Safehold Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Safehold Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	455	679	798	274	324	187	270	353	366	386
Cost of revenue						2.66	3.11	4.65	4.22	4.76
Gross profit						184	267	348	361	381
General and administrative	84	98.9	92.1	98.6	101	28.8	38.6	68.6	54.9	54.3
Operating income						65.5	136	-77.1	87.1	101
Interest expense	221	195	184	142	127	79.7	129	181
Pre-tax income	71.7	50.9	-17.5	-155	-116	73.4	145	-52.8	110	118
Income tax	-10.2	-0.95	0.82	0.37	0.09	-0.12	0.57	1.72	3.45	2.93
Net income to minority interests	4.88	4.53	13.9	-0.45	0.34	0.23	9.26	0.41	0.85	0.16
Net income	95.3	176	-32.3	324	-42.4	73.1	135	-55	106	114
EBITDA						125	141	-67.1	97	109
EPS, basic	0.63	1.65	-1.00	3.94	-0.76	1.32	2.17	-0.82	1.48	1.60
EPS, diluted	0.63	1.65	-1.00	3.94	-0.76	1.32	2.17	-0.82	1.48	1.59
Shares, basic (weighted)	69.5	67.2	64.3	74	86.6	55.3	62.4	66.7	71.4	71.7
Shares, diluted (weighted)	69.9	67.2	64.3	74	86.6	55.3	62.4	66.7	71.5	71.8
Dividend per share			0.19	0.34	0.38	0.67	0.70	0.71	0.71	0.71

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	329	658	932	307	98.6	29.6	20.1	18.8	8.35	21.7
Property, plant and equipment								0.98	0.65	0.46
Lease right-of-use assets				34.1	25.1	20.4	26.3	34	29.7	26.1
Intangible assets	30.7	27.1	156	175	2.49	1.21	218	211	209	204
Total assets	4,826	4,731	5,014	5,085	4,862	4,841	5,851	6,548	6,899	7,249
Total liabilities	3,761	3,817	3,950	3,847	3,797	3,777	3,686	4,253	4,525	4,809
Total debt	3,390	3,476	3,609	3,387	2,569	2,572	3,521	4,054	4,317	4,586
Paid-in capital	3,602	3,353	3,352	3,285	3,241	3,100	1,986	2,184	2,192	2,199
Retained earnings	-2,581	-2,471	-2,472	-2,206	-2,317	-2,227	151	47.6	102	166
Other comprehensive income	-4.22	-2.48	-17.3	-38.7	-52.7	-21.6	3.28	-1.34	49	42.6
Shareholders' equity	1,017	880	863	1,040	871	851	2,142	2,231	2,344	2,408
Minority interests	43.1	34.5	201	198	193	212	4.06	45.4	30	31.6
Total equity	1,060	914	1,064	1,238	1,381	1,685	2,146	2,277	2,374	2,440
Total liabilities and equity	4,826	4,731	5,014	5,085	4,862	4,841	5,851	6,548	6,899	7,249
Shares outstanding	68.2	64.6	64.4	89	84.6	68.9	62.4	71.1	71.4	71.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	100	180	-18.3	334	-30.9	73.4	145	-54.6	107	115
Depreciation and amortization	54.3	49.9	58.7	58.3	58.1	59.3	5.47	9.94	9.95	8.55
Stock-based compensation	10.9	18.8	17.6	30.4	39.4	1.75	1.55	23.2	13.8	12.5
Change in payables	-0.45	7.3	-28.3	-47.7	-1.86	-11.3	20.1	-5.97	8.07	8.06
Cash from operations	29.5	102	-24.1	-45.6	21.9	26.9	64.9	15.4	37.9	47.8
Capital expenditures	-69.8	-37.1	-60.5
Acquisitions								-88.7
Cash from investing	465	263	779	-398	31.2	-1,288	-1,146	-577	-212	-237
Debt issued	716	2,289	704	1,487	803	1,848	1,830	577	2,272	2,011
Debt repaid	-1,443	-1,922	-945	-1,483	-914	-73.6	-1,154
Stock issued						243	309	152	0	0
Share buybacks	-99.3	-45.9	-8.3	-68.3	-54.6	-123
Dividends paid	0	0	-12.2	-25.1	-32.7	-34.8	-30.2	-46	-50.6	-50.9
Cash from financing	-878	-41.5	-458	-179	-255	1,203	1,091	560	145	203
Exchange rate effect	0.01	-0.03	0.02	0.01	0.27	-0.12	-0.08
Net change in cash	-383	323	297	-622	-202	-58	9.87	-1.65	-29.6	13.6
Free cash flow	-40.3	64.5	-84.6
Interest paid	200	179	172	182	142	59	93.9	151	162	174
Income taxes paid						0.1	0.5	5.4	3.4	1.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	98.9%	Gross profit / revenue.
Operating margin	25.1%	Operating income / revenue.
EBITDA margin	27.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.6%	Pre-tax income / revenue.
Net margin	27.7%	Net income / revenue.
Operating cash flow margin	8.8%	Cash from operations / revenue.
Effective tax rate	2.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Return on invested capital (ROIC)	1.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	15.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-9.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	12.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	8.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	7.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.91x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	61.9%	Total debt / total assets.
Liabilities / assets	65.0%	Total liabilities / total assets.
Net debt	$4.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	40.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Goodwill and intangibles / assets	2.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.24B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Fixed asset turnover	423x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.86	Revenue / diluted weighted shares.
Operating cash flow per share	$0.52	Cash from operations / diluted weighted shares.
Book value per share	$34.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$31.48	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	44.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$868.2M	Share price x shares outstanding.
Enterprise value	$5.51B	Market cap + total debt - cash - short-term investments.
P/E	7.47x	Market cap / net income. Only when net income is positive.
P/S	2.07x	Market cap / revenue.
P/B	0.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.39x	Market cap / tangible book value, when positive.
P/OCF	23.5x	Market cap / cash from operations, when positive.
EV/Sales	13.1x	Enterprise value / revenue.
EV/EBIT	52.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	48.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	13.4%	Net income / market cap (the inverse of P/E).
Dividend yield	5.9%	Dividends paid over the period / market cap.
Shareholder yield	5.9%	(Dividends paid + share buybacks) / market cap.

What was Safehold Inc.'s revenue in fiscal 2025?

Safehold Inc. reported revenue of $385.6M for fiscal 2025, 5.4% higher than the year before.

Was Safehold Inc. profitable in fiscal 2025?

Yes. Net income was $114.5M, a net margin of 29.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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