Latest Ratios: P/E Ratio 8.1x · EV/EBITDA 17.1x · ROE 4.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $924M | $983M | $1.3B | $1.6B | $1.8B | $4.5B | $3.8B | $520M | $343M | $200M | $1.1B |
| Enterprise Value | $5.4B | $5.5B | $5.5B | $5.5B | $5.3B | $7.2B | $5.4B | $1.9B | $870M | $339M | $4.3B |
| P/E Ratio → | 8.12 | 8.61 | 12.49 | — | 13.19 | 60.49 | 61.96 | 1.73 | 29.39 | 1.81 | 167.25 |
| P/S Ratio | 2.40 | 2.55 | 3.61 | 4.43 | 6.66 | 23.98 | 23.73 | 5.57 | 6.89 | 0.29 | 50.37 |
| P/B Ratio | 0.38 | 0.40 | 0.56 | 0.68 | 0.83 | 2.66 | 2.73 | 0.48 | 0.96 | 0.51 | 5.55 |
| P/FCF | 19.34 | 20.55 | 34.88 | 101.39 | 27.76 | — | 752.72 | — | — | — | — |
| P/OCF | 19.34 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 17.06 | 17.25 | 55.77 | — | 35.97 | 92.41 | 79.12 | 39.06 | 1.29 | 0.68 | 12.57 |
| EV / EBIT | 17.54 | 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 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.5% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.3% | 11.6% | 8.0% | — | 7.6% | 1.7% | 1.6% | 57.8% | 3.4% | 55.4% | 0.6% |
| FCF Yield | 5.2% | 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 | 5.5% | 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 |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SAFE stock.
Safehold Inc.'s current P/E ratio is 8.1x. The historical average is 38.0x. This places it at the 14th percentile of its historical range.
Safehold Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.0x.
Safehold Inc.'s return on equity (ROE) is 4.8%. The historical average is 4.1%.
Based on historical data, Safehold Inc. is trading at a P/E of 8.1x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Safehold Inc.'s current dividend yield is 5.49% with a payout ratio of 44.5%.
Safehold Inc. has 94.3% gross margin and 79.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Safehold Inc.'s Debt/EBITDA ratio is 14.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Interest rate sensitivity
Metrics are mathematically derived from official filings.
Bond Proxy Pricing Ignores Equity Option
SAFE trades at 36.8x forward FFO and a 4.4% dividend yield, per recent filings, implying the market prices it as a long-duration bond rather than a real estate owner.
The P/FFO multiple of 36.8x is far above the net lease peer average of roughly 15x, reflecting the market's treatment of SAFE's 99-year cash flows as near-zero-coupon instruments. However, this pricing appears to ignore the embedded equity option from building reversionary rights, which could provide substantial upside in a distressed scenario. Investors should monitor whether the market continues to value SAFE as a bond proxy or begins to recognize the potential windfall from residual land values.
NOI Margin Volatility Warrants Scrutiny
NOI margin dipped to 87.2% in 2026Q2 from 98.2% in 2026Q1, as reported in the financial statements, despite a 5.4% YoY revenue increase, suggesting a possible shift in cost structure.
The sharp quarterly decline in NOI margin, while still high, may indicate a one-time expense or a change in revenue mix that requires investigation. Given the triple-net structure, property-level costs should be minimal, so the drop could stem from higher ground lease acquisition costs or a change in revenue recognition. If the margin stabilizes near 87%, it would still be robust, but the volatility suggests that FFO growth may not be as predictable as the long-term contracts imply.
Payout Ratio Leaves Ample Retained Cash
FFO payout ratio averaged 41% over the last four quarters, per the cash flow data, indicating that SAFE retains over half of its FFO to fund growth and service debt.
With dividends per share of $0.185 quarterly and FFO per share of $0.45, the payout ratio is comfortably low, providing a buffer against potential FFO declines. However, the absence of AFFO disclosure is notable, as maintenance capex is minimal but the company's growth model requires significant cash outlays for new ground leases, which are not captured in FFO. The retained cash flow appears sufficient to cover these investments, but investors should monitor the sustainability of the dividend if interest costs rise.
Leverage Elevated with Thin Interest Coverage
Debt-to-equity stands at 1.77 with interest coverage of 1.56x, as per the latest balance sheet, indicating a heavily debt-funded model that is sensitive to rate hikes.
The debt-to-gross-assets ratio, calculated from the balance sheet, is approximately 63%, which is high for a REIT and reflects the company's reliance on debt to fund originations. Interest coverage of 1.56x is thin, meaning that a 100 basis point increase in rates could significantly pressure earnings. The fixed-rate exposure is not disclosed, but the long-duration assets provide some natural hedge; nevertheless, the refinancing risk is substantial given the maturity profile.
Concentration in Gateway Markets Poses Risk
SAFE's portfolio is heavily concentrated in Tier 1 US cities, with a significant portion in New York and Washington D.C., as per the company's disclosures, exposing it to localized downturns.
While the ground lease structure provides a senior claim on cash flows, geographic concentration in office-heavy markets could lead to tenant defaults if those markets weaken. The occupancy rate is not disclosed, but the reliance on a few key markets increases vulnerability to regional economic shocks. G&A efficiency appears strong given the high operating margin, but the lack of diversification may warrant a discount relative to more diversified net lease peers.
P/E Misleads Due to Depreciation and Reversion
Standard P/E of 10.25x is misleading for SAFE because depreciation is minimal and the balance sheet omits the massive reversionary value of buildings, as per the company's model.
The P/E ratio fails to capture the economic reality of SAFE's business, where the true value lies in the land and the future reversion of improvements. Depreciation charges are small, so net income approximates FFO, but the P/E does not account for the unrealized capital appreciation that is a key driver of long-term value. Investors should use P/FFO and consider the net asset value including reversionary rights, which would likely show the stock trading at a significant discount to intrinsic value.