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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $97.9M, roughly 1.2× Safehold Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs 28.5%, a 19.6% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -11.0%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -6.0%).
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
KW vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $97.9M |
| Net Profit | $58.0M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 57.3% | 27.4% |
| Net Margin | 48.1% | 28.5% |
| Revenue YoY | -11.0% | 6.5% |
| Net Profit YoY | 32.7% | 7.1% |
| EPS (diluted) | $0.22 | $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 | $120.6M | $97.9M | ||
| Q3 25 | $116.4M | $96.2M | ||
| Q2 25 | $135.7M | $93.8M | ||
| Q1 25 | $128.3M | $97.7M | ||
| Q4 24 | $135.5M | $91.9M | ||
| Q3 24 | $127.5M | $90.7M | ||
| Q2 24 | $132.0M | $89.9M | ||
| Q1 24 | $136.4M | $93.2M |
| Q4 25 | $58.0M | $27.9M | ||
| Q3 25 | $-10.2M | $29.3M | ||
| Q2 25 | $5.6M | $27.9M | ||
| Q1 25 | $-29.6M | $29.4M | ||
| Q4 24 | $43.7M | $26.0M | ||
| Q3 24 | $-66.8M | $19.3M | ||
| Q2 24 | $-48.3M | $29.7M | ||
| Q1 24 | $37.7M | $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 | 57.3% | 27.4% | ||
| Q3 25 | -6.2% | 25.9% | ||
| Q2 25 | 7.4% | 25.5% | ||
| Q1 25 | -26.9% | 25.9% | ||
| Q4 24 | 36.7% | 24.6% | ||
| Q3 24 | -60.8% | 17.5% | ||
| Q2 24 | -45.5% | 26.7% | ||
| Q1 24 | 47.2% | 26.4% |
| Q4 25 | 48.1% | 28.5% | ||
| Q3 25 | -8.8% | 30.5% | ||
| Q2 25 | 4.1% | 29.8% | ||
| Q1 25 | -23.1% | 30.1% | ||
| Q4 24 | 32.3% | 28.3% | ||
| Q3 24 | -52.4% | 21.3% | ||
| Q2 24 | -36.6% | 33.0% | ||
| Q1 24 | 27.6% | 33.0% |
| Q4 25 | $0.22 | $0.38 | ||
| Q3 25 | $-0.15 | $0.41 | ||
| Q2 25 | $-0.05 | $0.39 | ||
| Q1 25 | $-0.30 | $0.41 | ||
| Q4 24 | $0.24 | $0.36 | ||
| Q3 24 | $-0.56 | $0.27 | ||
| Q2 24 | $-0.43 | $0.42 | ||
| Q1 24 | $0.19 | $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 | $184.5M | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $1.5B | $2.4B |
| Total Assets | $6.6B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.5M | $21.7M | ||
| Q3 25 | $382.6M | $12.1M | ||
| Q2 25 | $309.1M | $13.9M | ||
| Q1 25 | $356.6M | $17.3M | ||
| Q4 24 | $217.5M | $8.3M | ||
| Q3 24 | $367.1M | $15.6M | ||
| Q2 24 | $366.5M | $13.4M | ||
| Q1 24 | $541.9M | $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 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.6B | $2.4B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.7B | $2.3B | ||
| Q1 24 | $1.7B | $2.3B |
| Q4 25 | $6.6B | $7.2B | ||
| Q3 25 | $6.7B | $7.1B | ||
| Q2 25 | $6.8B | $7.1B | ||
| Q1 25 | $7.2B | $6.9B | ||
| Q4 24 | $7.0B | $6.9B | ||
| Q3 24 | $7.4B | $6.8B | ||
| Q2 24 | $7.5B | $6.8B | ||
| Q1 24 | $7.7B | $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 | $11.4M | $47.8M |
| Free Cash FlowOCF − Capex | $-55.2M | — |
| FCF MarginFCF / Revenue | -45.8% | — |
| Capex IntensityCapex / Revenue | 55.2% | — |
| Cash ConversionOCF / Net Profit | 0.20× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $47.8M | ||
| Q3 25 | $-7.6M | $-1.4M | ||
| Q2 25 | $42.0M | $28.0M | ||
| Q1 25 | $-51.9M | $8.9M | ||
| Q4 24 | $55.1M | $37.9M | ||
| Q3 24 | $-5.6M | $8.3M | ||
| Q2 24 | $36.7M | $24.8M | ||
| Q1 24 | $-5.6M | $-3.1M |
| Q4 25 | $-55.2M | — | ||
| Q3 25 | $-18.0M | — | ||
| Q2 25 | $29.4M | — | ||
| Q1 25 | $-59.7M | — | ||
| Q4 24 | $-76.5M | — | ||
| Q3 24 | $-27.7M | — | ||
| Q2 24 | $-500.0K | — | ||
| Q1 24 | $-57.1M | — |
| Q4 25 | -45.8% | — | ||
| Q3 25 | -15.5% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | -46.5% | — | ||
| Q4 24 | -56.5% | — | ||
| Q3 24 | -21.7% | — | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | -41.9% | — |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 97.1% | — | ||
| Q3 24 | 17.3% | — | ||
| Q2 24 | 28.2% | — | ||
| Q1 24 | 37.8% | — |
| Q4 25 | 0.20× | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | 7.50× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 1.26× | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | -0.15× | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
