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SL Green Realty Corp(SLG)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
3-STAR RATING
PASS
LAST CLOSE
$50.88
09/24/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for SLG

09/24/2026: SLG (3-star) is currently NOT-A-BUY. Pass it for now.

SL Green Realty Corp is a prominent real estate investment trust focused on managing and developing office properties in New York City. The company holds a significant footprint in Manhattan, supported by a vertically integrated business model and supplemental revenue from debt and preferred equity financing. Its main opportunity lies in attracting high-quality tenants through modern, premier office spaces, although it faces considerable risks from hybrid work trends and high interest rates. The stock may suit dividend-oriented investors, though it carries volatility risks typical of the office sector. Investors should monitor occupancy trends and the company’s success in managing its debt maturity profile.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitThe company offers growth potential through urban redevelopment but faces secular headwinds.
Momentum investorWeak fitThe sector has generally experienced downward pressure, making momentum signals inconsistent.
Value investorStrong fitCurrent market valuations for office REITs may present a deep-value opportunity for long-term investors.
Dividend investorStrong fitThe company provides income distributions typical of the REIT structure.
Low-risk investorWeak fitHigh leverage and sensitivity to urban office cycles introduce significant volatility.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighThe stock is susceptible to sharp shifts in market sentiment regarding office real estate.
Valuation riskMedium / highAsset valuations are sensitive to cap rate expansion in a high-rate environment.
Competition risk (office leasing)Medium / highIntense competition for high-quality tenants limits pricing power.
Business qualityMediumThe portfolio is high-quality but heavily exposed to a single geography.
Dividend incomeMediumDividend stability depends on consistent FFO and management's capital allocation.
Execution riskMediumThe strategy requires disciplined asset management and successful capital recycling.

Price Behavior

Strong Uptrend
PRICE PATH

Strong Uptrend

The stock has maintained a strong upward price trend across the last three quarters.

Moderately Choppy
PRICE STABILITY

Moderately Choppy

The stock has experienced noticeable price swings while retaining some directional structure.

Analysis of Past Performance

Type Stock
Historic Profit 38.06%
Avg. Invested days 43
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 3.0
Stock Returns Performance Upturn Returns Performance icon 3.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/24/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
SLG receives a 3-star rating, supported by solid analyst coverage. The rating is constrained by soft unit economics, and weak price momentum.

Company Fundamentals

★★★★★
SLG has moderate overall fundamentals (3 stars), with moderate financial health, moderate growth momentum, and solid ownership. In FY2025 versus FY2024, solid cash generation (FCF margin 8.3%) and strong revenue growth (+42.0%) are partially offset by negative earnings growth (-388.0%), soft profitability (net margin -8.8%), very low insider ownership of 0.24%.

Financial Health Rating

★★★★★
SLG's financial health is supported by moderate cash strength, including free-cash-flow generation (8.3% of revenue). Liquidity is soft (2 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Revenue growth is SLG's strongest growth driver at +42.0% FY2025 versus FY2024 (strong, 5 stars). By comparison, while earnings growth (-388.0%, negative) and free-cash-flow growth (+4.7%, moderate) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 104.7% and approximately 99.7% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership is only 0.24%, which materially reduces the ownership score.

Top 5 Institutional Investors

BlackRock Inc 18.88%
Vanguard Portfolio Management, LLC 10.09%
Cohen & Steers Inc 8.79%
State Street Corp 5.75%
Vanguard Capital Management, LLC 4.52%

Unit Economics (Per $1K Revenue)

★★★★★
SLG generates approximately $341 of gross profit, $154 of operating income, and $83 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: 8.92%

Quantitative Style Profile

★★★★★
SLG has a liquid profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

High VolatilitySmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 3.90B USD
Price to earnings Ratio -
1Y Target Price 58.79
Price to earnings Ratio -
1Y Target Price 58.79
Volume (30-day avg) 823.8K shares
Beta 1.6
52 Weeks Range 33.77 - 60.09
Updated Date 09/24/2026
52 Weeks Range 33.77 - 60.09
Updated Date 09/24/2026
Dividends yield (FY) 6.64%
Basic EPS (TTM) -2.77

How Company Makes Money

Business areaWhat it includesRetail investor read
Office LeasingRental income from diverse corporate tenants in NYC.Most revenue comes from leasing office space in major Manhattan buildings.
Structured FinanceInterest income from mezzanine debt and preferred equity.The company earns interest by lending money to other real estate projects.
Geography: New York CityConcentrated portfolio in Manhattan.The company's success is tied almost entirely to the health of the New York City economy.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 67.11
Enterprise Value 8.83B
Price to Sales(TTM) 3.91
Enterprise Value 8.83B
Price to Sales(TTM) 3.91
Enterprise Value to Revenue 8.98
Enterprise Value to EBITDA 23.43
Shares Outstanding 70.85M
Shares Floating 70.66M
Shares Outstanding 70.85M
Shares Floating 70.66M
Percent Insiders 0.24
Percent Institutions 104.74

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About SL Green Realty Corp

Exchange NYSE
Headquarters New York, NY, United States
IPO Launch date 1997-08-15
Chairman & CEO Mr. Marc Holliday
Sector Real Estate
Industry REIT - Office
Full time employees 1289
Full time employees 1289

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties. SL Green Realty Corp. was incorporated in 1980 in Maryland and is based in New York.