Safehold (SAFE) Financials

$15.03 -0.02 (-0.13%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$15.01 -0.02 (-0.13%)

As of 08:32 AM Eastern

Annual Income Statements for Safehold

This table shows Safehold's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	106	-55	135	73	-66	292	-65	111	44	-53	-34
Consolidated Net Income / (Loss)	107	-55	145	73	-31	334	-18	180	100	-6.16	16
Net Income / (Loss) Continuing Operations	107	-55	145	73	-116	-156	-18	52	82	-115	-74
Total Pre-Tax Income	110	-53	145	73	-116	-155	-18	51	72	-107	-70
Total Operating Income	87	-77	136	65	-17	-302	114	247	-3.98	85	85
Total Gross Profit	361	348	267	184	107	-166	435	443	361	429	449
Total Revenue	366	353	270	187	330	274	924	771	560	496	462
Operating Revenue	366	353	270	187	330	12	924	771	560	496	462
Total Cost of Revenue	4.22	4.65	3.11	2.66	224	178	489	329	200	67	13
Operating Cost of Revenue	4.22	4.65	3.11	2.66	224	178	489	329	200	67	13
Total Operating Expenses	274	425	132	119	123	136	321	195	365	343	365
Selling, General & Admin Expense	57	86	49	30	101	112	98	120	90	88	95
Depreciation Expense	9.95	9.94	9.61	9.56	7.33	7.18	59	49	52	62	74
Other Operating Expenses / (Income)	208	183	73	80	8.87	6.48	17	-5.83	209	183	162
Impairment Charge	0.00	145	0.00	0.00	5.79	11	147	32	14	11	35
Total Other Income / (Expense), net	23	24	9.06	7.90	-99	53	-131	-196	76	-193	-155
Interest & Investment Income	23	24	9.06	6.28	39	42	63	13	77	32	95
Income Tax Expense	3.45	1.72	0.00	0.00	0.09	0.37	0.82	-0.95	-10	7.64	3.91
Net Income / (Loss) Attributable to Noncontrolling Interest	0.85	0.41	9.26	0.23	12	-0.45	14	4.53	4.89	-3.72	-0.70
Basic Earnings per Share	$1.48	($0.82)	$2.17	$1.32	($0.87)	$1.61	($0.95)	$1.56	$0.60	($0.62)	($0.40)
Weighted Average Basic Shares Outstanding	71.37M	66.69M	62.39M	55.25M	75.68M	64.70M	67.96M	71.02M	73.45M	84.99M	85.03M
Diluted Earnings per Share	$1.48	($0.82)	$2.17	$1.32	($0.87)	$1.61	($0.95)	$1.56	$0.60	($0.62)	($0.40)
Weighted Average Diluted Shares Outstanding	71.45M	66.69M	62.39M	55.26M	75.68M	64.70M	67.96M	71.02M	73.84M	84.99M	85.03M
Weighted Average Basic & Diluted Shares Outstanding	71.45M	71.08M	86.84M	69.02M	75.68M	77.49M	68.16M	0.00	0.00	9K	15K
Cash Dividends to Common per Share	$0.71	$0.71	$0.70	$0.67	$0.43	$0.39	$0.18	-	-	-	-

This table shows Safehold's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	29	26	19	30	31	41	-123	22	4.68	22	66
Consolidated Net Income / (Loss)	29	26	20	30	31	41	-123	22	4.72	22	75
Net Income / (Loss) Continuing Operations	29	26	20	30	31	41	-123	22	4.72	22	75
Total Pre-Tax Income	30	27	21	30	32	43	-123	23	4.72	24	75
Total Operating Income	25	23	16	24	25	35	-130	16	2.45	19	73
Total Gross Profit	94	99	83	88	91	104	84	85	75	73	71
Total Revenue	98	92	91	90	93	103	86	86	78	73	72
Operating Revenue	98	92	91	90	93	103	86	86	78	73	72
Total Cost of Revenue	3.45	-7.39	8.16	1.67	1.79	-1.19	1.34	1.06	3.45	0.84	0.87
Operating Cost of Revenue	1.16	1.06	1.05	1.04	1.08	1.43	1.00	1.01	1.21	0.84	0.87
Other Cost of Revenue	2.30	-	7.11	0.63	0.71	-	0.34	0.05	2.24	-	-
Total Operating Expenses	69	77	67	64	67	69	214	69	72	144	-38
Selling, General & Admin Expense	16	14	14	13	16	17	20	20	29	13	16
Depreciation Expense	2.20	2.49	2.48	2.49	2.49	2.49	2.52	2.53	2.40	2.40	2.41
Other Operating Expenses / (Income)	50	60	50	49	49	50	47	46	41	-	0.00
Total Other Income / (Expense), net	4.99	4.86	4.74	6.47	6.91	7.71	7.45	6.81	2.26	96	-33
Interest & Investment Income	4.99	4.86	4.74	6.47	6.91	7.71	7.45	6.81	2.26	-	2.24
Income Tax Expense	0.88	1.40	0.66	0.91	0.47	1.14	0.06	0.53	0.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.05	0.04	0.62	-0.11	0.30	0.27	0.12	-0.02	0.03	-0.12	9.31
Basic Earnings per Share	$0.41	$0.36	$0.27	$0.42	$0.43	$0.62	($1.81)	$0.35	$0.07	$0.35	$1.04
Weighted Average Basic Shares Outstanding	71.52M	71.37M	71.44M	71.44M	71.17M	66.69M	67.98M	63.94M	63.67M	62.39M	63.39M
Diluted Earnings per Share	$0.41	$0.36	$0.27	$0.42	$0.43	$0.62	($1.81)	$0.35	$0.07	$0.35	$1.04
Weighted Average Diluted Shares Outstanding	71.64M	71.45M	71.54M	71.46M	71.24M	66.69M	67.98M	63.94M	63.67M	62.39M	63.39M
Weighted Average Basic & Diluted Shares Outstanding	71.72M	71.45M	71.44M	71.44M	71.44M	71.08M	71.07M	63.97M	63.94M	86.84M	86.70M
Cash Dividends to Common per Share	$0.18	$0.18	$0.18	$0.18	$0.18	$0.20	$0.18	$0.18	$0.18	$0.31	$0.13

This table details how cash moves in and out of Safehold's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	-30	-1.65	9.87	-58	-202	-622	297	323	-383	239	-42
Net Cash From Operating Activities	38	15	65	27	22	-46	-24	102	29	-58	-10
Net Cash From Continuing Operating Activities	38	15	65	27	22	-46	-24	102	29	-119	14
Net Income / (Loss) Continuing Operations	107	-55	145	73	-31	334	-18	180	100	-6.16	16
Consolidated Net Income / (Loss)	107	-55	145	73	-31	334	-18	180	100	-6.16	-16
Depreciation Expense	9.95	9.94	9.61	9.56	58	58	59	50	54	65	-74
Amortization Expense	9.74	9.59	7.69	6.20	-17	-28	-26	-42	-61	5.75	29
Non-Cash Adjustments To Reconcile Net Income	-95	45	-133	-23	39	-370	-12	-95	-67	-175	71
Changes in Operating Assets and Liabilities, net	6.31	5.67	36	-39	-27	-40	-27	8.95	2.70	-8.59	-5.10
Net Cash From Investing Activities	-212	-577	-1,146	-1,288	31	-398	779	263	465	184	160
Net Cash From Continuing Investing Activities	-212	-577	-1,146	-1,286	31	-398	779	263	465	184	160
Purchase of Property, Plant & Equipment	0.00	-13	0.00	0.00	-41	-358	-148	-128	-212	-170	-147
Acquisitions	-10	-141	-0.01	-39	-260	-657	-95	-224	-58	-	-
Purchase of Investments	0.00	-8.78	0.00	-	-	-	-	-	-	-12	-
Sale of Property, Plant & Equipment	5.76	1.63	0.00	0.00	209	445	412	314	436	363	404
Divestitures	0.00	3.21	0.00	0.00	-	-	-	-	44	0.00	0.00
Sale and/or Maturity of Investments	63	12	136	0.00	259	489	41	50	597	201	76
Other Investing Activities, net	-272	-431	-1,281	-1,246	-136	-317	569	252	-342	-199	-173
Net Cash From Financing Activities	145	560	1,091	1,203	-255	-179	-458	-41	-878	113	-191
Net Cash From Continuing Financing Activities	145	560	1,091	1,203	-255	-179	-458	-41	-878	113	-191
Repayment of Debt	-2,032	-155	-1,010	-844	-930	-1,523	-954	-1,969	-1,454	-435	-1,491
Repurchase of Common Equity	-18	0.00	0.00	-	-55	-68	-8.30	-46	-99	-70	0.00
Payment of Dividends	-52	-47	-51	-36	-71	-73	-105	-75	-62	-60	-51
Issuance of Debt	2,272	577	1,830	1,848	803	1,487	712	2,289	716	551	1,351
Issuance of Common Equity	29	192	328	243	0.50	2.81	14	0.01	-	-	-
Other Financing Activities, net	-54	-8.10	-6.16	-8.71	-2.72	-4.48	-116	-0.72	21	127	0.00

This table details how cash moves in and out of Safehold's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	8.87	-7.14	2.24	-17	-7.57	7.28	-2.96	-5.86	-0.10	-45	-18
Net Cash From Operating Activities	8.90	7.90	8.26	25	-3.06	23	1.80	-2.66	-6.81	13	5.48
Net Cash From Continuing Operating Activities	8.90	7.90	8.26	25	-3.06	23	1.80	-2.66	-6.81	13	5.48
Net Income / (Loss) Continuing Operations	29	26	20	30	31	41	-123	22	4.72	22	75
Consolidated Net Income / (Loss)	29	26	20	30	31	41	-123	22	4.72	22	75
Depreciation Expense	2.20	2.49	2.48	2.49	2.49	2.49	2.52	2.53	2.40	2.40	2.41
Amortization Expense	2.63	2.53	2.43	2.33	2.44	2.41	2.41	2.40	2.37	1.92	1.94
Non-Cash Adjustments To Reconcile Net Income	-23	-26	-21	-24	-24	-41	122	-29	-7.50	-44	-54
Changes in Operating Assets and Liabilities, net	-2.00	2.57	4.00	14	-15	18	-2.68	-0.85	-8.80	30	-21
Net Cash From Investing Activities	-7.00	-21	-54	-62	-75	-127	-94	-86	-270	-98	-197
Net Cash From Continuing Investing Activities	-7.00	-21	-54	-62	-75	-127	-94	-86	-270	-101	-197
Acquisitions	-3.68	-0.43	-	-0.43	-9.19	-19	-15	-18	-89	-0.01	-
Sale of Property, Plant & Equipment	1.21	0.62	1.81	-	-	-	-	-	-	-	-
Sale and/or Maturity of Investments	11	1.38	-	33	29	12	-	-	0.00	-	136
Other Investing Activities, net	-16	-23	-56	-98	-95	-109	-68	-69	-184	-101	-332
Net Cash From Financing Activities	6.97	6.43	48	20	70	111	89	83	277	40	173
Net Cash From Continuing Financing Activities	6.97	6.43	48	20	70	110	90	83	277	40	173
Repayment of Debt	-193	-1,162	-495	-45	-330	-5.13	-145	-0.01	-4.61	-0.03	-125
Payment of Dividends	-13	-13	-13	-13	-13	-13	-11	-0.01	-23	-20	-11
Issuance of Debt	216	1,181	598	75	417	119	100	78	280	60	310
Other Financing Activities, net	-2.92	-0.31	-48	-1.47	-3.65	-0.03	-6.25	-1.82	0.00	-19	-0.38

This table presents Safehold's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	6,899	6,548	5,851	4,841	4,862	5,085	5,014	4,731	4,826	5,598	5,463
Total Current Assets	128	141	20	672	786	307	932	658	329	711	1,451
Cash & Equivalents	8.35	19	20	340	99	307	932	658	329	711	472
Note & Lease Receivable	112	112	0.00	333	687	-	-	-	-	-	-
Inventories, net	7.23	9.71	0.00	-	-	-	-	-	-	-	979
Plant, Property, & Equipment, net	695	704	707	287	-18	581	598	860	946	1,002	-460
Plant, Property & Equipment, gross	741	744	741	-	-	1,761	-	-	-	-	-
Accumulated Depreciation	46	40	34	21	18	234	-	-	-	-	460
Total Noncurrent Assets	6,077	5,704	5,124	3,903	4,094	4,206	3,484	3,213	3,551	3,885	7,268
Long-Term Investments	250	310	180	1,297	1,098	908	304	321	214	254	354
Noncurrent Note & Lease Receivables	5,499	5,058	4,630	88	9.04	1,257	999	1,313	1,462	1,620	1,492
Goodwill	0.00	0.00	0.00	-	-	-	-	-	-	-	-
Intangible Assets	209	211	218	-	-	-	-	-	-	-	-
Noncurrent Deferred & Refundable Income Taxes	5.22	7.62	0.00	-	-	-	-	-	-	-	-
Other Noncurrent Operating Assets	114	117	96	217	759	2,041	2,181	1,579	1,875	2,010	5,421
Total Liabilities & Shareholders' Equity	6,899	6,548	5,851	4,841	4,862	5,085	5,014	4,731	4,826	5,598	5,463
Total Liabilities	4,525	4,253	3,686	3,777	3,797	3,847	3,950	3,817	3,761	4,486	4,204
Total Current Liabilities	145	135	100	1,205	1,186	424	316	238	212	215	181
Accounts Payable	145	135	100	237	195	424	316	238	212	215	181
Total Noncurrent Liabilities	4,380	4,118	3,586	2,572	2,612	3,423	3,634	3,579	3,549	4,271	4,023
Long-Term Debt	4,317	4,054	3,521	2,572	2,612	3,387	3,609	3,476	3,390	4,119	4,023
Other Noncurrent Operating Liabilities	63	64	65	-	-	36	22	102	159	152	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	19	19	-	-	-	-	-	5.03	11	11
Total Equity & Noncontrolling Interests	2,374	2,277	2,146	1,063	1,064	1,238	1,064	914	1,060	1,101	1,248
Total Preferred & Common Equity	2,344	2,231	2,142	851	871	1,040	863	880	1,017	1,059	1,197
Total Common Equity	2,344	2,231	2,142	851	871	1,040	863	880	1,017	1,059	1,197
Common Stock	2,193	2,185	1,987	3,100	3,241	3,285	3,352	3,353	3,602	3,689	3,745
Retained Earnings	102	48	151	-2,227	-2,317	-2,206	-2,472	-2,471	-2,581	-2,625	-2,556
Accumulated Other Comprehensive Income / (Loss)	49	-1.34	3.28	-22	-53	-39	-17	-2.48	-4.22	-4.85	-0.97
Noncontrolling Interest	30	45	4.06	212	193	198	201	35	43	42	51

This table presents Safehold's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	6,929	6,815	6,769	6,674	6,443	6,419	6,291	3,522
Total Current Assets	136	136	135	134	131	14	20	1,527
Cash & Equivalents	17	16	13	11	11	14	20	1,336
Note & Lease Receivable	113	112	112	112	112	-	-	177
Inventories, net	5.89	7.78	9.65	11	7.22	-	-	12
Plant, Property, & Equipment, net	693	696	698	702	706	-37	-36	339
Plant, Property & Equipment, gross	741	741	741	743	745	-	-	-
Accumulated Depreciation	48	45	43	42	39	37	36	-
Total Noncurrent Assets	6,101	5,983	5,936	5,838	5,607	6,442	6,306	1,635
Long-Term Investments	246	246	243	275	287	267	243	1,605
Noncurrent Note & Lease Receivables	5,545	5,422	5,322	5,190	4,919	4,765	4,683	1.04
Intangible Assets	207	210	211	213	213	214	216	-
Noncurrent Deferred & Refundable Income Taxes	4.35	6.71	6.61	6.74	7.17	6.23	-	-
Other Noncurrent Operating Assets	98	97	153	153	181	1,040	1,007	29
Total Liabilities & Shareholders' Equity	6,929	6,815	6,769	6,674	6,443	6,419	6,291	3,522
Total Liabilities	4,548	4,497	4,387	4,325	4,125	4,166	4,092	1,825
Total Current Liabilities	144	139	133	119	123	120	126	144
Accounts Payable	144	139	133	119	123	120	126	141
Total Noncurrent Liabilities	4,404	4,359	4,254	4,206	4,002	4,047	3,966	1,681
Long-Term Debt	4,341	4,296	4,191	4,143	3,938	3,982	3,902	1,681
Other Noncurrent Operating Liabilities	63	63	63	64	64	64	64	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	19	19	19	19	-
Total Equity & Noncontrolling Interests	2,381	2,318	2,382	2,330	2,299	2,234	2,179	1,698
Total Preferred & Common Equity	2,351	2,288	2,313	2,283	2,264	2,199	2,152	1,680
Total Common Equity	2,351	2,288	2,313	2,283	2,264	2,199	2,152	1,680
Common Stock	2,196	2,191	2,192	2,191	2,184	2,035	2,032	3,458
Retained Earnings	119	89	83	66	19	155	144	-1,773
Accumulated Other Comprehensive Income / (Loss)	35	7.69	38	26	61	9.12	-24	-4.90
Noncontrolling Interest	30	30	70	46	35	34	27	17

This table displays calculated financial ratios and metrics derived from Safehold's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.72%	30.43%	44.54%	-43.40%	20.72%	-70.38%	19.82%	0.00%	12.99%	7.36%	18.23%
EBITDA Growth	285.53%	-137.63%	88.30%	240.44%	126.02%	-162.50%	-42.50%	21.07%	-106.84%	287.31%	-59.18%
EBIT Growth	212.98%	-156.83%	107.19%	489.07%	86.15%	-206.78%	-54.01%	13.75%	-104.67%	0.80%	93.15%
NOPAT Growth	256.35%	-139.78%	107.19%	655.81%	94.43%	-365.41%	-68.39%	164.31%	-107.61%	0.80%	93.15%
Net Income Growth	295.39%	-137.71%	97.23%	337.76%	-109.23%	1,924.32%	-110.17%	79.88%	1,727.12%	-139.05%	114.17%
EPS Growth	280.49%	-137.79%	97.23%	337.76%	-109.23%	269.47%	-160.90%	160.00%	196.77%	-55.00%	78.14%
Operating Cash Flow Growth	145.96%	-76.27%	140.93%	22.99%	147.97%	-89.10%	-123.76%	244.34%	150.64%	-463.03%	94.27%
Free Cash Flow Firm Growth	44.39%	87.36%	-853.07%	-71.41%	1,236.46%	-467.60%	-93.11%	2,101.49%	-88.52%	224.73%	-479.49%
Invested Capital Growth	6.84%	9.76%	696.66%	-44.56%	-63.67%	-0.61%	0.81%	-12.78%	-8.30%	-41.18%	52.65%
Revenue Q/Q Growth	-2.96%	9.18%	9.13%	-16.35%	309.25%	-64.49%	-0.90%	258.72%	8.92%	9.63%	1.95%
EBITDA Q/Q Growth	-10.21%	21.84%	-11.90%	172.60%	104.95%	-131.46%	-46.58%	178.52%	-103.74%	1,142.94%	-67.06%
EBIT Q/Q Growth	-12.34%	16.74%	-7.34%	140.26%	96.76%	-146.37%	-53.61%	189.38%	-101.65%	870.40%	-3.28%
NOPAT Q/Q Growth	-12.87%	16.74%	-7.34%	157.51%	96.76%	-180.90%	-67.96%	191.69%	-102.68%	870.40%	-3.28%
Net Income Q/Q Growth	-12.60%	26.60%	8.40%	-37.57%	45.70%	26.01%	-120.36%	2.21%	-17.04%	78.08%	155.76%
EPS Q/Q Growth	-12.43%	24.77%	8.40%	-37.57%	45.70%	-38.31%	-195.96%	25.81%	-1.64%	22.50%	58.33%
Operating Cash Flow Q/Q Growth	-28.60%	205.74%	77.38%	15.41%	-8.78%	27.93%	31.05%	-29.47%	108.06%	33.04%	74.48%
Free Cash Flow Firm Q/Q Growth	-10.42%	89.48%	-297.70%	38.87%	2,921.95%	-135.19%	110.29%	1.80%	-31.30%	126,895.05%	-660.89%
Invested Capital Q/Q Growth	1.29%	1.06%	1,209.27%	-73.82%	-61.06%	-1.68%	-8.45%	13.54%	-2.65%	-2.11%	66.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.84%	98.68%	98.85%	98.58%	32.26%	-60.48%	47.03%	57.40%	64.40%	86.42%	97.22%
EBITDA Margin	29.20%	-16.32%	56.58%	43.43%	7.22%	-33.50%	15.87%	33.08%	-1.91%	31.52%	8.74%
Operating Margin	23.81%	-21.86%	50.17%	35.00%	-5.09%	-110.29%	12.31%	32.06%	-0.71%	17.21%	18.33%
EBIT Margin	23.81%	-21.86%	50.17%	35.00%	-5.09%	-44.37%	12.31%	32.06%	-0.71%	17.21%	18.33%
Profit (Net Income) Margin	29.15%	-15.48%	53.52%	39.23%	-9.34%	122.15%	-1.98%	23.37%	17.87%	-1.24%	3.41%
Tax Burden Percent	96.87%	103.25%	100.00%	100.00%	26.55%	-215.41%	104.65%	354.02%	139.63%	5.73%	-22.44%
Interest Burden Percent	126.39%	68.56%	106.68%	112.06%	690.75%	127.79%	-15.40%	20.58%	-1,800.85%	-125.84%	-82.98%
Effective Tax Rate	3.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.86%	-14.17%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.35%	-0.94%	4.39%	6.78%	-0.51%	-6.16%	2.32%	6.88%	-0.11%	1.04%	0.99%
ROIC Less NNEP Spread (ROIC-NNEP)	1.93%	-0.96%	5.01%	-1.24%	-2.12%	17.79%	-1.70%	4.20%	3.38%	-0.40%	0.06%
Return on Net Nonoperating Assets (RNNOA)	3.21%	-1.51%	4.57%	0.11%	-2.17%	35.21%	-4.18%	11.33%	9.32%	-1.56%	0.24%
Return on Equity (ROE)	4.57%	-2.45%	8.96%	6.90%	-2.68%	29.05%	-1.85%	18.21%	9.20%	-0.52%	1.23%
Cash Return on Invested Capital (CROIC)	-5.26%	-10.24%	-151.00%	64.12%	92.90%	-5.56%	1.51%	20.53%	8.55%	52.89%	-40.69%
Operating Return on Assets (OROA)	1.30%	-1.24%	2.54%	1.35%	-0.34%	-2.41%	2.33%	5.18%	-0.08%	1.54%	1.53%
Return on Assets (ROA)	1.59%	-0.88%	2.71%	1.51%	-0.62%	6.62%	-0.38%	3.77%	1.92%	-0.11%	0.28%
Return on Common Equity (ROCE)	4.47%	-2.40%	8.31%	5.58%	-2.23%	24.02%	-1.63%	17.45%	8.78%	-0.49%	1.16%
Return on Equity Simple (ROE_SIMPLE)	4.55%	-2.45%	6.76%	8.62%	-3.54%	32.13%	-2.12%	20.49%	9.86%	-0.58%	1.32%
Net Operating Profit after Tax (NOPAT)	84	-54	136	65	-12	-211	80	252	-4.55	60	59
NOPAT Margin	23.07%	-15.30%	50.17%	35.00%	-3.56%	-77.20%	8.62%	32.66%	-0.81%	12.05%	12.83%
Net Nonoperating Expense Percent (NNEP)	-0.57%	0.02%	-0.61%	8.02%	1.62%	-23.95%	4.02%	2.68%	-3.49%	1.44%	0.92%
Return On Investment Capital (ROIC_SIMPLE)	1.26%	-0.85%	2.39%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	1.16%	1.32%	1.15%	1.42%	67.74%	64.85%	52.97%	42.60%	35.60%	13.58%	2.78%
SG&A Expenses to Revenue	15.56%	24.51%	18.05%	15.84%	30.70%	40.82%	10.62%	15.54%	16.04%	17.67%	20.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.03%	120.54%	48.67%	63.57%	37.36%	49.81%	34.73%	25.34%	65.11%	69.21%	78.89%
Earnings before Interest and Taxes (EBIT)	87	-77	136	65	-17	-121	114	247	-3.98	85	85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	107	-58	153	81	24	-92	147	255	-11	156	40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.68	0.88	1.15	6.23	3.62	2.37	1.87	2.16	2.06	2.28	2.35
Price to Tangible Book Value (P/TBV)	0.75	0.97	1.28	6.23	3.62	2.37	1.87	2.16	2.06	2.28	2.35
Price to Revenue (P/Rev)	4.39	5.57	9.14	28.38	9.54	9.02	1.75	2.46	3.74	4.86	6.10
Price to Earnings (P/E)	15.17	0.00	18.24	72.58	0.00	8.47	0.00	17.12	47.64	0.00	0.00
Dividend Yield	3.83%	7.24%	0.00%	7.35%	12.30%	12.32%	16.02%	5.38%	0.00%	0.00%	0.00%
Earnings Yield	6.59%	0.00%	5.48%	1.38%	0.00%	11.81%	0.00%	5.84%	2.10%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.96	1.06	9.37	3.83	1.42	1.22	1.30	1.28	1.32	0.84
Enterprise Value to Revenue (EV/Rev)	15.57	16.32	21.51	34.51	14.41	17.68	4.53	5.75	8.90	11.32	13.15
Enterprise Value to EBITDA (EV/EBITDA)	53.33	0.00	38.02	79.47	199.54	0.00	28.56	17.37	0.00	35.93	150.52
Enterprise Value to EBIT (EV/EBIT)	65.38	0.00	42.87	98.60	0.00	0.00	36.84	17.92	0.00	65.81	71.75
Enterprise Value to NOPAT (EV/NOPAT)	67.50	0.00	42.87	98.60	0.00	0.00	52.63	17.59	0.00	94.01	102.51
Enterprise Value to Operating Cash Flow (EV/OCF)	150.41	373.77	89.66	239.79	217.51	0.00	0.00	43.64	169.21	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	10.43	2.20	0.00	80.86	5.90	14.27	1.84	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.82	1.77	1.63	2.42	2.45	2.74	3.39	3.80	3.18	3.70	3.19
Long-Term Debt to Equity	1.82	1.77	1.63	2.42	2.45	2.74	3.39	3.80	3.18	3.70	3.19
Financial Leverage	1.67	1.58	0.91	-0.09	1.02	1.98	2.46	2.70	2.76	3.86	3.67
Leverage Ratio	2.88	2.78	3.31	4.56	4.32	4.39	4.93	4.83	4.79	4.66	4.32
Compound Leverage Factor	3.64	1.91	3.53	5.11	29.84	5.61	-0.76	0.99	-86.23	-5.87	-3.58
Debt to Total Capital	64.52%	63.85%	61.93%	70.75%	71.05%	73.23%	77.23%	79.18%	76.10%	78.74%	76.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	64.52%	63.85%	61.93%	70.75%	71.05%	73.23%	77.23%	79.18%	76.10%	78.74%	76.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.45%	1.01%	0.41%	5.83%	5.26%	4.27%	4.30%	0.79%	1.08%	1.01%	1.18%
Common Equity to Total Capital	35.03%	35.14%	37.66%	23.42%	23.69%	22.50%	18.47%	20.04%	22.82%	20.25%	22.66%
Debt to EBITDA	40.44	-70.46	23.03	31.67	109.48	-36.94	24.60	13.63	-316.93	26.34	99.65
Net Debt to EBITDA	38.02	-64.74	21.72	11.52	59.34	-23.69	16.18	9.79	-266.15	20.17	79.18
Long-Term Debt to EBITDA	40.44	-70.46	23.03	31.67	109.48	-36.94	24.60	13.63	-316.93	26.34	99.65
Debt to NOPAT	51.18	-75.15	25.96	39.29	-221.76	-16.03	45.33	13.80	-745.28	68.94	67.86
Net Debt to NOPAT	48.12	-69.05	24.49	14.29	-120.19	-10.28	29.81	9.91	-625.87	52.78	53.93
Long-Term Debt to NOPAT	51.18	-75.15	25.96	39.29	-221.76	-16.03	45.33	13.80	-745.28	68.94	67.86
Altman Z-Score	0.33	0.30	0.54	0.15	-0.21	-0.27	-0.04	0.01	-0.27	-0.09	0.16
Noncontrolling Interest Sharing Ratio	2.02%	1.96%	7.28%	19.05%	16.98%	17.32%	11.91%	4.18%	4.65%	4.87%	5.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	1.05	0.20	0.56	0.66	0.72	2.95	2.76	1.55	3.31	8.02
Quick Ratio	0.83	0.97	0.20	0.56	0.66	0.72	2.95	2.76	1.55	3.31	2.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-328	-589	-4,661	619	2,165	-190	52	752	350	3,046	-2,442
Operating Cash Flow to CapEx	0.00%	134.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	15.59	-1.12	0.27	3.59	215.92	13.54	-9.77
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.16	-0.27	-0.12	0.48	18.21	-0.26	-0.04
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1.37	0.24	1.23	1.37	156.27	0.60	0.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.06	0.05	0.04	0.07	0.05	0.19	0.16	0.11	0.09	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.52	0.50	0.54	0.00	0.00	0.46	1.27	0.85	0.58	0.00	0.00
Accounts Payable Turnover	0.03	0.04	0.02	0.01	0.72	0.48	1.77	1.46	0.94	0.34	0.07
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	732.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	12,076.32	9,212.27	19,780.95	29,584.67	505.02	761.49	206.66	249.74	390.01	1,071.83	4,999.32
Cash Conversion Cycle (CCC)	-11,344.25	-9,212.27	-19,780.95	-29,584.67	-505.02	-761.49	-206.66	-249.74	-390.01	-1,071.83	-4,999.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,433	6,021	5,486	689	1,242	3,419	3,440	3,412	3,911	4,266	7,251
Invested Capital Turnover	0.06	0.06	0.09	0.19	0.14	0.08	0.27	0.21	0.14	0.09	0.08
Increase / (Decrease) in Invested Capital	412	535	4,797	-554	-2,177	-21	28	-500	-354	-2,986	2,501
Enterprise Value (EV)	5,694	5,753	5,814	6,454	4,760	4,839	4,190	4,431	4,990	5,617	6,076
Market Capitalization	1,605	1,963	2,470	5,307	3,151	2,470	1,616	1,899	2,095	2,411	2,817
Book Value per Share	$32.81	$31.40	$24.70	$12.25	$11.77	$16.74	$12.69	$12.90	$14.28	$12.49	$14.05
Tangible Book Value per Share	$29.89	$28.43	$22.19	$12.25	$11.77	$16.74	$12.69	$12.90	$14.28	$12.49	$14.05
Total Capital	6,691	6,350	5,686	3,635	3,676	4,625	4,673	4,391	4,455	5,231	5,282
Total Debt	4,317	4,054	3,521	2,572	2,612	3,387	3,609	3,476	3,390	4,119	4,023
Total Long-Term Debt	4,317	4,054	3,521	2,572	2,612	3,387	3,609	3,476	3,390	4,119	4,023
Net Debt	4,059	3,725	3,321	935	1,416	2,172	2,373	2,497	2,847	3,154	3,197
Capital Expenditures (CapEx)	-5.76	11	0.00	0.00	-169	-87	-264	-186	-224	-193	-257
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-25	-13	-100	-872	-499	-424	-316	-238	-212	-215	798
Debt-free Net Working Capital (DFNWC)	-17	6.07	-80	-533	-400	-117	616	420	117	496	1,270
Net Working Capital (NWC)	-17	6.07	-80	-533	-400	-117	616	420	117	496	1,270
Net Nonoperating Expense (NNE)	-22	0.61	-9.06	-7.90	19	-546	98	72	-105	66	44
Net Nonoperating Obligations (NNO)	4,059	3,725	3,321	-375	178	2,181	2,375	2,497	2,847	3,154	5,992
Total Depreciation and Amortization (D&A)	20	20	17	16	41	30	33	7.81	-6.71	71	-44
Debt-free, Cash-free Net Working Capital to Revenue	-6.95%	-3.60%	-37.13%	-466.44%	-150.93%	-155.05%	-34.22%	-30.86%	-37.75%	-43.31%	172.73%
Debt-free Net Working Capital to Revenue	-4.66%	1.72%	-29.70%	-284.85%	-121.08%	-42.82%	66.60%	54.42%	20.91%	100.05%	274.90%
Net Working Capital to Revenue	-4.66%	1.72%	-29.70%	-284.85%	-121.08%	-42.82%	66.60%	54.42%	20.91%	100.05%	274.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.48	($0.82)	$30.75	$6.88	($4.25)	$22.02	($4.64)	$7.62	$2.93	($3.03)	($1.95)
Adjusted Weighted Average Basic Shares Outstanding	71.37M	66.69M	12.92M	14.71M	15.50M	13.25M	13.92M	14.55M	15.04M	15.58M	17.48M
Adjusted Diluted Earnings per Share	$1.48	($0.82)	$30.75	$6.88	($4.25)	$18.21	($4.64)	$7.62	$2.69	($3.03)	($1.95)
Adjusted Weighted Average Diluted Shares Outstanding	71.45M	66.69M	12.92M	14.71M	15.50M	16.52M	13.92M	14.55M	20.17M	15.58M	17.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($3.03)	($1.95)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	71.45M	71.08M	13.89M	14.14M	15.13M	15.87M	13.96M	0.00	0.00	17.41M	17.41M
Normalized Net Operating Profit after Tax (NOPAT)	84	48	95	46	-7.72	-204	183	196	7.35	67	84
Normalized NOPAT Margin	23.07%	13.56%	35.12%	24.50%	-2.34%	-74.40%	19.76%	25.38%	1.31%	13.53%	18.08%
Pre Tax Income Margin	30.10%	-14.99%	53.52%	39.23%	-35.17%	-56.71%	-1.89%	6.60%	12.80%	-21.65%	-15.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-0.12	-0.72	0.59	1.18	-2.46	0.38	0.34
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-0.08	-1.25	0.41	1.20	-2.81	0.27	0.24
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1.09	-0.20	1.94	2.07	135.59	1.24	1.37
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1.13	-0.73	1.77	2.09	135.25	1.12	1.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.32%	-85.57%	35.07%	49.07%	-231.18%	21.70%	-575.50%	41.43%	61.98%	-979.32%	325.53%
Augmented Payout Ratio	65.61%	-85.57%	35.07%	49.07%	-408.04%	42.13%	-620.81%	66.91%	161.13%	-2,108.30%	325.53%

This table displays calculated financial ratios and metrics derived from Safehold's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.79%	-10.83%	6.01%	4.94%	19.00%	40.42%	19.34%	32.02%	29.76%	175.50%	-57.64%
EBITDA Growth	2.07%	-30.53%	116.59%	38.83%	308.55%	67.80%	-261.71%	-16.28%	-73.17%	-74.96%	127.30%
EBIT Growth	2.90%	-35.14%	112.19%	51.60%	901.96%	79.89%	-278.06%	-22.63%	-89.16%	-83.58%	239.49%
NOPAT Growth	1.42%	-36.76%	116.85%	50.56%	886.97%	75.08%	-224.64%	-24.43%	-89.16%	-83.45%	239.37%
Net Income Growth	-5.22%	-37.09%	116.24%	33.67%	557.95%	91.25%	-262.95%	-2.64%	-81.07%	139.98%	-42.45%
EPS Growth	-4.65%	-41.94%	114.92%	20.00%	514.29%	77.14%	-274.04%	-2.78%	-81.07%	139.98%	-42.45%
Operating Cash Flow Growth	390.50%	-65.75%	359.26%	1,031.84%	55.03%	81.52%	-67.18%	-112.04%	-127.70%	-59.87%	-86.37%
Free Cash Flow Firm Growth	33.22%	22.10%	93.28%	93.76%	93.38%	89.50%	-346.43%	-327.59%	-489.13%	-812.33%	293.16%
Invested Capital Growth	4.10%	6.84%	6.61%	6.09%	6.32%	9.76%	1,321.96%	1,088.67%	822.52%	696.66%	-84.07%
Revenue Q/Q Growth	6.32%	1.29%	0.90%	-3.56%	-9.53%	20.41%	-0.12%	9.36%	6.76%	2.33%	10.50%
EBITDA Q/Q Growth	8.99%	32.94%	-27.85%	-2.35%	-25.82%	131.75%	-703.67%	187.36%	-69.53%	-69.40%	212.53%
EBIT Q/Q Growth	11.83%	42.53%	-33.85%	-2.41%	-29.52%	126.78%	-922.81%	545.03%	-87.35%	-73.49%	257.53%
NOPAT Q/Q Growth	14.41%	39.72%	-33.99%	-3.89%	-30.57%	137.24%	-689.64%	530.07%	-87.35%	-73.49%	257.53%
Net Income Q/Q Growth	12.78%	30.70%	-32.49%	-4.75%	-25.15%	133.74%	-655.59%	368.85%	-78.24%	-71.25%	231.96%
EPS Q/Q Growth	13.89%	33.33%	-35.71%	-2.33%	-30.65%	134.25%	-617.14%	400.00%	-78.24%	-71.25%	231.96%
Operating Cash Flow Q/Q Growth	12.70%	-4.41%	-66.63%	908.06%	-113.29%	1,181.93%	167.71%	61.00%	-153.62%	131.76%	-75.16%
Free Cash Flow Firm Q/Q Growth	41.12%	-3.27%	-11.45%	1.45%	31.19%	91.09%	-3.54%	-4.54%	-8.86%	-309.12%	-4.37%
Invested Capital Q/Q Growth	0.41%	1.29%	0.55%	1.80%	3.05%	1.06%	0.07%	2.01%	6.39%	1,209.27%	-16.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.46%	108.04%	91.00%	98.15%	98.08%	101.16%	98.44%	98.76%	95.60%	98.86%	98.79%
EBITDA Margin	30.84%	30.09%	22.92%	32.06%	31.66%	38.62%	-146.46%	24.23%	9.22%	32.32%	108.09%
Operating Margin	25.90%	24.63%	17.50%	26.69%	26.38%	33.86%	-152.22%	18.48%	3.13%	26.43%	102.02%
EBIT Margin	25.90%	24.63%	17.50%	26.69%	26.38%	33.86%	-152.22%	18.48%	3.13%	26.43%	102.02%
Profit (Net Income) Margin	30.11%	28.39%	22.00%	32.88%	33.29%	40.24%	-143.58%	25.81%	6.02%	29.54%	105.15%
Tax Burden Percent	97.09%	94.89%	96.80%	97.01%	98.50%	97.33%	100.04%	97.68%	100.00%	90.50%	100.00%
Interest Burden Percent	119.73%	121.47%	129.85%	126.96%	128.11%	122.10%	94.28%	143.00%	192.18%	123.51%	103.07%
Effective Tax Rate	2.91%	5.11%	3.20%	2.99%	1.50%	2.67%	0.00%	2.32%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.47%	1.37%	1.04%	1.57%	1.59%	2.02%	-10.79%	1.73%	0.28%	2.31%	16.57%
ROIC Less NNEP Spread (ROIC-NNEP)	1.59%	1.49%	1.16%	1.73%	1.77%	2.23%	-13.48%	2.25%	0.46%	2.47%	18.15%
Return on Net Nonoperating Assets (RNNOA)	2.67%	2.49%	1.91%	2.86%	2.91%	3.53%	-7.92%	1.49%	0.29%	2.25%	1.87%
Return on Equity (ROE)	4.14%	3.86%	2.95%	4.42%	4.50%	5.55%	-18.71%	3.22%	0.57%	4.57%	18.45%
Cash Return on Invested Capital (CROIC)	-2.68%	-5.26%	-4.82%	-6.45%	-6.76%	-10.24%	-175.75%	-165.53%	-157.31%	-151.00%	154.64%
Operating Return on Assets (OROA)	1.41%	1.34%	0.99%	1.50%	1.50%	1.93%	-9.87%	1.14%	0.17%	1.34%	6.07%
Return on Assets (ROA)	1.64%	1.54%	1.25%	1.85%	1.89%	2.29%	-9.31%	1.59%	0.33%	1.49%	6.26%
Return on Common Equity (ROCE)	4.06%	3.78%	2.90%	4.31%	4.39%	5.44%	-18.38%	3.16%	0.51%	4.24%	17.01%
Return on Equity Simple (ROE_SIMPLE)	4.47%	0.00%	5.33%	-0.90%	-1.24%	0.00%	-3.28%	5.63%	5.79%	0.00%	7.94%
Net Operating Profit after Tax (NOPAT)	25	21	15	23	24	34	-91	15	2.45	19	73
NOPAT Margin	25.15%	23.37%	16.94%	25.90%	25.98%	32.95%	-106.55%	18.05%	3.13%	26.43%	102.02%
Net Nonoperating Expense Percent (NNEP)	-0.12%	-0.12%	-0.12%	-0.16%	-0.18%	-0.21%	2.68%	-0.52%	-0.18%	-0.16%	-1.57%
Return On Investment Capital (ROIC_SIMPLE)	0.37%	0.32%	-	-	-	0.54%	-	-	-	0.34%	-
Cost of Revenue to Revenue	3.54%	-8.04%	9.00%	1.85%	1.92%	-1.16%	1.56%	1.24%	4.40%	1.14%	1.21%
SG&A Expenses to Revenue	16.69%	15.59%	15.68%	14.06%	16.86%	16.55%	23.41%	23.57%	37.22%	17.48%	21.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.56%	83.42%	73.50%	71.45%	71.70%	67.30%	250.66%	80.28%	92.47%	196.52%	-52.69%
Earnings before Interest and Taxes (EBIT)	25	23	16	24	25	35	-130	16	2.45	19	73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	28	21	29	30	40	-125	21	7.22	24	77
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.69	0.68	1.00	0.72	0.78	0.88	0.66	0.90	1.15	1.15	1.42
Price to Tangible Book Value (P/TBV)	0.76	0.75	1.10	0.80	0.86	0.97	0.73	1.08	1.38	1.28	1.42
Price to Revenue (P/Rev)	4.39	4.39	6.04	4.51	4.87	5.57	4.63	6.43	8.55	9.14	9.64
Price to Earnings (P/E)	15.57	15.17	18.84	0.00	0.00	0.00	0.00	17.33	21.38	18.24	19.78
Dividend Yield	3.78%	3.83%	2.70%	3.67%	3.44%	7.24%	8.48%	8.27%	0.00%	0.00%	11.70%
Earnings Yield	6.42%	6.59%	5.31%	0.00%	0.00%	0.00%	0.00%	5.77%	4.68%	5.48%	5.06%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.89	1.00	0.90	0.92	0.96	0.87	0.96	1.05	1.06	2.73
Enterprise Value to Revenue (EV/Rev)	15.49	15.57	16.83	15.28	15.54	16.32	16.07	18.58	21.33	21.51	4.62
Enterprise Value to EBITDA (EV/EBITDA)	53.40	53.33	53.33	0.00	0.00	0.00	0.00	44.45	46.15	38.02	6.59
Enterprise Value to EBIT (EV/EBIT)	65.31	65.38	63.83	0.00	0.00	0.00	0.00	51.81	53.26	42.87	7.82
Enterprise Value to NOPAT (EV/NOPAT)	67.71	67.50	65.50	0.00	0.00	0.00	0.00	51.81	53.26	42.87	7.82
Enterprise Value to Operating Cash Flow (EV/OCF)	115.10	150.41	119.60	121.97	298.34	373.77	1,030.86	658.72	183.86	89.66	31.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.82	1.82	1.85	1.76	1.76	1.77	1.70	1.77	1.78	1.63	0.99
Long-Term Debt to Equity	1.82	1.82	1.85	1.76	1.76	1.77	1.70	1.77	1.78	1.63	0.99
Financial Leverage	1.68	1.67	1.66	1.65	1.65	1.58	0.59	0.66	0.62	0.91	0.10
Leverage Ratio	2.88	2.88	2.86	2.85	2.85	2.78	2.48	2.58	2.60	3.31	3.01
Compound Leverage Factor	3.44	3.50	3.71	3.61	3.65	3.39	2.34	3.69	5.01	4.09	3.10
Debt to Total Capital	64.58%	64.52%	64.96%	63.75%	63.82%	63.85%	62.94%	63.87%	63.96%	61.93%	49.75%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	64.58%	64.52%	64.96%	63.75%	63.82%	63.85%	62.94%	63.87%	63.96%	61.93%	49.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.45%	0.45%	0.45%	1.06%	1.00%	1.01%	0.86%	0.86%	0.76%	0.41%	0.51%
Common Equity to Total Capital	34.97%	35.03%	34.59%	35.19%	35.18%	35.14%	36.19%	35.27%	35.27%	37.66%	49.74%
Debt to EBITDA	40.43	40.44	36.12	-154.09	-117.51	-70.46	-53.49	30.83	29.29	23.03	9.68
Net Debt to EBITDA	37.98	38.02	33.92	-144.65	-109.38	-64.74	-49.43	28.65	27.31	21.72	-7.26
Long-Term Debt to EBITDA	40.43	40.44	36.12	-154.09	-117.51	-70.46	-53.49	30.83	29.29	23.03	9.68
Debt to NOPAT	51.27	51.18	44.37	-127.99	-107.72	-75.15	-60.77	35.93	33.80	25.96	11.48
Net Debt to NOPAT	48.16	48.12	41.66	-120.15	-100.27	-69.05	-56.16	33.39	31.51	24.49	-8.61
Long-Term Debt to NOPAT	51.27	51.18	44.37	-127.99	-107.72	-75.15	-60.77	35.93	33.80	25.96	11.48
Altman Z-Score	0.30	0.29	0.38	0.31	0.33	0.36	0.21	0.36	0.42	0.48	0.69
Noncontrolling Interest Sharing Ratio	2.02%	2.02%	1.81%	2.65%	2.45%	1.96%	1.78%	1.80%	9.47%	7.28%	7.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.88	0.98	1.02	1.13	1.05	1.06	0.12	0.16	0.20	10.62
Quick Ratio	0.90	0.83	0.92	0.95	1.04	0.97	1.00	0.12	0.16	0.20	10.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-230	-391	-378	-339	-344	-501	-5,630	-5,437	-5,201	-4,778	2,285
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	1,019.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.42
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.06
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.71	0.50	1.75	0.00	0.00	0.00	0.70	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.53	0.52	0.54	0.00	0.00	0.50	0.62	0.00	0.00	0.54	0.77
Accounts Payable Turnover	0.04	0.03	0.10	0.05	0.05	0.04	0.05	0.05	0.04	0.02	0.18
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	511.84	732.07	208.49	0.00	0.00	0.00	522.70	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8,135.78	12,076.32	3,637.03	7,306.34	7,841.93	9,212.27	7,205.57	7,655.72	10,139.96	19,780.95	2,048.63
Cash Conversion Cycle (CCC)	-7,623.95	-11,344.25	-3,428.54	-7,306.34	-7,841.93	-9,212.27	-6,682.86	-7,655.72	-10,139.96	-19,780.95	-2,048.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,459	6,433	6,351	6,316	6,205	6,021	5,958	5,954	5,836	5,486	419
Invested Capital Turnover	0.06	0.06	0.06	0.06	0.06	0.06	0.10	0.10	0.09	0.09	0.16
Increase / (Decrease) in Invested Capital	255	412	394	363	369	535	5,539	5,453	5,204	4,797	-2,211
Enterprise Value (EV)	5,734	5,694	6,341	5,678	5,710	5,753	5,189	5,742	6,148	5,814	1,145
Market Capitalization	1,626	1,605	2,278	1,675	1,789	1,963	1,496	1,988	2,464	2,470	2,388
Book Value per Share	$32.90	$32.81	$32.03	$32.38	$32.08	$31.40	$35.40	$34.40	$33.79	$24.70	$26.50
Tangible Book Value per Share	$30.00	$29.89	$29.08	$29.42	$29.10	$28.43	$32.07	$28.70	$27.95	$22.19	$26.50
Total Capital	6,723	6,691	6,613	6,573	6,491	6,350	6,256	6,235	6,100	5,686	3,378
Total Debt	4,341	4,317	4,296	4,191	4,143	4,054	3,938	3,982	3,902	3,521	1,681
Total Long-Term Debt	4,341	4,317	4,296	4,191	4,143	4,054	3,938	3,982	3,902	3,521	1,681
Net Debt	4,078	4,059	4,034	3,934	3,856	3,725	3,639	3,701	3,638	3,321	-1,260
Capital Expenditures (CapEx)	-1.21	-0.62	-1.81	0.00	0.00	2.26	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-25	-18	-11	4.21	-13	-3.68	-120	-126	-100	48
Debt-free Net Working Capital (DFNWC)	-8.27	-17	-2.90	2.74	15	6.07	7.80	-106	-106	-80	1,383
Net Working Capital (NWC)	-8.27	-17	-2.90	2.74	15	6.07	7.80	-106	-106	-80	1,383
Net Nonoperating Expense (NNE)	-4.85	-4.61	-4.59	-6.28	-6.81	-7.50	32	-6.65	-2.26	-2.28	-2.24
Net Nonoperating Obligations (NNO)	4,078	4,059	4,034	3,934	3,856	3,725	3,639	3,701	3,638	3,321	-1,279
Total Depreciation and Amortization (D&A)	4.83	5.02	4.92	4.82	4.93	4.90	4.93	4.93	4.77	4.32	4.35
Debt-free, Cash-free Net Working Capital to Revenue	-6.91%	-6.95%	-4.90%	-2.87%	1.15%	-3.60%	-1.14%	-38.76%	-43.78%	-37.13%	19.21%
Debt-free Net Working Capital to Revenue	-2.23%	-4.66%	-0.77%	0.74%	4.22%	1.72%	2.42%	-34.14%	-36.72%	-29.70%	558.46%
Net Working Capital to Revenue	-2.23%	-4.66%	-0.77%	0.74%	4.22%	1.72%	2.42%	-34.14%	-36.72%	-29.70%	558.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.41	$0.36	$0.27	$0.42	$0.43	$0.62	($1.81)	$0.35	$0.07	$2.19	$0.68
Adjusted Weighted Average Basic Shares Outstanding	71.52M	71.37M	71.44M	71.44M	71.17M	66.69M	67.98M	63.94M	63.67M	9.98M	17.50M
Adjusted Diluted Earnings per Share	$0.41	$0.36	$0.27	$0.42	$0.43	$0.62	($1.81)	$0.35	$0.07	$2.19	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	71.64M	71.45M	71.54M	71.46M	71.24M	66.69M	67.98M	63.94M	63.67M	9.98M	17.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.36	$0.00	$0.00	$0.00	$0.62	$0.00	$0.00	$0.00	$2.19	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	71.72M	71.45M	71.44M	71.44M	71.44M	71.08M	71.07M	63.97M	63.94M	13.89M	17.76M
Normalized Net Operating Profit after Tax (NOPAT)	25	21	15	23	24	34	11	15	1.72	14	12
Normalized NOPAT Margin	25.15%	23.37%	16.94%	25.90%	25.98%	32.95%	12.37%	18.05%	2.19%	18.50%	16.93%
Pre Tax Income Margin	31.01%	29.91%	22.73%	33.89%	33.79%	41.34%	-143.51%	26.43%	6.02%	32.64%	105.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.06
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.06
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.06
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.00%	48.32%	42.58%	-239.08%	-130.16%	-85.57%	-71.26%	42.93%	51.18%	35.07%	36.59%
Augmented Payout Ratio	49.00%	65.61%	42.58%	-239.08%	-130.16%	-85.57%	-71.26%	42.93%	51.18%	35.07%	36.59%

Frequently Asked Questions About Safehold's Financials

When does Safehold's fiscal year end?

According to the most recent income statement we have on file, Safehold's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Safehold's net income changed over the last 10 years?

Over the last 10 years, Safehold's net income changed from $15.77 million in 2014 to $106.62 million in 2024, a change of 576.3%. Find out what analysts predict for Safehold in the coming months.

What is Safehold's operating income?

Safehold's total operating income in 2024 was $87.08 million, based on the following breakdown:

Total Gross Profit: $361.46 million
Total Operating Expenses: $274.38 million

How has Safehold revenue changed over the last 10 years?

Over the last 10 years, Safehold's total revenue changed from $462.03 million in 2014 to $365.69 million in 2024, a change of -20.9%.

How much debt does Safehold have?

Safehold's total liabilities were at $4.53 billion at the end of 2024, a 6.4% increase from 2023, and a 7.7% increase since 2014.

How much cash does Safehold have?

In the past 10 years, Safehold's cash and equivalents has ranged from $8.35 million in 2024 to $931.75 million in 2018, and is currently $8.35 million as of their latest financial filing in 2024.

How has Safehold's book value per share changed over the last 10 years?

Over the last 10 years, Safehold's book value per share changed from 14.05 in 2014 to 32.81 in 2024, a change of 133.5%.

Related Companies

This page (NYSE:SAFE) was last updated on 5/29/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Safehold (SAFE) Financials

Frequently Asked Questions About Safehold's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Safehold (SAFE) Financials

Annual Income Statements for Safehold

Quarterly Income Statements for Safehold

Annual Cash Flow Statements for Safehold

Quarterly Cash Flow Statements for Safehold

Annual Balance Sheets for Safehold

Quarterly Balance Sheets for Safehold

Annual Metrics And Ratios for Safehold

Quarterly Metrics And Ratios for Safehold

Frequently Asked Questions About Safehold's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools