Starwood Property Trust IncStarwood Property Trust Inc
Starwood Property Trust Inc

Starwood Property Trust Inc

STWD
Real Estate·Mortgage Real Estate Investment Trusts (REITs)

Starwood Property Trust, Inc. engages in originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. It operates through the following segments: Real Estate Commercial and Residential Lending, Infrastructure Lending, Real Estate Property, and Real Estate Investing and Servicing. The Real Estate Commercial and Residential Lending segment includes commercial first and subordinated mortgages, mezzanine loans, preferred equity, certain residential mortgage loans, and other real estate debt investments. The Infrastructure Lending segment is involved primarily in originating, acquiring, financing and managing infrastructure debt investments. The Real Estate Property segment consists of acquisition and managing equity interests in stabilized commercial real estate properties, such as multi-family properties, that are held for investment. The Real Estate Investing and Servicing segment provides businesses that manage and work out problem assets, investment businesses that acquire and manage unrated, investment grade and non-investment grade, mortgage loan businesses which originate conduit loans for the purpose of selling loans into securitization transactions and an investment business that acquires commercial real estate assets. The company was founded on August 17, 2009, and is headquartered in Miami Beach, FL.

Connecticut; U.S.A
Market cap
No dataNo data
Revenue
$1.8B−5.3% YoY
Net income
$411.5M+14.3% YoY
Free cash flow
$99.4M−83.9% YoY

Market

Listed stock
STWDPriceNYSE
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Financial performance

Revenue
$1.8B−5.3% YoY
Operating income
$79.7M+370.1% YoY
Net income
$411.5M+14.3% YoY
Free cash flow
$99.4M−83.9% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.2B, 2022 $1.5B, 2023 $2B, 2024 $1.9B, 2025 $1.8B. Operating income: 2021 $803.4M, 2022 $1.1B, 2023 $1.4B, 2024 $17M, 2025 $79.7M. Net income: 2021 $447.7M, 2022 $871.5M, 2023 $339.2M, 2024 $359.9M, 2025 $411.5M. Free cash flow: 2021 $-1B, 2022 $188.5M, 2023 $503.5M, 2024 $618.6M, 2025 $99.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-5.3%−24 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $803.4M, 2022-12-31 $1.1B, 2023-12-31 $1.4B, 2024-12-31 $17M, 2025-12-31 $79.7M. Net income: 2021-12-31 $447.7M, 2022-12-31 $871.5M, 2023-12-31 $339.2M, 2024-12-31 $359.9M, 2025-12-31 $411.5M. Free cash flow: 2021-12-31 $-1B, 2022-12-31 $188.5M, 2023-12-31 $503.5M, 2024-12-31 $618.6M, 2025-12-31 $99.4M

Growth heatmap

2022202320242025CAGR
Revenue
+25.2%
+40.0%
-5.0%
-5.3%
+12.0%
Gross profit
+29.6%
+29.2%
-2.2%
+2.3%
+13.8%
Operating income
+42.6%
+23.6%
-98.8%
+370.1%
-43.9%
Free cash flow
+118.6%
+167.1%
+22.9%
-83.9%
No data

Earnings quality

Operating cash flow
$977.9M+51.2% YoY
Net income
$411.5M+14.3% YoY
Free cash flow
$99.4M−83.9% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 238%, 2024-12-31 180%, 2023-12-31 156%, 2022-12-31 25%, 2021-12-31 -221%. Free cash flow: 2025-12-31 24%, 2024-12-31 172%, 2023-12-31 148%, 2022-12-31 22%, 2021-12-31 -227%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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No data
EV / EBITDA
No data
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Free cash flow yield
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