WallStSmart

Empire State Realty Trust Inc (ESRT)vsSafehold Inc (SAFE)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Empire State Realty Trust Inc generates 88% more annual revenue ($782.82M vs $416.66M). SAFE leads profitability with a 27.4% profit margin vs 0.9%. SAFE appears more attractively valued with a PEG of 0.65. SAFE earns a higher WallStSmart Score of 68/100 (B-).

ESRT

Hold

47

out of 100

Grade: D+

Growth: 3.3Profit: 5.0Value: 4.7Quality: 3.0
Piotroski: 3/9Altman Z: 0.74

SAFE

Strong Buy

68

out of 100

Grade: B-

Growth: 5.3Profit: 7.0Value: 9.3Quality: 5.0
Piotroski: 3/9Altman Z: 0.92
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

ESRTUndervalued (+52.0%)

Margin of Safety

+52.0%

Fair Value

$13.28

Current Price

$5.06

$8.22 discount

UndervaluedFair: $13.28Overvalued
SAFEUndervalued (+78.3%)

Margin of Safety

+78.3%

Fair Value

$68.35

Current Price

$16.18

$52.17 discount

UndervaluedFair: $68.35Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

ESRT1 strengths · Avg: 10.0/10
Price/BookValuation
0.8x10/10

Reasonable price relative to book value

SAFE5 strengths · Avg: 9.4/10
P/E RatioValuation
10.3x10/10

Attractively priced relative to earnings

Price/BookValuation
0.5x10/10

Reasonable price relative to book value

Operating MarginProfitability
72.3%10/10

Strong operational efficiency at 72.3%

Profit MarginProfitability
27.4%9/10

Keeps 27 of every $100 in revenue as profit

PEG RatioValuation
0.658/10

Growing faster than its price suggests

Areas to Watch

ESRT4 concerns · Avg: 3.3/10
Revenue GrowthGrowth
3.2%4/10

3.2% revenue growth

Market CapQuality
$1.55B3/10

Smaller company, higher risk/reward

Return on EquityProfitability
3.8%3/10

ROE of 3.8% — below average capital efficiency

Profit MarginProfitability
0.9%3/10

0.9% margin — thin

SAFE4 concerns · Avg: 3.0/10
Market CapQuality
$1.17B3/10

Smaller company, higher risk/reward

Return on EquityProfitability
4.7%3/10

ROE of 4.7% — below average capital efficiency

Debt/EquityHealth
1.903/10

Elevated debt levels

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Comparative Analysis Report

WallStSmart Research

Bull Case : ESRT

The strongest argument for ESRT centers on Price/Book.

Bull Case : SAFE

The strongest argument for SAFE centers on P/E Ratio, Price/Book, Operating Margin. Profitability is solid with margins at 27.4% and operating margin at 72.3%. Revenue growth of 11.9% demonstrates continued momentum.

Bear Case : ESRT

The primary concerns for ESRT are Revenue Growth, Market Cap, Return on Equity. A P/E of 253.0x leaves little room for execution misses. Debt-to-equity of 2.21 is elevated, increasing financial risk.

Bear Case : SAFE

The primary concerns for SAFE are Market Cap, Return on Equity, Debt/Equity. Debt-to-equity of 1.90 is elevated, increasing financial risk.

Key Dynamics to Monitor

ESRT profiles as a value stock while SAFE is a mature play — different risk/reward profiles.

SAFE carries more volatility with a beta of 1.81 — expect wider price swings.

SAFE is growing revenue faster at 11.9% — sustainability is the question.

ESRT generates stronger free cash flow (51M), providing more financial flexibility.

Bottom Line

SAFE scores higher overall (68/100 vs 47/100), backed by strong 27.4% margins and 11.9% revenue growth. ESRT offers better value entry with a 52.0% margin of safety. Both earn "Strong Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Empire State Realty Trust Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

Empire State Realty Trust, Inc. (NYSE: ESRT), a major real estate investment trust (REIT), owns, manages, operates, acquires and repositions offices and retail properties in Manhattan and the New York metropolitan area, including the Empire State Building, the?

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Safehold Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

Safehold Inc. (SAFE) is a leading real estate investment trust (REIT) that specializes in acquiring and managing ground leases, providing property owners with a mechanism to enhance asset valuations while retaining ownership. Focused on high-quality urban properties, Safehold establishes a low-risk investment profile complemented by the potential for stable income generation. With a strong balance sheet and a commitment to sustainable income growth, the company is poised to capitalize on the rising demand for ground leases. Its innovative approach and dedication to delivering consistent returns position Safehold as a compelling opportunity for institutional investors aiming to diversify and strengthen their portfolios.

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