STAG Industrial, Inc.STAG
NYSE•Real Estate•REIT - Industrial
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, development, ownership, and operation of industrial properties throughout the United States. As of December 31, 2025, the Company's portfolio consists of 601 buildings in 41 states with approximately 120.0 million rentable square feet. STAG Industrial, Inc. was incorporated in 2010 and is based in Boston, United States.
Stag Industrial, Inc. (STAG) reported trailing twelve months revenue of $863.82M as of March 2026, a 10.0% increase year-over-year. Quarterly revenue reached $224.21M, reflecting continued top-line momentum.
Stag Industrial, Inc. generated $244.12M in TTM net income, with quarterly EBITDA of $162.60M. The operating margin expanded from 36.1% to 37.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (37.5%) and net margin (27.7%) indicates moderate non-operating costs. Net margin has narrowed from 44.5% a year ago, reflecting increased costs or interest expense.
STAG trades at a P/E of 29.2x (in line with broad market averages) and a P/S of 8.2x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $76.11M in free cash flow over the trailing twelve months, a 33.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $7.18B in total assets with $3.20B in long-term debt against $3.59B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~36.3%, suggesting durable pricing power and cost discipline.
ROE is positive at ~6.5% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~16.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~37.8% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 5.0% — mild dilution. Compare to earnings growth to assess net per-share impact.