JBG Smith Properties vs Safehold
JBG Smith Properties is the larger business, with $499m of revenue in fiscal 2025 against $386m for Safehold (1.3 times as much). Safehold grew faster (5.4% against -8.9%). Safehold kept more of each dollar of sales as profit: a net margin of 29.7% against -27.9%. Safehold carries less debt relative to equity (192.7% against 220.0%).
| Latest fiscal year | JBG Smith PropertiesJBGS, 2025 | SafeholdSAFE, 2025 |
|---|---|---|
| Revenue | $499m | $386m |
| Revenue growth | -8.9% | 5.4% |
| Net income | −$139m | $114m |
| Operating margin | — | 26.2% |
| Net margin | -27.9% | 29.7% |
| Return on equity | -9.4% | 4.8% |
| Free cash flow | — | $47.8m |
| Cash | $75.3m | $21.7m |
| Total debt | $2.55bn | $4.64bn |
| Debt to equity | 220.0% | 192.7% |
| Dividend per share | $0.70 | $0.71 |
| Dividend yield | 6.0% | 6.2% |
| Share buybacks | $444m | — |
| Employees | 596 | 72 |
| Market value | $690m | $801m |
| Price vs our value range | — | — |
| Moat score | 32 (Weak) | 35 (Weak) |
| Insider trades, 12 months | 0 buys, 5 sales | 0 buys, 1 sales |