insiderdelta
CoverageForm 410-K10-Q8-K13D13G13F

SAFE · Safehold Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · SAFE

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AnnualQuarterly

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$385.55M$365.69M$352.58M$158.05M$308.63M$530.95M
Cost of Revenue$4.76M$4.22M$2.66M---
Gross Profit$380.79M$361.46M$349.92M---
R&D------
SG&A$54.34M$54.92M$68.57M$21.27M$131.70M$100.88M
Total Operating Expenses$284.65M$278.60M$430.10M$308.87M$472.84M$597.97M
D&A$8.55M$9.95M$9.94M$5.47M$59.29M$58.09M
Operating Income$100.90M$87.08M$65.46M($196.71M)$16.46M($30.62M)
Interest Expense--$181.01M$98.05M$115.40M$169.57M
Income Tax$2.93M$3.44M$1.72M$567.0K($118.0K)$235.0K
Net Income$114.47M$105.76M($54.97M)$421.29M$132.48M($42.44M)
EPS - Basic$1.60$1.48($0.82)$30.75$7.35($4.23)
EPS - Diluted$1.59$1.48($0.82)$30.75$7.35($4.23)

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$21.70M$8.35M$18.76M$1.44B$339.60M$98.63M
Accounts Receivable------
Inventory------
Accounts Payable------
Current Assets------
Total Assets$7.25B$6.90B$6.55B$3.25B$4.84B$4.86B
Current Liabilities------
Long-term Debt$4.59B$4.32B$4.05B$1.68B$2.57B$3.29B
Total Liabilities$4.81B$4.53B$4.25B$1.83B$3.78B$3.80B
Stockholders' Equity$2.41B$2.34B$2.23B$1.41B$851.30M$870.97M
Retained Earnings$165.74M$102.47M$47.58M($2.05B)($2.23B)($2.32B)

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$47.81M$37.85M$15.39M$47.67M($20.33M)$21.89M
Investing Cash Flow($237.18M)($212.37M)($576.57M)$2.79B$514.02M$31.18M
Financing Cash Flow$202.98M$144.89M$559.53M($1.78B)($250.13M)($254.98M)
CapEx------
Free Cash Flow------

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin98.8%98.8%99.2%---
Operating margin26.2%23.8%18.6%-124.5%5.3%-5.8%
EBITDA margin28.4%26.5%21.4%-121.0%24.5%5.2%
Net margin29.7%28.9%-15.6%266.6%42.9%-8.0%
Free cash flow margin------
FCF / Net income------
R&D / Revenue------
SG&A / Revenue14.1%15.0%19.4%13.5%42.7%19.0%
Effective tax rate2.5%3.2%-0.1%-0.1%-
Return on assets1.6%1.5%-0.8%12.9%2.7%-0.9%
Return on equity4.8%4.5%-2.5%29.9%15.6%-4.9%
Return on invested capital1.4%1.3%0.8%-6.4%0.5%-0.6%
Liquidity
Current ratio------
Quick ratio------
Cash ratio------
Leverage
Debt / Equity1.901.841.821.193.023.77
Debt / Assets0.630.630.620.520.530.68
Debt / EBITDA41.9044.5053.77-33.96119.64
Interest coverage--0.4x-2.0x0.1x-0.2x
Equity multiplier3.012.942.932.315.695.58
Liabilities / Assets0.660.660.650.560.780.78
Efficiency
Asset turnover0.050.050.050.050.060.11
Inventory turnover------
Days sales outstanding------
Days inventory outstanding------
Days payable outstanding------
Cash conversion cycle------
Valuation
P / E8.6x12.5x-1.6x17.1x-
P / B0.4x0.6x0.7x2.7x10.6x6.3x
P / S2.5x3.6x4.4x24.4x29.3x10.3x
EV / EBITDA50.7x58.0x74.2x-148.7x315.2x
Growth
Revenue growth (YoY)5.4%3.7%123.1%-48.8%-41.9%10.7%
Revenue CAGR (3y)34.6%5.8%-12.8%-30.9%-27.1%-7.9%
Revenue CAGR (5y)-6.2%-5.3%-15.1%-25.3%-8.3%0.6%
Gross profit growth (YoY)5.3%3.3%----
Operating income growth (YoY)15.9%33.0%----
Net income growth (YoY)8.2%--218.0%--
EPS growth (YoY)7.4%--318.4%--
EPS CAGR (3y)-62.7%-41.4%-102.0%--
EPS CAGR (5y)--16.9%-81.5%68.0%-
FCF growth (YoY)------
FCF CAGR (5y)------
Book value growth (YoY)2.7%5.1%58.4%65.5%-2.3%-16.3%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2021-12-31.

Product / service

$308.63M total
Land Development$189.10M · 61.3%
Other Income Revenue$70.26M · 22.8%
Interest Income Revenue$31.23M · 10.1%
Operating Lease Income$16.82M · 5.5%
Interest Income Sales Type Lease Revenue$1.22M · 0.4%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

5/9
Neutral
  • ✓Net income positive
  • ✓Operating cash flow positive
  • ✓ROA improved YoY
  • ✗Cash flow > net income
  • ✗Long-term debt decreased
  • -Current ratio improved
  • ✓No share dilution
  • ✗Gross margin improved
  • ✓Asset turnover improved

Peer comparison

Same SIC group: Real Estate Investment Trusts

CompanyRevenue (last FY)Net marginROE
UMH$261.75M2.3%0.7%
ARE---9.2%
VTR$5.83B4.3%2.0%
SPG$6.36B72.7%88.8%
NYSE: KRC$1.11B0.0%0.0%

Comparing Safehold Inc. against the 5 most active filers in the same SIC group.

Dividends

$0.71/share trailing 12 months · 0.0% YoY

Ex-datePer share
Mar 31, 2026$0.1770
Dec 30, 2025$0.1770
Sep 30, 2025$0.1770
Jun 30, 2025$0.1770
Mar 31, 2025$0.1770
Dec 30, 2024$0.1770
Sep 30, 2024$0.1770
Jun 28, 2024$0.1770
Mar 27, 2024$0.1770
Dec 28, 2023$0.1770
Sep 28, 2023$0.1770
Jun 29, 2023$0.1770
Mar 29, 2023$1.1062
Aug 31, 2022$0.7813
May 31, 2022$0.7813
Feb 28, 2022$0.7813
Nov 30, 2021$0.7813
Aug 31, 2021$0.7813
May 28, 2021$0.7813
Feb 26, 2021$0.6875
Nov 30, 2020$0.6875
Aug 31, 2020$0.6875
May 29, 2020$0.6875
Feb 28, 2020$0.6250