MeritValue

SL GREEN REALTY CORP

SLGdata completeness 75%18 fiscal years on file
The thesis, from the filings

SL GREEN REALTY CORP earns about -2% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$861.3M1$919.5M2$913.7M3$886.3M3$1B3
Net income$449.8M4−$78.1M5−$564.6M6$22M6−$96.9M6
Operating cash flow$256M7$276.1M8$229.5M9$129.6M9$82.9M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.39B10$3.23B10———
Cash & equivalents$251.4M11$203.3M12$221.8M13$184.3M13$155.7M13
Diluted shares70.8M67.9M68.0M65.7M70.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$521.15
your share of equity
Profit it earned you last year
−$13.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $521.15 of net worth that earned you −$13.76 last year.

iii. Is this a good business?
Moat signal · return on equity
-2% avg · 5y
FY21 9%FY22 -2%FY23 -15%FY24 1%FY25 -3%

It earned an average -2% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 131% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001040971-24-000010 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001040971-25-000019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-008669 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001040971-24-000010 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001040971-25-000019 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-008669 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001040971-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001040971-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-008669 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001040971-23-000009 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0001040971-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K/A · period ending 2022-12-31 · accession 0001040971-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-26-008669 (CashAndCashEquivalentsAtCarryingValue)