Saturday 17 October 2026 Export SAFE’s income statement to Excel — free account

Safehold Inc.

Safehold Inc.’s revenue for fiscal 2025 (year ended December 2025) was $385.6 million, up 5.43% from fiscal 2024. In the quarter to June 2026, revenue grew 22.2%, EPS grew 7.69%, free cash flow fell 181.9% and total debt rose 4.71%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.

11.34 0.21 −1.82%

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Market cap: $817.9M
P/E: 7.0×
Fwd P/E: 9.3×
Dividend yield: 6.24%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.14

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	1	—

Insider Ownership 31.99%

Capital & Financial Ratios $m

Market Cap 817.93

Revenue 419.53

Net Income 116.87

Free Cash Flow (139.59)

Net Debt 953.04

Current Ratio 34.36

Debt/Equity 1.77

P/E ratio 7.00

Fwd P/E 9.32

P/S ratio 1.93

P/B ratio 0.31

Past 5Y EPS Growth —

This Y EPS Growth (1.89%)

Next Y EPS Growth 3.12%

Next Y revenue growth 17.60%

Next 5Y EPS Growth (0.77%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 29.82%

10-year low 10-year high

P/S against its own 10 years 39.77%

10-year low 10-year high

P/B against its own 10 years 0.15%

10-year low 10-year high

EV/Sales against its own 10 years 4.68%

10-year low 10-year high

Dividends

Payout Ratio 0.44

Annual Dividend Rate 0.71

Annual Dividend Yield 6.24%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.71	0.18 0.18 0.18
2025	0.71	0.18 0.18 0.18 0.18
2024	0.71	0.18 0.18 0.18 0.18
2023	1.64	1.11 0.18 0.18 0.18
2022	3.22	0.78 0.18 0.17 0.78 0.18 0.78 0.18 0.18
2021	3.91	0.69 0.13 0.16 0.78 0.17 0.08 0.78 0.17 0.78 0.17
2020	3.66	0.16 0.63 0.12 0.16 0.69 0.16 0.06 0.69 0.16 0.69 0.16
2019	3.07	0.56 0.11 0.15 0.63 0.16 0.06 0.63 0.16 0.63
2018	1.87	0.10 0.15 0.15 0.05 0.56 0.15 0.56 0.15
2017	0.43	0.08 0.04 0.16 0.15
2016	0.10	0.07 0.04

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,302	3,472	3,594	3,701
Receivables	1,622	1,833	2,050	2,196
Inventory	—	—	—	—
Other	—	—	—	—
	4,924	5,305	5,644	5,897

	2023	2024	2025	Q'26
Payables	135	145	161	172
ST’ Debt	—	—	—	—
Other	—	—	—	—
	135	145	161	172

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	111	115	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.40	0.42	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	36.95	53.30	43.27	38.16	26.67	69.85	40.26	15.00	17.91	12.76	Analyst estimates 2026–2028 Powerpack
	High	62.45	62.01	55.88	71.07	85.18	135.08	130.01	60.94	28.80	19.53
People
People	Employees	193	186	166	155	143	144	118	86	74	72
	Revenue/emp, $m	2.36	3.65	4.81	1.77	2.27	1.30	2.29	4.10	4.94	5.35
Income, $m
Income, $m	Revenue	455	679	798	274	324	187	270	353	366	386
	Gross margin, %	56.17	51.63	38.67	35.15	30.94	98.58	98.85	98.68	98.84	98.77
	EBT	72	51	(18)	(155)	(116)	73	145	(53)	110	118
	EBT margin, %	15.76	7.49	(2.19)	(56.71)	(35.86)	39.23	53.52	(14.99)	30.10	30.49
	Net income	100	180	(18)	334	(31)	73	145	(55)	107	115
	Depreciation	(7)	8	33	30	41	16	17	165	20	19
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
	Earnings	3.75	9.75	(5.94)	28.19	(5.44)	1.33	2.32	(0.82)	1.48	1.59
	Cash flow	2.51	8.94	(2.22)	(4.41)	1.81	0.49	1.04	0.23	0.53	0.67
	Capex	(10.01)	3.13	3.16	(4.11)	8.61	2.75	0.59	(0.20)	0.00	0.00
	Free cash flow	(7.50)	12.07	0.94	(8.52)	10.42	3.24	1.63	0.03	0.53	0.67
	Book value	90.17	80.46	97.87	119.59	87.90	19.24	34.39	34.14	33.26	34.03
	Shares, m	12	11	11	10	12	55	62	67	71	72
Valuation, ×
Valuation, ×	P/E	15.27	5.76	0.00	2.47	0.00	13.06	24.19	0.00	12.49	8.56
	P/S	1.55	0.92	0.61	2.67	1.79	4.52	11.19	4.48	3.61	2.55
	P/B	0.67	0.68	0.46	0.59	0.80	1.31	1.41	0.69	0.56	0.40
	EV/Sales	8.63	5.22	3.99	14.05	7.06	11.75	12.55	6.62	5.92	5.12
	EV/FCF	(44.56)	25.86	310.75	(43.61)	26.70	20.27	19.71	31.65	32.39	47.62
Cash, $m
Cash, $m	Operating cash flow	29	102	(24)	(46)	22	27	65	15	38	48
	Capex	(118)	36	34	(43)	104	152	37	(13)	—	—
	Free cash flow	(88)	137	10	(88)	126	179	102	2	38	48
Balance, $m
Balance, $m	Working capital	1,579	1,732	1,614	721	597	438	4,429	4,790	5,160	5,483
	Total debt	3,549	3,579	3,632	3,423	2,612	2,572	3,521	4,054	4,317	4,586
	Net debt	3,220	2,921	2,700	3,116	2,513	2,233	366	752	845	991
	Shareholders’ equity	1,060	914	1,064	1,238	1,064	1,063	2,146	2,277	2,374	2,440
Returns, %
Returns, %	ROA	0.84	2.32	(1.33)	5.77	(1.33)	1.51	2.53	(0.89)	1.57	1.62
	ROIC	1.75	3.30	2.62	(0.23)	(0.29)	2.77	5.45	5.50	5.57	5.67
	ROE	4.07	11.24	(6.55)	25.33	(5.73)	6.87	8.44	(2.49)	4.55	4.76

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	73.4×	51.4×	+1.44% (above 0%: growing)	0.00%	−13.90% (below 0%: shrinking)	70.98%	24.02%	Compare
JBGS JBG SMITH Properties	$826.8M	— (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.	$818.9M	154×	110×	+2.95% (above 0%: growing)	n/m	+42.29% (above 0%: growing)	74.97%	(70.45%)	Compare
SAFE Safehold Inc.	$817.9M	7.0×	9.3×	+22.17% (above 0%: growing)	+7.69% (above 0%: growing)	−181.89% (below 0%: shrinking)	87.18%	73.05%
CTO CTO Realty Growth, Inc.	$772.2M	15.1×	45.6×	+16.45% (above 0%: growing)	n/m	+162.11% (above 0%: growing)	74.62%	30.23%	Compare
GOOD Gladstone Commercial Corporation	$616.6M	48.0×	56.2×	+11.27% (above 0%: growing)	+266.67% (above 0%: growing)	+112.75% (above 0%: growing)	79.76%	40.36%	Compare
AHRT AH Realty Trust Inc	$572.6M	— (loss-making)	— (loss-making)	+3.60% (above 0%: growing)	n/m	+105.02% (above 0%: growing)	67.20%	18.62%	Compare
FVR FrontView REIT, Inc.	$507.4M	572×	1,309×	+2.57% (above 0%: growing)	n/m	+23.47% (above 0%: growing)	87.38%	20.53%	Compare
OLP One Liberty Properties, Inc.	$483.0M	13.9×	40.8×	+10.00% (above 0%: growing)	+82.05% (above 0%: growing)	−1.58% (below 0%: shrinking)	100.00%	84.44%	Compare
Median of peers	$694.4M	60.7×	53.8×	+3.28%	+82.05%	+57.11%	74.80%	22.28%

All 16 Reit Diversified stocks →

Safehold Inc. (SAFE) key facts

Strength: Safehold Inc.’s revenue for fiscal 2025 (year ended December 2025) was $385.6 million, up 5.43% from fiscal 2024.
Safehold Inc. (SAFE) is a Reit Diversified company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 16, 2026, SAFE traded at $11.34, a market capitalization of $817.9 million.
Safehold Inc. pays an annual dividend of $0.71 per share, a yield of 6.24%, with a payout ratio of 43.7%.
Return on equity was 4.76% and debt-to-equity 1.77.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.