Safehold Inc. (SAFE) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Diversified
EV/EBITDA
↓
17.57
↓-65% vs avg
5yr avg: 50.35
30Y Low0.7·High92.4
P/FCF
↓
22.67
↓-51% vs avg
5yr avg: 46.15
30Y Low0.7·High101.4
P/B Ratio
↓
0.44
↓-57% vs avg
5yr avg: 1.03
30Y Low0.1·High5.6
ROE
↓
4.8%
↓+28% vs avg
5yr avg: 3.7%
30Y Low-38%·High60%
Debt/EBITDA
↓
14.21
↓-51% vs avg
5yr avg: 28.89
30Y Low0.6·High42.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SAFE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Safehold Inc. trades at 9.5x earnings, 60% below its 5-year average of 23.7x, sitting at the 23rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.3x, the stock trades at a discount of 61%. On a free-cash-flow basis, the stock trades at 22.7x P/FCF, 51% below the 5-year average of 46.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $983M | $1.3B | $1.6B | $1.8B | $4.5B | $3.8B | $520M | $343M | $200M | $1.1B |
| Enterprise Value | $5.6B | $5.5B | $5.5B | $5.5B | $5.3B | $7.2B | $5.4B | $1.9B | $870M | $339M | $4.3B |
| P/E Ratio → | 9.49 | 8.61 | 12.49 | — | 13.19 | 60.49 | 61.96 | 1.73 | 29.39 | 1.81 | 167.25 |
| P/S Ratio | 2.81 | 2.55 | 3.61 | 4.43 | 6.66 | 23.98 | 23.73 | 5.57 | 6.89 | 0.29 | 50.37 |
| P/B Ratio | 0.44 | 0.40 | 0.56 | 0.68 | 0.83 | 2.66 | 2.73 | 0.48 | 0.96 | 0.51 | 5.55 |
| P/FCF | 22.67 | 20.55 | 34.88 | 101.39 | 27.76 | — | 752.72 | — | — | — | — |
| P/OCF | 22.67 | 20.55 | 34.88 | 101.39 | 27.76 | 166.57 | 61.00 | — | — | 2.49 | 199.86 |
P/E links to full P/E history page with 30-year chart
SAFE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Safehold Inc.'s enterprise value stands at 17.6x EBITDA, 65% below its 5-year average of 50.3x. This is roughly in line with the Real Estate sector median of 16.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.14 | 15.15 | 15.63 | 19.63 | 38.27 | 34.03 | 20.09 | 17.50 | 0.50 | 198.49 |
| EV / EBITDA | 17.57 | 17.25 | 55.77 | — | 35.97 | 92.41 | 79.12 | 39.06 | 1.29 | 0.68 | 12.57 |
| EV / EBIT | 18.06 | 16.82 | 17.98 | 43.01 | 19.39 | 46.76 | 43.61 | 29.50 | 31.85 | 42.53 | 290.48 |
| EV / FCF | — | 114.04 | 146.34 | 358.12 | 81.84 | — | 1079.09 | — | — | — | — |
SAFE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Safehold Inc. earns an operating margin of 79.8%, significantly above the Real Estate sector average of 25.0%. Operating margins have expanded from -21.9% to 79.8% over the past 3 years, signaling improving operational efficiency. ROE of 4.8% is modest. ROIC of 3.4% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3% | 94.3% | 98.8% | 98.7% | 98.8% | 98.6% | 98.4% | 97.1% | 96.8% | 23.0% | 96.0% |
| Operating Margin | 79.8% | 79.8% | 23.8% | -21.9% | 50.2% | 35.0% | 35.4% | 38.7% | 24.0% | 1.0% | 68.3% |
| Net Profit Margin | 29.7% | 29.7% | 28.9% | -15.6% | 50.1% | 39.1% | 37.4% | 29.7% | 23.6% | 25.9% | 30.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | 4.5% | -2.5% | 7.0% | 4.8% | 4.8% | 3.8% | 3.1% | 59.8% | 3.5% |
| ROA | 1.6% | 1.6% | 1.6% | -0.9% | 2.6% | 1.9% | 2.1% | 1.6% | 1.4% | 39.7% | 4.4% |
| ROIC | 3.4% | 3.4% | 1.0% | -1.0% | 2.0% | 1.3% | 1.5% | 1.6% | 1.3% | 0.3% | 0.3% |
| ROCE | 4.4% | 4.4% | 1.3% | -1.3% | 2.6% | 1.7% | 2.0% | 2.1% | 1.4% | 1.5% | 10.0% |
SAFE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Safehold Inc. carries a Debt/EBITDA ratio of 14.2x, which is highly leveraged (82% above the sector average of 7.8x). Net debt stands at $4.5B ($4.5B total debt minus $22M cash). Interest coverage of just 1.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 1.78 | 1.73 | 1.63 | 1.60 | 1.22 | 1.26 | 1.52 | 0.79 | 18.00 |
| Debt / EBITDA | 14.21 | 14.21 | 42.56 | — | 23.90 | 34.90 | 24.76 | 28.71 | 0.81 | 0.62 | 10.33 |
| Net Debt / Equity | — | 1.83 | 1.78 | 1.72 | 1.62 | 1.59 | 1.18 | 1.24 | 1.48 | 0.36 | 16.33 |
| Net Debt / EBITDA | 14.14 | 14.14 | 42.48 | — | 23.77 | 34.52 | 23.93 | 28.23 | 0.78 | 0.28 | 9.38 |
| Debt / FCF | — | 93.48 | 111.46 | 256.73 | 54.07 | — | 326.38 | — | — | — | — |
| Interest Coverage | 1.57 | 1.57 | 1.56 | 0.71 | 2.12 | 1.92 | 1.92 | 2.13 | 1.78 | 0.04 | 1.80 |
SAFE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Safehold Inc.'s current ratio of 17.86x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 19.51x to 17.86x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 17.86 | 17.86 | 18.56 | 19.51 | 19.62 | 19.52 | 65.82 | 26.36 | 5.53 | 29.37 | 7.55 |
| Quick Ratio | 17.86 | 17.86 | 18.56 | 19.51 | 19.62 | 19.52 | 65.66 | 26.36 | 3.01 | 17.98 | -45.60 |
| Cash Ratio | 0.17 | 0.17 | 0.13 | 0.28 | 0.25 | 0.61 | 1.81 | 1.19 | 1.84 | 27.94 | 208.59 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.04 | 0.05 | 0.93 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | 0.48 | — | 0.07 | 7.63 | 0.01 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
SAFE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Safehold Inc. returns 4.7% to shareholders annually primarily through dividends. A payout ratio of 44.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 10.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 5.2% | 3.8% | 3.0% | 2.3% | 0.8% | 1.5% | 3.2% | 3.2% | 1.4% | 4.7% |
| Payout Ratio | 44.5% | 44.5% | 47.8% | — | 31.2% | 49.2% | — | 60.0% | 93.1% | 1.6% | 775.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.5% | 11.6% | 8.0% | — | 7.6% | 1.7% | 1.6% | 57.8% | 3.4% | 55.4% | 0.6% |
| FCF Yield | 4.4% | 4.9% | 2.9% | 1.0% | 3.6% | — | 0.1% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 1.4% | 0.0% | 2.4% | 100.0% | 9.1% |
| Total Shareholder Yield | 4.7% | 5.2% | 4.2% | 3.0% | 2.3% | 0.8% | 2.9% | 3.2% | 5.6% | 100.0% | 13.8% |
| Shares Outstanding | — | $72M | $71M | $67M | $63M | $56M | $52M | $13M | $18M | $11M | $18M |
Peer Comparison
Compare SAFE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SAFEYou | $1B | 9.5 | 17.6 | 22.7 | 94.3% | 79.8% | 4.8% | 3.4% | 14.2 |
 LAND | $355M | -33.8 | 3.5 | 50.8 | 87.4% | 78.6% | -1.5% | 4.9% | — |
 PINE | $279M | -88.5 | 14.6 | — | -10.9% | 30.5% | -0.9% | 2.2% | 8.6 |
 NTST | $2B | 257.1 | 12.5 | 15.7 | 99.9% | 25.7% | 0.5% | 2.1% | — |
 GTY | $2B | 24.5 | 16.6 | 15.7 | 40.2% | 54.9% | 7.8% | 4.6% | 5.7 |
 FCPT | $3B | 23.3 | 17.8 | 14.5 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
 O | $60B | 54.7 | 22.5 | 15.5 | 89.8% | 28.3% | 2.7% | 1.8% | 8.0 |
 NNN | $9B | 21.6 | 15.9 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 EPRT | $7B | 24.5 | 17.9 | 17.8 | 84.0% | 64.5% | 6.5% | 4.4% | 4.9 |
 ADC | $9B | 43.2 | 20.3 | 18.2 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 WPC | $16B | 35.0 | 19.3 | 14.8 | 28.6% | 44.4% | 5.6% | 3.5% | 6.8 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonSAFE — Frequently Asked Questions
Quick answers to the most common questions about buying SAFE stock.
What is Safehold Inc.'s P/E ratio?
Safehold Inc.'s current P/E ratio is 9.5x. The historical average is 38.0x. This places it at the 23th percentile of its historical range.
What is Safehold Inc.'s EV/EBITDA?
Safehold Inc.'s current EV/EBITDA is 17.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.0x.
What is Safehold Inc.'s ROE?
Safehold Inc.'s return on equity (ROE) is 4.8%. The historical average is 4.1%.
Is SAFE stock overvalued?
Based on historical data, Safehold Inc. is trading at a P/E of 9.5x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Safehold Inc.'s dividend yield?
Safehold Inc.'s current dividend yield is 4.70% with a payout ratio of 44.5%.
What are Safehold Inc.'s profit margins?
Safehold Inc. has 94.3% gross margin and 79.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Safehold Inc. have?
Safehold Inc.'s Debt/EBITDA ratio is 14.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.