Starwood Property Trust, Inc. (STWD) Key Metrics
STWD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.73B
- Enterprise value
- $28.69B
- P/E (TTM)
- 20.8 10-yr median 14.6
- Forward P/E
- 10.0
- PEG ratio
- 1.74
- Price / sales
- 7.9 10-yr median 4.8
- Price / book
- 0.8 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 16.4
- Dividend yield
- 15.02% $1.92 a year
- Beta
- 1.05
STWD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSTWD valuation Price multiples at each fiscal year-end price.
STWD returns How much profit the business earns on the capital it uses.
STWD per-share figures Results divided by the shares outstanding at year-end.
STWD financial health Debt, liquidity and how easily interest is covered.
STWD efficiency & capital use Working capital cycle and where the cash goes.
STWD valuation history
STWD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
STWD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
STWD cash returned to shareholders
STWD price vs earnings per share
STWD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.07B | $6.07B | $6.53B | $5.18B | $7.21B | $5.45B | $7.08B | $5.43B | $5.60B | $5.31B |
| Enterprise value | $27.58B | $14.61B | $15.13B | $8.44B | $25.37B | $19.08B | $19.60B | $17.44B | $13.73B | $10.90B |
| P/E ratio | 14.8 | 16.9 | 19.2 | 5.9 | 16.1 | 16.4 | 13.9 | 14.1 | 14.0 | 14.5 |
| Price / sales | 3.2 | 3.0 | 3.2 | 3.3 | 6.1 | 4.8 | 5.4 | 4.9 | 6.4 | 6.7 |
| Price / book | 0.9 | 0.9 | 1.0 | 0.7 | 1.1 | 1.1 | 1.4 | 1.1 | 1.2 | 1.2 |
| Price / free cash flow | 8.6 | 9.8 | 13.0 | 27.5 | — | 5.3 | — | 10.2 | — | 6.7 |
| Price / operating cash flow | 6.2 | 9.4 | 12.3 | 24.2 | — | 5.2 | — | 9.3 | — | 9.5 |
| EV / sales | 14.7 | 7.2 | 7.4 | 5.4 | 21.3 | 16.8 | 14.9 | 15.7 | 15.6 | 13.9 |
| EV / EBITDA | 15.0 | 8.1 | 7.9 | 4.6 | 24.6 | 21.2 | 16.7 | 18.1 | 16.5 | 16.3 |
| EV / free cash flow | 38.9 | 23.6 | 30.1 | 44.7 | — | 18.7 | — | 32.9 | — | 13.8 |
| Earnings yield | 6.8% | 5.9% | 5.2% | 16.8% | 6.2% | 6.1% | 7.2% | 7.1% | 7.2% | 6.9% |
| Free cash flow yield | 11.7% | 10.2% | 7.7% | 3.6% | −14.1% | 18.7% | −0.6% | 9.8% | −14.7% | 14.9% |
| Dividend yield | 11.0% | 10.2% | 9.2% | 11.4% | 7.7% | 10.0% | 7.6% | 9.4% | 9.0% | 8.6% |
| Shareholder yield (dividends + buybacks) | 11.0% | 10.2% | 9.2% | 11.4% | 7.7% | 10.7% | 7.6% | 9.6% | 9.0% | 9.0% |
| Share price at fiscal year-end | $18.01 | $18.95 | $21.02 | $18.33 | $24.30 | $19.30 | $24.86 | $19.71 | $21.35 | $21.95 |
| Per share | ||||||||||
| Revenue per share | $5.58 | $6.37 | $6.61 | $5.50 | $4.00 | $4.03 | $4.63 | $4.04 | $3.36 | $3.25 |
| Earnings per share | $1.22 | $1.12 | $1.09 | $3.09 | $1.51 | $1.17 | $1.79 | $1.40 | $1.53 | $1.51 |
| Operating cash flow per share | $2.90 | $2.02 | $1.70 | $0.76 | −$3.34 | $3.70 | −$0.05 | $2.12 | −$0.94 | $2.30 |
| Free cash flow per share | $2.10 | $1.93 | $1.62 | $0.67 | −$3.42 | $3.61 | −$0.15 | $1.93 | −$3.13 | $3.26 |
| Cash per share | $1.74 | $1.47 | $0.83 | $66.07 | $0.73 | $1.99 | $1.68 | $0.87 | $1.41 | $2.55 |
| Book value per share | $20.16 | $20.08 | $20.13 | $25.48 | $22.40 | $17.21 | $18.04 | $17.78 | $17.47 | $18.86 |
| Tangible book value per share | $18.09 | $19.08 | $19.09 | $24.32 | $21.31 | $16.05 | $16.83 | $16.31 | $16.24 | $17.37 |
| Dividends per share | $1.98 | $1.93 | $1.94 | $2.09 | $1.87 | $1.94 | $1.89 | $1.85 | $1.91 | $1.90 |
| Capex per share | $0.80 | $0.09 | $0.08 | $0.09 | $0.09 | $0.09 | $0.11 | $0.20 | $2.19 | $0.96 |
| Debt per share | $65.53 | $28.09 | $28.55 | $77.60 | $61.90 | $50.25 | $45.67 | $44.44 | $32.46 | $25.66 |
| Shares outstanding | 337.1M | 320.6M | 310.5M | 282.5M | 296.8M | 282.5M | 284.7M | 275.7M | 262.1M | 241.8M |
| Change in shares outstanding | +5.2% | +3.2% | +9.9% | −4.8% | +5.1% | −0.8% | +3.3% | +5.2% | +8.4% | +3.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.2% | 5.7% | 5.0% | 12.6% | 7.8% | 6.6% | 10.2% | 8.1% | 8.8% | 8.4% |
| Return on invested capital (ROIC) | 6.1% | 10.3% | 11.2% | 6.0% | 3.6% | 3.4% | 4.9% | 4.0% | 3.3% | 4.9% |
| Return on assets (ROA) | 0.7% | 0.5% | 0.5% | 1.1% | 0.5% | 0.4% | 0.7% | 0.6% | 0.6% | 0.4% |
| Return on tangible assets | 0.7% | 0.6% | 0.5% | 1.1% | 0.5% | 0.4% | 0.7% | 0.6% | 0.6% | 0.5% |
| Free cash flow margin | 37.7% | 30.3% | 24.5% | 12.1% | −85.5% | 89.7% | −3.3% | 47.7% | −93.2% | 100.4% |
| Income quality (OCF / net income) | 2.38 | 1.80 | 1.56 | 0.25 | −2.21 | 3.15 | −0.03 | 1.52 | −0.62 | 1.52 |
| Financial health | ||||||||||
| Total debt | $22.09B | $9.01B | $8.87B | $21.92B | $18.37B | $14.20B | $13.00B | $12.25B | $8.51B | $6.20B |
| Cash & short-term investments | $587.8M | $471.6M | $258.1M | $18.66B | $217.4M | $563.2M | $478.4M | $239.8M | $369.4M | $615.5M |
| Net debt | $21.51B | $8.53B | $8.61B | $3.26B | $18.16B | $13.63B | $12.52B | $12.01B | $8.14B | $5.59B |
| Debt / equity | 3.25 | 1.40 | 1.42 | 3.04 | 2.76 | 2.92 | 2.53 | 2.50 | 1.86 | 1.36 |
| Debt / assets | 0.35 | 0.14 | 0.13 | 0.28 | 0.22 | 0.18 | 0.17 | 0.18 | 0.14 | 0.08 |
| Net debt / EBITDA | 11.68 | 4.74 | 4.51 | 1.76 | 17.61 | 15.14 | 10.68 | 12.44 | 9.79 | 8.37 |
| Current ratio | 0.09 | 1.04 | 0.36 | 7.16 | 0.22 | 0.42 | 0.38 | 0.02 | 0.02 | 0.02 |
| Quick ratio | 0.09 | 1.04 | 0.40 | 7.21 | 0.25 | 0.45 | 0.40 | 0.02 | 0.02 | 0.02 |
| Interest coverage | 1.1 | 1.2 | 1.0 | 1.3 | 1.8 | 1.5 | 1.7 | 1.5 | 1.4 | 2.7 |
| Working capital | −$9.17B | $45.2M | −$832.5M | $16.20B | −$1.19B | −$893.0M | −$900.3M | −$52.26B | −$49.93B | −$65.08B |
| Invested capital | $28.30B | $14.97B | $14.86B | $10.46B | $24.81B | $18.50B | $17.66B | $16.91B | $12.72B | $10.15B |
| Tangible asset value | $6.79B | $6.87B | $6.70B | $6.87B | $6.33B | $4.53B | $4.79B | $4.50B | $4.26B | $4.20B |
| Net current asset value | −$54.77B | −$54.28B | −$62.02B | −$53.01B | −$76.87B | −$75.35B | −$72.36B | −$62.16B | −$57.23B | −$71.24B |
| Graham number | $23.53 | $22.52 | $22.25 | $42.06 | $27.57 | $21.33 | $26.96 | $23.66 | $24.52 | $25.32 |
| Graham net-net per share | −$163.09 | −$170.84 | −$200.01 | −$188.01 | −$259.15 | −$266.90 | −$254.25 | −$228.92 | −$221.21 | −$298.21 |
| Capital allocation | ||||||||||
| Dividends paid | $668.9M | $620.0M | $601.2M | $591.5M | $553.9M | $546.9M | $538.4M | $510.0M | $501.7M | $458.4M |
| Share buybacks (net) | — | — | — | $0 | $0 | $33.8M | $0 | $12.1M | $0 | $19.7M |
| Dividend payout ratio | 162.5% | 172.3% | 177.2% | 67.9% | 123.7% | 164.9% | 105.6% | 132.2% | 125.2% | 125.5% |
| Dividends + buybacks / free cash flow | 94.4% | 100.2% | 119.4% | 313.7% | — | 56.9% | — | 98.4% | — | 60.6% |
| Capex / revenue | 14.3% | 1.4% | 1.2% | 1.6% | 2.2% | 2.2% | 2.3% | 4.9% | 65.2% | 29.6% |
| Capex / operating cash flow | 27.5% | 4.3% | 4.7% | 11.8% | — | 2.4% | — | 9.4% | — | 41.8% |
| Capex / depreciation | 3.17 | 0.60 | 0.46 | 0.47 | 0.31 | 0.27 | 0.27 | 0.42 | 6.31 | 3.78 |
| Stock-based compensation / revenue | 2.9% | 2.0% | 1.9% | 2.6% | 3.3% | 2.7% | 3.6% | 3.9% | 4.3% | 6.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 11.1% | 13.6% | 11.4% | 21.3% | 22.3% | 13.9% | 20.8% | 23.9% | 28.6% | 34.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.1 | 33.0 | 32.9 | 33.5 | 32.6 | 25.7 | 17.2 | 17.7 | 15.7 | 14.5 |
| Days of inventory on hand | — | — | -108.1 | -94.5 | -36.1 | -29.0 | -31.7 | -30.2 | -55.5 | -77.6 |
| Days payables outstanding | — | — | 341.8 | 294.4 | 161.2 | 174.6 | 166.9 | 140.7 | 172.5 | 204.8 |
| Cash conversion cycle (days) | — | — | -417.1 | -355.5 | -164.7 | -177.9 | -181.4 | -153.2 | -212.2 | -267.9 |
| Receivables turnover | 11.38 | 11.07 | 11.11 | 10.91 | 11.20 | 14.21 | 21.19 | 20.60 | 23.18 | 25.15 |
| Payables turnover | — | — | 1.07 | 1.24 | 2.26 | 2.09 | 2.19 | 2.59 | 2.12 | 1.78 |
| Asset turnover | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 |
| Average receivables | $165.2M | $184.3M | $184.7M | $142.4M | $106.1M | $80.0M | $62.2M | $54.1M | $38.0M | $31.3M |
| Average payables | — | — | $271.9M | $244.3M | $198.3M | $209.4M | $214.8M | $201.4M | $191.6M | $177.5M |
| Average inventory | — | — | −$86.0M | −$78.4M | −$44.4M | −$34.7M | −$40.8M | −$43.3M | −$61.6M | −$67.2M |
| Intangibles / total assets | 1.1% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.6% | 0.5% | 0.5% |
Computed from STWD's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
STWD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Starwood Property traded at 14.8 times earnings, against a 10-year median of 14.6. Based on the latest twelve months, the trailing P/E is 20.8 and the forward P/E is 10.0. Starwood Property earned a return on equity of 6.2% and a return on invested capital of 6.1% in fiscal 2025. It ended the year with $22.1 billion of debt and $587.8 million in cash and short-term investments, net debt of $21.5 billion. It returned $668.9 million to shareholders: $668.9 million in dividends and $0 in share buybacks, 94% of free cash flow. The share count rose 39.4% from 241.8M to 337.1M over 9 years.
See the STWD income statement, the STWD chart for price history, or the STWD stock overview for the latest quote and news.
STWD key metrics FAQ
What is Starwood Property's P/E ratio?
Starwood Property's trailing P/E ratio is 20.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.0. At the end of fiscal 2025 it was 14.8, compared with a 10-year median of 14.6.
What is Starwood Property's EV/EBITDA?
Starwood Property's enterprise value was 15.0 times EBITDA at the end of fiscal 2025 (enterprise value $27.6 billion, EBITDA $1.8 billion).
What is Starwood Property's return on equity?
Starwood Property's return on equity (ROE) was 6.2% in fiscal 2025: net income of $411.5 million on average shareholders' equity of $6.6 billion.
What is Starwood Property's ROIC?
Starwood Property's return on invested capital was 6.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Starwood Property have?
Starwood Property had total debt of $22.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.25 and $21.5 billion of net debt (11.68 times EBITDA).
What is Starwood Property's dividend yield?
Starwood Property's forward dividend yield is 15.02%. Starwood Property paid $668.9 million in dividends in fiscal 2025 ($1.98 per share), a payout ratio of 162.5%.
What is Starwood Property's free cash flow yield?
Starwood Property generated $708.8 million of free cash flow in fiscal 2025, a free cash flow yield of 11.7% on its market value at year-end ($6.1 billion).
What is Starwood Property's current ratio?
Starwood Property's current ratio was 0.09 at the end of fiscal 2025: current assets were 0.09 times current liabilities.