vs
Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $97.9M, roughly 1.4× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -22.8%, a 51.2% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 6.5%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
EEX vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $97.9M |
| Net Profit | $-30.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | -11.8% | 27.4% |
| Net Margin | -22.8% | 28.5% |
| Revenue YoY | 24.3% | 6.5% |
| Net Profit YoY | -692.2% | 7.1% |
| EPS (diluted) | $-0.15 | $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.
| Q4 25 | $132.7M | $97.9M | ||
| Q3 25 | $77.5M | $96.2M | ||
| Q2 25 | $105.5M | $93.8M | ||
| Q1 25 | $147.7M | $97.7M | ||
| Q4 24 | $106.8M | $91.9M | ||
| Q3 24 | $72.6M | $90.7M | ||
| Q2 24 | $86.0M | $89.9M | ||
| Q1 24 | $133.4M | $93.2M |
| Q4 25 | $-30.2M | $27.9M | ||
| Q3 25 | $-14.4M | $29.3M | ||
| Q2 25 | $-1.4M | $27.9M | ||
| Q1 25 | $15.3M | $29.4M | ||
| Q4 24 | $5.1M | $26.0M | ||
| Q3 24 | $-11.1M | $19.3M | ||
| Q2 24 | $-2.8M | $29.7M | ||
| Q1 24 | $11.0M | $30.7M |
| 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% |
| Q4 25 | -11.8% | 27.4% | ||
| Q3 25 | -10.1% | 25.9% | ||
| Q2 25 | 9.7% | 25.5% | ||
| Q1 25 | 24.2% | 25.9% | ||
| Q4 24 | 19.5% | 24.6% | ||
| Q3 24 | -6.5% | 17.5% | ||
| Q2 24 | 7.4% | 26.7% | ||
| Q1 24 | 18.2% | 26.4% |
| Q4 25 | -22.8% | 28.5% | ||
| Q3 25 | -18.6% | 30.5% | ||
| Q2 25 | -1.3% | 29.8% | ||
| Q1 25 | 10.4% | 30.1% | ||
| Q4 24 | 4.8% | 28.3% | ||
| Q3 24 | -15.3% | 21.3% | ||
| Q2 24 | -3.3% | 33.0% | ||
| Q1 24 | 8.2% | 33.0% |
| Q4 25 | $-0.15 | $0.38 | ||
| Q3 25 | $-0.07 | $0.41 | ||
| Q2 25 | $-0.01 | $0.39 | ||
| Q1 25 | $0.08 | $0.41 | ||
| Q4 24 | $0.01 | $0.36 | ||
| Q3 24 | $-0.05 | $0.27 | ||
| Q2 24 | $-0.03 | $0.42 | ||
| Q1 24 | $0.00 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $100.9M | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $338.8M | $2.4B |
| Total Assets | $1.2B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $21.7M | ||
| Q3 25 | $95.4M | $12.1M | ||
| Q2 25 | $156.4M | $13.9M | ||
| Q1 25 | $276.8M | $17.3M | ||
| Q4 24 | $194.8M | $8.3M | ||
| Q3 24 | $188.9M | $15.6M | ||
| Q2 24 | $193.2M | $13.4M | ||
| Q1 24 | $186.8M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $338.8M | $2.4B | ||
| Q3 25 | $369.5M | $2.4B | ||
| Q2 25 | $389.4M | $2.4B | ||
| Q1 25 | $392.1M | $2.4B | ||
| Q4 24 | $385.9M | $2.3B | ||
| Q3 24 | $391.1M | $2.3B | ||
| Q2 24 | $407.6M | $2.3B | ||
| Q1 24 | $-90.7M | $2.3B |
| Q4 25 | $1.2B | $7.2B | ||
| Q3 25 | $1.2B | $7.1B | ||
| Q2 25 | $1.2B | $7.1B | ||
| Q1 25 | $1.2B | $6.9B | ||
| Q4 24 | $1.0B | $6.9B | ||
| Q3 24 | $1.1B | $6.8B | ||
| Q2 24 | $1.1B | $6.8B | ||
| Q1 24 | $1.1B | $6.7B |
| 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 | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.3M | $47.8M |
| Free Cash FlowOCF − Capex | $11.7M | — |
| FCF MarginFCF / Revenue | 8.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $47.8M | ||
| Q3 25 | $1.8M | $-1.4M | ||
| Q2 25 | $15.9M | $28.0M | ||
| Q1 25 | $12.6M | $8.9M | ||
| Q4 24 | $20.6M | $37.9M | ||
| Q3 24 | $9.1M | $8.3M | ||
| Q2 24 | $9.8M | $24.8M | ||
| Q1 24 | $7.3M | $-3.1M |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $15.8M | — | ||
| Q1 25 | $12.4M | — | ||
| Q4 24 | $19.9M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $7.0M | — |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 8.4% | — | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | 0.82× | 0.30× | ||
| Q4 24 | 4.04× | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | 0.66× | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
