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Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $92.1M, roughly 1.1× FLYEXCLUSIVE INC.). Safehold Inc. runs the higher net margin — 28.5% vs -4.6%, a 33.1% gap on every dollar of revenue. On growth, FLYEXCLUSIVE INC. posted the faster year-over-year revenue change (19.8% vs 6.5%). Over the past eight quarters, FLYEXCLUSIVE INC.'s revenue compounded faster (21.9% CAGR vs 2.5%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
FLYX vs SAFE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $97.9M |
| Net Profit | $-4.3M | $27.9M |
| Gross Margin | 13.7% | 98.6% |
| Operating Margin | -12.3% | 27.4% |
| Net Margin | -4.6% | 28.5% |
| Revenue YoY | 19.8% | 6.5% |
| Net Profit YoY | 32.0% | 7.1% |
| EPS (diluted) | $-0.25 | $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 | — | $97.9M | ||
| Q3 25 | $92.1M | $96.2M | ||
| Q2 25 | $91.3M | $93.8M | ||
| Q1 25 | $88.1M | $97.7M | ||
| Q4 24 | — | $91.9M | ||
| Q3 24 | $76.9M | $90.7M | ||
| Q2 24 | $79.0M | $89.9M | ||
| Q1 24 | $80.0M | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-4.3M | $29.3M | ||
| Q2 25 | $-4.8M | $27.9M | ||
| Q1 25 | $-5.4M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $-6.3M | $19.3M | ||
| Q2 24 | $-5.2M | $29.7M | ||
| Q1 24 | $-5.8M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | 13.7% | 98.5% | ||
| Q2 25 | 15.0% | 99.1% | ||
| Q1 25 | 12.8% | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | 11.3% | 98.8% | ||
| Q2 24 | 7.9% | 98.8% | ||
| Q1 24 | 7.2% | 98.8% |
| Q4 25 | — | 27.4% | ||
| Q3 25 | -12.3% | 25.9% | ||
| Q2 25 | -13.5% | 25.5% | ||
| Q1 25 | -16.7% | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | -27.2% | 17.5% | ||
| Q2 24 | -27.6% | 26.7% | ||
| Q1 24 | -34.3% | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -4.6% | 30.5% | ||
| Q2 25 | -5.2% | 29.8% | ||
| Q1 25 | -6.2% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | -8.2% | 21.3% | ||
| Q2 24 | -6.5% | 33.0% | ||
| Q1 24 | -7.3% | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | $-0.25 | $0.41 | ||
| Q2 25 | $-0.26 | $0.39 | ||
| Q1 25 | $-0.30 | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | $-0.32 | $0.27 | ||
| Q2 24 | $-0.32 | $0.42 | ||
| Q1 24 | $-0.35 | $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 | $18.7M | $21.7M |
| Total DebtLower is stronger | $123.9M | $4.6B |
| Stockholders' EquityBook value | $-434.2M | $2.4B |
| Total Assets | $448.1M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | $18.7M | $12.1M | ||
| Q2 25 | $15.8M | $13.9M | ||
| Q1 25 | $14.7M | $17.3M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | $18.7M | $15.6M | ||
| Q2 24 | $9.3M | $13.4M | ||
| Q1 24 | $5.3M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $123.9M | $4.5B | ||
| Q2 25 | $111.6M | $4.4B | ||
| Q1 25 | $121.6M | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $197.9M | $4.3B | ||
| Q2 24 | $206.3M | $4.2B | ||
| Q1 24 | $209.4M | $4.1B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | $-434.2M | $2.4B | ||
| Q2 25 | $-261.4M | $2.4B | ||
| Q1 25 | $-281.5M | $2.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $-192.0M | $2.3B | ||
| Q2 24 | $-149.7M | $2.3B | ||
| Q1 24 | $-149.5M | $2.3B |
| Q4 25 | — | $7.2B | ||
| Q3 25 | $448.1M | $7.1B | ||
| Q2 25 | $443.4M | $7.1B | ||
| Q1 25 | $466.8M | $6.9B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | $487.1M | $6.8B | ||
| Q2 24 | $494.7M | $6.8B | ||
| Q1 24 | $524.1M | $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 | $-209.0K | $47.8M |
| Free Cash FlowOCF − Capex | $-11.0M | — |
| FCF MarginFCF / Revenue | -12.0% | — |
| Capex IntensityCapex / Revenue | 11.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $47.8M | ||
| Q3 25 | $-209.0K | $-1.4M | ||
| Q2 25 | $363.0K | $28.0M | ||
| Q1 25 | $-10.5M | $8.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | $-12.3M | $8.3M | ||
| Q2 24 | $-16.2M | $24.8M | ||
| Q1 24 | $-26.0M | $-3.1M |
| Q4 25 | — | — | ||
| Q3 25 | $-11.0M | — | ||
| Q2 25 | $353.0K | — | ||
| Q1 25 | $-14.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-25.7M | — | ||
| Q2 24 | $-26.6M | — | ||
| Q1 24 | $-64.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | -16.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -33.5% | — | ||
| Q2 24 | -33.7% | — | ||
| Q1 24 | -80.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.5% | — | ||
| Q2 24 | 13.2% | — | ||
| Q1 24 | 48.2% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYX
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
