Latest Ratios: P/E Ratio 27.9x · EV/EBITDA 9.6x · ROE 4.6%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $852M | $497M | $384M | $447M | $351M | $429M | $133M | $173M | $181M | $326M | $97M |
| Enterprise Value | $1.2B | $884M | $837M | $904M | $715M | $705M | $648M | $695M | $703M | $846M | $596M |
| P/E Ratio → | 27.90 | 16.07 | 4.30 | 6.44 | 2.14 | 2.62 | — | — | 6.59 | — | — |
| P/S Ratio | 3.09 | 1.80 | 1.25 | 1.57 | 1.00 | 1.30 | 0.67 | 0.87 | 0.94 | 2.20 | 0.89 |
| P/B Ratio | 1.04 | 0.60 | 0.46 | 0.56 | 0.45 | 0.63 | 0.29 | 0.35 | 0.37 | 0.71 | 0.17 |
| P/FCF | 14.13 | 8.24 | — | — | 10.11 | 3.97 | 10.32 | 9.08 | 4.58 | — | — |
| P/OCF | 8.33 | 4.86 | 2.94 | 3.65 | 1.61 | 1.97 | 2.10 | 2.97 | 2.12 | 6.63 | 7.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 2.72 | 3.18 | 2.05 | 2.14 | 3.27 | 3.51 | 3.64 | 5.71 | 5.43 |
| EV / EBITDA | 9.60 | 6.85 | 4.92 | 6.11 | 3.05 | 3.14 | 9.97 | 7.33 | 6.76 | 11.25 | 16.03 |
| EV / EBIT | 17.91 | 12.21 | 6.32 | 8.59 | 3.71 | 3.66 | 60.55 | 15.30 | 12.52 | — | — |
| EV / FCF | — | 14.65 | — | — | 20.60 | 6.53 | 50.08 | 36.49 | 17.80 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.9% | 35.9% | 45.6% | 42.0% | 60.1% | 59.2% | 16.3% | 33.0% | 38.9% | 26.9% | 2.8% |
| Operating Margin | 25.1% | 25.1% | 36.4% | 33.0% | 52.8% | 52.4% | 5.4% | 22.5% | 29.0% | 16.1% | -11.2% |
| Net Profit Margin | 14.0% | 14.0% | 31.7% | 27.2% | 49.3% | 53.0% | -6.5% | 8.1% | 14.3% | -57.2% | -51.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.6% | 4.6% | 12.0% | 9.9% | 23.8% | 30.5% | -2.7% | 3.3% | 5.9% | -16.4% | -9.2% |
| ROA | 2.7% | 2.7% | 7.1% | 6.0% | 14.7% | 15.9% | -1.2% | 1.5% | 2.6% | -7.7% | -4.5% |
| ROIC | 4.1% | 4.1% | 6.6% | 5.9% | 13.2% | 13.4% | 0.8% | 3.3% | 4.2% | 1.7% | -0.9% |
| ROCE | 5.2% | 5.2% | 8.6% | 7.7% | 17.1% | 17.2% | 1.1% | 4.3% | 5.5% | 2.2% | -1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.65 | 0.65 | 0.65 | 0.64 | 0.54 | 0.56 | 1.31 | 1.23 | 1.19 | 1.24 | 1.01 |
| Debt / EBITDA | 4.18 | 4.18 | 3.16 | 3.43 | 1.77 | 1.68 | 9.35 | 6.34 | 5.52 | 7.55 | 15.65 |
| Net Debt / Equity | — | 0.47 | 0.54 | 0.58 | 0.47 | 0.41 | 1.11 | 1.07 | 1.08 | 1.14 | 0.86 |
| Net Debt / EBITDA | 3.00 | 3.00 | 2.66 | 3.09 | 1.56 | 1.23 | 7.91 | 5.51 | 5.02 | 6.91 | 13.42 |
| Debt / FCF | — | 6.42 | — | — | 10.49 | 2.56 | 39.76 | 27.42 | 13.22 | — | — |
| Interest Coverage | 2.14 | 2.14 | 3.79 | 3.77 | 9.42 | 10.47 | 0.45 | 1.55 | 1.97 | -2.30 | -1.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.90 | 2.90 | 1.91 | 2.63 | 1.73 | 1.40 | 1.29 | 1.57 | 1.85 | 2.14 | 4.67 |
| Quick Ratio | 2.90 | 2.90 | 1.74 | 2.33 | 1.54 | 1.30 | 1.17 | 1.46 | 1.78 | 2.03 | 4.45 |
| Cash Ratio | 2.22 | 2.22 | 1.49 | 1.61 | 1.25 | 1.15 | 1.00 | 1.23 | 1.50 | 1.63 | 3.99 |
| Asset Turnover | — | 0.20 | 0.22 | 0.21 | 0.28 | 0.30 | 0.18 | 0.18 | 0.18 | 0.14 | 0.09 |
| Inventory Turnover | — | — | 11.25 | 9.91 | 8.06 | 15.51 | 13.79 | 14.31 | 28.50 | 25.59 | 20.62 |
| Days Sales Outstanding | — | — | 17.89 | 11.91 | 7.47 | 9.70 | 10.11 | 29.67 | 23.08 | 32.19 | 29.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 5.8% | 7.7% | 6.9% | 9.6% | 2.6% | 8.6% | 6.6% | 6.3% | 3.8% | 14.5% |
| Payout Ratio | 74.2% | 74.2% | 30.3% | 39.7% | 19.5% | 6.4% | — | 71.7% | 41.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 6.2% | 23.2% | 15.5% | 46.7% | 38.2% | — | — | 15.2% | — | — |
| FCF Yield | 7.1% | 12.1% | — | — | 9.9% | 25.2% | 9.7% | 11.0% | 21.9% | — | — |
| Buyback Yield | 1.3% | 2.2% | 7.5% | 5.9% | 13.2% | 4.1% | 4.6% | 2.4% | 5.6% | 0.0% | 0.1% |
| Total Shareholder Yield | 4.6% | 8.0% | 15.2% | 12.7% | 22.8% | 6.7% | 13.2% | 9.1% | 11.9% | 3.8% | 14.6% |
| Shares Outstanding | — | $103M | $108M | $114M | $121M | $114M | $103M | $102M | $102M | $101M | $85M |
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SB stock.
Safe Bulkers, Inc.'s current P/E ratio is 27.9x. The historical average is 10.1x. This places it at the 92th percentile of its historical range.
Safe Bulkers, Inc.'s current EV/EBITDA is 9.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.8x.
Safe Bulkers, Inc.'s return on equity (ROE) is 4.6%. The historical average is 21.3%.
Based on historical data, Safe Bulkers, Inc. is trading at a P/E of 27.9x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Safe Bulkers, Inc.'s current dividend yield is 3.32% with a payout ratio of 74.2%.
Safe Bulkers, Inc. has 35.9% gross margin and 25.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Safe Bulkers, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Chinese demand cyclicality
Margin Expansion Reflects Fleet Quality
Gross margin surged to 49.2% in 2026Q2 from 27.7% a year earlier, according to the latest quarterly data, underscoring the cost advantage of Japanese-built vessels and strong operating leverage.
The sequential improvement in gross margin from 42.0% in 2025Q4 to 49.2% in 2026Q2 indicates that the company is capturing the cyclical upswing more effectively than its cost base would suggest. Operating margin of 41.1% in 2026Q2 is nearly double the peer average, implying that the fleet's fuel efficiency and lower maintenance costs are translating directly to bottom-line outperformance. However, investors should monitor whether this margin level is sustainable as charter rates normalize, given the historical volatility in dry bulk markets.
Returns Rebound from Cyclical Trough
ROIC improved to 2.2% in 2026Q2 from 0.6% in 2025Q2, as reported in the financial statements, signaling a recovery from the trough but still below the cost of capital.
The sharp recovery in ROIC from 0.6% to 2.2% over four quarters reflects the operating leverage inherent in the business, but the absolute level remains modest, suggesting that the company is not yet generating returns that exceed its weighted average cost of capital. ROE of 4.1% in 2026Q2, while improved, is still below the levels seen in 2024, indicating that the balance sheet's conservatism (low leverage) dilutes equity returns during the early stages of a recovery. The sustainability of these returns hinges on the duration of the current rate environment and the company's ability to maintain its cost advantage.
Asset Turnover Remains Cyclically Depressed
Asset turnover held at 0.06 in 2026Q2, unchanged from the prior year, according to the ratio data, reflecting the asset-heavy nature of shipping and the still-recovering revenue base.
With a massive PP&E base of $1.2B, asset turnover is structurally low, but the flat sequential reading suggests that revenue growth is being matched by asset additions, likely from vessel deliveries. The cash conversion cycle data is largely unavailable, but the minimal working capital changes reported in the cash flow statement indicate efficient management of receivables and payables. Investors should focus on the trend in asset turnover as charter rates recover; a meaningful improvement would signal that the fleet is being utilized more intensively.
Conservative Leverage Provides Strategic Flexibility
Debt-to-equity stood at 0.59 in 2026Q2, with interest coverage of 5.21x, according to the latest balance sheet data, underscoring a fortress-like balance sheet that limits refinancing risk.
The D/E ratio has remained remarkably stable between 0.59 and 0.68 over the past ten quarters, indicating a deliberate policy of low leverage that contrasts sharply with peers like SFL (D/E of 2.67). Interest coverage improved to 5.21x in 2026Q2 from 1.20x in 2025Q2, reflecting both higher EBITDA and the low-rate environment on its fixed debt. This conservative posture suggests that the company is well-positioned to weather a prolonged downturn, but it also implies that ROE will remain subdued relative to more levered competitors during cyclical upswings.
Liquidity Buffer Strengthens with Cash Build
Cash surged to $134.5M in 2026Q2, while the current ratio improved to 1.00 from 1.91 a year earlier, according to the balance sheet, indicating ample liquidity despite the dip.
The current ratio of 1.00 in 2026Q2 is lower than the 1.91 in 2025Q4, but this is primarily due to the classification of debt maturities and the lumpy capex cycle, not a deterioration in cash position. With $134.5M in cash and a D/E of 0.59, the company has significant dry powder to fund fleet renewal or opportunistic acquisitions. The quick ratio equals the current ratio, indicating that inventory is not a material component of working capital, which is typical for a service-oriented shipping company.
P/E Misleads in Cyclical Recovery
The trailing P/E of 25.47 appears expensive, but the forward P/E of 7.88, based on consensus estimates, better reflects the cyclical earnings rebound, as reported in the valuation data.
The wide gap between trailing and forward P/E highlights the cyclicality of earnings; using trailing earnings in a trough recovery overstates the multiple, while using forward earnings may understate the risk of a downturn. A more appropriate metric for a shipping company is EV/EBITDA, which at 9.02 (trailing) and 6.11 (forward) is more comparable across the cycle and accounts for differences in capital structure. Investors should also consider P/B of 0.95, which suggests the market is valuing the fleet at a slight discount to book value, potentially reflecting the family-control discount or concerns about Chinese demand.