A Business at a Glance
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SL GREEN REALTY CORP
SLG
$3.8B
Mkt Cap
$54.61
+1.87%
SL GREEN REALTY CORP (SLG) has a 5-year average return on invested capital (ROIC) of 9.3%. This is below average and may indicate limited pricing power.
SL GREEN REALTY CORP (SLG) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Yes, SL GREEN REALTY CORP (SLG) pays a dividend with a trailing twelve-month yield of 4.77%. The company also returns capital through share buybacks, with a buyback yield of 0.40%.
SL GREEN REALTY CORP (SLG) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
SL GREEN REALTY CORP (SLG) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
SL GREEN REALTY CORP (SLG) has a net profit margin of -11.2%. The company is currently unprofitable.
SL GREEN REALTY CORP (SLG) generated $83 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, primarily engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. As of December 31, 2025, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 886M | 914M | 919M | 861M |
| Net Income | -175M | -112M | 22M | -580M | -93M | 435M |
| EPS | $-2.46 | $-1.61 | $0.31 | $-9.12 | $-1.49 | $6.50 |
| Free Cash Flow | 0 | 83M | 130M | 230M | 258M | 248M |
| ROIC | 9.6% | 14.6% | 4.9% | 9.8% | 8.5% | 8.9% |
| Gross Margin | - | - | - | - | 75.0% | 72.0% |
| Debt/Equity | 0.58 | 0.27 | 0.17 | 0.17 | 0.80 | 0.37 |
| Dividends/Share | $2.60 | $3.09 | $3.01 | $3.23 | $3.69 | $4.05 |
| Operating Income | 661M | 652M | 219M | 599M | 606M | 583M |
| Operating Margin | 65.1% | 65.0% | 24.7% | 65.5% | 65.9% | 67.7% |
| ROE | -5.0% | -2.9% | 0.6% | -13.8% | -2.0% | 9.0% |
| Shares Outstanding | 71M | 69M | 71M | 64M | 62M | 67M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.5B | 1.7B | 1.9B | 1.5B | 1.2B | 1.2B | 1.1B | 861M | 919M | 914M | 886M | 1.0B | 1.0B |
| Gross Margin | 40.1% | 29.8% | 22.3% | 34.6% | 73.7% | 75.6% | 67.9% | 72.0% | 75.0% | N/A | N/A | N/A | 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 | 92M | 95M | 100M | 100M | 93M | 101M | 92M | 95M | 94M | 111M | 85M | 89M | 90M |
| EBIT | 854M | 596M | 559M | 348M | 472M | 504M | 543M | 583M | 606M | 599M | 219M | 652M | 661M |
| Op. Margin | 56.2% | 35.8% | 30.0% | 23.0% | 38.4% | 40.7% | 51.6% | 67.7% | 65.9% | 65.5% | 24.7% | 65.0% | 65.1% |
| Net Income | 503M | 269M | 235M | 86M | 232M | 255M | 356M | 435M | -93M | -580M | 22M | -112M | -175M |
| Net Margin | 33.1% | 16.2% | 12.6% | 5.7% | 18.9% | 20.6% | 33.8% | 50.5% | -10.1% | -63.4% | 2.5% | -11.2% | -17.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 222M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.6% | 3.4% | 3.7% | 3.4% | 5.4% | 6.3% | 7.5% | 8.9% | 8.5% | 9.8% | 4.9% | 14.6% | 9.6% |
| ROE | 7.5% | 3.8% | 3.2% | 1.3% | 3.8% | 4.5% | 6.9% | 9.0% | -2.0% | -13.8% | 0.6% | -2.9% | -5.0% |
| ROA | 3.1% | 1.5% | 1.3% | 0.6% | 1.7% | 2.0% | 2.9% | 3.8% | -0.8% | -5.3% | 0.2% | -1.0% | -1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 490M | 526M | 644M | 543M | 442M | 376M | 554M | 256M | 276M | 230M | 130M | 83M | 59M |
| Free Cash Flow | 120M | 120M | 232M | 207M | 187M | 123M | 553M | 248M | 258M | 230M | 130M | 83M | 0 |
| Owner Earnings | 61M | -65M | -205M | 120M | 148M | 89M | 224M | 25M | 48M | -26M | -85M | -194M | -221M |
| CapEx | 370M | 406M | 412M | 336M | 254M | 253M | 1.7M | 7.6M | 19M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 400M | 588M | 846M | 419M | 290M | 284M | 325M | 228M | 224M | 256M | 214M | 263M | 266M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 400M | 588M | 846M | 419M | 290M | 284M | 325M | 228M | 224M | 256M | 214M | 263M | 266M |
| CapEx/OCF | 75.4% | 77.2% | 64.9% | 61.9% | 57.6% | 1.6% | 0.3% | 3.0% | 6.7% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 207M | 257M | 314M | 334M | 313M | 306M | 294M | 271M | 262M | 231M | 219M | 243M | 185M |
| Dividend Yield | 3.6% | 3.7% | 5.0% | 5.3% | 6.0% | 7.0% | 10.4% | 7.6% | 9.5% | 12.9% | 5.6% | 6.3% | 4.8% |
| Share Buybacks | 0 | 0 | 0 | 806M | 980M | 384M | 528M | 341M | 151M | 0 | 0 | 22M | 16M |
| Buyback Yield | N/A | N/A | N/A | 16.0% | 25.7% | 8.0% | 17.3% | 9.1% | 9.1% | N/A | 0.7% | 0.7% | 0.4% |
| Stock-Based Comp | 30M | 3.0M | 3.2M | 3.9M | 3.8M | 3.5M | 4.8M | 3.0M | 3.9M | 0 | 182K | 14M | 13M |
| Debt Repayment | 50M | 0 | 0 | 0 | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 8.5B | 11.1B | 3.7B | 2.7B | 2.3B | 2.2B | 1.8B | 1.5B | 3.5B | 423M | 481M | 817M | 1.9B |
| Cash & Equiv. | 281M | 255M | 279M | 128M | 129M | 166M | 266M | 251M | 203M | 222M | 184M | 156M | 169M |
| Long-Term Debt | 8.5B | 10.5B | 4.1B | 2.8B | 2.0B | 2.2B | 2.0B | 1.4B | 3.2B | 100M | 372M | 359M | 1.2B |
| Debt/Equity | 1.28 | 1.57 | 0.56 | 0.46 | 0.42 | 0.44 | 0.42 | 0.37 | 0.80 | 0.17 | 0.17 | 0.27 | 0.58 |
| Interest Coverage | 2.5 | 1.8 | 1.7 | 1.4 | 2.0 | 2.0 | 2.9 | 4.0 | 3.6 | 2.6 | 1.1 | 3.0 | 3.0 |
| Equity | 6.9B | 7.3B | 7.3B | 6.2B | 5.9B | 5.4B | 4.9B | 4.8B | 4.6B | 3.8B | 4.0B | 3.7B | 3.5B |
| Total Assets | 17.1B | 19.7B | 15.9B | 14.0B | 12.8B | 12.8B | 11.7B | 11.1B | 12.4B | 9.5B | 10.5B | 11.1B | 11.8B |
| Total Liabilities | 9.1B | 11.3B | 7.3B | 6.6B | 6.1B | 6.6B | 6.2B | 5.7B | 7.3B | 5.3B | 5.9B | 6.7B | 7.4B |
| Intangibles | 281M | 536M | 240M | 49M | 26M | 27M | 25M | 17M | 213M | 4.8M | 181M | 141M | 222M |
| Retained Earnings | 1.6B | 1.6B | 1.6B | 1.1B | 1.3B | 1.1B | 1.0B | 976M | 651M | -152M | -449M | -742M | -893M |
| 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 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 119M |
| Per Share Data | |||||||||||||
| EPS | 5.23 | 2.70 | 2.34 | 0.87 | 2.75 | 3.28 | 5.01 | 6.50 | -1.49 | -9.12 | 0.31 | -1.61 | -2.46 |
| Owner EPS | 0.63 | -0.65 | -2.04 | 1.21 | 1.75 | 1.14 | 3.15 | 0.37 | 0.77 | -0.41 | -1.19 | -2.79 | -3.11 |
| Book Value | 72.12 | 73.11 | 72.95 | 62.67 | 69.86 | 69.86 | 69.07 | 71.23 | 73.44 | 59.59 | 55.58 | 52.84 | 49.72 |
| Cash Flow/Share | 5.10 | 5.28 | 6.41 | 5.47 | 5.23 | 4.83 | 7.80 | 3.83 | 4.42 | 3.61 | 1.82 | 1.19 | 1.28 |
| Dividends/Share | 2.10 | 2.52 | 2.94 | 3.14 | 3.38 | 3.64 | 4.94 | 4.05 | 3.69 | 3.23 | 3.01 | 3.09 | 2.60 |
| Shares Out. | 96.2M | 99.7M | 100.4M | 99.3M | 84.5M | 77.9M | 71.1M | 66.9M | 62.4M | 63.5M | 71.1M | 69.5M | 71.1M |
| Valuation | |||||||||||||
| P/E Ratio | 12.6 | 23.2 | 25.5 | 58.4 | 16.4 | 18.8 | 8.6 | 8.7 | N/A | N/A | 784.7 | N/A | -22.2 |
| P/FCF | 56.0 | 55.3 | 27.4 | 30.1 | 23.2 | 39.0 | 5.5 | 15.2 | 6.5 | 11.7 | 34.4 | 38.5 | N/A |
| EV/EBIT | 6.3 | 5.1 | 3.6 | 4.8 | 5.4 | 6.1 | 4.6 | 6.8 | 4.2 | 4.3 | 7.4 | 4.5 | 8.7 |
| Price/Book | 0.9 | 0.9 | 0.8 | 0.8 | 0.6 | 0.9 | 0.6 | 0.8 | 0.4 | 0.7 | 1.4 | 0.9 | 1.1 |
| Price/Sales | 3.6 | 3.9 | 3.1 | 3.4 | 3.7 | 3.5 | 2.7 | 4.2 | 3.0 | 2.0 | 5.5 | 3.9 | 3.8 |
| FCF Yield | 1.9% | 1.9% | 3.9% | 4.1% | 4.9% | 2.6% | 18.0% | 6.6% | 15.5% | 8.5% | 2.3% | 2.6% | N/A |
| Market Cap | 6.4B | 6.2B | 6.0B | 5.0B | 3.8B | 4.8B | 3.1B | 3.8B | 1.7B | 2.7B | 5.5B | 3.2B | 3.9B |
| Avg. Price | 60.60 | 69.17 | 61.96 | 63.75 | 61.57 | 56.27 | 39.79 | 53.16 | 44.15 | 28.07 | 55.44 | 55.81 | 54.61 |
| Year-End Price | 70.15 | 66.56 | 63.40 | 62.74 | 51.29 | 61.90 | 43.09 | 56.39 | 26.65 | 42.41 | 62.78 | 45.99 | 54.61 |
SL GREEN REALTY CORP passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 45.8x vs a median of 25.3x. The company's 5-year average ROIC is 9.3% with a gross margin of 73.5%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is -15.5%.
SL GREEN REALTY CORP (SLG) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
SL GREEN REALTY CORP (SLG) reported earnings per share (EPS) of $-1.61 in its most recent fiscal year.
SL GREEN REALTY CORP (SLG) has a return on equity (ROE) of -2.9%. A negative ROE may indicate losses or negative equity.
SL GREEN REALTY CORP (SLG) has a 5-year average gross margin of 73.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for SL GREEN REALTY CORP (SLG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SL GREEN REALTY CORP (SLG) has a book value per share of $52.84, based on its most recent annual SEC filing.