SL Green Realty (SLG) AI Stock Analysis

• Market Cap: $3.40B
• Dividend Yield: 6.95%
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• 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: 71,025,890
• 10 Day Avg. Volume: 1,287,781
• 30 Day Avg. Volume: 1,032,997
• PEG Ratio: <0.01
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 3.22
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 3.16
• Enterprise Value/Revenue: 10.95
• Enterprise Value/Gross Profit: 18.81
• Enterprise Value/Ebitda: 24.39
• 1Y Price Target: $52.00
• Price Target Upside: 16.12% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 13
• EPS Forecast (FY): -2.93
• Revenue Forecast (FY): $613.59M

• Rating: 51 Neutral
• Price Target: $44.00 ▼(-1.74% Downside)

The score is held back primarily by weak financial quality (high leverage, low profitability, and sharply declining free cash flow) and bearish technicals (below key moving averages with negative MACD). These are partially offset by a high dividend yield and a more optimistic earnings-call outlook featuring improving occupancy/leasing and guided NOI growth, though execution and timing risks remain.

Positive Factors

Leasing Momentum & Occupancy

Material occupancy recovery and sustained leasing volumes indicate strengthening fundamental demand for Manhattan office space. Higher occupancy supports durable rental cash flows and NOI, reducing vacancy risk and underpinning long-term revenue stability as leased pipeline and recent large deal activity convert to income.

Capital Markets Access

Demonstrated ability to tap diverse capital sources and price large financings at tightening spreads materially lowers refinancing risk. This access allows proactive liability management, supports recapitalizations and development, and provides strategic optionality to execute dispositions and growth without forcing distressed sales.

Growing Fee & Asset-Management Platform

Expansion of asset-management and special-servicing activities diversifies revenue away from lease cycles, creating recurring fee income and JV pathways. A larger fee platform cushions operating cash flow volatility, enhances investor partnerships, and builds a scalable business line that compounds value over multiple years.

Negative Factors

High Leverage

Significant leverage increases sensitivity to interest rates and refinancing timing, constraining flexibility for capex, acquisitions, or dividend policy. Even with active financing plans, sustained high debt elevates refinancing risk and magnifies earnings volatility if NOI or cash flows dip.

Weak Cash Generation

Sharp FCF decline and low OCF-to-income indicate constrained internal cash funding for maintenance, tenant improvements, and distributions. This reduces capacity to delever organically, heightens reliance on asset sales or capital markets, and limits resilience to prolonged leasing normalization periods.

Revenue Timing & Disposition Execution Risk

Uncertain recognition timing for economic occupancy and a back‑half weighted $2.5B disposition plan create material timing risk for NOI and cash flow. Execution delays or cap‑rate variability could defer proceeds, complicate dividend setting and deleveraging, and pressure near‑term liquidity metrics.

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: despite a sharp 2025 revenue rebound and improved EBITDA margin, profitability is volatile with a return to net losses, leverage rose materially (debt-to-equity ~2.04x), and the latest year shows a major deterioration in cash generation with operating and free cash flow reported at zero.

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	409.72M	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	7.91B	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	0.00	79.20M	229.50M	117.06M	255.98M
Operating Cash Flow	0.00	291.07M	229.50M	417.83M	255.98M
Investing Cash Flow	-10.23M	-43.43M	171.34M	306.41M	993.58M
Financing Cash Flow	0.00	-251.52M	-449.38M	-677.17M	-1.29B

SL Green Realty Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 44.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLG, the sentiment is Negative. The current price of 44.78 is below the 20-day moving average (MA) of 46.87, below the 50-day MA of 45.74, and below the 200-day MA of 53.64, indicating a bearish trend. The MACD of -0.72 indicates Positive momentum. The RSI at 34.75 is Neutral, neither overbought nor oversold. The STOCH value of 18.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SLG.

SL Green Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KRC	71 Outperform	$4.12B	12.72	5.94%	5.75%	0.77%	62.58%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
HIW	65 Neutral	$2.84B	22.42	5.37%	7.83%	-2.10%	-13.30%
CUZ	63 Neutral	$4.24B	72.78	1.26%	5.08%	16.38%	3.60%
BXP	52 Neutral	$11.26B	37.12	5.24%	5.26%	2.54%	-155.17%
SLG	51 Neutral	$3.40B	-26.83	-2.24%	6.95%	8.60%	―
ELME	47 Neutral	$193.95M	-1.43	-13.43%	4.14%	3.10%	-900.13%

SL Green Realty Corporate Events

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.

SL Green Realty Adjusts Dividend Payment Schedule

SL Green Realty has announced a change in its dividend policy, shifting from monthly to quarterly payments starting in fiscal year 2026. This adjustment maintains the cash payment of ordinary dividends, potentially impacting stakeholders’ expectations and the company’s financial planning.

The most recent analyst rating on (SLG) stock is a Buy with a $66.00 price target. To see the full list of analyst forecasts on SL Green Realty stock, see the SLG Stock Forecast page.

SL Green Realty Amends Partnership for Preferred Units

On October 31, 2025, SL Green Realty Corp. amended its partnership agreement to issue 172,809 Series X Preferred Units as part of acquiring interests in commercial real estate. These units, convertible into common units and potentially redeemable for common stock, offer a 3.00% annual cash distribution and were issued under a securities registration exemption.

The most recent analyst rating on (SLG) stock is a Hold with a $63.00 price target. To see the full list of analyst forecasts on SL Green Realty stock, see the SLG Stock Forecast page.