Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 17.8x · 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 | $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 → | 10.09 | 8.61 | 12.49 | — | 13.19 | 60.49 | 61.96 | 1.73 | 29.39 | 1.81 | 167.25 |
| P/S Ratio | 2.98 | 2.55 | 3.61 | 4.43 | 6.66 | 23.98 | 23.73 | 5.57 | 6.89 | 0.29 | 50.37 |
| P/B Ratio | 0.47 | 0.40 | 0.56 | 0.68 | 0.83 | 2.66 | 2.73 | 0.48 | 0.96 | 0.51 | 5.55 |
| P/FCF | 24.02 | 20.55 | 34.88 | 101.39 | 27.76 | — | 752.72 | — | — | — | — |
| P/OCF | 24.02 | 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 | 17.77 | 17.25 | 55.77 | — | 35.97 | 92.41 | 79.12 | 39.06 | 1.29 | 0.68 | 12.57 |
| EV / EBIT | 18.27 | 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 | 4.4% | 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 | 9.9% | 11.6% | 8.0% | — | 7.6% | 1.7% | 1.6% | 57.8% | 3.4% | 55.4% | 0.6% |
| FCF Yield | 4.2% | 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 | 4.4% | 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 |
Interest rate sensitivity
As reported in recent quarterly filings, Safehold maintains exceptional property-level profitability with NOI margins consistently hovering near 98%, underscoring the efficiency of the triple-net ground lease structure which effectively offloads all operational and maintenance burdens to the underlying building owners.
The stability of these margins suggests that the company is well-insulated from inflationary pressures on property operating expenses. However, investors should monitor whether the high operating margin is sufficient to offset the rising interest expense that continues to compress net profitability.
Based on the provided financial data, Safehold's FFO payout ratio has remained within a manageable range, fluctuating between 28.4% and 56.4% over the last ten quarters, which suggests that the current dividend distribution is well-supported by recurring cash flows from the ground lease portfolio.
While the payout ratio appears conservative, the volatility in FFO per share warrants caution regarding the long-term predictability of dividend growth. The company's ability to maintain this safety margin depends heavily on its success in managing financing costs amidst a volatile interest rate environment.
According to recent quarterly filings, Safehold maintains a debt-to-equity ratio of 1.87 as of 2026Q1, reflecting a persistent reliance on significant leverage to finance its long-duration ground lease portfolio, which warrants close monitoring given the company's sensitivity to interest rate fluctuations and capital market access.
The interest coverage ratio, hovering near 1.5x, indicates a narrow margin of safety that could be pressured if refinancing costs continue to rise. This leverage profile suggests that the company's growth strategy is highly dependent on favorable credit market conditions.
As indicated by the company's unique business model, the standard P/E ratio is a deeply misleading metric for Safehold because it fails to account for the significant non-cash depreciation and the massive, unrecorded economic value of the reversionary rights inherent in the ground lease portfolio.
Investors should instead focus on FFO and AFFO metrics, which provide a more accurate representation of the company's cash-generating capacity. Relying on P/E obscures the true economic compounding of the portfolio and ignores the structural advantages of owning the land beneath high-quality commercial assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SAFE stock.
Safehold Inc.'s current P/E ratio is 10.1x. The historical average is 38.0x. This places it at the 23th percentile of its historical range.
Safehold Inc.'s current EV/EBITDA is 17.8x. 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 10.1x. This is at the 23th 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 4.42% 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.