企業概要
SL Green Realty Corp. operates as a self-managed real estate investment trust, or REIT, that possesses 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 the REIT - Office industry, a classification that signifies its primary focus on owning and managing office properties rather than residential or retail real estate assets. As of the latest available data, the company holds a market capitalization of $2.93B and reported annual revenue of $946.90M, while employing a workforce of 1,289 individuals. These valuation and revenue figures position SL Green as a mid-to-large capitalization entity within the office REIT landscape, indicating a substantial asset base and operational footprint capable of supporting significant property development and leasing activities across its portfolio.
財務健全性
The company generated revenue of $946.90M over the trailing twelve months, yet recorded a net income loss of $-113,762,000 despite reporting an EBITDA of $409.78M. This substantial divergence between positive EBITDA and negative net income reveals a significant cost structure burden, likely driven by high interest expenses or non-operating costs that erode bottom-line profitability while operating cash generation remains intact. The free cash flow stood at $-206,495,680, which indicates a current constraint on financial flexibility as the company consumes cash to meet operational or capital expenditure obligations rather than generating excess liquidity for distribution or aggressive reinvestment. Marginal analysis shows a gross margin of 52.4%, suggesting efficient cost control on property services, contrasted by a slim operating margin of 6.8% and a negative profit margin of -9.3% that reflects the pressure of fixed obligations and interest costs on overall earnings. The balance sheet displays a cash position of $163.75M against total debt of $5.99B, resulting in a debt-to-equity ratio of 137.51% that characterizes a highly leveraged capital structure typical of many REITs but one that requires careful monitoring of interest rate fluctuations. Liquidity is supported by a current ratio of 4.54, indicating that the company holds ample current assets relative to current liabilities to cover short-term obligations without immediate distress. Return metrics such as a return on equity of -2.2% and a return on assets of 0.9% reveal that management effectiveness in generating shareholder value is currently challenged by the negative net income, as the company fails to produce a positive return on the equity invested or the assets held.
バリュエーション評価
Valuation metrics present a complex picture with a trailing P/E ratio listed as N/A due to negative earnings, while the forward P/E is calculated at -21.34, implying that the market is pricing in an expectation of future earnings recovery or relying on other valuation anchors. The price-to-book ratio stands at 0.80, indicating that the market values the company at a discount to its net asset book value, which often occurs in office REITs facing structural headwinds or where asset values have not yet been fully realized in the stock price. Alternative valuation measures such as a price-to-sales ratio of 3.10 and an EV/EBITDA of 23.11 suggest the market is willing to pay a premium relative to sales and earnings before interest, taxes, depreciation, and amortization, potentially reflecting the quality of the underlying property assets or lease structures. The stock's trading range over the past year spans a high of $66.91 and a low of $34.77, providing a context for current price volatility and positioning relative to historical extremes. The beta value of 1.59 indicates that the stock exhibits higher price volatility than the broader market, moving more aggressively in response to interest rate changes or sector-specific supply and demand dynamics.
Growth & Income
Growth metrics for revenue and earnings growth year-over-year are listed as N/A, which precludes a direct comparison of earnings growth speed relative to revenue expansion based on the provided data points. Regarding income distribution, the company offers a dividend yield of 6.9% with a payout ratio of 15375.0%, a figure that is mathematically unsustainable given the negative net income and indicates the dividend is being funded through other sources such as retained cash, asset sales, or debt financing rather than current earnings. This extremely high payout ratio signals that the dividend is not supported by operational profitability in the current period, a critical factor for income-focused investors assessing sustainability. Consequently, the overall growth and income profile is defined by current earnings contraction and a dividend policy that exceeds traditional earnings coverage ratios, requiring investors to scrutinize the company's ability to service this obligation through future cash flows or asset dispositions.