SAFE

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Safehold Inc.

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Key Metrics

Previous Close: $15.20
52-Week Range: $12.76 – $17.45
Market Cap: $1.09B
P/E (TTM): 9.55
EPS (TTM): 1.61
Dividend Yield: 4.66%

Advanced Metrics

Price/Book: 0.45
PEG Ratio: —
Return on Equity: 4.64%
Return on Assets: 2.88%
Gross Margin: 92.91%
Operating Margin: 73.67%
Profit Margin: 26.62%
Current Ratio: 37.65
Debt/Equity: 1.77
Total Debt: $4.66B
Free Cash Flow: $-317.18M
Revenue Growth: 20.00%
Earnings Growth: 7.80%
Enterprise Value: $5.91B

SAFE Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$270.31M	$352.58M	$365.69M	$385.55M
Cost of Revenue	$3.11M	$4.65M	$4.22M	$4.76M
Gross Profit	$267.20M	$347.93M	$361.46M	$380.79M
Selling, General & Admin	$38.61M	$65.44M	$54.92M	$54.34M
Operating Expenses	$48.23M	$78.08M	$74.35M	$69.45M
Operating Income	$218.98M	$269.84M	$287.11M	$311.34M
EBITDA	$285.57M	$140.41M	$320.36M	$335.11M
Pretax Income	$144.68M	-$52.85M	$110.06M	$117.56M
Income Tax	$0.00	$1.72M	$3.44M	$2.93M
Net Income	$135.42M	-$54.97M	$105.76M	$114.47M
Diluted EPS	2.17	-0.82	1.48	1.59
Diluted Shares	62.39M	66.69M	71.45M	71.79M

SAFE Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$20.07M	$18.76M	$8.35M	$21.70M
Receivables	$1.52B	$1.91B	$2.16B	$2.40B
Current Assets	$1.58B	$1.97B	$2.18B	$2.44B
Total Assets	$5.85B	$6.55B	$6.90B	$7.25B
Current Liabilities	$80.35M	$101.14M	$117.51M	$136.30M
Long-Term Debt	$3.52B	$3.95B	$4.22B	$4.49B
Total Debt	$3.53B	$3.97B	$4.23B	$4.49B
Total Liabilities	$3.69B	$4.25B	$4.53B	$4.81B
Retained Earnings	$151.23M	$47.58M	$102.47M	$165.74M
Shareholders' Equity	$2.14B	$2.23B	$2.34B	$2.41B
Working Capital	$1.50B	$1.87B	$2.06B	$2.30B
Net Debt	$3.50B	$3.94B	$4.21B	$4.46B

SAFE Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$64.85M	$15.39M	$37.85M	$47.81M
Free Cash Flow	$64.85M	$15.39M	$37.85M	$47.81M
Depreciation & Amortisation	$11.92M	$12.24M	$12.26M	$10.86M
Stock-Based Compensation	$1.55M	$23.23M	$13.76M	$12.55M
Investing Cash Flow	-$1.15B	-$576.57M	-$212.37M	-$237.18M
Financing Cash Flow	$1.09B	$559.53M	$144.89M	$202.98M
Dividends Paid	-$42.19M	-$46.04M	-$50.59M	-$50.92M
Net Change in Cash	$9.87M	-$1.65M	-$29.62M	$13.62M

SAFE Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$97.68M	$93.84M	$96.16M	$97.87M	$110.85M
Cost of Revenue	$1.16M	$881.00K	$1.40M	$1.32M	$13.51M
Gross Profit	$96.52M	$92.96M	$94.77M	$96.55M	$97.35M
Selling, General & Admin	$14.13M	$12.95M	$13.07M	$14.18M	$15.30M
Operating Expenses	$18.62M	$17.43M	$16.20M	$17.19M	$17.65M
Operating Income	$77.89M	$75.53M	$78.56M	$79.36M	$79.70M
EBITDA	$83.49M	$82.80M	$84.72M	$84.09M	$85.41M
Pretax Income	$30.29M	$28.83M	$29.53M	$28.91M	$29.58M
Income Tax	$883.00K	$862.00K	$215.00K	$973.00K	$685.00K
Net Income	$29.36M	$27.95M	$29.28M	$27.88M	$28.86M
Diluted EPS	0.41	0.39	0.41	—	0.40
Diluted Shares	71.64M	71.80M	71.84M	—	71.97M

SAFE Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$17.30M	$13.91M	$12.12M	$21.70M	$19.30M
Receivables	$2.19B	$2.29B	$2.35B	$2.40B	$2.48B
Current Assets	$2.22B	$2.31B	$2.38B	$2.44B	$2.51B
Total Assets	$6.93B	$7.06B	$7.15B	$7.25B	$7.38B
Current Liabilities	$117.64M	$127.39M	$125.80M	$136.30M	$133.18M
Long-Term Debt	$4.24B	$4.34B	$4.41B	$4.49B	$4.60B
Total Debt	$4.25B	$4.35B	$4.42B	$4.49B	$4.60B
Total Liabilities	$4.55B	$4.66B	$4.73B	$4.81B	$4.92B
Retained Earnings	$119.03M	$134.19M	$150.67M	$165.74M	$181.80M
Shareholders' Equity	$2.35B	$2.37B	$2.39B	$2.41B	$2.43B
Working Capital	$2.10B	$2.19B	$2.25B	$2.30B	$2.37B
Net Debt	$4.22B	$4.33B	$4.40B	$4.46B	$4.58B

SAFE Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$8.90M	$28.00M	-$1.41M	$12.32M	-$8.60M
Free Cash Flow	$8.90M	$28.00M	-$1.41M	$12.32M	-$8.60M
Depreciation & Amortisation	$2.77M	$2.70M	$2.69M	$2.69M	$2.31M
Stock-Based Compensation	$3.49M	$3.08M	$3.11M	$2.87M	$3.78M
Investing Cash Flow	-$7.00M	-$116.96M	-$56.22M	-$56.99M	-$85.50M
Financing Cash Flow	$6.96M	$85.91M	$55.95M	$54.15M	$91.49M
Dividends Paid	-$12.65M	-$12.89M	-$12.69M	-$12.69M	-$12.69M
Share Repurchases	$0.00	—	—	—	-$3.20M
Net Change in Cash	$8.87M	-$3.05M	-$1.68M	$9.48M	-$2.62M

Market Snapshot

About

Safehold Inc. is the first publicly traded company to focus exclusively on originating and managing ground leases, operating through its innovative Safehold Ground Lease structure. The company provides modern ground leases to owners of land where properties will be developed or redeveloped, allowing property owners to unlock capital while retaining ownership. Safehold targets high-quality multifamily, office, industrial, hospitality, and mixed-use properties in major metropolitan markets across the United States.