SAFE · Safehold Inc.
$15.37
+0.02 (+0.10%)
At close · Aug 28
View the 10-K filed Feb 12, 2026
Customer concentration
— top 2 customers 4.3% of revenue
2 customers — 4.3% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, our two largest tenants by revenues each accounted for approximately 4.3% of our total revenues.”
Market Cap
$1.09B
Shares
70.82M
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$385.55M
+5.4%
FY2025
Net Income
$114.47M
+8.2%
FY2025
Gross Margin
98.77%
-0.1pp
FY2025
Operating Margin
26.17%
+2.4pp
FY2025
Diluted EPS
$1.59
+7.4%
FY2025
Operating Cash Flow
$47.81M
+26.3%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $419.53M | $385.55M | $365.69M | $352.58M | $270.31M | $187.01M | $324.1M | $273.71M | $798.12M | $679.2M | $455.19M | $496.03M | $462.03M | $390.79M | $397.54M | $462.47M | $601.46M | $758.99M | |
| $69.95M | $72.07M | $71.06M | $71.29M | $66.82M | $67.67M | — | — | — | $187.68M | $191.18M | $211.21M | $243.1M | $234.57M | $216.29M | $195.87M | $186.63M | $175.23M | |
| $4.8M | $4.76M | $4.22M | $4.65M | $3.11M | $2.66M | — | — | — | — | — | — | — | — | — | — | — | — | |
| $414.73M | $380.79M | $361.46M | $347.93M | $267.2M | $184.35M | — | — | — | — | — | — | — | — | — | — | — | — | |
| — | 98.77% | 98.84% | 98.68% | 98.85% | 98.58% | — | — | — | — | — | — | — | — | — | — | — | — | |
| $56.9M | $54.34M | $54.92M | $68.57M | $38.61M | $28.75M | $100.88M | $98.61M | $92.14M | $98.88M | $84.03M | $81.28M | $88.29M | $92.11M | $80.86M | $105.04M | $109.53M | $124.15M | |
| — | — | — | — | $100K | $1M | $200K | $200K | $7.2M | $1.9M | $1.9M | $3.6M | $6.7M | $8.2M | $7M | $7.7M | $9M | $9.6M | |
| $7.92M | $8.55M | $9.95M | $9.94M | $5.47M | $59.29M | $58.09M | $58.26M | $58.7M | $49.93M | $54.33M | $65.25M | $73.57M | $71.53M | $70.79M | $63.93M | $70.77M | $99.29M | |
| — | — | — | — | $2.4M | $600K | $3.1M | $4.5M | $90.4M | $11.9M | $10.7M | $5.9M | $11.8M | $13.6M | $35.4M | $20.65M | -$19.6M | $105.53M | |
| $314.05M | $284.65M | $278.6M | $430.1M | $190.5M | $121.55M | $474.07M | $455.53M | $994.14M | $718.64M | $564.47M | $635.32M | $601.83M | $613.17M | $768.97M | $714.75M | $962.26M | $2.1B | |
| $105.48M | $100.9M | $87.08M | -$77.08M | $135.63M | $65.46M | — | — | — | — | — | — | — | — | — | — | — | — | |
| — | 26.17% | 23.81% | -21.86% | 50.17% | 35% | — | — | — | — | — | — | — | — | — | — | — | — | |
| $113.4M | $109.44M | $97.03M | -$67.14M | $141.1M | $124.76M | — | — | — | — | — | — | — | — | — | — | — | — | |
| $213.7M | $206.69M | $198.04M | $181.01M | $128.97M | $79.71M | $126.83M | $141.7M | $183.75M | $194.69M | $221.4M | $224.64M | $224.48M | $266.23M | $355.1M | $342.19M | $313.77M | $413.09M | |
| $12.58M | $11.23M | $9.48M | $7.14M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| — | — | — | — | $26.63M | $26.32M | $6.32M | $11.97M | $126M | $92.05M | $105.3M | $93.82M | $89.94M | $86.66M | $63.47M | — | — | — | |
| $16.88M | $18.89M | $22.98M | $24.23M | $9.06M | $6.28M | $39.47M | $42.38M | -$5.01M | $13.02M | $77.35M | $32.15M | $94.91M | $41.52M | $103.01M | $95.09M | $51.91M | $5.3M | |
| $120.14M | $117.56M | $110.06M | -$52.85M | $144.68M | $73.36M | -$116.22M | -$155.21M | -$17.51M | $50.9M | $71.75M | -$107.41M | -$70.27M | -$221.43M | -$306.23M | -$55.73M | -$199.97M | -$788.49M | |
| $3.27M | $2.93M | $3.45M | $1.72M | $567K | -$118K | $89K | $369K | $815K | -$948K | -$10.17M | $7.64M | $3.91M | -$659K | $8.45M | -$4.72M | $7.02M | $4.14M | |
| $116.17M | $114.47M | $105.76M | -$54.97M | $135.42M | $73.12M | -$42.44M | $324.04M | -$32.26M | $175.68M | $95.31M | -$2.44M | $16.47M | -$111.95M | -$239.93M | -$22.06M | $79.68M | -$768.78M | |
| — | 29.69% | 28.92% | -15.59% | 50.1% | 39.1% | -13.1% | 118.39% | -4.04% | 25.87% | 20.94% | -0.49% | 3.56% | -28.65% | -60.35% | -4.77% | 13.25% | -101.29% | |
| $697K | $161K | $852K | $408K | $9.26M | $234K | $337K | -$447K | $13.94M | $4.53M | $4.88M | -$3.72M | -$704K | $718K | -$1.5M | -$3.63M | $523K | -$1.07M | |
| $116.17M | $114.47M | $105.76M | -$54.97M | $135.42M | $73.12M | -$65.94M | $291.55M | -$64.76M | $110.92M | $43.97M | -$52.68M | -$33.72M | -$155.77M | -$273M | -$62.39M | $36.28M | -$788.57M | |
| $126.42M | $108.07M | $156.09M | -$59.59M | $179.68M | $89.6M | -$56.41M | $302.61M | -$47.05M | $177.42M | $95.94M | -$6.32M | $19.78M | -$115.04M | -$240.79M | -$24M | $75.15M | -$764.34M | |
| USD/shares | $1.62 | $1.60 | $1.48 | -$0.82 | $2.17 | $1.32 | -$5.44 | $21.95 | -$4.62 | $7.59 | $2.92 | -$3.02 | -$1.95 | — | -$15.87 | -$3.41 | $1.90 | -$38.36 |
| USD/shares | $1.61 | $1.59 | $1.48 | -$0.82 | $2.17 | $1.32 | -$5.44 | $21.95 | -$4.62 | $7.59 | $2.92 | -$3.02 | -$1.95 | — | -$15.87 | -$3.41 | $1.90 | -$38.36 |
| shares | — | 71.69M | 71.37M | 66.69M | 62.39M | 55.25M | 12.11M | 13.29M | 13.96M | 14.59M | 15.09M | 17.46M | 17.47M | 17.46M | 17.2M | 18.22M | 19.16M | 20.56M |
| shares | — | 71.79M | 71.45M | 66.69M | 62.39M | 55.26M | 12.11M | 13.29M | 13.96M | 14.59M | 15.17M | 17.46M | 17.47M | 17.46M | 17.2M | 18.22M | 19.16M | 20.56M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2011–FY2025: $573.01M in buybacks, $295.64M in dividends.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
—
EV/EBIT
—
P/E (TTM)
9.55×
Peer median 92.24×
Peer medians compare against the 13 similar-size REIT - Diversified companies (of 19 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|
| Land and Development Segment | $68,481,000 | $196,381,000 | $184,088,000 | $127,719,000 | $417,587,000 | $323,978,000 |
| Operating Property | $39,650,000 | $43,787,000 | $29,279,000 | $45,807,000 | $110,038,000 | $112,800,000 |
| Net Leasing | $21,496,000 | $17,810,000 | $48,962,000 | $31,616,000 | $156,244,000 | $126,288,000 |
| Real Estate Lending | $15,910,000 | $30,782,000 | $68,651,000 | $80,582,000 | $102,434,000 | $109,181,000 |
By Product & Service (USD)
| Component | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|
| Other Income Revenue | $70,155,000 | $70,259,000 | $78,445,000 | $46,180,000 | $82,342,000 | $188,091,000 |
| Land Development | $61,753,000 | $189,103,000 | $164,702,000 | $119,595,000 | $409,710,000 | $196,879,000 |
| Operating Lease Income | $12,859,000 | $16,824,000 | $24,276,000 | $32,294,000 | $208,192,000 | $187,684,000 |
| Interest Income Revenue | $12,415,000 | $31,229,000 | $56,676,000 | $75,636,000 | $97,878,000 | $106,548,000 |
| Interest Income Sales Type Lease Revenue | $869,000 | $1,215,000 | — | — | — | — |
| Interest Income from Sales Type Leases | — | — | — | — | $0 | $0 |
Key facts
CIK
1095651
CUSIP
78646V107
13F (30d)
172 filings
171 filers
Visit website
Investor relations