公司概述
SL Green Realty Corp. operates as a self-managed real estate investment trust, or REIT, that possesses in-house capabilities spanning property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of December 31, 2025, the company held interests in 56 properties, positioning it within the Real Estate sector and specifically the REIT - Office industry, which focuses on owning and leasing office space to generate rental income. The company's market capitalization stands at $2.93B, while its trailing twelve-month revenue reached $946.90M, supported by a workforce of 1,289 employees. These valuation and revenue figures indicate that SLG maintains a significant presence in the commercial real estate landscape, operating with a substantial asset base that supports its diverse operational capabilities across the full lifecycle of property investment.
财务健康
The company reported revenue of $946.90M over the trailing twelve months, yet recorded a net income of -$113.76M and an EBITDA of $409.78M. The substantial gap between the positive EBITDA and negative net income reveals a cost structure heavily impacted by non-operating expenses or significant interest obligations that erode bottom-line profitability despite healthy operating earnings. Free cash flow for the period was -$206.50M, indicating that the company's capital expenditures and dividend obligations exceeded its operating cash generation, which limits immediate financial flexibility for organic expansion without external financing. The gross margin sits at 52.4%, while the operating margin is 6.8% and the profit margin is -9.3%, highlighting that while revenue generation from properties is efficient, overall profitability is currently suppressed by high leverage or other costs. Total cash on hand amounts to $163.75M, which contrasts sharply with total debt of $5.99B and a debt-to-equity ratio of 137.51%, signaling a highly leveraged balance sheet where debt obligations significantly outweigh equity capital. The current ratio of 4.54 suggests that the company holds substantial current assets relative to its current liabilities, indicating robust short-term liquidity despite the long-term debt burden. Return on equity is -2.2% and return on assets is 0.9%, metrics that reveal management effectiveness is currently challenged by the negative net income, resulting in a dilution of shareholder value relative to the capital deployed.
估值评估
The trailing twelve-month P/E ratio is listed as N/A due to negative earnings, whereas the forward P/E is -21.34, a negative figure that implies the market prices future earnings expectations within the context of current losses or anticipated turnaround scenarios. The price-to-book ratio is 0.80, indicating that the market values the company at 80% of its book value, suggesting the stock trades at a discount relative to its tangible asset base. Alternative valuation metrics show a price-to-sales ratio of 3.10 and an EV/EBITDA of 23.11, which suggests that investors are pricing the asset based on cash flow generation potential and sales volume rather than traditional earnings multiples. The 52-week high is $66.91 and the 52-week low is $34.77, meaning the current market price sits within this trading range, reflecting recent volatility and market sentiment shifts specific to the REIT sector. The beta value is 1.59, which indicates that the stock exhibits higher price volatility relative to the broader market, moving approximately 1.59 times as much as the market index during periods of fluctuation.
Growth & Income
Revenue growth year-over-year and earnings growth year-over-year are both listed as N/A in the available data, preventing a direct comparison of earnings growth speed against revenue growth rates for the current period. For dividend payers, the dividend yield stands at 6.9% with a payout ratio of 15,375.0%, a figure that is unsustainable given the company's net income of -$113.76M and implies that the dividend is being funded primarily from cash reserves, asset sales, or new debt rather than organic earnings. Since the payout ratio far exceeds 100%, the company is effectively returning capital to shareholders through mechanisms other than retained earnings, which is a critical risk factor for long-term income stability. The overall growth and income profile is characterized by high current yield supported by significant leverage, rather than traditional earnings-based dividend growth, creating a capital appreciation or turnaround play dependent on future operational improvements.