Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 8.3x · ROE 4.6%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $685M | $497M | $384M | $447M | $351M | $429M | $133M | $173M | $181M | $326M | $97M |
| Enterprise Value | $1.1B | $884M | $837M | $904M | $715M | $705M | $648M | $695M | $703M | $846M | $596M |
| P/E Ratio → | 22.43 | 16.07 | 4.30 | 6.44 | 2.14 | 2.62 | — | — | 6.59 | — | — |
| P/S Ratio | 2.49 | 1.80 | 1.25 | 1.57 | 1.00 | 1.30 | 0.67 | 0.87 | 0.94 | 2.20 | 0.89 |
| P/B Ratio | 0.83 | 0.60 | 0.46 | 0.56 | 0.45 | 0.63 | 0.29 | 0.35 | 0.37 | 0.71 | 0.17 |
| P/FCF | 11.36 | 8.24 | — | — | 10.11 | 3.97 | 10.32 | 9.08 | 4.58 | — | — |
| P/OCF | 6.70 | 4.86 | 2.94 | 3.65 | 1.61 | 1.97 | 2.10 | 2.97 | 2.12 | 6.63 | 7.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.20 | 2.72 | 3.18 | 2.05 | 2.14 | 3.27 | 3.51 | 3.64 | 5.71 | 5.43 |
| EV / EBITDA | 8.31 | 6.85 | 4.92 | 6.11 | 3.05 | 3.14 | 9.97 | 7.33 | 6.76 | 11.25 | 16.03 |
| EV / EBIT | 15.49 | 12.21 | 6.32 | 8.59 | 3.71 | 3.66 | 60.55 | 15.30 | 12.52 | — | — |
| EV / FCF | — | 14.65 | — | — | 20.60 | 6.53 | 50.08 | 36.49 | 17.80 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.9% | 35.9% | 45.6% | 42.0% | 60.1% | 59.2% | 16.3% | 33.0% | 38.9% | 26.9% | 2.8% |
| Operating Margin | 25.1% | 25.1% | 36.4% | 33.0% | 52.8% | 52.4% | 5.4% | 22.5% | 29.0% | 16.1% | -11.2% |
| Net Profit Margin | 14.0% | 14.0% | 31.7% | 27.2% | 49.3% | 53.0% | -6.5% | 8.1% | 14.3% | -57.2% | -51.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.6% | 4.6% | 12.0% | 9.9% | 23.8% | 30.5% | -2.7% | 3.3% | 5.9% | -16.4% | -9.2% |
| ROA | 2.7% | 2.7% | 7.1% | 6.0% | 14.7% | 15.9% | -1.2% | 1.5% | 2.6% | -7.7% | -4.5% |
| ROIC | 4.1% | 4.1% | 6.6% | 5.9% | 13.2% | 13.4% | 0.8% | 3.3% | 4.2% | 1.7% | -0.9% |
| ROCE | 5.2% | 5.2% | 8.6% | 7.7% | 17.1% | 17.2% | 1.1% | 4.3% | 5.5% | 2.2% | -1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.65 | 0.65 | 0.65 | 0.64 | 0.54 | 0.56 | 1.31 | 1.23 | 1.19 | 1.24 | 1.01 |
| Debt / EBITDA | 4.18 | 4.18 | 3.16 | 3.43 | 1.77 | 1.68 | 9.35 | 6.34 | 5.52 | 7.55 | 15.65 |
| Net Debt / Equity | — | 0.47 | 0.54 | 0.58 | 0.47 | 0.41 | 1.11 | 1.07 | 1.08 | 1.14 | 0.86 |
| Net Debt / EBITDA | 3.00 | 3.00 | 2.66 | 3.09 | 1.56 | 1.23 | 7.91 | 5.51 | 5.02 | 6.91 | 13.42 |
| Debt / FCF | — | 6.42 | — | — | 10.49 | 2.56 | 39.76 | 27.42 | 13.22 | — | — |
| Interest Coverage | 2.14 | 2.14 | 3.79 | 3.77 | 9.42 | 10.47 | 0.45 | 1.55 | 1.97 | -2.30 | -1.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.90 | 2.90 | 1.91 | 2.63 | 1.73 | 1.40 | 1.29 | 1.57 | 1.85 | 2.14 | 4.67 |
| Quick Ratio | 2.90 | 2.90 | 1.74 | 2.33 | 1.54 | 1.30 | 1.17 | 1.46 | 1.78 | 2.03 | 4.45 |
| Cash Ratio | 2.22 | 2.22 | 1.49 | 1.61 | 1.25 | 1.15 | 1.00 | 1.23 | 1.50 | 1.63 | 3.99 |
| Asset Turnover | — | 0.20 | 0.22 | 0.21 | 0.28 | 0.30 | 0.18 | 0.18 | 0.18 | 0.14 | 0.09 |
| Inventory Turnover | — | — | 11.25 | 9.91 | 8.06 | 15.51 | 13.79 | 14.31 | 28.50 | 25.59 | 20.62 |
| Days Sales Outstanding | — | — | 17.89 | 11.91 | 7.47 | 9.70 | 10.11 | 29.67 | 23.08 | 32.19 | 29.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 5.8% | 7.7% | 6.9% | 6.9% | 2.6% | 8.6% | 6.6% | 6.3% | 3.8% | 14.5% |
| Payout Ratio | 74.2% | 74.2% | 30.3% | 39.7% | 14.0% | 6.4% | — | 71.7% | 41.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 6.2% | 23.2% | 15.5% | 46.7% | 38.2% | — | — | 15.2% | — | — |
| FCF Yield | 8.8% | 12.1% | — | — | 9.9% | 25.2% | 9.7% | 11.0% | 21.9% | — | — |
| Buyback Yield | 1.6% | 2.2% | 7.5% | 5.9% | 13.2% | 4.1% | 4.6% | 2.4% | 5.6% | 0.0% | 0.1% |
| Total Shareholder Yield | 5.7% | 8.0% | 15.2% | 12.7% | 20.1% | 6.7% | 13.2% | 9.1% | 11.9% | 3.8% | 14.6% |
| Shares Outstanding | — | $103M | $108M | $114M | $121M | $114M | $103M | $102M | $102M | $101M | $85M |
Chinese industrial demand volatility
According to current market data, Safe Bulkers trades at a forward P/E of 7.22, which suggests that investors are pricing in significant earnings volatility compared to the broader industrial sector, despite the company's relatively low P/B ratio of 0.79 indicating a potential discount to net asset value.
The disparity between the trailing P/E of 21.30 and the forward multiple implies that the market anticipates a recovery in earnings power, likely contingent on a stabilization of dry bulk freight rates. This valuation profile warrants caution, as the P/B discount may be a structural reflection of the market's skepticism regarding the long-term resale value of the fleet in a decarbonizing regulatory environment.
As reported in financial statements, Safe Bulkers' ROIC has trended downward to 1.4% in 2025Q4, reflecting the inherent difficulty in generating superior returns on invested capital when freight rate volatility consistently outpaces the company's ability to optimize its high-specification, Japanese-built vessel fleet for consistent margin expansion.
The compression in ROIC from 2.3% in 2023Q4 suggests that the company's capital allocation strategy is currently struggling to outpace the rising costs of fleet maintenance and environmental compliance. Investors should monitor whether the recent focus on 'Eco' vessel upgrades can eventually drive a structural improvement in returns as older, less efficient tonnage is phased out of the global market.
Based on the provided data, Safe Bulkers maintains a disciplined approach to working capital, with a cash conversion cycle that has remained relatively stable, suggesting that the company effectively manages its operational leverage despite the inherent unpredictability of voyage-related expenses and the timing of charter payments.
The stability in asset turnover, hovering near 0.05 to 0.06, indicates that the company is not over-extending its balance sheet to chase marginal revenue growth. This operational restraint appears to be a deliberate choice by management to prioritize liquidity over aggressive fleet utilization, which may serve as a defensive advantage during periods of industry-wide demand contraction.
According to recent SEC filings, Safe Bulkers has maintained a Debt/Equity ratio of 0.65, a figure that stands in stark contrast to more highly leveraged peers and provides the company with a significant buffer against the interest rate sensitivity that often plagues the marine shipping industry.
The company's interest coverage ratio of 2.43 in 2025Q4, while lower than historical peaks, remains adequate for servicing existing obligations without requiring significant refinancing. This conservative capital structure suggests that the firm is well-positioned to weather prolonged downturns in the Baltic Dry Index without the immediate threat of covenant breaches or liquidity crises.
Based on an analysis of industry-specific valuation metrics, the Price-to-Book ratio is frequently misapplied to Safe Bulkers, as it fails to account for the significant premium commanded by the company's Japanese-built fleet in the second-hand market compared to the industry's average vessel quality.
Relying solely on P/B obscures the 'hidden' value of the company's high-specification assets, which are likely to retain more utility and resale value under tightening IMO 2030 regulations. Analysts should instead focus on a NAV-based valuation that adjusts for the specific age, fuel efficiency, and shipyard origin of the vessels to better capture the true intrinsic value of the fleet.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SB stock.
Safe Bulkers, Inc.'s current P/E ratio is 22.4x. The historical average is 10.1x. This places it at the 92th percentile of its historical range.
Safe Bulkers, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.8x.
Safe Bulkers, Inc.'s return on equity (ROE) is 4.6%. The historical average is 21.3%.
Based on historical data, Safe Bulkers, Inc. is trading at a P/E of 22.4x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Safe Bulkers, Inc.'s current dividend yield is 4.13% with a payout ratio of 74.2%.
Safe Bulkers, Inc. has 35.9% gross margin and 25.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Safe Bulkers, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.