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Stocks
SL Green Realty Corp.
SLG

SLG SL Green Realty Corp.

SL Green Realty Corp. · NYSE
Market Closed
53.08
▲ ⁦+2.81%⁩ (+1.45)
Market Cap$3.8B
Beta1.58
52w Low52w High
34.7766.29
Last Week
⁦-3.79%⁩
Last Month
⁦-4.79%⁩
Last 3 Months
⁦+16.92%⁩
Last Year
⁦-6.68%⁩
EL7 Factor Analysis
How we score this
Overall35
Weak — below market medianMomentum TrapF 5/9Better than 35% of Market stocks, per EL7's model
FactorScoreDistributionValueAvgRank
▸
Valuation
50
—17.8xAround median
▸
Growth
12
8.5%▲7.1%Bottom tier
▸
Quality
40
8.6%▲4.5%Around median
▸
Safety
42
5.0x▼2.6xAround median
▸
Capital Return
52
5.82%▲2.12%Around median
▸
Momentum
67
-1.0%▼2.9%Top tier
▸
Sentiment
38
5▲3Bottom tier
Fair Value
Low confidenceCurrent price$53
Analyst target · 3 analysts
$57
⁦+6%⁩
See it undervalued
Range ⁦$50–$79⁩
vs
DCF (estimate)
N/A (negative FCF)

Estimates — analyst targets and a simplified DCF, not investment advice.

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Analyst Consensus

This section combines price targets, revision history, analyst coverage changes, and an AI summary of what changed on the Street.

Price Target· 3 analysts setting price target
$57.72
⁦+8.7%⁩
Current Price $53.08·Median $56.50
Low
$50.00
High
$79.00
Current price
$53.08
Average target
$57.72
Street summary

Price Target Revision Review for SL Green Realty (SLG) Stock

Bullish tilt

SL Green Realty Corp. stock has seen a strong upward revision in its average price target over the past thirty days, with the consensus rising from $48.8 to $57, an increase of 16.8%. This trend reflects growing optimism from analysts, especially with ratings stabilizing at "Buy" and "Outperform" from major institutions such as Citigroup and BMO Capital during July 2026. However, there is a notable dispersion in estimates (between $46 and $79), indicating uncertainty regarding the final valuation.

As of 2026-08-06
Revisions momentum · 30d
⁦+1.3%⁩
Average rating
★ 3.41
Hold
Analyst coverage
17
Buy conviction
35%
Target dispersion
55%
Wide
Analyst ratings over time17 analysts rating
2
4
10
1
Strong BuyBuyHoldSellStrong Sell
Rating trend — last 12 months3.58 → 3.41
Recent analyst moves
  • = Reiterate2026-07-27
    BMO Capital
    Outperform
  • = Reiterate2026-07-24
    Citigroup
    Buy
  • = Reiterate2026-07-21
    Piper Sandler
    Overweight
Premium content
Key Financials

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.

StockSector medianSector averagetypical sector range
MetricValuePosition within sectorVerdict
  • P/E (TTM)
    —
    —
  • Forward P/E
    —
    —
  • EV / EBITDA
    10.01x
    3.68x29.40x
    Cheap
  • FCF Yield
    -0.3%
    -23.1%16.7%
    Above average
  • Revenue Growth YoY
    8.5%
    -14.0%37.7%
    Near median
  • EPS Growth YoY
    -405.6%
    -121.8%181.8%
    Weak
  • Gross Margin
    29.0%
    -5.0%81.8%
    Near median
  • ROIC
    8.6%
    -4.2%9.5%
    Strong
  • Net Debt / EBITDA
    4.96x
    1.55x12.39x
    Low debt
  • Dividend Yield
    5.8%
    0.6%15.6%
    Moderate
  • Payout Ratio
    —
    —
  • Altman Z-Score
    —
    —
Financial Analysis
|

Stock Analysis

AI-generated
Based on 2026-07-23 data

Company Overview

SL Green Realty Corp. operates as a real estate company focused on office properties in Manhattan, particularly premier assets in Midtown such as 1 Vanderbilt, 245 Park Avenue, and 11 Madison. It generates income from leasing office space, renewing leases, and raising rents, alongside fee income, investments, and real estate financing; SUMMIT One Vanderbilt also operates as an observation-experience ticketing business, and the company had deployed approximately $600 million through its debt fund as of the July 23, 2026 call.

In the latest available EDGAR filings, fiscal Q1 2026 recorded revenue of $253.1 million and a net loss of $80.7 million, representing a negative net margin of approximately 31.9%, while loss per share was $1.20. For the trailing twelve months ending in fiscal 2026, revenue was $1.0 billion, net loss was $160.2 million, and loss per share was approximately $2.27; this compares with a net loss of $96.9 million and revenue of $1.0 billion in fiscal 2025.

The fiscal Q2 2026 call showed an operational improvement not fully reflected in the latest filed EDGAR figures: economic occupancy rose by approximately 300 basis points as concession periods declined and vacancies fell, and management raised FFO guidance by $1.20 per share, or more than 26%. Of the adjustment, $0.80 came from a recurring contribution related to 1 Vanderbilt, $0.20 from the performance of the real estate portfolio, and $0.20 from fees and other income expected during the remainder of fiscal 2026.

What's Driving the Stock

  • SL Green raised fiscal 2026 FFO guidance by $1.20 per share, or more than 26%, and confirmed that the vast majority of the increase is recurring rather than one-time gains.
  • 1 Vanderbilt, which is 100% occupied, contributes an additional $0.80 per share to fiscal 2026 FFO guidance; this includes annual amortization of approximately $21 million through early 2031, in addition to cash distributions exceeding the company's share of net income under GAAP.
Earnings callEDGAR filings30-day newsInsider activity

Automated analysis for informational purposes only — not investment advice.

  • The leasing pipeline as of July 23, 2026 was approximately 900 thousand square feet, divided roughly equally between new leases and renewals, with 400 thousand square feet in advanced negotiations, while management expected to exceed its annual leasing target.
  • Supply scarcity supports pricing power in Midtown; the company announced a lease for 100 thousand square feet at 11 Madison and said asking rents had increased across the portfolio, with clear increases on Park Avenue and Sixth Avenue.
  • Management expects comparable-property cash net operating income growth of more than 10% during fiscal 2027, even after fiscal 2026 outperformed expectations, as economic occupancy and leased occupancy continue to converge.
  • SUMMIT recorded daily ticket sales exceeding $400 thousand on several days during the four weeks preceding the July 23, 2026 call, and the company is targeting the opening of the Paris location in summer 2027 and the Tokyo location in 2030.
  • Buying & Selling Case

    ▲ Buying Case4 pts

    • +The $1.20-per-share increase in FFO guidance combines $0.40 from improved operations and fees with $0.80 from the recurring contribution of 1 Vanderbilt, providing earnings support beyond a mere one-time accounting gain.
    • +Economic occupancy improved by approximately 300 basis points, while early renewals and faster delivery of spaces to tenants help accelerate revenue recognition and reduce leasing costs.
    • +The 900-thousand-square-foot leasing pipeline, the 100-thousand-square-foot lease at 11 Madison, and the fact that 1 Vanderbilt is fully leased reflect tangible demand for the company's premier Manhattan assets.
    • +The company protects a substantial portion of its interest-rate exposure; its debt mix shifted from approximately 70% fixed and 30% variable to nearly 90% fixed and 10% variable, with early hedging for the financing of 245 Park.

    ▼ Selling Case6 pts

    • −SL Green's performance is closely tied to the New York City office market; therefore, a slowdown in corporate earnings, office employment, or demand for Manhattan space could directly affect occupancy, rents, and asset values.
    • −Results under GAAP remain loss-making: net loss was $80.7 million in fiscal Q1 2026 and $160.2 million during the trailing twelve months ending in fiscal 2026, while loss per share remained negative at $1.20 and approximately $2.27, respectively.
    • −Higher interest rates and refinancing pose financial risks; management acknowledged that the benchmark interest rate had not been cooperative, while debt and swap maturities exist in fiscal 2027 and the company did not provide details of its plan for them during the July 23, 2026 call.
    • −The Worldwide Plaza, 2 Herald Square, and 650 Fifth Avenue assets require recapitalization, and management said successful restructuring is not guaranteed, even though their current contribution to earnings and net asset value is limited in the company's view.
    • −SUMMIT experienced a year-over-year attendance decline of a few points during the first half of fiscal 2026 due to weakness from January through part of May and a decline in foreign tourism, making achievement of the year's plan dependent on a strong second half and control of variable expenses.
    • −The valuation carries a high degree of uncertainty because analyst consensus is neutral and their targets range from $46 to $79, a $33 spread, while net income shifted from a profit of $28.6 million in fiscal Q3 2025 to a loss of $100.8 million in fiscal Q4 2025 and then a loss of $80.7 million in fiscal Q1 2026.

    Valuation

    The average analyst target is $57, versus a wide target range of $46 to $79 and a neutral consensus; the average is below the 52-week range high of $66.29, while the highest target exceeds that peak. The 52-week range of $34.77–$66.29 and the breadth of the targets reflect the market's balancing of higher FFO guidance and leasing strength on one side against continuing GAAP losses and refinancing risks on the other.

    HoldAnalyst target: $57(+7.4%)

    Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.

    FAQ

    What drove SL Green to raise FFO guidance in fiscal Q2 2026?

    The company raised FFO guidance by $1.20 per share, or more than 26%, during the July 23, 2026 call. Of this, $0.20 came from improvement in the real estate portfolio due to renewals, accelerated space delivery, and expense control, while another $0.20 came from expected fees and other income. 1 Vanderbilt added a recurring $0.80 due to the accounting treatment of cash distributions and the amortization of negative book value.

    How strong is SL Green's leasing activity in fiscal 2026?

    The leasing pipeline was approximately 900 thousand square feet as of July 23, 2026, divided roughly equally between new leases and renewals. Approximately 400 thousand square feet was in advanced negotiations, while the remainder was covered by term sheets that management expects to convert into leases. The company also announced a lease for 100 thousand square feet at 11 Madison and said it would exceed its fiscal 2026 leasing target.

    Why is 1 Vanderbilt's contribution important to SL Green's earnings?

    1 Vanderbilt was 100% leased at the time of the fiscal Q2 2026 call, and management believes its existing rents are well below market rates. The property added $0.80 per share to fiscal 2026 FFO guidance, of which $0.35 was recognized in fiscal Q2 2026. The contribution includes annual amortization of approximately $21 million through early 2031, but the variable portion will depend on the size of quarterly cash distributions.

    What are SL Green's main balance-sheet and refinancing risks?

    Management indicated on July 23, 2026 that the higher benchmark interest rate was pressuring the refinancing environment, despite improved credit spreads for premier office properties. The company reduced its relative exposure to variable-rate debt, bringing its debt mix to approximately 90% fixed and 10% variable, and it also began hedging the financing for 245 Park early. Nevertheless, debt and swap maturities exist in fiscal 2027, and management deferred presenting its detailed plan for them until December 2026.

    How is SL Green's SUMMIT business developing?

    Management said SUMMIT recorded daily ticket sales exceeding $400 thousand on several days during the four weeks preceding the July 23, 2026 call. Year-over-year attendance declined by a few points in the first half of fiscal 2026, but performance improved from May as Ascent returned to full operation. The company is targeting the opening of SUMMIT Paris in summer 2027 and SUMMIT Tokyo in 2030.

    What do the latest EDGAR results mean for SL Green shareholders?

    Fiscal Q1 2026 revenue was approximately $253.1 million, compared with a net loss of $80.7 million and a loss per share of $1.20. For the trailing twelve months ending in fiscal 2026, the company recorded revenue of $1.0 billion and a net loss of $160.2 million. Therefore, the expected improvement in FFO and leasing should be distinguished from the continuation of accounting losses under GAAP.