Safe Bulkers, Inc.

NYSE:SB Stock Report

Market Cap: US$672.8m

Safe Bulkers Future Growth

Future criteria checks 1/6

Safe Bulkers is forecast to grow earnings and revenue by 6.7% and 1.1% per annum respectively. EPS is expected to grow by 6.5% per annum. Return on equity is forecast to be 5.9% in 3 years.

Key information

6.7%

Earnings growth rate

6.52%

EPS growth rate

Shipping earnings growth3.2%
Revenue growth rate1.1%
Future return on equity5.90%
Analyst coverage

Low

Last updated12 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 13

SB: Newbuild Fleet Investments And Limited Buybacks Will Likely Keep Shares Fairly Valued

Analysts now estimate Safe Bulkers' fair value at $6.90, up from the previous $5.70. They cite updated assumptions regarding discount rates, revenue growth, profit margins and future P/E levels.
Narrative Update • Apr 26

SB: Minimal Buyback Activity Will Likely Keep Shares Overvalued

Analysts have kept their $5.70 price target for Safe Bulkers steady, citing largely unchanged assumptions around discount rate, revenue growth, profit margins and future P/E. Taken together, these factors suggest their core outlook on the stock is broadly intact.
Seeking Alpha • Apr 23

Safe Bulkers' Valuation Margin Of Safety Is Starting To Shrink

Summary Safe Bulkers, Inc. has delivered strong returns but now appears fully valued, prompting a downgrade from buy to hold. SB's operational strengths, young fleet, and robust liquidity support resilience amid macro volatility and Middle East tensions, but mounting cost pressures constrain its upside. Valuation metrics diverge: DCF-based target price is $6.10, P/B suggests $4.55, and P/CPS implies $8.38, highlighting uncertainty. Technical indicators show early bearish signals and overbought conditions, warranting investor caution at current price levels. Read the full article on Seeking Alpha
Narrative Update • Apr 12

SB: Newbuild Orderbook Expansion Will Likely Keep Shares Overvalued

Analysts now hold their target for Safe Bulkers steady at $5.70, as only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions leave their overall valuation view essentially unchanged. What's in the News Share repurchase activity: From December 1, 2025 to March 4, 2026, the company bought back 91,443 shares, representing 0.09% of its shares, for a total of $0.44 million, completing the buyback program announced on December 1, 2025 (Key Developments).
Narrative Update • Mar 28

SB: Newbuild Program And Share Buybacks Will Likely Keep Shares Fairly Valued

Analysts have made a modest adjustment to their price target on Safe Bulkers, keeping fair value unchanged at $5.70 while fine tuning inputs such as the discount rate and future P/E. This reflects updated views on the stock's risk profile and earnings potential.
Narrative Update • Mar 12

SB: Newbuild Orders And Regulatory Compliance Will Likely Keep Shares Fairly Valued

Analysts have maintained their $5.70 price target for Safe Bulkers, citing largely unchanged assumptions around the discount rate, long term revenue growth, profit margins, and future P/E expectations. What's in the News Safe Bulkers agreed to acquire two newbuild 82,500 dwt Chinese Kamsarmax class dry bulk vessels, with deliveries scheduled for the third quarter of 2028 and the first quarter of 2029 (Key Developments).
Narrative Update • Feb 26

SB: Newbuild Expansion And Buyback Will Likely Leave Shares Vulnerable

Analysts have adjusted their price target on Safe Bulkers to $5.70 from $5.40, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Safe Bulkers agreed to acquire two newbuild, 82,500 dwt, Chinese Kamsarmax class dry bulk vessels, with deliveries scheduled for the third quarter of 2028 and the first quarter of 2029 (Key Developments).
Narrative Update • Feb 11

SB: Newbuild Orders And Buyback Program Will Support Balanced Forward Outlook

Analysts have maintained their $5.40 price target for Safe Bulkers, citing only slight adjustments to inputs such as the discount rate, expected revenue growth, profit margin, and forward P/E assumptions, rather than any major change in their view of the shares. What's in the News Safe Bulkers agreed to acquire two newbuild 82,500 dwt Chinese Kamsarmax class dry bulk vessels, with deliveries scheduled for the third quarter of 2028 and the first quarter of 2029 (Key Developments).
Analysis Article • Feb 03

These 4 Measures Indicate That Safe Bulkers (NYSE:SB) Is Using Debt Extensively

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Narrative Update • Jan 27

SB: Newbuild Orders And Share Buyback Will Shape Measured Forward Outlook

Analysts have kept their overall fair value view for Safe Bulkers steady at about US$5.40 per share, with only marginal tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E, which feed into a largely unchanged price target narrative. What's in the News Safe Bulkers agreed to acquire two newbuild 82,500 dwt Chinese Kamsarmax class dry bulk vessels, with deliveries scheduled for the third quarter of 2028 and the first quarter of 2029 (Key Developments).
Narrative Update • Jan 13

SB: Buyback Plans And Adjusted Earnings Outlook Will Guide Future Performance

Analysts have reduced their price target on Safe Bulkers from US$5.50 to US$5.40. They now apply a higher discount rate and assume lower revenue growth, slimmer profit margins and a higher future P/E multiple in their valuation work.
Analysis Article • Nov 29

Safe Bulkers (NYSE:SB) Is Paying Out A Dividend Of $0.05

The board of Safe Bulkers, Inc. ( NYSE:SB ) has announced that it will pay a dividend on the 19th of December, with...
Narrative Update • Nov 27

SB: Future Profitability and Risk Profile Will Shape Performance

Analysts have raised their price target for Safe Bulkers from $4.85 to $5.50, citing improved revenue growth projections and stronger expected profit margins. Valuation Changes Fair Value: Increased from $4.85 to $5.50, reflecting a higher estimated intrinsic share price.
Analysis Article • Feb 25

Safe Bulkers (NYSE:SB) Is Due To Pay A Dividend Of $0.05

Safe Bulkers, Inc.'s ( NYSE:SB ) investors are due to receive a payment of $0.05 per share on 21st of March. The...
Seeking Alpha • Jan 23

Safe Bulkers: A Large New Build Program Putting Pressure On The Balance Sheet

Summary Safe Bulkers owns and operates a fleet of 46 dry bulk carriers with a total capacity of 4.6 million deadweight tons and an average age of 9.8 years. With a market capitalization of $365.2 million and net debt of $397.2 million, Safe Bulkers has an enterprise value of $762.4 million, composed of 52.1% debt. If we include the remaining $206.5 million due on the new build program, Safe Bulkers' net debt increases to $603.7 million, representing 79.2% of the enterprise value. By the end of 2027, Safe Bulkers will have to meet liquidity needs representing 65% of its current enterprise value. While Safe Bulkers seems to be trading at a reasonable valuation, the downside risks created by the important liquidity needs are too large for me, hence my hold rating. Read the full article on Seeking Alpha
Seeking Alpha • Jan 03

Safe Bulkers: Safe Route To Financial Stability Despite Headwinds

Summary Safe Bulkers' Q3/9M results show impressive growth in net operating revenue and operating margin, driven by increased and newer vessels and improved operating efficiency. SB's capitalization on more efficient fleets may allow it to remain profitable despite headwinds. The Company's liquidity is robust, with stable debt levels and strong cash reserves, enabling fleet modernization, debt coverage, and sustained dividend payouts. SB's stock is undervalued, with potential for significant returns, supported by a buyback program, favorable price ratios, and technical indicators suggesting a rebound. Read the full article on Seeking Alpha
Seeking Alpha • Dec 21

Safe Bulkers: Maintaining Buy Rating On This Quality Shipper

Summary Safe Bulkers, with a $380 million market cap, owns a young fleet of 46 vessels, emphasizing fleet modernization and environmental compliance. Q3 revenues rose 17% YoY to $76 million, with EPS of $0.16 and strong liquidity over $300 million. Trading at a 4.38x EV/EBITDA multiple, Safe Bulkers appears undervalued compared to peers, with consistent double-digit revenue growth. Offering a 5.5% dividend yield, Safe Bulkers' dividend is well-covered, though limited by higher-yielding preferred shares. Despite the bad timing regarding BDI levels, one could consider opening a long position in Safe Bulkers at this point. Read the full article on Seeking Alpha
Analysis Article • Nov 20

Safe Bulkers' (NYSE:SB) Earnings Are Weaker Than They Seem

Safe Bulkers, Inc.'s ( NYSE:SB ) robust earnings report didn't manage to move the market for its stock. Our analysis...
Seeking Alpha • Oct 18

Safe Bulkers: Idea For Income-Oriented Investors That Seek Upside Potential

Summary Safe Bulkers employs nine vessels under spot charters and 38 under time charters. The mix between time and spot charters pays off. Net revenue grew by 11% yearly to $78.5 million in 2Q24. Higher day rates combined with more available days contributed to this increase. The company's valuation at 47% PNAV presents significant upside potential, supported by favorable dry bulk market fundamentals. Besides that, SB offers well-secured dividends. SB is a combination of growth and income. That said, I give Safe Bulkers a Strong Buy rating again. Read the full article on Seeking Alpha
Analysis Article • Oct 15

Investors Continue Waiting On Sidelines For Safe Bulkers, Inc. (NYSE:SB)

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...
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New Narrative • Sep 24

Eco-Efficient Fleet Upgrades And Strategic Investments Propel Shipping Leader Into Sustainable Profitability

Environmental upgrades and fleet renewal for eco-efficient ships position the company well for future environmental regulations and market demands for greener solutions.
Seeking Alpha • Aug 17

Safe Bulkers: The PullBack Might Not Be Over

Summary Recent 20% pullback in share price following a 100% bull run since the end of 2023, with mixed Q2 2024 earnings due to weaker commodity markets and reduced backhaul cargoes. Despite a rise in net income and charter rates, my concerns include declining free cash flow, operating margins, and a high dividend yield not necessarily backed up by good financials. Safe Bulkers repurchased over 4.8 million shares in Q1 2024 but has not announced a new buyback program for Q2 2024, raising my concerns about future share price support. The 20% share price pullback might continue toward the $4 price mark. Therefore, my rating is a Hold. Read the full article on Seeking Alpha
Analysis Article • Aug 02

Safe Bulkers (NYSE:SB) Will Pay A Dividend Of $0.05

Safe Bulkers, Inc. ( NYSE:SB ) has announced that it will pay a dividend of $0.05 per share on the 5th of September...
Analysis Article • Jul 31

At US$5.13, Is It Time To Put Safe Bulkers, Inc. (NYSE:SB) On Your Watch List?

While Safe Bulkers, Inc. ( NYSE:SB ) might not have the largest market cap around , it received a lot of attention from...
Seeking Alpha • May 31

Safe Bulkers: Better Margins At A Cheaper Price

Summary Safe Bulkers has significantly outperformed its peers, achieving a total return of 89% since I covered it in early 2023. The demand and supply balance in the dry bulk shipping industry has weakened, but SB remains undervalued compared to its peers. SB's fleet continues to out-margin its competitors, and management's capital allocation strategy is impressive. Read the full article on Seeking Alpha
Seeking Alpha • Apr 10

Safe Bulkers: Bet On Mid-Size Bulk Carriers With The Best In Class

Summary Safe Bulkers is a bet on mid-size dry bulk vessels. The company has a superior fleet compared to its peers in the mid-cap segment. In 2023, SB realized YoY declining revenue and profits due to a weak market for small and midsize bulkers. SB offers secure dividends with a 4.1% TTM yield. In 4Q23, the company announced a share repurchase program, too. SB stock trades at 49% PNAV and has a 34% gross LTV. Given its fleet, balance sheet, and dividend yields, SB offers the best value among its competitors. Read the full article on Seeking Alpha
Analysis Article • Feb 21

Safe Bulkers (NYSE:SB) Is Due To Pay A Dividend Of $0.05

The board of Safe Bulkers, Inc. ( NYSE:SB ) has announced that it will pay a dividend of $0.05 per share on the 19th of...
Seeking Alpha • Jan 08

Safe Bulkers: My Favorite Bulker Stock To Play The Shipping Cycle

Summary Safe Bulkers has 46 vessels, 22 of them equipped with scrubbers. The average age of the fleet is ten years. SB is focused on period and time charter operations. Despite the constant capital investment in updating its fleet, SB maintains a healthy balance sheet with 57% total debt to equity and 37.4% total liabilities to total assets. SB has top margins and returns compared to similar-sized companies; apart from that, its management excels at capital allocation. SB distributes dividends with a good yield at 4.77% and regularly repurchases company shares. The company is undervalued, given its past multiples, compared to its peers. I give SB stock a strong buy rating. Read the full article on Seeking Alpha
Seeking Alpha • Dec 27

Safe Bulkers: The Resurgence Of Repurchases Poised To Propel Stock Re-Rating

Summary Safe Bulkers Inc. is trading at a significant discount compared to its peers in the dry bulk shipping industry. The company has a robust fleet and is actively modernizing its vessels to align with upcoming environmental regulations. Safe Bulkers offers a competitive advantage with its versatile approach to chartering and a commitment to shareholder value through dividends and share repurchases. Read the full article on Seeking Alpha
Analysis Article • Dec 02

Safe Bulkers, Inc. (NYSE:SB) Surges 27% Yet Its Low P/E Is No Reason For Excitement

The Safe Bulkers, Inc. ( NYSE:SB ) share price has done very well over the last month, posting an excellent gain of...
Analysis Article • Nov 17

What Does Safe Bulkers, Inc.'s (NYSE:SB) Share Price Indicate?

While Safe Bulkers, Inc. ( NYSE:SB ) might not be the most widely known stock at the moment, it saw a decent share...

Earnings and Revenue Growth Forecasts

NYSE:SB - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202829455881301
12/31/202728346631201
12/31/202630782931681
12/31/20252763160102N/A
9/30/202527538-4699N/A
6/30/202527845-42103N/A
3/31/202529071-20124N/A
12/31/202430889-14130N/A
9/30/202431898-69140N/A
6/30/202430788-72137N/A
3/31/202429975-84125N/A
12/31/202328469-87122N/A
9/30/202328977-44139N/A
6/30/2023318113-29155N/A
3/31/20233391477190N/A
12/31/202235016435218N/A
9/30/2022356193116225N/A
6/30/2022354197147256N/A
3/31/2022344178130239N/A
12/31/2021329164108217N/A
9/30/202128910587183N/A
6/30/20212485375129N/A
3/31/2021215649100N/A
12/31/2020198-251363N/A
9/30/2020199-29-2653N/A
6/30/2020198-27-755N/A
3/31/2020195-111251N/A
12/31/201919841958N/A
9/30/201919710N/A67N/A
6/30/201919613N/A66N/A
3/31/201919816N/A75N/A
12/31/201819316N/A85N/A
9/30/2018183-80N/A74N/A
6/30/2018170-81N/A67N/A
3/31/2018158-89N/A60N/A
12/31/2017148-99N/A50N/A
9/30/2017137-18N/A42N/A
6/30/2017127-50N/A41N/A
3/31/2017118-55N/A25N/A
12/31/2016110-70N/A13N/A
9/30/2016108-95N/A12N/A
6/30/2016114-78N/A16N/A
3/31/2016120-74N/AN/AN/A
12/31/2015127-62N/A26N/A
9/30/2015136-32N/AN/AN/A
6/30/2015139-23N/AN/AN/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SB's forecast earnings growth (6.7% per year) is above the savings rate (3.5%).

Earnings vs Market: SB's earnings (6.7% per year) are forecast to grow slower than the US market (17% per year).

High Growth Earnings: SB's earnings are forecast to grow, but not significantly.

Revenue vs Market: SB's revenue (1.1% per year) is forecast to grow slower than the US market (11.8% per year).

High Growth Revenue: SB's revenue (1.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SB's Return on Equity is forecast to be low in 3 years time (5.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/29 20:08
End of Day Share Price 2026/05/29 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Safe Bulkers, Inc. is covered by 12 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kenneth HoexterBofA Global Research
Noah ParquetteCanaccord Genuity
Natasha BoydenCantor Fitzgerald & Co.