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Side-by-side financial comparison of Safehold Inc. (SAFE) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $97.9M, roughly 1.0× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -7.0%, a 35.5% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 6.5%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -4.9%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
SAFE vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $100.0M |
| Net Profit | $27.9M | $-7.0M |
| Gross Margin | 98.6% | 28.0% |
| Operating Margin | 27.4% | -10.7% |
| Net Margin | 28.5% | -7.0% |
| Revenue YoY | 6.5% | 14.5% |
| Net Profit YoY | 7.1% | 76.0% |
| EPS (diluted) | $0.38 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $96.2M | $161.9M | ||
| Q2 25 | $93.8M | $172.6M | ||
| Q1 25 | $97.7M | $111.4M | ||
| Q4 24 | $91.9M | $87.3M | ||
| Q3 24 | $90.7M | $150.5M | ||
| Q2 24 | $89.9M | $160.1M | ||
| Q1 24 | $93.2M | $110.6M |
| Q4 25 | $27.9M | $-7.0M | ||
| Q3 25 | $29.3M | $8.1M | ||
| Q2 25 | $27.9M | $16.0M | ||
| Q1 25 | $29.4M | $-6.0M | ||
| Q4 24 | $26.0M | $-29.2M | ||
| Q3 24 | $19.3M | $5.9M | ||
| Q2 24 | $29.7M | $13.3M | ||
| Q1 24 | $30.7M | $-7.9M |
| Q4 25 | 98.6% | 28.0% | ||
| Q3 25 | 98.5% | 35.4% | ||
| Q2 25 | 99.1% | 37.1% | ||
| Q1 25 | 98.8% | 29.5% | ||
| Q4 24 | 98.8% | 24.6% | ||
| Q3 24 | 98.8% | 32.4% | ||
| Q2 24 | 98.8% | 33.1% | ||
| Q1 24 | 98.8% | 27.7% |
| Q4 25 | 27.4% | -10.7% | ||
| Q3 25 | 25.9% | 13.3% | ||
| Q2 25 | 25.5% | 14.3% | ||
| Q1 25 | 25.9% | -4.4% | ||
| Q4 24 | 24.6% | -14.9% | ||
| Q3 24 | 17.5% | 8.9% | ||
| Q2 24 | 26.7% | 12.5% | ||
| Q1 24 | 26.4% | -1.9% |
| Q4 25 | 28.5% | -7.0% | ||
| Q3 25 | 30.5% | 5.0% | ||
| Q2 25 | 29.8% | 9.3% | ||
| Q1 25 | 30.1% | -5.4% | ||
| Q4 24 | 28.3% | -33.4% | ||
| Q3 24 | 21.3% | 3.9% | ||
| Q2 24 | 33.0% | 8.3% | ||
| Q1 24 | 33.0% | -7.1% |
| Q4 25 | $0.38 | $-0.06 | ||
| Q3 25 | $0.41 | $0.07 | ||
| Q2 25 | $0.39 | $0.13 | ||
| Q1 25 | $0.41 | $-0.05 | ||
| Q4 24 | $0.36 | $-0.24 | ||
| Q3 24 | $0.27 | $0.05 | ||
| Q2 24 | $0.42 | $0.11 | ||
| Q1 24 | $0.43 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $4.6B | $279.8M |
| Stockholders' EquityBook value | $2.4B | $405.9M |
| Total Assets | $7.2B | $823.2M |
| Debt / EquityLower = less leverage | 1.90× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | — | ||
| Q3 25 | $12.1M | — | ||
| Q2 25 | $13.9M | — | ||
| Q1 25 | $17.3M | — | ||
| Q4 24 | $8.3M | — | ||
| Q3 24 | $15.6M | — | ||
| Q2 24 | $13.4M | — | ||
| Q1 24 | $11.3M | — |
| Q4 25 | $4.6B | $279.8M | ||
| Q3 25 | $4.5B | $281.1M | ||
| Q2 25 | $4.4B | $281.5M | ||
| Q1 25 | $4.3B | $306.9M | ||
| Q4 24 | $4.3B | $281.5M | ||
| Q3 24 | $4.3B | $282.8M | ||
| Q2 24 | $4.2B | $282.4M | ||
| Q1 24 | $4.1B | $282.8M |
| Q4 25 | $2.4B | $405.9M | ||
| Q3 25 | $2.4B | $408.4M | ||
| Q2 25 | $2.4B | $398.4M | ||
| Q1 25 | $2.4B | $381.1M | ||
| Q4 24 | $2.3B | $387.2M | ||
| Q3 24 | $2.3B | $416.6M | ||
| Q2 24 | $2.3B | $408.1M | ||
| Q1 24 | $2.3B | $391.8M |
| Q4 25 | $7.2B | $823.2M | ||
| Q3 25 | $7.1B | $844.4M | ||
| Q2 25 | $7.1B | $822.1M | ||
| Q1 25 | $6.9B | $824.6M | ||
| Q4 24 | $6.9B | $794.2M | ||
| Q3 24 | $6.8B | $853.4M | ||
| Q2 24 | $6.8B | $830.0M | ||
| Q1 24 | $6.7B | $808.6M |
| Q4 25 | 1.90× | 0.69× | ||
| Q3 25 | 1.89× | 0.69× | ||
| Q2 25 | 1.87× | 0.71× | ||
| Q1 25 | 1.85× | 0.81× | ||
| Q4 24 | 1.84× | 0.73× | ||
| Q3 24 | 1.88× | 0.68× | ||
| Q2 24 | 1.81× | 0.69× | ||
| Q1 24 | 1.81× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $23.3M | ||
| Q3 25 | $-1.4M | $51.0M | ||
| Q2 25 | $28.0M | $36.0M | ||
| Q1 25 | $8.9M | $-46.9M | ||
| Q4 24 | $37.9M | $6.2M | ||
| Q3 24 | $8.3M | $37.2M | ||
| Q2 24 | $24.8M | $52.4M | ||
| Q1 24 | $-3.1M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | 1.72× | — | ||
| Q3 25 | -0.05× | 6.29× | ||
| Q2 25 | 1.00× | 2.25× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 0.43× | 6.32× | ||
| Q2 24 | 0.83× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
