Safe Bulkers (SB) AI Stock Analysis

• Market Cap: $608.85M
• Dividend Yield: 4.16%
• Average Volume (3M): 808.94K
• Price to Earnings (P/E): 12.9
• Beta (1Y): 1.13
• Revenue Growth: -13.74%
• EPS Growth: -59.37%
• Country: US
• Employees: 941
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): 0.14
• Shares Outstanding: 102,328,390
• 10 Day Avg. Volume: 905,870
• 30 Day Avg. Volume: 808,941
• PEG Ratio: -0.20
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 1.80
• P/FCF Ratio: 8.24
• Enterprise Value/Market Cap: 1.64
• Enterprise Value/Revenue: 3.61
• Enterprise Value/Gross Profit: 10.05
• Enterprise Value/Ebitda: 7.53
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.52
• Revenue Forecast (FY): $277.00M

• Rating: 66 Neutral
• Price Target: $6.50 ▲(21.04% Upside)
• Action: Downgraded Date: 03/07/26
• Date: Action: Downgraded 03/07/26

The score is driven primarily by solid but cyclical financials: manageable leverage and positive operating cash flow are offset by sharp margin/ROE deterioration and uneven free cash flow. Technicals are moderately positive with constructive moving-average alignment and neutral momentum. Valuation and dividend are reasonable, while the latest earnings call was balanced—strong liquidity and backlog, but rising costs and slightly weaker near-term profitability.

Positive Factors

Strong Liquidity

Large cash balances plus significant undrawn revolving credit (~$385M combined) give Safe Bulkers durable financial flexibility. This liquidity supports operations through dry‑bulk cycles, funds capex/newbuild timing, underpins dividends and reduces refinancing risk, preserving strategic optionality.

Contracted Backlog

Meaningful contracted revenue and time‑charter coverage (~$178M backlog, Capes ~$130M) provides multi‑quarter cashflow visibility and reduces spot exposure. That structural revenue insulation smooths earnings, supports dividend consistency, and enables disciplined fleet deployment and capex planning.

Fleet Renewal & Efficiency

A focused newbuild program and a high share of modern Japanese‑built vessels boost fuel efficiency and regulatory compliance. Over the medium term this improves operating costs, CII positioning and access to premium charters, strengthening competitive differentiation and resilience to future rules.

Negative Factors

Weakened Returns

ROE and margin deterioration to single‑digit returns indicate materially lower earnings power on the current capital base. Persistently weak returns constrain reinvestment, limit sustainable shareholder distributions, and mean the company needs a structural freight market recovery to restore prior profitability levels.

Rising Operating Costs

A sustained ~13% increase in daily vessel OpEx is a structural headwind that erodes margins and free cash flow if persistent. Higher recurring costs (crew, maintenance, insurance, fuel) raise the breakeven for spot economics and make cash returns and debt coverage more sensitive to freight rate volatility.

Delivery & Regulatory Risk

Tight shipyard capacity and scarce secondhand Japanese tonnage delay fleet renewal, compressing timing advantages from ordered eco‑vessels. Combined with fuel‑transition and IMO uncertainties, these structural constraints can increase replacement costs, delay efficiency gains and hinder compliance planning.

Safe Bulkers Business Overview & Revenue Model

Company Description

Safe Bulkers, Inc., together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of March 18, 2022, the company had a fleet of 40 drybulk vessels having an average age of 10.4 years; and an aggregate carrying capacity of 3,925,500 deadweight tons. Its fleet consisted of 12 Panamax class vessels, 7 Kamsarmax class vessels, 15 post- Panamax class vessels, and 6 Capesize class vessels. Safe Bulkers, Inc. was incorporated in 2007 and is based in Monaco.

How the Company Makes Money

Safe Bulkers generates revenue primarily through the chartering of its vessels. The company employs a mix of time charters and spot charters, allowing it to capitalize on fluctuating market rates for shipping dry bulk commodities. The time charter contracts typically provide more stable and predictable revenue streams over longer periods, while spot charters can yield higher profits during periods of high demand. Additionally, Safe Bulkers may benefit from partnerships with major shipping companies and commodity traders, enhancing their market reach and ability to secure lucrative contracts. Factors such as global demand for commodities, shipping rates, and operational efficiency also significantly influence the company's earnings.

Safe Bulkers Financial Statement Overview

Summary

Profitable but highly cyclical: 2025 revenue rebounded (+39%) while net margin and earnings power fell sharply from 2021–2022 peaks (net margin ~14% in 2025). Balance sheet leverage is manageable (debt-to-equity ~0.64–0.65) but ROE has cooled to ~5% in 2025. Operating cash flow is consistently positive, yet free cash flow has been uneven (negative in 2023–2024, positive in 2025).

Income Statement

Revenue has been volatile: strong growth in 2025 (+39%) after a softer 2024 (+8%) and a decline in 2023 (-19%). Profitability remains positive in recent years, but margins have compressed meaningfully from the 2021–2022 peak (net margin ~53%/49%) to 2025 (~14%), with net income down sharply in 2025 versus 2024. Overall, the business is profitable but highly cyclical with reduced earnings power versus prior highs.

Balance Sheet

Leverage appears manageable and stable recently, with debt-to-equity around ~0.64–0.65 in 2023–2025, a clear improvement versus 2020 (~1.31). Equity has also been broadly stable to slightly higher over the period, supporting the capital base. The main weakness is that returns on equity have cooled significantly (from ~22–26% in 2021–2022 to ~5% in 2025), signaling weaker profitability on the current asset/equity base.

Cash Flow

Operating cash flow is consistently positive, and cash generation has covered accounting earnings in recent years (operating cash flow-to-net income ~1.5x in 2024–2025), which is a key strength. However, free cash flow has been uneven: negative in 2023 and 2024, then positive in 2025, indicating variability likely tied to investment/capex cycles. Free cash flow conversion versus net income has also been inconsistent (negative in 2023–2024, ~0.59x in 2025).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	275.74M	307.63M	284.40M	349.72M	329.03M
Gross Profit	99.06M	140.17M	119.41M	210.02M	194.87M
EBITDA	129.09M	190.46M	159.42M	242.57M	245.13M
Net Income	38.56M	97.38M	77.35M	172.55M	174.35M
Balance Sheet
Total Assets	1.40B	1.40B	1.34B	1.25B	1.09B
Cash, Cash Equivalents and Short-Term Investments	153.15M	128.42M	89.94M	114.38M	102.08M
Total Debt	540.14M	536.64M	507.92M	414.36M	377.65M
Total Liabilities	572.48M	571.48M	547.30M	474.00M	415.08M
Stockholders Equity	830.71M	831.62M	792.51M	771.92M	679.24M
Cash Flow
Free Cash Flow	60.30M	-14.32M	-86.90M	34.72M	107.97M
Operating Cash Flow	102.29M	130.46M	122.21M	218.00M	217.20M
Investing Cash Flow	9.70M	-71.73M	-151.73M	-229.40M	8.55M
Financing Cash Flow	-52.37M	-25.86M	29.14M	-40.10M	-225.90M

Safe Bulkers Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 5.37
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SB, the sentiment is Neutral. The current price of 5.37 is below the 20-day moving average (MA) of 6.22, below the 50-day MA of 5.67, and above the 200-day MA of 4.63, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 22.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SB.

Safe Bulkers Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESEA	80 Outperform	$457.81M	2.77	32.77%	4.95%	7.26%	6.60%
GNK	69 Neutral	$856.39M	13.01	-0.49%	4.04%	-24.58%	-110.22%
SB	66 Neutral	$608.85M	12.88	4.68%	4.16%	-13.74%	-59.37%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SBLK	62 Neutral	$2.52B	26.26	3.46%	1.59%	-13.87%	-82.48%
PANL	61 Neutral	$457.09M	22.66	4.60%	3.57%	14.21%	-36.71%
CMDB	46 Neutral	$387.61M	-5.99	―	―	―	―

Safe Bulkers Corporate Events

Safe Bulkers Files 2025 Form 20-F Annual Report with SEC

Safe Bulkers, Inc., a Monaco-based drybulk shipping company listed on the NYSE, operates a fleet that transports key commodities including coal, grain and iron ore for major global customers. Its securities include common shares and two series of preferred stock, reflecting a capital structure tailored to a broad investor base.

On March 4, 2026, Safe Bulkers reported that it had filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission, making the document available through its website and by hard copy on request. The filing provides regulators and investors with updated financial and operational disclosures for 2025, supporting transparency and ongoing compliance for the NYSE-listed shipowner.

The most recent analyst rating on (SB) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Safe Bulkers stock, see the SB Stock Forecast page.

Safe Bulkers Posts Lower 2025 Earnings but Maintains Dividend After Q4 Results

Safe Bulkers, Inc. reported unaudited financial results on February 18, 2026, for the three and twelve months ended December 31, 2025, highlighting quarterly net revenues of $72.6 million and net income of $11.8 million, with adjusted net income of $15.9 million. For full-year 2025, the company generated $275.7 million in net revenues and $38.6 million in net income, reflecting a year-on-year decline from 2024, while the Board declared a cash dividend of $0.05 per common share, signaling continued capital returns despite softer earnings.

The 2025 results showed lower net revenues and profitability compared with 2024, with full-year net income dropping to $38.6 million from $97.4 million and EBITDA declining to $126.4 million from $186.4 million. Nevertheless, the maintenance of a common stock dividend suggests management’s confidence in the company’s financial resilience and cash generation, a key consideration for shareholders amid a less robust dry bulk market environment.

The most recent analyst rating on (SB) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Safe Bulkers stock, see the SB Stock Forecast page.

Safe Bulkers Sells 2012-Built Capesize Vessel as Part of Fleet Renewal Drive

Safe Bulkers, Inc. announced in Monaco on February 13, 2026 that it has agreed to sell the MV Michalis H, a 2012 Chinese-built Capesize dry-bulk vessel, for a gross price of $35.2 million, with forward delivery scheduled within the first quarter of 2026. Management framed the deal as part of a broader fleet renewal strategy, saying the vessel was sold at what it considers an optimal point in the cycle and noting that the company’s orderbook now stands at eight vessels scheduled for delivery through 2029, underscoring its ongoing fleet modernization and potential implications for future capacity and efficiency.

The most recent analyst rating on (SB) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Safe Bulkers stock, see the SB Stock Forecast page.

Safe Bulkers Orders Two Eco-Efficient Kamsarmax Newbuilds as Part of Fleet Renewal Drive

On January 22, 2026, Monaco-based Safe Bulkers, Inc. announced it has agreed to acquire two newbuild Chinese Kamsarmax class dry-bulk vessels of 82,500 dwt each, scheduled for delivery in the third quarter of 2028 and the first quarter of 2029. The vessels, which are sisters to existing ships in its fleet, are designed to comply with IMO’s Phase 3 Energy Efficiency Design Index standards for greenhouse gas emissions and NOx-Tier III regulations, enhancing fuel efficiency and reducing emissions. With this deal, Safe Bulkers has now taken delivery of twelve IMO Phase 3 – NOx Tier III vessels and holds an orderbook of eight additional newbuilds, including two methanol dual-fuel ships, due between 2026 and 2029. Management framed the latest orders as part of a broader fleet renewal strategy aimed at improving competitiveness, resilience and environmental performance, reinforcing the company’s positioning among owners of modern, efficient dry bulk fleets.

The most recent analyst rating on (SB) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Safe Bulkers stock, see the SB Stock Forecast page.

Safe Bulkers Declares Quarterly Dividends on Series C and D Preferred Shares

On January 2, 2026, Monaco-based Safe Bulkers, Inc. announced that its board of directors declared quarterly cash dividends of $0.50 per share on both its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares and its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares for the period from October 30, 2025 to January 29, 2026. The dividends are scheduled to be paid on January 30, 2026 to shareholders of record as of January 16, 2026, underscoring the company’s ongoing capital return to preferred shareholders, while the board reiterated that future dividends will remain subject to factors including earnings, financial condition, financing capacity, debt covenants and broader global economic conditions.

The most recent analyst rating on (SB) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Safe Bulkers stock, see the SB Stock Forecast page.