# Safestore Holdings plc (SAFE.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price 556p, market value 1.2 billionp.

## Valuation
- **P/E (trailing): 18.5×** (5-yr avg 745.2×, 3-yr avg 872.9×). Safestore Holdings plc trades at 18.5× trailing earnings, well below its own five-year average of 745.2×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 13.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.6×**. Each dollar of revenue is priced at 2.6×.
- **Price / book: 0.5×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 8.8×**. Enterprise value is 8.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 16.0%** (5-yr avg 0.0%). Free cash flow equals 16.0% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.4%**. The inverse of the P/E: 5.4% of the price is earned each year.

## Profitability
- **Gross margin: 65.3%**. Safestore Holdings plc keeps 65.3% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 67.3%**. 67.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 47.4%**. 47.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.9%**. 4.9% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 8.7%**. Return on all capital, debt included, is 8.7%.
- **Return on assets: 10.0%**. Each dollar of assets produces 10.0% of profit.

## Growth
- **Revenue growth (1 yr): 4.8%** (3-yr 3.3%/yr, 5-yr 7.6%/yr). Revenue grew 4.8% over the last year, against 7.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -70.0%** (3-yr -37.8%/yr, 5-yr -9.5%/yr). Earnings per share fell 70.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 92.4%/yr**. Free cash flow has compounded at 92.4% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.47**. Debt is 0.47 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 4.1×**. It would take 4.1 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 5.0×**. Operating profit covers interest 5.0× over, a safe margin.
- **Current ratio: 0.27** (quick 0.26). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.60**. A Z-score of 1.60 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend yield: 5.45%** (0p per share, trailing). Safestore Holdings plc yields 5.45%, an income-level yield.
- **Payout ratio: 60%** (70% of free cash flow). 60% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): 11.2%/yr** (1-yr 1.0%). The dividend has compounded at 11.2% a year over five years, doubling roughly every 6 years at that pace.
- **Shareholder yield: 5.5%**. Dividends plus net buybacks return 5.5% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (12 analysts). 12 analysts cover Safestore Holdings plc; the consensus is buy, with an average price target of 771p (+39% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -11.4%** (YTD -23.8%, 3-mo -8.2%). The shares are down 11.4% over twelve months including dividends.
- **From 52-week high: -34.6%** (0.8% above the low). Trading 35% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 29**. An RSI of 29 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 1.12** (volatility 29%). Beta of 1.12 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=SAFE.L · Page: https://foliofundamentals.com/stocks/safe.l

Not investment advice.