Safe Bulkers, Inc. (SB) 10-Year Financial Performance & Capital Metrics

SB • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutSafe 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.Show more

Revenue $308M +8.2%
EBITDA $170M +14.9%
Net Income $97M +25.9%
EPS (Diluted) 0.83 +36.1%
Gross Margin 45.56% +8.5%
EBITDA Margin 55.26% +6.3%
Operating Margin 36.37% +10.3%
Net Margin 31.65% +16.4%
ROE 11.99% +21.3%
ROIC 6.62% +12.3%
Debt/Equity 0.65 +0.7%
Interest Coverage 3.20 -4.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 43.4%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 15.2%
✓Healthy dividend yield of 5.3%
✓Share count reduced 5.3% through buybacks

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.16%

5Y9.24%

3Y-2.22%

TTM-13.74%

Profit (Net Income) CAGR

10Y20.87%

5Y43.44%

3Y-17.65%

TTM-56.37%

EPS CAGR

10Y30.04%

5Y-

3Y-16.78%

TTM-60.32%

ROCE

10Y Avg6.19%

5Y Avg10.33%

3Y Avg11.13%

Latest8.6%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	127.32M	109.77M	148.03M	193.19M	197.76M	198.16M	329.03M	349.72M	284.4M	307.63M
Revenue Growth %	-0.17%	-0.14%	0.35%	0.31%	0.02%	0%	0.66%	0.06%	-0.19%	0.08%
Cost of Goods Sold+	120.46M	106.68M	108.15M	117.96M	132.59M	165.94M	134.17M	139.7M	165M	167.46M
COGS % of Revenue	0.95%	0.97%	0.73%	0.61%	0.67%	0.84%	0.41%	0.4%	0.58%	0.54%
Gross Profit+	6.86M	3.09M	39.88M	75.23M	65.17M	32.22M	194.87M	210.02M	119.41M	140.17M
Gross Margin %	0.05%	0.03%	0.27%	0.39%	0.33%	0.16%	0.59%	0.6%	0.42%	0.46%
Gross Profit Growth %	-0.83%	-0.55%	11.91%	0.89%	-0.13%	-0.51%	5.05%	0.08%	-0.43%	0.17%
Operating Expenses+	16.05M	15.38M	16.12M	19.24M	20.64M	21.5M	22.5M	25.37M	25.63M	28.3M
OpEx % of Revenue	0.13%	0.14%	0.11%	0.1%	0.1%	0.11%	0.07%	0.07%	0.09%	0.09%
Selling, General & Admin	14.62M	15.38M	16.12M	19.24M	20.64M	21.5M	22.5M	21.8M	23.76M	27.04M
SG&A % of Revenue	0.11%	0.14%	0.11%	0.1%	0.1%	0.11%	0.07%	0.06%	0.08%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1.43M	0	0	0	0	0	0	3.57M	1.87M	1.26M
Operating Income+	-9.19M	-12.29M	23.76M	55.99M	44.53M	10.72M	172.37M	184.65M	93.77M	111.87M
Operating Margin %	-0.07%	-0.11%	0.16%	0.29%	0.23%	0.05%	0.52%	0.53%	0.33%	0.36%
Operating Income Growth %	-1.39%	-0.34%	2.93%	1.36%	-0.2%	-0.76%	15.08%	0.07%	-0.49%	0.19%
EBITDA+	37.94M	37.19M	75.19M	104.06M	94.84M	64.99M	224.73M	234.17M	147.9M	170.01M
EBITDA Margin %	0.3%	0.34%	0.51%	0.54%	0.48%	0.33%	0.68%	0.67%	0.52%	0.55%
EBITDA Growth %	-0.43%	-0.02%	1.02%	0.38%	-0.09%	-0.31%	2.46%	0.04%	-0.37%	0.15%
D&A (Non-Cash Add-back)	47.13M	49.48M	51.42M	48.07M	50.31M	54.27M	52.36M	49.52M	54.13M	58.13M
EBIT	-33.26M	-31.59M	-59M	56.16M	45.41M	10.7M	192.76M	193.05M	105.3M	132.32M
Net Interest Income+	-14.6M	-23.86M	-17.23M	-27.55M	-27.82M	-23M	-18.35M	-19.72M	-25.45M	-31.55M
Interest Income	86K	515K	8.45M	929K	1.56M	604K	69K	783K	2.5M	3.4M
Interest Expense	14.69M	24.37M	25.68M	28.48M	29.37M	23.6M	18.41M	20.5M	27.94M	34.95M
Other Income/Expense	-38.75M	-43.67M	-108.44M	-28.31M	-28.49M	-23.62M	1.98M	-12.09M	-16.42M	-14.5M
Pretax Income+	-47.94M	-55.97M	-84.68M	27.68M	16.04M	-12.9M	174.35M	172.55M	77.35M	97.38M
Pretax Margin %	-0.38%	-0.51%	-0.57%	0.14%	0.08%	-0.07%	0.53%	0.49%	0.27%	0.32%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-47.94M	-55.97M	-84.68M	27.68M	16.04M	-12.9M	174.35M	172.55M	77.35M	97.38M
Net Margin %	-0.38%	-0.51%	-0.57%	0.14%	0.08%	-0.07%	0.53%	0.49%	0.27%	0.32%
Net Income Growth %	-4.28%	-0.17%	-0.51%	1.33%	-0.42%	-1.8%	14.51%	-0.01%	-0.55%	0.26%
Net Income (Continuing)	-47.94M	-55.97M	-84.68M	27.68M	16.04M	-12.9M	174.35M	172.55M	77.35M	97.38M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.57	-0.66	-0.84	0.27	-0.11	-0.25	1.44	1.36	0.61	0.83
EPS Growth %	-10.5%	-0.16%	-0.27%	1.32%	-1.41%	-1.27%	6.76%	-0.06%	-0.55%	0.36%
EPS (Basic)	-0.57	-0.66	-0.84	0.27	-0.11	-0.25	1.44	1.36	0.61	0.83
Diluted Shares Outstanding	83.48M	84.53M	100.93M	101.6M	101.69M	102.62M	113.72M	120.65M	113.62M	107.58M
Basic Shares Outstanding	83.48M	84.53M	100.93M	101.6M	101.69M	102.62M	113.72M	120.65M	113.62M	107.58M
Dividend Payout Ratio	-	-	-	0.41%	0.72%	-	0.06%	0.14%	0.4%	0.3%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	243.16M	111.01M	79.09M	101.26M	135.99M	134.73M	124.12M	157.7M	146.72M	165.39M
Cash & Short-Term Investments	196.75M	94.81M	60.08M	82.08M	106.38M	105.22M	102.08M	114.38M	89.94M	128.42M
Cash Only	195.25M	82.81M	47.86M	52.19M	78.94M	93.44M	101M	50.19M	50.21M	84.08M
Short-Term Investments	1.5M	12M	12.22M	29.89M	27.44M	11.78M	1.08M	64.19M	39.73M	44.34M
Accounts Receivable	7.57M	9M	13.05M	12.22M	16.07M	5.49M	8.75M	7.16M	9.28M	15.08M
Days Sales Outstanding	21.71	29.93	32.19	23.08	29.67	10.11	9.7	7.47	11.91	17.89
Inventory	5.17M	5.17M	4.23M	4.14M	9.27M	12.04M	8.65M	17.32M	16.65M	14.88M
Days Inventory Outstanding	15.66	17.7	14.27	12.81	25.5	26.47	23.54	45.26	36.84	32.44
Other Current Assets	33.67M	2.02M	1.73M	2.82M	4.27M	11.99M	4.63M	18.84M	30.85M	7.01M
Total Non-Current Assets+	1.07B	1.06B	956.01M	974.94M	978.65M	970.89M	970.2M	1.09B	1.19B	1.24B
Property, Plant & Equipment	1.06B	1.05B	946.53M	963.89M	964M	951.29M	952.81M	1.08B	1.18B	1.23B
Fixed Asset Turnover	0.12x	0.10x	0.16x	0.20x	0.21x	0.21x	0.35x	0.32x	0.24x	0.25x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	8.94M	11.02M	9.48M	11.02M	14.16M	18.88M	16.41M	10.28M	11.61M	8.15M
Other Non-Current Assets	1.02M	0	0	35K	498K	722K	980K	536K	268K	36K
Total Assets+	1.31B	1.17B	1.04B	1.08B	1.11B	1.11B	1.09B	1.25B	1.34B	1.4B
Asset Turnover	0.10x	0.09x	0.14x	0.18x	0.18x	0.18x	0.30x	0.28x	0.21x	0.22x
Asset Growth %	0.11%	-0.1%	-0.12%	0.04%	0.04%	-0.01%	-0.01%	0.14%	0.08%	0.05%
Total Current Liabilities+	105.73M	23.78M	36.93M	54.61M	86.78M	104.72M	88.69M	91.32M	55.73M	86.47M
Accounts Payable	5.28M	5.39M	4.14M	6.13M	12.97M	13.48M	9.98M	10.49M	10.44M	9.9M
Days Payables Outstanding	15.99	18.45	13.96	18.97	35.71	29.65	27.16	27.4	23.1	21.58
Short-Term Debt	77.47M	12.18M	25.59M	36.19M	64.05M	75.78M	61.86M	43.56M	25.53M	58.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	21.03M	4.17M	3.67M	6.88M	6.59M	9.23M	5.84M	27.75M	8.91M	11.84M
Current Ratio	2.30x	4.67x	2.14x	1.85x	1.57x	1.29x	1.40x	1.73x	2.63x	1.91x
Quick Ratio	2.25x	4.45x	2.03x	1.78x	1.46x	1.17x	1.30x	1.54x	2.33x	1.74x
Cash Conversion Cycle	21.38	29.19	32.49	16.92	19.46	6.93	6.08	25.33	25.64	28.74
Total Non-Current Liabilities+	569.76M	571.44M	541.82M	538.76M	537.92M	538.05M	326.39M	382.69M	491.57M	485.01M
Long-Term Debt	569.4M	569.78M	541.82M	538.51M	537M	531.88M	315.8M	370.81M	482.39M	478.45M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	360K	1.66M	0	0	274K	2.64M	2.6M	4.55M	5.93M	3.93M
Total Liabilities	675.49M	595.22M	578.75M	593.37M	624.7M	642.77M	415.08M	474M	547.3M	571.48M
Total Debt+	646.87M	581.96M	567.4M	574.69M	601.05M	607.67M	377.65M	414.36M	507.92M	536.64M
Net Debt	451.62M	499.14M	519.54M	522.5M	522.11M	514.23M	276.65M	364.18M	457.71M	452.56M
Debt / Equity	1.02x	1.01x	1.24x	1.19x	1.23x	1.31x	0.56x	0.54x	0.64x	0.65x
Debt / EBITDA	17.05x	15.65x	7.55x	5.52x	6.34x	9.35x	1.68x	1.77x	3.43x	3.16x
Net Debt / EBITDA	11.90x	13.42x	6.91x	5.02x	5.51x	7.91x	1.23x	1.56x	3.09x	2.66x
Interest Coverage	-0.63x	-0.50x	0.93x	1.97x	1.52x	0.45x	9.36x	9.01x	3.36x	3.20x
Total Equity+	634.15M	578.54M	456.35M	482.83M	489.94M	462.86M	679.24M	771.92M	792.51M	831.62M
Equity Growth %	-0.09%	-0.09%	-0.21%	0.06%	0.01%	-0.06%	0.47%	0.14%	0.03%	0.05%
Book Value per Share	7.60	6.84	4.52	4.75	4.82	4.51	5.97	6.40	6.98	7.73
Total Shareholders' Equity	634.15M	578.54M	456.35M	482.83M	489.94M	462.86M	679.24M	771.92M	792.51M	831.62M
Common Stock	83K	99K	102K	103K	104K	102K	122K	119K	112K	105K
Retained Earnings	264.26M	194.25M	95.11M	111.28M	115.62M	90.31M	253.86M	392.79M	439.46M	507.34M
Treasury Stock	0	-120K	-120K	-737K	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	25.52M	13.5M	49.2M	85.45M	58.28M	63.38M	217.2M	218M	122.21M	130.46M
Operating CF Margin %	0.2%	0.12%	0.33%	0.44%	0.29%	0.32%	0.66%	0.62%	0.43%	0.42%
Operating CF Growth %	-0.42%	-0.47%	2.64%	0.74%	-0.32%	0.09%	2.43%	0%	-0.44%	0.07%
Net Income	-47.94M	-55.97M	-84.68M	27.68M	16.04M	-12.9M	174.35M	172.55M	77.35M	97.38M
Depreciation & Amortization	47.13M	49.48M	51.42M	48.07M	50.31M	54.27M	52.36M	49.52M	54.13M	58.13M
Stock-Based Compensation	120K	120K	120K	120K	120K	120K	120K	120K	144K	150K
Deferred Taxes	22.22M	19.52M	81.93M	179K	111K	1.45M	-19.23M	0	0	0
Other Non-Cash Items	3.11M	3.06M	2.83M	1.79M	2.12M	1.97M	2.9M	4.88M	-5.35M	-15.22M
Working Capital Changes	879K	-2.73M	-2.43M	7.61M	-10.42M	18.48M	6.7M	-9.07M	-4.07M	-9.98M
Change in Receivables	-2.01M	-1.7M	-2.37M	-534K	-4.22M	10.47M	-3.2M	1.61M	-1.98M	-5.71M
Change in Inventory	4.34M	238K	947K	88K	-5.54M	-3.53M	3.9M	-13.18M	-683K	928K
Change in Payables	1.73M	-1.68M	-486K	2.63M	5.04M	2.46M	-3.99M	505K	385K	-1.12M
Cash from Investing+	-182.18M	21.3M	-38.2M	-63.67M	-36.78M	-34.78M	8.55M	-229.4M	-151.73M	-71.73M
Capital Expenditures	-123.54M	-58.37M	-59.94M	-45.93M	-39.24M	-50.44M	-109.23M	-183.28M	-209.1M	-144.78M
CapEx % of Revenue	0.97%	0.53%	0.4%	0.24%	0.2%	0.25%	0.33%	0.52%	0.74%	0.47%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-57.14M	21.3K	-38.2K	-17.74M	2.46M	15.66M	0	4K	30.77M	78M
Cash from Financing+	180.09M	-83.9M	-46.7M	-15.58M	8.54M	-9.29M	-225.9M	-40.1M	29.14M	-25.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-17.54M	-14.05M	-12.32M	-11.39M	-11.49M	-11.5M	-11.2M	-33.63M	-30.68M	-29.5M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-5.02M	14.32M	-1.87M	-1.87M	-2.05M	-2.19M	-2.42M	-6.4M	-3.93M	-3.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-98.02M	-44.87M	-10.74M	39.52M	19.04M	12.93M	107.97M	34.72M	-86.9M	-14.32M
FCF Margin %	-0.77%	-0.41%	-0.07%	0.2%	0.1%	0.07%	0.33%	0.1%	-0.31%	-0.05%
FCF Growth %	0.04%	0.54%	0.76%	4.68%	-0.52%	-0.32%	7.35%	-0.68%	-3.5%	0.84%
FCF per Share	-1.17	-0.53	-0.11	0.39	0.19	0.13	0.95	0.29	-0.76	-0.13
FCF Conversion (FCF/Net Income)	-0.53x	-0.24x	-0.58x	3.09x	3.63x	-4.91x	1.25x	1.26x	1.58x	1.34x
Interest Paid	0	0	0	0	0	0	0	0	0	29.45M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.19%	-9.23%	-16.36%	5.9%	3.3%	-2.71%	30.53%	23.78%	9.89%	11.99%
Return on Invested Capital (ROIC)	-0.65%	-0.85%	1.74%	4.24%	3.31%	0.81%	13.38%	13.24%	5.89%	6.62%
Gross Margin	5.39%	2.81%	26.94%	38.94%	32.95%	16.26%	59.22%	60.05%	41.98%	45.56%
Net Margin	-37.66%	-50.98%	-57.2%	14.33%	8.11%	-6.51%	52.99%	49.34%	27.2%	31.65%
Debt / Equity	1.02x	1.01x	1.24x	1.19x	1.23x	1.31x	0.56x	0.54x	0.64x	0.65x
Interest Coverage	-0.63x	-0.50x	0.93x	1.97x	1.52x	0.45x	9.36x	9.01x	3.36x	3.20x
FCF Conversion	-0.53x	-0.24x	-0.58x	3.09x	3.63x	-4.91x	1.25x	1.26x	1.58x	1.34x
Revenue Growth	-17.38%	-13.78%	34.85%	30.51%	2.37%	0.2%	66.04%	6.29%	-18.68%	8.17%

Frequently Asked Questions

Valuation & Price

Safe Bulkers, Inc. (SB) has a price-to-earnings (P/E) ratio of 6.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Safe Bulkers, Inc. (SB) reported $274.7M in revenue for fiscal year 2024. This represents a 63% increase from $168.9M in 2011.

Safe Bulkers, Inc. (SB) grew revenue by 8.2% over the past year. This is steady growth.

Yes, Safe Bulkers, Inc. (SB) is profitable, generating $46.1M in net income for fiscal year 2024 (31.7% net margin).

Dividend & Returns

Yes, Safe Bulkers, Inc. (SB) pays a dividend with a yield of 5.26%. This makes it attractive for income-focused investors.

Safe Bulkers, Inc. (SB) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Safe Bulkers, Inc. (SB) generated $54.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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