SBSAFE BULKERS, INC.
Deep Sea Foreign Transportation Of Freight
- Revenue
- —
- Operating margin
- —
- EBITDA
- $130M
- 30% YoY
- Market cap
- $819M
- Employees
- —
- Net debt / EBITDA
- 3.1×
- $407M net debt
- AI in 10-K
- —
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo265% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo3.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$819M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | $191M | $185M | $104M | $128M | $70M | 46% |
| Net income | $174M | $173M | $77M | $97M | $39M | 60% |
| Operating cash flow | $217M | $218M | $122M | $130M | $102M | 22% |
| Stock-based comp | $120K | $120K | $144K | $150K | $150K | 0.0% |
| Buybacks | $0 | $9M | $26M | $29M | $11M | 62% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 11, 2026 | Vorini Holdings Inc. | SCHEDULE 13D/A | 43.8% | Passive |
| May 18, 2026 | Vorini Holdings Inc. | SCHEDULE 13D/A | 47.5% | Passive |
| Oct 14, 2025 | Vorini Holdings Inc. | SCHEDULE 13D/A | 50.4% | Passive |
| Nov 22, 2019 | Vorini Holdings Inc. | SC 13D/A | 48.2% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.