Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price48.81 USD
Fair value60.00
Ethical score70.0/100
Our investment reviews on this name
2026-09-13Read Markdown58.68-16.8% to today ✓
2026-07-02Read Markup51.15-4.6% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
SL Green Realty Corp. holds its Markdown at $48.81. Elevated stress, defensive posture warranted, held for 268 days.
As held on the ledger · 2026-10-02
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 268 days
Price at the screen
$48.81
Valuation
N/A trailing · -64.18 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.60
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
44.62%
Below 33%
Interest-bearing debt is 44.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.21%
Below 33%
Cash held in interest-bearing accounts and securities is 0.2% of assets, under the one-third limit.
Pass
Receivables
13.61%
Below 49%
Money owed to the company is 13.6% of assets, under the 49% limit.
Pass
Revenue purity
7.27%
Below 5%
7.3% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
SL Green Realty's business is in a permissible area, but its interest-bearing debt is about 45% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-02 screen. The gold marker is the market price at the same screen. A 22.9% margin of safety to the base estimate.
Third-party analyst targets: 17 covering, consensus Hold. The average target sits +23% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Manhattan Offices Lose Money While Analysts Stay Bullish
Picture a landlord watching tenants hand back keys floor by floor in Midtown. SL Green owns the largest slice of that market yet posts revenue down 4 percent, a 16 percent negative profit margin and return on equity at minus 3 percent. The forward multiple sits at negative 29.5 times because losses keep growing, and our fair value sits just below the current price with no margin of safety left.
We pass because the numbers show a business that is shrinking rather than recovering. Office demand in Manhattan has not snapped back, and the company offers no competitive moat to protect cash flow while it waits. Analyst targets cluster around the current level, but that consensus ignores the simple fact that earnings remain negative and growth is absent.
Office REITs are cyclical by nature, so a low multiple here is more warning than bargain. Currency or sector shocks could widen the losses quickly even if ethics clear the screen. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SLG trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown$52.08-11.2%Entry 6
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (18 analysts) rates it buy, with a mean price target of $48.
2026-09-13Markdown · changed$58.68+4.1%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (18 analysts) rates it buy, with a mean price target of $48.
2026-08-13Markup$56.36+10.2%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (18 analysts) rates it buy, with a mean price target of $48.
2026-07-18Markup$51.15+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (18 analysts) rates it buy, with a mean price target of $48.
2026-07-03Markup$51.15+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$51.15Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.