Safehold Inc
NYSE: SAFE · REAL ESTATE · REIT - DIVERSIFIED
Updated 2026-06-04
Safehold Inc (SAFE) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $434.44M | $561.34M | $418.53M | $76.28M | $-47.40M | $-31.79M | $-191.93M | $-180.47M | $-10.34M | $5.03M | $5.48M | $80.21M | $-24.13M | $-1.96M | $35.71M | $26.92M | $47.67M | $15.39M | $37.85M | $47.81M |
| Capital expenditures | $0.00 | $44.83M | $102.89M | $20.75M | $42.86M | $64.17M | $83.07M | $211.77M | $142.79M | $169.74M | $173.62M | $158.47M | $189.04M | $1.36B | $56.75M | $1.25B | $23.05M | $7.25M | $0.00 | $0.00 |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | — | — | $19.70M | $23.59M | $19.36M | $29.70M | $15.29M | $19.26M | $13.31M | $12.01M | $10.89M | $18.81M | $873000.00 | $1.58M | $1.74M | $1.75M | $-27.66M | $23.23M | $13.76M | $12.55M |
| Free cash flow | $434.44M | $516.51M | $315.64M | $55.52M | $-90.26M | $-95.95M | $-275.00M | $-392.23M | $-153.13M | $-164.72M | $-168.14M | $-78.25M | $-213.17M | $-1.36B | $-21.04M | $-1.22B | $24.61M | $8.14M | $37.85M | $47.81M |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $411.76M | $477.23M | $317.75M | $42.32M | $42.32M | $42.32M | $42.32M | $49.02M | $51.32M | $51.32M | $51.32M | $48.44M | $10.93M | $16.62M | $32.00M | $35.95M | $53.72M | $46.04M | $50.59M | $50.92M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | — | — | — | — | — | $-145.44M | $22.36M | $49.69M | $-57.95M | $9.87M | — | — | — |
Frequently asked questions
What is Safehold Inc's revenue?
Safehold Inc's trailing twelve-month revenue is $416.66M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is SAFE?
In its most recent fiscal year, SAFE ran a gross margin of 94.33%, an operating margin of 79.78%, and a net margin of 29.69%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does SAFE generate?
SAFE produced $47.81M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is SAFE's balance sheet healthy?
SAFE holds $21.70M in cash and equivalents against $4.49B in long-term debt, on $2.41B of shareholder equity. That debt is best read against the cash flow the business throws off each year.