NYSE · Financial Statements

Starwood Property Trust, Inc. (STWD) Financial Statements

$16.64 NYSE: STWD Market Cap $6.17B

Starwood Property Trust, Inc. most recently reported annual revenue of $1.9B, net profit of $412.0M. Revenue grew at an average annual rate of 10.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Starwood Property Trust, Inc.: Revenue rose from $786.0M in 2016 to $1.9B in 2025, a change of +139.2% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 78.2% to 76.2%, a shift of -2.0 percentage points; the most recent year shows net profit of $412.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$786.0M$881.0M$1.1B$1.3B$1.1B$1.2B$1.6B$2.1B$2.0B$1.9B
Operating Expenses$172.0M$473.0M$494.0M$451.0M$494.0M$391.0M$491.0M$638.0M$397.0M$447.0M
Operating Profit$615.0M$407.0M$619.0M$867.0M$644.0M$798.0M$1.1B$1.4B$1.6B$1.4B
Operating Margin78.2%46.3%55.6%65.8%56.6%67.1%68.4%68.9%80.5%76.2%
Other Income$-239.0M$37.0M$-193.0M$-317.0M$-257.0M$-296.0M$-65.0M$-997.0M$-1.2B$-953.0M
Interest$231.0M$296.0M$408.0M$509.0M$420.0M$445.0M$797.0M$1.4B$1.3B$1.3B
Depreciation$67.0M$94.0M$133.0M$113.0M$96.0M$84.0M$51.0M$51.0M$43.0M$82.0M
Profit Before Tax$376.0M$444.0M$427.0M$550.0M$386.0M$501.0M$998.0M$417.0M$406.0M$480.0M
Tax$2.2M$7.1M$3.6M$2.4M$5.2M$1.7M$-6.2M$-160,000$6.3M$7.7M
Net Profit$365.0M$401.0M$386.0M$510.0M$332.0M$448.0M$871.0M$339.0M$360.0M$412.0M
EPS$1.50$1.52$1.40$1.79$1.16$1.52$3.09$1.07$1.12$1.22
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$520.0M$532.0M$518.0M$615.0M$490.0M$488.0M$448.0M$418.0M$476.0M$490.0M$506.0M$513.0M
Operating Expenses$217.0M$123.0M$123.0M$79.0M$80.0M$135.0M$103.0M$73.0M$183.0M$93.0M$99.0M$167.0M
Operating Profit$303.0M$409.0M$395.0M$536.0M$410.0M$353.0M$345.0M$345.0M$293.0M$397.0M$407.0M$346.0M
Operating Margin58.3%76.9%76.3%87.1%83.6%72.3%77.0%82.6%61.5%81.1%80.5%67.5%
Interest$363.0M$368.0M$369.0M$356.0M$344.0M$338.0M$310.0M$292.0M$316.0M$335.0M$334.0M$329.0M
Profit Before Tax$224.0M$40.0M$103.0M$161.0M$94.0M$83.0M$69.0M$120.0M$135.0M$93.0M$131.0M$53.0M
Tax$540,000$-28.5M$17.8M$750,000$17.0M$12.7M$-3.1M$3.1M$500,000$14.3M$14.4M$-7.4M
Net Profit$169.0M$47.0M$71.0M$154.0M$78.0M$76.0M$52.0M$112.0M$130.0M$73.0M$97.0M$52.0M
EPS$0.54$0.15$0.22$0.48$0.24$0.23$0.14$0.33$0.38$0.22$0.30$0.15

Over the 10 years reported for Starwood Property Trust, Inc., borrowings increased from $6.2B in 2016 to $22.1B in 2025, cash stood at $499.0M in the latest year, shareholders' equity was $4.0M, current assets covered current liabilities 0.09 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$77.3B$62.9B$68.3B$78.0B$80.9B$83.8B$79.0B$69.5B$62.6B$63.2B
Current Assets$1.5B$1.1B$1.2B$0$659.0M$0$0$459.0M$0$926.0M
Cash$616.0M$369.0M$240.0M$574.0M$563.0M$217.0M$261.0M$195.0M$378.0M$499.0M
Inventory$-89.0M$-34.0M$-53.0M$0$0$0$0$0$0$0
Receivables$28.0M$48.0M$60.0M$64.0M$96.0M$116.0M$169.0M$201.0M$168.0M$163.0M
Fixed Assets$1.9B$2.6B$2.8B$0$2.3B$0$0$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$1.0B$904.0M$1.1B$0$845.0M$2.1B$2.8B$2.9B$2.8B$23.3B
Other Assets$140.0M$140.0M$260.0M$0$260.0M$260.0M$260.0M$260.0M$260.0M$260.0M
Total Liabilities$72.7B$58.4B$63.4B$72.9B$76.0B$77.2B$71.8B$62.5B$55.4B$55.7B
Current Liabilities$66.5B$51.1B$53.5B$0$1.6B$0$0$1.3B$0$10.1B
Borrowings$6.2B$8.0B$10.8B$11.8B$7.0B$7.5B$9.7B$8.9B$9.0B$22.1B
Other Liabilities$66.5B$50.4B$52.6B$61.1B$69.0B$69.7B$62.1B$53.6B$46.4B$33.6B
Equity$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M$4.0M
Reserves$4.5B$4.5B$4.6B$4.7B$4.5B$6.1B$6.5B$6.3B$6.4B$6.8B

For Starwood Property Trust, Inc., operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was $709.0M; free cash flow was positive in 7 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$557.0M$-247.0M$585.0M$-13.0M$1.0B$-990.0M$214.0M$529.0M$647.0M$978.0M
Investing Cash Flow$-580.0M$-1.6B$-2.6B$-807.0M$-937.0M$-4.3B$-3.0B$830.0M$2.1B$-4.0B
Financing Cash Flow$4.0M$-27.0M$-229.0M$107.0M$-68.0M$223.0M$-4.0M$106.0M$-48.0M$31.0M
Net Cash Flow$247.0M$-232.0M$70.0M$86.0M$148.0M$-400.0M$60.0M$-70.0M$242.0M$121.0M
Free Cash Flow$789.0M$-821.0M$531.0M$-44.0M$1.0B$-1.0B$189.0M$504.0M$619.0M$709.0M

Valuation & Return Ratios

MetricValue
PEG Ratio1.50
EV / EBITDA15.84
FCF Yield7.83%
Quick Ratio0.08
Interest Coverage1.10
Return 1Y-12.55%
Return 3Y5.99%
Return 5Y-0.05%

Starwood Property Trust, Inc. (STWD) financials — frequently asked questions

What is Starwood Property Trust, Inc.'s annual revenue?

Starwood Property Trust, Inc. (STWD) reported annual revenue of $1.9B in its most recent fiscal year.

What is Starwood Property Trust, Inc.'s net profit?

Starwood Property Trust, Inc. (STWD) reported net profit of $412.0M in its most recent fiscal year.

What is STWD EV/EBITDA?

Starwood Property Trust, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 15.84.

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