Safehold (SAFE) Financials

$15.56 -0.59 (-3.63%)

Closing price 05/5/2025 03:59 PM Eastern

Extended Trading

$15.58 +0.02 (+0.11%)

As of 04:29 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-34	-53	44	111	-65	292	-66	73	135	-55	106
Consolidated Net Income / (Loss)	16	-6.16	100	180	-18	334	-31	73	145	-55	107
Net Income / (Loss) Continuing Operations	-74	-115	82	52	-18	-156	-116	73	145	-55	107
Total Pre-Tax Income	-70	-107	72	51	-18	-155	-116	73	145	-53	110
Total Operating Income	85	85	-3.98	247	114	-302	-17	65	136	-77	87
Total Gross Profit	449	429	361	443	435	-166	107	184	267	348	361
Total Revenue	462	496	560	771	924	274	330	187	270	353	366
Operating Revenue	462	496	560	771	924	12	330	187	270	353	366
Total Cost of Revenue	13	67	200	329	489	178	224	2.66	3.11	4.65	4.22
Operating Cost of Revenue	13	67	200	329	489	178	224	2.66	3.11	4.65	4.22
Total Operating Expenses	365	343	365	195	321	136	123	119	132	425	274
Selling, General & Admin Expense	95	88	90	120	98	112	101	30	49	86	57
Depreciation Expense	74	62	52	49	59	7.18	7.33	9.56	9.61	9.94	9.95
Other Operating Expenses / (Income)	162	183	209	-5.83	17	6.48	8.87	80	73	183	208
Impairment Charge	35	11	14	32	147	11	5.79	0.00	0.00	145	0.00
Total Other Income / (Expense), net	-155	-193	76	-196	-131	53	-99	7.90	9.06	24	23
Interest & Investment Income	95	32	77	13	63	42	39	6.28	9.06	24	23
Income Tax Expense	3.91	7.64	-10	-0.95	0.82	0.37	0.09	0.00	0.00	1.72	3.45
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.70	-3.72	4.89	4.53	14	-0.45	12	0.23	9.26	0.41	0.85
Basic Earnings per Share	($0.40)	($0.62)	$0.60	$1.56	($0.95)	$1.61	($0.87)	$1.32	$2.17	($0.82)	$1.48
Weighted Average Basic Shares Outstanding	85.03M	84.99M	73.45M	71.02M	67.96M	64.70M	75.68M	55.25M	62.39M	66.69M	71.37M
Diluted Earnings per Share	($0.40)	($0.62)	$0.60	$1.56	($0.95)	$1.61	($0.87)	$1.32	$2.17	($0.82)	$1.48
Weighted Average Diluted Shares Outstanding	85.03M	84.99M	73.84M	71.02M	67.96M	64.70M	75.68M	55.26M	62.39M	66.69M	71.45M
Weighted Average Basic & Diluted Shares Outstanding	15K	9K	0.00	0.00	68.16M	77.49M	75.68M	69.02M	86.84M	71.08M	71.45M
Cash Dividends to Common per Share	-	-	-	-	$0.18	$0.39	$0.43	$0.67	$0.70	$0.71	$0.71

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-18	-45	-0.10	-5.86	-2.96	7.28	-7.57	-17	2.24	-7.14
Net Cash From Operating Activities	5.48	13	-6.81	-2.66	1.80	23	-3.06	25	8.26	7.90
Net Cash From Continuing Operating Activities	5.48	13	-6.81	-2.66	1.80	23	-3.06	25	8.26	7.90
Net Income / (Loss) Continuing Operations	75	22	4.72	22	-123	41	31	30	20	26
Consolidated Net Income / (Loss)	75	22	4.72	22	-123	41	31	30	20	26
Depreciation Expense	2.41	2.40	2.40	2.53	2.52	2.49	2.49	2.49	2.48	2.49
Amortization Expense	1.94	1.92	2.37	2.40	2.41	2.41	2.44	2.33	2.43	2.53
Non-Cash Adjustments To Reconcile Net Income	-54	-44	-7.50	-29	122	-41	-24	-24	-21	-26
Changes in Operating Assets and Liabilities, net	-21	30	-8.80	-0.85	-2.68	18	-15	14	4.00	2.57
Net Cash From Investing Activities	-197	-98	-270	-86	-94	-127	-75	-62	-54	-21
Net Cash From Continuing Investing Activities	-197	-101	-270	-86	-94	-127	-75	-62	-54	-21
Acquisitions	-	-0.01	-89	-18	-15	-19	-9.19	-0.43	-	-0.43
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	1.81	0.62
Sale and/or Maturity of Investments	136	-	0.00	-	-	12	29	33	-	1.38
Other Investing Activities, net	-332	-101	-184	-69	-68	-109	-95	-98	-56	-23
Net Cash From Financing Activities	173	40	277	83	89	111	70	20	48	6.43
Net Cash From Continuing Financing Activities	173	40	277	83	90	110	70	20	48	6.43
Repayment of Debt	-125	-0.03	-4.61	-0.01	-145	-5.13	-330	-45	-495	-1,162
Payment of Dividends	-11	-20	-23	-0.01	-11	-13	-13	-13	-13	-13
Issuance of Debt	310	60	280	78	100	119	417	75	598	1,181
Issuance of Common Equity	-0.02	19	24	6.53	152	9.69	0.00	24	5.34	0.10
Other Financing Activities, net	-0.38	-19	0.00	-1.82	-6.25	-0.03	-3.65	-1.47	-48	-0.31

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	3,522	6,291	6,419	6,443	6,674	6,769	6,815
Total Current Assets	1,527	20	14	131	134	135	136
Cash & Equivalents	1,336	20	14	11	11	13	16
Note & Lease Receivable	177	-	-	112	112	112	112
Inventories, net	12	-	-	7.22	11	9.65	7.78
Plant, Property, & Equipment, net	339	-36	-37	706	702	698	696
Plant, Property & Equipment, gross	-	-	-	745	743	741	741
Accumulated Depreciation	-	36	37	39	42	43	45
Total Noncurrent Assets	1,635	6,306	6,442	5,607	5,838	5,936	5,983
Long-Term Investments	1,605	243	267	287	275	243	246
Noncurrent Note & Lease Receivables	1.04	4,683	4,765	4,919	5,190	5,322	5,422
Goodwill	-	156	150	0.00	0.00	0.00	0.00
Intangible Assets	-	216	214	213	213	211	210
Noncurrent Deferred & Refundable Income Taxes	-	-	6.23	7.17	6.74	6.61	6.71
Other Noncurrent Operating Assets	29	1,007	1,040	181	153	153	97
Total Liabilities & Shareholders' Equity	3,522	6,291	6,419	6,443	6,674	6,769	6,815
Total Liabilities	1,825	4,092	4,166	4,125	4,325	4,387	4,497
Total Current Liabilities	144	126	120	123	119	133	139
Accounts Payable	141	126	120	123	119	133	139
Total Noncurrent Liabilities	1,681	3,966	4,047	4,002	4,206	4,254	4,359
Long-Term Debt	1,681	3,902	3,982	3,938	4,143	4,191	4,296
Other Noncurrent Operating Liabilities	-	64	64	64	64	63	63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	19	19	19	19	0.00	0.00
Total Equity & Noncontrolling Interests	1,698	2,179	2,234	2,299	2,330	2,382	2,318
Total Preferred & Common Equity	1,680	2,152	2,199	2,264	2,283	2,313	2,288
Total Common Equity	1,680	2,152	2,199	2,264	2,283	2,313	2,288
Common Stock	3,458	2,032	2,035	2,184	2,191	2,192	2,191
Retained Earnings	-1,773	144	155	19	66	83	89
Accumulated Other Comprehensive Income / (Loss)	-4.90	-24	9.12	61	26	38	7.69
Noncontrolling Interest	17	27	34	35	46	70	30

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

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

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

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

Frequently Asked Questions About Safehold's Financials

When does Safehold's financial year end?

According to the most recent income statement we have on file, Safehold's fiscal year ends in December. Their fiscal 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%. Check out Safehold's forecast to explore projected trends and price targets.

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%.

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This page (NYSE:SAFE) was last updated on 5/6/2025 by MarketBeat.com Staff

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Safehold (SAFE) Financials

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Safehold (SAFE) Financials

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