STWD Real Estate

Starwood Property Trust, Inc.

$12.53-0.63%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Real Estate
Industry: REIT - Mortgage
Country: United States
Market cap: 4.8B USD
Enterprise value: 29.0B USD
Full-time employees: 324

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.75)bigger price swings (beta 1.03 vs peers 0.75)
Drawback: more debt relative to equity (3.31× vs a peer median of 0.80×)more debt vs equity (3.31× vs peers 0.80×)
About average: growth and risk (debt, liquidity and share-price swings)growth and risk
Not enough data: valuation

Would rank #541 of 632 fully scored real estate companies (bottom 15%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 19% from December 2022 to July 2026.
Starwood Property Trust had 19% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Starwood Property Trust had 19% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Returning more cash than it generates. Paid out $1.9B vs $1.3B of free cash flow over the 3 fiscal years to 2025.
Starwood Property Trust returned $1.9B to shareholders over three years, 148% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Much more borrowing than peers. Debt is 3.3× equity vs a peer median of 0.8×.Debt is 3.3× equity vs peers 0.8×.
Debt is 3.3× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.3× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Operating margin at a 6-year high. 72% in 2025, the best of the last 6 years.
Starwood Property Trust kept 72% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

StockQuotient Score

31/ 100

Oct 5 31 → Nov 4 31

Valuation

Is the price right?

Insufficient data

Insufficient data: 1 of 2 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Growth

Is it growing?

41/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.6%

Why

Mixed versus peers:

▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-38.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.61Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth2.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.14Sector median: 0.0378 · MAD: 0.0744

Revenue growth11.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.95Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

16/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

Net margin fell 6.8 points to 11.4%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2683 · MAD: 0.2257

Return on assets0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.29Sector median: 0.0211 · MAD: 0.0134

Return on invested capital-0.1%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -1.77Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity3.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 37 → 36

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.03

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.87Sector median: 0.7490 · MAD: 0.3270

Current ratio12.87×

Yahoo Finance fallback · SEC figure unavailable or out of dateOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.31Sector median: 1.1950 · MAD: 0.7210

Debt / equity3.31×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -6.44Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Starwood Property Trust

Is Starwood Property Trust getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: net margin fell 6.8 points to 11.4%. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is Starwood Property Trust valued vs its peers?: Insufficient data: 1 of 2 inputs reported (at least 2 needed).
Is Starwood Property Trust growing?: At about the same pace as its peers. Growth scores 41/100 against 762 real estate peers. Revenue growth 11.8% vs a peer median of 3.0% (stronger than 75% of peers).Revenue growth 11.8% vs peers 3.0% (stronger than 75% of peers). Earnings per share growth -38.9% vs a peer median of 11.2% (weaker than 84% of peers).Earnings per share growth -38.9% vs peers 11.2% (weaker than 84% of peers).
How profitable is Starwood Property Trust?: Less profitable than most of its peers. Profitability scores 16/100 against 762 real estate peers. Return on invested capital -0.1% vs a peer median of 3.4% (weaker than 86% of peers).Return on invested capital -0.1% vs peers 3.4% (weaker than 86% of peers).
How risky is Starwood Property Trust?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 12.87× vs a peer median of 1.20× (stronger than 95% of peers).Current ratio 12.87× vs peers 1.20× (stronger than 95% of peers). Debt / equity 3.31× vs a peer median of 0.80× (weaker than 92% of peers).Debt / equity 3.31× vs peers 0.80× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Net margin fell 6.8 points to 11.4%

Worth watching: Starwood Property Trust is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.9B USD	2.0B USD	+3.6%
Net income (12 months)	351.2M USD	227.9M USD	−35.1%
Cash	290.3M USD	367.6M USD	+26.6%
Shares outstanding	370.7M	370.2M	−0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Mortgage companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	15.5%	67.5%	67.7%	67.5%	72.4%	▲ 4.9 pts
Net margin	38.3%	59.5%	16.5%	18.5%	22.3%	▲ 3.8 pts
Return on assets (ROA)	0.5%	1.1%	0.5%	0.6%	0.7%	▲ 0.1 pts
Return on equity (ROE)	7.4%	13.5%	5.4%	5.6%	6.1%	▲ 0.5 pts
Free cash flow margin	-86.9%	12.9%	25.8%	33.2%	5.4%	▼ 28 pts
Debt to equity	—	—	—	—	—	—
Interest coverage	0.41×	1.24×	0.97×	0.97×	1.05×	▲ 7.3%

STWD price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

Dear Life Co.,Ltd.3245.T95/ 100

Sakura Development Co.,Ltd2539.TW94/ 100

Millrose Properties, Inc.MRP94/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.75)bigger price swings (beta 1.03 vs peers 0.75)

Drawback: more debt relative to equity (3.31× vs a peer median of 0.80×)more debt vs equity (3.31× vs peers 0.80×)

About average: growth and risk (debt, liquidity and share-price swings)growth and risk

Not enough data: valuation

Would rank #541 of 632 fully scored real estate companies (bottom 15%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 19% from December 2022 to July 2026.

Starwood Property Trust had 19% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Starwood Property Trust had 19% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Returning more cash than it generates. Paid out $1.9B vs $1.3B of free cash flow over the 3 fiscal years to 2025.

Starwood Property Trust returned $1.9B to shareholders over three years, 148% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Much more borrowing than peers. Debt is 3.3× equity vs a peer median of 0.8×.Debt is 3.3× equity vs peers 0.8×.

Debt is 3.3× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.3× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Operating margin at a 6-year high. 72% in 2025, the best of the last 6 years.

Starwood Property Trust kept 72% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Questions investors ask about Starwood Property Trust

Is Starwood Property Trust getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: net margin fell 6.8 points to 11.4%. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is Starwood Property Trust valued vs its peers?

Insufficient data: 1 of 2 inputs reported (at least 2 needed).

Is Starwood Property Trust growing?

At about the same pace as its peers. Growth scores 41/100 against 762 real estate peers. Revenue growth 11.8% vs a peer median of 3.0% (stronger than 75% of peers).Revenue growth 11.8% vs peers 3.0% (stronger than 75% of peers). Earnings per share growth -38.9% vs a peer median of 11.2% (weaker than 84% of peers).Earnings per share growth -38.9% vs peers 11.2% (weaker than 84% of peers).

How profitable is Starwood Property Trust?

Less profitable than most of its peers. Profitability scores 16/100 against 762 real estate peers. Return on invested capital -0.1% vs a peer median of 3.4% (weaker than 86% of peers).Return on invested capital -0.1% vs peers 3.4% (weaker than 86% of peers).

How risky is Starwood Property Trust?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 12.87× vs a peer median of 1.20× (stronger than 95% of peers).Current ratio 12.87× vs peers 1.20× (stronger than 95% of peers). Debt / equity 3.31× vs a peer median of 0.80× (weaker than 92% of peers).Debt / equity 3.31× vs peers 0.80× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.9B USD

2.0B USD

+3.6%

Net income (12 months)

351.2M USD

227.9M USD

−35.1%

Cash

290.3M USD

367.6M USD

+26.6%

Shares outstanding

370.7M

370.2M

−0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

15.5%

67.5%

67.7%

67.5%

72.4%

▲ 4.9 pts

Net margin

38.3%

59.5%

16.5%

18.5%

22.3%

▲ 3.8 pts

Return on assets (ROA)

0.5%

1.1%

0.5%

0.6%

0.7%

▲ 0.1 pts

Return on equity (ROE)

7.4%

13.5%

5.4%

5.6%

6.1%

▲ 0.5 pts

Free cash flow margin

-86.9%

12.9%

25.8%

33.2%

5.4%

▼ 28 pts

Debt to equity

—

Interest coverage

0.41×

1.24×

0.97×

1.05×

▲ 7.3%