Company Overview
SL Green Realty Corp. operates as a self-managed real estate investment trust, or REIT, that leverages in-house capabilities across property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction, and leasing. The company functions within the broader Real Estate sector, specifically categorized under the REIT - Office industry, which implies a business model focused on acquiring, owning, and managing office properties to generate rental income and capital appreciation. As of the latest available data, the organization maintains a significant market presence with a market capitalization of $2.68B and employs a workforce of 1289 individuals. With an annual revenue of $946.90M, the company's scale indicates it is a substantial player in the office real estate market, possessing the operational capacity to manage a portfolio of 56 properties as of December 31, 2025.
Financial Health
The company reported a Revenue (TTM) of $946.90M and an EBITDA of $409.78M, yet simultaneously recorded a Net Income (TTM) of $-113,762,000. This substantial gap between the positive EBITDA and negative net income reveals a heavy cost structure driven by significant interest expenses or other non-operating charges that erode profitability despite strong operational cash generation from its property portfolio. The Free Cash Flow stands at $-206,495,680, which indicates a current constraint on financial flexibility where cash outflows for debt service and capital expenditures exceed operating cash flows. Despite the negative net income, the company holds $163.75M in cash, which is partially offset by a total debt load of $5.99B. The balance sheet is highly leveraged, evidenced by a Debt to Equity ratio of 137.51, suggesting the company relies heavily on borrowed capital to finance its asset base rather than shareholder equity. Liquidity is supported by a Current Ratio of 4.54, indicating that the company holds significantly more current assets than current liabilities and is well-positioned to meet its short-term obligations. Return metrics further highlight the impact of leverage; the Return on Equity is -2.2% and the Return on Assets is 0.9%, revealing that the high debt levels are currently suppressing returns for shareholders while barely covering the cost of assets.
Valuation Assessment
Valuation multiples for SL Green Realty Corp. reflect the challenges posed by its current earnings position, with a Trailing P/E (TTM) listed as N/A due to the negative net income. The Forward P/E is -19.53, a figure that implies the market is pricing in future earnings recovery or is utilizing a different denominator for forward projections given the current loss. The Price to Book ratio is 0.73, indicating that the market values the company at roughly 73% of its book value, which suggests the market is applying a discount to the asset book value rather than a premium. Alternative valuation metrics provide further context, with a Price to Sales of 2.83 and an EV/EBITDA of 22.54, suggesting the market is willing to pay a premium relative to sales and earnings before interest, taxes, depreciation, and amortization despite the net loss. Regarding price momentum, the stock has a 52-Week High of $66.91 and a 52-Week Low of $34.77. Without a specific current price provided in the facts, the trading range establishes a volatility band of $32.14 where the asset has fluctuated over the past year. The Beta is 1.65, which means the stock price is expected to be 65% more volatile than the broader market, amplifying both potential upside and downside movements relative to the S&P 500.
Growth & Income
Growth metrics for the period show Revenue Growth (YoY) as N/A and Earnings Growth (YoY) as N/A, meaning historical year-over-year expansion rates cannot be calculated from the provided data. The company does not demonstrate earnings growth faster than revenue because both growth rates are currently unavailable in the dataset. As a REIT, the company is a dividend payer with a Dividend Yield of 7.6%, yet the Payout Ratio is 15375.0%, a figure that is mathematically unsustainable given the negative Net Income and indicates the dividend is being funded by cash reserves, asset sales, or debt rather than earnings. This extreme payout ratio suggests the company is not currently generating sufficient earnings to cover the dividend from operations alone. The overall growth and income profile is characterized by high dividend yield compensation for the lack of reported earnings growth and the significant leverage inherent in the balance sheet.