How do Safehold Inc. and UPWORK, INC compare by revenue?

Safehold Inc. reported revenue of $97.9M in Q4 FY2025, while UPWORK, INC reported $195.5M in Q1 FY2026. UPWORK, INC is 2.0× larger by last-quarter revenue.

Which is growing revenue faster, Safehold Inc. or UPWORK, INC?

Safehold Inc.'s latest revenue grew 6.5% year-over-year, versus 1.4% for UPWORK, INC. Safehold Inc. is growing faster on a YoY basis.

Which has a higher gross margin, Safehold Inc. or UPWORK, INC?

Safehold Inc.'s gross margin is 98.6% vs UPWORK, INC's 77.2%. Safehold Inc. converts more of each revenue dollar into gross profit.

Which has a higher net margin, Safehold Inc. or UPWORK, INC?

Safehold Inc.'s net margin is 28.5% vs UPWORK, INC's 16.1%. Safehold Inc. has the higher bottom-line margin.

What is the 2-year revenue CAGR for Safehold Inc. vs UPWORK, INC?

Over the trailing 8 quarters, Safehold Inc. compounded revenue at roughly 2.5% per year, versus 0.6% for UPWORK, INC. Safehold Inc. has the faster medium-term growth trajectory.

Where does this SAFE vs UPWK data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of Safehold Inc. (SAFE) and UPWORK, INC (UPWK). Click either name above to swap in a different company.

UPWORK, INC is the larger business by last-quarter revenue ($195.5M vs $97.9M, roughly 2.0× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 16.1%, a 12.4% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 1.4%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs 0.6%).

Safehold Inc.SAFEEarnings & Financial Report

NYSE · Financials · Real Estate Investment Trusts

SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.

UPWORK, INCUPWKEarnings & Financial Report

Nasdaq · Information Technology · Services-Computer Processing & Data Preparation

Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.

SAFE vs UPWK — Head-to-Head

Bigger by revenue

UPWK

2.0× larger

$195.5M

$97.9M

Growing faster (revenue YoY)

SAFE

+5.1% gap

6.5%

1.4%

Higher net margin

SAFE

12.4% more per $

28.5%

16.1%

Faster 2-yr revenue CAGR

SAFE

Annualised

2.5%

0.6%

Income Statement — Q4 FY2025 vs Q1 FY2026

Metric	SAFE	UPWK
Revenue	$97.9M	$195.5M
Net Profit	$27.9M	$31.5M
Gross Margin	98.6%	77.2%
Operating Margin	27.4%	16.7%
Net Margin	28.5%	16.1%
Revenue YoY	6.5%	1.4%
Net Profit YoY	7.1%	—
EPS (diluted)	$0.38	$0.24

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.

Revenue

SAFE

UPWK

Q1 26	—	$195.5M
Q4 25	$97.9M	$198.4M
Q3 25	$96.2M	$201.7M
Q2 25	$93.8M	$194.9M
Q1 25	$97.7M	$192.7M
Q4 24	$91.9M	$191.5M
Q3 24	$90.7M	$193.8M
Q2 24	$89.9M	$193.1M

Net Profit

SAFE

UPWK

Q1 26	—	$31.5M
Q4 25	$27.9M	$15.6M
Q3 25	$29.3M	$29.3M
Q2 25	$27.9M	$32.7M
Q1 25	$29.4M	$37.7M
Q4 24	$26.0M	$147.2M
Q3 24	$19.3M	$27.8M
Q2 24	$29.7M	$22.2M

Gross Margin

SAFE

UPWK

Q1 26	—	77.2%
Q4 25	98.6%	78.0%
Q3 25	98.5%	77.3%
Q2 25	99.1%	77.7%
Q1 25	98.8%	78.3%
Q4 24	98.8%	77.7%
Q3 24	98.8%	77.6%
Q2 24	98.8%	77.3%

Operating Margin

SAFE

UPWK

Q1 26	—	16.7%
Q4 25	27.4%	14.3%
Q3 25	25.9%	14.8%
Q2 25	25.5%	16.7%
Q1 25	25.9%	20.1%
Q4 24	24.6%	7.1%
Q3 24	17.5%	10.7%
Q2 24	26.7%	9.2%

Net Margin

SAFE

UPWK

Q1 26	—	16.1%
Q4 25	28.5%	7.9%
Q3 25	30.5%	14.5%
Q2 25	29.8%	16.8%
Q1 25	30.1%	19.6%
Q4 24	28.3%	76.9%
Q3 24	21.3%	14.3%
Q2 24	33.0%	11.5%

EPS (diluted)

SAFE

UPWK

Q1 26	—	$0.24
Q4 25	$0.38	$0.12
Q3 25	$0.41	$0.21
Q2 25	$0.39	$0.24
Q1 25	$0.41	$0.27
Q4 24	$0.36	$1.02
Q3 24	$0.27	$0.20
Q2 24	$0.42	$0.17

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric	SAFE	UPWK
Cash + ST InvestmentsLiquidity on hand	$21.7M	$328.4M
Total DebtLower is stronger	$4.6B	—
Stockholders' EquityBook value	$2.4B	$569.6M
Total Assets	$7.2B	$1.2B
Debt / EquityLower = less leverage	1.90×	—

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments

SAFE

UPWK

Q1 26	—	$328.4M
Q4 25	$21.7M	$672.8M
Q3 25	$12.1M	$643.1M
Q2 25	$13.9M	$634.6M
Q1 25	$17.3M	$622.1M
Q4 24	$8.3M	$622.1M
Q3 24	$15.6M	$601.2M
Q2 24	$13.4M	$497.7M

Total Debt

SAFE

UPWK

Q1 26	—	—
Q4 25	$4.6B	$359.8M
Q3 25	$4.5B	$359.3M
Q2 25	$4.4B	—
Q1 25	$4.3B	—
Q4 24	$4.3B	$357.9M
Q3 24	$4.3B	—
Q2 24	$4.2B	—

Stockholders' Equity

SAFE

UPWK

Q1 26	—	$569.6M
Q4 25	$2.4B	$630.3M
Q3 25	$2.4B	$628.1M
Q2 25	$2.4B	$608.7M
Q1 25	$2.4B	$594.3M
Q4 24	$2.3B	$575.4M
Q3 24	$2.3B	$411.2M
Q2 24	$2.3B	$361.1M

Total Assets

SAFE

UPWK

Q1 26	—	$1.2B
Q4 25	$7.2B	$1.3B
Q3 25	$7.1B	$1.3B
Q2 25	$7.1B	$1.3B
Q1 25	$6.9B	$1.2B
Q4 24	$6.9B	$1.2B
Q3 24	$6.8B	$1.1B
Q2 24	$6.8B	$1.0B

Debt / Equity

SAFE

UPWK

Q1 26	—	—
Q4 25	1.90×	0.57×
Q3 25	1.89×	0.57×
Q2 25	1.87×	—
Q1 25	1.85×	—
Q4 24	1.84×	0.62×
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	SAFE	UPWK
Operating Cash FlowLast quarter	$47.8M	$23.0M
Free Cash FlowOCF − Capex	—	$12.9M
FCF MarginFCF / Revenue	—	6.6%
Capex IntensityCapex / Revenue	—	—
Cash ConversionOCF / Net Profit	1.72×	0.73×
TTM Free Cash FlowTrailing 4 quarters	—	$220.9M