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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. 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%
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%) (below 0%: weak)
Next Y EPS Growth 3.12%
Next Y revenue growth 17.60% (at or above 10%: strong)
Next 5Y EPS Growth (0.77%) (below 0%: weak)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.2×, against a ten-year median of 7.2×; over the ten years it ranged from 3.6× in 2018 to 23.8× in 2022.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 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.

Source: company filings (standardised) and stockrow calculations.

Safehold Inc. (SAFE) Latest News

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stockrow.com/SAFE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com