Safe Bulkers, Inc — Earnings Quality Grade F
SB · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 12 days, change -4 days YoY
AR growth -33.7% vs revenue growth -10.4%
Revenue -10.4%, CFFO -21.6%. Cash follows revenue
Expense Quality
Inventory growth 27.7% exceeds COGS 5.5%
CapEx growth -71.0% vs revenue -10.4%. Normal
SG&A/Gross Profit = 30.1%. Normal
Gross margin swung -9.6pp (45.6% → 35.9%)
Cash Flow Quality
CFFO/NI = 2.65. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -4.5%. Low accruals
Cash $0.2B covers only 29% of debt $0.5B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 4.2x (>4x). Financial stress
Other assets grew 29.1% vs revenue -10.4%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -2.85 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25