8-K Announcements
6Material company update
Mar 31, 2023·SEC
Material company update
Mar 9, 2023·SEC
Material company update
Mar 2, 2023·SEC
Safehold Inc.(SAFE)Earnings, Financials & Key Ratios
SAFE•NYSE•REIT / Real Estate
9.6× P/E·Price updated Jun 19, 2026
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%
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 4.6%
- ✓Trading at only 0.5x 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.
Get notified when SAFE posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
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
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$0.40-7.0%
$0.43
Rev
$111M+13.8%
$97M
Q1 2026
Feb 11, 2026Metric
Actual
Est
EPS
$0.42+0.0%
$0.42
Rev
$98M+3.0%
$95M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.41+2.5%
$0.40
Rev
$96M+0.7%
$96M
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$0.39+0.0%
$0.39
Rev
$94M-1.2%
$95M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.40vs $0.43-7.0% | $111Mvs $97M+13.8% |
| Q1 2026 | Feb 11, 2026 | $0.42vs $0.42+0.0% | $98Mvs $95M+3.0% |
| Q4 2025 | Nov 5, 2025 | $0.41vs $0.40+2.5% | $96Mvs $96M+0.7% |
| Q3 2025 | Aug 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
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 LAND | 373.56M | 8.66 | -29.86 | 3.66% | -6.68% | -0.87% | 0.80 | |
 PINE | 274.08M | 19.13 | -86.95 | 15.9% | -0.64% | -0.14% | 1.31 | |
 NTST | 1.9B | 19.20 | 234.15 | 20.91% | 5.66% | 0.78% | 0.77 | |
 GTY | 1.98B | 32.68 | 24.21 | 9.02% | 40.06% | 8.76% | 0.98 | |
 FCPT | 2.69B | 24.49 | 22.47 | 9.72% | 38.74% | 7.38% | 0.74 | |
 O | 56.17B | 60.24 | 51.49 | 9.07% | 18.94% | 2.8% | 0.82 | |
 NNN | 8.56B | 45.00 | 21.74 | 6.55% | 41.38% | 8.81% | 1.09 | |
 EPRT | 6.35B | 29.36 | 22.94 | 24.97% | 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.
SAFE Income Statement
Safehold Inc. (SAFE) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 679.2M | 49.72M | 93.4M | 158.73M | 187.01M | 270.31M | 352.58M | 365.69M | 385.55M |
Revenue Growth % | 3023.77% | -92.68% | 87.83% | 69.95% | 17.82% | 44.54% | 30.43% | 3.72% | 5.43% |
Property Operating Expenses | 523.22M | 1.6M | 2.67M | 2.48M | 2.66M | 3.11M | 4.65M | 4.22M | 21.85M |
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 Expenses | 142.09M | 19.8M | 54.58M | 100.07M | 118.89M | 131.57M | 425M | 274.38M | 56.12M |
G&A Expenses | 98.88M | 10.66M | 14.44M | 22.73M | 28.75M | 38.61M | 65.44M | 54.92M | 0 |
EBITDA | 498.19M | 675.22M | 48.03M | 68.27M | 77.45M | 147.55M | -64.83M | 99.34M | 316.13M |
EBITDA Margin % | 73.35% | 1357.93% | 51.43% | 43.01% | 41.41% | 54.58% | -18.39% | 27.17% | 81.99% |
Depreciation & Amortization | 491.57M | 663.28M | 11.89M | 12.08M | 11.99M | 11.92M | 12.24M | 12.26M | 8.55M |
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 Expense | 194.69M | 15.39M | 29.87M | 64.35M | 79.71M | 128.97M | 181.01M | 198.04M | 206.69M |
Interest Coverage | 0.04x | 1.78x | 2.13x | 1.92x | 1.92x | 2.12x | 0.71x | 1.56x | 1.57x |
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 | -948K | 0 | 0 | 0 | 0 | 0 | 1.72M | 3.44M | 2.93M |
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 Share | 58.72 | 37.05 | 3.07 | 1.37 | 1.52 | 2.34 | -0.64 | 1.65 | 1.71 |
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) | 9.75 | 0.64 | 28.17 | 1.17 | 1.32 | 2.17 | -0.82 | 1.48 | 1.60 |
Diluted Shares Outstanding | 11.36M | 18.22M | 12.91M | 51.97M | 56.15M | 62.91M | 66.69M | 71.45M | 71.79M |
SAFE Balance Sheet
Safehold Inc. (SAFE) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 728.51M | 979.74M | 2.57B | 3.21B | 4.52B | 5.85B | 6.55B | 6.9B | 7.25B |
Asset Growth % | 367.99% | 34.49% | 161.96% | 25.03% | 40.72% | 29.57% | 11.92% | 5.36% | 5.07% |
Real Estate & Other Assets | 450K | 2.42M | 678.2M | 1.97M | 723.86M | 743.52M | 756.14M | 769.16M | 74.06M |
PP&E (Net) | 860.31M | 602.07M | 29.66M | 28.55M | 27.43M | 26.31M | 34.94M | 30.35M | 0 |
Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Total Current Assets | 176.82M | 49.36M | 503.75M | 2.07B | 954.16M | 1.58B | 1.97B | 2.18B | 2.43B |
Cash & Equivalents | 168.21M | 16.42M | 22.7M | 56.95M | 29.62M | 20.07M | 18.76M | 8.35M | 21.7M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 4.51M | 9.81M | 24.08M | 34.31M | 8.9M | 28.32M | 30.07M | 8.77M | 0 |
Intangible Assets | 138.72M | 262.53M | 242.84M | 242.17M | 224.18M | 217.79M | 211.11M | 208.73M | 204.02M |
Total Liabilities | 372.58M | 622.38M | 1.47B | 1.83B | 2.83B | 3.69B | 4.25B | 4.53B | 4.81B |
Total Debt | 307.07M | 543.97M | 1.38B | 1.69B | 2.7B | 3.53B | 3.97B | 4.23B | 4.49B |
Net Debt | 138.86M | 527.55M | 1.36B | 1.63B | 2.67B | 3.51B | 3.95B | 4.22B | 4.47B |
Long-Term Debt | 307.98M | 543.97M | 1.37B | 1.68B | 2.7B | 3.52B | 3.95B | 4.22B | 4.49B |
Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 5.85M | 5.73M | 5.61M | 5.47M | 15.75M | 10.37M | 5.62M |
Total Current Liabilities | 6.02M | 8.92M | 19.11M | 31.49M | 48.89M | 80.35M | 101.14M | 117.51M | 136.3M |
Accounts Payable | 1.35M | 23.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred Revenue | -3.58B | -376.82M | 0 | 27M | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 58.58M | 67.71M | 75.38M | 105.72M | 78.53M | 79.13M | 181.38M | 180.03M | 181.58M |
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 Equity | 355.94M | 355.35M | 1.09B | 1.38B | 1.68B | 2.14B | 2.23B | 2.34B | 2.41B |
Minority Interest | 34.55M | 2.01M | 1.49M | 2.18M | 2.92M | 23.07M | 64.42M | 30.01M | 31.57M |
Common Stock | 182K | 183K | 478K | 532K | 566K | 624K | 711K | 714K | 717K |
Additional Paid-in Capital | 364.92M | 370.53M | 1.13B | 1.41B | 1.66B | 1.99B | 2.18B | 2.19B | 2.2B |
Retained Earnings | -9.25M | -8.49M | -2.15M | 23.95M | 59.37M | 151.23M | 47.58M | 102.47M | 165.74M |
Preferred Stock | 16K | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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 / Assets | 42.15% | 55.52% | 53.72% | 52.68% | 59.86% | 60.28% | 60.63% | 61.28% | 61.96% |
Debt / Equity | 0.79x | 1.52x | 1.26x | 1.22x | 1.60x | 1.63x | 1.73x | 1.78x | 1.84x |
Net Debt / EBITDA | 0.28x | 0.78x | 28.23x | 23.93x | 34.52x | 23.77x | - | 42.48x | 14.14x |
Book Value per Share | 34.36 | 19.62 | 84.71 | 26.58 | 30.01 | 34.41 | 34.42 | 33.23 | 33.99 |
SAFE Cash Flow Statement
Safehold Inc. (SAFE) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 80.21M | -24.13M | -1.96M | 61.76M | 26.92M | 64.85M | 15.39M | 37.85M | 47.81M |
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 Income | 56.79M | -18.33M | 33.73M | -116.64M | 73.36M | 144.68M | -54.56M | 105.76M | 114.63M |
Depreciation & Amortization | 49.93M | 58.7M | 11.89M | 7.33M | 11.99M | 11.92M | 12.24M | 10.45M | 10.86M |
Stock-Based Compensation | 18.81M | 873K | 1.58M | 0 | 1.75M | 1.55M | 23.23M | 13.76M | 12.55M |
Other Non-Cash Items | -14.48M | -52.75M | -25.13M | 180.6M | -42.66M | -124.41M | 27.37M | -105.44M | -100.68M |
Working Capital Changes | -7.08M | -29.31M | -24.03M | -9.53M | -11.6M | 31.12M | 7.11M | 13.33M | 10.46M |
Cash from Investing | 269.49M | 778.86M | -1.52B | -8.2M | -1.29B | -1.15B | -576.57M | -212.37M | -237.18M |
Acquisitions (Net) | -224.22M | 13.61M | -127.97M | 496K | -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 Investments | 887.66M | 189.04M | 250K | 428.72M | 111.43M | 0 | 9.19M | 45.17M | 6.34M |
Other Investing | -11.27M | 859.83M | 1.34B | -120.54M | -109.9M | 134.71M | -119.07M | 56.79M | -32.1M |
Cash from Financing | -20.73M | -457.94M | 1.55B | -255.47M | 1.2B | 1.09B | 559.53M | 144.89M | 202.98M |
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 | -16.62M | 0 | -35.95M | -42.19M | -46.04M | -50.59M | -50.92M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Share Repurchases | -285.93M | -8.3M | 0 | -54.56M | 0 | 0 | 0 | -5.1M | 0 |
Other Financing | 5.65M | -1.39M | 217.58M | -26.45M | -22.71M | -998K | 26.63M | -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 | -28K | 19K | 0 | -6.63M | -124K | 0 | 0 | 0 | 0 |
Cash at Beginning | 328.74M | 677.73M | 24.43M | 307.17M | 96.47M | 38.52M | 48.39M | 46.74M | 17.12M |
Cash at End | 657.69M | 974.54M | 46.78M | 98.63M | 38.52M | 48.39M | 46.74M | 17.12M | 30.74M |
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
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 18.43 | 58.72 | 37.05 | 3.07 | 1.37 | 1.52 | 2.34 | -0.64 | 1.65 | 1.71 |
FFO Payout Ratio | 15.31% | 0.43% | 1.62% | 41.99% | 78.68% | 42.24% | 28.63% | -107.74% | 42.86% | 41.4% |
NOI Margin | 96.04% | 22.97% | 96.78% | 97.14% | 98.44% | 98.58% | 98.85% | 98.68% | 98.84% | 94.33% |
Net Debt / EBITDA | 9.38x | 0.28x | 0.78x | 28.23x | 23.93x | 34.52x | 23.77x | - | 42.48x | 14.14x |
Debt / Assets | 2280.01% | 42.15% | 55.52% | 53.72% | 52.68% | 59.86% | 60.28% | 60.63% | 61.28% | 61.96% |
Interest Coverage | 1.80x | 0.04x | 1.78x | 2.13x | 1.92x | 1.92x | 2.12x | 0.71x | 1.56x | 1.57x |
Book Value / Share | 10.84 | 34.36 | 19.62 | 84.71 | 26.58 | 30.01 | 34.41 | 34.42 | 33.23 | 33.99 |
Revenue Growth | 17.12% | 3023.77% | -92.68% | 87.83% | 69.95% | 17.82% | 44.54% | 30.43% | 3.72% | 5.43% |
Related:SAFE Dividend History·SAFE Revenue History·SAFE Price History·SAFE P/E History·SAFE Financial Ratios·SAFE Institutional Holders
SAFE SEC Filings & Documents
Safehold Inc. (SAFE) SEC filings — annual & quarterly reports (10-K, 10-Q)
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 4.62%. 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 4.62% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.