| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 66 | 8.7x | 17.8x | Around median | |
Growth | 66 | 12.1% | 7.1% | Top tier | |
Quality | 65 | 1.5% | 4.5% | Around median | |
Safety | 28 | 40.9x | 2.6x | Bottom tier | |
Capital Return | 61 | 5.05% | 2.12% | Around median | |
Momentum | 43 | 0.7% | 2.9% | Around median | |
Sentiment | 43 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Safehold Inc. is a real estate finance company specializing in modern ground leases for institutional-quality properties, generating returns from long-term ground rents and from leasehold loans that it selectively provides alongside the lease as an integrated financing solution. At the end of fiscal year 2025, its portfolio totaled approximately $7.1 billion across 164 assets, including 101 multifamily properties, while the underlying assets included approximately 23 thousand residential units, 12.6 million square feet of office space, more than 5 thousand hotel rooms, 2 million square feet of life sciences space, and other property types.
In the second quarter of fiscal year 2026, Safehold reported revenue of $114.6 million, gross profit of $113.9 million, net income of $30.2 million, and earnings per share of $0.42. This represents a gross profit margin of approximately 99.4% and a net income margin of approximately 26.4%, compared with revenue of $110.9 million, net income of $28.9 million, and earnings per share of $0.40 in the first quarter of fiscal year 2026.
On a trailing twelve-month basis in 2026, revenue totaled $419.5 million, gross profit $414.7 million, net income $116.2 million, and earnings per share approximately $1.62. Fiscal year 2025 recorded revenue of $385.6 million and net income of $114.5 million, while new investment commitments during the year consisted of $277 million across 17 ground leases and $152 million across four leasehold loans, for a total of $429 million.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $16 and identical highest and lowest targets of $16, meaning there is no diverse range of estimates that can be used to measure differences in views. The target is approximately 8.3% below the 52-week high of $17.45 and approximately 25.4% above the low of $12.76; no published price-to-earnings ratio is available, so the stock's valuation depends more heavily on earnings growth, Caret's value, the cost of capital, and real estate and legal risks.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Safehold generates its income primarily from a portfolio of modern, long-term ground leases for institutional-quality properties, supplemented by selective leasehold loans that typically have a three-year term with a potential extension period. In fiscal year 2025, the company committed $277 million across 17 ground leases and $152 million across four loans, for a total of $429 million. The portfolio's cash yield was 3.8% and its annualized accounting yield was 5.4%, while its economic yield calculated on an internal rate of return basis was 5.9%.
Revenue in the second quarter of fiscal year 2026 totaled approximately $114.6 million, compared with $110.9 million in the first quarter of fiscal year 2026. Net income increased from $28.9 million to $30.2 million, while earnings per share rose from $0.40 to $0.42. Gross profit was $113.9 million, representing a gross margin of approximately 99.4%.
Caret is linked to unrealized appreciation in the value of the properties above the ground leases, and Safehold owns an 84% stake in it. The portfolio's estimated unrealized capital appreciation reached $9.3 billion at the end of fiscal year 2025, an increase of approximately $200 million from the previous quarter. Management believes this value is not fully recognized by the market and is therefore exploring ways to increase its visibility through liquidity, sales, or other forms of monetization, without announcing a specific transaction.
Safehold ended fiscal year 2025 with approximately $1.2 billion in liquidity, in addition to potential capacity available through its joint venture. Unfunded commitments totaled approximately $265 million, including $140 million for ground leases and $125 million for leasehold loans, and are expected to be deployed over six to seven quarters. The average debt maturity was also 18 years, with no significant maturities before 2029, and the company held ratings of A3 from Moody's, A- from S&P, and A- from Fitch, all with stable outlooks.
Management said on the fourth-quarter fiscal year 2025 call that office valuations had been under pressure for several years and that some markets were still recovering more slowly despite improvement in New York. This affects the estimated unrealized appreciation and the ease of demonstrating Caret's value to investors. In the Park Hotels case, a court date was set during the first quarter of 2027 at an expected cost of $7 million, and certain decisions regarding the two non-renewed assets will remain tied to the course of the litigation.
Management identified three priorities for 2026: increasing ground lease volume compared with fiscal year 2025, improving recognition of Caret's value, and beginning to use the authorized share repurchase program when trading windows and market conditions permit. The company is also seeking to expand its affordable housing platform into new states and with new sponsors, and it had several transactions in other states under letters of intent as of February 12, 2026. At the same time, management intends to execute repurchases in an approximately leverage-neutral manner while keeping the debt-to-equity ratio near 2 times or lower.
