Sunstone Hotel Investors, Inc. (SHO) Balance Sheet
SHO balance sheet, 2025
December 31, 2025 · U.S. dollars$3.03B assets = $1.08B liabilities + $1.94B equity
Both columns are drawn to the same scale: what SHO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SHO financial health
Descriptive bands, not a rating. Fiscal 2025.
SHO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.74B2016 | $3.03B2025 | −2.3%/yr | |
| Total liabilities | $1.21B2016 | $1.08B2025 | −1.2%/yr | |
| Shareholders’ equity | $2.48B2016 | $1.94B2025 | −2.7%/yr | |
| Cash & short-term investments | $369.5M2016 | $109.2M2025 | −12.7%/yr | |
| Total debt | $946.9M2016 | $925.4M2025 | −0.3%/yr | |
| Net cash (debt) | −$577.3M2016 | −$816.2M2025 | −$238.9M | |
| Working capital | $158.8M2016 | $136.5M2025 | −$22.3M | |
| Book value per share | $11.552016 | $10.012025 | −1.6%/yr | |
| Current ratio | 1.392016 | 2.302025 | +0.91 | |
| Debt / equity | 0.382016 | 0.482025 | +0.09 | |
| Shares outstanding | 215.0M2016 | 194.3M2025 | −1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHO assets
SHO liabilities and equity
SHO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SHO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $109.2M | $107.2M | $426.4M | $101.2M | $120.5M | $368.4M | $816.9M | $809.3M | $488.0M | $369.5M |
| Cash & equivalents | $109.2M | $107.2M | $426.4M | $101.2M | $120.5M | $368.4M | $816.9M | $809.3M | $488.0M | $369.5M |
| Short-term investments | — | — | — | $268,000 | $3,000 | $2.46B | — | — | −$3.09B | $67.9M |
| Receivables | $33.7M | $34.1M | $31.2M | $42.1M | $28.7M | $8.6M | $35.2M | $33.8M | $34.2M | $39.3M |
| Inventory | $11.6M | $10.5M | $9.2M | $7.9M | $118.5M | $47.7M | $48.1M | $1.1M | $1.3M | $1.2M |
| Other current assets | $87.1M | $83.6M | $84.5M | $62.5M | $14.3M | $10.4M | $13.6M | $64.2M | $204.6M | $157.5M |
| Total current assets | $241.6M | $235.4M | $551.3M | $213.7M | $282.1M | $435.1M | $913.7M | $908.5M | $728.1M | $567.6M |
| Property, plant & equipment (net) | $6.0M | $10.7M | $15.9M | $18.7M | $29.1M | $79.0M | $115.9M | $8.4M | $584,000 | $779,000 |
| Goodwill & intangible assets | $930,000 | $930,000 | $930,000 | $933,000 | $42.7M | $20.4M | $31.9M | $51.9M | $35.1M | $36.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.8M | $3.4M | $1.7M |
| Other non-current assets | $2.78B | $2.86B | $2.58B | $2.85B | $2.69B | $2.45B | $2.86B | $3.00B | $3.09B | $3.13B |
| Total assets | $3.03B | $3.11B | $3.15B | $3.08B | $3.04B | $2.99B | $3.92B | $3.97B | $3.86B | $3.74B |
| Liabilities | ||||||||||
| Accounts payable | $63.1M | $52.7M | $48.4M | $73.7M | $47.7M | $37.3M | $35.6M | $30.4M | $31.8M | $36.1M |
| Short-term debt | $67.6M | $12.0M | $74.0M | $220.0M | $20.7M | $2.3M | $82.1M | $5.8M | $5.5M | $184.9M |
| Deferred revenue | $905,000 | $1.4M | $2.7M | $4.0M | $33.8M | $13.3M | $18.0M | $16.7M | $13.5M | $14.5M |
| Total current liabilities | $105.0M | $94.7M | $165.7M | $327.7M | $175.8M | $90.8M | $325.6M | $232.7M | $242.6M | $408.8M |
| Long-term debt | $918.1M | $841.0M | $814.6M | $590.7M | $588.7M | $742.5M | $889.0M | $998.2M | $1.00B | $761.9M |
| Lease obligations | $7.3M | $12.0M | $16.7M | $14.4M | $25.1M | $45.5M | $65.3M | $27.0M | $26.8M | $15.6M |
| Other long-term liabilities | $61.3M | $66.9M | $2.5M | $79.5M | $36.7M | $63.0M | $83.4M | $30.7M | $29.0M | $36.6M |
| Total liabilities | $1.08B | $1.00B | $982.7M | $997.9M | $801.3M | $896.3M | $1.30B | $1.26B | $1.28B | $1.21B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $2.0M | $2.0M | $2.1M | $2.2M | $2.2M | $2.2M | $2.3M | $2.68B | $2.60B |
| Retained earnings (deficit) | −$635.3M | −$574.9M | −$533.1M | −$664.0M | $948.1M | $913.8M | $1.32B | $1.18B | $932.3M | $786.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | −$716.0M | −$729.6M | −$301.3M | −$257.5M | −$337.7M | −$306.1M |
| Minority interest | — | $0 | $0 | $0 | $40.8M | $40.7M | $46.2M | $47.7M | $48.4M | $49.1M |
| Total shareholders' equity | $1.94B | $2.10B | $2.17B | $2.08B | $2.20B | $2.05B | $2.57B | $2.66B | $2.53B | $2.48B |
| Key figures | ||||||||||
| Total debt | $925.4M | $853.1M | $831.3M | $831.7M | $634.6M | $790.3M | $1.04B | $1.00B | $1.01B | $946.9M |
| Net cash (debt) | −$816.2M | −$745.9M | −$404.9M | −$730.5M | −$514.1M | −$421.9M | −$219.5M | −$194.8M | −$521.6M | −$577.3M |
| Working capital | $136.5M | $140.7M | $385.6M | −$114.0M | $106.3M | $344.4M | $588.2M | $675.7M | $485.6M | $158.8M |
| Tangible book value | $1.94B | $2.10B | $2.17B | $2.08B | $2.16B | $2.03B | $2.54B | $2.61B | $2.50B | $2.45B |
| Book value per share | $10.01 | $10.38 | $10.52 | $9.80 | $10.17 | $9.49 | $11.41 | $11.79 | $11.42 | $11.55 |
| Shares outstanding | 194.3M | 202.6M | 205.9M | 212.7M | 216.3M | 215.9M | 225.7M | 225.9M | 221.9M | 215.0M |
| Current ratio | 2.30 | 2.49 | 3.33 | 0.65 | 1.60 | 4.79 | 2.81 | 3.90 | 3.00 | 1.39 |
| Quick ratio | 1.36 | 1.49 | 2.76 | 0.44 | 0.85 | 4.15 | 2.62 | 3.62 | 2.15 | 1.00 |
| Debt / equity | 0.48 | 0.41 | 0.38 | 0.40 | 0.29 | 0.39 | 0.40 | 0.38 | 0.40 | 0.38 |
| Equity / assets | 64.2% | 67.7% | 68.8% | 67.6% | 72.3% | 68.6% | 65.7% | 67.0% | 65.7% | 66.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $94.4M | $91.1M | $109.2M | $121.1M | $73.6M | $72.3M | $107.2M | $115.5M | $159.2M | $400.7M | $426.4M | $113.8M |
| Cash & equivalents | $94.4M | $91.1M | $109.2M | $121.1M | $73.6M | $72.3M | $107.2M | $115.5M | $159.2M | $400.7M | $426.4M | $113.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $2.2M | $2.1M | — | $3.6M |
| Receivables | $50.8M | $45.4M | $33.7M | $29.4M | $42.8M | $50.4M | $34.1M | $34.1M | $37.8M | $36.7M | $31.2M | $28.6M |
| Inventory | $11.8M | $11.7M | $11.6M | $11.5M | $11.4M | $10.8M | $10.5M | $10.5M | $9.9M | $9.4M | $9.2M | $8.4M |
| Other current assets | $0 | $92.6M | $87.1M | $90.2M | $82.9M | $94.3M | $83.6M | $0 | $84.1M | $84.6M | $75.4M | $331.2M |
| Total current assets | $145.2M | $240.7M | $241.6M | $252.3M | $210.6M | $227.8M | $235.4M | $149.7M | $290.9M | $531.4M | $542.2M | $482.0M |
| Property, plant & equipment (net) | $4.0M | $5.5M | $6.0M | $7.2M | $8.5M | $9.9M | $10.7M | $11.8M | $13.2M | $14.6M | $15.9M | $17.2M |
| Goodwill & intangible assets | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 | $930,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.88B | $2.76B | $2.78B | $2.79B | $2.79B | $2.86B | $2.86B | $2.95B | $2.84B | $2.60B | $2.59B | $2.59B |
| Total assets | $3.03B | $3.01B | $3.03B | $3.05B | $3.01B | $3.10B | $3.11B | $3.12B | $3.15B | $3.14B | $3.15B | $3.09B |
| Liabilities | ||||||||||||
| Accounts payable | $53.6M | $52.5M | $63.1M | $63.9M | $56.7M | $58.3M | $52.7M | $63.6M | $57.1M | $48.1M | $48.4M | $60.9M |
| Short-term debt | $2.7M | $6.8M | $67.6M | $8.6M | $9.8M | $325.0M | $12.0M | $575.0M | $575.0M | $575.0M | $74.0M | $575.0M |
| Deferred revenue | $1.1M | $904,000 | $905,000 | $894,000 | $880,000 | $1.1M | $1.4M | $1.8M | $2.1M | $2.4M | $2.7M | $22.5M |
| Total current liabilities | $6.5M | $92.1M | $105.0M | $106.9M | $98.4M | $421.8M | $94.7M | $681.4M | $675.0M | $648.3M | $172.6M | $673.8M |
| Long-term debt | $943.4M | $942.7M | $918.1M | $917.5M | $868.7M | $841.6M | $841.0M | $814.1M | $239.3M | $239.4M | $740.5M | $814.7M |
| Lease obligations | $6.5M | $6.8M | $7.3M | $8.6M | $9.8M | $11.2M | $12.0M | $13.0M | $14.3M | $15.6M | $16.7M | $17.9M |
| Other long-term liabilities | $204.1M | $71.0M | $61.3M | $65.5M | $63.9M | $0 | $66.9M | $0 | $70.6M | $93.1M | $69.6M | $0 |
| Total liabilities | $1.15B | $1.11B | $1.08B | $1.09B | $1.03B | $1.02B | $1.00B | $991.7M | $984.8M | $980.8M | $982.7M | $1.00B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.1M |
| Retained earnings (deficit) | −$627.0M | −$636.3M | −$635.3M | −$621.6M | −$601.4M | −$591.4M | −$574.9M | −$553.0M | −$534.1M | −$538.1M | −$533.1M | −$630.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$534.1M | −$66.2M | −$66.2M | −$66.2M |
| Total shareholders' equity | $1.88B | $1.90B | $1.94B | $1.96B | $1.98B | $2.08B | $2.10B | $2.12B | $2.16B | $2.16B | $2.17B | $2.09B |
| Key figures | ||||||||||||
| Total debt | $974.9M | $949.5M | $925.4M | $926.0M | $878.5M | $852.8M | $853.1M | $827.2M | $828.6M | $830.0M | $831.3M | $1.39B |
| Net cash (debt) | −$880.5M | −$858.4M | −$816.2M | −$804.9M | −$805.0M | −$780.4M | −$745.9M | −$711.6M | −$669.5M | −$429.3M | −$404.9M | −$1.28B |
| Working capital | $138.7M | $148.6M | $136.5M | $145.4M | $112.2M | −$194.1M | $140.7M | −$531.8M | −$384.1M | −$116.9M | $369.6M | −$191.7M |
| Tangible book value | $1.88B | $1.90B | $1.94B | $1.96B | $1.98B | $2.08B | $2.10B | $2.12B | $2.16B | $2.16B | $2.17B | $2.09B |
| Book value per share | $10.14 | $10.09 | $10.24 | $10.31 | $10.09 | $10.31 | $10.51 | $10.55 | $10.64 | $10.65 | $10.63 | $10.15 |
| Shares outstanding | 185.6M | 188.7M | 189.9M | 190.1M | 196.3M | 201.4M | 200.2M | 201.4M | 203.5M | 203.0M | 203.8M | 205.8M |
| Current ratio | 22.26 | 2.61 | 2.30 | 2.36 | 2.14 | 0.54 | 2.49 | 0.22 | 0.43 | 0.82 | 3.14 | 0.72 |
| Quick ratio | 22.26 | 1.48 | 1.36 | 1.41 | 1.18 | 0.29 | 1.49 | 0.22 | 0.29 | 0.67 | 2.65 | 0.21 |
| Debt / equity | 0.52 | 0.50 | 0.48 | 0.47 | 0.44 | 0.41 | 0.41 | 0.39 | 0.38 | 0.38 | 0.38 | 0.67 |
| Equity / assets | 62.0% | 63.3% | 64.2% | 64.3% | 65.8% | 67.1% | 67.7% | 68.2% | 68.7% | 68.8% | 68.8% | 67.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
SHO financial position
At the end of fiscal 2025 (December 31, 2025), Sunstone Hotel Investors had total assets of $3.0 billion (down 2.5% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $1.9 billion. It held $109.2 million in cash and short-term investments against $925.4 million of debt, net debt of $816.2 million. Its current ratio was 2.30. In the latest quarter (ended June 30, 2026) total assets were $3.0 billion and equity $1.9 billion.
Related: SHO income statement, SHO cash flow statement, SHO key metrics. See the SHO stock overview for the latest quote and news.
SHO balance sheet FAQ
What are Sunstone Hotel Investors's total assets?
Sunstone Hotel Investors reported total assets of $3.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.1 billion a year earlier.
How much debt does Sunstone Hotel Investors have?
Sunstone Hotel Investors had $925.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.48.
How much cash does Sunstone Hotel Investors have?
Sunstone Hotel Investors held $109.2 million in cash and short-term investments at the end of fiscal 2025; with $925.4 million of debt that is net debt of $816.2 million.
What is Sunstone Hotel Investors's book value?
Sunstone Hotel Investors's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $10.01 per share.
What is Sunstone Hotel Investors's current ratio?
Sunstone Hotel Investors had current assets of $241.6 million and current liabilities of $105.0 million, a current ratio of 2.30 (it can cover its short-term obligations).
How much goodwill does Sunstone Hotel Investors have?
Sunstone Hotel Investors carried $0.9 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.