Safe Bulkers, Inc.
SB NYSE Deep Sea Foreign Transportation Of Freight Financials FY2016–FY2025
Last close · Oct 23, 2026
$8.09
2.1%
Revenue
Total sales reported in the income statement.
—
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$38.6M
60.4%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.5%
3.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$834M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
27.0x
On $0.30 EPS (TTM)
What Safe Bulkers, Inc. does
No business description yet.
- Legal name
- SAFE BULKERS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 4, 2026
- Accession · CIK
- 0001628280-26-014408
0001434754
Revenue and margins
Safe Bulkers, Inc. had — of revenue in fiscal 2025.
FY16
Revenue —
FY17
Revenue —
FY18
Revenue —
FY19
Revenue —
FY20
Revenue —
FY21
Revenue —
FY22
Revenue —
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross —
Operating —
Net —
FCF —
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$56.0M
FY17
Net income −$84.7M
FY18
Net income $27.7M
FY19
Net income $16.0M
FY20
Net income −$12.9M
FY21
Net income $174M
FY22
Net income $173M
FY23
Net income $77.4M
FY24
Net income $97.4M
FY25
Net income $38.6M
Q4 '12
Net income $32.2M
Q4 '13
Net income $31.0M
Q3 '15
Net income −$7.5M
Q4 '15
Net income −$29.9M
Q3 '16
Net income −$24.5M
Q4 '16
Net income −$4.6M
Q3 '20
Net income $3.3M
Q4 '20
Net income $7.6M
Q3 '21
Net income $55.4M
Q4 '21
Net income $65.2M
FY16
Diluted EPS −$0.83
FY17
Diluted EPS −$0.98
FY18
Diluted EPS $0.16
FY19
Diluted EPS $0.04
FY20
Diluted EPS −$0.25
FY21
Diluted EPS $1.44
FY22
Diluted EPS $1.36
FY23
Diluted EPS $0.61
FY24
Diluted EPS $0.83
FY25
Diluted EPS $0.30
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −2.3%
Return on equity −9.7%
Return on assets −4.8%
FY17
Return on capital −5.6%
Return on equity −16.4%
Return on assets −7.7%
FY18
Return on capital 4.4%
Return on equity 6.0%
Return on assets 2.6%
FY19
Return on capital 3.5%
Return on equity 3.4%
Return on assets 1.5%
FY20
Return on capital 0.9%
Return on equity −2.8%
Return on assets −1.2%
FY21
Return on capital 16.1%
Return on equity 31.0%
Return on assets 15.9%
FY22
Return on capital 12.7%
Return on equity 23.8%
Return on assets 14.7%
FY23
Return on capital 6.5%
Return on equity 9.9%
Return on assets 6.0%
FY24
Return on capital 7.8%
Return on equity 12.0%
Return on assets 7.1%
FY25
Return on capital 4.5%
Return on equity 4.6%
Return on assets 2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $13.5M
Capital spending —
FY17
Cash from operations $50.1M
Capital spending —
FY18
Cash from operations $85.4M
Capital spending —
FY19
Cash from operations $58.3M
Capital spending —
FY20
Cash from operations $63.4M
Capital spending —
FY21
Cash from operations $217M
Capital spending —
FY22
Cash from operations $218M
Capital spending —
FY23
Cash from operations $122M
Capital spending —
FY24
Cash from operations $130M
Capital spending —
FY25
Cash from operations $102M
Capital spending —
Cash from operations
Capital spending
Q4 '12
Cash from operations $33.4M
Capital spending —
Q4 '13
Cash from operations $34.6M
Capital spending —
Q3 '15
Cash from operations $11.8M
Capital spending —
Q4 '15
Cash from operations $5.6M
Capital spending —
Q3 '16
Cash from operations $7.8M
Capital spending —
Q4 '16
Cash from operations $6.7M
Capital spending —
Q3 '20
Cash from operations $13.8M
Capital spending —
Q4 '20
Cash from operations $29.2M
Capital spending —
Q3 '21
Cash from operations $68.1M
Capital spending —
Q4 '21
Cash from operations $63.2M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Safe Bulkers, Inc. returned $11.0M to shareholders in fiscal 2025. The diluted share count fell 4.2%.
FY16
Dividends —
Buybacks $0.1M
FY17
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks $0.6M
FY19
Dividends —
Buybacks $4.2M
FY20
Dividends —
Buybacks $6.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $9.1M
FY23
Dividends —
Buybacks $26.2M
FY24
Dividends —
Buybacks $28.9M
FY25
Dividends —
Buybacks $11.0M
Dividends
Buybacks
Q4 '12
Dividends —
Buybacks —
Q4 '13
Dividends —
Buybacks —
Q3 '15
Dividends —
Buybacks $0.0M
Q4 '15
Dividends —
Buybacks $0.0M
Q3 '16
Dividends —
Buybacks $0.0M
Q4 '16
Dividends —
Buybacks $0.0M
Q3 '20
Dividends —
Buybacks $0.0M
Q4 '20
Dividends —
Buybacks $0.0M
Q3 '21
Dividends —
Buybacks $0.0M
Q4 '21
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.08B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.10B
FY19
Diluted shares 0.10B
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.11B
FY22
Diluted shares 0.12B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Safe Bulkers, Inc. can carry it.
FY16
Cash $81.6M
Debt $588M
FY17
Cash $46.2M
Debt $572M
FY18
Cash $51.9M
Debt $580M
FY19
Cash $78.9M
Debt $606M
FY20
Cash $90.0M
Debt $616M
FY21
Cash $101M
Debt $382M
FY22
Cash $49.2M
Debt $423M
FY23
Cash $48.2M
Debt $516M
FY24
Cash $81.1M
Debt $546M
FY25
Cash $146M
Debt $549M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $101M | $49.2M | $48.2M | $81.1M | $146M |
| Debt incl. finance leases | $382M | $423M | $516M | $546M | $549M |
| Net debt / EBITDA | 1.2x | 1.6x | 3.0x | 2.5x | 3.1x |
| Debt / equity | 0.5x | 0.5x | 0.7x | 0.7x | 0.7x |
| Interest coverage | 13.0x | 10.8x | 4.2x | 4.1x | 2.3x |
| Current ratio | 1.4x | 1.7x | 2.6x | 1.9x | 2.9x |
| Quick ratio | 1.3x | 1.5x | 2.3x | 1.7x | 2.6x |
| Total assets | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B |
| Total liabilities | $415M | $474M | $547M | $571M | $572M |
| Shareholders' equity | $679M | $772M | $793M | $832M | $831M |
| Net debt (− = net cash) | $281M | $373M | $468M | $465M | $402M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | — | — | — | — | — | — | — |
| F-score | — / 3 | 2 / 7 | 5 / 7 | 3 / 7 | 2 / 7 | 6 / 7 | 4 / 7 | 5 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | −5.9% | −12.2% | −5.5% | −3.9% | −6.9% | −3.9% | −3.9% | −3.5% | −2.4% | −4.5% |
| Altman Z'' | 1.87 | 0.94 | 1.79 | 1.69 | 1.23 | 3.86 | 4.08 | 3.56 | 3.69 | 3.68 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Operating income | −$31.4M | −$69.3M | $55.9M | $44.1M | $10.5M | $191M | $185M | $104M | $128M | $70.0M |
| Interest expense | $19.6M | $23.2M | $25.7M | $26.8M | $21.2M | $14.7M | $17.1M | $24.7M | $31.4M | $30.3M |
| Net income | −$56.0M | −$84.7M | $27.7M | $16.0M | −$12.9M | $174M | $173M | $77.4M | $97.4M | $38.6M |
| Net income to common | −$70.0M | −$99.1M | $16.3M | $4.3M | −$25.3M | $164M | $164M | $69.4M | $89.4M | $30.6M |
| Diluted EPS | −$0.83 | −$0.98 | $0.16 | $0.04 | −$0.25 | $1.44 | $1.36 | $0.61 | $0.83 | $0.30 |
| Diluted shares | 0.08B | 0.10B | 0.10B | 0.10B | 0.10B | 0.11B | 0.12B | 0.11B | 0.11B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $13.5M | $50.1M | $85.4M | $58.3M | $63.4M | $217M | $218M | $122M | $130M | $102M |
| Depreciation and amortization | $49.5M | $51.4M | $48.1M | $50.3M | $54.3M | $52.1M | $48.2M | $54.1M | $58.1M | $59.9M |
| Stock-based compensation | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.2M | $0.2M |
| Share buybacks | $0.1M | $0.0M | $0.6M | $4.2M | $6.0M | $0.0M | $9.1M | $26.2M | $28.9M | $11.0M |
| Dividends and buybacks | $0.1M | $0.0M | $0.6M | $4.2M | $6.0M | $0.0M | $9.1M | $26.2M | $28.9M | $11.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $81.6M | $46.2M | $51.9M | $78.9M | $90.0M | $101M | $49.2M | $48.2M | $81.1M | $146M |
| Total debt | $588M | $572M | $580M | $606M | $616M | $360M | $423M | $516M | $546M | $549M |
| Finance lease liabilities | — | — | — | — | — | $21.9M | — | — | — | — |
| Current assets | $111M | $79.1M | $101M | $136M | $135M | $124M | $158M | $147M | $165M | $201M |
| Current liabilities | $23.8M | $36.9M | $54.6M | $86.8M | $105M | $88.7M | $91.3M | $55.7M | $86.5M | $69.1M |
| Inventory | $5.2M | $4.2M | $4.1M | $9.3M | $12.0M | $8.7M | $17.3M | $16.7M | $14.9M | $19.0M |
| Property and equipment, net | $1.0B | $943M | $955M | $945M | $942M | $864M | $1.0B | $1.1B | $1.1B | $1.1B |
| Total assets | $1.2B | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B |
| Total liabilities | $595M | $579M | $593M | $625M | $643M | $415M | $474M | $547M | $571M | $572M |
| Preferred stock | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $579M | $456M | $466M | $473M | $445M | $679M | $772M | $793M | $832M | $831M |
| Returns | ||||||||||
| Return on capital | −2.3% | −5.6% | 4.4% | 3.5% | 0.9% | 16.1% | 12.7% | 6.5% | 7.8% | 4.5% |
| Return on capital employed | −2.7% | −6.9% | 5.5% | 4.3% | 1.0% | 19.0% | 16.0% | 8.1% | 9.8% | 5.2% |
| Return on equity | −9.7% | −16.4% | 6.0% | 3.4% | −2.8% | 31.0% | 23.8% | 9.9% | 12.0% | 4.6% |
| Return on assets | −4.8% | −7.7% | 2.6% | 1.5% | −1.2% | 15.9% | 14.7% | 6.0% | 7.1% | 2.7% |
| Return on tangible equity | −12.1% | −21.7% | 3.5% | 0.9% | −5.7% | 24.1% | 21.2% | 8.8% | 10.7% | 3.7% |
| Growth | ||||||||||
| Net income growth | — | — | — | −42.1% | −180.5% | — | −1.0% | −55.2% | 25.9% | −60.4% |
| EPS growth | — | — | — | −75.0% | −725.0% | — | −5.6% | −55.1% | 36.1% | −63.9% |
| Share count change | — | 19.4% | 0.7% | 0.1% | 0.9% | 10.8% | 6.1% | −5.8% | −5.3% | −4.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 28.0x | — | 5.1x | 5.6x | 8.1x | 1.2x | 1.6x | 3.0x | 2.5x | 3.1x |
| Debt / equity | 1.0x | 1.3x | 1.2x | 1.3x | 1.4x | 0.5x | 0.5x | 0.7x | 0.7x | 0.7x |
| Interest coverage | −1.6x | −3.0x | 2.2x | 1.6x | 0.5x | 13.0x | 10.8x | 4.2x | 4.1x | 2.3x |
| Current ratio | 4.7x | 2.1x | 1.9x | 1.6x | 1.3x | 1.4x | 1.7x | 2.6x | 1.9x | 2.9x |
| Quick ratio | 4.5x | 2.0x | 1.8x | 1.5x | 1.2x | 1.3x | 1.5x | 2.3x | 1.7x | 2.6x |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 5.0 | 3.0 | 2.0 | 6.0 | 4.0 | 5.0 | 5.0 | 5.0 |
| Altman Z'' | 1.9 | 0.9 | 1.8 | 1.7 | 1.2 | 3.9 | 4.1 | 3.6 | 3.7 | 3.7 |
| Accruals ratio | −5.9% | −12.2% | −5.5% | −3.9% | −6.9% | −3.9% | −3.9% | −3.5% | −2.4% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0001434754). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.