Safe Bulkers Inc (SB)
NYSE:SB
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Safe Bulkers
(NYSE:SB)
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Rating:66Neutral
Price Target:
$6.50
▲(21.04% Upside)
Action:DowngradedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Safe Bulkers (SB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$671.75M
Dividend Yield4.16%
Average Volume (3M)732.75K
Price to Earnings (P/E)12.9
Beta (1Y)1.12
Revenue Growth-13.74%
EPS Growth-59.37%
CountryUS
Employees941
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.14
Shares Outstanding102,244,780
10 Day Avg. Volume540,637
30 Day Avg. Volume732,750
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)0.60
Price to Sales (P/S)1.80
P/FCF Ratio8.24
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue3.84
Enterprise Value/Gross Profit10.69
Enterprise Value/Ebitda8.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.52
Revenue Forecast (FY)$279.00M
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 fl...
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...
Safe Bulkers Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operationally and strategically the company emphasized strong liquidity, disciplined free cash flow generation (17 consecutive quarters), a competitive, predominantly Japanese-built fleet and meaningful contracted revenue backlog. However, near-term operating profitability showed modest deterioration (adjusted EBITDA down ~8.1%, EPS down ~6.7%), vessel operating costs rose materially (~13% YoY), and the top-line freight environment faces macro and China-related downside risks, shipyard timing constraints and fuel transition uncertainty. On balance, the company appears financially resilient with positive structural positioning, but short-term earnings and cost pressures along with market uncertainty temper the outlook.Positive Updates
Dividend Declaration and Shareholder Returns
Board declared a $0.05 per share common dividend for Q4 2025, continuing shareholder distributions and reflecting management confidence in cash generation and capital allocation.
Negative Updates
Adjusted EBITDA Decline
Adjusted EBITDA for Q4 2025 decreased to $37.4 million from $40.7 million in Q4 2024, a decline of about 8.1%, indicating weaker operating profitability versus the prior year quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Dividend Declaration and Shareholder Returns
Board declared a $0.05 per share common dividend for Q4 2025, continuing shareholder distributions and reflecting management confidence in cash generation and capital allocation.
Read all positive updates
Company Guidance
Management's guidance was that supply and demand should broadly match in 2026, with dry‑bulk supply growth of about 2.5% in 2026 and ~3% in 2027, deliveries around 3% in 2026, an order book equal to ~11.4% of the fleet, and BIMCO demand growth of 2–3% (ton‑mile support from sailing distances +0.5–1.5%); commodity outlooks included iron ore +1% (2026–27), coal −1% to −2% in 2026 (IEA −1.4% 2025–27; imports −4%; China −1.5%), grains +5–6% (2026) and minor bulks +3.5–4.5%. For the company, Q4 adjusted EPS was $0.14 (vs. $0.15 YoY), adjusted EBITDA $37.4M (Q4'24: $40.7M), average operated fleet ~45 vessels with a TCE reference of $6,521, daily vessel OpEx $5,686 (up 13% YoY), seven Capes on period charters (avg remaining duration 1.8 years at ~$24,000/day) with Capes backlog topping $130M and total contracted revenue/backlog cited at ~$178M; the Board declared a $0.05/share dividend, liquidity was highlighted as ~€163–167M cash plus ~€218–220M undrawn RCF (combined liquidity ≈$385M), low net debt per vessel of €8.4M, an average fleet age ~10.4 years and ~80% Japanese‑built vessels.Safe Bulkers Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
73
Positive
Cash Flow
56
Neutral
| 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
Positive
5.37
Price Trends
6.10
Positive
5.54
Positive
4.86
Positive
Market Momentum
0.12
Negative
61.13
Neutral
84.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SB, the sentiment is Positive. The current price of 5.37 is below the 20-day moving average (MA) of 6.25, below the 50-day MA of 6.10, and above the 200-day MA of 4.86, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 61.13 is Neutral, neither overbought nor oversold. The STOCH value of 84.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SB.
Safe Bulkers Risk Analysis
Safe Bulkers disclosed 73 risk factors in its most recent earnings report. Safe Bulkers reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Safe Bulkers Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $485.07M | 2.77 | 32.77% | 4.95% | 7.26% | 6.60% | |
69 Neutral | $1.05B | 13.01 | -0.49% | 4.04% | -24.58% | -110.22% | |
66 Neutral | $671.75M | 12.88 | 4.68% | 4.16% | -13.74% | -59.37% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $2.80B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% | |
62 Neutral | $492.50M | 22.66 | 4.60% | 3.57% | 14.21% | -36.71% | |
47 Neutral | $427.03M | -5.99 | -5.73% | ― | ― | ― |
* Industrials Sector Average
SB
Safe Bulkers
6.57
3.43
108.97%
ESEA
Euroseas
69.23
41.12
146.30%
GNK
Genco Shipping
24.32
12.45
104.90%
SBLK
Star Bulk Carriers
24.63
11.46
87.00%
PANL
Pangaea Logistics Solutions
7.54
3.28
77.16%
CMDB
Costamare Bulkers Holdings Limited
17.66
4.16
30.81%
Safe Bulkers Corporate Events
Safe Bulkers Files 2025 Form 20-F Annual Report with SEC
Mar 4, 2026
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 ...
Safe Bulkers Posts Lower 2025 Earnings but Maintains Dividend After Q4 Results
Feb 23, 2026
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 o...
Safe Bulkers Sells 2012-Built Capesize Vessel as Part of Fleet Renewal Drive
Feb 17, 2026
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 o...
Safe Bulkers Orders Two Eco-Efficient Kamsarmax Newbuilds as Part of Fleet Renewal Drive
Jan 22, 2026
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. Th...
Safe Bulkers Declares Quarterly Dividends on Series C and D Preferred Shares
Jan 2, 2026
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 Cumul...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.