JBG SMITH Properties (JBGS) vs Safehold Inc. (SAFE)

JBG SMITH Properties and Safehold Inc. are both Reit Diversified companies. Safehold Inc. is the larger, with a market value of $876.7M against $776.8M — 1.1× the size. JBG SMITH Properties has negative trailing earnings, so its P/E is not meaningful; Safehold Inc. trades at 7.6×. Safehold Inc. grew revenue faster over the last twelve months: 12.2% against −1.08%. Safehold Inc. has the higher net margin (27.7% vs −29.9%) and the higher return on invested capital (5.53% vs −0.08%). Both pay a dividend; JBG SMITH Properties yields more (5.34% vs 3.44%). Across the 20 metrics below, Safehold Inc. leads on 16 and JBG SMITH Properties on 4.

Valuation

Metric JBGS SAFE Reit Diversified median
P/E n/m 7.57 23.72
P/S 1.21 2.09 3.28
P/B 0.57 0.33 0.87
Price to free cash flow n/m n/m 9.21
EV/EBITDA 15.60 5.45 11.57
EV/Sales 5.97 4.36 6.64
Earnings yield (24.79%) 13.21% 1.04%
Free cash flow yield (6.88%) (15.93%) 0.16%

Profitability

Metric JBGS SAFE Reit Diversified median
Gross margin 61.85% 92.63% 77.09%
Operating margin (0.88%) 75.61% 33.33%
Net margin (29.89%) 27.69% 2.62%
Free cash flow margin (8.31%) (33.27%) 3.11%
Return on equity (12.66%) 4.61% 3.13%
Return on assets (3.45%) 1.59% 0.35%
Return on invested capital (0.08%) 5.53% 2.80%

Growth

Metric JBGS SAFE Reit Diversified median
Revenue growth (TTM) (1.08%) 12.15% 5.49%
EPS growth (last fiscal year) (26.67%) 7.43% —
Revenue growth, 5-year CAGR (3.72%) 3.53% 4.83%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric JBGS SAFE Reit Diversified median
Debt to equity 2.35 1.77 1.13
Current ratio 4.89 34.36 1.47
Net debt to EBITDA 11.90 3.00 5.88

Dividend

Metric JBGS SAFE Reit Diversified median
Dividend yield 5.34% 3.44% 7.13%
Payout ratio 2.20 7.14 1.37

Size

Metric JBGS SAFE Reit Diversified median
Market cap 776.78m 876.71m 729.58m

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