Safehold (SAFE) Financials

$14.65 +0.16 (+1.12%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$14.62 -0.04 (-0.25%)

As of 04:04 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-53	44	111	-65	292	-66	73	135	-55	106	114
Consolidated Net Income / (Loss)	-6.16	100	180	-18	334	-31	73	145	-55	107	115
Net Income / (Loss) Continuing Operations	-115	82	52	-18	-156	-116	73	145	-55	107	115
Total Pre-Tax Income	-107	72	51	-18	-155	-116	73	145	-53	110	118
Total Operating Income	85	-3.98	247	114	-302	-17	65	136	-77	87	101
Total Gross Profit	429	361	443	435	-166	107	184	267	345	352	374
Total Revenue	496	560	771	924	274	330	187	270	353	366	386
Operating Revenue	496	560	771	924	12	330	187	270	353	366	386
Total Cost of Revenue	67	200	329	489	178	224	2.66	3.11	7.36	14	11
Operating Cost of Revenue	67	200	329	489	178	224	2.66	3.11	4.65	4.22	4.76
Other Cost of Revenue	-	-	-	-	-	-	0.00	-	2.70	9.49	6.56
Total Operating Expenses	343	365	195	321	136	123	119	132	422	265	273
Selling, General & Admin Expense	88	90	120	98	112	101	30	49	86	57	58
Depreciation Expense	62	52	49	59	7.18	7.33	9.56	9.61	9.94	9.95	8.55
Other Operating Expenses / (Income)	183	209	-5.83	17	6.48	8.87	80	73	181	198	207
Impairment Charge	11	14	32	147	11	5.79	0.00	0.00	145	0.00	0.00
Total Other Income / (Expense), net	-193	76	-196	-131	53	-99	7.90	9.06	24	23	17
Interest Expense	225	1.62	209	194	169	139	-1.62	-	0.00	0.00	2.22
Interest & Investment Income	32	77	13	63	42	39	6.28	9.06	24	23	19
Income Tax Expense	7.64	-10	-0.95	0.82	0.37	0.09	0.00	0.00	1.72	3.45	2.93
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.72	4.89	4.53	14	-0.45	12	0.23	9.26	0.41	0.85	0.16
Basic Earnings per Share	($0.62)	$0.60	$1.56	($0.95)	$1.61	($0.87)	$1.32	$2.17	($0.82)	$1.48	$1.60
Weighted Average Basic Shares Outstanding	84.99M	73.45M	71.02M	67.96M	64.70M	75.68M	55.25M	62.39M	66.69M	71.37M	71.69M
Diluted Earnings per Share	($0.62)	$0.60	$1.56	($0.95)	$1.61	($0.87)	$1.32	$2.17	($0.82)	$1.48	$1.59
Weighted Average Diluted Shares Outstanding	84.99M	73.84M	71.02M	67.96M	64.70M	75.68M	55.26M	62.39M	66.69M	71.45M	71.79M
Weighted Average Basic & Diluted Shares Outstanding	9K	0.00	0.00	68.16M	77.49M	75.68M	69.02M	86.84M	71.08M	71.45M	71.76M
Cash Dividends to Common per Share	-	-	-	$0.18	$0.39	$0.43	$0.67	$0.70	$0.71	$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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-123	41	31	30	19	26	29	28	29	28	29
Consolidated Net Income / (Loss)	-123	41	31	30	20	26	29	28	29	28	29
Net Income / (Loss) Continuing Operations	-123	41	31	30	20	26	29	28	29	28	29
Total Pre-Tax Income	-123	43	32	30	21	27	30	29	30	29	30
Total Operating Income	-130	35	25	24	16	23	25	24	25	27	26
Total Gross Profit	84	104	91	88	83	99	94	91	94	96	110
Total Revenue	86	103	93	90	91	92	98	94	96	98	111
Operating Revenue	86	103	93	90	91	92	98	94	96	98	111
Total Cost of Revenue	1.34	-1.19	1.79	1.67	8.16	-7.39	3.45	3.23	2.42	2.22	1.31
Operating Cost of Revenue	1.00	1.43	1.08	1.04	1.05	1.06	1.16	0.88	1.40	1.33	1.31
Total Operating Expenses	214	69	67	64	67	77	69	67	69	69	84
Selling, General & Admin Expense	20	17	16	13	14	14	16	13	14	14	16
Depreciation Expense	2.52	2.49	2.49	2.49	2.48	2.49	2.20	2.13	2.11	2.11	1.85
Other Operating Expenses / (Income)	47	50	49	49	50	60	50	51	52	52	66
Total Other Income / (Expense), net	7.45	7.71	6.91	6.47	4.74	4.86	4.99	4.91	4.65	2.11	4.04
Interest & Investment Income	7.45	7.71	6.91	6.47	4.74	4.86	4.99	4.91	4.65	4.33	4.04
Income Tax Expense	0.06	1.14	0.47	0.91	0.66	1.40	0.88	0.86	0.22	0.97	0.69
Net Income / (Loss) Attributable to Noncontrolling Interest	0.12	0.27	0.30	-0.11	0.62	0.04	0.05	0.02	0.04	0.06	0.04
Basic Earnings per Share	($1.81)	$0.62	$0.43	$0.42	$0.27	$0.36	$0.41	$0.39	$0.41	$0.39	$0.40
Weighted Average Basic Shares Outstanding	67.98M	66.69M	71.17M	71.44M	71.44M	71.37M	71.52M	71.74M	71.76M	71.69M	71.81M
Diluted Earnings per Share	($1.81)	$0.62	$0.43	$0.42	$0.27	$0.36	$0.41	$0.39	$0.41	$0.38	$0.40
Weighted Average Diluted Shares Outstanding	67.98M	66.69M	71.24M	71.46M	71.54M	71.45M	71.64M	71.80M	71.84M	71.79M	71.98M
Weighted Average Basic & Diluted Shares Outstanding	71.07M	71.08M	71.44M	71.44M	71.44M	71.45M	71.72M	71.76M	71.76M	71.76M	71.61M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	239	-383	323	297	-622	-202	-58	9.87	-1.65	-30	14
Net Cash From Operating Activities	-58	29	102	-24	-46	22	27	65	15	38	48
Net Cash From Continuing Operating Activities	-119	29	102	-24	-46	22	27	65	15	38	48
Net Income / (Loss) Continuing Operations	-6.16	100	180	-18	334	-31	73	145	-55	107	115
Consolidated Net Income / (Loss)	-6.16	100	180	-18	334	-31	73	145	-55	107	115
Depreciation Expense	65	54	50	59	58	58	9.56	9.61	9.94	9.95	8.55
Amortization Expense	5.75	-61	-42	-26	-28	-17	6.20	7.69	9.59	9.74	11
Non-Cash Adjustments To Reconcile Net Income	-175	-67	-95	-12	-370	39	-23	-133	45	-95	-93
Changes in Operating Assets and Liabilities, net	-8.59	2.70	8.95	-27	-40	-27	-39	36	5.67	6.31	6.95
Net Cash From Investing Activities	184	465	263	779	-398	31	-1,288	-1,146	-577	-212	-237
Net Cash From Continuing Investing Activities	184	465	263	779	-398	31	-1,286	-1,146	-577	-212	-237
Purchase of Property, Plant & Equipment	-170	-212	-128	-148	-358	-41	0.00	0.00	-13	0.00	0.00
Acquisitions	-	-58	-224	-95	-657	-260	-39	-0.01	-141	-10	-29
Purchase of Investments	-12	-	-	-	-	-	-	0.00	-8.78	0.00	0.00
Sale of Property, Plant & Equipment	363	436	314	412	445	209	0.00	0.00	1.63	5.76	4.11
Divestitures	0.00	44	-	-	-	-	0.00	0.00	3.21	0.00	0.00
Sale and/or Maturity of Investments	201	597	50	41	489	259	0.00	136	12	63	16
Other Investing Activities, net	-199	-342	252	569	-317	-136	-1,246	-1,281	-431	-272	-228
Net Cash From Financing Activities	113	-878	-41	-458	-179	-255	1,203	1,091	560	145	203
Net Cash From Continuing Financing Activities	113	-878	-41	-458	-179	-255	1,203	1,091	560	145	203
Repayment of Debt	-435	-1,454	-1,969	-954	-1,523	-930	-844	-1,010	-155	-2,032	-1,524
Payment of Dividends	-60	-62	-75	-105	-73	-71	-36	-51	-47	-52	-51
Issuance of Debt	551	716	2,289	712	1,487	803	1,848	1,830	577	2,272	2,011
Issuance of Common Equity	-	-	0.01	14	2.81	0.50	243	328	192	29	0.00
Other Financing Activities, net	127	21	-0.72	-116	-4.48	-2.72	-8.71	-6.16	-8.10	-72	-233

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.96	7.28	-7.57	-17	2.24	-7.14	8.87	-3.05	-1.68	9.48	-2.62
Net Cash From Operating Activities	1.80	23	-3.06	25	8.26	7.90	8.90	28	-1.41	12	-8.60
Net Cash From Continuing Operating Activities	1.80	23	-3.06	25	8.26	7.90	8.90	28	-1.41	12	-8.60
Net Income / (Loss) Continuing Operations	-123	41	31	30	20	26	29	28	29	28	29
Consolidated Net Income / (Loss)	-123	41	31	30	20	26	29	28	29	28	29
Depreciation Expense	2.52	2.49	2.49	2.49	2.48	2.49	2.20	2.13	2.11	2.11	1.85
Amortization Expense	2.41	2.41	2.44	2.33	2.43	2.53	2.63	2.62	2.63	2.71	2.69
Non-Cash Adjustments To Reconcile Net Income	122	-41	-24	-24	-21	-26	-23	-26	-17	-26	-30
Changes in Operating Assets and Liabilities, net	-2.68	18	-15	14	4.00	2.57	-2.00	22	-18	5.57	-12
Net Cash From Investing Activities	-94	-127	-75	-62	-54	-21	-7.00	-117	-56	-57	-86
Net Cash From Continuing Investing Activities	-94	-127	-75	-62	-54	-21	-7.00	-117	-56	-57	-86
Acquisitions	-15	-19	-9.19	-0.43	-	-0.43	-3.68	-12	-8.45	-5.04	-2.56
Sale of Property, Plant & Equipment	-	-	0.00	-	1.81	0.62	1.21	0.60	1.37	0.93	0.57
Sale and/or Maturity of Investments	-	12	22	33	-	1.38	11	1.67	1.70	1.28	0.86
Other Investing Activities, net	-68	-109	-88	-98	-56	-23	-16	-108	-51	-54	-84
Net Cash From Financing Activities	89	111	70	20	48	6.43	6.97	86	56	54	91
Net Cash From Continuing Financing Activities	90	110	70	20	48	6.43	6.97	86	56	54	91
Repayment of Debt	-145	-5.13	-330	-45	-495	-1,162	-193	-227	-312	-792	-680
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-3.20
Payment of Dividends	-11	-13	-13	-13	-13	-13	-13	-13	-13	-13	-13
Issuance of Debt	100	119	417	75	598	1,181	216	327	381	1,088	790
Other Financing Activities, net	-6.25	-0.03	-3.65	-1.47	-48	-0.31	-2.92	-1.18	-	-229	-2.44

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	5,598	4,826	4,731	5,014	5,085	4,862	4,841	5,851	6,548	6,899	7,249
Total Current Assets	711	329	658	932	307	786	672	20	141	128	182
Cash & Equivalents	711	329	658	932	307	99	340	20	19	8.35	22
Note & Lease Receivable	-	-	-	-	-	687	333	0.00	112	112	159
Inventories, net	-	-	-	-	-	-	-	0.00	9.71	7.23	2.03
Plant, Property, & Equipment, net	1,002	946	860	598	581	-18	287	707	704	695	689
Plant, Property & Equipment, gross	-	-	-	-	1,761	-	-	741	744	741	741
Accumulated Depreciation	-	-	-	-	234	18	21	34	40	46	52
Total Noncurrent Assets	3,885	3,551	3,213	3,484	4,206	4,094	3,903	5,124	5,704	6,081	6,381
Long-Term Investments	254	214	321	304	908	1,098	1,297	180	310	250	281
Noncurrent Note & Lease Receivables	1,620	1,462	1,313	999	1,257	9.04	88	4,630	5,058	5,499	5,809
Intangible Assets	-	-	-	-	-	-	-	218	211	209	204
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.00	7.62	5.22	3.52
Other Noncurrent Operating Assets	2,010	1,875	1,579	2,181	2,041	759	217	96	117	118	84
Total Liabilities & Shareholders' Equity	5,598	4,826	4,731	5,014	5,085	4,862	4,841	5,851	6,548	6,899	7,249
Total Liabilities	4,486	3,761	3,817	3,950	3,847	3,797	3,777	3,686	4,253	4,525	4,809
Total Current Liabilities	215	212	238	316	424	1,186	1,205	100	135	145	161
Accounts Payable	215	212	238	316	424	195	237	100	135	145	161
Total Noncurrent Liabilities	4,271	3,549	3,579	3,634	3,423	2,612	2,572	3,586	4,118	4,380	4,648
Long-Term Debt	4,119	3,390	3,476	3,609	3,387	2,612	2,572	3,521	4,054	4,317	4,586
Other Noncurrent Operating Liabilities	152	159	102	22	36	-	-	65	64	63	62
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	5.03	-	-	-	-	-	19	19	-	0.00
Total Equity & Noncontrolling Interests	1,101	1,060	914	1,064	1,238	1,064	1,063	2,146	2,277	2,374	2,440
Total Preferred & Common Equity	1,059	1,017	880	863	1,040	871	851	2,142	2,231	2,344	2,408
Total Common Equity	1,059	1,017	880	863	1,040	871	851	2,142	2,231	2,344	2,408
Common Stock	3,689	3,602	3,353	3,352	3,285	3,241	3,100	1,987	2,185	2,193	2,200
Retained Earnings	-2,625	-2,581	-2,471	-2,472	-2,206	-2,317	-2,227	151	48	102	166
Accumulated Other Comprehensive Income / (Loss)	-4.85	-4.22	-2.48	-17	-39	-53	-22	3.28	-1.34	49	43
Noncontrolling Interest	42	43	35	201	198	193	212	4.06	45	30	32

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,522	6,291	6,419	6,443	6,674	6,769	6,815	6,929	7,063	7,148	7,382
Total Current Assets	1,527	20	14	131	134	135	136	136	175	173	195
Cash & Equivalents	1,336	20	14	11	11	13	16	17	14	12	19
Note & Lease Receivable	177	-	-	112	112	112	112	113	156	158	175
Inventories, net	12	-	-	7.22	11	9.65	7.78	5.89	5.19	2.96	0.84
Plant, Property, & Equipment, net	339	-36	-37	706	702	698	696	693	692	690	690
Plant, Property & Equipment, gross	-	-	-	745	743	741	741	741	741	741	744
Accumulated Depreciation	-	36	37	39	42	43	45	48	49	51	54
Total Noncurrent Assets	1,635	6,306	6,442	5,607	5,838	5,936	5,983	6,101	6,200	6,288	6,500
Long-Term Investments	1,605	243	267	287	275	243	246	246	261	273	286
Noncurrent Note & Lease Receivables	1.04	4,683	4,765	4,919	5,190	5,322	5,422	5,545	5,641	5,722	5,910
Intangible Assets	-	216	214	213	213	211	210	207	207	205	203
Noncurrent Deferred & Refundable Income Taxes	-	-	6.23	7.17	6.74	6.61	6.71	4.35	3.67	3.89	3.46
Other Noncurrent Operating Assets	29	1,007	1,040	181	153	153	97	98	87	84	98
Total Liabilities & Shareholders' Equity	3,522	6,291	6,419	6,443	6,674	6,769	6,815	6,929	7,063	7,148	7,382
Total Liabilities	1,825	4,092	4,166	4,125	4,325	4,387	4,497	4,548	4,659	4,727	4,920
Total Current Liabilities	144	126	120	123	119	133	139	144	152	150	162
Accounts Payable	141	126	120	123	119	133	139	144	152	150	162
Total Noncurrent Liabilities	1,681	3,966	4,047	4,002	4,206	4,254	4,359	4,404	4,507	4,576	4,759
Long-Term Debt	1,681	3,902	3,982	3,938	4,143	4,191	4,296	4,341	4,444	4,514	4,697
Other Noncurrent Operating Liabilities	-	64	64	64	64	63	63	63	63	62	62
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	-	19	19	19	19	0.00	0.00	0.00	-	-	0.80
Total Equity & Noncontrolling Interests	1,698	2,179	2,234	2,299	2,330	2,382	2,318	2,381	2,404	2,421	2,461
Total Preferred & Common Equity	1,680	2,152	2,199	2,264	2,283	2,313	2,288	2,351	2,373	2,390	2,428
Total Common Equity	1,680	2,152	2,199	2,264	2,283	2,313	2,288	2,351	2,373	2,390	2,428
Common Stock	3,458	2,032	2,035	2,184	2,191	2,192	2,191	2,196	2,197	2,199	2,199
Retained Earnings	-1,773	144	155	19	66	83	89	119	134	151	182
Accumulated Other Comprehensive Income / (Loss)	-4.90	-24	9.12	61	26	38	7.69	35	42	41	47
Noncontrolling Interest	17	27	34	35	46	70	30	30	31	31	32

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.36%	12.99%	0.00%	19.82%	-70.38%	20.72%	-43.40%	44.54%	30.43%	3.72%	5.43%
EBITDA Growth	287.31%	-106.84%	21.07%	-42.50%	-162.50%	126.02%	240.44%	88.30%	-137.63%	285.53%	12.43%
EBIT Growth	0.80%	-104.67%	13.75%	-54.01%	-206.78%	86.15%	489.07%	107.19%	-156.83%	212.98%	15.86%
NOPAT Growth	0.80%	-107.61%	164.31%	-68.39%	-365.41%	94.43%	655.81%	107.19%	-139.78%	256.35%	16.62%
Net Income Growth	-139.05%	1,727.12%	79.88%	-110.17%	1,924.32%	-109.23%	337.76%	97.23%	-137.71%	295.39%	7.52%
EPS Growth	-55.00%	196.77%	160.00%	-160.90%	269.47%	-109.23%	337.76%	97.23%	-137.79%	280.49%	7.43%
Operating Cash Flow Growth	-463.03%	150.64%	244.34%	-123.76%	-89.10%	147.97%	22.99%	140.93%	-76.27%	145.96%	26.31%
Free Cash Flow Firm Growth	224.73%	-88.52%	2,101.49%	-93.11%	-467.60%	1,236.46%	-71.41%	-853.07%	87.36%	44.39%	42.41%
Invested Capital Growth	-41.18%	-8.30%	-12.78%	0.81%	-0.61%	-63.67%	-44.56%	696.66%	9.76%	6.84%	4.49%
Revenue Q/Q Growth	9.63%	8.92%	258.72%	-0.90%	-64.49%	309.25%	-16.35%	9.13%	9.18%	-2.96%	1.58%
EBITDA Q/Q Growth	1,142.94%	-103.74%	178.52%	-46.58%	-131.46%	104.95%	172.60%	-11.90%	21.84%	-10.21%	3.43%
EBIT Q/Q Growth	870.40%	-101.65%	189.38%	-53.61%	-146.37%	96.76%	140.26%	-7.34%	16.74%	-12.34%	4.32%
NOPAT Q/Q Growth	870.40%	-102.68%	191.69%	-67.96%	-180.90%	96.76%	157.51%	-7.34%	16.74%	-12.87%	4.75%
Net Income Q/Q Growth	78.08%	-17.04%	2.21%	-120.36%	26.01%	45.70%	-37.57%	8.40%	26.60%	-12.60%	1.64%
EPS Q/Q Growth	22.50%	-1.64%	25.81%	-195.96%	-38.31%	45.70%	-37.57%	8.40%	24.77%	-12.43%	1.27%
Operating Cash Flow Q/Q Growth	33.04%	108.06%	-29.47%	31.05%	27.93%	-8.78%	15.41%	77.38%	205.74%	-28.60%	10.19%
Free Cash Flow Firm Q/Q Growth	126,895.05%	-31.30%	1.80%	110.29%	-135.19%	2,921.95%	38.87%	-297.70%	89.48%	-10.42%	8.16%
Invested Capital Q/Q Growth	-2.11%	-2.65%	13.54%	-8.45%	-1.68%	-61.06%	-73.82%	1,209.27%	1.06%	1.29%	1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.42%	64.40%	57.40%	47.03%	-60.48%	32.26%	98.58%	98.85%	98.68%	98.84%	97.06%
EBITDA Margin	31.52%	-1.91%	33.08%	15.87%	-33.50%	7.22%	43.43%	56.58%	-16.32%	29.20%	31.13%
Operating Margin	17.21%	-0.71%	32.06%	12.31%	-110.29%	-5.09%	35.00%	50.17%	-21.86%	23.81%	26.17%
EBIT Margin	17.21%	-0.71%	32.06%	12.31%	-44.37%	-5.09%	35.00%	50.17%	-21.86%	23.81%	26.17%
Profit (Net Income) Margin	-1.24%	17.87%	23.37%	-1.98%	122.15%	-9.34%	39.23%	53.52%	-15.48%	29.15%	29.73%
Tax Burden Percent	5.73%	139.63%	354.02%	104.65%	-215.41%	26.55%	100.00%	100.00%	103.25%	96.87%	97.51%
Interest Burden Percent	-125.84%	-1,800.85%	20.58%	-15.40%	127.79%	690.75%	112.06%	106.68%	68.56%	126.39%	116.52%
Effective Tax Rate	0.00%	-14.17%	-1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.13%	2.49%
Return on Invested Capital (ROIC)	1.04%	-0.11%	6.88%	2.32%	-6.16%	-0.51%	6.78%	4.39%	-0.94%	1.35%	1.49%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.40%	3.38%	4.20%	-1.70%	17.79%	-2.12%	-1.24%	5.01%	-0.96%	1.93%	1.88%
Return on Net Nonoperating Assets (RNNOA)	-1.56%	9.32%	11.33%	-4.18%	35.21%	-2.17%	0.11%	4.57%	-1.51%	3.21%	3.27%
Return on Equity (ROE)	-0.52%	9.20%	18.21%	-1.85%	29.05%	-2.68%	6.90%	8.96%	-2.45%	4.57%	4.76%
Cash Return on Invested Capital (CROIC)	52.89%	8.55%	20.53%	1.51%	-5.56%	92.90%	64.12%	-151.00%	-10.24%	-5.26%	-2.90%
Operating Return on Assets (OROA)	1.54%	-0.08%	5.18%	2.33%	-2.41%	-0.34%	1.35%	2.54%	-1.24%	1.30%	1.43%
Return on Assets (ROA)	-0.11%	1.92%	3.77%	-0.38%	6.62%	-0.62%	1.51%	2.71%	-0.88%	1.59%	1.62%
Return on Common Equity (ROCE)	-0.49%	8.78%	17.45%	-1.63%	24.02%	-2.23%	5.58%	8.31%	-2.40%	4.47%	4.70%
Return on Equity Simple (ROE_SIMPLE)	-0.58%	9.86%	20.49%	-2.12%	32.13%	-3.54%	8.62%	6.76%	-2.45%	4.55%	0.00%
Net Operating Profit after Tax (NOPAT)	60	-4.55	252	80	-211	-12	65	136	-54	84	98
NOPAT Margin	12.05%	-0.81%	32.66%	8.62%	-77.20%	-3.56%	35.00%	50.17%	-15.30%	23.07%	25.52%
Net Nonoperating Expense Percent (NNEP)	1.44%	-3.49%	2.68%	4.02%	-23.95%	1.62%	8.02%	-0.61%	0.02%	-0.57%	-0.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.39%	-0.85%	1.26%	1.40%
Cost of Revenue to Revenue	13.58%	35.60%	42.60%	52.97%	64.85%	67.74%	1.42%	1.15%	1.32%	1.16%	2.94%
SG&A Expenses to Revenue	17.67%	16.04%	15.54%	10.62%	40.82%	30.70%	15.84%	18.05%	24.51%	15.56%	15.07%
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	69.21%	65.11%	25.34%	34.73%	49.81%	37.36%	63.57%	48.67%	120.54%	75.03%	70.89%
Earnings before Interest and Taxes (EBIT)	85	-3.98	247	114	-121	-17	65	136	-77	87	101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	156	-11	255	147	-92	24	81	153	-58	107	120
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.28	2.06	2.16	1.87	2.37	3.62	6.23	1.15	0.88	0.68	0.49
Price to Tangible Book Value (P/TBV)	2.28	2.06	2.16	1.87	2.37	3.62	6.23	1.28	0.97	0.75	0.54
Price to Revenue (P/Rev)	4.86	3.74	2.46	1.75	9.02	9.54	28.38	9.14	5.57	4.39	3.08
Price to Earnings (P/E)	0.00	47.64	17.12	0.00	8.47	0.00	72.58	18.24	0.00	15.17	10.39
Dividend Yield	0.00%	0.00%	5.38%	16.02%	12.32%	12.30%	7.35%	0.00%	7.24%	3.83%	5.17%
Earnings Yield	0.00%	2.10%	5.84%	0.00%	11.81%	0.00%	1.38%	5.48%	0.00%	6.59%	9.63%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.28	1.30	1.22	1.42	3.83	9.37	1.06	0.96	0.89	0.82
Enterprise Value to Revenue (EV/Rev)	11.32	8.90	5.75	4.53	17.68	14.41	34.51	21.51	16.32	15.57	14.27
Enterprise Value to EBITDA (EV/EBITDA)	35.93	0.00	17.37	28.56	0.00	199.54	79.47	38.02	0.00	53.33	45.85
Enterprise Value to EBIT (EV/EBIT)	65.81	0.00	17.92	36.84	0.00	0.00	98.60	42.87	0.00	65.38	54.55
Enterprise Value to NOPAT (EV/NOPAT)	94.01	0.00	17.59	52.63	0.00	0.00	98.60	42.87	0.00	67.50	55.94
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	169.21	43.64	0.00	0.00	217.51	239.79	89.66	373.77	150.41	115.11
Enterprise Value to Free Cash Flow (EV/FCFF)	1.84	14.27	5.90	80.86	0.00	2.20	10.43	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.70	3.18	3.80	3.39	2.74	2.45	2.42	1.63	1.77	1.82	1.88
Long-Term Debt to Equity	3.70	3.18	3.80	3.39	2.74	2.45	2.42	1.63	1.77	1.82	1.88
Financial Leverage	3.86	2.76	2.70	2.46	1.98	1.02	-0.09	0.91	1.58	1.67	1.73
Leverage Ratio	4.66	4.79	4.83	4.93	4.39	4.32	4.56	3.31	2.78	2.88	2.94
Compound Leverage Factor	-5.87	-86.23	0.99	-0.76	5.61	29.84	5.11	3.53	1.91	3.64	3.42
Debt to Total Capital	78.74%	76.10%	79.18%	77.23%	73.23%	71.05%	70.75%	61.93%	63.85%	64.52%	65.27%
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	78.74%	76.10%	79.18%	77.23%	73.23%	71.05%	70.75%	61.93%	63.85%	64.52%	65.27%
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	1.01%	1.08%	0.79%	4.30%	4.27%	5.26%	5.83%	0.41%	1.01%	0.45%	0.45%
Common Equity to Total Capital	20.25%	22.82%	20.04%	18.47%	22.50%	23.69%	23.42%	37.66%	35.14%	35.03%	34.28%
Debt to EBITDA	26.34	-316.93	13.63	24.60	-36.94	109.48	31.67	23.03	-70.46	40.44	38.20
Net Debt to EBITDA	20.17	-266.15	9.79	16.18	-23.69	59.34	11.52	21.72	-64.74	38.02	35.68
Long-Term Debt to EBITDA	26.34	-316.93	13.63	24.60	-36.94	109.48	31.67	23.03	-70.46	40.44	38.20
Debt to NOPAT	68.94	-745.28	13.80	45.33	-16.03	-221.76	39.29	25.96	-75.15	51.18	46.61
Net Debt to NOPAT	52.78	-625.87	9.91	29.81	-10.28	-120.19	14.29	24.49	-69.05	48.12	43.54
Long-Term Debt to NOPAT	68.94	-745.28	13.80	45.33	-16.03	-221.76	39.29	25.96	-75.15	51.18	46.61
Altman Z-Score	-0.09	-0.27	0.01	-0.04	-0.27	-0.21	0.15	0.54	0.30	0.33	0.28
Noncontrolling Interest Sharing Ratio	4.87%	4.65%	4.18%	11.91%	17.32%	16.98%	19.05%	7.28%	1.96%	2.02%	1.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.31	1.55	2.76	2.95	0.72	0.66	0.56	0.20	1.05	0.88	1.13
Quick Ratio	3.31	1.55	2.76	2.95	0.72	0.66	0.56	0.20	0.97	0.83	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,046	350	752	52	-190	2,165	619	-4,661	-589	-328	-191
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	134.45%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	13.54	215.92	3.59	0.27	-1.12	15.59	0.00	0.00	0.00	0.00	-85.86
Operating Cash Flow to Interest Expense	-0.26	18.21	0.48	-0.12	-0.27	0.16	0.00	0.00	0.00	0.00	21.50
Operating Cash Flow Less CapEx to Interest Expense	0.60	156.27	1.37	1.23	0.24	1.37	0.00	0.00	0.00	0.00	23.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.11	0.16	0.19	0.05	0.07	0.04	0.05	0.06	0.05	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	0.50	2.45
Fixed Asset Turnover	0.00	0.58	0.85	1.27	0.46	0.00	0.00	0.54	0.50	0.52	0.56
Accounts Payable Turnover	0.34	0.94	1.46	1.77	0.48	0.72	0.01	0.02	0.04	0.03	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)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	732.07	149.24
Days Payable Outstanding (DPO)	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	4,937.75
Cash Conversion Cycle (CCC)	-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	-4,788.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,266	3,911	3,412	3,440	3,419	1,242	689	5,486	6,021	6,433	6,726
Invested Capital Turnover	0.09	0.14	0.21	0.27	0.08	0.14	0.19	0.09	0.06	0.06	0.06
Increase / (Decrease) in Invested Capital	-2,986	-354	-500	28	-21	-2,177	-554	4,797	535	412	289
Enterprise Value (EV)	5,617	4,990	4,431	4,190	4,839	4,760	6,454	5,814	5,753	5,694	5,504
Market Capitalization	2,411	2,095	1,899	1,616	2,470	3,151	5,307	2,470	1,963	1,605	1,189
Book Value per Share	$12.49	$14.28	$12.90	$12.69	$16.74	$11.77	$12.25	$24.70	$31.40	$32.81	$33.56
Tangible Book Value per Share	$12.49	$14.28	$12.90	$12.69	$16.74	$11.77	$12.25	$22.19	$28.43	$29.89	$30.72
Total Capital	5,231	4,455	4,391	4,673	4,625	3,676	3,635	5,686	6,350	6,691	7,026
Total Debt	4,119	3,390	3,476	3,609	3,387	2,612	2,572	3,521	4,054	4,317	4,586
Total Long-Term Debt	4,119	3,390	3,476	3,609	3,387	2,612	2,572	3,521	4,054	4,317	4,586
Net Debt	3,154	2,847	2,497	2,373	2,172	1,416	935	3,321	3,725	4,059	4,283
Capital Expenditures (CapEx)	-193	-224	-186	-264	-87	-169	0.00	0.00	11	-5.76	-4.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-215	-212	-238	-316	-424	-499	-872	-100	-13	-25	-0.75
Debt-free Net Working Capital (DFNWC)	496	117	420	616	-117	-400	-533	-80	6.07	-17	21
Net Working Capital (NWC)	496	117	420	616	-117	-400	-533	-80	6.07	-17	21
Net Nonoperating Expense (NNE)	66	-105	72	98	-546	19	-7.90	-9.06	0.61	-22	-16
Net Nonoperating Obligations (NNO)	3,154	2,847	2,497	2,375	2,181	178	-375	3,321	3,725	4,059	4,286
Total Depreciation and Amortization (D&A)	71	-6.71	7.81	33	30	41	16	17	20	20	19
Debt-free, Cash-free Net Working Capital to Revenue	-43.31%	-37.75%	-30.86%	-34.22%	-155.05%	-150.93%	-466.44%	-37.13%	-3.60%	-6.95%	-0.19%
Debt-free Net Working Capital to Revenue	100.05%	20.91%	54.42%	66.60%	-42.82%	-121.08%	-284.85%	-29.70%	1.72%	-4.66%	5.44%
Net Working Capital to Revenue	100.05%	20.91%	54.42%	66.60%	-42.82%	-121.08%	-284.85%	-29.70%	1.72%	-4.66%	5.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.03)	$2.93	$7.62	($4.64)	$22.02	($4.25)	$6.88	$30.75	($0.82)	$1.48	$1.60
Adjusted Weighted Average Basic Shares Outstanding	15.58M	15.04M	14.55M	13.92M	13.25M	15.50M	14.71M	12.92M	66.69M	71.37M	71.69M
Adjusted Diluted Earnings per Share	($3.03)	$2.69	$7.62	($4.64)	$18.21	($4.25)	$6.88	$30.75	($0.82)	$1.48	$1.59
Adjusted Weighted Average Diluted Shares Outstanding	15.58M	20.17M	14.55M	13.92M	16.52M	15.50M	14.71M	12.92M	66.69M	71.45M	71.79M
Adjusted Basic & Diluted Earnings per Share	($3.03)	$0.00	$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	0.00	0.00	13.96M	15.87M	15.13M	14.14M	13.89M	71.08M	71.45M	71.76M
Normalized Net Operating Profit after Tax (NOPAT)	67	7.35	196	183	-204	-7.72	46	95	48	84	98
Normalized NOPAT Margin	13.53%	1.31%	25.38%	19.76%	-74.40%	-2.34%	24.50%	35.12%	13.56%	23.07%	25.52%
Pre Tax Income Margin	-21.65%	12.80%	6.60%	-1.89%	-56.71%	-35.17%	39.23%	53.52%	-14.99%	30.10%	30.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.38	-2.46	1.18	0.59	-0.72	-0.12	0.00	0.00	0.00	0.00	45.37
NOPAT to Interest Expense	0.27	-2.81	1.20	0.41	-1.25	-0.08	0.00	0.00	0.00	0.00	44.24
EBIT Less CapEx to Interest Expense	1.24	135.59	2.07	1.94	-0.20	1.09	0.00	0.00	0.00	0.00	47.21
NOPAT Less CapEx to Interest Expense	1.12	135.25	2.09	1.77	-0.73	1.13	0.00	0.00	0.00	0.00	46.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-979.32%	61.98%	41.43%	-575.50%	21.70%	-231.18%	49.07%	35.07%	-85.57%	48.32%	44.49%
Augmented Payout Ratio	-2,108.30%	161.13%	66.91%	-620.81%	42.13%	-408.04%	49.07%	35.07%	-85.57%	65.61%	44.49%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	71,756,731.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	71,756,731.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.34%	40.42%	19.00%	4.94%	6.01%	-10.83%	4.79%	4.39%	6.02%	6.53%	13.49%
EBITDA Growth	-261.71%	67.80%	308.55%	38.83%	116.59%	-30.53%	2.07%	-0.52%	42.47%	14.38%	-0.14%
EBIT Growth	-278.06%	79.89%	901.96%	51.60%	112.19%	-35.14%	2.90%	-0.32%	56.73%	18.45%	0.97%
NOPAT Growth	-224.64%	75.08%	886.97%	50.56%	116.85%	-36.76%	1.42%	-0.32%	60.73%	20.62%	1.60%
Net Income Growth	-262.95%	91.25%	557.95%	33.67%	116.24%	-37.09%	-5.22%	-5.37%	46.94%	7.11%	-1.74%
EPS Growth	-274.04%	77.14%	514.29%	20.00%	114.92%	-41.94%	-4.65%	-7.14%	51.85%	5.56%	-2.44%
Operating Cash Flow Growth	-67.18%	81.52%	55.03%	1,031.84%	359.26%	-65.75%	390.50%	13.09%	-117.03%	55.98%	-196.61%
Free Cash Flow Firm Growth	-346.43%	89.50%	93.38%	93.76%	93.28%	22.10%	33.22%	30.17%	26.74%	33.22%	-61.45%
Invested Capital Growth	1,321.96%	9.76%	6.32%	6.09%	6.61%	6.84%	4.10%	4.12%	4.75%	4.49%	6.14%
Revenue Q/Q Growth	-0.12%	20.41%	-9.53%	-3.56%	0.90%	1.29%	6.32%	-3.93%	2.47%	1.78%	13.27%
EBITDA Q/Q Growth	-703.67%	131.75%	-25.82%	-2.35%	-27.85%	32.94%	8.99%	-4.84%	3.33%	6.73%	-4.85%
EBIT Q/Q Growth	-922.81%	126.78%	-29.52%	-2.41%	-33.85%	42.53%	11.83%	-5.46%	4.01%	7.72%	-4.67%
NOPAT Q/Q Growth	-689.64%	137.24%	-30.57%	-3.89%	-33.99%	39.72%	14.41%	-5.54%	6.44%	4.85%	-3.64%
Net Income Q/Q Growth	-655.59%	133.74%	-25.15%	-4.75%	-32.49%	30.70%	12.78%	-4.90%	4.82%	-4.72%	3.45%
EPS Q/Q Growth	-617.14%	134.25%	-30.65%	-2.33%	-35.71%	33.33%	13.89%	-4.88%	5.13%	-7.32%	5.26%
Operating Cash Flow Q/Q Growth	167.71%	1,181.93%	-113.29%	908.06%	-66.63%	-4.41%	12.70%	214.58%	-105.02%	975.55%	-169.80%
Free Cash Flow Firm Q/Q Growth	-3.54%	91.09%	31.19%	1.45%	-11.45%	-3.27%	41.12%	-3.05%	-16.92%	4.95%	-40.98%
Invested Capital Q/Q Growth	0.07%	1.06%	3.05%	1.80%	0.55%	1.29%	0.41%	1.81%	1.16%	1.10%	1.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.44%	101.16%	98.08%	98.15%	91.00%	108.04%	96.46%	96.56%	97.48%	97.73%	98.82%
EBITDA Margin	-146.46%	38.62%	31.66%	32.06%	22.92%	30.09%	30.84%	30.55%	30.81%	32.30%	27.14%
Operating Margin	-152.22%	33.86%	26.38%	26.69%	17.50%	24.63%	25.90%	25.49%	25.87%	27.38%	23.05%
EBIT Margin	-152.22%	33.86%	26.38%	26.69%	17.50%	24.63%	25.90%	25.49%	25.87%	27.38%	23.05%
Profit (Net Income) Margin	-143.58%	40.24%	33.29%	32.88%	22.00%	28.39%	30.11%	29.80%	30.49%	28.54%	26.07%
Tax Burden Percent	100.04%	97.33%	98.50%	97.01%	96.80%	94.89%	97.09%	97.01%	99.27%	96.63%	97.68%
Interest Burden Percent	94.28%	122.10%	128.11%	126.96%	129.85%	121.47%	119.73%	120.54%	118.71%	107.86%	115.79%
Effective Tax Rate	0.00%	2.67%	1.50%	2.99%	3.20%	5.11%	2.91%	2.99%	0.73%	3.37%	2.32%
Return on Invested Capital (ROIC)	-10.79%	2.02%	1.59%	1.57%	1.04%	1.37%	1.47%	1.43%	1.50%	1.55%	1.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.48%	2.23%	1.77%	1.73%	1.16%	1.49%	1.59%	1.55%	1.61%	1.60%	1.44%
Return on Net Nonoperating Assets (RNNOA)	-7.92%	3.53%	2.91%	2.86%	1.91%	2.49%	2.67%	2.63%	2.81%	2.77%	2.52%
Return on Equity (ROE)	-18.71%	5.55%	4.50%	4.42%	2.95%	3.86%	4.14%	4.06%	4.31%	4.32%	3.87%
Cash Return on Invested Capital (CROIC)	-175.75%	-10.24%	-6.76%	-6.45%	-4.82%	-5.26%	-2.68%	-2.72%	-3.20%	-2.90%	-4.47%
Operating Return on Assets (OROA)	-9.87%	1.93%	1.50%	1.50%	0.99%	1.34%	1.41%	1.38%	1.41%	1.49%	1.28%
Return on Assets (ROA)	-9.31%	2.29%	1.89%	1.85%	1.25%	1.54%	1.64%	1.61%	1.66%	1.56%	1.45%
Return on Common Equity (ROCE)	-18.38%	5.44%	4.39%	4.31%	2.90%	3.78%	4.06%	3.98%	4.25%	4.27%	3.82%
Return on Equity Simple (ROE_SIMPLE)	-3.28%	0.00%	-1.24%	-0.90%	5.33%	0.00%	4.47%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-91	34	24	23	15	21	25	23	25	26	25
NOPAT Margin	-106.55%	32.95%	25.98%	25.90%	16.94%	23.37%	25.15%	24.73%	25.68%	26.46%	22.51%
Net Nonoperating Expense Percent (NNEP)	2.68%	-0.21%	-0.18%	-0.16%	-0.12%	-0.12%	-0.12%	-0.12%	-0.11%	-0.05%	-0.09%
Return On Investment Capital (ROIC_SIMPLE)	-	0.54%	-	-	-	0.32%	0.37%	0.34%	0.36%	0.37%	0.35%
Cost of Revenue to Revenue	1.56%	-1.16%	1.92%	1.85%	9.00%	-8.04%	3.54%	3.44%	2.52%	2.27%	1.18%
SG&A Expenses to Revenue	23.41%	16.55%	16.86%	14.06%	15.68%	15.59%	16.69%	14.17%	14.82%	14.56%	14.38%
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	250.66%	67.30%	71.70%	71.45%	73.50%	83.42%	70.56%	71.07%	71.61%	70.35%	75.77%
Earnings before Interest and Taxes (EBIT)	-130	35	25	24	16	23	25	24	25	27	26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-125	40	30	29	21	28	30	29	30	32	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.88	0.78	0.72	1.00	0.68	0.69	0.57	0.56	0.49	0.48
Price to Tangible Book Value (P/TBV)	0.73	0.97	0.86	0.80	1.10	0.75	0.76	0.62	0.62	0.54	0.53
Price to Revenue (P/Rev)	4.63	5.57	4.87	4.51	6.04	4.39	4.39	3.61	3.54	3.08	2.95
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	18.84	15.17	15.57	13.16	11.94	10.39	10.31
Dividend Yield	8.48%	7.24%	3.44%	3.67%	2.70%	3.83%	3.78%	4.55%	4.57%	5.17%	5.23%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	5.31%	6.59%	6.42%	7.60%	8.37%	9.63%	9.70%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.96	0.92	0.90	1.00	0.89	0.89	0.84	0.84	0.82	0.82
Enterprise Value to Revenue (EV/Rev)	16.07	16.32	15.54	15.28	16.83	15.57	15.49	14.84	14.77	14.27	14.04
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	53.33	53.33	53.40	51.77	48.30	45.85	46.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	63.83	65.38	65.31	63.28	57.95	54.55	55.36
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	65.50	67.50	67.71	65.62	59.68	55.94	56.69
Enterprise Value to Operating Cash Flow (EV/OCF)	1,030.86	373.77	298.34	121.97	119.60	150.41	115.10	104.62	129.17	115.11	184.72
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	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.70	1.77	1.76	1.76	1.85	1.82	1.82	1.85	1.86	1.88	1.91
Long-Term Debt to Equity	1.70	1.77	1.76	1.76	1.85	1.82	1.82	1.85	1.86	1.88	1.91
Financial Leverage	0.59	1.58	1.65	1.65	1.66	1.67	1.68	1.69	1.74	1.73	1.75
Leverage Ratio	2.48	2.78	2.85	2.85	2.86	2.88	2.88	2.89	2.95	2.94	2.96
Compound Leverage Factor	2.34	3.39	3.65	3.61	3.71	3.50	3.44	3.48	3.50	3.17	3.42
Debt to Total Capital	62.94%	63.85%	63.82%	63.75%	64.96%	64.52%	64.58%	64.90%	65.09%	65.27%	65.61%
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	62.94%	63.85%	63.82%	63.75%	64.96%	64.52%	64.58%	64.90%	65.09%	65.27%	65.61%
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	0.86%	1.01%	1.00%	1.06%	0.45%	0.45%	0.45%	0.45%	0.45%	0.45%	0.46%
Common Equity to Total Capital	36.19%	35.14%	35.18%	35.19%	34.59%	35.03%	34.97%	34.66%	34.47%	34.28%	33.92%
Debt to EBITDA	-53.49	-70.46	-117.51	-154.09	36.12	40.44	40.43	41.45	38.89	38.20	39.14
Net Debt to EBITDA	-49.43	-64.74	-109.38	-144.65	33.92	38.02	37.98	38.88	36.44	35.68	36.60
Long-Term Debt to EBITDA	-53.49	-70.46	-117.51	-154.09	36.12	40.44	40.43	41.45	38.89	38.20	39.14
Debt to NOPAT	-60.77	-75.15	-107.72	-127.99	44.37	51.18	51.27	52.53	48.06	46.61	47.55
Net Debt to NOPAT	-56.16	-69.05	-100.27	-120.15	41.66	48.12	48.16	49.28	45.03	43.54	44.46
Long-Term Debt to NOPAT	-60.77	-75.15	-107.72	-127.99	44.37	51.18	51.27	52.53	48.06	46.61	47.55
Altman Z-Score	0.21	0.36	0.33	0.31	0.38	0.29	0.30	0.27	0.27	0.25	0.25
Noncontrolling Interest Sharing Ratio	1.78%	1.96%	2.45%	2.65%	1.81%	2.02%	2.02%	2.09%	1.28%	1.28%	1.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.06	1.05	1.13	1.02	0.98	0.88	0.94	1.15	1.15	1.13	1.21
Quick Ratio	1.00	0.97	1.04	0.95	0.92	0.83	0.90	1.12	1.13	1.12	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,630	-501	-344	-339	-378	-391	-230	-237	-277	-263	-371
Operating Cash Flow to CapEx	0.00%	1,019.99%	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.00
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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.05	0.05	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	0.70	0.00	0.00	0.00	1.75	0.50	0.71	1.00	0.32	2.45	2.73
Fixed Asset Turnover	0.62	0.50	0.00	0.00	0.54	0.52	0.53	0.54	0.55	0.56	0.58
Accounts Payable Turnover	0.05	0.04	0.05	0.05	0.10	0.03	0.04	0.05	0.01	0.07	0.06
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)	522.70	0.00	0.00	0.00	208.49	732.07	511.84	363.36	1,140.92	149.24	133.78
Days Payable Outstanding (DPO)	7,205.57	9,212.27	7,841.93	7,306.34	3,637.03	12,076.32	8,135.78	6,971.82	30,728.34	4,937.75	6,074.66
Cash Conversion Cycle (CCC)	-6,682.86	-9,212.27	-7,841.93	-7,306.34	-3,428.54	-11,344.25	-7,623.95	-6,608.46	-29,587.43	-4,788.51	-5,940.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,958	6,021	6,205	6,316	6,351	6,433	6,459	6,577	6,653	6,726	6,856
Invested Capital Turnover	0.10	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
Increase / (Decrease) in Invested Capital	5,539	535	369	363	394	412	255	260	302	289	396
Enterprise Value (EV)	5,189	5,753	5,710	5,678	6,341	5,694	5,734	5,551	5,605	5,504	5,600
Market Capitalization	1,496	1,963	1,789	1,675	2,278	1,605	1,626	1,351	1,345	1,189	1,175
Book Value per Share	$35.40	$31.40	$32.08	$32.38	$32.03	$32.81	$32.90	$33.09	$33.31	$33.56	$33.84
Tangible Book Value per Share	$32.07	$28.43	$29.10	$29.42	$29.08	$29.89	$30.00	$30.21	$30.45	$30.72	$31.01
Total Capital	6,256	6,350	6,491	6,573	6,613	6,691	6,723	6,848	6,935	7,026	7,158
Total Debt	3,938	4,054	4,143	4,191	4,296	4,317	4,341	4,444	4,514	4,586	4,697
Total Long-Term Debt	3,938	4,054	4,143	4,191	4,296	4,317	4,341	4,444	4,514	4,586	4,697
Net Debt	3,639	3,725	3,856	3,934	4,034	4,059	4,078	4,169	4,229	4,283	4,392
Capital Expenditures (CapEx)	0.00	2.26	0.00	0.00	-1.81	-0.62	-1.21	-0.60	-1.37	-0.93	-0.57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.68	-13	4.21	-11	-18	-25	-26	8.85	9.97	-0.75	14
Debt-free Net Working Capital (DFNWC)	7.80	6.07	15	2.74	-2.90	-17	-8.27	23	22	21	33
Net Working Capital (NWC)	7.80	6.07	15	2.74	-2.90	-17	-8.27	23	22	21	33
Net Nonoperating Expense (NNE)	32	-7.50	-6.81	-6.28	-4.59	-4.61	-4.85	-4.77	-4.62	-2.04	-3.94
Net Nonoperating Obligations (NNO)	3,639	3,725	3,856	3,934	4,034	4,059	4,078	4,172	4,232	4,286	4,394
Total Depreciation and Amortization (D&A)	4.93	4.90	4.93	4.82	4.92	5.02	4.83	4.75	4.74	4.82	4.54
Debt-free, Cash-free Net Working Capital to Revenue	-1.14%	-3.60%	1.15%	-2.87%	-4.90%	-6.95%	-6.91%	2.36%	2.63%	-0.19%	3.48%
Debt-free Net Working Capital to Revenue	2.42%	1.72%	4.22%	0.74%	-0.77%	-4.66%	-2.23%	6.08%	5.82%	5.44%	8.32%
Net Working Capital to Revenue	2.42%	1.72%	4.22%	0.74%	-0.77%	-4.66%	-2.23%	6.08%	5.82%	5.44%	8.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.81)	$0.62	$0.43	$0.42	$0.27	$0.36	$0.41	$0.39	$0.41	$0.39	$0.40
Adjusted Weighted Average Basic Shares Outstanding	67.98M	66.69M	71.17M	71.44M	71.44M	71.37M	71.52M	71.74M	71.76M	71.69M	71.81M
Adjusted Diluted Earnings per Share	($1.81)	$0.62	$0.43	$0.42	$0.27	$0.36	$0.41	$0.39	$0.41	$0.38	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	67.98M	66.69M	71.24M	71.46M	71.54M	71.45M	71.64M	71.80M	71.84M	71.79M	71.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.62	$0.00	$0.00	$0.00	$0.36	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	71.07M	71.08M	71.44M	71.44M	71.44M	71.45M	71.72M	71.76M	71.76M	71.76M	71.61M
Normalized Net Operating Profit after Tax (NOPAT)	11	34	24	23	15	21	25	23	25	26	25
Normalized NOPAT Margin	12.37%	32.95%	25.98%	25.90%	16.94%	23.37%	25.15%	24.73%	25.68%	26.46%	22.51%
Pre Tax Income Margin	-143.51%	41.34%	33.79%	33.89%	22.73%	29.91%	31.01%	30.72%	30.71%	29.53%	26.69%
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	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.00
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	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-71.26%	-85.57%	-130.16%	-239.08%	42.58%	48.32%	49.00%	49.67%	45.30%	44.49%	44.72%
Augmented Payout Ratio	-71.26%	-85.57%	-130.16%	-239.08%	42.58%	65.61%	49.00%	49.67%	45.30%	44.49%	44.72%

Financials Breakdown Chart

Key Financial Trends

Safehold (NYSE: SAFE) has shown growing scale in 2025 with solid profitability and a high-margin revenue model, but its cash flow is heavily influenced by investing activities and a rising debt load. Below are the key trends from the quarterly statements covering the last four years, focused for retail investors.

Revenue growth: Safehold’s Q4 2025 revenue was about $97.9 million, up from roughly $91.9 million in Q4 2024, with 2025 quarters generally higher than 2024 levels, signaling continued demand and scale.
Very high gross margin: Total Gross Profit in Q4 2025 was about $95.7 million on $97.9 million in revenue, implying a gross margin near 97% driven by low cost of revenue and favorable composition.
Consistent profitability: Net income attributable to common shareholders remained solid in 2025 quarters, typically in the $27–29 million range (e.g., about $29.28 million in Q3 2025), indicating ongoing quarterly profitability.
Steady per-share dividend: Cash dividends per share are reported at $0.177 per quarter, suggesting a stable, predictable payout for investors.
Operating cash flow is volatile: Net cash from continuing operating activities fluctuated (e.g., +$28.0M in Q2 2025, -$1.41M in Q3 2025, +$12.32M in Q4 2025), reflecting sensitivity to working capital timing.
Debt-focused financing activity: 2025 quarterly financing included meaningful debt issuance, providing liquidity to support investments and growth, albeit with a higher leverage profile.
Balance sheet progress: Total assets rose from about $6.3B in 2024 to around $7.15B in 2025, with equity also edging higher, signaling a larger asset base and modestly stronger equity position.
Growing noncurrent assets: Noncurrent assets, including long-term notes receivable and other noncurrent assets, expanded over time, reflecting Safehold’s loan and lease portfolios.
Investing cash flow remains negative: Net cash from investing activities was a sizable outflow in 2025 (e.g., about -$57.0M in Q4 2025; -$56.22M in Q3 2025), indicating ongoing capital deployment that reduces cash in the period.
Rising leverage: Long-term debt sits around $4.3B–$4.5B with total equity near $2.3B–$2.4B, signaling elevated leverage and ongoing interest obligations that could pressure cash flow and financial flexibility.

Overall, Safehold shows healthy top-line growth and robust gross margins with meaningful quarterly profitability, supported by financing activity. However, investors should watch cash flow volatility, ongoing sizable investing outflows, and rising leverage as the company deploys capital to expand its lease portfolio and related assets.

05/06/26 04:52 AM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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

Over the last 10 years, Safehold's net income changed from -$6.16 million in 2015 to $114.63 million in 2025, a change of -1,961.8%. Check out Safehold's forecast to explore projected trends and price targets.

What is Safehold's operating income?

Safehold's total operating income in 2025 was $100.90 million, based on the following breakdown:

Total Gross Profit: $374.23 million
Total Operating Expenses: $273.33 million

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

Over the last 10 years, Safehold's total revenue changed from $496.03 million in 2015 to $385.55 million in 2025, a change of -22.3%.

How much debt does Safehold have?

Safehold's total liabilities were at $4.81 billion at the end of 2025, a 6.3% increase from 2024, and a 7.2% increase since 2015.

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 $21.71 million as of their latest financial filing in 2025.

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 12.49 in 2015 to 33.56 in 2025, a change of 168.7%.

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Financial statements for NYSE:SAFE last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Safehold (SAFE) Financials

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