Safehold Inc. (SAFE) intrinsic value & 10-year financials
Safehold Inc. (SAFE) has a Graham intrinsic value of $33.61 per share. At $11.34 on Oct 17, 2026, the stock trades 66% below that value. Over the last 10 fiscal years revenue shrank 2.3% a year to $385.6M, with an average return on invested capital of 2.1%.
- Graham intrinsic value
- $33.61
- Share price (Oct 17, 2026)
- $11.34
- Price vs Graham value
- 66% below
- Market cap
- $814.1M
- Revenue (FY2025)
- $385.6M
- Revenue growth (10-yr CAGR)
- -2.3%
- ROIC (10-yr avg)
- 2.1%
- Free cash flow (FY2025)
- —
SAFE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $385.6M | $114.5M | $1.59 | — | 26.2% | 1.4% |
| FY2024 | $365.7M | $105.8M | $1.48 | — | 23.8% | 1.3% |
| FY2023 | $352.6M | -$55.0M | -$0.82 | — | -21.9% | -1.6% |
| FY2022 | $158.1M | $421.3M | $4.92 | — | 85.8% | 4.1% |
| FY2021 | $308.6M | $132.5M | $1.51 | — | 21.2% | 2.0% |
| FY2020 | $530.9M | -$42.4M | -$0.87 | — | — | -1.1% |
| FY2019 | $479.5M | $324.0M | $3.73 | — | — | 8.5% |
| FY2018 | $798.1M | -$32.3M | -$0.95 | — | — | -0.9% |
| FY2017 | $679.2M | $175.7M | $1.56 | — | — | 4.5% |
| FY2016 | $477.0M | $95.3M | $0.55 | — | — | 2.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Safehold Inc. is facing top-line stagnation, with revenue contracting over the decade.
Safehold Inc. has historically struggled to out-earn its cost of capital, averaging just 2.1% ROIC.
Over the decade, Safehold Inc. shows that management has aggressively returned capital to shareholders by retiring 27.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Safehold Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $33.61 per share.