Safehold Inc (SAFE) reported $385.6M in revenue for fiscal year 2025, up 5.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Large, low-turnover assets produce thin cash relative to earnings, so external financing still helps fund growth and payouts.
From FY2023 to FY2025, operating margin swung from-21.9% to26.2% , but gross margin barely moved across the same period, pointing to overhead normalization rather than a fundamental change in asset-level economics. That accounting recovery has not become equally strong cash: FY2025 operating cash flow was only$47.8M against net income of$114.5M , so reported profit still converts slowly into spendable funds and leaves less room for self-funded expansion.
With
In FY2025, dividend coverage from operations was thin because dividends paid of
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Safehold Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Safehold Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Safehold Inc generates $0.42 in operating cash flow ($47.8M OCF vs $114.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Safehold Inc earns $0.49 in operating income for every $1 of interest expense ($100.9M vs $206.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Safehold Inc generated $385.6M in revenue in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Safehold Inc's EBITDA was $109.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.8% from the prior year.
Safehold Inc reported $114.5M in net income in fiscal year 2025. This represents an increase of 8.2% from the prior year.
Safehold Inc earned $1.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Cash & Balance Sheet
Safehold Inc held $21.7M in cash against $4.6B in long-term debt as of fiscal year 2025.
Safehold Inc paid $0.71 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Safehold Inc's gross margin was 98.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Safehold Inc's operating margin was 26.2% in fiscal year 2025, reflecting core business profitability. This is up 2.4 percentage points from the prior year.
Safehold Inc's net profit margin was 29.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.
Safehold Inc's ROE was 4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the prior year.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
SAFE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $419.5M | $385.6M+5.4% | $365.7M+3.7% | $352.6M+30.4% | $270.3M+44.5% | $187.0M-42.3% | $324.1M+18.4% | $273.7M-65.7% | $798.1M+17.5% | $679.2M+49.2% | $455.2M-8.2% | $496.0M+11.4% | $445.1M+13.9% | $390.8M-1.7% | $397.5M-14.0% | $462.5M |
| Cost of Revenue | $4.8M | $4.8M+12.7% | $4.2M-9.2% | $4.7M+49.6% | $3.1M+16.8% | $2.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $414.7M | $380.8M+5.3% | $361.5M+3.9% | $347.9M+30.2% | $267.2M+44.9% | $184.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $56.9M | $54.3M-1.1% | $54.9M-19.9% | $68.6M+77.6% | $38.6M+34.3% | $28.8M-71.5% | $100.9M+2.3% | $98.6M+7.0% | $92.1M-6.8% | $98.9M+17.7% | $84.0M+3.4% | $81.3M-7.9% | $88.3M-4.2% | $92.1M+13.9% | $80.9M-23.0% | $105.0M |
| Operating Income | $105.5M | $100.9M+15.9% | $87.1M+213.0% | -$77.1M-156.8% | $135.6M+107.2% | $65.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $213.7M | $206.7M+4.4% | $198.0M+9.4% | $181.0M+40.4% | $129.0M+61.8% | $79.7M-37.2% | $126.8M-10.5% | $141.7M-22.9% | $183.8M-5.6% | $194.7M-12.1% | $221.4M-1.4% | $224.6M+0.1% | $224.5M-15.7% | $266.2M-25.0% | $355.1M+3.8% | $342.2M |
| Income Tax | $3.3M | $2.9M-14.9% | $3.4M+100.4% | $1.7M+203.2% | $567K+580.5% | -$118K-232.6% | $89K-75.9% | $369K-54.7% | $815K+186.0% | -$948K+90.7% | -$10.2M-233.1% | $7.6M+95.3% | $3.9M+693.6% | -$659K-107.8% | $8.4M+279.0% | -$4.7M |
| Net Income | $116.2M | $114.5M+8.2% | $105.8M+292.4% | -$55.0M-140.6% | $135.4M+85.2% | $73.1M+272.3% | -$42.4M-113.1% | $324.0M+1104.4% | -$32.3M-118.4% | $175.7M+84.3% | $95.3M+4014.0% | -$2.4M-114.8% | $16.5M+114.7% | -$112.0M+53.3% | -$239.9M-987.4% | -$22.1M |
| EPS (Diluted) | — | $1.59+7.4% | $1.48+280.5% | -$0.82-137.8% | $2.17+64.4% | $1.32+251.7% | -$0.87-119.3% | $4.51 | -$0.95 | $1.56+160.0% | $0.60 | -$0.62-55.0% | -$0.40 | N/A | -$3.26 | -$0.70 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SAFE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.2B+5.1% | $6.9B+5.4% | $6.5B+11.9% | $5.9B+20.9% | $4.8B-0.4% | $4.9B-4.4% | $5.1B+1.4% | $5.0B+6.0% | $4.7B-2.0% | $4.8B-13.8% | $5.6B+2.5% | $5.5B-3.2% | $5.6B-8.4% | $6.2B-18.1% | $7.5B |
| Cash & Equivalents | $21.7M+160.1% | $8.3M-55.5% | $18.8M-6.5% | $20.1M-32.3% | $29.6M-70.0% | $98.6M-67.9% | $307.2M-67.0% | $931.8M+41.7% | $657.7M+100.1% | $328.7M-53.8% | $711.1M+50.6% | $472.1M-8.1% | $513.6M+100.3% | $256.3M-28.2% | $356.8M |
| Total Liabilities | $4.8B+6.3% | $4.5B+6.4% | $4.3B+15.4% | $3.7B-2.4% | $3.8B-0.5% | $3.8B-1.3% | $3.8B-2.6% | $4.0B+3.5% | $3.8B+1.5% | $3.8B-16.2% | $4.5B+6.7% | $4.2B-2.9% | $4.3B-10.4% | $4.8B-18.7% | $5.9B |
| Long-Term Debt | $4.6B+6.2% | $4.3B+6.5% | $4.1B+15.1% | $3.5B+36.9% | $2.6B+0.1% | $2.6B-24.1% | $3.4B-6.2% | $3.6B+3.8% | $3.5B+2.6% | $3.4B-17.7% | $4.1B+2.4% | $4.0B-3.3% | $4.2B-11.4% | $4.7B-19.6% | $5.8B |
| Total Equity | $2.4B+2.7% | $2.3B+5.1% | $2.2B+4.2% | $2.1B+151.6% | $851.3M-2.3% | $871.0M-16.3% | $1.0B+20.6% | $863.0M-1.9% | $879.7M-13.5% | $1.0B-4.0% | $1.1B-11.5% | $1.2B-3.7% | $1.2B+0.3% | $1.2B-18.9% | $1.5B |
| Retained Earnings | $165.7M+61.7% | $102.5M+115.4% | $47.6M-68.5% | $151.2M+106.8% | -$2.2B+3.9% | -$2.3B-5.0% | -$2.2B+10.8% | -$2.5B-0.1% | -$2.5B+4.3% | -$2.6B+1.7% | -$2.6B-2.7% | -$2.6B-1.4% | -$2.5B-6.8% | -$2.4B-13.6% | -$2.1B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
SAFE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $36.9M | $47.8M+26.3% | $37.9M+146.0% | $15.4M-76.3% | $64.9M+140.9% | $26.9M+23.0% | $21.9M+148.0% | -$45.6M-89.1% | -$24.1M-123.8% | $101.5M+244.3% | $29.5M+150.6% | -$58.2M-463.0% | -$10.3M+94.3% | -$180.5M+6.0% | -$191.9M-571.6% | -$28.6M |
| Investing Cash Flow | -$321.8M | -$237.2M-11.7% | -$212.4M+63.2% | -$576.6M+49.7% | -$1.1B+11.0% | -$1.3B-4231.0% | $31.2M+107.8% | -$398.1M-151.1% | $778.9M+196.1% | $263.1M-43.4% | $465.0M+152.7% | $184.0M+15.2% | $159.8M-82.1% | $893.4M-29.5% | $1.3B-13.3% | $1.5B |
| Financing Cash Flow | $288.0M | $203.0M+40.1% | $144.9M-74.1% | $559.5M-48.7% | $1.1B-9.3% | $1.2B+571.9% | -$255.0M-42.7% | -$178.6M+61.0% | -$457.9M-1004.0% | -$41.5M+95.3% | -$877.7M-878.3% | $112.8M+159.1% | -$191.0M+58.1% | -$455.8M+61.2% | -$1.2B+25.6% | -$1.6B |
| Dividends Paid | $50.8M | $50.9M+0.7% | $50.6M+9.9% | $46.0M+9.1% | $42.2M+17.4% | $35.9M+10.1% | $32.7M+30.3% | $25.1M+104.9% | $12.2M | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $122.6M+124.7% | $54.6M-20.1% | $68.3M+722.4% | $8.3M-81.9% | $45.9M-53.8% | $99.3M+42.9% | $69.5M | $0-100.0% | $21.0M+353.4% | $4.6M-94.1% | $78.8M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SAFE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.8%-0.1pp | 98.8%+0.2pp | 98.7%-0.2pp | 98.9%+0.3pp | 98.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 26.2%+2.4pp | 23.8%+45.7pp | -21.9%-72.0pp | 50.2%+15.2pp | 35.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 29.7%+0.8pp | 28.9%+44.5pp | -15.6%-65.7pp | 50.1%+11.0pp | 39.1%+52.2pp | -13.1% | 118.4% | -4.0%-29.9pp | 25.9%+4.9pp | 20.9%+21.4pp | -0.5%-4.2pp | 3.7%+32.3pp | -28.6%+31.7pp | -60.4%-55.6pp | -4.8% |
| Return on Equity | 4.8%+0.2pp | 4.5%+7.0pp | -2.5%-8.8pp | 6.3%-2.3pp | 8.6%+13.5pp | -4.9%-36.0pp | 31.1%+34.9pp | -3.7%-23.7pp | 20.0%+10.6pp | 9.4%+9.6pp | -0.2%-1.6pp | 1.4%+10.4pp | -9.0%+10.4pp | -19.4%-17.9pp | -1.4% |
| Return on Assets | 1.6%+0.1pp | 1.5%+2.4pp | -0.8%-3.1pp | 2.3%+0.8pp | 1.5%+2.4pp | -0.9%-7.2pp | 6.4%+7.0pp | -0.6%-4.4pp | 3.7%+1.7pp | 2.0%+2.0pp | 0.0%-0.3pp | 0.3%+2.3pp | -2.0%+1.9pp | -3.9%-3.6pp | -0.3% |
| Debt-to-Equity | 1.90+0.1x | 1.840.0x | 1.82+0.2x | 1.64-1.4x | 3.02+0.1x | 2.95-0.3x | 3.26-0.9x | 4.18+0.2x | 3.95+0.6x | 3.33-0.6x | 3.89+0.5x | 3.360.0x | 3.34-0.4x | 3.790.0x | 3.82 |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Safehold Inc Ranks
Frequently Asked Questions
What is Safehold Inc's annual revenue?
Safehold Inc (SAFE) reported $385.6M in total revenue for fiscal year 2025. This represents a 5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Safehold Inc's revenue growing?
Safehold Inc (SAFE) revenue grew by 5.4% year-over-year, from $365.7M to $385.6M in fiscal year 2025.
Is Safehold Inc profitable?
Yes, Safehold Inc (SAFE) reported a net income of $114.5M in fiscal year 2025, with a net profit margin of 29.7%.
What is Safehold Inc's EBITDA?
Safehold Inc (SAFE) had EBITDA of $109.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Safehold Inc have?
As of fiscal year 2025, Safehold Inc (SAFE) had $21.7M in cash and equivalents against $4.6B in long-term debt.
What is Safehold Inc's gross margin?
Safehold Inc (SAFE) had a gross margin of 98.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Safehold Inc's operating margin?
Safehold Inc (SAFE) had an operating margin of 26.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Safehold Inc's net profit margin?
Safehold Inc (SAFE) had a net profit margin of 29.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Safehold Inc pay dividends?
Yes, Safehold Inc (SAFE) paid $0.71 per share in dividends during fiscal year 2025.
What is Safehold Inc's return on equity (ROE)?
Safehold Inc (SAFE) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Safehold Inc's operating cash flow?
Safehold Inc (SAFE) generated $47.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Safehold Inc's total assets?
Safehold Inc (SAFE) had $7.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Safehold Inc's debt-to-equity ratio?
Safehold Inc (SAFE) had a debt-to-equity ratio of 1.90 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Safehold Inc's return on assets (ROA)?
Safehold Inc (SAFE) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Safehold Inc's Piotroski F-Score?
Safehold Inc (SAFE) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Safehold Inc's earnings high quality?
Safehold Inc (SAFE) has an earnings quality ratio of 0.42x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Safehold Inc cover its interest payments?
Safehold Inc (SAFE) has an interest coverage ratio of 0.49x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Safehold Inc?
Safehold Inc (SAFE) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.