SL Green Realty (SLG) AI Stock Analysis

• Market Cap: $2.91B
• Dividend Yield: 6.95%
• Average Volume (3M): 1.44M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: 8.60%
• EPS Growth: N/A
• Country: US
• Employees: 1,221
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): -1.49
• Shares Outstanding: 71,031,180
• 10 Day Avg. Volume: 1,359,328
• 30 Day Avg. Volume: 1,444,057
• PEG Ratio: 0.02
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 3.40
• P/FCF Ratio: 41.12
• Enterprise Value/Market Cap: 3.59
• Enterprise Value/Revenue: 10.65
• Enterprise Value/Gross Profit: 18.29
• Enterprise Value/Ebitda: 26.84
• 1Y Price Target: $49.53
• Price Target Upside: 29.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 15
• EPS Forecast (FY): -2.5
• Revenue Forecast (FY): $647.53M

• Rating: 51 Neutral
• Price Target: $40.00 ▲(4.25% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held back primarily by weakened financial quality—especially zero reported operating/free cash flow in 2025 and higher leverage—despite some operational improvement. Technicals remain soft with the stock below key longer-term averages. Offsetting factors include a high dividend yield and a constructive earnings-call outlook driven by leasing momentum and NOI guidance, with mixed but generally supportive corporate updates.

Positive Factors

Leasing Momentum & Occupancy

Sustained leasing volume and rising same-store occupancy indicate durable demand for SLG's Manhattan inventory. Higher occupancy sustainably increases NOI and cash flow per property, improves tenant mix, and reduces vacancy-related capex needs, supporting multi-quarter earnings and rent roll stabilization.

Capital Markets Access and Financing Plan

A proactive $7B financing and disposition program, combined with the ability to price AAA tranches tightly, reflects strong access to capital. This reduces liquidity and refinancing risk on large maturing assets, enabling portfolio repositioning and funding of development/rehabilitation initiatives over multiple quarters.

Growing Fee Income & JV Monetizations

Expanding fee-bearing asset-management and JV monetization activity diversifies revenue away from pure leasing cycles. Durable fee income and repeat JV outcomes provide recurring, less cyclical cash flows and strategic partner relationships that smooth earnings and support capital recycling over the medium term.

Negative Factors

Cash Flow Deterioration

A collapse to zero OCF and FCF materially weakens internal funding for dividends, capex, and debt service. Over a 2-6 month horizon this raises dependence on asset sales and external capital, constraining strategic flexibility and making execution on the financing/disposition plan critical to avoid liquidity strain.

Rising Leverage

A sharp jump in leverage reduces balance-sheet resilience for an office-focused REIT. Higher debt ratios amplify refinancing and interest-rate risk, limit capacity for opportunistic acquisitions, and increase sensitivity to NOI swings, all of which can pressure credit metrics and long-term cost of capital.

Earnings Volatility & Net Losses

Persistent swings between gains and losses indicate earnings are influenced by one-time items, timing of dispositions, and recognition dynamics. This volatility undermines predictability of distributable cash and complicates dividend planning and capital allocation decisions for investors over the medium term.

SL Green Realty Business Overview & Revenue Model

Company Description

SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

How the Company Makes Money

SL Green Realty generates revenue primarily through leasing office space to tenants, which provides a steady stream of rental income. The company benefits from long-term leases, often with creditworthy tenants, ensuring stability in cash flows. Additionally, SL Green earns revenue through property management fees and ancillary services related to its real estate holdings. The company also engages in property sales and development, which can yield significant profits. Strategic partnerships and joint ventures with other real estate firms further enhance its revenue potential, allowing SL Green to leverage additional expertise and resources in property development and management.

SL Green Realty Financial Statement Overview

Summary

Fundamentals are pressured: while revenue rebounded sharply in 2025 and EBITDA margin improved, profitability is volatile with a return to net loss. Leverage rose materially (debt-to-equity ~2.04x in 2025), and the biggest concern is cash flow deterioration with operating cash flow and free cash flow reported at zero in 2025, increasing reliance on external capital/asset activity.

Income Statement

Revenue rebounded sharply in 2025 (+49.5% YoY) after a weak 2024 (-15.6%), but profitability remains inconsistent. Net income swung from a small profit in 2024 to a loss in 2025, following a very large loss in 2023—highlighting earnings volatility. Gross profit margin remains healthy (mid-30% in 2024–2025), and EBITDA margin improved meaningfully in 2025, but the repeated net losses and uneven operating performance temper the overall quality.

Balance Sheet

Leverage increased materially, with debt-to-equity rising to ~2.04x in 2025 from ~1.15x in 2024, reducing balance-sheet flexibility. Equity is still sizable versus assets, but returns on equity are weak/negative in several years (including 2025 and 2023), reflecting pressured profitability. The higher debt load is the key risk factor, particularly for an office REIT where cash flow stability matters.

Cash Flow

Cash generation shows a clear deterioration into 2025, with operating cash flow and free cash flow reported at zero (versus positive levels in prior years such as 2024 operating cash flow of ~$291M and free cash flow of ~$79M). Coverage of earnings by operating cash flow is weak across most years and collapses in 2025, increasing reliance on external capital or asset activity. While prior years showed the ability to generate meaningful operating cash flow, the latest-year step-down is a major red flag.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.00B	706.58M	837.20M	861.50M	805.91M
Gross Profit	341.79M	252.63M	375.13M	433.06M	440.22M
EBITDA	414.19M	169.29M	240.32M	330.89M	340.14M
Net Income	-88.28M	30.65M	-543.52M	-71.63M	457.06M
Balance Sheet
Total Assets	11.08B	10.47B	9.53B	12.36B	11.07B
Cash, Cash Equivalents and Short-Term Investments	336.50M	207.11M	231.41M	214.51M	286.17M
Total Debt	7.97B	4.52B	4.42B	6.51B	4.97B
Total Liabilities	6.73B	5.92B	5.27B	7.26B	5.75B
Stockholders Equity	3.87B	3.95B	3.79B	4.76B	4.76B
Cash Flow
Free Cash Flow	82.91M	79.20M	229.50M	117.06M	255.98M
Operating Cash Flow	82.91M	291.07M	229.50M	417.83M	255.98M
Investing Cash Flow	-330.80M	-43.43M	171.34M	306.41M	993.58M
Financing Cash Flow	252.75M	-251.52M	-449.38M	-677.17M	-1.29B

SL Green Realty Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 38.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLG, the sentiment is Neutral. The current price of 38.37 is above the 20-day moving average (MA) of 38.25, below the 50-day MA of 42.19, and below the 200-day MA of 51.43, indicating a neutral trend. The MACD of -1.04 indicates Negative momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 30.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SLG.

SL Green Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
KRC	57 Neutral	$3.50B	89.50	5.11%	5.75%	0.77%	62.58%
HIW	56 Neutral	$2.37B	24.27	6.69%	7.83%	-2.10%	-13.30%
CUZ	53 Neutral	$3.86B	106.88	0.85%	5.08%	16.38%	3.60%
SLG	51 Neutral	$2.91B	-38.62	-2.25%	6.95%	8.60%	―
BXP	50 Neutral	$9.22B	38.78	5.34%	5.26%	2.54%	-155.17%
ELME	46 Neutral	$183.05M	-9.94	-18.93%	4.14%	3.10%	-900.13%

SL Green Realty Corporate Events

SL Green Issues Series Y Preferred Units for Acquisition

On March 4, 2026, SL Green Realty Corp., as general partner of SL Green Operating Partnership, L.P., executed the thirty-second amendment to its limited partnership agreement to authorize and issue 252,000 Series Y Preferred Units with a $25.00 per-unit liquidation preference. The Series Y Preferred Units, issued as part of the consideration for acquiring interests in certain commercial real estate, carry a fixed 5.00% annual cash distribution and are non-convertible, underscoring SL Green’s continued use of tailored preferred equity to finance property transactions and refine its capital structure.

The Series Y Preferred Units were issued in a private transaction relying on an exemption from registration under the Securities Act of 1933. This structure allows SL Green to complete strategic real estate acquisitions while managing dilution and maintaining flexibility in its funding mix for ongoing portfolio and partnership-level initiatives.

The most recent analyst rating on (SLG) stock is a Sell with a $37.00 price target. To see the full list of analyst forecasts on SL Green Realty stock, see the SLG Stock Forecast page.

SL Green Realty Strengthens Leadership with New President

On February 27, 2026, SL Green Realty appointed long-time investment executive Harrison Sitomer as President while he continues to serve as Chief Investment Officer, formalizing his leadership role in capital allocation and deal-making and ending Chairman and CEO Marc Holliday’s interim presidency. Sitomer’s four-year employment agreement, effective January 1, 2026 through January 1, 2030, features a $700,000 base salary, substantial cash and equity incentive opportunities tied to multi-year performance and change-in-control protections, signaling the company’s intent to align senior leadership compensation with long-term returns and strategic stability.

On the same date, SL Green extended Chief Financial Officer Matthew DiLiberto’s term for three years through January 1, 2029, with an updated package that increases equity-based incentives, including annual time-based and performance-based LTIP units and a separate grant of 100,000 Class O LTIP units made on February 12, 2026. The enhanced agreements for both Sitomer and DiLiberto, including robust severance, vesting, and non-compete provisions, underscore SL Green’s focus on retaining key financial leadership and reinforcing continuity in its investment and capital markets strategy during potential market or ownership transitions.

The most recent analyst rating on (SLG) stock is a Hold with a $36.00 price target. To see the full list of analyst forecasts on SL Green Realty stock, see the SLG Stock Forecast page.

SL Green Posts Q4 Loss Amid Manhattan Expansion Moves

On January 28, 2026, SL Green Realty Corp. reported a net loss attributable to common stockholders of $104.6 million, or $1.49 per share, for the fourth quarter of 2025 and a full‑year 2025 net loss of $111.9 million, or $1.61 per share, reversing net income reported in 2024 as funds from operations per share declined to $1.13 for the quarter and $5.72 for the year amid lower gains on discounted debt extinguishments and weaker same‑store cash NOI. Despite the earnings deterioration, the company showed resilience in its core Manhattan office portfolio, signing 56 office leases covering 766,783 square feet in the fourth quarter and 199 leases totaling 2.57 million square feet for 2025 with positive mark‑to‑market rent increases and pushing same‑store Manhattan office occupancy up to 93.0% at year‑end. SL Green continued to reshape its balance sheet and asset base with the January 2026 acquisition of Park Avenue Tower for $730 million financed by a hedged fixed‑rate mortgage, the purchase of 346 Madison Avenue and an adjacent site for $160 million to enable a potential new office development, the sale of a 49% joint‑venture interest in 100 Park Avenue, and the buyout of partners at 800 Third Avenue, while also extending and hedging key property mortgages and expanding its special servicing business to $8.4 billion in active assignments, highlighting both ongoing financial pressures and a strategic push to consolidate its position in prime Manhattan office markets.

The most recent analyst rating on (SLG) stock is a Hold with a $54.00 price target. To see the full list of analyst forecasts on SL Green Realty stock, see the SLG Stock Forecast page.