Safehold Inc. (SAFE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.42	$0.42	0.0%	—	$114.6M	—
Q1 26	$0.44	$0.4	-9.1%	—	$110.9M	—
Q4 25	$0.41	$0.42	+2.4%	—	$97.9M	—
Q3 25	$0.39	$0.41	+5.1%	—	$96.2M	—
Q2 25	$0.41	$0.39	-4.9%	—	$93.8M	—
Q1 25	$0.42	$0.44	+4.8%	—	$97.7M	—
Q4 24	$0.37	$0.36	-2.7%	—	$91.9M	—
Q3 24	$0.37	$0.37	0.0%	—	$90.7M	—
Q2 24	$0.38	$0.41	+7.9%	—	$89.9M	—
Q1 24	$0.39	$0.43	+10.3%	—	$93.2M	—
Q4 23	$0.35	$0.36	+2.9%	—	$103M	—
Q3 23	$0.34	$0.33	-2.9%	—	$85.6M	—
Q2 23	$0.35	$0.35	0.0%	—	$85.7M	—
Q1 23	$0.04	$0.41	+925.0%	—	$78.3M	—
Q4 22	$0.37	$0.4	+8.1%	—	$73.4M	—
Q3 22	$0.38	$0.41	+7.9%	—	$71.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.6	—	—	$385.6M	—
FY24	—	$1.48	—	—	$365.7M	—
FY23	—	-$0.82	—	—	$352.6M	—
FY22	—	$2.17	—	—	$270.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$21.7M	—	$49.7M	$93.4M	$155.4M	$187M	$270.3M	$352.6M	$365.7M	$385.6M
YoY change	+17.1%	—	—	+87.8%	+66.4%	+20.3%	+44.5%	+30.4%	+3.72%	+5.43%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	21.7M	—	49.7M	93.4M	155.4M	187M	270.3M	352.6M	365.7M	385.6M
Cost of revenue	861K	—	1.6M	2.7M	2.5M	2.7M	3.1M	4.7M	4.2M	4.8M
Gross profit	20.9M	—	48.1M	90.7M	152.9M	184.4M	267.2M	347.9M	361.5M	380.8M
Gross margin	96%	—	96.8%	97.1%	98.4%	98.6%	98.8%	98.7%	98.8%	98.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	413K	—	10.7M	14.4M	22.7M	28.8M	26.1M	65.4M	54.9M	54.3M
Operating expenses	2.9M	—	12.1M	16.6M	22.7M	28.8M	26.1M	65.4M	54.9M	54.3M
Operating income	14.9M	—	28.3M	66.9M	120.8M	146M	231.5M	269.8M	287.1M	311.3M
Operating margin	68.3%	—	57%	71.6%	77.7%	78.1%	85.6%	76.5%	78.5%	80.8%
Non-operating income, net	—	—	-995K	-3.3M	3.1M	7M	42.2M	-141.7M	21M	12.9M
Pretax income	6.6M	—	11.9M	33.7M	59.5M	73.4M	144.7M	-52.8M	110.1M	117.6M
Income tax	—	—	—	—	—	0	0	1.7M	3.4M	2.9M
Net income	6.6M	—	11.9M	33.7M	59.5M	73.4M	144.7M	-54.6M	106.6M	114.6M
Net margin	30.4%	—	24%	36.1%	38.3%	39.2%	53.5%	-15.5%	29.2%	29.7%
EBITDA	18.4M	—	39M	77.5M	135.9M	163.4M	242.3M	288.4M	320.4M	337.3M
EPS	0.36	0	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.6
Diluted EPS	0.36	0	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	85.6M	103M	93.2M	89.9M	90.7M	91.9M	97.7M	93.8M	96.2M	97.9M	110.9M	114.6M
Cost of revenue	1M	1.4M	1.1M	1M	1M	1.1M	1.2M	881K	1.4M	1.3M	13.5M	14.7M
Gross profit	84.6M	101.6M	92.1M	88.9M	89.7M	90.8M	96.5M	93M	94.8M	96.5M	97.3M	99.9M
Gross margin	98.8%	98.6%	98.8%	98.8%	98.8%	98.8%	98.8%	99.1%	98.5%	98.6%	87.8%	87.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17.9M	16.7M	15.6M	12.3M	13.1M	13.9M	14.1M	13M	13.1M	14.2M	15.3M	14.3M
Operating expenses	17.9M	16.7M	15.6M	12.3M	13.1M	13.9M	14.1M	13M	13.1M	14.2M	15.3M	14.3M
Operating income	63.8M	82.3M	73.3M	73.5M	66.9M	73.4M	77.9M	75.5M	78.6M	79.4M	79.7M	83.5M
Operating margin	74.6%	79.9%	78.6%	81.7%	73.8%	79.9%	79.7%	80.5%	81.7%	81.1%	71.9%	72.8%
Non-operating income, net	-140.1M	7.8M	6.8M	6.1M	3.6M	4.4M	2.8M	4.6M	3.5M	2M	3.4M	3.8M
Pretax income	-122.8M	42.6M	31.5M	30.5M	20.6M	27.5M	30.3M	28.8M	29.5M	28.9M	29.6M	32.1M
Income tax	55K	1.1M	471K	910K	660K	1.4M	883K	862K	215K	973K	685K	1.4M
Net income	-122.8M	41.5M	31M	29.6M	20M	26.1M	29.4M	28M	29.3M	27.9M	28.9M	30.7M
Net margin	-143.6%	40.2%	33.3%	32.9%	22%	28.4%	30.1%	29.8%	30.5%	28.5%	26.1%	26.8%
EBITDA	72.2M	92.7M	83.2M	82.6M	73.6M	80.9M	83.5M	82.8M	84.7M	84.1M	85.4M	89.6M
EPS	-1.81	—	0.43	0.42	0.27	—	0.41	0.39	0.41	—	0.4	0.42
Diluted EPS	-1.81	—	0.43	0.42	0.27	—	0.41	0.39	0.41	—	0.4	0.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	—	813.2M	—	—	6.9B	—	1.6B	1.3B	981.5M	864.7M
Enterprise value	1.1B	—	1.3B	—	—	9.6B	—	5.5B	5.5B	5.4B	5.7B
Shares outstanding	18.2M	—	18.2M	31M	50.7M	55.3M	62.4M	66.7M	71.4M	71.7M	71.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	165.6	—	68.1	—	—	94.7	—	—	12.4	8.56	7.61
P/S	50.4	—	16.4	—	—	37.1	—	4.43	3.61	2.55	1.99
P/B	7.11	—	2.28	—	—	4.12	—	0.68	0.56	0.4	0.36
EV/EBITDA	59.5	—	34.4	—	—	58.9	—	19.1	17.3	16.2	16.5
EV/Sales	50.4	—	27	—	—	51.4	—	15.6	15.1	14.1	13.1
Earnings yield	0.6%	—	1.47%	—	—	1.06%	—	—	8.08%	11.7%	13.1%
FCF yield	0.5%	—	1.66%	—	—	0.39%	—	0.99%	2.87%	4.87%	-36.7%
PEG	—	—	—	—	—	—	—	—	—	—	0.99

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	96%	—	96.8%	97.1%	98.4%	98.6%	98.8%	98.7%	98.8%	98.8%	87.2%
Operating margin	68.3%	—	57%	71.6%	77.7%	78.1%	85.6%	76.5%	78.5%	80.8%	73.7%
Net margin	30.4%	—	24%	36.1%	38.3%	39.2%	53.5%	-15.5%	29.2%	29.7%	26.6%
ROE	4.29%	—	3.34%	3.08%	4.31%	4.35%	6.68%	-2.38%	4.49%	4.7%	4.64%
ROA	4.25%	—	1.22%	1.31%	1.85%	1.62%	2.47%	-0.83%	1.55%	1.58%	2.88%
ROIC	—	—	—	—	—	3.35%	4.08%	4.33%	4.22%	4.39%	4.35%
Return on tangible assets	7.33%	—	2.63%	1.62%	2.18%	1.8%	2.67%	-0.89%	1.64%	1.68%	1.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	8.01	28.9	5.3	26.4	23.4	19.5	19.6	19.5	18.6	17.9	37.6
Quick ratio	8.01	28.9	5.3	26.4	23.4	19.5	19.6	19.5	18.6	17.9	18.1
Debt / equity	—	0.86	1.52	1.26	1.22	1.6	1.63	1.73	1.78	1.84	1.77
Debt / assets	—	0.42	0.56	0.54	0.53	0.6	0.6	0.61	0.61	0.62	0.61
Net debt / EBITDA	—	—	13.5	17.5	12	16.4	14.5	13.7	13.1	13.2	13.2
Interest coverage	1.8	—	1.78	2.13	1.92	1.92	2.12	0.71	1.56	1.57	1.56
Effective tax rate	—	—	—	—	—	0%	0%	0%	3.13%	2.49%	2.72%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.2	—	2.73	3.01	3.07	3.38	4.33	5.29	5.12	5.38	6.09
EPS (basic)	0.36	0	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.6	1.6
EPS (diluted)	0.36	0	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.59	1.61
Book value per share	8.47	—	19.6	35.3	27.3	30.5	34.7	34.4	33.3	34	34.3
FCF per share	0.3	—	0.74	-44.1	0.7	0.49	1.04	0.23	0.53	0.67	0.52
Cash per share	0	—	0.9	0.73	1.12	0.54	0.32	0.43	0.22	0.33	0.23
Capex per share	—	—	0	44	9.35	22.6	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	0%	1.5K%	305%	667.3%	—	—	—	—	—
Capex / operating cash flow	—	—	0%	-31.2K%	1.3K%	3.8K%	—	—	—	—	—
Payout ratio	—	—	91.5%	49.3%	53.8%	49%	29.2%	-84.4%	47.5%	44.4%	44%
Dividend yield	—	—	1.34%	—	—	0.52%	—	2.95%	3.84%	5.19%	5.79%

Yield

5.79%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.177

ex-dividend Jun 30, 2026

Payout ratio

44%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.177
Mar 31, 2026	$0.177
Dec 30, 2025	$0.177

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$85.6M	$103M	$93.2M	$89.9M	$90.7M	$91.9M	$97.7M	$93.8M	$96.2M	$97.9M	$110.9M	$114.6M
YoY change	+19.3%	+40.4%	+19%	+4.94%	+6.01%	-10.8%	+4.79%	+4.39%	+6.02%	+6.53%	+13.5%	+22.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	0	168.2M	16.4M	22.7M	56.9M	29.6M	20.1M	28.5M	15.6M	23.7M
Receivables	11.9M	4.1M	23.1M	58.3M	93.3M	117.3M	148.9M	180M	210.8M	241.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	11.9M	176.8M	49.4M	503.7M	767.2M	954.2M	1.6B	2B	2.2B	2.4B
Property, plant & equipment	—	—	0	59.3M	57.1M	54.9M	52.6M	34.9M	30.4M	26.5M
Goodwill & intangibles	65.4M	277.4M	525.1M	485.7M	484.3M	448.4M	435.6M	422.2M	417.5M	408M
Total assets	155.7M	728.5M	979.7M	2.6B	3.2B	4.5B	5.9B	6.5B	6.9B	7.2B
Accounts payable	779K	1.3M	0	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.5M	6.1M	9.3M	19.1M	32.8M	48.9M	80.3M	101.1M	117.5M	136.3M
Long-term debt	—	307.1M	544M	1.4B	1.7B	2.7B	3.5B	4B	4.2B	4.5B
Total liabilities	1.6M	372.6M	622.4M	1.5B	1.8B	2.8B	3.7B	4.3B	4.5B	4.8B
Shareholders' equity	154.1M	355.9M	357.4M	1.1B	1.4B	1.7B	2.2B	2.3B	2.4B	2.4B
Total debt	—	307.1M	544M	1.4B	1.7B	2.7B	3.5B	4B	4.2B	4.5B
Net debt	—	138.9M	527.5M	1.4B	1.6B	2.7B	3.5B	4B	4.2B	4.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	15.1M	23.7M	20.1M	15.9M
Receivables	—	—	—	—	—	—	—	—	233.6M	241.1M	248.6M	256.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	2.4B	2.4B	2.5B	2.6B
Property, plant & equipment	—	—	—	—	—	—	—	—	27.8M	26.5M	25.8M	24.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	410.8M	408M	406.3M	404.5M
Total assets	—	—	—	—	—	—	—	—	7.1B	7.2B	7.4B	7.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	125.8M	136.3M	133.2M	143.5M
Long-term debt	—	—	—	—	—	—	—	—	4.4B	4.5B	4.6B	4.6B
Total liabilities	—	—	—	—	—	—	—	—	4.7B	4.8B	4.9B	4.9B
Shareholders' equity	—	—	—	—	—	—	—	—	2.4B	2.4B	2.5B	2.6B
Total debt	—	—	—	—	—	—	—	—	4.4B	4.5B	4.6B	4.6B
Net debt	—	—	—	—	—	—	—	—	4.4B	4.5B	4.6B	4.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5.7M	6.6M	11.9M	33.7M	59.5M	73.4M	144.7M	-54.6M	106.6M	114.6M
Depreciation & amortization	3.5M	3.6M	11.7M	11.9M	12.1M	12M	11.9M	12.2M	12.3M	10.9M
Stock-based compensation	—	—	873K	1.6M	1.7M	1.8M	1.5M	23.2M	13.8M	12.5M
Change in working capital	-1.3M	-317K	2.1M	-24M	1.5M	-11.6M	31.1M	7.1M	13.3M	10.5M
Operating cash flow	5M	5.5M	13.5M	-4.4M	37.8M	32.8M	127.7M	-116M	38.5M	47.8M
Capital expenditure	—	—	0	-1.4B	-474.1M	-1.2B	—	—	—	—
Investing cash flow	—	-4.1M	1.4M	-2.9B	-946.8M	-2.5B	-1.3B	-569.3M	-270.6M	-250.8M
Dividends paid	—	—	-10.9M	-16.6M	-32M	-35.9M	-42.2M	-46M	-50.6M	-50.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-5M	2.5M	225.5M	1.5B	544.6M	1.2B	1.1B	559.5M	144.9M	203M
Net change in cash	22K	3.9M	240.5M	-1.3B	-364.4M	-1.3B	-62.8M	-125.8M	-87.2M	-17K
Free cash flow	5M	5.5M	13.5M	-1.4B	35.7M	26.9M	64.9M	15.4M	37.9M	47.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-122.8M	41.5M	31M	29.6M	20M	26.1M	29.4M	28M	29.3M	27.9M	28.9M	30.7M
Depreciation & amortization	3.1M	3.1M	3.1M	3.1M	3.1M	3.1M	2.8M	2.7M	2.7M	2.7M	2.3M	2.3M
Stock-based compensation	7.5M	3.1M	4.8M	1.9M	3.5M	3.6M	3.5M	3.1M	3.1M	2.9M	3.8M	3.4M
Change in working capital	-2.8M	19.8M	-12.7M	16.2M	6M	3.8M	-1.3M	22.4M	-5.2M	7.6M	-13.6M	10.6M
Operating cash flow	-139.2M	27.7M	-508K	24.7M	4.2M	10.2M	6.4M	28M	-1.4M	12.3M	-8.6M	34.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-83.3M	-129.7M	-94.2M	-98.4M	-55.9M	-22.1M	-17.7M	-117.6M	-57.6M	-57.9M	-86.1M	-123.9M
Dividends paid	-11.3M	-12.6M	-12.6M	-12.7M	-12.6M	-12.6M	-12.7M	-12.9M	-12.7M	-12.7M	-12.7M	-13.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-3.2M	-12.8M
Financing cash flow	89.4M	110.8M	70.2M	20.2M	48.1M	6.4M	7M	85.9M	56M	54.2M	91.5M	86.4M
Net change in cash	-133.1M	8.8M	-24.5M	-53.5M	-3.7M	-5.5M	-4.3M	-3.6M	-3M	8.6M	-3.2M	-2.9M
Free cash flow	1.8M	23.1M	-3.1M	24.8M	8.3M	7.9M	8.9M	28M	-1.4M	12.3M	-8.6M	34.6M

Date	Ratio
Mar 31, 2023	16:100
Nov 30, 2022	1284:1000

Safehold Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history