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The following description of our business should be read in conjunction with the information included elsewhere in this Form 10 K for the year ended December 31, 2025. References in this Form 10 K to we, our, us, or the Company refer to Starwood Property Trust, Inc. and its subsidiaries.
$16.93
$0.17 (-0.99%)
Price from 2 days ago
Operating margin is thin at 2.62%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 3.0%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 85% versus the prior year, cash generation momentum has weakened. Net debt of $12.25B represents 123.3x FCF, leverage limits flexibility.
17.8x earnings, 62.5x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.93B
▲ +3.0% YoY
Net Income (TTM)
$351M
▲ +14.3% YoY
Op. Margin
2.27%
▲ +13.9pp YoY
ROIC
0.17%
▲ +1.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$99M
▼ -84.6% YoY
Op. Cash Flow (TTM)
$833M
▲ +51.2% YoY
Net Debt
$13.48B
Cash & Equiv.
$290M
5Y CAGR: +11.0%
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