# SL Green Realty Corp. (SLG) — Stock CV

SL Green Realty Corp. is a $3.43B real estate company. Revenue grew 8.5% over the last year, it currently loses money, and its net debt equals ~63.3 years of free cash flow.

> SL Green Realty is one of the largest Manhattan property owners and landlords, with interest in around 30.6 million square feet of wholly owned and joint-venture office space. The company has additional property exposure through its limited portfolio of well-located retail space.

## Identity

- **Ticker**: SLG
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: NEW YORK, NY
- **Employees**: 1 289
- **Website**: https://www.slgreen.com
- **Market cap**: $3.43B
- **Last price**: $48.41
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.04B
- **Net income**: -$176M
- **Free cash flow**: $92.2M
- **Net debt**: $5.83B
- **Revenue growth (YoY)**: 8.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 42 |
| Growth | 6 |
| Profitability | 12 |
| Health | 6 |
| Quality | 37 |
| Moat | 25 |

## Qualifications (beginner checklist) — 6 of 10 passed

- [x] Revenue growing — +8.5% YoY
- [ ] Profitable — -$176M TTM
- [ ] Profit growing — -540.3% YoY
- [x] Generates cash — $92.2M TTM
- [ ] Debt under control — ~63.3y of cash flow to repay
- [x] Established company — $3.43B market cap
- [x] Not printing shares — -8.8% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [ ] Financially stable — Altman Z -0.1 — distress
- [x] Pays a dividend — yield 4.73%

## Experience (career milestones)

- **FY2021** — Best year on record: $450M net income
- **2018** — The company purchased a $148 million stake in 245 Park Avenue from Chinese conglomerate HNA Group
- **FY2016** — First recorded profitable year: $250M net income
- **FY2016** — Revenue already above $1B: $1.86B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2010** — The company acquired the Pershing Square Building from Shorenstein Properties for $330 million
- **2007** — The company acquired 388 Greenwich Street from Citigroup in a leaseback transaction
- **2006** — The company acquired Reckson Associates in a $4 billion transaction
- **2005** — The company acquired the Metropolitan Life Insurance Company Tower for $916 million and converted the…
- **2003** — The company acquired 461 Fifth Avenue for $100.3 million
- **2002** — In partnership with SITQ, the company acquired One Astor Plaza for $483.5 million

## Strengths

- High gross margin (46.6%)

## Watch-outs

- Not profitable — 16.9% net margin
- Altman Z-Score -0.08 — elevated financial-distress risk
- Thin interest coverage (0.6×)
- Loss-making in 3 of the recent years
- Net debt equals ~63.3 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $844M | $450M | $256M |
| FY2022 | $827M | -$78.1M | $276M |
| FY2023 | $914M | -$565M | $230M |
| FY2024 | $886M | $22.0M | $130M |
| FY2025 | $1.00B | -$96.9M | $82.9M |

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Source: https://stockcv.com/SLG — derived from company filings; may be delayed or incomplete. Information, not investment advice.