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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) 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 $57.6M, roughly 1.7× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 6.5%).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PHAT vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $97.9M |
| Net Profit | — | $27.9M |
| Gross Margin | 86.7% | 98.6% |
| Operating Margin | — | 27.4% |
| Net Margin | — | 28.5% |
| Revenue YoY | 94.1% | 6.5% |
| Net Profit YoY | 71.6% | 7.1% |
| EPS (diluted) | — | $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 | $57.6M | $97.9M | ||
| Q3 25 | $49.5M | $96.2M | ||
| Q2 25 | $39.5M | $93.8M | ||
| Q1 25 | $28.5M | $97.7M | ||
| Q4 24 | $29.7M | $91.9M | ||
| Q3 24 | $16.4M | $90.7M | ||
| Q2 24 | $7.3M | $89.9M | ||
| Q1 24 | — | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-30.0M | $29.3M | ||
| Q2 25 | $-75.8M | $27.9M | ||
| Q1 25 | $-94.3M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $-85.6M | $19.3M | ||
| Q2 24 | $-91.4M | $29.7M | ||
| Q1 24 | — | $30.7M |
| Q4 25 | 86.7% | 98.6% | ||
| Q3 25 | 87.5% | 98.5% | ||
| Q2 25 | 87.2% | 99.1% | ||
| Q1 25 | 86.9% | 98.8% | ||
| Q4 24 | 87.1% | 98.8% | ||
| Q3 24 | 85.6% | 98.8% | ||
| Q2 24 | 81.2% | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | — | 27.4% | ||
| Q3 25 | -30.8% | 25.9% | ||
| Q2 25 | -151.7% | 25.5% | ||
| Q1 25 | -276.5% | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | -433.0% | 17.5% | ||
| Q2 24 | -1055.4% | 26.7% | ||
| Q1 24 | — | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -60.5% | 30.5% | ||
| Q2 25 | -191.9% | 29.8% | ||
| Q1 25 | -330.7% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | -523.3% | 21.3% | ||
| Q2 24 | -1248.6% | 33.0% | ||
| Q1 24 | — | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | $-0.41 | $0.41 | ||
| Q2 25 | $-1.05 | $0.39 | ||
| Q1 25 | $-1.31 | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | $-1.32 | $0.27 | ||
| Q2 24 | $-1.56 | $0.42 | ||
| Q1 24 | — | $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 | $130.0M | $21.7M |
| Total DebtLower is stronger | $209.1M | $4.6B |
| Stockholders' EquityBook value | $-438.2M | $2.4B |
| Total Assets | $259.1M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $21.7M | ||
| Q3 25 | $135.2M | $12.1M | ||
| Q2 25 | $149.6M | $13.9M | ||
| Q1 25 | $212.3M | $17.3M | ||
| Q4 24 | $297.3M | $8.3M | ||
| Q3 24 | $334.7M | $15.6M | ||
| Q2 24 | $276.2M | $13.4M | ||
| Q1 24 | — | $11.3M |
| Q4 25 | $209.1M | $4.6B | ||
| Q3 25 | $207.1M | $4.5B | ||
| Q2 25 | $205.1M | $4.4B | ||
| Q1 25 | $203.2M | $4.3B | ||
| Q4 24 | $201.4M | $4.3B | ||
| Q3 24 | $175.7M | $4.3B | ||
| Q2 24 | $174.4M | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $-438.2M | $2.4B | ||
| Q3 25 | $-422.5M | $2.4B | ||
| Q2 25 | $-405.8M | $2.4B | ||
| Q1 25 | $-338.4M | $2.4B | ||
| Q4 24 | $-253.6M | $2.3B | ||
| Q3 24 | $-187.1M | $2.3B | ||
| Q2 24 | $-233.8M | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $259.1M | $7.2B | ||
| Q3 25 | $240.3M | $7.1B | ||
| Q2 25 | $250.2M | $7.1B | ||
| Q1 25 | $294.2M | $6.9B | ||
| Q4 24 | $378.3M | $6.9B | ||
| Q3 24 | $387.0M | $6.8B | ||
| Q2 24 | $319.4M | $6.8B | ||
| Q1 24 | — | $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 | $-166.8M | $47.8M |
| Free Cash FlowOCF − Capex | $-167.0M | — |
| FCF MarginFCF / Revenue | -290.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $47.8M | ||
| Q3 25 | $-14.1M | $-1.4M | ||
| Q2 25 | $-62.7M | $28.0M | ||
| Q1 25 | $-84.9M | $8.9M | ||
| Q4 24 | $-266.8M | $37.9M | ||
| Q3 24 | $-63.6M | $8.3M | ||
| Q2 24 | $-70.7M | $24.8M | ||
| Q1 24 | — | $-3.1M |
| Q4 25 | $-167.0M | — | ||
| Q3 25 | $-14.1M | — | ||
| Q2 25 | $-62.8M | — | ||
| Q1 25 | $-84.9M | — | ||
| Q4 24 | $-266.9M | — | ||
| Q3 24 | $-63.6M | — | ||
| Q2 24 | $-70.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | -290.0% | — | ||
| Q3 25 | -28.6% | — | ||
| Q2 25 | -159.0% | — | ||
| Q1 25 | -297.9% | — | ||
| Q4 24 | -899.8% | — | ||
| Q3 24 | -389.0% | — | ||
| Q2 24 | -966.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | — | — |
| 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
PHAT
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% |
