Revenue contraction of 10.37% over the trailing year and gross margin compression from 52.1% in 2023Q4 to 42.0% in 2025Q4 highlight the ongoing pressure from cooling global freight rates.
| 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 |
|---|
| Sales/Revenue | 275.74M | 307.63M | 284.4M | 349.72M | 329.03M | 198.16M | 197.76M | 193.19M | 148.03M | 109.77M | 127.32M | 154.09M | 186.72M | 184.3M | 168.91M | 157.02M | 164.61M | 200.77M | 165.85M | 95.31M |
| Revenue Growth % | -10.37% | 8.17% | -18.68% | 6.29% | 66.04% | 0.2% | 2.37% | 30.51% | 34.85% | -13.78% | -17.38% | -17.47% | 1.32% | 9.11% | 7.57% | -4.61% | -18.01% | 21.06% | 74.01% | - |
| Cost of Goods Sold | 176.68M | 167.46M | 165M | 139.7M | 134.17M | 165.94M | 132.59M | 117.96M | 108.15M | 106.68M | 120.46M | 113.15M | 89.56M | 74.08M | 51.48M | 43.41M | 34.1M | 28.5M | 22.19M | 0 |
| COGS % of Revenue | 64.07% | 54.44% | 58.02% | 39.95% | 40.78% | 83.74% | 67.05% | 61.06% | 73.06% | 97.19% | 94.61% | 73.43% | 47.97% | 40.19% | 30.48% | 27.65% | 20.71% | 14.2% | 13.38% | - |
| Gross Profit | 99.06M | 140.17M | 119.41M | 210.02M | 194.87M | 32.22M | 65.17M | 75.23M | 39.88M | 3.09M | 6.86M | 40.95M | 97.16M | 110.22M | 117.43M | 113.61M | 130.51M | 172.27M | 143.66M | 95.31M |
| Gross Margin % | 35.93% | 45.56% | 41.98% | 60.05% | 59.22% | 16.26% | 32.95% | 38.94% | 26.94% | 2.81% | 5.39% | 26.57% | 52.03% | 59.81% | 69.52% | 72.35% | 79.29% | 85.8% | 86.62% | 100% |
| Gross Profit Growth % | -29.33% | 17.39% | -43.15% | 7.78% | 504.78% | -50.56% | -13.38% | 88.64% | 1191.1% | -54.96% | -83.25% | -57.85% | -11.85% | -6.14% | 3.36% | -12.95% | -24.24% | 19.92% | 50.73% | - |
| Operating Expenses | 29.85M | 28.3M | 25.63M | 25.37M | 22.5M | 21.5M | 20.64M | 19.24M | 16.12M | 15.38M | 16.05M | 17.33M | 11.36M | 9.95M | 8.7M | 7.02M | 7.05M | 8.61M | 25.09M | 12.82M |
| OpEx % of Revenue | 10.83% | 9.2% | 9.01% | 7.26% | 6.84% | 10.85% | 10.44% | 9.96% | 10.89% | 14.01% | 12.61% | 11.25% | 6.08% | 5.4% | 5.15% | 4.47% | 4.28% | 4.29% | 15.13% | 13.45% |
| Selling, General & Admin | 29.85M | 27.04M | 23.76M | 21.8M | 22.5M | 21.5M | 20.64M | 19.24M | 16.12M | 15.38M | 14.62M | 13.33M | 11.36M | 9.95M | 8.49M | 7.02M | 7.05M | 8.61M | 25.09M | 1.01M |
| SG&A % of Revenue | 10.83% | 8.79% | 8.36% | 6.23% | 6.84% | 10.85% | 10.44% | 9.96% | 10.89% | 14.01% | 11.48% | 8.65% | 6.08% | 5.4% | 5.03% | 4.47% | 4.28% | 4.29% | 15.13% | 1.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 1.26M | 1.87M | 3.57M | 0 | 0 | 0 | 0 | 0 | 0 | -1.43M | -4M | 0 | 0 | -212K | 0 | 0 | 0 | 0 | 11.81M |
| Operating Income | 69.21M | 111.87M | 93.77M | 184.65M | 172.37M | 10.72M | 44.53M | 55.99M | 23.76M | -12.29M | -9.19M | 23.61M | 85.8M | 100.27M | 108.73M | 106.59M | 123.46M | 163.66M | 118.56M | 108.13M |
| Operating Margin % | 25.1% | 36.37% | 32.97% | 52.8% | 52.39% | 5.41% | 22.52% | 28.98% | 16.05% | -11.2% | -7.22% | 15.33% | 45.95% | 54.41% | 64.37% | 67.88% | 75% | 81.52% | 71.49% | 113.45% |
| Operating Income Growth % | -38.14% | 19.3% | -49.22% | 7.12% | 1508.05% | -75.93% | -20.47% | 135.62% | 293.33% | -33.75% | -138.92% | -72.48% | -14.44% | -7.78% | 2.01% | -13.66% | -24.56% | 38.03% | 9.65% | - |
| EBITDA | 129.09M | 170.01M | 147.9M | 234.17M | 224.73M | 64.99M | 94.84M | 104.06M | 75.19M | 37.19M | 37.94M | 66.7M | 123.19M | 132.52M | 132.37M | 126.26M | 137.35M | 174.27M | 128.15M | 117.86M |
| EBITDA Margin % | 46.81% | 55.26% | 52% | 66.96% | 68.3% | 32.8% | 47.96% | 53.86% | 50.79% | 33.88% | 29.8% | 43.28% | 65.98% | 71.91% | 78.37% | 80.41% | 83.44% | 86.8% | 77.27% | 123.66% |
| EBITDA Growth % | -24.07% | 14.95% | -36.84% | 4.2% | 245.8% | -31.47% | -8.86% | 38.4% | 102.16% | -1.98% | -43.11% | -45.86% | -7.04% | 0.12% | 4.83% | -8.07% | -21.18% | 35.99% | 8.73% | - |
| D&A (Non-Cash Add-back) | 59.88M | 58.13M | 54.13M | 49.52M | 52.36M | 54.27M | 50.31M | 48.07M | 51.42M | 49.48M | 47.13M | 43.08M | 37.39M | 32.25M | 23.64M | 19.67M | 13.89M | 10.61M | 9.58M | 9.73M |
| EBIT | 72.37M | 132.32M | 105.3M | 193.05M | 192.76M | 10.7M | 45.41M | 56.16M | -59M | -31.59M | -33.26M | 25.57M | 93.59M | 106.42M | 95.58M | 116.07M | 175.86M | 135.6M | 217.43M | 82.49M |
| Net Interest Income | -28.68M | -31.55M | -25.45M | -19.72M | -18.35M | -23M | -27.82M | -27.55M | -17.23M | -23.86M | -14.6M | -10.12M | -9.33M | -9.18M | -4.8M | -3.8M | -8.28M | -14.9M | -6.93M | -5.37M |
| Interest Income | 5.12M | 3.4M | 2.5M | 783K | 69K | 604K | 1.56M | 929K | 8.45M | 515K | 86K | 821K | 1.01M | 1.12M | 1.05M | 2.63M | 2.16M | 1.49M | 1.29M | 775K |
| Interest Expense | 33.8M | 34.95M | 27.94M | 20.5M | 18.41M | 23.6M | 29.37M | 28.48M | 25.68M | 24.37M | 14.69M | 10.94M | 10.34M | 10.3M | 5.84M | 6.42M | 10.45M | 16.39M | 8.22M | 6.14M |
| Other Income/Expense | -30.64M | -14.5M | -16.42M | -12.09M | 1.98M | -23.62M | -28.49M | -28.31M | -108.44M | -43.67M | -38.75M | -8.98M | -2.54M | -4.15M | -19M | 3.06M | 41.95M | -44.45M | 90.64M | -5.54M |
| Pretax Income | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 102.59M |
| Pretax Margin % | 13.99% | 31.65% | 27.2% | 49.34% | 52.99% | -6.51% | 8.11% | 14.33% | -57.2% | -50.98% | -37.66% | 9.5% | 44.59% | 52.16% | 53.13% | 69.83% | 100.49% | 59.38% | 126.14% | 107.64% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.9M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10.63% |
| Net Income | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 97.22M |
| Net Margin % | 13.99% | 31.65% | 27.2% | 49.34% | 52.99% | -6.51% | 8.11% | 14.33% | -57.2% | -50.98% | -37.66% | 9.5% | 44.59% | 52.16% | 53.13% | 69.83% | 100.49% | 59.38% | 126.14% | 102.01% |
| Net Income Growth % | -60.4% | 25.89% | -55.17% | -1.03% | 1451.01% | -180.47% | -42.07% | 132.69% | -51.3% | -16.73% | -427.62% | -82.42% | -13.38% | 7.12% | -18.16% | -33.71% | 38.75% | -43.02% | 115.17% | - |
| Net Income (Continuing) | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 209.2M | 97.22M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 | -0.25 | -0.11 | 0.27 | -0.84 | -0.66 | -0.57 | 0.06 | 1.05 | 1.27 | 1.29 | 1.73 | 3.03 | 2.19 | 3.84 | 1.78 |
| EPS Growth % | -63.86% | 36.07% | -55.15% | -5.56% | 676% | -127.27% | -140.74% | 132.14% | -27.27% | -15.79% | -1050% | -94.29% | -17.32% | -1.55% | -25.43% | -42.9% | 38.36% | -42.97% | 115.73% | - |
| EPS (Basic) | 0.30 | 0.83 | 0.61 | 1.36 | 1.44 | -0.25 | -0.11 | 0.27 | -0.84 | -0.66 | -0.57 | 0.06 | 1.05 | 1.27 | 1.29 | 1.73 | 3.03 | 2.19 | 3.84 | 1.78 |
| Diluted Shares Outstanding | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M | 102.62M | 101.69M | 101.6M | 100.93M | 84.53M | 83.48M | 83.45M | 77.5M | 75.47M | 69.46M | 63.3M | 54.51M | 54.5M | 54.5M | 54.5M |
| Basic Shares Outstanding | 103.04M | 107.58M | 113.62M | 120.65M | 113.72M | 102.62M | 101.69M | 101.6M | 100.93M | 84.53M | 83.48M | 83.45M | 77.5M | 75.47M | 69.46M | 63.3M | 54.51M | 54.5M | 54.5M | 54.5M |
| Dividend Payout Ratio | 74.19% | 30.3% | 39.66% | 13.99% | 6.42% | - | 71.67% | 41.13% | - | - | - | 177.09% | 21.31% | 38.98% | 46.56% | 34.49% | 19.77% | 175.52% | 183.49% | - |
Chinese industrial demand volatility
As reported in recent financial statements, Safe Bulkers experienced a revenue contraction of 10.37% over the trailing year, reflecting the broader cyclical downturn in dry bulk freight rates that has significantly impacted the company's top-line performance across its diverse vessel classes since the 2024 peak.
The revenue trajectory appears highly sensitive to the prevailing Baltic Dry Index, with recent quarterly figures showing a struggle to maintain the growth momentum observed in early 2024. Investors should monitor whether the modest 1.5% revenue growth in 2025Q4 signals a bottoming process or merely a temporary reprieve from the structural headwinds facing iron ore and coal trade volumes.
Based on the company's reported figures, gross margins have compressed from a peak of 52.1% in 2023Q4 to 42.0% in 2025Q4, illustrating the inherent difficulty in maintaining pricing power when Time Charter Equivalent rates face downward pressure from global industrial demand shifts.
The decline in operating margins suggests that the company's fixed-cost base, while efficient, cannot fully insulate profitability from the volatility of voyage expenses and bunker fuel costs. This margin erosion warrants further investigation into whether the fleet's 'Eco' vessel composition is providing the expected competitive buffer against rising operational expenditures.
According to recent SEC filings, Safe Bulkers has maintained disciplined SG&A expenses, which remained relatively stable near $7.5M to $8.0M per quarter, allowing the firm to preserve operating leverage even as gross profit fluctuated significantly throughout the 2024 and 2025 fiscal periods.
The ability to keep overhead costs contained while revenue experiences double-digit swings suggests a lean management structure that prioritizes operational continuity. However, the scaling of operating income remains tethered to the volatile gross profit line, indicating that the company lacks the pricing power to fully decouple its bottom line from the cyclical nature of the shipping industry.
Data from the income statement indicates that net income volatility, exemplified by the drop to $1.7M in 2025Q2, suggests that the company's earnings power is highly susceptible to non-operating items and the lumpy nature of vessel sales, which may mask the underlying core operational performance.
Short-sellers might focus on the significant EPS swings, which suggest that the company's profitability is more a function of market timing than sustained operational growth. Investors should be cautious of relying on headline net income, as the lack of stock-based compensation and reliance on asset sales may obscure the true cash-generating capability of the core shipping business.
Quick answers to the most common questions about buying SB stock.
For fiscal year 2025, Safe Bulkers, Inc. (SB) reported total revenue of $275.7M. This represents a 189.3% increase compared to $95.3M in 2006.
Safe Bulkers, Inc. (SB) is profitable, generating $38.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.0%.
Safe Bulkers, Inc. (SB) reported an operating income of $69.2M, resulting in an operating profit margin of 25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Safe Bulkers, Inc. (SB) generated $99.1M in gross profit for the year, representing a gross profit margin of 35.9%. This demonstrates the company's core pricing power and production efficiency.