Global Net Lease vs Safehold
Global Net Lease is the larger business, with $495m of revenue in fiscal 2025 against $386m for Safehold (1.3 times as much). Safehold grew faster (5.4% against -13.1%). Safehold kept more of each dollar of sales as profit: a net margin of 29.7% against -54.4%. Global Net Lease carries less debt relative to equity (76.0% against 192.7%).
| Latest fiscal year | Global Net LeaseGNL, 2025 | SafeholdSAFE, 2025 |
|---|---|---|
| Revenue | $495m | $386m |
| Revenue growth | -13.1% | 5.4% |
| Net income | −$269m | $114m |
| Operating margin | 22.4% | 26.2% |
| Net margin | -54.4% | 29.7% |
| Return on equity | -14.0% | 4.8% |
| Free cash flow | $189m | $47.8m |
| Cash | $180m | $21.7m |
| Total debt | $1.26bn | $4.64bn |
| Debt to equity | 76.0% | 192.7% |
| Dividend per share | $0.84 | $0.71 |
| Dividend yield | 11.3% | 6.2% |
| Share buybacks | $120m | — |
| Employees | 56 | 72 |
| Market value | $1.45bn | $801m |
| Price vs our value range | — | — |
| Moat score | 56 (Moderate) | 35 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 1 sales |