Présentation de l'entreprise
SL Green Realty Corp. operates as a self-managed real estate investment trust, or REIT, that maintains comprehensive in-house capabilities spanning property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. The company functions within the Real Estate sector, specifically categorized under the REIT - Office industry, which denotes a focus on owning and managing income-generating office properties while adhering to specific regulatory requirements for distributing cash flow to shareholders. As of the latest available data, the entity holds a market capitalization of $2.93B, generated $946.90M in annual revenue, and employs 1289 individuals across its operations. The market cap figure indicates that the company is a mid-to-large-cap entity with significant asset ownership, while the annual revenue of $946.90M reflects a substantial scale of operations that allows for diversified portfolio management and economies of scope in its property development and leasing activities.
Santé financière
The company reported a Revenue of $946.90M over the trailing twelve months, yet it posted a Net Income of $-113,762,000 and an EBITDA of $409.78M, revealing a significant divergence where operating earnings before interest and taxes are positive while net income remains negative. This gap between revenue and net income, coupled with the negative net income, indicates a heavy cost structure characterized by substantial interest expenses and other non-operating costs that erode the bottom line despite solid operational performance. The Free Cash Flow stands at $-206,495,680, which implies a current lack of financial flexibility for capital return programs or aggressive debt repayment without external financing. Analysis of the margins shows a Gross Margin of 52.4%, an Operating Margin of 6.8%, and a Profit Margin of -9.3%; the negative profit margin confirms that overhead costs and interest obligations exceed total revenue, whereas the positive gross and operating margins suggest underlying property-level profitability. The balance sheet presents a Cash position of $163.75M against a Total Debt of $5.99B, resulting in a Debt to Equity ratio of 137.51, which signifies a highly leveraged capital structure typical of office REITs but indicative of limited buffer against interest rate hikes or refinancing risks. The Current Ratio is recorded at 4.54, indicating strong short-term liquidity where current assets significantly exceed current liabilities, providing a safety net for operational continuity. Return on Equity is -2.2% and Return on Assets is 0.9%, metrics that reveal management is currently generating returns below the cost of equity and barely covering the cost of capital on its asset base.
Évaluation de la valorisation
The valuation metrics present a trailing P/E Ratio of N/A and a Forward P/E of -21.34, implying that the market is pricing the stock based on future expectations rather than current earnings due to the present loss, which complicates traditional valuation models. The Price to Book ratio is 0.80, indicating that the market values the company's equity at 80% of its book value, suggesting a discount relative to the net asset value of its underlying real estate portfolio. Alternative valuation measures include a Price to Sales ratio of 3.10 and an EV/EBITDA of 23.11, which suggest the market is willing to pay a premium relative to sales and earnings power, potentially reflecting expectations of future operational improvements or asset appreciation. The stock's recent trading range is bounded by a 52-Week High of $66.91 and a 52-Week Low of $34.77, providing a historical context for price volatility and investor sentiment shifts over the past year. The Beta value of 1.59 indicates that the stock exhibits price volatility that is significantly higher than the broader market, meaning price swings are amplified relative to general market movements.
Growth & Income
Revenue Growth and Earnings Growth are both listed as N/A for the year-over-year period, preventing a direct comparison of earnings growth speed versus revenue growth in the immediate term. The company offers a Dividend Yield of 6.9%, supported by a Payout Ratio of 15375.0%, which is exceptionally high and mathematically unsustainable given the reported Net Income of $-113,762,000, indicating that dividends are likely being funded by cash reserves or debt rather than current earnings. The inability to cover the dividend with net income suggests the company is relying on alternative liquidity sources to maintain shareholder distributions while its profitability remains negative. Overall, the growth and income profile is characterized by a lack of current earnings growth, a highly leveraged balance sheet, and a dividend yield that is detached from fundamental earnings power.