SAFE BULKERS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SAFE BULKERS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	15.4	16.1	19.2	20.6	21.5	22.5	21.8	23.8	27	29.9
Operating income	-31.4	-69.3	55.9	44.1	10.5	191	185	104	128	70
Interest expense	19.6	23.2	25.7	26.8	21.2	14.7	17.1	24.7	31.4	30.3
Interest income	0.52	0.8	0.93	1.56	0.6	0.07	0.78	2.5	3.4	5.12
Other non-operating income	-1.74	7.65	-0.97	-0.71	-0.64	-0.8	-1.35	-0.76	-0.62	-0.71
Net income	-56	-84.7	27.7	16	-12.9	174	173	77.4	97.4	38.6
EBITDA	18.1	-17.9	104	94.4	64.7	244	233	158	187	130
EPS, basic	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.30
EPS, diluted	-0.83	-0.98	0.16	0.04	-0.25	1.44	1.36	0.61	0.83	0.30
Shares, basic (weighted)	84.5	101	102	102	103	114	121	114	108	103
Shares, diluted (weighted)	84.5	101	102	102	103	114	121	114	108	103
Dividend per share	0.00	0.00					0.20	0.20	0.20	0.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	81.6	46.2	51.9	78.9	90	101	49.2	48.2	81.1	142
Short-term investments									0	4.81
Inventory	5.17	4.23	4.14	9.27	12	8.65	17.3	16.7	14.9	19
Other current assets	2.02	1.73	2.82	4.27	3.84	3.48	5.76	6.61	7.01	5.36
Total current assets	111	79.1	101	136	135	124	158	147	165	201
Property, plant and equipment	1,039	943	955	945	942	864	1,001	1,092	1,144	1,106
Other non-current assets			0	0.24	0.56	0.1	0.03	0.01	0.04	0.02
Total assets	1,174	1,035	1,076	1,115	1,106	1,094	1,246	1,340	1,403	1,403
Accounts payable	5.39	4.14	6.11	13	13.5	9.99	10.5
Accrued liabilities	4.15	3.67	6.88	6.6	4.66	5.37	10.8	8.38	11.8	7.86
Deferred revenue	2.04	3.54	5.41	3.04	6.22	11	9.52	10.9	6.54	5.22
Short-term debt	13.3	26.6	37.4	65.5	77.3	41.2	45.7	27.2	60.8	44.8
Total current liabilities	23.8	36.9	54.6	86.8	105	88.7	91.3	55.7	86.5	69.1
Long-term debt	574	545	542	540	535	319	377	489	485	504
Other non-current liabilities	1.5	0	0	0.27	1.24	2.6	4.24	5.93	2.51	3.31
Total liabilities	595	579	593	625	643	415	474	547	571	572
Total debt	588	572	580	606	616	360	423	516	546	549
Paid-in capital	384	361	355	357	354	425	379	353	324	313
Retained earnings	194	95.1	111	116	90.3	254	393	439	507	517
Treasury stock	-0.12	-0.12	-0.74	0
Shareholders' equity	579	456	466	473	445	679	772	793	832	831
Total equity	579	456	466	473	445	679	772	793	832	831
Total liabilities and equity	1,174	1,035	1,076	1,115	1,106	1,094	1,246	1,340	1,403	1,403
Shares outstanding	99.3	102	103	104	102	122	112	105	102	102

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-56	-84.7	27.7	16	-12.9	174	173	77.4	97.4	38.6
Depreciation and amortization	49.5	51.4	48.1	50.3	54.3	52.1	48.2	54.1	58.1	59.9
Stock-based compensation	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.14	0.15	0.15
Change in receivables	-1.7	-2.37	-0.53	-4.22	10.5	-3.2	1.61	-2.31	-4.56	4.49
Change in inventory	0.24	0.95	0.09	-5.54	-3.53	3.9	-13.2	-0.68	0.93	-7.96
Cash from operations	13.5	50.1	85.4	58.3	63.4	217	218	122	130	102
Purchases of investments										-5
Cash from investing	-39.9	-39.6	-63.7	-36.8	-34.8	8.55	-229	-152	-71.7	9.7
Debt issued	64.5	115	188	178	92.4	179	260	255	248	215
Debt repaid	-149	-123	-180	-151	-82	-435	-191	-165	-212	-225
Stock issued	16.5	0	0	0	0	71.5	0	0
Share buybacks	-0.12	0	-0.62	-4.15	-6.01	0	-9.05	-26.2	-28.9	-11
Dividends paid	-14	-12.3	-11.4	-11.5	-11.5	-11.2	-33.6	-30.7	-29.5	-28.6
Cash from financing	-83.9	-47.1	-15.6	8.54	-9.29	-226	-40.1	29.1	-25.9	-52.4
Exchange rate effect	0	0.24	-0.12	0.01	0.25	-0.79	-0.71	0.35	-0.37	0.08
Net change in cash	-49.1	-36.5	6.2	30	19.3	-0.14	-51.5	-0.38	32.9	59.6
Interest paid	19.8	22.7	23.8	29.3	20.9	13.7	13.7	22.3	29.5	35.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	-45.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	46.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-30.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-17.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-60.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-39.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-63.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-0.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.90x	Current assets / current liabilities.
Quick ratio	2.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.1%	Total debt / total assets.
Liabilities / assets	40.8%	Total liabilities / total assets.
Net debt	$402.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.31x	Operating income / interest expense.
Working capital	$131.5M	Current assets - current liabilities.
Tangible book value	$830.7M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.30	Net income per basic share, as reported (split-adjusted).
Operating cash flow per share	$0.99	Cash from operations / diluted weighted shares.
Book value per share	$8.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.12	Tangible book value / shares outstanding.
Cash per share	$1.43	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.20	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	74.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$832.3M	Share price x shares outstanding.
Enterprise value	$1.23B	Market cap + total debt - cash - short-term investments.
P/E	21.6x	Market cap / net income. Only when net income is positive.
P/B	1.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.00x	Market cap / tangible book value, when positive.
P/OCF	8.14x	Market cap / cash from operations, when positive.
EV/EBIT	17.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.51x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	4.8%	(Dividends paid + share buybacks) / market cap.

Was SAFE BULKERS, INC. profitable in fiscal 2025?

Yes. Net income was $38.6M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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