Whitestone Financials
Whitestone (WSR) reported $160.9M in revenue for fiscal year 2025, up 4.3% 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).
Whitestone REIT’s core mechanic is turning property earnings into cash while slowly reducing leverage through book-value growth rather than major debt repayment.
In FY2025, net income and operating cash flow nearly converged at$49.9M and$50.8M , after a noticeably wider gap in FY2024. That tightening between profit and cash means the latest earnings lift is showing up in spendable cash rather than being explained mainly by non-cash real-estate charges, which improves the quality of reported profitability.
Leverage is easing through equity rebuild, not debt shrinkage. Debt-to-equity fell from 1.5x in FY2023 to 1.4x in FY2025, but long-term debt stayed heavy at
Reported capital spending is extremely light, so cash from operations remains highly distributable instead of being absorbed by recurring reinvestment. In FY2025, dividends used
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 Whitestone'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 Whitestone, and counted as zero in the overall score.
Not available for Whitestone, and counted as zero in the overall score.
Whitestone passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Whitestone generates $1.02 in operating cash flow ($50.8M OCF vs $49.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Whitestone generated $160.9M in revenue in fiscal year 2025. This represents an increase of 4.3% from the prior year.
Whitestone reported $49.9M in net income in fiscal year 2025. This represents an increase of 35.3% from the prior year.
Whitestone earned $0.95 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Whitestone generated $50.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.0% from the prior year.
Whitestone held $4.9M in cash against $649.4M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Whitestone's net profit margin was 31.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.1 percentage points from the prior year.
Whitestone's ROE was 10.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Whitestone spent $2.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 14.1% from the prior year.
Whitestone invested $300K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 50.0% from the prior year.
Not reported for fiscal year 2025.
WSR 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 | $164.2M | $160.9M+4.3% | $154.3M+5.0% | $147.0M+5.4% | $139.4M+11.2% | $125.4M+6.3% | $117.9M-1.1% | $119.3M-0.5% | $119.9M-4.8% | $126.0M+20.6% | $104.4M | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $90.9M+3.1% | $88.2M+3.4% | $85.3M-1.3% | $86.4M-7.4% | $93.3M+173.7% | $34.1M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | $34.5M+15.9% | $29.7M-12.4% | $33.9M+1.4% | $33.5M+2.5% | $32.7M-53.6% | $70.3M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $21.2M-8.5% | $23.2M+12.3% | $20.7M+14.3% | $18.1M-20.2% | $22.6M+6.2% | $21.3M-1.7% | $21.7M-7.0% | $23.3M-2.8% | $23.9M+0.1% | $23.9M+17.8% | $20.3M+33.0% | $15.3M+40.0% | $10.9M+43.3% | $7.6M+14.6% | $6.6M |
| Interest Expense | N/A | $33.7M-1.1% | $34.0M+3.6% | $32.9M+20.9% | $27.2M+10.7% | $24.6M-4.7% | $25.8M-2.0% | $26.3M+4.4% | $25.2M+6.5% | $23.7M+22.9% | $19.2M+29.0% | $14.9M+40.9% | $10.6M+6.1% | $10.0M+16.6% | $8.6M+34.8% | $6.3M |
| Income Tax | N/A | $482K+7.1% | $450K0.0% | $450K+6.6% | $422K+9.6% | $385K+1.6% | $379K-5.3% | $400K+15.3% | $347K-10.1% | $386K+33.6% | $289K-22.3% | $372K+31.9% | $282K-3.8% | $293K+6.5% | $275K+22.2% | $225K |
| Net Income | $50.4M | $49.9M+35.3% | $36.9M+92.4% | $19.2M-45.6% | $35.3M+192.7% | $12.0M+99.7% | $6.0M-74.5% | $23.7M+10.5% | $21.4M+157.2% | $8.3M+5.1% | $7.9M+17.5% | $6.7M-11.0% | $7.6M+99.9% | $3.8M+7488.0% | $50K-95.5% | $1.1M |
| EPS (Diluted) | $0.96 | $0.95+31.9% | $0.72+89.5% | $0.38-46.5% | $0.71+173.1% | $0.26+85.7% | $0.14-75.4% | $0.57+9.6% | $0.52+136.4% | $0.22-15.4% | $0.26+8.3% | $0.24-25.0% | $0.32+60.0% | $0.20 | $0.00-100.0% | $0.12 |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q2 FY2025 through Q1 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.
WSR 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 | $1.2B+3.2% | $1.1B+1.9% | $1.1B+0.9% | $1.1B+0.1% | $1.1B+5.5% | $1.0B-1.1% | $1.1B+2.7% | $1.0B-3.9% | $1.1B+25.1% | $855.2M+9.3% | $782.1M+23.3% | $634.3M+24.9% | $508.0M+31.8% | $385.4M+40.9% | $273.5M |
| Cash & Equivalents | $4.9M-6.4% | $5.2M+14.3% | $4.6M-25.9% | $6.2M-60.8% | $15.7M-39.0% | $25.8M+66.0% | $15.5M+13.7% | $13.7M+172.9% | $5.0M+20.1% | $4.2M+61.1% | $2.6M-38.9% | $4.2M-34.7% | $6.5M-0.8% | $6.5M+14.9% | $5.7M |
| Accounts Receivable | $37.4M+10.7% | $33.8M+10.6% | $30.6M+19.6% | $25.6M+14.2% | $22.4M-2.7% | $23.0M+0.7% | $22.9M+5.6% | $21.6M+2.4% | $21.1M+6.0% | $20.0M+29.0% | $15.5M+30.7% | $11.8M+21.2% | $9.8M+22.9% | $7.9M+31.3% | $6.1M |
| Total Liabilities | $707.4M+2.4% | $690.8M-0.4% | $693.6M+2.3% | $678.3M-3.5% | $703.1M-0.5% | $706.7M+0.5% | $703.2M+5.0% | $669.7M-5.9% | $711.8M+21.1% | $587.6M+9.8% | $535.1M+27.1% | $421.0M+46.7% | $287.1M+35.1% | $212.5M+48.8% | $142.8M |
| Long-Term Debt | $649.4M+2.7% | $632.5M-1.2% | $640.5M+2.3% | $626.0M-2.7% | $643.6M-0.1% | $644.2M-0.1% | $644.7M+4.3% | $618.2M-6.2% | $659.1M+21.1% | $544.0M+9.3% | $498.0M+26.4% | $394.1M+49.1% | $264.3M+38.7% | $190.6M+49.0% | $127.9M |
| Total Equity | $458.1M+4.6% | $438.2M+5.9% | $413.7M-1.1% | $418.4M+6.5% | $392.8M+18.3% | $332.1M-3.8% | $345.3M-1.5% | $350.5M+0.8% | $347.6M+35.9% | $255.7M+5.2% | $243.0M+15.7% | $210.1M-2.7% | $215.8M+30.0% | $166.0M+43.2% | $116.0M |
| Retained Earnings | -$183.6M+10.7% | -$205.6M+5.3% | -$217.0M-2.2% | -$212.4M+5.2% | -$224.0M | 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: Current Assets, Inventory, Goodwill, Current Liabilities.
WSR 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 | $51.3M | $50.8M-12.8% | $58.2M+22.3% | $47.6M+7.1% | $44.4M-5.5% | $47.0M+10.0% | $42.8M-10.4% | $47.7M+20.7% | $39.6M-4.4% | $41.4M+1.8% | $40.6M+12.4% | $36.2M+43.6% | $25.2M+5.5% | $23.9M+112.9% | $11.2M+32.7% | $8.5M |
| Capital Expenditures | N/A | $300K+50.0% | $200K+100.0% | $100K0.0% | $100K-66.7% | $300K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | $50.5M-13.0% | $58.0M+22.2% | $47.5M+7.1% | $44.3M-5.2% | $46.7M+9.3% | $42.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$23.8M | -$21.3M-33.0% | -$16.0M+55.9% | -$36.3M-440.9% | -$6.7M+92.6% | -$91.2M-1316.6% | -$6.4M+84.8% | -$42.4M-493.3% | $10.8M+107.4% | -$144.9M-84.7% | -$78.5M | N/A | N/A | -$124.6M-19.4% | -$104.4M-33.5% | -$78.2M |
| Financing Cash Flow | -$37.2M | -$37.5M-19.1% | -$31.5M-142.2% | -$13.0M+72.5% | -$47.3M-246.3% | $32.3M+224.2% | -$26.0M-534.9% | -$4.1M+90.2% | -$41.8M-139.5% | $105.7M+177.6% | $38.1M | N/A | N/A | $100.7M+7.1% | $94.0M+62.6% | $57.8M |
| Dividends Paid | $28.1M | $27.4M+11.5% | $24.6M+3.7% | $23.7M+3.2% | $23.0M+18.8% | $19.3M-23.3% | $25.2M-44.8% | $45.6M+1.5% | $44.9M+11.0% | $40.5M+26.8% | $31.9M+12.1% | $28.5M+11.4% | $25.5M+25.8% | $20.3M+32.4% | $15.3M+52.6% | $10.0M |
| Share Buybacks | $2.7M | $2.3M-14.1% | $2.6M+403.0% | $525K-2.2% | $537K-22.3% | $691K-66.7% | $2.1M+167.7% | $776K-60.4% | $2.0M-54.8% | $4.3M+9.9% | $3.9M+190.9% | $1.4M+5554.2% | $24K | $0 | $0 | $0 |
TTM is the trailing twelve months, Q2 FY2025 through Q1 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.
WSR 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 27.5%+2.3pp | 25.2%-3.3pp | 28.5%+0.5pp | 27.9%+2.0pp | 25.9%-41.4pp | 67.4% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 31.0%+7.1pp | 23.9%+10.9pp | 13.1%-12.3pp | 25.3%+15.7pp | 9.6%+4.5pp | 5.1%-14.7pp | 19.9%+2.0pp | 17.9%+11.3pp | 6.6%-1.0pp | 7.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 10.9%+2.5pp | 8.4%+3.8pp | 4.6%-3.8pp | 8.4%+5.4pp | 3.1%+1.3pp | 1.8%-5.0pp | 6.9%+0.7pp | 6.1%+3.7pp | 2.4%-0.7pp | 3.1%+0.3pp | 2.8%-0.8pp | 3.6%+1.8pp | 1.8%+1.7pp | 0.0%-0.9pp | 1.0% |
| Return on Assets | 4.3%+1.0pp | 3.3%+1.5pp | 1.7%-1.5pp | 3.2%+2.1pp | 1.1%+0.5pp | 0.6%-1.7pp | 2.2%+0.2pp | 2.1%+1.3pp | 0.8%-0.1pp | 0.9%+0.1pp | 0.9%-0.3pp | 1.2%+0.5pp | 0.8%+0.7pp | 0.0%-0.4pp | 0.4% |
| Debt-to-Equity | 1.420.0x | 1.44-0.1x | 1.55+0.1x | 1.50-0.1x | 1.64-0.3x | 1.94+0.1x | 1.87+0.1x | 1.76-0.1x | 1.90-0.2x | 2.13+0.1x | 2.05+0.2x | 1.88+0.7x | 1.22+0.1x | 1.150.0x | 1.10 |
| FCF Margin | 31.4%-6.2pp | 37.6%+5.3pp | 32.3%+0.5pp | 31.8%-5.5pp | 37.3%+1.0pp | 36.3% | 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: Operating Margin, Current Ratio.
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Where Whitestone Ranks
Frequently Asked Questions
What is Whitestone's annual revenue?
Whitestone (WSR) reported $160.9M in total revenue for fiscal year 2025. This represents a 4.3% 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 Whitestone's revenue growing?
Whitestone (WSR) revenue grew by 4.3% year-over-year, from $154.3M to $160.9M in fiscal year 2025.
Is Whitestone profitable?
Yes, Whitestone (WSR) reported a net income of $49.9M in fiscal year 2025, with a net profit margin of 31.0%.
How much debt does Whitestone have?
As of fiscal year 2025, Whitestone (WSR) had $4.9M in cash and equivalents against $649.4M in long-term debt.
What is Whitestone's net profit margin?
Whitestone (WSR) had a net profit margin of 31.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Whitestone's return on equity (ROE)?
Whitestone (WSR) has a return on equity of 10.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Whitestone's free cash flow?
Whitestone (WSR) generated $50.5M in free cash flow during fiscal year 2025. This represents a -13.0% 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 Whitestone's operating cash flow?
Whitestone (WSR) generated $50.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Whitestone's total assets?
Whitestone (WSR) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Whitestone's capital expenditures?
Whitestone (WSR) invested $300K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Whitestone's debt-to-equity ratio?
Whitestone (WSR) had a debt-to-equity ratio of 1.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Whitestone's return on assets (ROA)?
Whitestone (WSR) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Whitestone's Piotroski F-Score?
Whitestone (WSR) has a Piotroski F-Score of 6 out of 7 computable signals; 2 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 Whitestone's earnings high quality?
Whitestone (WSR) has an earnings quality ratio of 1.02x, 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 Whitestone?
Whitestone (WSR) scores 55 out of 100 on our Financial Health Score, indicating moderate 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.