NYSE : SB
Safe Bulkers, Inc. — Financial statements
Industrials · Marine Shipping · Monaco
Last price 8.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 911.81M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Safe Bulkers, Inc. (SB) reported revenue of 307.50M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 307.50M | 275.74M | 307.63M | 284.40M | 349.72M | 329.03M |
| Cost of Revenue | 111.80M | 116.10M | 108.75M | 110.26M | 89.51M | 81.11M |
| Gross Profit | 195.70M | 159.64M | 198.88M | 174.14M | 260.21M | 247.92M |
| Selling, General & Admin | 29.85M | 29.85M | 27.04M | 23.76M | 21.80M | 22.50M |
| Other Operating Expenses | 4.54M | 4.54M | 1.84M | 2.48M | 4.24M | -6.78M |
| Operating Expenses | 93.36M | 94.27M | 87.01M | 80.37M | 75.56M | 68.08M |
| Operating Income | 102.35M | 65.37M | 111.87M | 93.77M | 184.65M | 179.84M |
| Interest Expense | -30.06M | -32.79M | -34.33M | -26.85M | -13.82M | -11.14M |
| Interest & Investment Income | 5.92M | 5.12M | 3.40M | 2.50M | 783.00K | 69.00K |
| Currency Exchange Gain (Loss) | 2.90M | -10.04M | 4.17M | -1.87M | -1.10M | -910.00K |
| Other Non Operating Income (Expenses) | -2.82M | 6.31M | -4.29M | -571.00K | 2.04M | -5.08M |
| EBT Excluding Unusual Items | 78.28M | 33.97M | 80.82M | 66.98M | 172.55M | 162.77M |
| Gain (Loss) on Sale of Assets | 8.70M | 4.60M | 16.55M | 10.38M | 11.58M | |
| Pretax Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
| Net Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
| Preferred Dividends & Other Adjustments | 8.00M | 8.00M | 8.00M | 8.00M | 8.98M | 10.79M |
| Net Income to Common | 78.98M | 30.56M | 89.38M | 69.35M | 163.58M | 163.56M |
| Shares Outstanding (Basic) | 102.15M | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M |
| Shares Outstanding (Diluted) | 102.47M | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M |
| EPS (Basic) | 0.77 | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 |
| EPS (Diluted) | 0.77 | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 |
| Free Cash Flow | 61.28M | 60.30M | -14.32M | -86.90M | 34.77M | 107.98M |
| Free Cash Flow Per Share | 0.60 | 0.58 | -0.13 | -0.77 | 0.29 | 0.95 |
| Dividend Per Share | 0.10 | 0.20 | 0.20 | 0.20 | 0.20 | |
| Gross Margin | 63.64% | 57.90% | 64.65% | 61.23% | 74.41% | 75.35% |
| Operating Margin | 33.28% | 23.71% | 36.36% | 32.97% | 52.80% | 54.66% |
| Profit Margin | 25.69% | 11.08% | 29.05% | 24.39% | 46.77% | 49.71% |
| Free Cash Flow Margin | 19.93% | 21.87% | -4.65% | -30.55% | 9.94% | 32.82% |
| EBITDA | 161.31M | 125.25M | 170.01M | 147.90M | 234.17M | 232.20M |
| EBITDA Margin | 52.46% | 45.42% | 55.26% | 52.01% | 66.96% | 70.57% |
| D&A For EBITDA | 58.97M | 59.88M | 58.13M | 54.13M | 49.52M | 52.36M |
| EBIT | 102.35M | 65.37M | 111.87M | 93.77M | 184.65M | 179.84M |
| EBIT Margin | 33.28% | 23.71% | 36.36% | 32.97% | 52.80% | 54.66% |
| Revenue as Reported | 307.50M | 275.74M | 307.63M | 284.40M | 349.72M | 329.03M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 43.74M | 141.58M | 81.08M | 48.19M | 49.19M | 101.00M |
| Short-Term Investments | 90.80M | 16.38M | 44.34M | 39.73M | 64.19M | 1.08M |
| Cash & Short-Term Investments | 134.54M | 157.96M | 125.42M | 87.92M | 113.38M | 102.08M |
| Accounts Receivable | 9.47M | 14.25M | 9.26M | 7.14M | 8.75M | |
| Other Receivables | 2.32M | 829.00K | 14.00K | 22.00K | ||
| Receivables | 11.79M | 15.08M | 9.28M | 7.16M | 8.75M | |
| Inventory | 19.00M | 14.88M | 16.65M | 17.32M | 8.65M | |
| Prepaid Expenses | 5.36M | 7.01M | 6.61M | 5.76M | 3.48M | |
| Restricted Cash | 3.00M | 2.02M | 1.00M | |||
| Other Current Assets | 76.81M | 6.49M | 24.24M | 13.08M | 1.15M | |
| Total Current Assets | 211.35M | 200.60M | 165.39M | 146.72M | 157.70M | 124.12M |
| Property, Plant & Equipment | 1.11B | 1.11B | 1.14B | 1.09B | 1.00B | 896.33M |
| Long-Term Investments | 5.88M | |||||
| Long-Term Accounts Receivable | 87.00K | 225.00K | 282.00K | |||
| Long-Term Deferred Charges | 255.00K | 510.00K | 884.00K | |||
| Other Long-Term Assets | 111.19M | 97.00M | 93.39M | 101.23M | 86.36M | 66.83M |
| Total Assets | 1.43B | 1.40B | 1.40B | 1.34B | 1.25B | 1.09B |
| Accounts Payable | 13.37M | 9.90M | 10.44M | 10.49M | 9.98M | |
| Accrued Expenses | 7.88M | 11.84M | 8.38M | 10.82M | 5.42M | |
| Current Portion of Long-Term Debt | 171.56M | 42.37M | 58.19M | 24.78M | 43.56M | 39.91M |
| Current Portion of Leases | 748.00K | 21.95M | ||||
| Current Unearned Revenue | 5.22M | 6.54M | 10.85M | 9.52M | 11.01M | |
| Other Current Liabilities | 39.30M | 208.00K | 526.00K | 16.93M | 414.00K | |
| Total Current Liabilities | 210.86M | 69.06M | 86.47M | 55.73M | 91.32M | 88.69M |
| Long-Term Debt | 339.88M | 497.77M | 478.45M | 482.39M | 370.81M | 315.80M |
| Long-Term Unearned Revenue | 2.31M | 2.62M | 3.25M | 7.33M | 7.99M | |
| Other Long-Term Liabilities | 8.14M | 3.33M | 3.93M | 5.93M | 4.55M | 2.60M |
| Total Liabilities | 558.88M | 572.48M | 571.48M | 547.30M | 474.00M | 415.08M |
| Common Stock | 870.28M | 102.00K | 105.00K | 112.00K | 119.00K | 122.00K |
| Additional Paid-In Capital | 313.28M | 324.14M | 352.90M | 378.97M | 425.20M | |
| Retained Earnings | 517.29M | 507.34M | 439.46M | 392.79M | 253.86M | |
| Total Common Equity | 870.28M | 830.67M | 831.58M | 792.47M | 771.88M | 679.18M |
| Shareholders' Equity | 870.28M | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M |
| Total Liabilities & Equity | 1.43B | 1.40B | 1.40B | 1.34B | 1.25B | 1.09B |
| Total Debt | 511.45M | 540.14M | 536.64M | 507.92M | 414.36M | 377.65M |
| Net Cash (Debt) | -376.91M | -382.18M | -411.22M | -420.00M | -300.99M | -275.57M |
| Net Cash Per Share | -3.68 | -3.71 | -3.82 | -3.70 | -2.49 | -2.42 |
| Filing Date Shares Outstanding | 101.83M | 102.24M | 105.27M | 111.62M | 118.88M | 121.65M |
| Total Common Shares Outstanding | 101.83M | 102.26M | 105.29M | 111.61M | 118.87M | 121.64M |
| Working Capital | 486.00K | 131.54M | 78.92M | 90.99M | 66.38M | 35.42M |
| Book Value Per Share | 8.55 | 8.12 | 7.90 | 7.10 | 6.49 | 5.58 |
| Tangible Book Value | 870.28M | 830.67M | 831.58M | 792.47M | 771.88M | 679.18M |
| Tangible Book Value Per Share | 8.55 | 8.12 | 7.90 | 7.10 | 6.49 | 5.58 |
| Machinery | 1.62B | 1.64B | 1.55B | 1.44B | 1.27B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 86.98M | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M |
| Depreciation & Amortization | 58.97M | 59.88M | 58.13M | 54.13M | 49.52M | 52.36M |
| Other Amortization | 2.65M | 2.75M | 2.96M | 2.48M | 2.01M | 2.90M |
| Loss (Gain) From Sale of Assets | -8.70M | -4.60M | -16.55M | -10.38M | -11.58M | |
| Stock-Based Compensation | 150.00K | 150.00K | 150.00K | 144.00K | 120.00K | 120.00K |
| Other Operating Activities | 3.07M | 9.95M | -1.62M | 2.55M | 2.92M | -7.64M |
| Change in Accounts Receivable | 4.78M | 4.78M | -4.90M | -1.99M | 1.67M | -3.51M |
| Change in Inventory | -7.96M | -7.96M | 928.00K | -683.00K | -13.18M | 3.90M |
| Change in Accounts Payable | 3.52M | 3.52M | -1.12M | 385.00K | 505.00K | -3.99M |
| Change in Unearned Revenue | -1.62M | -1.62M | -4.94M | -2.75M | -2.15M | 9.24M |
| Change in Other Net Operating Assets | -10.68M | -3.12M | 46.00K | 965.00K | 4.08M | 1.06M |
| Operating Cash Flow | 131.15M | 102.29M | 130.46M | 122.21M | 218.05M | 217.21M |
| Capital Expenditures | -69.86M | -41.99M | -144.78M | -209.10M | -183.28M | -109.23M |
| Sale of Property, Plant & Equipment | 23.39M | 23.39M | 78.00M | 30.77M | 16.93M | 107.08M |
| Investment in Securities | -58.39M | 28.30M | -4.95M | 26.60M | -63.06M | 10.70M |
| Investing Cash Flow | -104.87M | 9.70M | -71.73M | -151.73M | -229.40M | 8.55M |
| Long-Term Debt Issued | 214.95M | 248.30M | 255.20M | 259.57M | 178.80M | |
| Long-Term Debt Repaid | -225.49M | -212.14M | -165.23M | -213.27M | -444.53M | |
| Net Debt Issued (Repaid) | -38.12M | -10.54M | 36.16M | 89.97M | 46.30M | -265.73M |
| Issuance of Common Stock | 71.54M | |||||
| Repurchase of Common Stock | -2.98M | -11.01M | -28.92M | -26.22M | -9.05M | |
| Preferred Dividends Paid | -8.00M | -8.00M | -8.00M | -8.00M | -9.48M | |
| Common Dividends Paid | -15.34M | -20.61M | -21.50M | -22.68M | -24.14M | |
| Dividends Paid | -23.34M | -28.61M | -29.50M | -30.68M | -33.63M | -11.20M |
| Other Financing Activities | -2.13M | -2.21M | -3.60M | -3.93M | -6.41M | -2.81M |
| Financing Cash Flow | -66.57M | -52.37M | -25.86M | 29.14M | -40.10M | -225.91M |
| Foreign Exchange Rate Adjustments | -393.00K | 75.00K | -371.00K | 353.00K | -709.00K | -794.00K |
| Net Cash Flow | -40.69M | 59.70M | 32.50M | -25.00K | -52.17M | -938.00K |
| Free Cash Flow | 61.28M | 60.30M | -14.32M | -86.90M | 34.77M | 107.98M |
| Free Cash Flow Margin | 19.93% | 21.87% | -4.65% | -30.55% | 9.94% | 32.82% |
| Free Cash Flow Per Share | 0.60 | 0.58 | -0.13 | -0.77 | 0.29 | 0.95 |
| Levered Free Cash Flow | 10.58M | 36.88M | -18.16M | -142.55M | -26.23M | 60.37M |
| Unlevered Free Cash Flow | 26.73M | 54.63M | 337.00K | -128.25M | -19.60M | 64.44M |
| Cash Interest Paid | 35.20M | 35.20M | 29.45M | 22.34M | 13.67M | 13.69M |
| Change in Working Capital | -11.97M | -4.40M | -9.98M | -4.07M | -9.07M | 6.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 850.34M | 493.22M | 381.20M | 438.62M | 345.91M | 458.59M |
| Enterprise Value | 1.23B | 894.25M | 785.68M | 805.23M | 690.32M | 768.85M |
| Last Close Price | 7.47 | 4.69 | 3.31 | 3.49 | 2.44 | 3.00 |
| PE Ratio | 9.69 | 16.14 | 4.26 | 6.33 | 2.12 | 2.80 |
| Forward PE | 10.83 | 9.09 | 8.38 | 8.60 | 3.20 | 3.09 |
| PS Ratio | 2.77 | 1.79 | 1.24 | 1.54 | 0.99 | 1.39 |
| PB Ratio | 0.87 | 0.59 | 0.46 | 0.55 | 0.45 | 0.68 |
| P/TBV Ratio | 0.98 | 0.59 | 0.46 | 0.55 | 0.45 | 0.68 |
| P/FCF Ratio | 13.88 | 8.18 | 9.95 | 4.25 | ||
| P/OCF Ratio | 6.48 | 4.82 | 2.92 | 3.59 | 1.59 | 2.11 |
| PEG Ratio | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | |
| EV/Sales Ratio | 3.99 | 3.24 | 2.55 | 2.83 | 1.97 | 2.34 |
| EV/EBITDA Ratio | 7.61 | 7.14 | 4.62 | 5.44 | 2.95 | 3.31 |
| EV/EBIT Ratio | 11.99 | 13.68 | 7.02 | 8.59 | 3.74 | 4.28 |
| EV/FCF Ratio | 20.03 | 14.83 | 19.85 | 7.12 | ||
| Debt / Equity Ratio | 0.59 | 0.65 | 0.65 | 0.64 | 0.54 | 0.56 |
| Debt / EBITDA Ratio | 3.17 | 4.31 | 3.16 | 3.43 | 1.77 | 1.63 |
| Debt / FCF Ratio | 8.35 | 8.96 | 11.92 | 3.50 | ||
| Net Debt / Equity Ratio | 0.43 | 0.46 | 0.49 | 0.53 | 0.39 | 0.41 |
| Net Debt / EBITDA Ratio | 2.34 | 3.05 | 2.42 | 2.84 | 1.28 | 1.19 |
| Net Debt / FCF Ratio | 6.15 | 6.34 | -28.72 | -4.83 | 8.66 | 2.55 |
| Asset Turnover | 0.22 | 0.20 | 0.22 | 0.22 | 0.30 | 0.30 |
| Inventory Turnover | 6.85 | 6.90 | 6.49 | 6.89 | 7.84 | |
| Quick Ratio | 0.64 | 2.46 | 1.62 | 1.74 | 1.32 | 1.25 |
| Current Ratio | 1.00 | 2.90 | 1.91 | 2.63 | 1.73 | 1.40 |
| Return on Equity (ROE) | 10.32% | 4.64% | 11.99% | 9.89% | 23.78% | 30.53% |
| Return on Assets (ROA) | 4.51% | 2.91% | 5.10% | 4.53% | 9.86% | 10.22% |
| Return on Capital Employed (ROCE) | 8.40% | 4.90% | 8.50% | 7.30% | 16.00% | 17.90% |
| Earnings Yield | 10.32% | 7.82% | 25.55% | 17.64% | 49.89% | 38.02% |
| FCF Yield | 7.21% | 12.23% | -3.76% | -19.81% | 10.05% | 23.55% |
| Dividend Yield | 4.02% | 4.15% | 5.52% | 5.09% | 6.87% | |
| Payout Ratio | 30.49% | 74.19% | 30.30% | 39.66% | 19.49% | 6.42% |
| Buyback Yield / Dilution | 2.56% | 4.22% | 5.32% | 5.83% | -6.10% | -10.81% |
| Total Shareholder Return | 6.58% | 8.37% | 10.84% | 10.92% | 0.77% | -10.81% |