Stock fact sheet · data as of
Safehold Inc. (SAFE): fair value, margin of safety and Wheel Score
Real Estate · REIT - Diversified · United States · High Yield Income
Is SAFE undervalued?
At 11.55 (close of 16 Oct 2026), SAFE trades 30% under the GLS average fair value of 16.42. 4 of the 9 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS screen; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
There is a wide gap between Lynch (2.48) and DCF (37.36). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files SAFE under High Yield Income: a dividend yield above 4%.
Nine valuation models for SAFE
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 37.36 | +223% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 35.27 | +205% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 18.34 | +59% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 2.48 | -79% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.75 | -59% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 11.23 | -3% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 9.89 | -14% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 10.42 | -10% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 18.03 | +56% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -33.54 | -390% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 16.00 | +39% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Safehold Inc. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 2.4/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 1.7%, ROE 4.8%, ROA 1.6% - with debt at 1.87 times equity and a free-cash-flow yield of 4.5%.
The dividend yield is high at 6.13% (payout ratio 33%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 9/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 1.7% |
|---|---|---|---|
| GLS Moat | 2.4 / 10 | ROE | 4.8% |
| Debt / equity | 1.87 | ROA | 1.6% |
| Free-cash-flow yield | 4.5% | Payout ratio | 33% |
| Institutions | 9 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 73: Good
With a Wheel Score of 73 - the Good band - Safehold Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 13/20, Moat 4/15, Premium 20/20, Stability 12/20; Moat (4/15) scores lowest.
Implied volatility is 48% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 2,065 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 885k shares a day on a market cap of $818M, with a beta of 1.79 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 30% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 4 / 15 | moat 2.4/10 | |
| Premium | 20 / 20 | implied volatility 48% | |
| Stability | 12 / 20 | 885k shares/day, $818M cap, beta 1.79 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Diversified
The 12 companies below are the closest to Safehold Inc. by market cap within the REIT - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ESRT Empire State Realty Trust, Inc. | 4.73 | 5.15 | +8% | 69Good | $814M |
| CMRF CIM Real Estate Finance Trust, Inc. | 1.83 | 3.56 | +49% | 39No options | $796M |
| CTO CTO Realty Growth, Inc. | 20.60 | 23.29 | +12% | 61Fair | $772M |
| JBGS JBG SMITH Properties | 11.08 | 8.93 | -24% | 45Weak | $649M |
| GOODN Gladstone Commercial Corp Pref | 20.04 | 19.49 | -3% | 39No options | $625M |
| GOOD Gladstone Commercial Corporation | 12.64 | 17.57 | +28% | 67Good | $612M |
| SCCE Sachem Capital Corp. 6.00% Note | 24.50 | 19.47 | -26% | 18No options | $1.1B |
| AHRT AH Realty Trust, Inc. | 5.97 | 20.83 | +71% | 45Weak | $573M |
| GOODO Gladstone Commercial Corporation | 17.91 | 19.13 | +6% | 39No options | $552M |
| FISK Empire State Realty OP, L.P. | 4.51 | 13.38 | +66% | 39No options | $1.3B |
| ESBA Empire State Realty OP, L.P. | 4.67 | 12.91 | +64% | 39No options | $1.3B |
| OGCP Empire State Realty OP, L.P. | 4.70 | 6.00 | +22% | 39No options | $1.3B |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about SAFE
Is SAFE undervalued right now?
By the GLS models, moderately: at 11.55 the stock trades 30% below the average fair value of 16.42 (data as of 16 Oct 2026).
What is the Wheel Score of SAFE and what does it mean?
SAFE scores 73 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for SAFE?
16.42 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Safehold Inc. report earnings next?
The next earnings report is due on 4 Nov 2026 (after the close), 19 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SAFE have listed options, and how liquid are they?
Yes. The nightly snapshot found 104 listed contracts with 2,065 open interest across all expiries and implied volatility of 48% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.