Starwood Property TRUST, Inc. (STWD) intrinsic value & 10-year financials
Starwood Property TRUST, Inc. (STWD) has a Graham intrinsic value of $2.66 per share. At $12.46 on Oct 17, 2026, the stock trades 368% above that value. Over the last 10 fiscal years revenue grew 10.0% a year to $1.8B, with an average return on invested capital of 6.3%.
- Graham intrinsic value
- $2.66
- Share price (Oct 17, 2026)
- $12.46
- Price vs Graham value
- 368% above
- Market cap
- $4.4B
- Revenue (FY2025)
- $1.8B
- Revenue growth (10-yr CAGR)
- 10.0%
- ROIC (10-yr avg)
- 6.3%
- Free cash flow (FY2025)
- $99.4M
STWD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.8B | $411.5M | $1.15 | $99.4M | — | 6.2% |
| FY2024 | $1.9B | $359.9M | $1.10 | $646.6M | — | 5.7% |
| FY2023 | $2.0B | $339.2M | $1.07 | $528.6M | — | 5.3% |
| FY2022 | $1.5B | $871.5M | $2.74 | $188.5M | — | 13.9% |
| FY2021 | $1.2B | $447.7M | $1.52 | -$1.0B | — | 7.9% |
| FY2020 | $1.1B | $331.7M | $1.16 | $1.0B | — | 5.6% |
| FY2019 | $1.2B | $509.7M | $1.79 | -$44.1M | — | 8.1% |
| FY2018 | $1.1B | $385.8M | $1.42 | $530.7M | — | 6.1% |
| FY2017 | $879.9M | $400.8M | $1.52 | -$820.8M | 16.4% | 2.2% |
| FY2016 | $784.7M | $365.2M | $1.50 | $540.7M | 17.1% | 2.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
STARWOOD PROPERTY TRUST, INC. is a consistent compounder, expanding top-line revenue at 10.0% annually over the past decade.
STARWOOD PROPERTY TRUST, INC. has historically struggled to out-earn its cost of capital, averaging just 6.3% ROIC.
STARWOOD PROPERTY TRUST, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, STARWOOD PROPERTY TRUST, INC. is modeled at -2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.66 per share.