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Starwood Prpty Financials

STWD
FY2025 annual
Revenue $1.8B -5.3% YoY
Net Income $411.5M +14.3% YoY
EPS (Diluted) $1.15 +4.5% YoY
Free Cash Flow $99.4M -84.6% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Starwood Prpty (STWD) reported $1.8B in revenue for fiscal year 2025, down 5.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI STWD FY2025

Deleveraging and funding-cost relief are driving earnings more than revenue growth in this highly financed asset portfolio.

From FY2023 to FY2025, revenue fell from $2.05B to $1.84B even as net income rose. Interest expense fell to $1.28B from $1.44B, and debt-to-equity also eased, implying the profit improvement came mainly from a lighter funding burden rather than a bigger earning base.

This is an asset-heavy balance sheet: $63.2B of assets supported only $1.84B of revenue in FY2025, so balance-sheet efficiency matters more here than sales growth. That is why a net margin of 22.3% still produced only return on assets of 0.7%.

Operating cash flow reached $978M in FY2025, but free cash flow fell to $99M after heavy reinvestment, showing that not all reported cash generation remained available after capital deployment. With dividends paid at $669M, the cash distribution was much larger than post-reinvestment cash generation, so payout capacity leaned on the broader balance sheet rather than free cash flow alone.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 22 / 100
Financial Health Score 22/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Starwood Prpty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
39
FFO Growth
62
Leverage
0

Not available for Starwood Prpty, and counted as zero in the overall score.

Interest Cov.
0

Not available for Starwood Prpty, and counted as zero in the overall score.

AFFO Margin
19
Dividend Cov.
14
Piotroski F-Score Partial
4/6

Starwood Prpty passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed
2.38x

For every $1 of reported earnings, Starwood Prpty generates $2.38 in operating cash flow ($977.9M OCF vs $411.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.8B
YoY-5.3%
5Y CAGR+10.2%
10Y CAGR+9.6%

Starwood Prpty generated $1.8B in revenue in fiscal year 2025. This represents a decrease of 5.3% from the prior year.

Net Income
$411.5M
YoY+14.3%
5Y CAGR+4.4%
10Y CAGR-0.9%

Starwood Prpty reported $411.5M in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.

EPS (Diluted)
$1.15
YoY+4.5%
5Y CAGR-0.2%
10Y CAGR-4.9%

Starwood Prpty earned $1.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4.5% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$99.4M
YoY-84.6%

Starwood Prpty generated $99.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 84.6% from the prior year.

Cash & Debt
$499.5M
YoY+32.2%
5Y CAGR-2.4%
10Y CAGR+3.1%

Starwood Prpty held $499.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share
$1.92
YoY0.0%
5Y CAGR0.0%
10Y CAGR0.0%

Starwood Prpty paid $1.92 per share in dividends in fiscal year 2025. That is unchanged from the prior year.

Shares Outstanding
371M
YoY+9.8%
5Y CAGR+5.4%
10Y CAGR+4.5%

Starwood Prpty had 371M shares outstanding in fiscal year 2025. This represents an increase of 9.8% from the prior year.

Margins & Returns

Net Margin
22.3%
YoY+3.8pp
5Y CAGR-6.9pp
10Y CAGR-38.9pp

Starwood Prpty's net profit margin was 22.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.8 percentage points from the prior year.

Return on Equity
6.1%
YoY+0.5pp
5Y CAGR-1.3pp
10Y CAGR-4.8pp

Starwood Prpty's ROE was 6.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures
$878.5M

Starwood Prpty invested $878.5M in capex in fiscal year 2025, funding long-term assets and infrastructure.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

STWD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STWD annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$2.0B$1.8B-5.3%$1.9B-5.0%$2.0B+40.0%$1.5B+25.2%$1.2B+3.0%$1.1B-5.0%$1.2B+7.9%$1.1B+26.1%$879.9M+12.1%$784.7M+6.6%$735.9M+4.7%$702.9M+27.9%$549.5M+78.8%$307.3M+48.8%$206.5M
SG&A Expenses$224.6M$208.8M+4.8%$199.2M+10.6%$180.2M+2.7%$175.5M+2.5%$171.3M+8.5%$157.9M+1.8%$155.1M+13.9%$136.1M+5.1%$129.6M-15.3%$152.9M-1.1%$154.6M-8.9%$169.7M+13.1%$150.0M+1186.3%$11.7M+32.6%$8.8M
Operating IncomeN/AN/AN/AN/AN/AN/AN/AN/AN/A$144.6M+8.3%$133.5M-33.1%$199.6M-8.8%$218.9M+24.1%$176.3M-5.0%$185.5M+47.2%$126.0M
Interest Expense$1.3B$1.3B-5.3%$1.3B-6.1%$1.4B+80.2%$797.1M+79.1%$445.1M+6.0%$419.8M-17.5%$508.7M+24.6%$408.2M+38.1%$295.7M+28.1%$230.8M+13.9%$202.6M+25.7%$161.1M+44.1%$111.8M+137.2%$47.1M+63.7%$28.8M
Income Tax$34.6M$36.7M+44.4%$25.4M+3829.0%-$682K+98.9%-$61.5M-809.7%$8.7M-57.1%$20.2M+52.6%$13.2M-13.7%$15.3M-51.4%$31.5M+277.8%$8.3M-51.5%$17.2M-28.6%$24.1M+1.0%$23.9M+2639.2%$871K+10.3%$790K
Net Income$227.9M$411.5M+14.3%$359.9M+6.1%$339.2M-61.1%$871.5M+94.6%$447.7M+35.0%$331.7M-34.9%$509.7M+32.1%$385.8M-3.7%$400.8M+9.7%$365.2M-19.0%$450.7M-9.0%$495.0M+62.3%$305.0M+51.6%$201.2M+66.8%$120.6M
EPS (Diluted)$1.15+4.5%$1.10+2.8%$1.07-60.9%$2.74+80.3%$1.52+31.0%$1.16-35.2%$1.79+26.1%$1.42-6.6%$1.52+1.3%$1.50-21.5%$1.91-14.7%$2.24+23.1%$1.82+3.4%$1.76+27.5%$1.38

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

STWD Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STWD annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$63.2B+1.0%$62.6B-10.0%$69.5B-12.1%$79.0B-5.7%$83.9B+3.7%$80.9B+3.6%$78.0B+14.3%$68.3B+8.5%$62.9B-18.5%$77.3B-9.9%$85.7B-26.2%$116.1B+4.8%$110.8B+2461.5%$4.3B+44.3%$3.0B
Cash & Equivalents$499.5M+32.2%$377.8M+94.1%$194.7M-25.4%$261.1M+20.1%$217.4M-61.4%$563.2M+17.7%$478.4M+99.5%$239.8M-35.1%$369.4M-40.0%$615.5M+66.9%$368.8M+44.5%$255.2M-19.7%$317.6M+78.8%$177.7M+55.8%$114.0M
Goodwill$259.8M0.0%$259.8M0.0%$259.8M0.0%$259.8M0.0%$259.8M0.0%$259.8M0.0%$259.8M0.0%$259.8M+85.0%$140.4M0.0%$140.4M0.0%$140.4M0.0%$140.4M0.0%$140.4MN/AN/A
Total Liabilities$55.7B+0.6%$55.4B-11.4%$62.5B-13.0%$71.8B-6.9%$77.2B+1.6%$76.0B+4.3%$72.9B+15.1%$63.4B+8.6%$58.4B-19.7%$72.7B-10.8%$81.5B-27.3%$112.2B+5.4%$106.4B+6870.0%$1.5B+23.9%$1.2B
Long-Term DebtN/AN/AN/AN/A$1.8B+5.5%$1.7B-10.2%$1.9B-3.5%$2.0B-5.9%$2.1B+5.7%$2.0B+52.0%$1.3B-6.6%$1.4BN/AN/AN/A
Total Equity$6.8B+5.6%$6.4B+3.0%$6.3B-3.3%$6.5B+6.4%$6.1B+35.3%$4.5B-4.5%$4.7B+2.1%$4.6B+2.8%$4.5B-1.0%$4.5B+9.2%$4.1B+7.2%$3.9B-9.8%$4.3B+57.5%$2.7B+54.6%$1.8B
Retained Earnings-$39.0M-116.6%$235.3M-53.5%$505.9M-34.2%$769.2M+56.0%$493.1M+178.3%-$629.7M-65.0%-$381.7M-9.4%-$349.0M-60.6%-$217.3M-88.0%-$115.6M-840.7%-$12.3M-31.0%-$9.4M+88.9%-$84.7M-17.0%-$72.4M-31.3%-$55.1M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

STWD Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STWD annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$1.1B$977.9M+51.2%$646.6M+22.3%$528.6M+147.3%$213.7M+121.6%-$990.0M-194.7%$1.0B+8021.4%-$13.2M-102.3%$585.5M+337.2%-$246.8M-144.3%$556.6M-8.1%$605.7M+174.4%$220.7M-32.4%$326.3M+22.9%$265.6M+234.5%$79.4M
Capital ExpendituresN/A$878.5M$0$0N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Free Cash FlowN/A$99.4M-84.6%$646.6M+22.3%$528.6MN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Investing Cash Flow-$3.3B-$3.8B-281.2%$2.1B+143.7%$855.1M+129.0%-$3.0B+31.1%-$4.3B-369.6%-$911.8M-17.5%-$775.9M+69.2%-$2.5B-143.2%-$1.0B-29.5%-$800.5M-90.6%-$420.0MN/AN/AN/AN/A
Financing Cash Flow$2.4B$2.9B+217.4%-$2.5B-70.9%-$1.5B-152.0%$2.8B-42.6%$4.9B+36586.8%$13.3M-98.5%$876.7M-56.3%$2.0B+91.3%$1.0B+107.3%$505.5M+642.0%-$93.3MN/AN/AN/AN/A
Dividends Paid$699.8M$668.9M+7.9%$620.0M+3.1%$601.2M+1.6%$591.5M+6.8%$553.9M+1.3%$546.9M+1.6%$538.4M+5.6%$510.0M+1.7%$501.7M+9.4%$458.4M+2.6%$446.8M+11.2%$401.7M+33.5%$301.0M+61.7%$186.1M+30.3%$142.9M
Share BuybacksN/AN/AN/AN/A$0$0-100.0%$33.8M$0-100.0%$12.1MN/A$19.7M-59.5%$48.7M+275.2%$13.0MN/AN/A$10.6M

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

STWD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

STWD annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating MarginN/AN/AN/AN/AN/AN/AN/AN/A16.4%-0.6pp17.0%-10.1pp27.1%-4.0pp31.1%-1.0pp32.1%-28.3pp60.4%-0.7pp61.1%
Net Margin22.3%+3.8pp18.5%+1.9pp16.6%-43.0pp59.5%+21.2pp38.3%+9.1pp29.2%-13.4pp42.6%+7.8pp34.8%-10.8pp45.6%-1.0pp46.5%-14.7pp61.3%-9.2pp70.4%+14.9pp55.5%-10.0pp65.5%+7.0pp58.4%
Return on Equity6.1%+0.5pp5.6%+0.2pp5.4%-8.1pp13.5%+6.1pp7.4%0.0pp7.4%-3.5pp10.8%+2.5pp8.4%-0.6pp8.9%+0.9pp8.1%-2.8pp10.9%-1.9pp12.8%+5.7pp7.1%-0.3pp7.4%+0.5pp6.9%
Return on Assets0.7%+0.1pp0.6%+0.1pp0.5%-0.6pp1.1%+0.6pp0.5%+0.1pp0.4%-0.2pp0.7%+0.1pp0.6%-0.1pp0.6%+0.2pp0.5%-0.1pp0.5%+0.1pp0.4%+0.1pp0.3%-4.4pp4.7%+0.6pp4.0%
Debt-to-Equity8.20-0.4x8.60-1.4x10.00-1.1x11.12+10.8x0.30-0.1x0.390.0x0.410.0x0.430.0x0.470.0x0.44+0.1x0.320.0x0.37-24.5x24.86+24.3x0.56-0.1x0.70
FCF Margin5.4%-27.8pp33.2%+7.4pp25.8%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

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Frequently Asked Questions

What is Starwood Prpty's annual revenue?

Starwood Prpty (STWD) reported $1.8B in total revenue for fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Starwood Prpty's revenue growing?

Starwood Prpty (STWD) revenue declined by 5.3% year-over-year, from $1.9B to $1.8B in fiscal year 2025.

Is Starwood Prpty profitable?

Yes, Starwood Prpty (STWD) reported a net income of $411.5M in fiscal year 2025, with a net profit margin of 22.3%.

Starwood Prpty (STWD) reported diluted earnings per share of $1.15 for fiscal year 2025. This represents a 4.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Starwood Prpty (STWD) had a net profit margin of 22.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Starwood Prpty (STWD) paid $1.92 per share in dividends during fiscal year 2025.

Starwood Prpty (STWD) has a return on equity of 6.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Starwood Prpty (STWD) generated $99.4M in free cash flow during fiscal year 2025. This represents a -84.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Starwood Prpty (STWD) generated $977.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Starwood Prpty (STWD) had $63.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Starwood Prpty (STWD) invested $878.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Starwood Prpty (STWD) had 371M shares outstanding as of fiscal year 2025.

Starwood Prpty (STWD) had a debt-to-equity ratio of 8.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Starwood Prpty (STWD) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Starwood Prpty (STWD) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Starwood Prpty (STWD) has an earnings quality ratio of 2.38x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Starwood Prpty (STWD) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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