Safehold Inc. (SAFE) Key Metrics
SAFE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $803.1M
- Enterprise value
- $5.46B
- P/E (TTM)
- 7.0 10-yr median 26.4
- Forward P/E
- 8.1
- PEG ratio
- 0.65
- Price / sales
- 1.8 10-yr median 4.4
- Price / book
- 0.4 10-yr median 0.7
- EV / EBITDA
- 15.9 10-yr median 35.3
- Dividend yield
- 6.26% $0.71 a year
- Beta
- 1.77
SAFE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSAFE valuation Price multiples at each fiscal year-end price.
SAFE returns How much profit the business earns on the capital it uses.
SAFE per-share figures Results divided by the shares outstanding at year-end.
SAFE financial health Debt, liquidity and how easily interest is covered.
SAFE efficiency & capital use Working capital cycle and where the cash goes.
SAFE valuation history
SAFE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SAFE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SAFE cash returned to shareholders
SAFE price vs earnings per share
SAFE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $982.8M | $1.32B | $1.56B | — | — | — | — | $474.0M | — | $638.4M |
| Enterprise value | $5.45B | $5.53B | $5.50B | — | — | — | — | $1.38B | — | $3.86B |
| P/E ratio | 8.6 | 12.5 | — | — | — | — | — | 40.4 | — | 96.5 |
| Price / sales | 2.5 | 3.6 | 4.4 | — | — | — | — | 9.5 | — | 29.4 |
| Price / book | 0.4 | 0.6 | 0.7 | — | — | — | — | 1.3 | — | 4.1 |
| Price / free cash flow | 20.6 | 34.9 | 101.4 | — | — | — | — | — | — | — |
| Price / operating cash flow | 20.6 | 34.9 | 101.4 | — | — | — | — | — | — | 116.5 |
| EV / sales | 14.1 | 15.1 | 15.6 | — | — | — | — | 27.7 | — | 177.5 |
| EV / EBITDA | 16.3 | 17.3 | 39.2 | — | — | — | — | 35.3 | — | 209.6 |
| EV / free cash flow | 114.0 | 146.2 | 357.5 | — | — | — | — | — | — | — |
| Earnings yield | 11.6% | 8.0% | −3.5% | — | — | — | — | 2.5% | — | 1.0% |
| Free cash flow yield | 4.9% | 2.9% | 1.0% | — | — | — | — | −45.0% | — | −26.3% |
| Dividend yield | 5.2% | 3.8% | 3.0% | — | — | — | — | 2.3% | — | 8.0% |
| Shareholder yield (dividends + buybacks) | 5.2% | 4.2% | 3.0% | — | — | — | — | 4.1% | — | 23.6% |
| Share price at fiscal year-end | $13.69 | $18.48 | $23.40 | $27.81 | $73.28 | $42.13 | $41.17 | $26.02 | $32.06 | $35.09 |
| Per share | ||||||||||
| Revenue per share | $5.37 | $5.12 | $5.29 | — | — | — | — | $2.73 | — | $1.20 |
| Earnings per share | $1.59 | $1.48 | −$0.82 | — | — | — | — | $0.64 | — | $0.36 |
| Operating cash flow per share | $0.67 | $0.53 | $0.23 | — | — | — | — | −$1.32 | — | $0.30 |
| Free cash flow per share | $0.67 | $0.53 | $0.23 | — | — | — | — | −$11.70 | — | −$9.24 |
| Cash per share | $0.33 | $0.22 | $0.43 | — | — | — | — | $0.90 | — | $18.07 |
| Book value per share | $33.55 | $32.81 | $33.46 | — | — | — | — | $19.62 | — | $8.47 |
| Tangible book value per share | $30.71 | $29.88 | $30.29 | — | — | — | — | $5.21 | — | $8.46 |
| Dividends per share | $0.71 | $0.71 | $0.69 | — | — | — | — | $0.60 | — | $2.82 |
| Capex per share | $0.00 | $0.00 | $0.11 | — | — | — | — | $10.38 | — | $9.54 |
| Debt per share | $62.57 | $59.17 | $59.53 | — | — | — | — | $50.47 | — | $195.12 |
| Shares outstanding | 71.8M | 71.5M | 66.7M | — | — | — | — | 18.2M | — | 18.2M |
| Change in shares outstanding | +0.5% | +7.1% | — | — | — | — | — | — | — | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.8% | 4.6% | −3.0% | 8.7% | 4.8% | 4.8% | 3.8% | 3.3% | 68.9% | 4.4% |
| Return on invested capital (ROIC) | 4.5% | 1.3% | −1.1% | 2.6% | 1.5% | 2.0% | 1.9% | 1.0% | 0.3% | 0.4% |
| Return on assets (ROA) | 1.6% | 1.6% | −1.1% | 3.5% | 1.9% | 2.1% | 1.6% | 1.4% | 39.7% | 4.4% |
| Return on tangible assets | 1.6% | 1.6% | −0.9% | 4.2% | 1.7% | 2.0% | 1.2% | 1.6% | 29.8% | 4.3% |
| Free cash flow margin | 12.4% | 10.4% | 4.4% | 9.1% | −652.9% | −13.3% | — | −428.7% | −11.5% | −773.3% |
| Income quality (OCF / net income) | 0.42 | 0.36 | — | 0.35 | 0.37 | 0.60 | −0.07 | −2.06 | 0.46 | 0.83 |
| Financial health | ||||||||||
| Total debt | $4.49B | $4.23B | $3.97B | $4.78B | $4.02B | $1.69B | $1.41B | $919.4M | $806.5M | $3.55B |
| Cash & short-term investments | $23.7M | $15.6M | $28.5M | $1.44B | $29.6M | $56.9M | $22.7M | $16.4M | $168.2M | $328.7M |
| Net debt | $4.47B | $4.21B | $3.94B | $3.33B | $3.99B | $1.63B | $1.39B | $903.0M | $638.3M | $3.22B |
| Debt / equity | 1.87 | 1.80 | 1.78 | 3.35 | 2.39 | 1.22 | 1.29 | 2.57 | 2.27 | 23.03 |
| Debt / assets | 0.62 | 0.61 | 0.61 | 1.47 | 0.89 | 0.53 | 0.55 | 0.94 | 1.11 | 22.80 |
| Net debt / EBITDA | 13.33 | 13.15 | 28.07 | 11.68 | 24.19 | 12.02 | 18.43 | 23.16 | 11.02 | 174.90 |
| Current ratio | 17.86 | 18.56 | 19.51 | 1.14 | 71.65 | 65.82 | 80.41 | 5.53 | 29.37 | 7.55 |
| Quick ratio | 17.86 | 18.56 | −12.58 | 1.14 | 71.65 | 65.66 | 79.94 | 3.01 | 17.98 | −45.60 |
| Interest coverage | 1.5 | 0.4 | -0.4 | 1.1 | 0.8 | 0.9 | 1.2 | 0.8 | 0.0 | 1.8 |
| Working capital | $2.30B | $2.06B | $1.87B | $194.7M | $3.32B | $2.04B | $1.47B | $40.4M | $170.8M | $10.3M |
| Invested capital | $6.88B | $6.56B | $6.17B | $4.76B | $5.68B | $3.01B | $2.48B | $1.26B | $994.2M | $3.37B |
| Tangible asset value | $2.24B | $2.17B | $2.08B | $1.43B | $1.46B | $1.14B | $850.5M | $94.8M | $217.2M | $154.0M |
| Net current asset value | −$2.37B | −$2.34B | −$2.28B | −$279.3M | $536.4M | $245.1M | $15.1M | −$573.0M | −$195.8M | $10.3M |
| Graham number | $34.69 | $33.05 | — | — | — | — | — | $16.86 | — | $8.33 |
| Graham net-net per share | −$41.55 | −$40.48 | −$17.48 | — | — | — | — | −$31.69 | — | $20.78 |
| Capital allocation | ||||||||||
| Dividends paid | $50.9M | $50.6M | $46.0M | $53.7M | $35.9M | $32.0M | $16.6M | $10.9M | $48.4M | $51.3M |
| Share buybacks (net) | — | $5.1M | $0 | $0 | $122.6M | $54.6M | $68.3M | $8.3M | $285.9M | $99.3M |
| Dividend payout ratio | 44.5% | 47.8% | — | 39.7% | 49.2% | 54.0% | 60.0% | 93.1% | 27.6% | 775.8% |
| Dividends + buybacks / free cash flow | 106.5% | 147.1% | 299.1% | 218.2% | — | — | — | — | — | — |
| Capex / revenue | 0.0% | 0.0% | 2.1% | 8.5% | 667.3% | 35.8% | 1,458.9% | 380.2% | 23.3% | 798.5% |
| Capex / operating cash flow | 0.0% | 0.0% | 47.1% | 48.4% | 4,636.4% | 158.9% | — | — | 197.6% | 3,168.2% |
| Capex / depreciation | 0.00 | 0.00 | 0.59 | 4.21 | 104.12 | 4.70 | 114.62 | 16.21 | 3.17 | 48.82 |
| Stock-based compensation / revenue | 3.3% | 3.8% | 6.6% | −10.2% | 0.9% | 1.1% | 1.7% | 1.8% | 2.8% | 50.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 14.1% | 15.0% | 18.6% | 14.3% | 16.4% | 14.3% | 15.5% | 21.4% | 14.6% | 13.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 2,158.6 | 2,031.7 | 1,018.8 | 2,282.0 | 5,174.6 | 3,927.8 | 2,859.0 | 100.0 | 4.3 | 155.9 |
| Days of inventory on hand | — | — | 127,450.4 | 251.0 | 377.8 | 1,020.1 | 2,130.3 | 10,395.5 | 53.1 | 46,851.8 |
| Days payables outstanding | — | — | 4,627.5 | -994.9 | -7,701.3 | 685.2 | 393.5 | 312.0 | 0.7 | 213.2 |
| Cash conversion cycle (days) | — | — | 123,841.6 | 3,527.9 | 13,253.6 | 4,262.7 | 4,595.8 | 10,183.5 | 56.7 | 46,794.5 |
| Receivables turnover | 0.17 | 0.18 | 0.36 | 0.16 | 0.07 | 0.09 | 0.13 | 3.65 | 84.89 | 2.34 |
| Payables turnover | — | — | 0.08 | — | — | 0.53 | 0.93 | 1.17 | 492.21 | 1.71 |
| Inventory turnover | — | — | 0.00 | 1.45 | 0.97 | 0.36 | 0.17 | 0.04 | 6.87 | 0.01 |
| Asset turnover | 0.05 | 0.05 | 0.07 | 0.07 | 0.05 | 0.05 | 0.05 | 0.06 | 1.54 | 0.14 |
| Average receivables | $2.28B | $2.04B | $984.1M | $1.69B | $2.65B | $1.71B | $731.6M | $13.6M | $8.0M | $9.3M |
| Average payables | — | — | $59.0M | −$8.5M | −$56.2M | $4.7M | $2.9M | $1.4M | $1.1M | $503,000 |
| Average inventory | — | — | $1.62B | $2.1M | $2.8M | $6.9M | $15.6M | $45.6M | $76.2M | $110.5M |
| Intangibles / total assets | 2.8% | 3.0% | 3.2% | 0.0% | 5.0% | 7.5% | 9.5% | 26.8% | 19.0% | 0.1% |
Computed from SAFE's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SAFE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Safehold traded at 8.6 times earnings, against a 10-year median of 26.4. Based on the latest twelve months, the trailing P/E is 7.0 and the forward P/E is 8.1. Safehold earned a return on equity of 4.8% and a return on invested capital of 4.5% in fiscal 2025. It ended the year with $4.5 billion of debt and $23.7 million in cash and short-term investments, net debt of $4.5 billion. It returned $50.9 million to shareholders: $50.9 million in dividends and $0 in share buybacks, 107% of free cash flow. The share count rose 294.6% from 18.2M to 71.8M over 9 years.
See the SAFE income statement, the SAFE chart for price history, or the SAFE stock overview for the latest quote and news.
SAFE key metrics FAQ
What is Safehold's P/E ratio?
Safehold's trailing P/E ratio is 7.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.1. At the end of fiscal 2025 it was 8.6, compared with a 10-year median of 26.4.
What is Safehold's EV/EBITDA?
Safehold's enterprise value was 16.3 times EBITDA at the end of fiscal 2025 (enterprise value $5.5 billion, EBITDA $335.1 million); the current EV/EBITDA is 15.9.
What is Safehold's return on equity?
Safehold's return on equity (ROE) was 4.8% in fiscal 2025: net income of $114.5 million on average shareholders' equity of $2.4 billion.
What is Safehold's ROIC?
Safehold's return on invested capital was 4.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Safehold have?
Safehold had total debt of $4.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.87 and $4.5 billion of net debt (13.33 times EBITDA).
What is Safehold's dividend yield?
Safehold's forward dividend yield is 6.26%. Safehold paid $50.9 million in dividends in fiscal 2025 ($0.71 per share), a payout ratio of 44.5%.
What is Safehold's free cash flow yield?
Safehold generated $47.8 million of free cash flow in fiscal 2025, a free cash flow yield of 4.9% on its market value at year-end ($982.8 million).
What is Safehold's current ratio?
Safehold's current ratio was 17.86 at the end of fiscal 2025: current assets were 17.86 times current liabilities.