Safe Bulkers

Marine Shipping · Industrials

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Safe Bulkers is a shipping company that owns and operates large cargo ships called dry bulk carriers. These ships transport raw materials like coal, grain, and iron ore for industrial customers such as steel mills, power plants, and grain traders. The company is based in Greece and is part of the global dry bulk shipping industry, which moves the basic materials that factories and power plants need to operate.

Safe Bulkers makes money by charging customers to rent its ships, either on short-term spot contracts or longer fixed-rate agreements called time charters. The company operates a fleet of roughly 40 vessels and serves customers mainly in Asia, Europe, and the Americas. Its main competitive advantage is a modern, fuel-efficient fleet, which helps keep operating costs lower than older ships. The biggest risk the company faces is that shipping rates are highly cyclical and can drop sharply when global trade slows or when too many new ships enter the market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Cash Position

Cash flow positive

$143M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Safe Bulkers grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.2%

Healthy — 49.2% gross margin

Profit after running costs

Operating Margin

41.1%

Excellent — 41.1% operating margin

Return on the money invested

ROCE

7.7%

Weak — 7.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.8%

Steady sales growth (+10.8% YoY)

Profit growth

EPS YoY

+81.7%

Earnings growing fast (+81.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

151%

Turns 151% of profit into real cash

Spare cash per sale

FCF Margin

18.0%

Converts sales into free cash efficiently (18.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.59

Conservative — low debt load (0.59)

Covers its interest

Interest Cover

3.43x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.0x

no trend

Attractive valuation — P/E 11.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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