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Side-by-side financial comparison of Safehold Inc. (SAFE) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $86.0M, roughly 1.1× Smart Sand, Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 1.4%, a 27.1% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -5.8%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs 1.8%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
SAFE vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $86.0M |
| Net Profit | $27.9M | $1.2M |
| Gross Margin | 98.6% | 13.0% |
| Operating Margin | 27.4% | -3.1% |
| Net Margin | 28.5% | 1.4% |
| Revenue YoY | 6.5% | -5.8% |
| Net Profit YoY | 7.1% | -68.5% |
| EPS (diluted) | $0.38 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $96.2M | $92.8M | ||
| Q2 25 | $93.8M | $85.8M | ||
| Q1 25 | $97.7M | $65.6M | ||
| Q4 24 | $91.9M | $91.4M | ||
| Q3 24 | $90.7M | $63.2M | ||
| Q2 24 | $89.9M | $73.8M | ||
| Q1 24 | $93.2M | $83.1M |
| Q4 25 | $27.9M | $1.2M | ||
| Q3 25 | $29.3M | $3.0M | ||
| Q2 25 | $27.9M | $21.4M | ||
| Q1 25 | $29.4M | $-24.2M | ||
| Q4 24 | $26.0M | $3.7M | ||
| Q3 24 | $19.3M | $-98.0K | ||
| Q2 24 | $29.7M | $-430.0K | ||
| Q1 24 | $30.7M | $-216.0K |
| Q4 25 | 98.6% | 13.0% | ||
| Q3 25 | 98.5% | 16.1% | ||
| Q2 25 | 99.1% | 10.4% | ||
| Q1 25 | 98.8% | 4.2% | ||
| Q4 24 | 98.8% | 14.7% | ||
| Q3 24 | 98.8% | 10.3% | ||
| Q2 24 | 98.8% | 17.7% | ||
| Q1 24 | 98.8% | 14.2% |
| Q4 25 | 27.4% | -3.1% | ||
| Q3 25 | 25.9% | 5.8% | ||
| Q2 25 | 25.5% | -0.1% | ||
| Q1 25 | 25.9% | -10.8% | ||
| Q4 24 | 24.6% | 3.9% | ||
| Q3 24 | 17.5% | -7.8% | ||
| Q2 24 | 26.7% | 4.8% | ||
| Q1 24 | 26.4% | 0.9% |
| Q4 25 | 28.5% | 1.4% | ||
| Q3 25 | 30.5% | 3.2% | ||
| Q2 25 | 29.8% | 24.9% | ||
| Q1 25 | 30.1% | -37.0% | ||
| Q4 24 | 28.3% | 4.1% | ||
| Q3 24 | 21.3% | -0.2% | ||
| Q2 24 | 33.0% | -0.6% | ||
| Q1 24 | 33.0% | -0.3% |
| Q4 25 | $0.38 | $0.03 | ||
| Q3 25 | $0.41 | $0.08 | ||
| Q2 25 | $0.39 | $0.54 | ||
| Q1 25 | $0.41 | $-0.62 | ||
| Q4 24 | $0.36 | $0.10 | ||
| Q3 24 | $0.27 | $0.00 | ||
| Q2 24 | $0.42 | $-0.01 | ||
| Q1 24 | $0.43 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.7M | $22.6M |
| Total DebtLower is stronger | $4.6B | $15.0M |
| Stockholders' EquityBook value | $2.4B | $239.7M |
| Total Assets | $7.2B | $340.0M |
| Debt / EquityLower = less leverage | 1.90× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $22.6M | ||
| Q3 25 | $12.1M | $5.1M | ||
| Q2 25 | $13.9M | $4.3M | ||
| Q1 25 | $17.3M | $5.1M | ||
| Q4 24 | $8.3M | $1.6M | ||
| Q3 24 | $15.6M | $7.2M | ||
| Q2 24 | $13.4M | $6.3M | ||
| Q1 24 | $11.3M | $4.6M |
| Q4 25 | $4.6B | $15.0M | ||
| Q3 25 | $4.5B | $14.3M | ||
| Q2 25 | $4.4B | $23.5M | ||
| Q1 25 | $4.3B | $13.7M | ||
| Q4 24 | $4.3B | $14.7M | ||
| Q3 24 | $4.3B | $15.7M | ||
| Q2 24 | $4.2B | $17.1M | ||
| Q1 24 | $4.1B | $25.5M |
| Q4 25 | $2.4B | $239.7M | ||
| Q3 25 | $2.4B | $239.9M | ||
| Q2 25 | $2.4B | $240.5M | ||
| Q1 25 | $2.4B | $219.9M | ||
| Q4 24 | $2.3B | $243.8M | ||
| Q3 24 | $2.3B | $243.6M | ||
| Q2 24 | $2.3B | $242.9M | ||
| Q1 24 | $2.3B | $242.5M |
| Q4 25 | $7.2B | $340.0M | ||
| Q3 25 | $7.1B | $343.1M | ||
| Q2 25 | $7.1B | $345.8M | ||
| Q1 25 | $6.9B | $326.9M | ||
| Q4 24 | $6.9B | $341.5M | ||
| Q3 24 | $6.8B | $335.8M | ||
| Q2 24 | $6.8B | $341.8M | ||
| Q1 24 | $6.7B | $349.3M |
| Q4 25 | 1.90× | 0.06× | ||
| Q3 25 | 1.89× | 0.06× | ||
| Q2 25 | 1.87× | 0.10× | ||
| Q1 25 | 1.85× | 0.06× | ||
| Q4 24 | 1.84× | 0.06× | ||
| Q3 24 | 1.88× | 0.06× | ||
| Q2 24 | 1.81× | 0.07× | ||
| Q1 24 | 1.81× | 0.11× |
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 | $47.8M | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 1.72× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $22.4M | ||
| Q3 25 | $-1.4M | $18.2M | ||
| Q2 25 | $28.0M | $-5.1M | ||
| Q1 25 | $8.9M | $8.7M | ||
| Q4 24 | $37.9M | $1.0M | ||
| Q3 24 | $8.3M | $5.8M | ||
| Q2 24 | $24.8M | $14.9M | ||
| Q1 24 | $-3.1M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $13.5M | ||
| Q1 24 | — | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 1.72× | 18.99× | ||
| Q3 25 | -0.05× | 6.05× | ||
| Q2 25 | 1.00× | -0.24× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | 0.28× | ||
| 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
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
