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Safehold Inc.

SAFE Real Estate Reit Diversified

Safehold Inc.’s revenue for fiscal 2025 (year ended December 2025) was $385.6 million, up 5.43% from fiscal 2024.

Revenue
+23.4%
EPS
+7.90%
Free cash flow
−93.4%
Total debt
+6.32%

Quarter to September 2026, against a year earlier

10.50 0.13 −1.22%
Market cap
$752.8M
P/E
6.4×
Fwd P/E
7.0×
Dividend yield
6.67%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.14
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 31.41%

Capital & Financial Ratios $m

Size
Market Cap 752.78
Revenue ttm 442.05
Net income ttm 118.90
Free cash flow ttm 43.84
Net debt Q 1,026.18
Valuation
P/E 6.42
Forward P/E 6.96
Price / sales 1.70
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.28
Financial health
Current ratio Q 34.05
Debt / equity Q 1.81
Interest coverage Q 1.53
Growth
Revenue growth Q +23.42% (above 0%: growing)
Operating income growth Q +7.15% (above 0%: growing)
EPS, this year −2.90% (below 0%: weak)
EPS, next year A +2.43%
Revenue, next year A +17.44% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −1.21% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.0×, against a ten-year median of 7.1×; over the ten years it ranged from 3.6× in 2018 to 23.5× in 2022.
P/E against its own 10 years 25.78%
10-year low 10-year high
P/S against its own 10 years 38.10%
10-year low 10-year high
P/B against its own 10 years 0.07%
10-year low 10-year high
EV/Sales against its own 10 years 4.51%
10-year low 10-year high

Dividends

Yield
6.67%
Annual rate
0.71
Payout ratio
42.9%
Growth, 2017–25
+6.45%/yr
  1. 0.43 ’17
  2. 1.87 ’18 +336
  3. 3.07 ’19 +64
  4. 3.66 ’20 +20
  5. 3.91 ’21 +7
  6. 3.22 ’22 −18
  7. 1.64 ’23 −49
  8. 0.71 ’24 −57
  9. 0.71 ’25 +0
  10. 0.71 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,302 3,472 3,594 3,773
Receivables 1,622 1,833 2,050 2,387
Inventory — — — —
Other — — — —
4,924 5,305 5,644 6,160
2023 2024 2025 Q'26
Payables 135 145 161 181
ST’ Debt — — — —
Other — — — —
135 145 161 181

Compound Annual Growth %

10y 5y 3y
Sales (2.49%) 3.53% 12.57%
Cash Flow 0.00% 16.92% (9.66%)
Earnings 0.00% 0.00% (5.45%)
Book Value 8.28% 18.05% 4.38%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.42 Actual 0.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.42 0.42 Met by 0.00
Q1 FY26 0.43 0.40 Miss by 0.03
Q2 FY26 0.41 0.42 Beat by 0.01
Q3 FY26 0.42 0.41 Miss by 0.01
Q4 FY26 0.39 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.40 0.42 0.44 — —
’25 0.41 0.39 0.41 0.39 1.59
’24 0.43 0.42 0.27 0.36 1.48
’23 0.07 0.35 (1.81) 0.58 (0.82)
’22 0.42 0.36 0.88 0.35 2.32
’21 (0.06) (1.69) 9.44 0.69 1.33
’20 (1.75) (1.94) (0.19) (1.62) (5.44)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 111 115 119 — —
’25 98 94 96 98 386
’24 93 90 91 92 366
’23 78 86 86 103 353
’22 60 65 72 73 270
’21 60 54 144 51 187
’20 173 96 115 92 324
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) 35 — — —
’25 9 28 (1) 12 48
’24 (3) 25 8 8 38
’23 (7) (3) 2 23 15
’22 25 22 5 13 65
’21 (4) (41) 40 32 27
’20 (21) 11 4 28 22
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) (150) 5 — —
’25 9 (53) 83 12 48
’24 (3) 25 13 8 38
’23 (7) (3) 3 8 2
’22 33 49 40 50 102
’21 22 (18) 124 51 179
’20 37 25 0 64 126
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 455 679 798 274 324 187 270 353 366 386 442 (1.8%) 453 475 493 +8.6%
Gross margin, % 56.17 51.63 38.67 35.15 30.94 98.58 98.85 98.68 98.84 98.77 89.81 +42.6 pt
EBT 72 51 (18) (155) (116) 73 145 (53) 110 118 123 +5.6%
EBT margin, % 15.76 7.49 (2.19) (56.71) (35.86) 39.23 53.52 (14.99) 30.10 30.49 27.92 +14.7 pt
Net income 100 180 (18) 334 (31) 73 145 (55) 107 115 119 +1.5%
Per share, $
Per share, $ Revenue 38.73 59.77 73.40 26.44 26.76 3.38 4.33 5.29 5.12 5.38 6.24 (19.7%)
Earnings 3.75 9.75 (5.94) 28.19 (5.44) 1.33 2.32 (0.82) 1.48 1.59 1.65 (9.1%)
Cash flow 2.51 8.94 (2.22) (4.41) 1.81 0.49 1.04 0.23 0.53 0.67 0.62 (13.7%)
Capex (10.01) 3.13 3.16 (4.11) 8.61 2.75 0.59 (0.20) 0.00 0.00 0.00 n/m
Free cash flow (7.50) 12.07 0.94 (8.52) 10.42 3.24 1.63 0.03 0.53 0.67 0.62 n/m
Book value 90.17 80.46 97.87 119.59 87.90 19.24 34.39 34.14 33.26 34.03 37.44 (10.3%)
Shares, m 12 11 11 10 12 55 62 67 71 72 71 +22.3%
Valuation, ×
Valuation, × P/E 15.06 5.68 0.00 2.43 0.00 12.89 23.74 0.00 12.49 8.56 6.42 8.1
P/S 1.53 0.91 0.60 2.64 1.77 4.46 10.99 4.48 3.61 2.55 1.70 3.4
P/B 0.66 0.68 0.45 0.58 0.79 1.29 1.38 0.69 0.56 0.40 0.28 0.7
EV/Sales 8.61 5.21 3.98 14.02 7.04 11.69 12.34 6.62 5.92 5.12 4.02 8.1
EV/FCF (44.45) 25.80 310.12 (43.50) 26.61 20.16 19.39 31.65 32.39 47.62 (13.40) 42.6
Cash, $m
Cash, $m Operating cash flow 29 102 (24) (46) 22 27 65 15 38 48 44 +5.5%
Capex (118) 36 34 (43) 104 152 37 (13) — — (177) (26.9%)
Free cash flow (88) 137 10 (88) 126 179 102 2 38 48 44 n/m
Balance, $m
Balance, $m Working capital 1,579 1,732 1,614 721 597 438 4,429 4,790 5,160 5,483 5,979 +14.8%
Net debt 3,220 2,921 2,700 3,116 2,513 2,233 366 752 845 991 1,026 (12.3%)
Shareholders’ equity 1,060 914 1,064 1,238 1,064 1,063 2,146 2,277 2,374 2,440 2,653 +9.7%
Returns, %
Returns, % ROA 0.84 2.32 (1.33) 5.77 (1.33) 1.51 2.53 (0.89) 1.57 1.62 1.56 +0.8 pt
ROIC 1.75 3.30 2.62 (0.23) (0.29) 2.77 5.45 5.50 5.57 5.67 5.49 +3.9 pt
ROE 4.07 11.24 (6.55) 25.33 (5.73) 6.87 8.44 (2.49) 4.55 4.76 4.56 +0.7 pt
People
People Employees 193 186 166 155 143 144 118 86 74 72 — (10.4%)
Revenue/emp, $m 2.36 3.65 4.81 1.77 2.27 1.30 2.29 4.10 4.94 5.35 — +9.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Safehold Inc. vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AAT American Assets Trust, Inc. $1.3B 56.1× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $929.0M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98% Compare
ESRT Empire State Realty Trust, Inc. $917.6M 177× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
CTO CTO Realty Growth, Inc. $781.4M 16.9× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
SAFE Safehold Inc. $752.8M 6.4× 7.0× +23.42% (above 0%: growing) +7.90% (above 0%: growing) −93.40% (below 0%: shrinking) 86.92% 71.85%
AHRT AH Realty Trust Inc $621.2M — (loss-making) — (loss-making) −45.54% (below 0%: shrinking) n/m +105.02% (above 0%: growing) 67.15% 22.41% Compare
FVR FrontView REIT, Inc. $568.2M — (loss-making) 12,360× +10.86% (above 0%: growing) −57.89% (below 0%: shrinking) +23.47% (above 0%: growing) 0.00% 0.00% Compare
GOOD Gladstone Commercial Corporation $511.5M 52.5× 45.7× +3.86% (above 0%: growing) n/m +123.61% (above 0%: growing) 78.29% 22.41% Compare
OLP One Liberty Properties, Inc. $455.9M 19.0× 18.4× +11.91% (above 0%: growing) −91.67% (below 0%: shrinking) +134.96% (above 0%: growing) 0.00% 30.66% Compare
Median of peers $701.3M 52.5× 54.2× +4.08% −57.89% +57.11% 68.88% 22.41%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.63m (1.85m) 22.00
2024 644.60k (115.15k) 28.00
2023 8.41m 7.72m 34.00
2022 693.05k (35.25m) 41.00
2021 2.33m 22.62m 111.00

Ownership

Directors and executive officers, together 3.80%
1114 Avenue of the Americas 18.80%
50 Hudson Yards New York, NY 12.30%
100 Vanguard Blvd. Malvern PA 10.70%
One Vanderbilt Avenue 8.50%
168, Robinson Road #37-01, Capital Tower Singapore 5.90%
100 East Pratt Street Baltimore, MD 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Safehold Inc. (SAFE) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby

3 Nov

Impact 3 · · PR Newswire

27 Sep

Impact 4 · · Insider Monkey

9 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat transcript

30 Jul

Impact 3 ·

15 Jun

Impact 3 ·

11 Jun

Impact 4 ·

8 May

Impact 4 · · PR Newswire

6 May

Impact 3 · · Simply Wall St.

5 May

Impact 3 · · Simply Wall St.

2 May

Impact 3 · · MarketBeat

1 May

Impact 4 · · GuruFocus.com

30 Apr

Impact 4 · · Zacks
Impact 4 · · PR Newswire

10 Apr

Impact 4 · · Zacks

24 Mar

Impact 4 · · Simply Wall St.

10 Mar

Impact 4 · · PR Newswire

17 Feb

Impact 4 · · PR Newswire

15 Feb

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

13 Feb

Impact 4 · · MarketBeat transcript

12 Feb

Impact 4 · · GuruFocus.com transcript
Impact 4 · · ZacksCoinMarketCapReuters VideosdecryptThe BlockDLNewsCryptonewsBenzinga
Impact 4 · · Moby transcript
Impact 3 · · Zacks

11 Feb

Impact 4 · · Associated Press Finance earnings
Impact 3 · · Zacks
stockrow.com/SAFE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com