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Side-by-side financial comparison of Safehold Inc. (SAFE) and TREX CO INC (TREX). Click either name above to swap in a different company.
TREX CO INC is the larger business by last-quarter revenue ($343.4M vs $97.9M, roughly 3.5× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 17.9%, a 10.6% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 1.0%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -4.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
SAFE vs TREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $343.4M |
| Net Profit | $27.9M | $61.4M |
| Gross Margin | 98.6% | 40.5% |
| Operating Margin | 27.4% | 24.3% |
| Net Margin | 28.5% | 17.9% |
| Revenue YoY | 6.5% | 1.0% |
| Net Profit YoY | 7.1% | 1.6% |
| EPS (diluted) | $0.38 | $0.58 |
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.
| Q1 26 | — | $343.4M | ||
| Q4 25 | $97.9M | $161.1M | ||
| Q3 25 | $96.2M | $285.3M | ||
| Q2 25 | $93.8M | $387.8M | ||
| Q1 25 | $97.7M | $340.0M | ||
| Q4 24 | $91.9M | $167.6M | ||
| Q3 24 | $90.7M | $233.7M | ||
| Q2 24 | $89.9M | $376.5M |
| Q1 26 | — | $61.4M | ||
| Q4 25 | $27.9M | $2.3M | ||
| Q3 25 | $29.3M | $51.8M | ||
| Q2 25 | $27.9M | $75.9M | ||
| Q1 25 | $29.4M | $60.4M | ||
| Q4 24 | $26.0M | $9.8M | ||
| Q3 24 | $19.3M | $40.6M | ||
| Q2 24 | $29.7M | $87.0M |
| Q1 26 | — | 40.5% | ||
| Q4 25 | 98.6% | 30.2% | ||
| Q3 25 | 98.5% | 40.5% | ||
| Q2 25 | 99.1% | 40.8% | ||
| Q1 25 | 98.8% | 40.5% | ||
| Q4 24 | 98.8% | 32.7% | ||
| Q3 24 | 98.8% | 39.9% | ||
| Q2 24 | 98.8% | 44.7% |
| Q1 26 | — | 24.3% | ||
| Q4 25 | 27.4% | 2.2% | ||
| Q3 25 | 25.9% | 24.7% | ||
| Q2 25 | 25.5% | 26.4% | ||
| Q1 25 | 25.9% | 24.0% | ||
| Q4 24 | 24.6% | 9.2% | ||
| Q3 24 | 17.5% | 23.2% | ||
| Q2 24 | 26.7% | 31.1% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 28.5% | 1.4% | ||
| Q3 25 | 30.5% | 18.1% | ||
| Q2 25 | 29.8% | 19.6% | ||
| Q1 25 | 30.1% | 17.8% | ||
| Q4 24 | 28.3% | 5.8% | ||
| Q3 24 | 21.3% | 17.4% | ||
| Q2 24 | 33.0% | 23.1% |
| Q1 26 | — | $0.58 | ||
| Q4 25 | $0.38 | $0.03 | ||
| Q3 25 | $0.41 | $0.48 | ||
| Q2 25 | $0.39 | $0.71 | ||
| Q1 25 | $0.41 | $0.56 | ||
| Q4 24 | $0.36 | $0.10 | ||
| Q3 24 | $0.27 | $0.37 | ||
| Q2 24 | $0.42 | $0.80 |
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 | $4.5M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $995.8M |
| Total Assets | $7.2B | $1.7B |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.5M | ||
| Q4 25 | $21.7M | $3.8M | ||
| Q3 25 | $12.1M | $11.4M | ||
| Q2 25 | $13.9M | $5.5M | ||
| Q1 25 | $17.3M | $5.0M | ||
| Q4 24 | $8.3M | $1.3M | ||
| Q3 24 | $15.6M | $12.8M | ||
| Q2 24 | $13.4M | $1.2M |
| Q1 26 | — | — | ||
| 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 26 | — | $995.8M | ||
| Q4 25 | $2.4B | $1.0B | ||
| Q3 25 | $2.4B | $1.0B | ||
| Q2 25 | $2.4B | $989.3M | ||
| Q1 25 | $2.4B | $910.1M | ||
| Q4 24 | $2.3B | $850.1M | ||
| Q3 24 | $2.3B | $887.9M | ||
| Q2 24 | $2.3B | $894.9M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $7.2B | $1.5B | ||
| Q3 25 | $7.1B | $1.5B | ||
| Q2 25 | $7.1B | $1.5B | ||
| Q1 25 | $6.9B | $1.6B | ||
| Q4 24 | $6.9B | $1.3B | ||
| Q3 24 | $6.8B | $1.3B | ||
| Q2 24 | $6.8B | $1.3B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $-118.4M |
| Free Cash FlowOCF − Capex | — | $-143.4M |
| FCF MarginFCF / Revenue | — | -41.8% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.72× | -1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $224.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-118.4M | ||
| Q4 25 | $47.8M | $65.5M | ||
| Q3 25 | $-1.4M | $196.9M | ||
| Q2 25 | $28.0M | $249.8M | ||
| Q1 25 | $8.9M | $-154.0M | ||
| Q4 24 | $37.9M | $-8.5M | ||
| Q3 24 | $8.3M | $132.8M | ||
| Q2 24 | $24.8M | $193.7M |
| Q1 26 | — | $-143.4M | ||
| Q4 25 | — | $22.1M | ||
| Q3 25 | — | $142.9M | ||
| Q2 25 | — | $203.0M | ||
| Q1 25 | — | $-233.5M | ||
| Q4 24 | — | $-89.3M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $158.2M |
| Q1 26 | — | -41.8% | ||
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 52.3% | ||
| Q1 25 | — | -68.7% | ||
| Q4 24 | — | -53.3% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 42.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 26.9% | ||
| Q3 25 | — | 18.9% | ||
| Q2 25 | — | 12.1% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 9.4% |
| Q1 26 | — | -1.93× | ||
| Q4 25 | 1.72× | 28.45× | ||
| Q3 25 | -0.05× | 3.80× | ||
| Q2 25 | 1.00× | 3.29× | ||
| Q1 25 | 0.30× | -2.55× | ||
| Q4 24 | 1.45× | -0.87× | ||
| Q3 24 | 0.43× | 3.27× | ||
| Q2 24 | 0.83× | 2.23× |
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% |
TREX
Segment breakdown not available.
