Safehold Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 13% from December 2022 to July 2026.

  Safehold had 13% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Safehold had 13% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Profit isn't fully turning into cash. Free cash flow is only 32% of reported profit.

  Free cash flow is only 32% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

• Valuation signals disagree. Cheaper than 87% of peers on earnings, but only 19% on operating cash profit (EBITDA).Cheaper than 87% of peers on earnings, but only 19% on operating cash profit.

  Relative to its earnings, Safehold looks cheaper than 87% of peers; relative to its operating cash profit (EBITDA), cheaper than only 19%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, Safehold looks cheaper than 87% of peers; relative to its operating cash profit, cheaper than only 19%. The valuation score blends the two, so look at which measure fits this business best.

• Sales growing faster than profits. Since 2022: revenue +43%, operating profit −26%.

  Since 2022, Safehold's revenue changed +43% while operating profit fell 26%: costs rose faster than sales.