SL Green Realty

SLG · NYSE · Real Estate · Financials, fiscal 2016 to 2025

SLG · Last close · November 6, 2026

$50.78

SL Green Realty's revenue rose 13.2% to $1.0 billion in fiscal 2025. Its operating margin was 65.0%, down from 82.4% a year earlier. It paid out $243 million in dividends and buybacks. The diluted share count rose 7.2%.

SL GREEN REALTY CORP Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001628280-26-008669 Updated November 5, 2026

Revenue

$1.0B

13.2%

Operating margin

65.0%

17.4 pts

Net income

−$97M

$22M a year earlier

Free cash flow

—

Return on equity

−2.5%

3.1 pts

Market cap

$3.6B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.

Charts show fiscal years, from the 10-K filings.

What SL Green Realty does

SL Green is a real estate investment trust, or REIT, a company that owns property and passes most of its income on to shareholders. It owns, manages, develops and finances commercial real estate, mostly office buildings, in the New York area and mainly in midtown Manhattan.

It makes money mainly by leasing space to tenants. At the end of 2025 its core portfolio held 44 properties, including 26 Manhattan office buildings, 5 Manhattan retail properties, 6 suburban office buildings and 2 residential buildings, plus 5 development or redevelopment properties. It also held 5 properties in what it calls its Alternative Strategy Portfolio. It owns some of these properties directly and some through joint ventures with partners, and it manages two buildings owned by others.

Five properties, One Vanderbilt Avenue, 11 Madison Avenue, 420 Lexington Avenue, 1515 Broadway and 245 Park Avenue, brought in 36.6% of its annualized cash rent. The company says it faces strong competition for tenants, based on rent, location, lease terms and the condition of the building. It was formed in 1997 and runs its operations through an operating partnership.

Its biggest risks, as it describes them

Weaker demand for office space in New York, especially midtown Manhattan.
Being unable to renew leases or find new tenants as leases expire.
Heavy reliance on a few buildings for a large part of its rent.
Strong competition from other owners for tenants.
Cost and delays on development projects that are still under construction.

From SL Green Realty's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share fell 34.4% a year and net income 26.2% a year, while buybacks cut the share count by 37%. SL Green Realty then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	251	203	222	184	156
Debt incl. finance leases	1,497	3,332	—	—	—
Net debt (negative means net cash)	1,246	3,128	—	—	—
Net debt to EBITDA	1.5x	3.8x	—	—	—
Debt to equity	0.3x	0.7x	—	—	—
Interest coverage	4.1x	3.6x	2.6x	3.7x	3.0x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project SL Green Realty's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open SL Green Realty's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought SL Green Realty shares on the open market, and 4 insiders sold $3.6 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 21, 2026	Harrison SitomerPresident & CIO	Sold	23,113	$57.71	$1.3 million	Form 4
Aug 20, 2026	Harrison SitomerPresident & CIO	Sold	16,887	$58.52	$988,227	Form 4
Mar 30, 2026	Carol N BrownDirector	Sold	5,004	$36.33	$181,795	Form 4
Dec 23, 2025	Marc HollidayPresident & CEO, Director	Sold	22,223	$44.40	$986,701	Form 4
Dec 22, 2025	Andrew S LevineChief Legal Officer & GC	Sold	1,493	$45.27	$67,588	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−7.3%	−1.1%	−1.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put SL Green Realty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
SL Green Realty	FY25	13.2%	65.0%	—	—	—	—
Douglas Emmett	FY25	1.8%	—	19.4%	—	—	—	Compare
Cousins Properties	FY25	16.0%	67.8%	13.6%	6.7%	3.1x	—	Compare
Kilroy Realty	FY25	−2.0%	—	40.5%	—	—	—	Compare
Highwoods Properties	FY25	−2.4%	67.6%	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,864	1,512	1,227	1,239	1,053	861	920	914	886	1,003
Revenue growth	12.1%	−18.9%	−18.8%	0.9%	−15.0%	−18.2%	6.8%	−0.6%	−3.0%	13.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	606	599	731	652
Net income	250	101	247	270	371	450	−78	−565	22	−97
Diluted EPS (US$)	2.34	0.87	2.75	3.28	5.01	6.50	−1.49	−9.12	0.08	−1.61
Diluted shares (millions)	105	103	89	82	75	71	68	68	66	70
Cash flow
Cash from operations	644	543	442	376	554	256	276	230	130	83
Capital expenditure	412	336	254	253	—	—	—	—	—	—
Free cash flow	232	207	187	123	—	—	—	—	—	—
Dividends paid	314	334	313	306	294	271	262	231	219	243
Share buybacks	0	806	980	384	528	341	151	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	279	128	130	166	266	251	203	222	184	156
Debt incl. finance leases	4,074	2,837	2,005	2,228	2,132	1,497	3,332	—	—	—
Total assets	15,858	13,983	12,751	12,766	11,708	11,067	12,356	9,531	10,470	11,083
Total liabilities	7,331	6,630	6,115	6,556	6,211	5,748	7,261	5,271	5,915	6,730
Shareholders' equity	7,324	6,225	5,902	5,441	4,910	4,765	4,585	3,786	3,951	3,671
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	65.9%	65.5%	82.4%	65.0%
Net margin	13.4%	6.7%	20.1%	21.8%	35.2%	52.2%	−8.5%	−61.8%	2.5%	−9.7%
Free cash flow margin	12.4%	13.7%	15.2%	10.0%	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	24.6%	−5.2%	−3.5%	10.9%	—	—	—	—	—	—
Return on capital	1.7%	3.9%	5.6%	6.7%	7.7%	9.3%	6.9%	—	—	—
Return on equity	3.4%	1.5%	4.1%	4.8%	7.2%	9.3%	−1.7%	−13.5%	0.6%	−2.5%
Return on assets	1.4%	0.7%	1.9%	2.1%	3.0%	4.0%	−0.7%	−5.2%	0.2%	−0.9%
Net debt to EBITDA	3.3x	3.2x	2.4x	2.6x	2.1x	1.5x	3.8x	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: SL Green Realty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with SL Green Realty.