SB
Safe Bulkers, Inc.
SB's fundamentals are strong, but it looks expensive: trading at 10x earnings, about twice its usual 5.5x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
SB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Stable |
SB's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
SB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $2.04 | -75% |
| Fair | 5.5x | $4.26 | -47% |
| Current | 10x | $8.11 | — |
| Expensive | 12x | $9.05 | +12% |
| Forward | 13x | $8.11 | — |
Historical ranges are pointers, not guarantees.
SB's PE is in its expensive range at 10x. Analysts expect earnings to fall, which would put today's price at 13x next year's earnings.
SB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect SB's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
SB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.61 | -22% |
| Q2 2026 | $0.78 | +81% |
| Q1 2026 | $0.44 | -34% |
| Q4 2025 | $0.29 | -65% |
| Q3 2025 | $0.36 | -60% |
| Q2 2025 | $0.43 | -46% |
| Q1 2025 | $0.67 | -1.5% |
| Q4 2024 | $0.83 | +54% |
| Q3 2024 | $0.90 | +53% |
SB's earnings per share have fallen from their peak: $0.78 over the past year, against $1.69 in mid-2022.
SB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $87.5M | +33% |
| Q1 2026 | $74.4M | +16% |
| Q4 2025 | $72.6M | +1.5% |
| Q3 2025 | $73.1M | -3.7% |
| Q2 2025 | $65.7M | -16% |
| Q1 2025 | $64.3M | -21% |
| Q4 2024 | $71.5M | -13% |
| Q3 2024 | $75.9M | +17% |
SB's revenue is growing: $87M last quarter, up 33% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 41% | +25 points |
| Q1 2026 | 36% | +12 points |
| Q4 2025 | 31% | -3.4 points |
| Q3 2025 | 29% | -6.1 points |
| Q2 2025 | 16% | -20 points |
| Q1 2025 | 23% | -17 points |
| Q4 2024 | 34% | -10 points |
| Q3 2024 | 35% | +8.4 points |
SB's operating margin was 41% last quarter, up 25 points from the same quarter a year ago.
SB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | -100% |
| Q1 2026 | $35.2M | +18% |
| Q4 2025 | $33.2M | +$33.2M |
| Q3 2025 | $20.1M | -19% |
| Q2 2025 | $19.1M | -52% |
| Q1 2025 | $29.9M | -17% |
| Q4 2024 | $0 | +$171.3M |
| Q3 2024 | $24.8M | -70% |
SB still generates free cash flow, though less than at its 2022 peak: $89M over the past year.
SB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -336K shares |
| 1 year | -0.6% | -654K shares |
| 3 years | -9.8% | -11.1M shares |
| 5 years | -7.2% | -7.9M shares |
| Available history | +0.5% | +550K shares |
SB has 102M diluted shares, down 0.6% from a year ago, with $14M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $2.6M |
| Q1 2026 | — |
| Q4 2025 | $11.4M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $28.5M |
| Q3 2024 | — |
SB spent $14M buying back its own shares over the past year, down 51% from the year before.
SB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.9x | Moderate |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.1x | Moderate |
SB's net debt is about 2.3 years of its operating earnings (EBITDA), down from 3.0 years a year ago.
SB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.9 | Neutral |
| Stochastic | 29.6 | Neutral |
SB's weekly RSI is 54 (neutral) and its Stochastic is 30 (neutral).
SB PE vs Industrials Sector
| Metric | SB | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 57% below |
| PE % | 77 | 58 | 19 pts above |
SB is trading at 10x earnings, a 57% discount to the Industrials sector's median of 24x.
SB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.08 | 0.4% above |
| 20 week MA | $7.97 | 1.8% above |
| 50 week MA | $6.80 | 19% above |
| 100 week MA | $5.38 | 51% above |
| 200 week MA | $4.76 | 70% above |
SB is in an uptrend: it's above all five of its weekly moving averages, and 70% above its 200-week average.
SB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.75 | $1.20 | -31% |
| 2021 | $1.20 | $3.69 | +208% |
| 2022 | $3.69 | $2.95 | -20% |
| 2023 | $2.95 | $3.93 | +33% |
| 2024 | $3.93 | $3.57 | -9.2% |
| 2025 | $3.57 | $4.82 | +35% |
| 2026 YTD | $4.82 | $8.11 | +68% |
SB is up 68% so far in 2026, after finishing lower in three of the previous six years.