SL Green Realty Corp Common Stock (SLG)

FairStock Score: 45/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am wary of office REITs today, but SL Green is not just any office landlord; it is Manhattan's largest, with interests in 54 buildings and 30.6 million square feet as of June 30, 2026. Scale and scarce locations can be a moat, but the income statement is erratic. Revenue in fiscal FY2025, the year ended 2025-12-31, was $1.0B, up from $886.3M in FY2024, the year ended 2024-12-31, yet net income swung to a loss of $96.9M from a profit of $22.0M. The latest filed quarter, fiscal Q1 2026, the quarter ended 2026-03-31, had revenue of $253.1M and a net loss of $80.7M. Fiscal Q3 2025, the quarter ended 2025-09-30, earned $28.6M, so results are volatile. EPS is not the right lens for a REIT because depreciation distorts it, and FFO/AFFO, the right REIT measures, are not in the data. I therefore lean on dividend yield of 4.74%, price-to-book of 1.08, and leverage. Debt-to-equity is 1.43, Altman Z-Score is 0.25, and EV/EBITDA is 22.73—not comforting. Piotroski F-Score of 7/9 offers a small positive, and trailing free cash flow is $92.2M, a 2.6% yield. At $48.91, the shares trade near book value, but with negative returns on equity, a loss-making latest year, and a FairStock score of 45/100, I see a turnaround bet rather than a bargain. The category, TURNAROUND—loss in latest year after earlier profits—fits. I would need evidence that Manhattan leasing, asset sales, and refinancing can stabilize earnings before calling this cheap.

In plain English: SL Green owns and manages office buildings in Manhattan. Its revenue has been rising, but the company lost money in its latest full year and in early 2026, and it carries a lot of debt. At $48.91 a share, the price looks fair rather than clearly cheap given the weak profits and high debt.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer