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).
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:
Operating cash flow reached
Financial Health Signals
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.
Not available for Starwood Prpty, and counted as zero in the overall score.
Not available for Starwood Prpty, and counted as zero in the overall score.
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.
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
Earnings & Revenue
Starwood Prpty generated $1.8B in revenue in fiscal year 2025. This represents a decrease of 5.3% from the prior year.
Starwood Prpty reported $411.5M in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.
Starwood Prpty earned $1.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
Starwood Prpty held $499.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Starwood Prpty paid $1.92 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Starwood Prpty invested $878.5M in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | $140.4M | N/A | N/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 Debt | N/A | N/A | N/A | N/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% | $1.4B | N/A | N/A | N/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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 Expenditures | N/A | $878.5M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | $99.4M-84.6% | $646.6M+22.3% | $528.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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% | -$420.0M | N/A | N/A | N/A | N/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% | -$93.3M | N/A | N/A | N/A | N/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 Buybacks | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $33.8M | $0-100.0% | $12.1M | N/A | $19.7M-59.5% | $48.7M+275.2% | $13.0M | N/A | N/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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16.4%-0.6pp | 17.0%-10.1pp | 27.1%-4.0pp | 31.1%-1.0pp | 32.1%-28.3pp | 60.4%-0.7pp | 61.1% |
| Net Margin | 22.3%+3.8pp | 18.5%+1.9pp | 16.6%-43.0pp | 59.5%+21.2pp | 38.3%+9.1pp | 29.2%-13.4pp | 42.6%+7.8pp | 34.8%-10.8pp | 45.6%-1.0pp | 46.5%-14.7pp | 61.3%-9.2pp | 70.4%+14.9pp | 55.5%-10.0pp | 65.5%+7.0pp | 58.4% |
| Return on Equity | 6.1%+0.5pp | 5.6%+0.2pp | 5.4%-8.1pp | 13.5%+6.1pp | 7.4%0.0pp | 7.4%-3.5pp | 10.8%+2.5pp | 8.4%-0.6pp | 8.9%+0.9pp | 8.1%-2.8pp | 10.9%-1.9pp | 12.8%+5.7pp | 7.1%-0.3pp | 7.4%+0.5pp | 6.9% |
| Return on Assets | 0.7%+0.1pp | 0.6%+0.1pp | 0.5%-0.6pp | 1.1%+0.6pp | 0.5%+0.1pp | 0.4%-0.2pp | 0.7%+0.1pp | 0.6%-0.1pp | 0.6%+0.2pp | 0.5%-0.1pp | 0.5%+0.1pp | 0.4%+0.1pp | 0.3%-4.4pp | 4.7%+0.6pp | 4.0% |
| Debt-to-Equity | 8.20-0.4x | 8.60-1.4x | 10.00-1.1x | 11.12+10.8x | 0.30-0.1x | 0.390.0x | 0.410.0x | 0.430.0x | 0.470.0x | 0.44+0.1x | 0.320.0x | 0.37-24.5x | 24.86+24.3x | 0.56-0.1x | 0.70 |
| FCF Margin | 5.4%-27.8pp | 33.2%+7.4pp | 25.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
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Where Starwood Prpty Ranks
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%.
What is Starwood Prpty's net profit margin?
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.
Does Starwood Prpty pay dividends?
Yes, Starwood Prpty (STWD) paid $1.92 per share in dividends during fiscal year 2025.
What is Starwood Prpty's return on equity (ROE)?
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.
What is Starwood Prpty's free cash flow?
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.
What is Starwood Prpty's operating cash flow?
Starwood Prpty (STWD) generated $977.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Starwood Prpty's total assets?
Starwood Prpty (STWD) had $63.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Starwood Prpty's capital expenditures?
Starwood Prpty (STWD) invested $878.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Starwood Prpty's debt-to-equity ratio?
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.
What is Starwood Prpty's return on assets (ROA)?
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.
What is Starwood Prpty's Piotroski F-Score?
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.
Are Starwood Prpty's earnings high quality?
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.
How financially healthy is Starwood Prpty?
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.