A Business at a Glance
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Safehold Inc.
SAFE
$1.2B
Mkt Cap
$16.56
+3.11%
Safehold Inc. (SAFE) has a current P/E ratio of 10.4, compared to its historical median P/E of 11.8. The stock is currently considered Fair based on its historical valuation range.
Safehold Inc. (SAFE) has a 5-year average return on invested capital (ROIC) of 1.4%. This is below average and may indicate limited pricing power.
Safehold Inc. (SAFE) has a market capitalization of $1.2B. It is classified as a small-cap stock.
Yes, Safehold Inc. (SAFE) pays a dividend with a trailing twelve-month yield of 4.29%.
Based on historical P/E analysis, Safehold Inc. (SAFE) appears fair. The current P/E of 10.4 is 12% below its historical median of 11.8. The estimated fair value CAGR (P/E method) is -23.4%.
Safehold Inc. (SAFE) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Safehold Inc. (SAFE) reported annual revenue of $386 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business Explanatory Note for Purposes of the "Safe Harbor Provisions" of Section 21E of the Securities Exchange Act of 1934, as amended Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are included with respect to, among other things, our current business plan, business strategy, portfolio management, prospects and liquidity.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 399M | 386M | 366M | 353M | 270M | 187M |
| Net Income | 114M | 114M | 106M | -55M | 135M | 73M |
| EPS | $1.59 | $1.59 | $1.48 | $-0.82 | $2.17 | $1.32 |
| Free Cash Flow | 0 | 48M | 38M | 2.3M | 65M | 27M |
| ROIC | 1.4% | 1.4% | 1.3% | -0.9% | 3.0% | 1.9% |
| Gross Margin | - | 93.9% | 93.0% | 48.8% | 91.5% | 66.9% |
| Debt/Equity | 1.94 | 1.91 | 1.85 | 1.82 | 1.65 | 3.02 |
| Dividends/Share | $0.71 | $0.71 | $0.71 | $0.71 | $0.70 | $0.67 |
| Operating Income | 101M | 101M | 87M | -77M | 136M | 65M |
| Operating Margin | 25.4% | 26.2% | 23.8% | -21.9% | 50.2% | 35.0% |
| ROE | 4.7% | 4.8% | 4.6% | -2.5% | 9.0% | 8.5% |
| Shares Outstanding | 72M | 72M | 71M | 67M | 62M | 55M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 462M | 496M | 455M | 679M | 798M | 274M | 324M | 187M | 270M | 353M | 366M | 386M | 399M |
| Gross Margin | 37.4% | 33.6% | 43.1% | 37.4% | 10.0% | 21.4% | 24.0% | 66.9% | 91.5% | 48.8% | 93.0% | 93.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 88M | 81M | 84M | 99M | 92M | 99M | 101M | 29M | 39M | 69M | 55M | 54M | 56M |
| EBIT | 195M | 180M | 255M | 305M | 120M | 434M | 61M | 65M | 136M | -77M | 87M | 101M | 101M |
| Op. Margin | 42.1% | 36.2% | 56.1% | 44.9% | 15.0% | N/A | 18.8% | 35.0% | 50.2% | -21.9% | 23.8% | 26.2% | 25.4% |
| Net Income | -34M | -53M | 44M | 111M | -65M | 292M | -66M | 73M | 135M | -55M | 106M | 114M | 114M |
| Net Margin | -7.3% | -10.6% | 9.7% | 16.3% | -8.1% | 106.5% | -20.3% | 39.1% | 50.1% | -15.6% | 28.9% | 29.7% | 28.6% |
| Non-Recurring | 35M | 11M | 14M | 32M | 147M | 11M | 5.8M | 678K | 15M | 145M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.0% | 3.9% | 6.0% | 7.8% | 3.3% | 11.3% | 1.6% | 1.9% | 3.0% | -0.9% | 1.3% | 1.4% | 1.4% |
| ROE | -2.8% | -4.7% | 4.2% | 11.7% | -7.4% | 30.6% | -6.9% | 8.5% | 9.0% | -2.5% | 4.6% | 4.8% | 4.7% |
| ROA | -0.6% | -1.0% | 0.8% | 2.3% | -1.3% | 5.8% | -1.3% | 1.5% | 2.5% | -0.9% | 1.6% | 1.6% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -10M | -58M | 29M | 102M | -24M | -46M | 22M | 27M | 65M | 15M | 38M | 48M | 30M |
| Free Cash Flow | -79M | -140M | -40M | 64M | -85M | -286M | 22M | 27M | 65M | 2.3M | 38M | 48M | 0 |
| Owner Earnings | -97M | -135M | -36M | 33M | -100M | -134M | -76M | -34M | 58M | -18M | 14M | 27M | 9.3M |
| CapEx | 68M | 82M | 70M | 37M | 60M | 240M | 0 | 0 | 0 | 13M | 0 | 0 | 0 |
| Maint. CapEx | 74M | 65M | 54M | 50M | 59M | 58M | 58M | 59M | 5.5M | 9.9M | 9.9M | 8.5M | 8.2M |
| Growth CapEx | 0 | 16M | 15M | 0 | 1.8M | 182M | N/A | N/A | N/A | 3.1M | N/A | N/A | 0 |
| D&A | 74M | 65M | 54M | 50M | 59M | 58M | 58M | 59M | 5.5M | 9.9M | 9.9M | 8.5M | 8.2M |
| CapEx/OCF | N/A | N/A | 236.7% | 36.5% | N/A | N/A | N/A | N/A | N/A | 85.0% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 51M | 51M | 0 | 0 | 12M | 25M | 33M | 35M | 30M | 46M | 51M | 51M | 51M |
| Dividend Yield | 1.2% | 1.3% | N/A | N/A | 0.5% | 0.9% | 0.9% | 0.7% | 0.7% | 2.6% | 3.5% | 4.6% | 4.3% |
| Share Buybacks | 0 | 70M | 99M | 46M | 8.3M | 68M | 55M | 123M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 11.9% | 19.1% | 9.8% | 2.2% | 11.9% | 7.4% | 13.2% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 13M | 12M | 11M | 19M | 18M | 30M | 39M | 1.8M | 1.5M | 23M | 14M | 13M | 13M |
| Debt Repayment | 1.5B | 432M | 1.4B | 1.9B | 945M | 1.5B | 914M | 74M | 1.2B | 0 | 0 | 407K | 407K |
| Balance Sheet | |||||||||||||
| Net Debt | 3.6B | 3.4B | 3.1B | 2.8B | 2.7B | 3.1B | 2.5B | 2.5B | 3.5B | 4.0B | 4.3B | 4.6B | 4.7B |
| Cash & Equiv. | 472M | 711M | 329M | 658M | 932M | 307M | 99M | 30M | 20M | 19M | 8.3M | 22M | 19M |
| Long-Term Debt | 4.0B | 4.1B | 3.4B | 3.5B | 3.6B | 3.4B | 2.6B | 2.6B | 3.5B | 4.1B | 4.3B | 4.6B | 4.7B |
| Debt/Equity | 3.36 | 3.89 | 3.33 | 3.95 | 4.18 | 3.26 | 2.95 | 3.02 | 1.65 | 1.82 | 1.85 | 1.91 | 1.94 |
| Interest Coverage | 0.9 | 0.8 | 1.2 | 1.6 | 0.7 | 3.1 | 0.5 | 0.8 | 1.1 | -0.4 | 0.4 | 0.5 | 0.5 |
| Equity | 1.2B | 1.1B | 1.0B | 880M | 863M | 1.0B | 871M | 851M | 2.1B | 2.2B | 2.3B | 2.4B | 2.4B |
| Total Assets | 5.5B | 5.6B | 4.8B | 4.7B | 5.0B | 5.1B | 4.9B | 4.8B | 5.9B | 6.5B | 6.9B | 7.2B | 7.4B |
| Total Liabilities | 4.2B | 4.5B | 3.8B | 3.8B | 4.0B | 3.8B | 3.8B | 3.8B | 3.7B | 4.3B | 4.5B | 4.8B | 4.9B |
| Intangibles | 50M | 71M | 31M | 27M | 156M | 175M | 2.5M | 1.2M | 218M | 211M | 209M | 204M | 203M |
| Retained Earnings | -2.6B | -2.6B | -2.6B | -2.5B | -2.5B | -2.2B | -2.3B | -2.2B | 151M | 48M | 102M | 166M | 182M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | 212M | 238M | 316M | 424M | 195M | 237M | N/A | N/A | N/A | N/A | 162M |
| Per Share Data | |||||||||||||
| EPS | -0.40 | -0.62 | 0.60 | 1.56 | -0.95 | 4.51 | -0.87 | 1.32 | 2.17 | -0.82 | 1.48 | 1.59 | 1.59 |
| Owner EPS | -1.15 | -1.59 | -0.49 | 0.46 | -1.47 | -2.08 | -1.00 | -0.62 | 0.93 | -0.27 | 0.20 | 0.37 | 0.13 |
| Book Value | 14.20 | 12.47 | 13.87 | 12.37 | 12.66 | 16.09 | 11.49 | 15.37 | 34.32 | 33.28 | 32.80 | 33.45 | 33.81 |
| Cash Flow/Share | -0.12 | -0.69 | 0.40 | 1.43 | -0.35 | -0.71 | 0.29 | 0.49 | 1.04 | 0.23 | 0.53 | 0.66 | 1.70 |
| Dividends/Share | 0.61 | 0.60 | 0.00 | 0.00 | 0.18 | 0.39 | 0.43 | 0.67 | 0.70 | 0.71 | 0.71 | 0.71 | 0.71 |
| Shares Out. | 84.3M | 85.0M | 73.3M | 71.1M | 68.2M | 64.6M | 75.8M | 55.4M | 62.4M | 67.0M | 71.5M | 72.0M | 71.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 11.8 | 4.2 | N/A | 2.0 | N/A | 12.7 | 19.0 | N/A | 11.9 | 8.4 | 10.4 |
| P/FCF | N/A | N/A | N/A | 45.2 | N/A | N/A | 209.3 | 216.3 | 39.8 | 634.9 | 33.3 | 20.1 | N/A |
| EV/EBIT | 21.6 | 22.2 | 14.0 | 10.8 | 25.4 | 8.4 | 52.5 | 53.1 | 44.7 | N/A | 63.9 | 54.6 | 58.1 |
| Price/Book | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.6 | 0.8 | 1.1 | 1.2 | 0.7 | 0.5 | 0.4 | 0.5 |
| Price/Sales | 1.5 | 1.3 | 1.0 | 0.7 | 0.5 | 1.6 | 1.8 | 4.1 | 16.1 | 5.0 | 3.9 | 2.8 | 3.0 |
| FCF Yield | -12.1% | -23.8% | -7.7% | 13.8% | -22.9% | -49.7% | 3.0% | 2.9% | 2.5% | 0.2% | 3.0% | 5.0% | N/A |
| Market Cap | 652M | 586M | 520M | 466M | 370M | 576M | 733M | 931M | 2.6B | 1.5B | 1.3B | 962M | 1.2B |
| Avg. Price | 52.13 | 47.40 | 37.26 | 42.69 | 38.41 | 42.41 | 48.94 | 86.29 | 69.54 | 26.35 | 20.01 | 15.24 | 16.56 |
| Year-End Price | 48.34 | 43.12 | 44.38 | 40.99 | 33.95 | 55.67 | 60.43 | 105.09 | 41.31 | 21.90 | 17.63 | 13.36 | 16.56 |
Safehold Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Safehold Inc. trades at 10.4x trailing earnings, compared to its 15-year median P/E of 11.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.9x vs a median of 36.5x. The company's 5-year average ROIC is 1.4% with a gross margin of 78.8%. Total shareholder yield (dividends) is 4.3%. At current prices, the estimated annualized return to fair value is -26.6%.
Safehold Inc. (SAFE) has a net profit margin of 29.7%. This is a strong margin indicating high profitability.
Safehold Inc. (SAFE) generated $48 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Safehold Inc. (SAFE) has a debt-to-equity ratio of 1.91. This indicates higher leverage, which may increase financial risk.
Safehold Inc. (SAFE) reported earnings per share (EPS) of $1.59 in its most recent fiscal year.
Safehold Inc. (SAFE) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
Safehold Inc. (SAFE) has a 5-year average gross margin of 78.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Safehold Inc. (SAFE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Safehold Inc. (SAFE) has a book value per share of $33.45, based on its most recent annual SEC filing.