Starwood Property Trust, Inc.STWD
NYSE•Real Estate•REIT - Mortgage
Starwood Property Trust, Inc. operates as a real estate investment trust (REIT) in the United States and internationally. It operates through four segments: Commercial and Residential Lending; Infrastructure Lending; Property; and Investing and Servicing. The Commercial and Residential Lending segment originates, acquires, finances, and manages commercial first mortgages, non-agency residential mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (CMBS), and residential mortgage-backed securities, as well as other real estate and real estate-related debt investments, including distressed or non-performing loans. Its Infrastructure Lending segment originates, acquires, finances, and manages infrastructure debt investments. The Property segment engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate properties, including multifamily properties, multi-tenant medical office net lease properties and diversified single-tenant triple net lease properties that are held for investment. Its Investing and Servicing segment manages and works out problem assets; acquires and manages unrated, investment grade, and non-investment grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions; originates conduit loans for the primary purpose of selling these loans into securitization transactions; and acquires commercial real estate assets that include properties acquired from CMBS trusts. The company qualifies as a REIT for federal income tax purposes and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Starwood Property Trust, Inc. was incorporated in 2009 and is headquartered in Miami Beach, Florida.
STARWOOD PROPERTY TRUST, INC. S (STWD) reported trailing twelve months revenue of $1.94B as of March 2026, a 5.2% increase year-over-year. Quarterly revenue reached $512.46M, reflecting continued top-line momentum.
STARWOOD PROPERTY TRUST, INC. S generated $351.17M in TTM net income, with quarterly EBITDA of $65.88M. The operating margin contracted from 8.1% to 6.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.3%) and net margin (10.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 26.8% a year ago, reflecting increased costs or interest expense.
STWD trades at a P/E of 17.4x (in line with broad market averages) and a P/S of 3.2x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company reported negative free cash flow of $-55.78M, indicating cash consumption over the period. The balance sheet shows $62.09B in total assets with no in long-term debt against $6.67B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 1.1%. The business may lack pricing power or face rising costs.'
ROE is positive at ~5.6% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 17.0% — significant dilution, likely from stock compensation or capital raises.