Empire State Realty Trust, Inc. (ESRT) vs Safehold Inc. (SAFE)

Empire State Realty Trust, Inc. and Safehold Inc. are both Reit Diversified companies. Safehold Inc. is the larger, with a market value of $876.7M against $701.2M — 1.3× the size. Safehold Inc. trades at the lower P/E: 7.6× against 137×. Safehold Inc. grew revenue faster over the last twelve months: 12.2% against 2.04%. Safehold Inc. has the higher net margin (27.7% vs 0.39%) and the higher return on invested capital (5.53% vs −0.55%). Both pay a dividend; Safehold Inc. yields more (3.44% vs 1.44%). Across the 21 metrics below, Safehold Inc. leads on 17 and Empire State Realty Trust, Inc. on 4.

Valuation

Metric ESRT SAFE Reit Diversified median
P/E 137.00 7.57 23.72
P/S 0.90 2.09 3.28
P/B 0.39 0.33 0.87
Price to free cash flow n/m n/m 9.21
EV/EBITDA 15.77 5.45 11.57
EV/Sales 3.57 4.36 6.64
Earnings yield 0.73% 13.21% 1.04%
Free cash flow yield (42.83%) (15.93%) 0.16%

Profitability

Metric ESRT SAFE Reit Diversified median
Gross margin 74.65% 92.63% 77.09%
Operating margin (4.40%) 75.61% 33.33%
Net margin 0.39% 27.69% 2.62%
Free cash flow margin (38.40%) (33.27%) 3.11%
Return on equity 0.17% 4.61% 3.13%
Return on assets 0.07% 1.59% 0.35%
Return on invested capital (0.55%) 5.53% 2.80%

Growth

Metric ESRT SAFE Reit Diversified median
Revenue growth (TTM) 2.04% 12.15% 5.49%
EPS growth (last fiscal year) (10.71%) 7.43% —
Revenue growth, 5-year CAGR 4.75% 3.53% 4.83%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ESRT SAFE Reit Diversified median
Debt to equity 1.24 1.77 1.13
Current ratio 1.32 34.36 1.47
Net debt to EBITDA 6.41 3.00 5.88

Dividend

Metric ESRT SAFE Reit Diversified median
Dividend yield 1.44% 3.44% 7.13%
Payout ratio 0.48 7.14 1.37

Size

Metric ESRT SAFE Reit Diversified median
Market cap 701.19m 876.71m 729.58m

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