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Side-by-side financial comparison of DENNY'S Corp (DENN) and Safehold Inc. (SAFE). Click either name above to swap in a different company.

DENNY'S Corp is the larger business by last-quarter revenue ($113.2M vs $97.9M, roughly 1.2× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 0.6%, a 27.9% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 1.3%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -0.9%).

Denny's is an American table service diner-style restaurant chain. It operates over 1,400 restaurants in the United States, Canada, México, Puerto Rico, and several other international locations.

SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.

DENN vs SAFE — Head-to-Head

Bigger by revenue
DENN
DENN
1.2× larger
DENN
$113.2M
$97.9M
SAFE
Growing faster (revenue YoY)
SAFE
SAFE
+5.2% gap
SAFE
6.5%
1.3%
DENN
Higher net margin
SAFE
SAFE
27.9% more per $
SAFE
28.5%
0.6%
DENN
Faster 2-yr revenue CAGR
SAFE
SAFE
Annualised
SAFE
2.5%
-0.9%
DENN

Income Statement — Q3 FY2025 vs Q4 FY2025

Metric
DENN
DENN
SAFE
SAFE
Revenue
$113.2M
$97.9M
Net Profit
$632.0K
$27.9M
Gross Margin
98.6%
Operating Margin
9.2%
27.4%
Net Margin
0.6%
28.5%
Revenue YoY
1.3%
6.5%
Net Profit YoY
-90.3%
7.1%
EPS (diluted)
$0.01
$0.38

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
DENN
DENN
SAFE
SAFE
Q4 25
$97.9M
Q3 25
$113.2M
$96.2M
Q2 25
$117.7M
$93.8M
Q1 25
$111.6M
$97.7M
Q4 24
$114.7M
$91.9M
Q3 24
$111.8M
$90.7M
Q2 24
$115.9M
$89.9M
Q1 24
$110.0M
$93.2M
Net Profit
DENN
DENN
SAFE
SAFE
Q4 25
$27.9M
Q3 25
$632.0K
$29.3M
Q2 25
$2.5M
$27.9M
Q1 25
$326.0K
$29.4M
Q4 24
$6.8M
$26.0M
Q3 24
$6.5M
$19.3M
Q2 24
$3.6M
$29.7M
Q1 24
$4.7M
$30.7M
Gross Margin
DENN
DENN
SAFE
SAFE
Q4 25
98.6%
Q3 25
98.5%
Q2 25
99.1%
Q1 25
98.8%
Q4 24
98.8%
Q3 24
98.8%
Q2 24
98.8%
Q1 24
98.8%
Operating Margin
DENN
DENN
SAFE
SAFE
Q4 25
27.4%
Q3 25
9.2%
25.9%
Q2 25
7.3%
25.5%
Q1 25
4.7%
25.9%
Q4 24
12.6%
24.6%
Q3 24
10.5%
17.5%
Q2 24
7.9%
26.7%
Q1 24
9.1%
26.4%
Net Margin
DENN
DENN
SAFE
SAFE
Q4 25
28.5%
Q3 25
0.6%
30.5%
Q2 25
2.1%
29.8%
Q1 25
0.3%
30.1%
Q4 24
5.9%
28.3%
Q3 24
5.8%
21.3%
Q2 24
3.1%
33.0%
Q1 24
4.3%
33.0%
EPS (diluted)
DENN
DENN
SAFE
SAFE
Q4 25
$0.38
Q3 25
$0.01
$0.41
Q2 25
$0.05
$0.39
Q1 25
$0.01
$0.41
Q4 24
$0.13
$0.36
Q3 24
$0.12
$0.27
Q2 24
$0.07
$0.42
Q1 24
$0.09
$0.43

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
DENN
DENN
SAFE
SAFE
Cash + ST InvestmentsLiquidity on hand
$21.7M
Total DebtLower is stronger
$4.6B
Stockholders' EquityBook value
$-32.7M
$2.4B
Total Assets
$502.9M
$7.2B
Debt / EquityLower = less leverage
1.90×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
DENN
DENN
SAFE
SAFE
Q4 25
$21.7M
Q3 25
$12.1M
Q2 25
$13.9M
Q1 25
$1.1M
$17.3M
Q4 24
$100.0K
$8.3M
Q3 24
$2.9M
$15.6M
Q2 24
$2.8M
$13.4M
Q1 24
$2.8M
$11.3M
Total Debt
DENN
DENN
SAFE
SAFE
Q4 25
$4.6B
Q3 25
$4.5B
Q2 25
$4.4B
Q1 25
$4.3B
Q4 24
$270.6M
$4.3B
Q3 24
$4.3B
Q2 24
$4.2B
Q1 24
$4.1B
Stockholders' Equity
DENN
DENN
SAFE
SAFE
Q4 25
$2.4B
Q3 25
$-32.7M
$2.4B
Q2 25
$-34.6M
$2.4B
Q1 25
$-36.4M
$2.4B
Q4 24
$-34.0M
$2.3B
Q3 24
$-54.5M
$2.3B
Q2 24
$-53.2M
$2.3B
Q1 24
$-55.7M
$2.3B
Total Assets
DENN
DENN
SAFE
SAFE
Q4 25
$7.2B
Q3 25
$502.9M
$7.1B
Q2 25
$491.1M
$7.1B
Q1 25
$488.1M
$6.9B
Q4 24
$496.3M
$6.9B
Q3 24
$461.6M
$6.8B
Q2 24
$459.9M
$6.8B
Q1 24
$460.4M
$6.7B
Debt / Equity
DENN
DENN
SAFE
SAFE
Q4 25
1.90×
Q3 25
1.89×
Q2 25
1.87×
Q1 25
1.85×
Q4 24
1.84×
Q3 24
1.88×
Q2 24
1.81×
Q1 24
1.81×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
DENN
DENN
SAFE
SAFE
Operating Cash FlowLast quarter
$16.0M
$47.8M
Free Cash FlowOCF − Capex
$16.0M
FCF MarginFCF / Revenue
14.1%
Capex IntensityCapex / Revenue
0.0%
Cash ConversionOCF / Net Profit
25.28×
1.72×
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
DENN
DENN
SAFE
SAFE
Q4 25
$47.8M
Q3 25
$16.0M
$-1.4M
Q2 25
$9.4M
$28.0M
Q1 25
$5.0M
$8.9M
Q4 24
$8.5M
$37.9M
Q3 24
$6.6M
$8.3M
Q2 24
$14.2M
$24.8M
Q1 24
$215.0K
$-3.1M
Free Cash Flow
DENN
DENN
SAFE
SAFE
Q4 25
Q3 25
$16.0M
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
FCF Margin
DENN
DENN
SAFE
SAFE
Q4 25
Q3 25
14.1%
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
Capex Intensity
DENN
DENN
SAFE
SAFE
Q4 25
Q3 25
0.0%
Q2 25
Q1 25
Q4 24
Q3 24
0.0%
Q2 24
Q1 24
Cash Conversion
DENN
DENN
SAFE
SAFE
Q4 25
1.72×
Q3 25
25.28×
-0.05×
Q2 25
3.79×
1.00×
Q1 25
15.38×
0.30×
Q4 24
1.26×
1.45×
Q3 24
1.01×
0.43×
Q2 24
3.97×
0.83×
Q1 24
0.05×
-0.10×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

DENN
DENN

Franchisor Owned Outlet$57.4M51%
Royalty$27.7M25%
Advertising$18.6M16%
Occupancy$7.7M7%
Initial And Other Fees$1.7M1%

SAFE
SAFE

Equity Method Investment Nonconsolidated Investee Or Group Of Investees$60.3M62%
Other$33.7M34%
Stabilized Properties$3.8M4%

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