Starwood Property Trust Inc (Maryland) STWD

FinancialsResidential & Commercial REITsUnited States of America

Last close 12.61 USD on Nov 2, 2026, −23.3% year to date

Quant rating

Quant rating C Rank 403 of 799 in Financials

Growth B 145 of 799
Valuation B 238 of 799
Quality B 222 of 799
Revisions B 189 of 799
Momentum D 766 of 799

Wall Street consensus Buy (2.11)Average target 19.44 USD +54.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.7B
Enterprise value: 28.7B
52-week range: 11.84 – 18.66
3-year range: 11.84 – 22.14
Dividend yield: 15.74%
Beta (5 years): 1.07
Shares outstanding: 370M
Next earnings: Nov 6, 2026

About the company

Starwood Property Trust, Inc. is a real estate investment trust. The Company's segments include Commercial and Residential Lending, Infrastructure Lending, Property, and Investing and Servicing. The Commercial and Residential Lending segment is engaged in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities, residential mortgage-backed securities and other real estate and real estate-related debt investments in the United States, Europe and Australia. The Infrastructure Lending Segment is engaged in originating, acquiring, financing and managing infrastructure debt investments. The Property Segment is engaged in acquiring and managing equity interests in stabilized commercial real estate properties. Investing and Servicing segment includes a servicing business in the United States, an investment business, and a mortgage loan business.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,899	1,988	2,341	2,220	1,177	–
Revenue growth	−4.5%	−15.1%	5.4%	88.7%	3.6%	10.8%
EPS (basic, normalized)	1.69	2.02	2.05	2.28	2.63	–
EPS growth	−16.3%	−1.5%	−10.1%	−13.3%	–	–
Gross margin	25.5%	25.8%	33.4%	57.9%	49.6%	38.5%
Net margin	21.2%	17.7%	14.2%	38.5%	37.5%	25.8%
ROE	6.2%	5.7%	5.3%	13.9%	8.5%	7.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	368
Current ratio	–
Long-term debt (mil)	23,067
Net debt (mil)	24,011
Total equity (mil)	6,499
Net debt / equity	3.69x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,899	−4.5%	15.1x	–	–	–	1.69	−16.3%	7.5x
2026	2,124	+11.9%	13.5x	1,574	–	18.2x	1.56	−7.4%	8.1x
2027	1,996	−6.0%	14.4x	1,819	+15.6%	15.8x	1.89	+20.9%	6.7x
2028	2,520	+26.2%	11.4x	1,913	+5.1%	15.0x	1.94	+2.3%	6.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,124	0.0%	−0.4%	+1.5%	1.56	+0.2%	−6.8%	−13.1%
2027	1,996	0.0%	−0.1%	+10.1%	1.89	+0.6%	−1.4%	−2.0%
2028	2,520	0.0%	−1.3%	−1.5%	1.94	0.0%	+0.1%	−4.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	523	525	480	454	418	444	489	493	512	514
Sales mean (mil)	541	519	514	478	453	454	473	489	511	522
Surprise	−3.3%	+1.1%	−6.7%	−4.9%	−7.7%	−2.0%	+3.4%	+0.8%	+0.2%	−1.6%
EPS reported	0.59	0.48	0.48	0.48	0.45	0.43	0.40	0.42	0.39	0.40
EPS mean	0.47	0.49	0.47	0.47	0.45	0.38	0.44	0.42	0.42	0.41
Surprise	+25.2%	−1.1%	+2.1%	+3.2%	+0.4%	+12.8%	−9.1%	0.0%	−8.1%	−1.5%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
STWD Starwood Property Trust Inc (Maryland)	4.7B	–	21.2%	0.72x	8.1x	6.7x	18.2x	15.8x
NLY Annaly Capital Management, Inc.	14.6B	–	26.2%	0.92x	5.9x	6.0x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.1B	–	32.5%	0.95x	5.6x	5.9x	63.9x	63.6x
VNO Vornado Realty Trust	6.5B	11.97x	46.6%	1.13x	−72.1x	112.8x	18.3x	17.3x
RITM Rithm Capital Corp.	5.3B	–	11.9%	0.61x	4.1x	4.1x	–	–
DX Dynex Capital, Inc.	2.7B	–	57.9%	0.90x	7.4x	6.4x	–	–
Mean		11.97x	32.7%	0.87x	−6.8x	23.6x	31.1x	29.0x
Median		11.97x	29.4%	0.91x	5.8x	6.2x	21.2x	18.3x

Technical analysis

1M−3.4%
3M−18.3%
1Y−22.0%
3Y−8.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Starwood Property Trust Inc (Maryland), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,899	1,988	2,341	2,220	1,177	1,136
Cost of revenue	1,414	1,475	1,560	934	593	529
Gross profit	485	514	782	1,286	583	607
Selling, general & administrative expenses	270	267	243	238	302	294
Research & development	–	–	–	–	–	–
Depreciation/amortization	79.0	41.3	49.1	49.3	83.0	94.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−17.7	3.9	127	4.6	8.6	7.2
Other operating expenses	23.7	199	246	47.9	9.0	44.0
Operating income	130	2.3	117	946	180	168
Net interest income (expense)	382	414	311	145	328	218
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−33.0	−10.4	−10.6	−93.7	−7.3	0.3
Net income before taxes	480	406	417	998	501	386
Provision for taxes	36.7	25.4	−0.7	−61.5	8.7	20.2
Minority interest	−31.5	−20.6	−78.9	−188	−44.7	−34.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	412	360	339	871	448	332
Extraordinary items	–	–	–	–	–	–
Net income	412	360	339	871	448	332
EBIT, normalized	113	6.2	244	951	189	175
EBITDA, normalized	192	46.7	293	1,000	270	269
Basic EPS, normalized	1.69	2.02	2.05	2.28	2.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Starwood Property Trust Inc (Maryland), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	499	378	195	261	217	563
Receivables	163	168	201	169	116	96.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	5,244	3,447	3,059	3,211	2,207	2,271
Goodwill	260	260	260	260	260	260
Intangibles	436	60.7	65.0	68.8	63.6	70.1
Long-term investments	386	633	826	908	951	845
Note receivable	21,186	17,953	20,220	21,186	18,414	12,140
Other long-term assets	35,671	40,203	45,074	53,410	61,956	65,288
Total assets	63,183	62,556	69,504	79,043	83,850	80,874
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	431	435	293	299	190	207
Accrued expenses	55.0	–	–	–	–	–
Short-term debt	1,054	1,056	1,326	1,874	2,068	657
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	21,055	16,287	18,386	18,633	14,953	12,153
Minority interest	694	756	772	736	576	374
Other liabilities	34,639	39,076	44,096	53,212	62,248	63,858
Total liabilities	56,388	56,119	63,253	72,581	77,778	76,385
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.8	3.4	3.2	3.2	3.1	2.9
Additional paid-in capital	6,957	6,323	5,865	5,807	5,673	5,210
Retained earnings (accumulated deficit)	−39.0	235	506	769	493	−630
Treasury stock	−138	−138	−138	−138	−138	−138
Other equity	11.6	13.6	15.4	21.0	41.0	44.0
Total equity	6,796	6,437	6,251	6,462	6,073	4,489
Total liabilities & shareholders' equity	63,183	62,556	69,504	79,043	83,850	80,874

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Starwood Property Trust Inc (Maryland), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	443	381	418	1,059	492	366
Depreciation, depletion & amortization	84.8	46.3	54.3	53.9	84.6	94.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	226	64.4	92.4	−594	−139	35.0
Changes in working capital	224	155	−36.2	−306	−1,428	550
Cash from operations	978	647	529	214	−990	1,046
Investing activities
Capital expenditures	–	–	0	0	−28.1	–
Other investing cash flows	−3,776	2,084	855	−2,950	−4,254	−912
Cash from investing	−3,776	2,084	855	−2,950	−4,282	−912
Financing activities
Financing cash flow items	−51.2	−47.8	106	−5.0	223	−35.0
Cash dividends paid	−669	−620	−601	−591	−554	−547
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3,640	−1,818	−959	3,394	5,204	595
Cash from financing	2,920	−2,486	−1,455	2,798	4,873	13.3
Foreign exchange effects	−0.3	−2.6	0.7	−1.1	−1.7	1.1
Net change in cash	121	242	−70.2	60.2	−400	148
Free cash flow	978	647	529	214	−1,018	1,046

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.