Safehold Inc. SAFE

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are a publicly-traded company that operates our business through one reportable segment by acquiring, managing and capitalizing ground leases. We believe that our business has characteristics comparable to a high-grade, fixed income investment business, but with certain unique advantages. Relative to alternative fixed income investments generally, our ground leases typically benefit from built-in growth derived from contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both), and the opportunity to realize value from residual rights to take ownership of the buildings and other improvements on our land at no additional cost to us. Our CPI lookbacks are generally capped between 3.0% - 3.5% and generally start between years 11 and 21 of the lease term. In the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. We believe that these features offer us the opportunity to realize superior risk-adjusted total returns when compared to certain alternative highly-rated investments.

Last close 11.23 2026-10-23
Market cap $795.3M 2026-06-30 share count
52-week range 10.61 - 17.45

Valuation FY2025 figures against the last close

P/S2.1x
P/E7.1x
P/FCF16.6x
EV/EBITDA53.1x
Dividend yield6.4%
Diluted EPS1.59

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $385.6M$365.7M$352.6M$270.3M$187.0M$324.1M$273.7M$798.1M$679.2M$455.2M
Cost of revenue $4.8M$4.2M$4.7M$3.1M$2.7M—————
Gross profit $380.8M$361.5M$347.9M$267.2M$184.4M—————
SG&A $54.3M$54.9M$68.6M$38.6M$28.8M$100.9M$98.6M$92.1M$98.9M$84.0M
Total operating expenses $284.7M$278.6M$430.1M$190.5M$121.6M$474.1M$455.5M$994.1M$718.6M$564.5M
Operating income $100.9M$87.1M-$77.1M$135.6M$65.5M—————
Interest expense ——$181.0M$129.0M$79.7M$126.8M$141.7M$183.8M$194.7M$221.4M
Pre-tax income $117.6M$110.1M-$52.8M$144.7M$73.4M-$116.2M-$155.2M-$17.5M$50.9M$71.7M
Income tax $2.9M$3.4M$1.7M$567.0K$118.0K$89.0K$369.0K$815.0K$948.0K$10.2M
Net income $114.5M$105.8M-$55.0M$135.4M$73.1M-$42.4M$324.0M-$32.3M$175.7M$95.3M
EPS, basic 1.601.48-0.822.171.32-0.874.51-0.951.560.60
EPS, diluted 1.591.48-0.822.171.32-0.874.51-0.951.560.60
Shares, diluted (wtd. avg.) 71.8M71.5M66.7M62.4M55.3M75.7M64.7M68.0M71.0M73.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $21.7M$8.3M$18.8M$48.4M$38.5M$96.5M$352.2M$974.5M$677.7M$328.7M
Property, plant and equipment $461.0K$647.0K$979.0K———————
Other intangibles $204.0M$208.7M$211.1M$217.8M$1.2M$2.5M$175.0M$156.3M$27.1M$30.7M
Total assets $7.25B$6.90B$6.55B$5.85B$4.84B$4.86B$5.09B$5.01B$4.73B$4.83B
Long-term debt $4.59B$4.32B$4.05B$3.52B$2.57B$2.57B$3.39B$3.61B$3.48B$3.39B
Total liabilities $4.81B$4.53B$4.25B$3.69B$3.78B$3.80B$3.85B$3.95B$3.82B$3.76B
Retained earnings $165.7M$102.5M$47.6M$151.2M-$2.23B-$2.32B-$2.21B-$2.47B-$2.47B-$2.58B
Total equity $2.41B$2.34B$2.28B$2.15B$1.69B$1.38B$1.24B$1.06B$914.2M$1.06B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $47.8M$37.9M$15.4M$64.9M$26.9M$21.9M-$45.6M-$24.1M$101.5M$29.5M
Depreciation and amortisation ———$5.5M$59.3M$58.1M$58.3M$58.7M$49.9M$54.3M
Stock-based compensation $12.5M$13.8M$23.2M$1.5M$1.8M$39.4M$30.4M$17.6M$18.8M$10.9M
Capital expenditure ———————$60.5M$37.1M$69.8M
Investing cash flow -$237.2M-$212.4M-$576.6M-$1.15B-$1.29B$31.2M-$398.1M$778.9M$263.1M$465.0M
Financing cash flow $203.0M$144.9M$559.5M$1.09B$1.20B-$255.0M-$178.6M-$457.9M-$41.5M-$877.7M
Dividends paid $50.9M$50.6M$46.0M$42.2M$35.9M$32.7M$25.1M$12.2M$0$0
Buybacks ————$122.6M$54.6M$68.3M$8.3M$45.9M$99.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001095651-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M 1B Revenue, FY2016: 455.2M Net income, FY2016: 95.3M Revenue, FY2017: 679.2M Net income, FY2017: 175.7M Revenue, FY2018: 798.1M Net income, FY2018: -32.3M Revenue, FY2019: 273.7M Net income, FY2019: 324M Revenue, FY2020: 324.1M Net income, FY2020: -42.4M Revenue, FY2021: 187M Gross profit, FY2021: 184.4M Net income, FY2021: 73.1M Revenue, FY2022: 270.3M Gross profit, FY2022: 267.2M Net income, FY2022: 135.4M Revenue, FY2023: 352.6M Gross profit, FY2023: 347.9M Net income, FY2023: -55M Revenue, FY2024: 365.7M Gross profit, FY2024: 361.5M Net income, FY2024: 105.8M Revenue, FY2025: 385.6M Gross profit, FY2025: 380.8M Net income, FY2025: 114.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $455.2M $679.2M $798.1M $273.7M $324.1M $187.0M $270.3M $352.6M $365.7M $385.6M
Gross profit — — — — — $184.4M $267.2M $347.9M $361.5M $380.8M
Net income $95.3M $175.7M -$32.3M $324.0M -$42.4M $73.1M $135.4M -$55.0M $105.8M $114.5M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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