SL Green Realty Corp.

Real Estate Investment Trusts

SLGStrained6 of 10 basics passed

$48.41

-1.08%

Market cap $3.43B

$48.41

-1.08%

Market cap $3.43B

SL Green Realty is one of the largest Manhattan property owners and landlords, with interest in around 30.6 million square feet of wholly owned and joint-venture office space. The company has additional property exposure through its limited portfolio of well-located retail space.

It is a $3.43B real estate company. Revenue grew 8.5% over the last year, it currently loses money, and its net debt equals ~63.3 years of free cash flow.

Website: slgreen.com
Location: New York, NY
Employees: 1 289
Sector: Real Estate

Share price · 3 years

$34.54 → $48.41+40.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.04B
Loss: spends more than it earns; -$176M
Free cash flow: cash left after running the business; $92.2M
Net debt: debt minus cash on hand; $5.83B
Dividend: of the share price, paid yearly; 4.73%
Shares: down 33% since 2016 — buybacks; 70.4M
Volatility: beta vs the market — under 1 swings less; 1.73

Revenue, last 10 years

52-week range

Low $35.33$48.41High $59.83

Today's price is 53% of the way from the year's low to its high.

P/E vs its history4y

148.5×median 10.4×

Higher than 67% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

148.5×

34%

P/S

3.3×

70%

P/B

0.8×

66%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.32Mnet selling

Purchases$0

Sales$2.32M

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$3.43Btop 98%
Revenue growth+7%top 53%
Net margin-16%top 96%
Return on equity-4%top 96%
Dividend yield4.73%top 44%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation42

P/E vs own history67th pct · 5/25
FCF yield2.7% · 5/25
P/S3.6x · 20/25
EV/EBITDA23.7x · 12/25

Growth6

Revenue CAGR4.4% · 6/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability12

ROIC-1.0% · 0/25
ROE-4.4% · 0/25
Net margin-16.9% · 0/25
Operating margin10.6% · 12/25

Health6

Altman Z-0.08 · 3/25
Current ratio0.47 · 0/25
Interest coverage0.6x · 3/25
Net cash / debtD/A 53% · 0/25

Quality37

Piotroski F3/9 · 5/25
Beneish M-2.48 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 14.4% · 12/25

Moat25

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive years4/4 yrs · 25/25
Worst-year net marginworst -61.8% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$450M net income
2018Acquisition
The company purchased a $148 million stake in 245 Park Avenue from Chinese conglomerate HNA Group
FY2016Financial
First recorded profitable year
$250M net income
FY2016Financial
Revenue already above $1B
$1.86B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2010Acquisition
The company acquired the Pershing Square Building from Shorenstein Properties for $330 million
2007Acquisition
The company acquired 388 Greenwich Street from Citigroup in a leaseback transaction
2006Acquisition
The company acquired Reckson Associates in a $4 billion transaction
2005Acquisition
The company acquired the Metropolitan Life Insurance Company Tower for $916 million and converted the…
2003Acquisition
The company acquired 461 Fifth Avenue for $100.3 million
2002Acquisition
In partnership with SITQ, the company acquired One Astor Plaza for $483.5 million

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$7 099 today — price return only

$1.0B revenue in FY2025

Revenue up 8.5% year over year

Positive free cash flow 10 years in a row

1 289 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (46.6%)

Watch-outs

Not profitable — 16.9% net margin
Altman Z-Score -0.08 — elevated financial-distress risk
Thin interest coverage (0.6×)
Loss-making in 3 of the recent years
Net debt equals ~63.3 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+8.5% YoY
Profitable — makes more than it spends-$176M TTM
Profit growing — earnings are higher than last year-540.3% YoY
Generates cash — cash left after running and investing$92.2M TTM
Debt under control — could handle its obligations~63.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$3.43B market cap
Not printing shares — share count not ballooning — you keep your slice-8.8% shares over ~5y
Proven track record — years of profitability behind it7/10 profitable years
Financially stable — balance sheet not near distressAltman Z -0.1 — distress
Pays a dividend — returns cash to shareholdersyield 4.73%
Valuation not extreme — price not wildly above earningsno data

Peer comparisonSL Green Realty Corp. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SLG this company	$3.4B	—	+8.5%	-16.9%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: SLG vs WELL · SLG vs PLD · SLG vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 6Hold 10Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.04B · net income -$176M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.04B

YoY 8.5%

Net income (TTM)

-$176M

Margin -16.9%

Gross margin

46.6%

Operating margin

10.6%

Dividend yield

4.73%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.1	0.8	0.8	0.9	0.9	1.0
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—	—
Net income	0.4	0.4	-0.1	-0.6	0.0	-0.1
EPS (diluted)	4.80	6.36	-1.15	-8.31	0.34	-1.38

Cash flowFree cash flow $92.2M · operating cash flow $92.2M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$92.2M

Margin 8.9%

Operating cash flow (TTM)

$92.2M

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.6	0.3	0.3	0.2	0.1	0.1
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.6	0.3	0.3	0.2	0.1	0.1
FCF margin	52.6%	30.3%	33.4%	25.1%	14.6%	8.3%

Balance sheetAssets $11.1B · net debt $5.83B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $11.1B of assets is financed

65%

35%

Liabilities $6.73B — borrowed moneyEquity $3.67B — owners' stake

Cash vs debt

Total debt $5.99B − cash $156M = net debt $5.83B

Cash on hand covers 3% of debt.

Altman Z-Score

-0.08

Distress zone

Interest coverage

0.6x

EBIT ÷ interest expense

ROE

-4.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.3	0.3	0.2	0.2	0.2	0.2
Total assets	11.7	11.1	12.4	9.5	10.5	11.1
Total liabilities	6.2	5.7	7.3	5.3	5.9	6.7
Total debt	—	5.0	6.5	4.4	5.1	6.0
Equity	4.9	4.8	4.6	3.8	4.0	3.7
Net debt	—	4.7	6.3	4.2	4.9	5.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SLG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $48.41 · market cap $3.43B.