Safehold Inc. (SAFE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SAFE SEC filings page.
Safehold Inc. (SAFE) reported $419.5M in revenue over the twelve months to Jun 30, 2026, up 12.1% from the prior twelve months. 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).
Safehold operates as an asset-heavy, debt-financed platform where reported profits remain modest relative to the balance sheet supporting them.
In FY2024 and FY2025, operating cash flow remained well below net income:$37.9M versus$105.8M , then$47.8M versus$114.5M . That recurring cash-conversion gap means accounting earnings are not becoming cash at the same rate, even after profitability recovered.
Total assets reached
Profitability recovered after FY2023's operating loss, but the latest improvement looks more like fixed-cost absorption or expense control than rapid volume expansion: revenue increased
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.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Safehold Inc. scores 46/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Safehold Inc. scores 53/100 on it among other REITs.
Safehold Inc.'s net debt of $4.6B, being $4.6B of long-term debt less $21.7M of cash, came to 41.70 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Safehold Inc. scores 3/100 among other REITs.
Safehold Inc.'s operating income of $100.9M covered its interest expense of $206.7M 0.49 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Safehold Inc. scores 35/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Safehold Inc. scores 50/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Safehold Inc. scores 84/100 on it among other REITs.
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 $114.6M in revenue in Q2 2026. This represents an increase of 22.2% from the same quarter a year earlier. Against the prior quarter it is up 3.4%.
Safehold Inc.'s EBITDA was $30.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.6% from the same quarter a year earlier. Against the prior quarter it is up 9.9%.
Safehold Inc. reported $30.2M in net income in Q2 2026. This represents an increase of 7.9% from the same quarter a year earlier. Against the prior quarter it is up 4.5%.
Safehold Inc. earned $0.42 per diluted share (EPS) in Q2 2026. This represents an increase of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 5.0%.
Cash & Balance Sheet
Safehold Inc. held $15.9M in cash against $4.7B in long-term debt as of Q2 2026.
Safehold Inc. paid $0.18 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Safehold Inc.'s gross margin was 99.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Safehold Inc.'s operating margin was 24.6% in Q2 2026, reflecting core business profitability. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.
Safehold Inc.'s net profit margin was 26.3% in Q2 2026, showing the share of revenue converted to profit. This is down 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Safehold Inc.'s ROE was 1.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
Capital Allocation
Safehold Inc. spent $12.8M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 301.6%.
Not reported for Q2 2026.
Not reported for Q2 2026.
SAFE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $114.6M+22.2% | $110.9M+13.5% | $97.9M+6.5% | $96.2M+6.0% | $93.8M+4.4% | $97.7M+4.8% | $91.9M-10.8% | $90.7M+6.0% |
| Cost of Revenue | $770K-12.6% | $1.3M+13.1% | $1.3M+25.4% | $1.4M+33.4% | $881K-15.4% | $1.2M+7.3% | $1.1M-26.2% | $1.0M+4.6% |
| Gross Profit | $113.9M+22.5% | $109.5M+13.5% | $96.5M+6.3% | $94.8M+5.7% | $93.0M+4.6% | $96.5M+4.8% | $90.8M-10.6% | $89.7M+6.0% |
| SG&A Expenses | $14.3M+10.7% | $15.3M+8.3% | $14.2M+2.1% | $13.1M-0.4% | $13.0M+5.5% | $14.1M-9.6% | $13.9M-16.9% | $13.1M-26.6% |
| Operating Income | $28.3M+18.1% | $25.5M+1.0% | $26.8M+18.4% | $24.9M+56.7% | $23.9M-0.3% | $25.3M+2.9% | $22.6M-35.1% | $15.9M+112.2% |
| EBITDA | $30.1M+15.6% | $27.4M-0.4% | $28.9M+15.1% | $27.0M+47.0% | $26.0M-1.7% | $27.5M+1.6% | $25.1M-32.8% | $18.4M+114.4% |
| Interest Expense | $55.2M+7.7% | $53.5M+6.1% | $52.5M+4.3% | $52.5M+5.1% | $51.3M+4.4% | $50.4M+3.7% | $50.3M+5.9% | $50.0M+7.3% |
| Income Tax | $1.4M+61.7% | $685K-22.4% | $973K-30.7% | $215K-67.4% | $862K-5.3% | $883K+87.5% | $1.4M | $660K+1100.0% |
| Net Income | $30.2M+7.9% | $28.9M-1.7% | $27.9M+7.1% | $29.3M+51.5% | $27.9M-5.8% | $29.4M-4.4% | $26.0M-36.8% | $19.3M+115.7% |
| EPS (Basic) | $0.42+7.7% | $0.40-2.4% | $0.39+8.3% | $0.41+51.9% | $0.39-7.1% | $0.41-4.7% | $0.36-44.6% | $0.27+114.9% |
| EPS (Diluted) | $0.42+7.7% | $0.40-2.4% | $0.38+5.6% | $0.41+51.9% | $0.39-7.1% | $0.41-4.7% | $0.36-44.6% | $0.27+114.9% |
| Diluted Shares (Avg) | 72M-0.3% | 72M+0.5% | N/A | 72M+0.4% | 72M+0.5% | 72M+0.6% | N/A | 72M+5.2% |
Not reported in any period shown, so not listed: R&D Expenses.
SAFE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.5B+6.5% | $7.4B+6.5% | $7.2B+5.1% | $7.1B+4.9% | $7.1B+4.3% | $6.9B+3.8% | $6.9B+5.4% | $6.8B+5.8% |
| Cash & Equivalents | $15.9M+14.5% | $19.3M+11.6% | $21.7M+160.1% | $12.1M-22.2% | $13.9M+3.6% | $17.3M+53.3% | $8.3M-55.5% | $15.6M+35.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.9B+4.9% | $4.9B+8.2% | $4.8B+6.3% | $4.7B+5.1% | $4.7B+6.2% | $4.5B+5.2% | $4.5B+6.4% | $4.5B+9.0% |
| Long-Term Debt | $4.7B+4.7% | $4.7B+8.2% | $4.6B+6.2% | $4.5B+5.1% | $4.4B+6.1% | $4.3B+4.8% | $4.3B+6.5% | $4.3B+9.1% |
| Total Equity | $2.4B+2.8% | $2.4B+3.3% | $2.4B+2.7% | $2.4B+4.5% | $2.4B+2.6% | $2.4B+2.9% | $2.3B+5.1% | $2.3B+1.0% |
| Retained Earnings | $199.3M+48.5% | $181.8M+52.7% | $165.7M+61.7% | $150.7M+69.0% | $134.2M+62.5% | $119.0M+81.4% | $102.5M+115.4% | $89.2M+366.3% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.6M+23.7% | -$8.6M-196.6% | $12.3M+56.0% | -$1.4M-117.0% | $28.0M+13.1% | $8.9M+390.5% | $7.9M-65.8% | $8.3M+359.3% |
| Depreciation & Amortization | $1.8M-13.1% | $1.8M-15.8% | $2.1M-15.1% | $2.1M-14.9% | $2.1M-14.6% | $2.2M-11.7% | $2.5M-0.2% | $2.5M-1.4% |
| Stock-Based Compensation | N/A | $3.8M+8.4% | N/A | N/A | N/A | $3.5M-26.8% | N/A | N/A |
| Investing Cash Flow | -$123.1M-5.2% | -$85.5M-1121.3% | -$57.0M-165.4% | -$56.2M-4.0% | -$117.0M-88.3% | -$7.0M+90.6% | -$21.5M+83.0% | -$54.1M+42.6% |
| Financing Cash Flow | $86.4M+0.6% | $91.5M+1213.5% | $54.2M+742.0% | $56.0M+16.4% | $85.9M+325.1% | $7.0M-90.1% | $6.4M-94.2% | $48.1M-46.2% |
| Dividends Paid | $12.7M-1.1% | $12.7M+0.3% | $12.7M+0.4% | $12.8M+0.3% | $12.8M+0.8% | $12.7M+0.6% | $12.6M+0.5% | $12.8M+0.2% |
| Share Buybacks | $12.8M | $3.2M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
SAFE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.3%+0.3pp | 98.8%0.0pp | 98.7%-0.2pp | 98.6%-0.3pp | 99.1%+0.2pp | 98.8%0.0pp | 98.9%+0.2pp | 98.9%0.0pp |
| Operating Margin | 24.6%-0.8pp | 23.1%-2.8pp | 27.4%+2.7pp | 25.9%+8.4pp | 25.5%-1.2pp | 25.9%-0.5pp | 24.6%-9.2pp | 17.5% |
| Net Margin | 26.3%-3.5pp | 26.0%-4.0pp | 28.5%+0.1pp | 30.4%+9.1pp | 29.8%-3.2pp | 30.1%-2.9pp | 28.3%-11.6pp | 21.3% |
| Return on Equity | 1.2%+0.1pp | 1.2%-0.1pp | 1.2%0.0pp | 1.2%+0.4pp | 1.2%-0.1pp | 1.3%-0.1pp | 1.1%-0.7pp | 0.8%+6.3pp |
| Return on Assets | 0.4%0.0pp | 0.4%0.0pp | 0.4%0.0pp | 0.4%+0.1pp | 0.4%0.0pp | 0.4%0.0pp | 0.4%-0.3pp | 0.3%+2.2pp |
| Debt-to-Equity | 1.910.0x | 1.93+0.1x | 1.90+0.1x | 1.890.0x | 1.87+0.1x | 1.850.0x | 1.840.0x | 1.88+0.1x |
| Asset Turnover | 0.020.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Safehold Inc. SAFE | FY2025 | $385.6M | $114.5M | 29.7% | $854.0M | 45/100 |
| Global Net Lease, Inc. GNL | FY2025 | $495.3M | -$225.5M | -45.5% | $1.9B | 13/100 |
| AMERICAN ASSETS TRUST, INC. AAT | FY2025 | $436.2M | $71.4M | 16.4% | $1.3B | 51/100 |
| Armada Hoffler Properties, Inc. AHH | FY2026 | $209.9M | $3.9M | 1.9% | $501.0M | 48/100 |
| Gladstone Commercial Corporation - REIT GOOD | FY2025 | $161.3M | $19.3M | 11.9% | $626.4M | 43/100 |
| CTO Realty Growth, Inc. CTO | FY2025 | $149.5M | $2.6M | 1.7% | $770.0M | 55/100 |
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 P/E ratio?
Safehold Inc. (SAFE) trades at 7.4x earnings, its market capitalization divided by net income of $116.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $854.0M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Safehold Inc.'s price-to-sales ratio?
Safehold Inc. (SAFE) trades at 2.0x sales, its market capitalization divided by revenue of $419.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $854.0M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 45 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.