Safehold Inc (SAFE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Safehold Inc stock $23.93, price $10.59, upside +126.0%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $10.59 – $62.60 · fair‑value band $20.85 – $34.76 · the $10.59 price screens below the $23.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Safehold Inc. is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings.
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Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, affordable housing, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk.
The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Safehold Inc. was incorporated in 2016 and is based in New York, United States.
Stock analysis
Safehold Inc (SAFE) currently trades at $10.59, while our model-based Fair Value estimate is $23.93, implying the stock looks roughly 56% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $30.31 per share, and 8 of the 10 models we run sit above the $10.59 price.
Bear case: the Dividend Discount group reads lowest at $7.54, and 2 of the 10 models stay below the price. Data coverage for this calculation is high.
Scenario range: $20.85 (bear) to $34.76 (bull), the price of $10.59 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Safehold Inc reported revenue of $386M in FY2025 versus $187M in FY2021, a compound +19.8%/yr. Reported net income was $114M in FY2025, compounding +11.9%/yr from FY2021.
Key figures
Market cap $758M Small · P/E ratio 6.6 · P/S ratio 1.66 · EPS (TTM) $1.61 · Dividend yield 6.7% · Net margin 25.3% · Return on equity 4.7% · Return on assets (EBIT) 2.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 5% fair-value upside, at 126%, SAFE screens cheaper than that median.
Fair Value models
Bear$20.85Fair Value $23.93Bull$34.76
Price $10.59 · Upside +126.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.7710 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $138,320 and none bought.
SaleRobin JosephsDirector9,500 shares at $14.56$138,320Sep 9, 2026
Plus 9 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.4%
Start year 2020 (pandemic). Over 10 years: +35.4% a year
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+5.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.6%
Dividend (yield on the price)6.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−20.1% vs 18.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.35% → 80%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 15.6%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+59.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +55.9% a year for the price and +4.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 138 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+126.0% · Top 25%
Profitability
Return on equity (12 months)4.7% · Below median
Return on assets1.6% · Below median
Net margin (12 months)25.3% · Below median
Operating margin (12 months)72.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)21.2% · Top 25%
Dividend yield (12 months)6.7% · Above median
Balance sheet
Debt / equity1.86× · Highest 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (12 months)6.6× · Cheapest 25%
P/B0.31× · Cheapest 25%
P/S (12 months)1.66× · Cheapest 25%
Price / free cash flow (fiscal year)15.9× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Safehold Inc Fair Value". https://www.fairvalue-calculator.com/stock/SAFE
Frequently asked questions
Is Safehold Inc (SAFE) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $23.93 versus a price of $10.59, about +126% upside (undervalued).
What is the fair value of SAFE?
Our model-based fair value for Safehold Inc is $23.93 (as of Nov 6, 2026), built from audited fundamentals. The current price: $10.59.
What is the quality score of SAFE?
Safehold Inc has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Safehold Inc (SAFE)?
Our model-based price target is the fair value of $23.93 (as of Nov 6, 2026) from 15 valuation models. Cautious scenario $20.85, optimistic scenario $34.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Safehold Inc stock forecast for 2026?
Our models put fair value at $23.93, about +126% upside versus a price of $10.59 (undervalued). Cautious scenario $20.85, optimistic scenario $34.76. The calculation is refreshed regularly with new filings.
What is the revenue of Safehold Inc (SAFE)?
Safehold Inc reported trailing-twelve-month revenue of about $458M (latest available figure, as of Nov 6, 2026).
Does Safehold Inc pay a dividend?
Safehold Inc currently shows a dividend yield of 6.69% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Safehold Inc (SAFE) and when is the ex-dividend date?
Safehold Inc pays a dividend of $0.708 per share a year, a dividend yield of 6.7%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since 2017. The payout ratio is 44.0% of earnings. Free cash flow covers the dividend 0.96 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Safehold Inc (SAFE)?
For today's price to be fair in a discounted-cash-flow model, Safehold Inc would have to grow free cash flow by +59.6 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.4 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of SAFE use?
Our models discount Safehold Inc at 13.5 %: a base by market capitalisation (small), damped by beta 1.79, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Safehold Inc that is +59.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Safehold Inc (SAFE) delivered so far?
Over the past 5 years revenue at Safehold Inc grew +19.4 % a year. The price currently implies free-cash-flow growth of +59.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Safehold Inc (SAFE) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Safehold Inc (+59.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Safehold Inc (SAFE)?
The free-cash-flow yield on the price is 6.31 %: that much free cash flow Safehold Inc produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Safehold Inc (SAFE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Safehold Inc it is $23.93 per share (as of Nov 6, 2026), against a price of $10.59. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Safehold Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SAFE trades below its calculated fair value: price $10.59, fair value $23.93, a gap of about +126% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAFE?
No. The price is what the market pays today ($10.59); the fair value is what the company's own numbers justify ($23.93). For Safehold Inc the two are $13.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Safehold Inc worth?
The market values Safehold Inc at about $758M (market capitalisation, as of Nov 6, 2026). Per share that is $10.59; our models calculate a fair value of $23.93 per share.
What do the bullish and bearish scenarios say about SAFE?
Our models span a range for Safehold Inc: cautious scenario $20.85, base $23.93, optimistic $34.76 per share (as of Nov 6, 2026, price $10.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAFE?
Safehold Inc trades at a price-to-earnings ratio of 6.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $23.93 is built from several models across several years. Other multiples: PEG 0.7, P/B 0.3, P/S 1.7, EV/EBITDA 14.8.
What is the PEG ratio of SAFE?
The PEG ratio of Safehold Inc is 0.65 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Safehold Inc (SAFE)?
Balance-sheet figures for Safehold Inc (as of Nov 6, 2026): return on equity 4.7%, debt of 1.86 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is SAFE from its 52-week high?
Safehold Inc trades at $10.59, about 37% below its 52-week high of $16.92 and at the low of $10.59 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $23.93 is for.
Which stocks are comparable to Safehold Inc?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Safehold Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $10.59, calculated fair value $23.93 (+126%), Quality Score 41/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAFE calculated?
We run Safehold Inc through 15 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $23.93 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Safehold Inc currently trades 56% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Safehold Inc (SAFE)?
The closing price on Nov 6, 2026 was $10.59. Our model-based fair value is $23.93, about +126% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Safehold Inc right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($20.85). The market is more pessimistic than our downside scenario. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Safehold Inc
How large is the market capitalisation of Safehold Inc (SAFE)?
The market capitalisation of Safehold Inc is $758M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Safehold Inc (SAFE)?
The price-to-sales ratio of Safehold Inc is 1.66 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Safehold Inc (SAFE)?
Earnings per share at Safehold Inc are $1.61 (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Safehold Inc (SAFE)?
The dividend yield of Safehold Inc is 6.7% (payout 44.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Safehold Inc (SAFE)?
The net margin of Safehold Inc is 25.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Safehold Inc (SAFE)?
The return on equity (ROE) of Safehold Inc is 4.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Safehold Inc (SAFE)?
On an EBIT basis the return on assets of Safehold Inc is 2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Safehold Inc (SAFE)?
The operating margin of Safehold Inc is 72.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Safehold Inc (SAFE)?
Revenue at Safehold Inc is growing +21.2% versus a year earlier (3y avg +12.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Safehold Inc (SAFE)?
Earnings per share at Safehold Inc are growing −0.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Safehold Inc (SAFE) carry?
The net debt of Safehold Inc is $4.5B (fiscal year 2025, ≈ 93.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026