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Starwood Property Trust

STWD NYSE Mortgage REITs Financials FY2016–FY2025

Starwood Property Trust's revenue fell 5.3% to $1.8 billion in fiscal 2025. Its net margin was 22.3%, up from 18.5% a year earlier. Free cash flow was $99 million, down 84.6%. It paid out $669 million in dividends and buybacks, 673% of free cash flow. The diluted share count rose 9.2%.

Last close · Oct 23, 2026

$12.58

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
5.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$412M
14.3%
Free cash flow Cash from operations minus capital spending.
$99.4M
84.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$4.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.3x
On $0.59 EPS (TTM)

What Starwood Property Trust does

No business description yet.

Legal name
Starwood Property Trust, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001465128-26-000009
0001465128

Revenue and margins

Starwood Property Trust had $1.8B of revenue in fiscal 2025, down 5.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −2.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $99.4M in fiscal 2025, 5.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Starwood Property Trust returned $669M to shareholders in fiscal 2025, 673% of free cash flow. The diluted share count rose 9.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Starwood Property Trust yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 350.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.3x · peers 9.8x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Starwood Property Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $217M$261M$195M$378M$500M
Interest coverage 2.1x2.3x1.3x1.3x1.4x
Total assets $83.9B$79.0B$69.5B$62.6B$63.2B
Total liabilities $77.2B$71.8B$62.5B$55.4B$55.7B
Shareholders' equity $6.1B$6.5B$6.3B$6.4B$6.8B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Apr 1, 2026 Jeffrey G. DishnerDirector Sold 7,013 $17.13 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −0.3%−0.4%−0.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Starwood Property Trust STWD $4.6B −5.3% — 5.4% — 21.3x —
AGNC Investment AGNC $10.3B 19.5% — — — 4.6x — Compare →
Annaly Capital Management NLY $13.6B 23.1% — — — 4.5x — Compare →
Kinsale Capital Group KNSL $8.2B 18.0% — 52.8% 28.7% 15.9x — Compare →
RLI RLI $6.0B 6.3% — 32.3% — 15.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $785M $880M $1.1B $1.2B $1.1B $1.2B $1.5B $2.0B $1.9B $1.8B
Operating income $134M $145M — — — — — — — —
Interest expense $231M $296M $408M $509M $420M $445M $797M $1.4B $1.3B $1.2B
Pretax income $376M $444M $427M $550M $386M $501M $998M $418M $406M $480M
Income tax $8.3M $31.5M $15.3M $13.2M $20.2M $8.7M −$61.5M −$0.7M $25.4M $36.7M
Net income $365M $401M $386M $510M $332M $448M $872M $339M $360M $412M
Diluted EPS $1.50 $1.52 $1.42 $1.79 $1.16 $1.52 $2.74 $1.07 $1.10 $1.15
Diluted shares 0.24B 0.26B 0.29B 0.29B 0.28B 0.30B 0.32B 0.31B 0.32B 0.35B
Cash flow
Cash from operations $557M −$247M $586M −$13.2M $1.0B −$990M $214M $529M $647M $978M
Capital expenditure $16.0M $574M $54.8M $30.9M $25.2M $26.3M $25.2M $0.0M $0.0M $879M
Free cash flow $541M −$821M $531M −$44.1M $1.0B −$1.0B $189M $529M $647M $99.4M
Depreciation and amortization $66.8M $93.6M $133M $113M $94.4M $83.0M $49.3M $49.1M $41.3M $79.0M
Stock-based compensation $49.1M $39.2M $43.5M $46.2M $65.7M $74.4M $65.1M $52.9M $59.4M $61.0M
Acquisitions $850M $17.6M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $19.7M $0.0M $12.1M $0.0M $33.8M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $458M $502M $510M $538M $547M $554M $592M $601M $620M $669M
Dividends and buybacks $478M $502M $522M $538M $581M $554M $591M $601M $620M $669M
Balance sheet
Cash and short-term investments $616M $369M $240M $478M $563M $217M $261M $195M $378M $500M
Total debt $2.0B $2.1B $2.0B $1.9B $1.7B — — — — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $14.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $77.3B $62.9B $68.3B $78.0B $80.9B $83.9B $79.0B $69.5B $62.6B $63.2B
Total liabilities $72.7B $58.4B $63.4B $72.9B $76.0B $77.2B $71.8B $62.5B $55.4B $55.7B
Shareholders' equity $4.5B $4.5B $4.6B $4.7B $4.5B $6.1B $6.5B $6.3B $6.4B $6.8B
Margins
Operating margin 17.0% 16.4% — — — — — — — —
EBITDA margin 25.5% 27.1% 87.2% 98.0% 79.3% 88.0% 125.9% 92.8% 89.5% 94.8%
Net margin 46.5% 45.6% 34.8% 42.6% 29.2% 38.3% 59.5% 16.6% 18.5% 22.3%
FCF margin 68.9% −93.3% 47.8% −3.7% 89.8% −86.9% 12.9% 25.8% 33.2% 5.4%
Returns
Return on equity 8.4% 8.9% 8.5% 11.0% 7.2% 8.5% 13.9% 5.3% 5.7% 6.2%
Return on assets 0.5% 0.6% 0.6% 0.7% 0.4% 0.5% 1.1% 0.5% 0.6% 0.7%
Growth
Revenue growth 6.6% 12.1% 26.1% 7.9% −5.0% 3.0% 25.2% 40.0% −5.0% −5.3%
Net income growth −19.0% 9.7% −3.7% 32.1% −34.9% 35.0% 94.6% −61.1% 6.1% 14.3%
EPS growth −21.5% 1.3% −6.6% 26.1% −35.2% 31.0% 80.3% −61.0% 2.8% 4.6%
FCF growth −10.5% −251.8% — −108.3% — −199.6% — 180.4% 22.3% −84.6%
Share count change 3.3% 8.4% 10.1% 0.4% −2.5% 5.1% 6.4% −1.7% 3.2% 9.2%
Financial health
Net debt / EBITDA 7.0x 7.4x 1.8x 1.2x 1.3x — — — — —
Debt / equity 0.4x 0.5x 0.4x 0.4x 0.4x — — — — —
Interest coverage 0.6x 0.5x 2.0x 2.1x 1.9x 2.1x 2.3x 1.3x 1.3x 1.4x
Capital allocation
Capex / revenue 2.0% 65.2% 4.9% 2.6% 2.2% 2.3% 1.7% 0.0% 0.0% 47.6%
Stock comp / revenue 6.3% 4.5% 3.9% 3.9% 5.8% 6.4% 4.4% 2.6% 3.1% 3.3%
Payouts / FCF 88.4% — 98.4% — 56.9% — 313.7% 113.7% 95.9% 673.2%
Quality scores
Accruals ratio −0.2% 0.9% −0.3% 0.7% −0.9% 1.8% 0.8% −0.3% −0.4% −0.9%

Source: SEC EDGAR XBRL filings (CIK 0001465128). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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