Safehold Inc. (SAFE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+276.5%

$43.11

vs $11.45 price

Levered DCF

-$71.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.31

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.56×	12.49×	-28.9×	13.19×	60.49×	61.96×	1.43×	29.39×
P/B	0.41×	0.56×	0.71×	0.84×	2.66×	2.73×	0.38×	0.96×
P/S	2.55×	3.61×	4.48×	6.66×	23.97×	23.73×	4.47×	6.89×
EV / EBITDA	16.27×	17.29×	39.4×	18.58×	43.36×	39.73×	23.49×	22.32×
Gross margin	94.3%	98.8%	98.7%	98.8%	98.6%	98.4%	97.1%	96.8%
Operating margin	79.8%	23.8%	-21.9%	50.2%	35.0%	35.4%	38.7%	24.0%
Net margin	29.7%	28.9%	-15.6%	50.1%	39.1%	37.4%	29.7%	23.6%
Current ratio	17.86×	18.56×	19.51×	19.62×	19.52×	65.82×	26.36×	5.53×
Debt / equity	1.87×	1.8×	1.78×	1.65×	1.61×	1.23×	1.26×	1.53×
Interest coverage	1.49×	0.44×	-0.43×	1.05×	0.82×	0.87×	1.21×	0.78×
Dividend yield	5.2%	3.8%	2.9%	2.3%	0.8%	1.5%	4.0%	3.2%
Payout ratio	44.5%	47.8%	-83.7%	31.2%	49.2%	94.7%	60.0%	93.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	4.5%	-2.5%	6.3%	4.3%	4.3%	2.5%	3.3%
Return on invested capital	4.2%	1.2%	-1.2%	2.4%	1.5%	1.8%	1.4%	1.2%
Return on assets	1.6%	1.5%	-0.8%	2.3%	1.6%	1.8%	1.1%	1.2%
Free cash flow yield	4.9%	2.9%	1.0%	3.6%	-27.2%	0.1%	-327.6%	-62.2%
Earnings yield	11.7%	8.0%	-3.5%	7.5%	1.6%	1.6%	6.6%	3.4%
Enterprise value	$5.5B	$5.5B	$5.5B	$5.3B	$7.2B	$5.4B	$1.8B	$870.2M
Net debt / EBITDA	13.34×	13.17×	28.14×	12.28×	16.2×	12.02×	17.96×	13.53×
Cash conversion cycle (days)	2,276	2,152	1,982	2,057	1,783	5,312	1,780	36