The business behind the dividend
| Measure | SB | Median | Formula |
|---|---|---|---|
| Return on equity | 4.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.66x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.31x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.90x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.83x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.65x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Free cash flow, Net margin, Operating margin, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.6% | 11.7% | 9.8% | 22.4% | 25.7% | -2.9% | 3.4% | 5.9% | -18.6% | -9.7% | 4.6% |
| Return on capital employed | 5.1% | 9.3% | 8.0% | 15.5% | 18.4% | 1.0% | 4.1% | 5.3% | -6.7% | -2.7% | 5.1% |
| Debt to equity | 0.66x | 0.66x | 0.65x | 0.55x | 0.53x | 1.38x | 1.28x | 1.24x | 1.25x | 1.02x | 0.66x |
| Current ratio | 2.90x | 1.91x | 2.63x | 1.73x | 1.40x | 1.29x | 1.57x | 1.85x | 2.14x | 4.67x | 1.85x |
| Cash conversion | 2.65x | 1.34x | 1.58x | 1.26x | 1.25x | — | 3.63x | 3.09x | — | — | 1.58x |
How it compares in industrials
Among the 16 industrials companies here measured on operating cash flow, Safe Bulkers pays out less than 7 of them. The median for that group is 28.0%, against this company’s 28.0%.
Closest on operating cash flow
- GATX (GATX) 13.9%
- Costamare (CMRE) 14.8%
- Zurn Elkay Water Solutions (ZWS) 18.4%
- Marten Transport (MRTN) 20.9%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →