The company maintains a robust financial position with a 0.65 Debt/Equity ratio and a significantly improved cash reserve of $153.1M as of 2025Q4 compared to $50.2M in 2023Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 200.6M | 165.39M | 146.72M | 157.7M | 124.12M | 134.73M | 135.99M | 101.26M | 79.09M | 111.01M | 243.16M | 136.34M | 173.19M | 171.92M | 37.96M | 104.28M | 105.65M | 88.09M | 98.88M | 282.02M |
| Cash & Short-Term Investments | 153.15M | 128.42M | 89.94M | 114.38M | 102.08M | 105.22M | 106.38M | 82.08M | 60.08M | 94.81M | 196.75M | 118.25M | 121.42M | 125.52M | 28.12M | 100.42M | 82.71M | 81.61M | 0 | 72K |
| Cash Only | 153.15M | 84.08M | 50.21M | 50.19M | 101M | 93.44M | 78.94M | 52.19M | 47.86M | 82.81M | 195.25M | 118.25M | 71.42M | 125.52M | 28.12M | 65.33M | 24.83M | 60.33M | 0 | 0 |
| Short-Term Investments | 0 | 44.34M | 39.73M | 64.19M | 1.08M | 11.78M | 27.44M | 29.89M | 12.22M | 12M | 1.5M | 0 | 50M | 0 | 0 | 35.08M | 57.89M | 21.27M | 0 | 0 |
| Accounts Receivable | 0 | 15.08M | 9.28M | 7.16M | 8.75M | 5.49M | 16.07M | 12.22M | 13.05M | 9M | 7.57M | 4.74M | 36.37M | 37.05M | 5.57M | 1.28M | 1.91M | 640K | 98.09M | 1.45M |
| Days Sales Outstanding | - | 17.89 | 11.91 | 7.47 | 9.7 | 10.11 | 29.67 | 23.08 | 32.19 | 29.93 | 21.71 | 11.23 | 71.1 | 73.37 | 12.05 | 2.99 | 4.22 | 1.16 | 215.87 | 5.53 |
| Inventory | 0 | 14.88M | 16.65M | 17.32M | 8.65M | 12.04M | 9.27M | 4.14M | 4.23M | 5.17M | 5.17M | 11.19M | 12.6M | 5.9M | 2.65M | 1.42M | 1.25M | 1.19M | 792K | 633K |
| Days Inventory Outstanding | - | 32.44 | 36.84 | 45.26 | 23.54 | 26.47 | 25.5 | 12.81 | 14.27 | 17.7 | 15.66 | 36.08 | 51.35 | 29.07 | 18.81 | 11.91 | 13.33 | 15.23 | 13.03 | - |
| Other Current Assets | 47.45M | 7.01M | 30.85M | 18.84M | 4.63M | 11.99M | 4.27M | 2.82M | 1.73M | 2.02M | 33.67M | 2.17M | 2.79M | 3.45M | 1.61M | 1.16M | 19.78M | 4.65M | 0 | 279.87M |
| Total Non-Current Assets | 1.2B | 1.24B | 1.19B | 1.09B | 970.2M | 970.89M | 978.65M | 974.94M | 956.01M | 1.06B | 1.07B | 1.05B | 939.03M | 910.29M | 839.31M | 701.1M | 523.08M | 394.2M | 308.77M | 253.76M |
| Property, Plant & Equipment | 1.19B | 1.23B | 1.18B | 1.08B | 952.81M | 951.29M | 964M | 963.89M | 946.53M | 1.05B | 1.06B | 1.03B | 931.5M | 849.9M | 777.66M | 640.26M | 467.51M | 387.3M | 255.07M | 253.45M |
| Fixed Asset Turnover | 0.23x | 0.25x | 0.24x | 0.32x | 0.35x | 0.21x | 0.21x | 0.20x | 0.16x | 0.10x | 0.12x | 0.15x | 0.20x | 0.22x | 0.22x | 0.25x | 0.35x | 0.52x | 0.65x | 0.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 9.68M | 8.15M | 11.61M | 10.28M | 16.41M | 18.88M | 14.16M | 11.02M | 9.48M | 11.02M | 8.94M | 5.17M | 2.19M | 53.92M | 55.42M | 59.91M | 54.89M | 6.13M | 0 | 0 |
| Other Non-Current Assets | 23K | 36K | 268K | 536K | 980K | 722K | 498K | 35K | 0 | 0 | 1.02M | 6.15M | 5.35M | 6.47M | 6.23M | 930K | 677K | 773K | 53.71M | 314K |
| Total Assets | 1.4B | 1.4B | 1.34B | 1.25B | 1.09B | 1.11B | 1.11B | 1.08B | 1.04B | 1.17B | 1.31B | 1.18B | 1.11B | 1.08B | 877.27M | 805.37M | 628.72M | 482.28M | 407.66M | 535.78M |
| Asset Turnover | 0.20x | 0.22x | 0.21x | 0.28x | 0.30x | 0.18x | 0.18x | 0.18x | 0.14x | 0.09x | 0.10x | 0.13x | 0.17x | 0.17x | 0.19x | 0.19x | 0.26x | 0.42x | 0.41x | 0.18x |
| Asset Growth % | 0.01% | 4.72% | 7.54% | 13.85% | -1.02% | -0.81% | 3.57% | 3.97% | -11.81% | -10.38% | 10.77% | 6.3% | 2.77% | 23.36% | 8.93% | 28.1% | 30.36% | 18.31% | -23.91% | - |
| Total Current Liabilities | 69.06M | 86.47M | 55.73M | 91.32M | 88.69M | 104.72M | 86.78M | 54.61M | 36.93M | 23.78M | 105.73M | 28.72M | 57.3M | 47.49M | 51.67M | 52.98M | 65.55M | 70.86M | 43.98M | 172.28M |
| Accounts Payable | 0 | 9.9M | 10.44M | 10.49M | 9.98M | 13.48M | 12.97M | 6.13M | 4.14M | 5.39M | 5.28M | 3.01M | 4.11M | 3.06M | 1.18M | 1.47M | 2.67M | 1.57M | 1.2M | 1.05M |
| Days Payables Outstanding | - | 21.58 | 23.1 | 27.4 | 27.16 | 29.65 | 35.71 | 18.97 | 13.96 | 18.45 | 15.99 | 9.72 | 16.75 | 15.08 | 8.39 | 12.36 | 28.56 | 20.17 | 19.77 | - |
| Short-Term Debt | 42.37M | 58.19M | 25.53M | 43.56M | 61.86M | 75.78M | 64.05M | 36.19M | 25.59M | 12.18M | 77.47M | 17.12M | 35.19M | 19.2M | 18.49M | 27.67M | 15.74M | 54.81M | 16.62M | 8.27M |
| Deferred Revenue (Current) | 0 | 6.54M | 10.85M | 9.52M | 11.01M | 6.22M | 3.04M | 5.41M | 3.54M | 2.04M | 1.96M | 3.6M | 13.11M | 18.2M | 23.21M | 0 | 0 | 0 | 0 | 1.94M |
| Other Current Liabilities | 26.69M | 11.84M | 8.91M | 27.75M | 5.84M | 9.23M | 6.59M | 6.88M | 3.67M | 4.17M | 21.03M | 4.98M | 4.9M | 7.03M | 8.79M | 23.84M | 47.14M | 14.48M | 26.16M | 161.01M |
| Current Ratio | 2.90x | 1.91x | 2.63x | 1.73x | 1.40x | 1.29x | 1.57x | 1.85x | 2.14x | 4.67x | 2.30x | 4.75x | 3.02x | 3.62x | 0.73x | 1.97x | 1.61x | 1.24x | 2.25x | 1.64x |
| Quick Ratio | 2.90x | 1.74x | 2.33x | 1.54x | 1.30x | 1.17x | 1.46x | 1.78x | 2.03x | 4.45x | 2.25x | 4.36x | 2.80x | 3.50x | 0.68x | 1.94x | 1.59x | 1.23x | 2.23x | 1.63x |
| Cash Conversion Cycle | - | 28.74 | 25.64 | 25.33 | 6.08 | 6.93 | 19.46 | 16.92 | 32.49 | 29.19 | 21.38 | 37.59 | 105.7 | 87.36 | 22.47 | 2.54 | -11.01 | -3.78 | 209.13 | - |
| Total Non-Current Liabilities | 503.42M | 485.01M | 491.57M | 382.69M | 326.39M | 538.05M | 537.92M | 538.76M | 541.82M | 571.44M | 569.76M | 453.51M | 476.58M | 608.86M | 493.76M | 508.26M | 465.95M | 446.96M | 309.27M | 134.46M |
| Long-Term Debt | 497.77M | 478.45M | 482.39M | 370.81M | 315.8M | 531.88M | 537M | 538.51M | 541.82M | 569.78M | 569.4M | 452.45M | 473.11M | 596.47M | 465.81M | 467.07M | 420.99M | 413.48M | 306.27M | 134.46M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.64M | 3.93M | 5.93M | 4.55M | 2.6M | 2.64M | 274K | 0 | 0 | 1.66M | 360K | 1.06M | 3.27M | 8.98M | 10.13M | 9.79M | 15.51M | 21.72M | 3.01M | 0 |
| Total Liabilities | 572.48M | 571.48M | 547.3M | 474M | 415.08M | 642.77M | 624.7M | 593.37M | 578.75M | 595.22M | 675.49M | 482.23M | 533.88M | 656.36M | 545.43M | 561.24M | 531.5M | 517.83M | 353.26M | 306.73M |
| Total Debt | 540.14M | 536.64M | 507.92M | 414.36M | 377.65M | 607.67M | 601.05M | 574.69M | 567.4M | 581.96M | 646.87M | 469.57M | 508.3M | 615.67M | 484.29M | 494.74M | 436.74M | 468.29M | 322.89M | 142.73M |
| Net Debt | 387M | 452.56M | 457.71M | 364.18M | 276.65M | 514.23M | 522.11M | 522.5M | 519.54M | 499.14M | 451.62M | 351.32M | 436.87M | 490.14M | 456.17M | 429.41M | 411.91M | 407.96M | 322.89M | 142.73M |
| Debt / Equity | 0.65x | 0.65x | 0.64x | 0.54x | 0.56x | 1.31x | 1.23x | 1.19x | 1.24x | 1.01x | 1.02x | 0.67x | 0.88x | 1.45x | 1.46x | 2.03x | 4.49x | - | 5.94x | 0.62x |
| Debt / EBITDA | 4.18x | 3.16x | 3.43x | 1.77x | 1.68x | 9.35x | 6.34x | 5.52x | 7.55x | 15.65x | 17.05x | 7.04x | 4.13x | 4.65x | 3.66x | 3.92x | 3.18x | 2.69x | 2.52x | 1.21x |
| Net Debt / EBITDA | 3.00x | 2.66x | 3.09x | 1.56x | 1.23x | 7.91x | 5.51x | 5.02x | 6.91x | 13.42x | 11.90x | 5.27x | 3.55x | 3.70x | 3.45x | 3.40x | 3.00x | 2.34x | 2.52x | 1.21x |
| Interest Coverage | 2.14x | 3.79x | 3.77x | 9.42x | 10.47x | 0.45x | 1.55x | 1.97x | -2.30x | -1.30x | -2.26x | 2.34x | 9.05x | 10.33x | 16.36x | 18.07x | 16.83x | 8.27x | 26.43x | 13.44x |
| Total Equity | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M | 462.86M | 489.94M | 482.83M | 456.35M | 578.54M | 634.15M | 700.1M | 578.34M | 425.86M | 331.84M | 244.13M | 97.22M | -35.55M | 54.4M | 229.05M |
| Equity Growth % | -0.11% | 4.93% | 2.67% | 13.64% | 46.75% | -5.53% | 1.47% | 5.8% | -21.12% | -8.77% | -9.42% | 21.05% | 35.81% | 28.33% | 35.93% | 151.12% | 373.51% | -165.34% | -76.25% | - |
| Book Value per Share | 8.06 | 7.73 | 6.98 | 6.40 | 5.97 | 4.51 | 4.82 | 4.75 | 4.52 | 6.84 | 7.60 | 8.39 | 7.46 | 5.64 | 4.78 | 3.86 | 1.78 | -0.65 | 1.00 | 4.20 |
| Total Shareholders' Equity | 830.71M | 831.62M | 792.51M | 771.92M | 679.24M | 462.86M | 489.94M | 482.83M | 456.35M | 578.54M | 634.15M | 700.1M | 578.34M | 425.86M | 331.84M | 244.13M | 97.22M | -35.55M | 54.4M | 229.05M |
| Common Stock | 0 | 105K | 112K | 119K | 122K | 102K | 104K | 103K | 102K | 99K | 83K | 83K | 83K | 77K | 71K | 66K | 55K | 55K | 0 | 0 |
| Retained Earnings | 0 | 507.34M | 439.46M | 392.79M | 253.86M | 90.31M | 115.62M | 111.28M | 95.11M | 194.25M | 264.26M | 329.74M | 341.02M | 275.51M | 216.85M | 168.9M | 97.07M | -35.63M | 54.4M | 229.05M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -737K | -120K | -120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Chinese industrial demand volatility
As reported in financial statements, Safe Bulkers has maintained a remarkably stable total asset base of $1.4B over the last ten quarters, suggesting a disciplined approach to fleet management that prioritizes capital preservation over aggressive expansion during periods of softening global dry bulk demand.
The consistency in total assets despite revenue fluctuations indicates that management is successfully balancing fleet renewal with the disposal of older tonnage. This stability suggests a defensive posture that may insulate the company from the worst effects of industry-wide volatility.
Based on recent SEC filings, Safe Bulkers has maintained a Debt/Equity ratio of 0.65 as of 2025Q4, which stands as a testament to the company's conservative capital structure and provides a significant buffer against the interest rate sensitivity that plagues more highly leveraged shipping peers.
This low leverage profile appears to be a strategic choice by the Hajioannou family to ensure long-term survival through industry cycles. Investors should monitor whether this conservative stance limits potential returns during market upswings or if it serves as a vital safety net during downturns.
According to the latest balance sheet data, Safe Bulkers increased its cash position to $153.1M in 2025Q4, representing a substantial improvement from the $50.2M reported in 2023Q4, which provides the company with significant dry powder to navigate potential market disruptions or opportunistic fleet acquisitions.
The current ratio of 2.90 suggests that the company is well-positioned to meet its short-term obligations without needing to access external financing. This liquidity buffer appears to be a deliberate strategy to maintain operational independence in a capital-intensive and highly cyclical industry.
As indicated by the $1.2B in net PPE reported in 2025Q4, Safe Bulkers' balance sheet is heavily concentrated in high-specification, Japanese-built vessels, which likely command superior resale values and operational efficiency compared to the broader industry average of older, less efficient tonnage.
The absence of goodwill on the balance sheet suggests that the company's asset value is derived from tangible, revenue-generating hardware rather than speculative acquisitions. This focus on high-quality, modern assets may provide a more resilient floor for the company's net asset value during industry downturns.
Quick answers to the most common questions about buying SB stock.
As of 2025, Safe Bulkers, Inc. (SB) had total assets of $1.40B including $200.6M in current assets.
Safe Bulkers, Inc. (SB) carries total debt of $540.1M, offset by $153.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Safe Bulkers, Inc. (SB) has total shareholders' equity (book value) of $830.7M ($8.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Safe Bulkers, Inc. (SB) reported a current ratio of 2.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.