XVARY Composite Score
74
/ 100
Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Safe Bulkers owns dry-bulk ships that move coal, grain, and iron ore around global trade routes.
How it gets paid
Last year Safe Bulkers made $308M in revenue. Capesize vessels was the main engine at $128.6M, or 42% of sales.
What just happened
Full-year EPS came in at $0.83, up from $0.61 in 2023 but still below the $1.36 earned in 2022.
At a Glance
N/a balance sheet
30/100 earnings predictability — expect surprises
16.3x trailing p/e — the market's not buying it — or you found a deal
3.4% dividend yield — cash in your pocket every quarter
8.6% return on capital — nothing to write home about
XVARY composite: 74/100 — average
What They Do
Safe Bulkers owns dry-bulk ships that move coal, grain, and iron ore around global trade routes.
This is not a brand moat. It is a fleet-and-pricing business. The company is expected to do about $308 million of 2024 revenue with a 55.3% operating margin (operating margin → profit after running the fleet → high rates can gush cash), but your edge disappears when shipping prices fall.
How They Make Money
$308M
annual revenue
Capesize vessels
$128.6M
Post-Panamax vessels
$66.1M
Kamsarmax vessels
$58.6M
Panamax vessels
$54.7M
The Products That Matter
Dry-bulk vessel operations
Drybulk Fleet
$308M annual revenue
it is the whole business: $308M of annual revenue today, with management targeting 38 Phase 3 vessels by Q1 2029. if you own SB, the fleet plan is the story.
38 vessels target
Key Numbers
$0.83
fy2024 eps est
$308M
fy2024 rev est
16.3x
trailing p/e
3.4%
dividend yield
Financial Health
n/a
Strength
- balance sheet grade n/a
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
- long-term debt $478M (44% of capital)
n/a — risk rank looks solid but long-term debt needs watching.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
beat estimates
Full-year EPS came in at $0.83, up from $0.61 in 2023 but still below the $1.36 earned in 2022.
The story is recovery, not escape velocity. Quarterly EPS ran $0.21, $0.24, $0.22, and $0.16 in 2024, while the business still carried a 55.3% operating margin on the year.
$0.16
q4 eps
$0.83
fy2024 eps
55.3%
operating margin
the number that mattered
$0.83 matters because it shows earnings recovered 36.1% from 2023's $0.61, but the rebound still leaves profits 39.0% below 2022's $1.36.
source: quarterly EPS history and company data, 2024
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What Could Go Wrong
Your biggest risk is funding a fleet upgrade in a rate-driven business.
Med
Fleet renewal execution
The company wants 38 Phase 3 vessels by Q1 2029. That takes real capital over multiple years, not a press-release promise.
If costs run ahead of cash generation, the current $382M liquidity buffer stops feeling large.
Med
Dry-bulk rate volatility
SB has one revenue stream and 30/100 earnings predictability. When freight pricing moves, estimates and sentiment usually move with it.
If rates drop, the $308M revenue base and $0.83 EPS estimate lose support at the same time.
Med
Debt and dividend pressure
Long-term debt already sits at $478M, or 44% of capital, while the dividend yield is 3.4%.
If management has to choose between preserving cash and paying you, the dividend is the easier thing to cut.
$382M of liquidity sounds comfortable until you line it up against $478M of long-term debt and a fleet program still running through 2029.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Fleet timeline
38 Phase 3 vessels by Q1 2029
This is the milestone that ties the whole modernization story together. Miss the timing and you reopen the funding debate.
Liquidity
$382M cash buffer
Watch whether the company keeps this cushion while it upgrades the fleet. That is the simplest balance-sheet stress test on the page.
Leverage
$478M of long-term debt
Debt is already 44% of capital. If this rises while liquidity slips, the value story gets harder to defend.
Earnings quality
30/100 predictability
This rating is the market's way of telling you not to expect smooth quarters. Treat sudden estimate changes as part of the business model.
Analyst Rankings
earnings predictability
30 / 100
in human-speak, analysts do not expect a smooth earnings path here.
risk rank
2
That score reads safer than 80% of stocks on this system, but the stock still has 25/100 price stability. Translation: the balance-sheet view and the trading reality are not the same thing.
Source: institutional data
Institutional Activity
institutional ownership data for SB is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$6
Current price
Target midpoint · from current
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