Safehold Inc. New — Earnings Quality Grade F
SAFE · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 18 days (210 → 228)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue 5.4%, CFFO 26.3%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 14.3%, excellent (<30%)
Gross margin 98.8%, change -0.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 0.9%. Low accruals
Cash $0.0B covers only 1% of debt $4.5B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 8% of equity. Manageable
Debt/EBITDA = 13.4x (>4x). Interest coverage = 1.5x (<2x). Financial stress
Other assets -0.6% vs revenue 5.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.32 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Safehold Inc. New is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25