(SLG) SL Green Realty - Overview
Sector: Real Estate | Industry: REIT - Office | Exchange: NYSE (USA) | Market Cap: 3.496m USD | Total Return: -18.4% in 12m
Avg Turnover: 42.5M
Qual. Beats: 0
Rev. Trend: -26.8%
Qual. Beats: 0
Warnings
High Debt/EBITDA (20.4) with thin interest coverage (0.4)
Interest Coverage Ratio 0.4 is critical
Altman Z'' -0.57 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
SL Green Realty Corp. (SLG) is a fully integrated real estate investment trust (REIT) focused primarily on the Manhattan commercial office market. The company maintains internal operations for the entire property lifecycle, including acquisition, development, debt financing, and leasing. As of late 2025, its portfolio comprised interests in 56 buildings totaling 31.4 million square feet, with the vast majority of its holdings concentrated in New York City.
The company operates as a specialized office REIT, a sector where value is largely driven by occupancy rates and weighted average lease terms (WALT) among institutional tenants. Unlike diversified REITs that span multiple asset classes, SL Green’s business model relies on the density and premium valuations of the Manhattan central business district. For a deeper look at these valuation metrics, you can explore the data on ValueRay.
Incorporated in 1980, SL Green also manages a significant portfolio of debt and preferred equity investments. This dual approach allows the firm to generate revenue through both direct property ownership and structured finance within the commercial real estate ecosystem.
- Manhattan office occupancy rates drive core rental revenue and lease renewals
- Federal Reserve interest rate policy impacts debt financing and refinancing costs
- Asset disposition program provides liquidity and reduces balance sheet leverage
- Debt and preferred equity investment performance influences non-rental income streams
- New development leasing velocity at premium Manhattan sites dictates long-term growth
| Net Income: -151.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.50 > 1.0 |
| NWC/Revenue: -44.83% < 20% (prev 225.7%; Δ -270.5% < -1%) |
| CFO/TA 0.02 > 3% & CFO 272.0m > Net Income -151.5m |
| Net Debt (7.16b) to EBITDA (350.3m): 20.43 < 3 |
| Current Ratio: 0.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (72.3m) vs 12m ago -5.32% < -2% |
| Gross Margin: 45.79% > 18% (prev 0.27%; Δ 4.55k% > 0.5%) |
| Asset Turnover: 8.58% > 50% (prev 5.68%; Δ 2.89% > 0%) |
| Interest Coverage Ratio: 0.36 > 6 (EBITDA TTM 350.3m / Interest Expense TTM 247.1m) |
| A: -0.04 (Total Current Assets 683.3m - Total Current Liabilities 1.13b) / Total Assets 11.8b |
| B: -0.08 (Retained Earnings -892.9m / Total Assets 11.8b) |
| C: 0.01 (EBIT TTM 87.9m / Avg Total Assets 11.6b) |
| D: -0.12 (Book Value of Equity -899.5m / Total Liabilities 7.40b) |
| Altman-Z'' = -0.57 = B |
| DSRI: 0.12 (Receivables 344.6m/1.93b, Revenue 993.5m/648.6m) |
| GMI: 0.60 (GM 45.79% / 27.28%) |
| AQI: 1.19 (AQ_t 0.86 / AQ_t-1 0.72) |
| SGI: 1.53 (Revenue 993.5m / 648.6m) |
| TATA: -0.04 (NI -151.5m - CFO 272.0m) / TA 11.8b) |
| Beneish M = -3.66 (Cap -4..+1) = AAA |
As of June 02, 2026, the stock is trading at USD 44.74 with a total of 867,249 shares traded.
Over the past week, the price has changed by +3.40%,
over one month by +4.41%,
over three months by +21.11% and
over the past year by -18.41%.
SL Green Realty has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold SLG.
- StrongBuy: 6
- Buy: 2
- Hold: 9
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 47.6 | 6.4% |
P/E Forward = 67.1141
P/S = 3.7295
P/B = 0.9743
P/EG = 1.3002
Revenue TTM = 993.5m USD
EBIT TTM = 87.9m USD
EBITDA TTM = 350.3m USD
Long Term Debt = 3.73b USD (from longTermDebt, last quarter)
Short Term Debt = 959.7m USD (from shortTermDebt, last quarter)
Debt = 7.49b USD (from shortLongTermDebtTotal, last quarter) + Leases 959.7m
Net Debt = 7.16b USD (calculated: Debt 7.49b - CCE 338.6m)
Enterprise Value = 10.7b USD (3.50b + Debt 7.49b - CCE 338.6m)
Interest Coverage Ratio = 0.36 (Ebit TTM 87.9m / Interest Expense TTM 247.1m)
EV/FCF = 99.98x (Enterprise Value 10.7b / FCF TTM 106.5m)
FCF Yield = 1.00% (FCF TTM 106.5m / Enterprise Value 10.7b)
FCF Margin = 10.72% (FCF TTM 106.5m / Revenue TTM 993.5m)
Net Margin = -15.25% (Net Income TTM -151.5m / Revenue TTM 993.5m)
Gross Margin = 45.79% ((Revenue TTM 993.5m - Cost of Revenue TTM 538.6m) / Revenue TTM)
Gross Margin QoQ = 1.29% (prev 35.75%)
Tobins Q-Ratio = 0.91 (Enterprise Value 10.7b / Total Assets 11.8b)
Interest Expense / Debt = 3.30% (Interest Expense 247.1m / Debt 7.49b)
Taxrate = 21.0% (US default 21%)
NOPAT = 69.4m (EBIT 87.9m * (1 - 21.00%))
Current Ratio = 0.61 (Total Current Assets 683.3m / Total Current Liabilities 1.13b)
Debt / Equity = 2.00 (Debt 7.49b / totalStockholderEquity, last quarter 3.74b)
Debt / EBITDA = 20.43 (Net Debt 7.16b / EBITDA 350.3m)
Debt / FCF = 67.17 (Net Debt 7.16b / FCF TTM 106.5m)
Total Stockholder Equity = 3.89b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.31% (Net Income -151.5m / Total Assets 11.8b)
RoE = -3.17% (Net Income TTM -151.5m / Total Stockholder Equity 4.78b)
RoCE = 1.03% (EBIT 87.9m / Capital Employed (Equity 4.78b + L.T.Debt 3.73b))
RoIC = 0.62% (NOPAT 69.4m / Invested Capital 11.3b)
WACC = 4.78% (E(3.50b)/V(11.0b) * Re(9.45%) + D(7.49b)/V(11.0b) * Rd(3.30%) * (1-Tc(0.21)))
Discount Rate = 9.45% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.44 | Cagr: 1.88%
[DCF] Terminal Value 73.10% ; FCFF base≈128.3m ; Y1≈112.5m ; Y5≈90.9m
[DCF] Fair Price = N/A (negative equity: EV 1.46b - Net Debt 7.16b = -5.70b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.47 | # QB: 0
Revenue Correlation: -26.82 | Revenue CAGR: -4.93% | SUE: 0.73 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-1.96 | Chg30d=-163.52% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-3.82 | Chg30d=-267.43% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=-6.31 | Chg30d=-123.75% | Revisions=N/A | GrowthEPS=-185.1% | GrowthRev=+7.0%
EPS next Year (2027-12-31): EPS=-1.82 | Chg30d=-0.44% | Revisions=-20% | GrowthEPS=+71.2% | GrowthRev=-9.3%
[Analyst] Revisions Ratio: -20%