SB (Safe Bulkers) Beneish M-Score: -2.65 (As of Jun. 25, 2026)

What is Safe Bulkers Beneish M-Score?

Safe Bulkers SB -5.31% 64 Beneish M-Score is -2.65 as of Jun. 25, 2026. GuruFocus rates SB with a GF Score™ of 64/100 and a GF Value™ of $4.53 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 966 Transportation companies, Safe Bulkers ranks better than 56% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Safe Bulkers's Beneish M-Score or its related term are showing as below:

SB' s Beneish M-Score Range Over the Past 10 Years
Min: -40.52 Med: -2.67 Max: -1.84
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Safe Bulkers was -1.84. The lowest was -40.52. And the median was -2.67.

Safe Bulkers Beneish M-Score Related Terms

Safe Bulkers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Safe Bulkers's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Safe Bulkers Beneish M-Score Chart

Safe Bulkers Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-3.01

-2.14

-2.30

-2.73

Safe Bulkers Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.63	-2.54	-2.48	-2.73	-2.65

SB vs ASC, PANL, ESEA: Beneish M-Score Comparison

For the Marine Shipping subindustry, Safe Bulkers's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Safe Bulkers Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Safe Bulkers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Safe Bulkers's Beneish M-Score falls into.

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64GF Score

Safe Bulkers Inc SB

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Safe Bulkers Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Safe Bulkers for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1

0.528 * 0.7415

0.404 * 0.9936

0.892 * 1.1553

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9389

4.679 * 0.014539

0.327 * 1.0127

-2.41

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0 Mil.
Revenue was 74390 + 72.568 + 73.076 + 65.745 = $74,601 Mil.
Gross Profit was 33693 + 30.508 + 28.792 + 18.188 = $33,770 Mil.
Total Current Assets was $249,406 Mil.
Total Assets was $1,420,405 Mil.
Property, Plant and Equipment(Net PPE) was $1,161,153 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $7,243 Mil.
Total Current Liabilities was $181,412 Mil.
Long-Term Debt & Capital Lease Obligation was $388,935 Mil.
Net Income was 22206 + 11.837 + 17.784 + 1.698 = $22,237 Mil.
Non Operating Income was 1476 + -0.236 + 3.91 + -1.268 = $1,478 Mil.
Cash Flow from Operations was 35.2 + 33.192 + 20.1 + 19.1 = $108 Mil.

Total Receivables was $0 Mil.
Revenue was 64348 + 71.492 + 75.923 + 78.548 = $64,574 Mil.
Gross Profit was 21573 + 32.868 + 33.714 + 34.443 = $21,674 Mil.
Total Current Assets was $152 Mil.
Total Assets was $1,381 Mil.
Property, Plant and Equipment(Net PPE) was $1,219 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $6,678 Mil.
Total Current Liabilities was $88 Mil.
Long-Term Debt & Capital Lease Obligation was $460 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0 / 74601.389)	/	(0 / 64573.963)
	=	0	/	0
	=	1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(21674.025 / 64573.963)	/	(33770.488 / 74601.389)
	=	0.335647	/	0.452679
	=	0.7415

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (249406 + 1161153) / 1420405)	/	(1 - (152.379 + 1219.322) / 1381.338)
	=	0.006932	/	0.006977
	=	0.9936

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	74601.389	/	64573.963
	=	1.1553

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 1219.322))	/	(0 / (0 + 1161153))
	=	0	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(7243.196 / 74601.389)	/	(6677.554 / 64573.963)
	=	0.097092	/	0.103409
	=	0.9389

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((388935 + 181412) / 1420405)	/	((460.21 + 87.501) / 1381.338)
	=	0.401538	/	0.396508
	=	1.0127

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(22237.319 - 1478.406	-	107.592)	/	1420405
	=	0.014539

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Safe Bulkers has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.65 mean?

Safe Bulkers (SB) has a Beneish M-Score of -2.65 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Safe Bulkers and its competitors. According to the industry distribution chart, Safe Bulkers ranks #425 out of 966 companies in the Transportation industry, placing it in the top 44%.

Is Safe Bulkers' Beneish M-Score too high?

Safe Bulkers' current Beneish M-Score is -2.65. Based on the distribution chart, Safe Bulkers ranks #425 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Safe Bulkers has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Safe Bulkers' Beneish M-Score compare to ASC and PANL?

According to the Transportation industry distribution chart, Safe Bulkers ranks #425 out of 966 companies for Beneish M-Score. This puts Safe Bulkers in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Transportation company?

A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Safe Bulkers and its competitors. Safe Bulkers's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Safe Bulkers stock overvalued right now?

Based on GuruFocus' analysis, Safe Bulkers (SB) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.53, compared to a current price of $6.78 — trading 49.7% above its estimated fair value. The current Beneish M-Score is -2.65. Safe Bulkers' overall GF Score™ is 64/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Safe Bulkers (SB), the current Beneish M-Score is -2.65 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Safe Bulkers (SB) Overvalued in 2026?

Based on GuruFocus' analysis, Safe Bulkers stock appears to be overvalued. The current stock price of $6.78 is trading 49.7% above its estimated GF Value™ of $4.53. GuruFocus considers Safe Bulkers to be Significantly Overvalued.

Key valuation signals for SB:

Beneish M-Score: -2.65
GF Value™: $4.53 vs. price of $6.78 (49.7% above fair value)
GF Score™: 64/100 with 9 warning signs

No single metric tells the full story. See the SB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Safe Bulkers Business Description

Industry Industrials Transportation

Comparable Companies ASC PANL ESEA CMDB GASS SHIP DSX GNK SMHI HMR BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS

Other Exchanges SBpD.PFD:USA SBpC.PFD:USA SB:Greece SBL:Germany

Address 6, Avenue des Citronniers, Apartment D11, Les Acanthes, Monaco City, MCO, MC98000

Website https://www.safebulkers.com

Safe Bulkers Inc is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain, and iron ore, along international shipping routes for consumers of marine drybulk transportation services. The company employs its vessels on both period time charters and spot time charters, according to the assessment of market conditions, with consumers of marine drybulk transportation services. The company generates almost all of its revenue from Time Charters.

64GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$6.78

Price

$4.53

GF Value

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