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Side-by-side financial comparison of Safehold Inc. (SAFE) and Telesat Corp (TSAT). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $73.8M, roughly 1.3× Telesat Corp). Safehold Inc. runs the higher net margin — 28.5% vs -119.8%, a 148.3% gap on every dollar of revenue. Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -64.0%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
SAFE vs TSAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $73.8M |
| Net Profit | $27.9M | $-88.4M |
| Gross Margin | 98.6% | 95.3% |
| Operating Margin | 27.4% | 5.9% |
| Net Margin | 28.5% | -119.8% |
| Revenue YoY | 6.5% | — |
| Net Profit YoY | 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 | $97.9M | — | ||
| Q3 25 | $96.2M | $73.8M | ||
| Q2 25 | $93.8M | $77.5M | ||
| Q1 25 | $97.7M | $152.2M | ||
| Q4 24 | $91.9M | — | ||
| Q3 24 | $90.7M | — | ||
| Q2 24 | $89.9M | $363.2M | ||
| Q1 24 | $93.2M | — |
| Q4 25 | $27.9M | — | ||
| Q3 25 | $29.3M | $-88.4M | ||
| Q2 25 | $27.9M | $55.1M | ||
| Q1 25 | $29.4M | $-52.3M | ||
| Q4 24 | $26.0M | — | ||
| Q3 24 | $19.3M | — | ||
| Q2 24 | $29.7M | $547.4M | ||
| Q1 24 | $30.7M | — |
| Q4 25 | 98.6% | — | ||
| Q3 25 | 98.5% | 95.3% | ||
| Q2 25 | 99.1% | 95.9% | ||
| Q1 25 | 98.8% | — | ||
| Q4 24 | 98.8% | — | ||
| Q3 24 | 98.8% | — | ||
| Q2 24 | 98.8% | — | ||
| Q1 24 | 98.8% | — |
| Q4 25 | 27.4% | — | ||
| Q3 25 | 25.9% | 5.9% | ||
| Q2 25 | 25.5% | 16.8% | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 17.5% | — | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 26.4% | — |
| Q4 25 | 28.5% | — | ||
| Q3 25 | 30.5% | -119.8% | ||
| Q2 25 | 29.8% | 71.2% | ||
| Q1 25 | 30.1% | -34.4% | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 21.3% | — | ||
| Q2 24 | 33.0% | 150.7% | ||
| Q1 24 | 33.0% | — |
| Q4 25 | $0.38 | — | ||
| Q3 25 | $0.41 | — | ||
| Q2 25 | $0.39 | — | ||
| Q1 25 | $0.41 | — | ||
| Q4 24 | $0.36 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $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 | $21.7M | $352.3M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $1.6B |
| Total Assets | $7.2B | $5.1B |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | — | ||
| Q3 25 | $12.1M | $352.3M | ||
| Q2 25 | $13.9M | $399.6M | ||
| Q1 25 | $17.3M | $552.1M | ||
| Q4 24 | $8.3M | — | ||
| Q3 24 | $15.6M | — | ||
| Q2 24 | $13.4M | $1.7B | ||
| Q1 24 | $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 | $2.4B | — | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.1B | $5.1B | ||
| Q2 25 | $7.1B | $4.9B | ||
| Q1 25 | $6.9B | $6.9B | ||
| Q4 24 | $6.9B | — | ||
| Q3 24 | $6.8B | — | ||
| Q2 24 | $6.8B | $6.3B | ||
| 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 | $47.8M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | — | ||
| Q3 25 | $-1.4M | — | ||
| Q2 25 | $28.0M | — | ||
| Q1 25 | $8.9M | — | ||
| Q4 24 | $37.9M | — | ||
| Q3 24 | $8.3M | — | ||
| Q2 24 | $24.8M | — | ||
| Q1 24 | $-3.1M | — |
| 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
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
TSAT
Segment breakdown not available.
