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SAFE logoSafehold Inc.(SAFE)Earnings, Financials & Key Ratios

SAFE•NYSE•REIT / Real Estate
$15.09
$1.08B mkt cap·9.5× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
AboutSafehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.Show more
  • Revenue$386M+5.4%
  • FFO$123M+4.2%
  • FFO/Share1.71+3.7%
  • FFO Payout41.4%-3.4%
  • FFO per Share1.71+3.7%
  • NOI Margin94.33%-4.6%
  • FFO Margin31.91%-1.1%
  • ROE4.76%+5.0%
  • ROA1.62%+2.9%
  • Debt/Assets61.96%+1.1%
  • Net Debt/EBITDA14.14-66.7%
  • Book Value/Share33.99+2.3%
Technical→

SAFE Key Insights

Safehold Inc. (SAFE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 5.3% TTM
  • ✓Sustainable FFO payout ratio of 41.4%
  • ✓High NOI margin of 94.3%
  • ✓Healthy dividend yield of 4.7%
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.3%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

SAFE Price & Volume

Safehold Inc. (SAFE) stock price & volume — 10-year historical chart

Loading chart...

SAFE Growth Metrics

Safehold Inc. (SAFE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years35.44%
5 Years19.42%
3 Years12.57%
TTM5.43%

Profit CAGR

10 Years35.84%
5 Years14.06%
3 Years-5.45%
TTM8.23%

EPS CAGR

10 Years18.55%
5 Years6.33%
3 Years-9.85%
TTM8.11%

Return on Capital

10 Years2.57%
5 Years1.77%
3 Years1.49%
Last Year4.43%

SAFE Recent Earnings

Safehold Inc. (SAFE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 30, 2026
EPS
$0.40
Est $0.43
-7.0%
Revenue
$111M
Est $97M
+14.9%
Q1 2026
Feb 11, 2026
EPS
$0.42
Est $0.42
+0.0%
Revenue
$98M
Est $95M
+3.0%
Q4 2025
Nov 5, 2025
EPS
$0.41
Est $0.40
+2.5%
Revenue
$96M
Est $96M
+0.7%
Q3 2025
Aug 5, 2025
EPS
$0.39
Est $0.39
+0.0%
Revenue
$94M
Est $95M
-1.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.40vs $0.43-7.0%
$111Mvs $97M+14.9%
Q1 2026Feb 11, 2026
$0.42vs $0.42+0.0%
$98Mvs $95M+3.0%
Q4 2025Nov 5, 2025
$0.41vs $0.40+2.5%
$96Mvs $96M+0.7%
Q3 2025Aug 5, 2025
$0.39vs $0.39+0.0%
$94Mvs $95M-1.2%
Based on last 12 quarters of dataView full earnings history →

SAFE Peer Comparison

Safehold Inc. (SAFE) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
LAND logoLANDGladstone Land CorporationDirect Competitor355.45M9.79-33.76-10.67%-13.77%-1.56%
PINE logoPINEAlpine Income Property Trust, Inc.Direct Competitor279.09M19.48-88.5515.9%-0.64%-0.14%1.31
NTST logoNTSTNETSTREIT Corp.Direct Competitor1.72B20.57257.1330%0.1%0.01%
GTY logoGTYGetty Realty Corp.Direct Competitor2B33.0824.509.02%40.06%8.76%0.98
FCPT logoFCPTFour Corners Property Trust, Inc.Direct Competitor2.79B25.4123.319.72%38.74%7.38%0.74
O logoORealty Income CorporationProduct Competitor59.69B64.0154.719.07%13.51%2%0.82
NNN logoNNNNNN REIT, Inc.Product Competitor8.51B44.7121.606.55%41.38%8.81%1.09
EPRT logoEPRTEssential Properties Realty Trust, Inc.Product Competitor6.79B31.4024.5324.97%43.28%6.3%0.60

Compare SAFE vs Peers

Safehold Inc. (SAFE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs LAND

Most directly comparable listed peer for SAFE.

Scale Benchmark

vs O

Larger-name benchmark to compare SAFE against a more recognizable public peer.

Peer Set

Compare Top 5

vs LAND, PINE, NTST, GTY

SAFE Income Statement

Safehold Inc. (SAFE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue679.2M49.72M93.4M158.73M187.01M270.31M352.58M365.69M385.55M
Revenue Growth %3023.77%-92.68%87.83%69.95%17.82%44.54%30.43%3.72%5.43%
Property Operating Expenses523.22M1.6M2.67M2.48M2.66M3.11M4.65M4.22M21.85M
Net Operating Income (NOI)
155.98M▲ 0%
48.12M▼ 69.1%
90.72M▲ 88.5%
156.25M▲ 72.2%
184.35M▲ 18.0%
267.2M▲ 44.9%
347.93M▲ 30.2%
361.46M▲ 3.9%
363.7M▲ 0.6%
NOI Margin %22.97%96.78%97.14%98.44%98.58%98.85%98.68%98.84%94.33%
Operating Expenses142.09M19.8M54.58M100.07M118.89M131.57M425M274.38M56.12M
G&A Expenses98.88M10.66M14.44M22.73M28.75M38.61M65.44M54.92M0
EBITDA498.19M675.22M48.03M68.27M77.45M147.55M-64.83M99.34M316.13M
EBITDA Margin %73.35%1357.93%51.43%43.01%41.41%54.58%-18.39%27.17%81.99%
Depreciation & Amortization491.57M663.28M11.89M12.08M11.99M11.92M12.24M12.26M8.55M
D&A / Revenue %72.38%1333.93%12.73%7.61%6.41%4.41%3.47%3.35%2.22%
Operating Income
6.62M▲ 0%
11.94M▲ 80.4%
36.14M▲ 202.8%
56.18M▲ 55.5%
65.46M▲ 16.5%
135.63M▲ 107.2%
-77.08M▼ 156.8%
87.08M▲ 213.0%
307.58M▲ 253.2%
Operating Margin %0.97%24%38.7%35.4%35%50.17%-21.86%23.81%79.78%
Interest Expense194.69M15.39M29.87M64.35M79.71M128.97M181.01M198.04M206.69M
Interest Coverage0.04x1.78x2.13x1.92x1.92x2.12x0.71x1.56x1.57x
Non-Operating Income-10.3M-15.39M-27.45M-67.66M-87.6M-138.02M-205.24M-221.02M-16.66M
Pretax Income
50.9M▲ 0%
11.94M▼ 76.6%
33.73M▲ 182.6%
59.49M▲ 76.4%
73.36M▲ 23.3%
144.68M▲ 97.2%
-52.85M▼ 136.5%
110.06M▲ 308.3%
117.56M▲ 6.8%
Pretax Margin %7.49%24%36.11%37.48%39.23%53.52%-14.99%30.1%30.49%
Income Tax-948K000001.72M3.44M2.93M
Effective Tax Rate %-1.86%0%0%0%0%0%-3.25%3.13%2.49%
Net Income
175.68M▲ 0%
11.74M▼ 93.3%
27.69M▲ 135.9%
59.29M▲ 114.1%
73.12M▲ 23.3%
135.42M▲ 85.2%
-54.97M▼ 140.6%
105.76M▲ 292.4%
114.47M▲ 8.2%
Net Margin %25.87%23.61%29.65%37.36%39.1%50.1%-15.59%28.92%29.69%
Net Income Growth %2555.81%-93.32%135.89%114.11%23.32%85.2%-140.59%292.39%8.23%
Funds From Operations (FFO)
667.26M▲ 0%
675.02M▲ 1.2%
39.58M▼ 94.1%
71.38M▲ 80.3%
85.11M▲ 19.2%
147.34M▲ 73.1%
-42.73M▼ 129.0%
118.02M▲ 376.2%
123.02M▲ 4.2%
FFO Margin %98.24%1357.54%42.38%44.97%45.51%54.51%-12.12%32.27%31.91%
FFO Growth %99.06%1.16%-94.14%80.33%19.24%73.12%-129%376.19%4.23%
FFO per Share58.7237.053.071.371.522.34-0.641.651.71
FFO Payout Ratio %0.43%1.62%41.99%78.68%42.24%28.63%-107.74%42.86%41.4%
EPS (Diluted)
9.75▲ 0%
0.64▼ 93.4%
23.29▲ 3539.1%
1.17▼ 95.0%
1.32▲ 12.8%
2.17▲ 64.4%
-0.82▼ 137.8%
1.48▲ 280.5%
1.59▲ 7.4%
EPS Growth %2608.33%-93.44%3539.06%-94.98%12.82%64.39%-137.79%280.49%7.43%
EPS (Basic)9.750.6428.171.171.322.17-0.821.481.60
Diluted Shares Outstanding11.36M18.22M12.91M51.97M56.15M62.91M66.69M71.45M71.79M

SAFE Balance Sheet

Safehold Inc. (SAFE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets728.51M979.74M2.57B3.21B4.52B5.85B6.55B6.9B7.25B
Asset Growth %367.99%34.49%161.96%25.03%40.72%29.57%11.92%5.36%5.07%
Real Estate & Other Assets450K2.42M678.2M1.97M723.86M743.52M756.14M769.16M74.06M
PP&E (Net)860.31M602.07M29.66M28.55M27.43M26.31M34.94M30.35M0
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets176.82M49.36M503.75M2.07B954.16M1.58B1.97B2.18B2.43B
Cash & Equivalents168.21M16.42M22.7M56.95M29.62M20.07M18.76M8.35M21.7M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets4.51M9.81M24.08M34.31M8.9M28.32M30.07M8.77M0
Intangible Assets138.72M262.53M242.84M242.17M224.18M217.79M211.11M208.73M204.02M
Total Liabilities372.58M622.38M1.47B1.83B2.83B3.69B4.25B4.53B4.81B
Total Debt307.07M543.97M1.38B1.69B2.7B3.53B3.97B4.23B4.49B
Net Debt138.86M527.55M1.36B1.63B2.67B3.51B3.95B4.22B4.47B
Long-Term Debt307.98M543.97M1.37B1.68B2.7B3.52B3.95B4.22B4.49B
Short-Term Borrowings000000000
Capital Lease Obligations005.85M5.73M5.61M5.47M15.75M10.37M5.62M
Total Current Liabilities6.02M8.92M19.11M31.49M48.89M80.35M101.14M117.51M136.3M
Accounts Payable1.35M23.14M0000000
Deferred Revenue-3.58B-376.82M027M00000
Other Liabilities58.58M67.71M75.38M105.72M78.53M79.13M181.38M180.03M181.58M
Total Equity
390.48M▲ 0%
357.36M▼ 8.5%
1.09B▲ 205.9%
1.38B▲ 26.3%
1.69B▲ 22.0%
2.16B▲ 28.4%
2.3B▲ 6.1%
2.37B▲ 3.4%
2.44B▲ 2.8%
Equity Growth %98%-8.48%205.94%26.34%22%28.45%6.05%3.41%2.77%
Shareholders Equity355.94M355.35M1.09B1.38B1.68B2.14B2.23B2.34B2.41B
Minority Interest34.55M2.01M1.49M2.18M2.92M23.07M64.42M30.01M31.57M
Common Stock182K183K478K532K566K624K711K714K717K
Additional Paid-in Capital364.92M370.53M1.13B1.41B1.66B1.99B2.18B2.19B2.2B
Retained Earnings-9.25M-8.49M-2.15M23.95M59.37M151.23M47.58M102.47M165.74M
Preferred Stock16K16K0000000
Return on Assets (ROA)39.74%1.37%1.56%2.05%1.89%2.61%-0.89%1.57%1.62%
Return on Equity (ROE)59.79%3.14%3.82%4.79%4.77%7.04%-2.46%4.53%4.76%
Debt / Assets42.15%55.52%53.72%52.68%59.86%60.28%60.63%61.28%61.96%
Debt / Equity0.79x1.52x1.26x1.22x1.60x1.63x1.73x1.78x1.84x
Net Debt / EBITDA0.28x0.78x28.23x23.93x34.52x23.77x-42.48x14.14x
Book Value per Share34.3619.6284.7126.5830.0134.4134.4233.2333.99

SAFE Cash Flow Statement

Safehold Inc. (SAFE) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations80.21M-24.13M-1.96M61.76M26.92M64.85M15.39M37.85M47.81M
Operating CF Growth %1363.72%-130.08%91.86%3246.05%-56.41%140.93%-76.27%145.96%26.31%
Operating CF / Revenue %11.81%-48.52%-2.1%38.91%14.39%23.99%4.37%10.35%12.4%
Net Income56.79M-18.33M33.73M-116.64M73.36M144.68M-54.56M105.76M114.63M
Depreciation & Amortization49.93M58.7M11.89M7.33M11.99M11.92M12.24M10.45M10.86M
Stock-Based Compensation18.81M873K1.58M01.75M1.55M23.23M13.76M12.55M
Other Non-Cash Items-14.48M-52.75M-25.13M180.6M-42.66M-124.41M27.37M-105.44M-100.68M
Working Capital Changes-7.08M-29.31M-24.03M-9.53M-11.6M31.12M7.11M13.33M10.46M
Cash from Investing269.49M778.86M-1.52B-8.2M-1.29B-1.15B-576.57M-212.37M-237.18M
Acquisitions (Net)-224.22M13.61M-127.97M496K-39.45M-7K-149.94M-10.05M-28.88M
Purchase of Investments-224.22M-94.58M-1.36B-260.12M-2.08M-1.28B-316.75M-304.28M-182.53M
Sale of Investments887.66M189.04M250K428.72M111.43M09.19M45.17M6.34M
Other Investing-11.27M859.83M1.34B-120.54M-109.9M134.71M-119.07M56.79M-32.1M
Cash from Financing-20.73M-457.94M1.55B-255.47M1.2B1.09B559.53M144.89M202.98M
Dividends Paid-48.44M-10.93M-16.62M-56.16M-35.95M-42.19M-46.04M-50.59M-50.92M
Common Dividends-2.85M-10.93M-16.62M0-35.95M-42.19M-46.04M-50.59M-50.92M
Debt Issuance (Net)1000K1000K1000K-1000K1000K1000K1000K1000K1000K
Share Repurchases-285.93M-8.3M0-54.56M000-5.1M0
Other Financing5.65M-1.39M217.58M-26.45M-22.71M-998K26.63M-63M-234.43M
Net Change in Cash
328.94M▲ 0%
296.81M▼ 9.8%
22.36M▼ 92.5%
-208.54M▼ 1032.8%
-57.95M▲ 72.2%
9.87M▲ 117.0%
-1.65M▼ 116.7%
-29.62M▼ 1695.3%
13.62M▲ 146.0%
Exchange Rate Effect-28K19K0-6.63M-124K0000
Cash at Beginning328.74M677.73M24.43M307.17M96.47M38.52M48.39M46.74M17.12M
Cash at End657.69M974.54M46.78M98.63M38.52M48.39M46.74M17.12M30.74M
Free Cash Flow
-78.25M▲ 0%
-213.17M▼ 172.4%
-1.37B▼ 541.1%
5M▲ 100.4%
-1.22B▼ 24496.9%
64.85M▲ 105.3%
15.39M▼ 76.3%
37.85M▲ 146.0%
47.81M▲ 26.3%
FCF Growth %53.46%-172.4%-541.12%100.37%-24496.86%105.31%-76.27%145.96%26.31%
FCF / Revenue %-11.52%-428.7%-1463.28%3.15%-652.93%23.99%4.37%10.35%12.4%

SAFE Key Ratios

Safehold Inc. (SAFE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share18.4358.7237.053.071.371.522.34-0.641.651.71
FFO Payout Ratio15.31%0.43%1.62%41.99%78.68%42.24%28.63%-107.74%42.86%41.4%
NOI Margin96.04%22.97%96.78%97.14%98.44%98.58%98.85%98.68%98.84%94.33%
Net Debt / EBITDA9.38x0.28x0.78x28.23x23.93x34.52x23.77x-42.48x14.14x
Debt / Assets2280.01%42.15%55.52%53.72%52.68%59.86%60.28%60.63%61.28%61.96%
Interest Coverage1.80x0.04x1.78x2.13x1.92x1.92x2.12x0.71x1.56x1.57x
Book Value / Share10.8434.3619.6284.7126.5830.0134.4134.4233.2333.99
Revenue Growth17.12%3023.77%-92.68%87.83%69.95%17.82%44.54%30.43%3.72%5.43%

SAFE SEC Filings & Documents

Safehold Inc. (SAFE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 31, 2023·SEC

Material company update

Mar 9, 2023·SEC

Material company update

Mar 2, 2023·SEC

10-K Annual Reports

2
FY 2023

Feb 15, 2023·SEC

FY 2022

Feb 15, 2022·SEC

10-Q Quarterly Reports

5
FY 2022

Nov 2, 2022·SEC

FY 2022

Aug 3, 2022·SEC

FY 2022

Apr 21, 2022·SEC

SAFE Frequently Asked Questions

Safehold Inc. (SAFE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Safehold Inc. (SAFE) reported $385.6M in revenue for fiscal year 2025. This represents a 192676% increase from $0.2M in 1996.

Safehold Inc. (SAFE) grew revenue by 5.4% over the past year. This is steady growth.

Yes, Safehold Inc. (SAFE) is profitable, generating $114.5M in net income for fiscal year 2025 (29.7% net margin).

Dividend & Returns

Yes, Safehold Inc. (SAFE) pays a dividend with a yield of 4.70%. This makes it attractive for income-focused investors.

Safehold Inc. (SAFE) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Industry Metrics

Safehold Inc. (SAFE) generated Funds From Operations (FFO) of $124.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Safehold Inc. (SAFE) offers a 4.70% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More SAFE

Safehold Inc. (SAFE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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