(SB) Safe Bulkers - Overview
Sector: Industrials | Industry: Marine Shipping | Exchange: NYSE (USA) | Market Cap: 672m USD | Total Return: 84.7% in 12m
Avg Turnover: 3.36M
EPS Trend: -83.9%
Qual. Beats: 0
Rev. Trend: -69.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Safe Bulkers, Inc. (SB) is a Monaco-based international provider of marine drybulk transportation services. The company specializes in the shipment of essential raw materials, primarily coal, grain, and iron ore, utilizing a diversified fleet of 45 vessels. Its operational capacity spans several vessel classes, including Panamax, Kamsarmax, post-Panamax, and Capesize, representing a total carrying capacity of approximately 4.56 million deadweight tons.
The dry bulk shipping industry operates within a highly cyclical market where profitability is closely tied to global industrial production and commodity demand. Companies in this sector typically utilize a mix of spot market charters and long-term time charters to manage revenue volatility and fuel cost exposure. Examining historical charter rates on ValueRay can provide further context on the companys valuation.
Incorporated in 2007, Safe Bulkers maintains a strategic focus on modernizing its fleet to meet evolving environmental regulations. The company’s large-scale vessels, particularly the Capesize and post-Panamax classes, allow for economies of scale when servicing major global trade routes between resource-rich regions and industrial hubs.
- Global demand for iron ore and coal drives Capesize charter rates
- Fuel cost fluctuations and environmental compliance impact fleet operating margins
- Expansion of Kamsarmax fleet increases exposure to international grain trade routes
- Strategic vessel sales and acquisitions determine long-term asset value and leverage
- Global industrial production trends dictate demand for dry bulk shipping capacity
| Net Income: 38.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -0.09 > 1.0 |
| NWC/Revenue: 47.71% < 20% (prev 25.65%; Δ 22.05% < -1%) |
| CFO/TA 0.07 > 3% & CFO 102.3m > Net Income 38.6m |
| Net Debt (387.0m) to EBITDA (132.2m): 2.93 < 3 |
| Current Ratio: 2.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (102.3m) vs 12m ago -3.79% < -2% |
| Gross Margin: 35.93% > 18% (prev 0.46%; Δ 3.55k% > 0.5%) |
| Asset Turnover: 19.65% > 50% (prev 21.93%; Δ -2.27% > 0%) |
| Interest Coverage Ratio: 2.14 > 6 (EBITDA TTM 132.2m / Interest Expense TTM 33.8m) |
| A: 0.09 (Total Current Assets 200.6m - Total Current Liabilities 69.1m) / Total Assets 1.40b |
| B: 0.37 (Retained Earnings 517.3m / Total Assets 1.40b) |
| C: 0.05 (EBIT TTM 72.4m / Avg Total Assets 1.40b) |
| D: 0.90 (Book Value of Equity 517.3m / Total Liabilities 572.5m) |
| Altman-Z'' = 3.11 = A |
| DSRI: 0.66 (Receivables 8.85m/15.1m, Revenue 275.7m/307.6m) |
| GMI: 1.27 (GM 35.93% / 45.56%) |
| AQI: 1.19 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 0.90 (Revenue 275.7m / 307.6m) |
| TATA: -0.05 (NI 38.6m - CFO 102.3m) / TA 1.40b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at USD 6.57 with a total of 593,400 shares traded.
Over the past week, the price has changed by -6.68%,
over one month by -0.45%,
over three months by +2.80% and
over the past year by +84.72%.
Safe Bulkers has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy SB.
- StrongBuy: 2
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 6.9 | 5% |
P/E Trailing = 21.9
P/E Forward = 2.0986
P/S = 2.4382
P/B = 0.8087
P/EG = 3.33
Revenue TTM = 275.7m USD
EBIT TTM = 72.4m USD
EBITDA TTM = 132.2m USD
Long Term Debt = 497.8m USD (from longTermDebt, last quarter)
Short Term Debt = 42.4m USD (from shortTermDebt, last quarter)
Debt = 540.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 387.0m USD (calculated: Debt 540.1m - CCE 153.1m)
Enterprise Value = 1.06b USD (672.3m + Debt 540.1m - CCE 153.1m)
Interest Coverage Ratio = 2.14 (Ebit TTM 72.4m / Interest Expense TTM 33.8m)
EV/FCF = 17.57x (Enterprise Value 1.06b / FCF TTM 60.3m)
FCF Yield = 5.69% (FCF TTM 60.3m / Enterprise Value 1.06b)
FCF Margin = 21.87% (FCF TTM 60.3m / Revenue TTM 275.7m)
Net Margin = 13.99% (Net Income TTM 38.6m / Revenue TTM 275.7m)
Gross Margin = 35.93% ((Revenue TTM 275.7m - Cost of Revenue TTM 176.7m) / Revenue TTM)
Gross Margin QoQ = 42.04% (prev 39.40%)
Tobins Q-Ratio = 0.75 (Enterprise Value 1.06b / Total Assets 1.40b)
Interest Expense / Debt = 6.26% (Interest Expense 33.8m / Debt 540.1m)
Taxrate = 21.0% (US default 21%)
NOPAT = 57.2m (EBIT 72.4m * (1 - 21.00%))
Current Ratio = 2.90 (Total Current Assets 200.6m / Total Current Liabilities 69.1m)
Debt / Equity = 0.65 (Debt 540.1m / totalStockholderEquity, last quarter 830.7m)
Debt / EBITDA = 2.93 (Net Debt 387.0m / EBITDA 132.2m)
Debt / FCF = 6.42 (Net Debt 387.0m / FCF TTM 60.3m)
Total Stockholder Equity = 824.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.75% (Net Income 38.6m / Total Assets 1.40b)
RoE = 4.68% (Net Income TTM 38.6m / Total Stockholder Equity 824.8m)
RoCE = 5.47% (EBIT 72.4m / Capital Employed (Equity 824.8m + L.T.Debt 497.8m))
RoIC = 4.50% (NOPAT 57.2m / Invested Capital 1.27b)
WACC = 6.90% (E(672.3m)/V(1.21b) * Re(8.47%) + D(540.1m)/V(1.21b) * Rd(6.26%) * (1-Tc(0.21)))
Discount Rate = 8.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -86.67 | Cagr: -3.78%
[DCF] Terminal Value 75.17% ; FCFF base≈60.8m ; Y1≈60.0m ; Y5≈61.5m
[DCF] Fair Price = 5.61 (EV 960.5m - Net Debt 387.0m = Equity 573.5m / Shares 102.2m; r=8.35% [WACC [floored]]; 5y FCF grow -1.95% → 2.50% )
EPS Correlation: -83.93 | EPS CAGR: -30.79% | SUE: 0.0 | # QB: 0
Revenue Correlation: -68.99 | Revenue CAGR: -4.96% | SUE: 0.17 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.17 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.81 | Chg30d=+47.27% | Revisions=+20% | GrowthEPS=+153.1% | GrowthRev=+6.4%
EPS next Year (2027-12-31): EPS=0.45 | Chg30d=-2.17% | Revisions=-20% | GrowthEPS=-44.4% | GrowthRev=-7.6%