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Side-by-side financial comparison of Safehold Inc. (SAFE) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $97.9M, roughly 1.9× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -15.7%, a 44.2% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -10.2%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -3.4%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
SAFE vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $183.8M |
| Net Profit | $27.9M | $-28.9M |
| Gross Margin | 98.6% | 14.3% |
| Operating Margin | 27.4% | -0.9% |
| Net Margin | 28.5% | -15.7% |
| Revenue YoY | 6.5% | -10.2% |
| Net Profit YoY | 7.1% | 67.0% |
| EPS (diluted) | $0.38 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $96.2M | $185.5M | ||
| Q2 25 | $93.8M | $189.6M | ||
| Q1 25 | $97.7M | $177.5M | ||
| Q4 24 | $91.9M | $204.8M | ||
| Q3 24 | $90.7M | $193.9M | ||
| Q2 24 | $89.9M | $196.3M | ||
| Q1 24 | $93.2M | $197.1M |
| Q4 25 | $27.9M | $-28.9M | ||
| Q3 25 | $29.3M | $-83.7M | ||
| Q2 25 | $27.9M | $-82.3M | ||
| Q1 25 | $29.4M | $-99.3M | ||
| Q4 24 | $26.0M | $-87.5M | ||
| Q3 24 | $19.3M | $-57.7M | ||
| Q2 24 | $29.7M | $-97.0M | ||
| Q1 24 | $30.7M | $-97.4M |
| Q4 25 | 98.6% | 14.3% | ||
| Q3 25 | 98.5% | 6.8% | ||
| Q2 25 | 99.1% | 8.3% | ||
| Q1 25 | 98.8% | 10.8% | ||
| Q4 24 | 98.8% | 13.9% | ||
| Q3 24 | 98.8% | 13.9% | ||
| Q2 24 | 98.8% | 2.3% | ||
| Q1 24 | 98.8% | -0.6% |
| Q4 25 | 27.4% | -0.9% | ||
| Q3 25 | 25.9% | -33.1% | ||
| Q2 25 | 25.5% | -31.4% | ||
| Q1 25 | 25.9% | -45.5% | ||
| Q4 24 | 24.6% | -26.0% | ||
| Q3 24 | 17.5% | -21.6% | ||
| Q2 24 | 26.7% | -40.3% | ||
| Q1 24 | 26.4% | -42.9% |
| Q4 25 | 28.5% | -15.7% | ||
| Q3 25 | 30.5% | -45.1% | ||
| Q2 25 | 29.8% | -43.4% | ||
| Q1 25 | 30.1% | -55.9% | ||
| Q4 24 | 28.3% | -42.7% | ||
| Q3 24 | 21.3% | -29.8% | ||
| Q2 24 | 33.0% | -49.4% | ||
| Q1 24 | 33.0% | -49.4% |
| Q4 25 | $0.38 | $-0.04 | ||
| Q3 25 | $0.41 | $-0.12 | ||
| Q2 25 | $0.39 | $-0.12 | ||
| Q1 25 | $0.41 | $-0.14 | ||
| Q4 24 | $0.36 | $-0.13 | ||
| Q3 24 | $0.27 | $-0.08 | ||
| Q2 24 | $0.42 | $-0.14 | ||
| Q1 24 | $0.43 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $4.6B | $671.3M |
| Stockholders' EquityBook value | $2.4B | $-392.1M |
| Total Assets | $7.2B | $968.8M |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $133.9M | ||
| Q3 25 | $12.1M | $125.3M | ||
| Q2 25 | $13.9M | $107.0M | ||
| Q1 25 | $17.3M | $171.8M | ||
| Q4 24 | $8.3M | $216.4M | ||
| Q3 24 | $15.6M | $115.9M | ||
| Q2 24 | $13.4M | $141.5M | ||
| Q1 24 | $11.3M | $180.9M |
| Q4 25 | $4.6B | $671.3M | ||
| Q3 25 | $4.5B | $766.5M | ||
| Q2 25 | $4.4B | $770.5M | ||
| Q1 25 | $4.3B | $765.8M | ||
| Q4 24 | $4.3B | $761.3M | ||
| Q3 24 | $4.3B | $596.9M | ||
| Q2 24 | $4.2B | $597.4M | ||
| Q1 24 | $4.1B | $603.2M |
| Q4 25 | $2.4B | $-392.1M | ||
| Q3 25 | $2.4B | $-374.5M | ||
| Q2 25 | $2.4B | $-347.8M | ||
| Q1 25 | $2.4B | $-288.1M | ||
| Q4 24 | $2.3B | $-202.1M | ||
| Q3 24 | $2.3B | $-117.7M | ||
| Q2 24 | $2.3B | $-72.2M | ||
| Q1 24 | $2.3B | $936.0K |
| Q4 25 | $7.2B | $968.8M | ||
| Q3 25 | $7.1B | $973.0M | ||
| Q2 25 | $7.1B | $1.0B | ||
| Q1 25 | $6.9B | $1.1B | ||
| Q4 24 | $6.9B | $1.2B | ||
| Q3 24 | $6.8B | $1.0B | ||
| Q2 24 | $6.8B | $1.1B | ||
| Q1 24 | $6.7B | $1.2B |
| 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× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $-18.4M | ||
| Q3 25 | $-1.4M | $-37.1M | ||
| Q2 25 | $28.0M | $-62.9M | ||
| Q1 25 | $8.9M | $-47.9M | ||
| Q4 24 | $37.9M | $37.9M | ||
| Q3 24 | $8.3M | $-16.9M | ||
| Q2 24 | $24.8M | $-25.2M | ||
| Q1 24 | $-3.1M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| 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% |
UP
Segment breakdown not available.
