SL Green Realty

SLG

REIT - Office · Real Estate

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Exceptional

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Winston Score History

The full picture

SL Green Realty is a real estate company that owns and manages office buildings in New York City. It rents space to businesses — including law firms, financial companies, and media groups — that need offices in Manhattan. SL Green is Manhattan's largest office landlord, owning or holding interests in dozens of properties across the borough.

The company makes money by collecting rent from its tenants under long-term lease agreements, which provides relatively steady income. It operates almost entirely in New York City, giving it deep local expertise but also heavy concentration in a single market. SL Green has structured itself as a Real Estate Investment Trust, meaning it must pay out most of its taxable income as dividends to shareholders. The biggest risk the company faces is the ongoing shift toward remote and hybrid work, which has reduced demand for office space and put pressure on occupancy rates and rental pricing across Manhattan.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-137.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.5B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

SL Green Realty is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

83.9%

Premium pricing power — 83.9% gross margin

Profit after running costs

Operating Margin

75.3%

Excellent — 75.3% operating margin

Return on the money invested

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+62.1%

Fast-growing sales (+62.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

7.5%

Modest free cash flow (7.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.23

Elevated debt (1.23)

Covers its interest

Interest Cover

1.82x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.66%

no trend

Healthy income — 4.66% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+69.9%

no trend

Dividend growing fast (69.9% YoY)

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