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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Global Net Lease, Inc. is the larger business by last-quarter revenue ($117.0M vs $97.9M, roughly 1.2× Safehold Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs 28.5%, a 12.7% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -15.1%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
GNL vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $97.9M |
| Net Profit | $48.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 94.7% | 27.4% |
| Net Margin | 41.2% | 28.5% |
| Revenue YoY | -15.1% | 6.5% |
| Net Profit YoY | 838.7% | 7.1% |
| EPS (diluted) | $0.14 | $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 | $117.0M | $97.9M | ||
| Q3 25 | $121.0M | $96.2M | ||
| Q2 25 | $124.9M | $93.8M | ||
| Q1 25 | $132.4M | $97.7M | ||
| Q4 24 | $137.8M | $91.9M | ||
| Q3 24 | $138.7M | $90.7M | ||
| Q2 24 | $145.5M | $89.9M | ||
| Q1 24 | $147.9M | $93.2M |
| Q4 25 | $48.2M | $27.9M | ||
| Q3 25 | $-60.1M | $29.3M | ||
| Q2 25 | $-24.1M | $27.9M | ||
| Q1 25 | $-189.4M | $29.4M | ||
| Q4 24 | $-6.5M | $26.0M | ||
| Q3 24 | $-65.6M | $19.3M | ||
| Q2 24 | $-35.7M | $29.7M | ||
| Q1 24 | $-23.8M | $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 | 94.7% | 27.4% | ||
| Q3 25 | -11.7% | 25.9% | ||
| Q2 25 | 33.9% | 25.5% | ||
| Q1 25 | -21.1% | 25.9% | ||
| Q4 24 | 40.8% | 24.6% | ||
| Q3 24 | 9.3% | 17.5% | ||
| Q2 24 | 42.6% | 26.7% | ||
| Q1 24 | 38.6% | 26.4% |
| Q4 25 | 41.2% | 28.5% | ||
| Q3 25 | -49.7% | 30.5% | ||
| Q2 25 | -19.3% | 29.8% | ||
| Q1 25 | -143.0% | 30.1% | ||
| Q4 24 | -4.7% | 28.3% | ||
| Q3 24 | -47.3% | 21.3% | ||
| Q2 24 | -24.5% | 33.0% | ||
| Q1 24 | -16.1% | 33.0% |
| Q4 25 | $0.14 | $0.38 | ||
| Q3 25 | $-0.32 | $0.41 | ||
| Q2 25 | $-0.16 | $0.39 | ||
| Q1 25 | $-0.87 | $0.41 | ||
| Q4 24 | $-0.08 | $0.36 | ||
| Q3 24 | $-0.33 | $0.27 | ||
| Q2 24 | $-0.20 | $0.42 | ||
| Q1 24 | $-0.15 | $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 | $180.1M | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $1.7B | $2.4B |
| Total Assets | $4.3B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.1M | $21.7M | ||
| Q3 25 | $165.1M | $12.1M | ||
| Q2 25 | $144.8M | $13.9M | ||
| Q1 25 | $147.0M | $17.3M | ||
| Q4 24 | $159.7M | $8.3M | ||
| Q3 24 | $127.2M | $15.6M | ||
| Q2 24 | $122.2M | $13.4M | ||
| Q1 24 | $131.9M | $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 | $1.7B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | $2.2B | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.4B | $2.3B | ||
| Q1 24 | $2.5B | $2.3B |
| Q4 25 | $4.3B | $7.2B | ||
| Q3 25 | $4.8B | $7.1B | ||
| Q2 25 | $5.0B | $7.1B | ||
| Q1 25 | $5.8B | $6.9B | ||
| Q4 24 | $7.0B | $6.9B | ||
| Q3 24 | $7.3B | $6.8B | ||
| Q2 24 | $7.6B | $6.8B | ||
| Q1 24 | $8.0B | $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 | $222.8M | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.62× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $222.8M | $47.8M | ||
| Q3 25 | $56.0M | $-1.4M | ||
| Q2 25 | $52.0M | $28.0M | ||
| Q1 25 | $59.2M | $8.9M | ||
| Q4 24 | $299.5M | $37.9M | ||
| Q3 24 | $62.1M | $8.3M | ||
| Q2 24 | $70.4M | $24.8M | ||
| Q1 24 | $92.2M | $-3.1M |
| Q4 25 | 4.62× | 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
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
