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Side-by-side financial comparison of Safehold Inc. (SAFE) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $57.2M, roughly 1.7× Vanda Pharmaceuticals Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -246.8%, a 275.2% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs 6.5%). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
SAFE vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $57.2M |
| Net Profit | $27.9M | $-141.2M |
| Gross Margin | 98.6% | — |
| Operating Margin | 27.4% | -70.5% |
| Net Margin | 28.5% | -246.8% |
| Revenue YoY | 6.5% | 7.6% |
| Net Profit YoY | 7.1% | -2774.3% |
| EPS (diluted) | $0.38 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $96.2M | $56.3M | ||
| Q2 25 | $93.8M | $52.6M | ||
| Q1 25 | $97.7M | $50.0M | ||
| Q4 24 | $91.9M | $53.2M | ||
| Q3 24 | $90.7M | $47.7M | ||
| Q2 24 | $89.9M | $50.5M | ||
| Q1 24 | $93.2M | $47.5M |
| Q4 25 | $27.9M | $-141.2M | ||
| Q3 25 | $29.3M | $-22.6M | ||
| Q2 25 | $27.9M | $-27.2M | ||
| Q1 25 | $29.4M | $-29.5M | ||
| Q4 24 | $26.0M | $-4.9M | ||
| Q3 24 | $19.3M | $-5.3M | ||
| Q2 24 | $29.7M | $-4.5M | ||
| Q1 24 | $30.7M | $-4.1M |
| Q4 25 | 98.6% | — | ||
| Q3 25 | 98.5% | — | ||
| Q2 25 | 99.1% | — | ||
| Q1 25 | 98.8% | — | ||
| Q4 24 | 98.8% | — | ||
| Q3 24 | 98.8% | — | ||
| Q2 24 | 98.8% | — | ||
| Q1 24 | 98.8% | — |
| Q4 25 | 27.4% | -70.5% | ||
| Q3 25 | 25.9% | -55.6% | ||
| Q2 25 | 25.5% | -73.2% | ||
| Q1 25 | 25.9% | -82.0% | ||
| Q4 24 | 24.6% | -19.3% | ||
| Q3 24 | 17.5% | -23.1% | ||
| Q2 24 | 26.7% | -20.1% | ||
| Q1 24 | 26.4% | -19.5% |
| Q4 25 | 28.5% | -246.8% | ||
| Q3 25 | 30.5% | -40.1% | ||
| Q2 25 | 29.8% | -51.7% | ||
| Q1 25 | 30.1% | -58.9% | ||
| Q4 24 | 28.3% | -9.2% | ||
| Q3 24 | 21.3% | -11.2% | ||
| Q2 24 | 33.0% | -9.0% | ||
| Q1 24 | 33.0% | -8.7% |
| Q4 25 | $0.38 | $-2.40 | ||
| Q3 25 | $0.41 | $-0.38 | ||
| Q2 25 | $0.39 | $-0.46 | ||
| Q1 25 | $0.41 | $-0.50 | ||
| Q4 24 | $0.36 | $-0.09 | ||
| Q3 24 | $0.27 | $-0.09 | ||
| Q2 24 | $0.42 | $-0.08 | ||
| 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 | $84.9M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $327.2M |
| Total Assets | $7.2B | $488.9M |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $84.9M | ||
| Q3 25 | $12.1M | $70.0M | ||
| Q2 25 | $13.9M | $81.0M | ||
| Q1 25 | $17.3M | $111.8M | ||
| Q4 24 | $8.3M | $102.3M | ||
| Q3 24 | $15.6M | $100.5M | ||
| Q2 24 | $13.4M | $103.0M | ||
| Q1 24 | $11.3M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $2.4B | $466.0M | ||
| Q2 25 | $2.4B | $486.3M | ||
| Q1 25 | $2.4B | $511.4M | ||
| Q4 24 | $2.3B | $538.5M | ||
| Q3 24 | $2.3B | $541.2M | ||
| Q2 24 | $2.3B | $542.5M | ||
| Q1 24 | $2.3B | $544.0M |
| Q4 25 | $7.2B | $488.9M | ||
| Q3 25 | $7.1B | $601.1M | ||
| Q2 25 | $7.1B | $624.7M | ||
| Q1 25 | $6.9B | $631.9M | ||
| Q4 24 | $6.9B | $656.2M | ||
| Q3 24 | $6.8B | $645.1M | ||
| Q2 24 | $6.8B | $651.4M | ||
| Q1 24 | $6.7B | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-29.5M |
| FCF MarginFCF / Revenue | — | -51.6% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $-29.4M | ||
| Q3 25 | $-1.4M | $-31.6M | ||
| Q2 25 | $28.0M | $-15.3M | ||
| Q1 25 | $8.9M | $-33.1M | ||
| Q4 24 | $37.9M | $-1.8M | ||
| Q3 24 | $8.3M | $-14.6M | ||
| Q2 24 | $24.8M | $-6.9M | ||
| Q1 24 | $-3.1M | $7.6M |
| Q4 25 | — | $-29.5M | ||
| Q3 25 | — | $-31.8M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | — | $-33.6M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | $-14.7M | ||
| Q2 24 | — | $-7.0M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | — | -51.6% | ||
| Q3 25 | — | -56.5% | ||
| Q2 25 | — | -29.6% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | — | -30.9% | ||
| Q2 24 | — | -13.9% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
