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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $110.85M | - | $96.16M | $93.84M | $97.68M | - | $90.70M | $89.89M | $93.21M | - |
| Cost of Revenue | $1.31M | - | $1.40M | $881.0K | $1.16M | - | $1.05M | $1.04M | $1.08M | - |
| Gross Profit | $109.54M | - | $94.77M | $92.96M | $96.52M | - | $89.66M | $88.85M | $92.13M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $15.30M | - | $13.07M | $12.95M | $14.13M | - | $13.12M | $12.28M | $15.63M | - |
| Total Operating Expenses | $85.31M | - | $71.28M | $69.92M | $72.38M | - | $74.83M | $65.90M | $68.63M | - |
| D&A | $1.85M | - | $2.11M | $2.13M | $2.20M | - | $2.48M | $2.49M | $2.49M | - |
| Operating Income | $25.55M | - | $24.88M | $23.92M | $25.30M | - | $15.87M | $24.00M | $24.59M | - |
| Interest Expense | - | - | - | - | - | - | $49.96M | $49.11M | $48.63M | - |
| Income Tax | $685.0K | - | $215.0K | $862.0K | $883.0K | - | $660.0K | $910.0K | $471.0K | - |
| Net Income | $28.86M | - | $29.28M | $27.95M | $29.36M | - | $19.33M | $29.66M | $30.73M | - |
| EPS - Basic | $0.40 | - | $0.41 | $0.39 | $0.41 | - | $0.27 | $0.42 | $0.43 | - |
| EPS - Diluted | $0.40 | - | $0.41 | $0.39 | $0.41 | - | $0.27 | $0.42 | $0.43 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.30M | $21.70M | $12.12M | $13.91M | $17.30M | $8.35M | $15.58M | $13.42M | $11.28M | $18.76M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $7.38B | $7.25B | $7.15B | $7.06B | $6.93B | $6.90B | $6.81B | $6.77B | $6.67B | $6.55B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $4.70B | $4.59B | $4.51B | $4.44B | $4.34B | $4.32B | $4.30B | $4.19B | $4.14B | $4.05B |
| Total Liabilities | $4.92B | $4.81B | $4.73B | $4.66B | $4.55B | $4.53B | $4.50B | $4.39B | $4.33B | $4.25B |
| Stockholders' Equity | $2.43B | $2.41B | $2.39B | $2.37B | $2.35B | $2.34B | $2.29B | $2.31B | $2.28B | $2.23B |
| Retained Earnings | $181.80M | $165.74M | $150.67M | $134.19M | $119.03M | $102.47M | $89.17M | $82.60M | $65.63M | $47.58M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($8.60M) | - | - | - | $8.90M | - | - | - | ($3.06M) | - |
| Investing Cash Flow | ($85.50M) | - | - | - | ($7.00M) | - | - | - | ($74.70M) | - |
| Financing Cash Flow | $91.49M | - | - | - | $6.96M | - | - | - | $70.20M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 98.8% | - | 98.5% | 99.1% | 98.8% | - | 98.8% | 98.8% | 98.8% | - |
| Operating margin | 23.0% | - | 25.9% | 25.5% | 25.9% | - | 17.5% | 26.7% | 26.4% | - |
| EBITDA margin | 24.7% | - | 28.1% | 27.8% | 28.2% | - | 20.2% | 29.5% | 29.0% | - |
| Net margin | 26.0% | - | 30.5% | 29.8% | 30.1% | - | 21.3% | 33.0% | 33.0% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 13.8% | - | 13.6% | 13.8% | 14.5% | - | 14.5% | 13.7% | 16.8% | - |
| Effective tax rate | 2.3% | - | 0.7% | 3.0% | 2.9% | - | 3.3% | 3.0% | 1.5% | - |
| Return on assets | 0.4% | - | 0.4% | 0.4% | 0.4% | - | 0.3% | 0.4% | 0.5% | - |
| Return on equity | 1.2% | - | 1.2% | 1.2% | 1.2% | - | 0.8% | 1.3% | 1.3% | - |
| Return on invested capital | 0.4% | - | 0.4% | 0.3% | 0.4% | - | 0.2% | 0.4% | 0.4% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 1.93 | 1.90 | 1.89 | 1.87 | 1.85 | 1.84 | 1.88 | 1.81 | 1.81 | 1.82 |
| Debt / Assets | 0.64 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.62 | 0.62 | 0.62 |
| Debt / EBITDA | 171.45 | - | 167.23 | 170.64 | 157.89 | - | 233.99 | 158.22 | 153.01 | - |
| Interest coverage | - | - | - | - | - | - | 0.3x | 0.5x | 0.5x | - |
| Equity multiplier | 3.04 | 3.01 | 2.99 | 2.98 | 2.95 | 2.94 | 2.98 | 2.93 | 2.92 | 2.93 |
| Liabilities / Assets | 0.67 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.65 | 0.65 | 0.65 |
| Efficiency | ||||||||||
| Asset turnover | 0.02 | - | 0.01 | 0.01 | 0.01 | - | 0.01 | 0.01 | 0.01 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 33.8x | - | 37.8x | 39.9x | 45.7x | - | 97.1x | 45.9x | 47.9x | - |
| P / B | 0.4x | - | 0.5x | 0.5x | 0.6x | - | 0.8x | 0.6x | 0.6x | - |
| P / S | 8.8x | - | 11.6x | 11.9x | 13.7x | - | 20.7x | 15.3x | 15.7x | - |
| EV / EBITDA | 206.3x | - | 208.0x | 213.0x | 206.0x | - | 335.4x | 209.8x | 206.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 13.5% | - | 6.0% | 4.4% | 4.8% | - | 6.0% | 4.9% | 19.0% | - |
| Revenue CAGR (3y) | 12.3% | - | 26.3% | 25.0% | 45.1% | - | -22.6% | -5.2% | -6.3% | - |
| Revenue CAGR (5y) | -0.4% | - | -3.5% | -0.5% | -10.9% | - | -9.0% | -1.8% | -2.7% | - |
| Gross profit growth (YoY) | 13.5% | - | 5.7% | 4.6% | 4.8% | - | 6.0% | 5.0% | 19.5% | - |
| Operating income growth (YoY) | 1.0% | - | 56.7% | -0.3% | 2.9% | - | - | 51.6% | 902.0% | - |
| Net income growth (YoY) | -1.7% | - | 51.5% | -5.8% | -4.4% | - | - | 34.0% | 556.3% | - |
| EPS growth (YoY) | -2.4% | - | 51.9% | -7.1% | -4.7% | - | - | 20.0% | 514.3% | - |
| EPS CAGR (3y) | 78.8% | - | 43.1% | - | -64.1% | - | -43.7% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | -37.9% | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 3.3% | 2.7% | 4.5% | 2.6% | 2.9% | 5.1% | 1.0% | 5.2% | 6.1% | 58.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$308.63M totalLand 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%
Peer comparison
Same SIC group: Real Estate Investment Trusts
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-date | Per 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 |