Safehold Inc. Financial Ratios — SAFE Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	173.25	127.89	-54.93	139.64	84.91
Return on Assets (%)	- -	4.41	- -	1.37	1.56	2.05	1.89	2.61	-0.89	1.57	1.62
Return on Capital (%)	- -	- -	- -	6.45	5.38	7.98	6.81	7.89	- -	7.03	6.98
Return on Invested Capital (%)	- -	9.97	- -	3.62	3.97	4.36	3.92	4.34	- -	4.32	4.49
Gross Margin (%)	98.83	96.04	- -	96.78	97.14	98.4	98.58	98.85	98.68	98.84	98.77
EBITDA Margin (%)	88.44	84.68	- -	80.4	84.37	85.48	84.5	85.42	80.01	81.86	83.57
Operating Margin (%)	69.73	68.33	- -	56.95	71.64	77.71	78.09	81.01	76.53	78.51	80.75
Incremental Operating Margin (%)	- -	60.13	68.33	56.95	88.36	86.85	79.95	87.56	61.83	131.74	121.99
Pretax Margin (%)	30.79	30.42	- -	24	36.11	38.27	39.23	53.52	-14.99	30.1	30.49
Profit Margin (%)	28.81	30.42	- -	23.61	29.65	38.15	39.1	50.1	-15.59	28.92	29.69
Net Income to Common Margin (%)	28.81	30.42	- -	23.61	29.65	38.15	39.1	50.1	-15.59	28.92	29.69
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.13	2.49
Dvd Payout Ratio (%)	- -	- -	- -	90.07	41.8	53.62	48.85	27.4	-85.01	47.07	44.36
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	88.62	92.84	-101.63	73.91	47.24

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	307	544	1,379	1,690	2,703	3,527	3,970	4,228	4,492
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	307	544	1,379	1,690	2,703	3,527	3,970	4,228	4,492
Total Debt/EBITDA	- -	- -	- -	13.61	17.5	12.72	17.11	15.27	14.07	14.12	13.94
Net Debt/EBITDA	- -	- -	- -	13.2	17.14	12.25	16.88	15.16	13.95	14.06	13.86
Total Debt/EBIT	- -	- -	- -	19.21	20.61	14	18.51	16.11	14.71	14.73	14.43
Net Debt/EBIT	- -	- -	- -	18.63	20.18	13.48	18.27	15.99	14.58	14.66	14.34
EBITDA to Interest Expense	2.27	2.23	- -	2.6	2.64	2.06	1.98	1.79	1.56	1.51	1.56
EBITDA-CapEx/Interest Expense	2.27	2.23	- -	2.6	-43.05	-5.3	-13.67	1.79	1.56	1.51	1.56
EBIT to Interest Expense	1.79	1.8	- -	1.84	2.24	1.88	1.83	1.7	1.49	1.45	1.51
Interest Expense	7	8	- -	15	30	64	80	129	181	198	207
Common Equity/Total Assets	- -	- -	-1.24	-0.85	-0.06	0.76	1.33	2.6	0.74	1.5	2.3
Long-Term Debt/Equity (%)	- -	- -	86.27	152.22	126.11	122.38	160.4	162.93	172.94	178.09	184.09
Long-Term Debt/Capital (%)	- -	- -	103.04	101.17	100.01	98.45	97.73	95.27	97.24	96.95	95.78
Long-Term Debt/Total Assets (%)	- -	- -	42.15	55.52	53.72	52.68	59.86	60.28	60.63	61.28	61.96
Total Debt/Equity (%)	- -	- -	86.27	152.22	126.11	122.38	160.4	162.93	172.94	178.09	184.09
Total Debt/Capital (%)	- -	- -	103.04	101.17	100.01	98.45	97.73	95.27	97.24	96.95	95.78
Total Debt/Total Assets (%)	- -	- -	42.15	55.52	53.72	52.68	59.86	60.28	60.63	61.28	61.96
Net Debt to Equity	-0.02	- -	39.01	147.62	123.5	117.84	158.31	161.75	171.44	177.3	182.97
Net Debt/Capital (%)	100	- -	106.98	101.21	99.58	98.05	97.5	95.1	96.84	96.7	95.64
EBITDA	16	18	- -	40	79	133	158	231	282	299	322
EBITDA-CapEx	16	18	- -	40	-1,286	-341	-1,090	231	282	299	322
Operating Income (Loss)	13	15	- -	28	67	121	146	219	270	287	311

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.1	- -	27.49	1.76	1.19	1.74	0.61	0.25	0.28	0.13	0.17
Current Ratio	29.49	8.01	28.89	5.3	26.36	23.4	19.52	19.62	19.51	18.56	17.88
Quick Ratio	29.49	8.01	28.16	4.24	25.02	22.19	19.29	19.21	19.21	18.48	17.81
CFO/Avg Current Liab	- -	6.39	- -	1.75	-0.14	1.38	0.66	1	0.17	0.35	0.38
Common Equity/Total Assets	- -	- -	-1.24	-0.85	-0.06	0.76	1.33	2.6	0.74	1.5	2.3
Long-Term Debt/Equity (%)	- -	- -	86.27	152.22	126.11	122.38	160.4	162.93	172.94	178.09	184.09
Long-Term Debt/Capital (%)	- -	- -	103.04	101.17	100.01	98.45	97.73	95.27	97.24	96.95	95.78
Long-Term Debt/Total Assets (%)	- -	- -	42.15	55.52	53.72	52.68	59.86	60.28	60.63	61.28	61.96
Total Debt/Equity (%)	- -	- -	86.27	152.22	126.11	122.38	160.4	162.93	172.94	178.09	184.09
Total Debt/Capital (%)	- -	- -	103.04	101.17	100.01	98.45	97.73	95.27	97.24	96.95	95.78
Total Debt/Total Assets (%)	- -	- -	42.15	55.52	53.72	52.68	59.86	60.28	60.63	61.28	61.96
CFO/Total Liabilities	2,213.66	347.72	- -	2.17	-0.13	1.95	0.95	1.76	0.36	0.84	0.99
CFO/CapEx	- -	- -	- -	- -	- -	0.08	0.02	- -	- -	- -	- -
Altman's Z-Score	2,745.81	417.64	0.33	0.58	0.89	1.7	1.36	0.82	0.78	0.76	0.75

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	2.34	- -	3.65	2.29	2.05	1.78	2.03	2.14	1.87	1.71
Days Sales Outstanding	- -	155.93	- -	99.96	159.14	178.02	205.53	179.71	170.24	195.04	213.89
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	2.21	- -	2.38	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	165.12	- -	153.64	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-9.18	- -	-53.68	159.14	178.02	205.53	179.71	170.24	195.04	213.89
Inventory to Cash Days	- -	155.93	- -	99.96	159.14	178.02	205.53	179.71	170.24	195.04	213.89
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,039	1,095	- -	343	1,250	3,674	4,412	1,786	1,561	1,319	981
- Cash & Cash Equivalents	- -	- -	168	16	23	57	30	20	19	8	22
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	2	1	2	3	23	64	30	32
+ Total Debt	- -	- -	307	544	1,379	1,690	2,703	3,527	3,970	4,228	4,492
Enterprise Value	1,039	1,095	139	872	2,607	5,310	7,088	5,316	5,567	5,561	5,481
Total Capital	- -	- -	298	538	1,379	1,717	2,766	3,702	4,083	4,361	4,690
Total Debt/Capital (%)	- -	- -	103.04	101.17	100.01	98.45	97.73	95.27	97.24	96.95	95.78
Total Debt / EV	- -	- -	2.21	0.62	0.53	0.32	0.38	0.66	0.71	0.76	0.82
EV/Sales	55.95	50.37	- -	17.54	27.92	34.16	37.9	19.66	15.79	15.21	14.22
EV/EBITDA	63.26	59.48	- -	21.82	33.09	39.97	44.86	23.02	19.73	18.58	17.01
EV/EBIT	80.23	73.72	- -	30.8	38.97	43.96	48.54	24.27	20.63	19.37	17.6
EV/Cash Flow to Firm	84.76	79.81	- -	30.16	93.43	53.07	66.48	27.42	27.52	24.21	21.98
EV/Free Cash Flow to Firm	84.76	79.81	- -	30.16	1.87	9.25	5.23	27.42	27.52	24.21	21.98
Diluted Market Cap	1,039	1,095	- -	343	1,250	3,675	4,413	1,786	1,561	1,320	983
Diluted Enterprise Value	1,039	1,095	139	872	2,607	5,311	7,089	5,316	5,576	5,570	5,484
EV per Share	57.1	60.21	- -	47.88	84.08	104.76	128.29	85.19	83.47	77.92	76.45
TTM Sales	19	22	- -	50	93	155	187	270	353	366	386
TTM EBITDA	16	18	- -	40	79	133	158	231	282	299	322
TTM Operating Income	13	15	- -	28	67	121	146	219	270	287	311
TTM Cash Flow to Firm	12	14	- -	29	28	100	107	194	202	230	249
TTM Free Cash Flow to Firm	12	14	- -	29	1,393	574	1,355	194	202	230	249

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	206.7	199.86	- -	25.33	0.92	7.21	3.46	27.54	101.39	34.88	20.55
EV/EBIT	80.23	73.72	- -	30.8	38.97	43.96	48.54	24.27	20.63	19.37	17.6
Enterprise Value	1,039	1,095	139	872	2,607	5,310	7,088	5,316	5,567	5,561	5,481
Low Price	56.17	36.95	17.27	15.57	16.53	38.85	66.36	23.65	15	17.91	12.76
EV/Sales	55.95	50.37	- -	17.54	27.92	34.16	37.9	19.66	15.79	15.21	14.22
EV/EBITDA	63.26	59.48	- -	21.82	33.09	39.97	44.86	23.02	19.73	18.58	17.01
Price/Earnings	194.18	165.57	- -	29.19	45.12	61.97	60.33	13.19	- -	12.47	8.57
Price/Earnings Average	217.31	138.32	- -	27.75	31.61	48.7	57.87	19.87	-29.74	14.41	9.81
Price/Earnings High	244.47	171.73	- -	31.3	48.16	64.48	72	37.16	-44.6	19.43	12.23
Price/Earnings Low	191.01	101.61	- -	24.16	18.51	33.21	50.14	10.9	-18.2	12.09	7.99
Price/Book Value	- -	- -	- -	-41.27	-749.17	150.12	73.61	11.76	32.32	12.78	5.9
Price/Book Value Average	- -	- -	- -	-39.23	-524.77	117.97	70.6	17.72	33.86	14.77	6.74
Price/Book Value High	- -	- -	- -	-44.26	-799.55	156.2	87.84	33.14	50.77	19.92	8.41
Price/Book Value Low	- -	- -	- -	-34.16	-307.29	80.45	61.17	9.72	20.72	12.39	5.5
Price/Tangible Book Value	7.22	9.02	- -	3.61	1.47	3.23	3.02	0.92	0.75	0.61	0.44
Price/Tangible Book Value Average	8.08	7.54	- -	3.44	1.03	2.53	2.9	1.38	0.78	0.7	0.5
Price/Tangible Book Value High	9.09	9.36	- -	3.88	1.57	3.36	3.6	2.59	1.18	0.95	0.63
Price/Tangible Book Value Low	7.1	5.54	- -	2.99	0.6	1.73	2.51	0.76	0.48	0.59	0.41
Price/Sales	55.95	50.37	- -	6.89	13.38	23.64	23.59	6.61	4.43	3.61	2.55
Price/Sales Average	62.61	42.08	- -	6.55	9.37	18.58	22.63	9.95	4.64	4.17	2.91
Price/Sales High	70.44	52.25	- -	7.39	14.28	24.6	28.15	18.62	6.95	5.62	3.63
Price/Sales Low	55.04	30.91	- -	5.7	5.49	12.67	19.6	5.46	2.84	3.5	2.37
Price/Cash Flow	206.7	199.86	- -	25.33	-636.59	102.89	163.9	27.53	101.39	34.84	20.53
Price/Cash Flow Average	231.33	166.97	- -	24.08	-445.9	80.86	157.2	41.48	106.23	40.25	23.48
Price/Cash Flow High	260.23	207.29	- -	27.16	-679.4	107.06	195.59	77.6	159.28	54.3	29.28
Price/Cash Flow Low	203.33	122.65	- -	20.97	-261.11	55.14	136.21	22.75	65	33.77	19.13
Price/Free Cash Flow Average	231.33	166.97	- -	24.08	0.64	5.67	3.32	41.48	106.23	40.3	23.51
Price/Free Cash Flow High	260.23	207.29	- -	27.16	0.98	7.5	4.13	77.6	159.28	54.36	29.32
Price/Free Cash Flow Low	203.33	122.65	- -	20.97	0.38	3.86	2.88	22.75	65	33.8	19.16
EV/Sales Average	62.61	42.08	- -	17.2	23.91	29.1	36.94	23.01	16.03	15.79	14.59
EV/Sales High	70.44	52.25	- -	18.04	28.82	35.12	42.46	31.68	18.34	17.24	15.31
EV/Sales Low	55.03	30.91	- -	16.35	20.02	23.19	33.92	18.52	14.23	15.12	14.05
EV/EBITDA Average	70.8	49.69	- -	21.39	28.34	34.05	43.71	26.94	20.03	19.28	17.46
EV/EBITDA High	79.65	61.69	- -	22.44	34.15	41.09	50.25	37.08	22.93	21.06	18.32
EV/EBITDA Low	62.23	36.5	- -	20.34	23.73	27.13	40.14	21.68	17.78	18.46	16.81
EV/EBIT Average	89.79	61.59	- -	30.2	33.37	37.45	47.3	28.41	20.94	20.11	18.06
EV/EBIT High	101.01	76.46	- -	31.67	40.22	45.2	54.38	39.1	23.97	21.96	18.96
EV/EBIT Low	78.92	45.24	- -	28.71	27.95	29.85	43.43	22.86	18.59	19.25	17.4
Last Price	57.1	60.21	17.6	18.81	40.3	72.49	79.85	28.62	23.4	18.48	13.69
High Price	71.89	62.45	62.01	20.17	43.01	75.43	95.29	80.66	36.76	28.8	19.53
Enterprise Value Average	1,162	915	139	855	2,233	4,523	6,908	6,220	5,651	5,773	5,624
Enterprise Value High	1,308	1,136	139	897	2,691	5,459	7,941	8,562	6,467	6,305	5,902
Enterprise Value Low	1,022	672	139	813	1,870	3,605	6,343	5,005	5,016	5,528	5,416

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	18	18	18	18	48	53	57	62	71	71	72
Diluted Weighted Avg Shares	18	18	- -	18	31	51	55	62	67	71	72
Basic Weighted Avg Shares	18	18	- -	18	31	51	55	62	67	71	72
Revenue per Share	1.02	1.2	- -	2.73	3.01	3.07	3.38	4.33	5.29	5.12	5.38
EBITDA per Share	0.9	1.01	- -	2.19	2.54	2.62	2.86	3.7	4.23	4.19	4.49
Operating Income per Share	0.71	0.82	- -	1.55	2.16	2.38	2.64	3.51	4.05	4.02	4.34
Basic EPS, GAAP	0.29	0.36	- -	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.6
Basic EPS from Cont Ops	0.31	0.36	- -	0.66	1.09	1.17	1.33	2.32	-0.82	1.49	1.6
Diluted EPS, GAAP	0.29	0.36	- -	0.64	0.89	1.17	1.32	2.17	-0.82	1.48	1.59
Diluted EPS from Cont Ops	0.31	0.36	- -	0.66	1.09	1.17	1.33	2.32	-0.82	1.49	1.6
Dividend per Share	- -	- -	- -	0.6	0.54	0.63	0.65	0.68	0.69	0.71	0.71
Cash Flow per Share	0.28	0.3	- -	0.74	-0.06	0.7	0.49	1.04	0.23	0.53	0.67
Free Cash Flow per Basic Share	0.28	0.3	- -	0.74	-44.07	-8.65	-22.1	1.04	0.23	0.53	0.67
Cash & Equivalents per Share	- -	- -	- -	0.9	0.73	1.12	0.54	0.32	0.43	0.22	0.33
Book Value per Share	- -	- -	- -	-0.46	-0.05	0.48	1.08	2.43	0.72	1.45	2.32
Tangible Book Value per Share	7.91	6.67	- -	5.21	27.43	22.47	26.44	31.2	31.26	30.34	31.19

Safehold Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)