.36
Net debt / EBITDA	14.5	6.3	4.82	5.29	8.03	1.25	1.3	2.85	2.42	3.01	3.59
Interest coverage	-1.86	-2.65	2.08	1.6	0.39	12.8	11.1	4.13	4.1	2.27	4.14

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.3	1.47	1.9	1.94	1.93	2.89	2.9	2.5	2.86	2.68	3.01
EPS (basic)	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.3	0.3
EPS (diluted)	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.3	0.77
Book value per share	6.84	4.52	4.75	4.82	4.51	5.97	6.4	6.98	7.73	8.06	8.55
FCF per share	-0.53	-0.1	0.39	0.19	0.13	0.95	0.29	-0.76	-0.13	0.59	0.6
Cash per share	1.11	0.58	0.8	1.05	0.99	0.9	0.94	0.77	1.17	1.53	1.32
Capex per share	0.35	0.39	0.45	0.39	0.49	0.02	1.38	1.57	0.62	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	26.8%	26.6%	23.8%	19.8%	25.5%	0.65%	47.6%	62.7%	21.7%	—	—
Capex / operating cash flow	-481.9%	-121.5%	54.9%	62.7%	82%	0.91%	76.9%	134.4%	45.9%	—	—
Payout ratio	-25.1%	-14.5%	41.1%	71.7%	-89.1%	6.42%	19.5%	39.7%	30.3%	74.2%	27.3%
Dividend yield	14.5%	—	6.3%	6.65%	8.62%	—	9.58%	6.87%	7.68%	5.76%	3.64%

Yield

3.64%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.075

ex-dividend Aug 13, 2026

Payout ratio

27%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.075
Jun 30, 2026	$0.06
Mar 2, 2026	$0.05
Aug 21, 2025	$0.05

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$64.7M	$82.3M	$81.7M	$78.5M	$75.9M	$71.5M	$64.3M	$65.7M	$73.1M	$72.6M	$74.4M	$87.5M
YoY change	-31%	-5.04%	+22.2%	+11.2%	+17.4%	-13.1%	-21.2%	-16.3%	-3.75%	+1.51%	+15.6%	+33%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	93.6M	58.4M	81.8M	106.4M	101.8M	102.1M	113.4M	87.9M	125.4M	158M
Receivables	8.2M	10.6M	11.1M	15.4M	4.9M	8.1M	6.5M	8.8M	13.3M	8.9M
Inventory	5.2M	4.2M	4.1M	9.3M	12M	8.7M	17.3M	16.7M	14.9M	19M
Total current assets	111M	79.1M	101.3M	136M	134.7M	124.1M	157.7M	146.7M	165.4M	200.6M
Property, plant & equipment	1.1B	-265.3M	-308.5M	-348.1M	-406.2M	-346.7M	-361.4M	-370.4M	-408.7M	-431.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	1.2B	1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.4B	1.4B
Accounts payable	5.4M	4.1M	6.1M	13M	13.5M	10M	10.5M	10.4M	9.9M	13.4M
Short-term debt	12.2M	25.6M	36.2M	64.1M	75.8M	61.9M	43.6M	24.8M	58.2M	42.4M
Total current liabilities	23.8M	36.9M	54.6M	86.8M	104.7M	88.7M	91.3M	55.7M	86.5M	69.1M
Long-term debt	569.8M	541.8M	538.5M	537M	531.9M	315.8M	370.8M	482.4M	478.4M	497.8M
Total liabilities	595.2M	578.7M	593.4M	624.7M	642.8M	415.1M	474M	547.3M	571.5M	572.5M
Shareholders' equity	578.5M	456.3M	482.8M	489.9M	462.9M	679.2M	771.9M	792.5M	831.6M	830.7M
Total debt	582M	567.4M	574.7M	601M	607.7M	377.7M	414.4M	507.2M	536.6M	540.1M
Net debt	500.3M	521.2M	522.8M	522.1M	517.6M	276.6M	365.2M	459M	455.6M	398.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	87.9M	—	—	—	125.4M	120.2M	—	—	158M	—	134.5M
Receivables	—	8.8M	—	—	—	13.3M	—	—	—	8.9M	—	—
Inventory	—	16.7M	—	—	—	14.9M	—	—	—	19M	—	—
Total current assets	105.9M	146.7M	148.2M	114.8M	119.5M	165.4M	152.4M	161.3M	159M	200.6M	249.4M	211.3M
Property, plant & equipment	74.7M	-370.4M	83.2M	113.1M	96.7M	-408.7M	89.6M	78.1M	77.6M	-431.5M	100M	101.2M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	1.3B	1.3B	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B
Accounts payable	—	10.4M	—	—	—	9.9M	—	—	—	13.4M	—	—
Short-term debt	21.1M	24.8M	30.2M	24.4M	60.2M	58.2M	59.5M	61.9M	34.5M	42.4M	155.1M	171.6M
Total current liabilities	52.5M	55.7M	58.2M	54.3M	89M	86.5M	87.5M	94.8M	58.5M	69.1M	181.4M	210.9M
Long-term debt	419.6M	482.4M	495.1M	466.8M	429.6M	478.4M	460.2M	490.6M	481.8M	497.8M	388.9M	339.9M
Total liabilities	482.3M	547.3M	562.5M	530.3M	522.6M	571.5M	554.5M	593.7M	546.3M	572.5M	577.2M	558.9M
Shareholders' equity	772.4M	792.5M	788.6M	807.5M	825.4M	831.6M	826.8M	815.6M	826.3M	830.7M	843.2M	870.3M
Total debt	440.7M	507.2M	525.3M	491.1M	489.8M	536.6M	519.7M	552.6M	516.3M	540.1M	544M	511.4M
Net debt	—	459M	—	—	—	455.6M	399.5M	—	—	398.6M	—	467.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-56M	-84.7M	27.7M	16M	-12.9M	174.3M	172.6M	77.4M	97.4M	38.6M
Depreciation & amortization	49.5M	51.4M	48.1M	50.3M	54.3M	52.4M	49.5M	54.1M	58.1M	59.9M
Stock-based compensation	120K	120K	120K	120K	120K	120K	120K	144K	150K	150K
Change in working capital	-2.8M	-2.2M	6.1M	-6M	18M	7.1M	-11.5M	-3.3M	-14.3M	-2M
Operating cash flow	-6.1M	-32.5M	83.7M	62.6M	61.5M	236.9M	216.3M	132.7M	145.6M	102.3M
Capital expenditure	-29.4M	-39.4M	-45.9M	-39.2M	-50.4M	-2.1M	-166.3M	-178.3M	-66.8M	—
Investing cash flow	22.8M	-19.1M	-63.7M	-36.8M	-34.8M	8.6M	-229.4M	-151.7M	-71.7M	28.3M
Dividends paid	-14M	-12.3M	-11.4M	-11.5M	-11.5M	-11.2M	-33.6M	-30.7M	-29.5M	-28.6M
Share repurchases	-1.8M	-25M	-10.1M	-4.2M	-6.1M	-17.7M	-46.4M	-26.2M	-28.9M	-11M
Financing cash flow	-83.9M	-47.1M	-15.6M	8.5M	-9.3M	-225.9M	-40.1M	29.1M	-25.9M	-52.4M
Net change in cash	-67.2M	-98.6M	4.5M	34.4M	17.4M	19.5M	-53.2M	10.1M	48M	78.2M
Free cash flow	-44.9M	-9.8M	39.5M	19M	12.9M	108M	34.8M	-86.9M	-14.3M	60.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	19.1M	20.1M	33.2M	35.2M	42.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	19.1M	20.1M	33.2M	35.2M	42.7M
Free cash flow	21.9K	-170.1M	35.9K	40.3K	100.9M	-115.3M	29.9M	19.1M	51.4M	-8.8M	35.2M	-16.5M

Safe Bulkers, Inc. Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement