Latest Ratios: P/E Ratio 13.4x · EV/EBITDA 18.3x · ROE 5.6%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $6.1B | $6.1B | $6.5B | $5.2B | $7.2B | $5.5B | $7.1B | $5.4B | $5.6B | $5.3B |
| Enterprise Value | $27.6B | $27.7B | $14.7B | $15.2B | $14.6B | $14.5B | $11.9B | $18.3B | $16.0B | $13.2B | $10.9B |
| P/E Ratio → | 13.39 | 14.76 | 16.92 | 19.64 | 5.93 | 15.99 | 16.64 | 13.89 | 14.08 | 14.05 | 14.63 |
| P/S Ratio | 3.22 | 3.23 | 2.98 | 3.18 | 3.33 | 6.07 | 4.79 | 5.37 | 4.88 | 6.35 | 6.75 |
| P/B Ratio | 0.74 | 0.81 | 0.84 | 0.93 | 0.72 | 1.08 | 1.12 | 1.38 | 1.11 | 1.22 | 1.16 |
| P/FCF | 8.54 | 8.57 | 9.82 | 12.96 | 27.47 | — | 5.34 | — | 10.24 | — | 6.73 |
| P/OCF | 6.19 | 6.21 | 9.40 | 12.35 | 24.23 | — | 5.21 | — | 9.28 | — | 9.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.71 | 7.20 | 7.41 | 9.42 | 12.18 | 10.45 | 13.87 | 14.33 | 14.99 | 13.85 |
| EV / EBITDA | 18.25 | 18.26 | 8.72 | 10.37 | 13.14 | 16.41 | 16.08 | 18.65 | 21.22 | 26.35 | 15.98 |
| EV / EBIT | 19.30 | 15.75 | 8.38 | 8.20 | 8.15 | 15.30 | 14.75 | 17.27 | 19.11 | 17.84 | 17.96 |
| EV / FCF | — | 39.03 | 23.77 | 30.18 | 77.58 | — | 11.65 | — | 30.05 | — | 13.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.5% | 80.5% | 86.2% | 85.8% | 80.5% | 62.2% | 61.5% | 64.4% | 53.1% | 53.9% | 59.8% |
| Operating Margin | 76.2% | 76.2% | 80.5% | 68.9% | 68.4% | 67.1% | 56.6% | 65.8% | 55.6% | 46.3% | 78.2% |
| Net Profit Margin | 21.9% | 21.9% | 17.6% | 16.5% | 56.1% | 37.7% | 29.2% | 38.7% | 34.7% | 45.5% | 46.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 5.1% | 4.8% | 12.6% | 7.8% | 6.6% | 10.2% | 8.1% | 8.8% | 8.4% |
| ROA | 0.7% | 0.7% | 0.5% | 0.5% | 1.1% | 0.5% | 0.4% | 0.7% | 0.6% | 0.6% | 0.4% |
| ROIC | 4.8% | 4.8% | 7.8% | 6.6% | 5.2% | 4.7% | 3.5% | 4.1% | 3.4% | 2.7% | 4.8% |
| ROCE | 2.7% | 2.7% | 2.5% | 1.9% | 1.3% | 1.0% | 0.8% | 1.2% | 4.6% | 3.6% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.95 | 2.95 | 1.25 | 1.26 | 1.35 | 1.12 | 1.44 | 2.29 | 2.20 | 1.74 | 1.36 |
| Debt / EBITDA | 14.59 | 14.59 | 5.34 | 6.05 | 8.72 | 8.48 | 9.47 | 12.01 | 14.31 | 15.92 | 9.10 |
| Net Debt / Equity | — | 2.88 | 1.20 | 1.23 | 1.31 | 1.09 | 1.32 | 2.18 | 2.15 | 1.66 | 1.22 |
| Net Debt / EBITDA | 14.26 | 14.26 | 5.12 | 5.92 | 8.49 | 8.23 | 8.70 | 11.43 | 13.99 | 15.18 | 8.20 |
| Debt / FCF | — | 30.47 | 13.95 | 17.22 | 50.11 | — | 6.31 | — | 19.82 | — | 7.08 |
| Interest Coverage | 1.38 | 1.38 | 1.30 | 1.29 | 2.25 | 2.13 | 1.92 | 2.08 | 2.05 | 2.50 | 2.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.09 | 0.09 | — | 0.36 | — | — | 0.42 | — | 0.02 | 0.02 | 0.02 |
| Quick Ratio | 0.09 | 0.09 | — | 0.36 | — | — | 0.42 | — | 0.02 | 0.02 | 0.02 |
| Cash Ratio | 0.06 | 0.06 | — | 0.20 | — | — | 0.36 | — | 0.00 | 0.01 | 0.01 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 12.1% | 11.0% | 10.2% | 9.2% | 11.4% | 7.7% | 10.0% | 7.6% | 9.4% | 9.0% | 8.6% |
| Payout Ratio | 162.5% | 162.5% | 172.3% | 177.2% | 67.9% | 123.7% | 164.9% | 105.6% | 132.2% | 125.2% | 125.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 6.8% | 5.9% | 5.1% | 16.9% | 6.3% | 6.0% | 7.2% | 7.1% | 7.1% | 6.8% |
| FCF Yield | 11.7% | 11.7% | 10.2% | 7.7% | 3.6% | — | 18.7% | — | 9.8% | — | 14.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | 0.0% | 0.2% | 0.0% | 0.4% |
| Total Shareholder Yield | 12.1% | 11.0% | 10.2% | 9.2% | 11.4% | 7.7% | 10.7% | 7.6% | 9.6% | 9.0% | 9.0% |
| Shares Outstanding | — | $337M | $321M | $311M | $282M | $297M | $282M | $285M | $276M | $262M | $242M |
Dividend coverage and leverage
Based on recent market data, STWD trades at a P/B of 0.76, which, when viewed alongside the absence of stable P/FFO multiples, suggests that investors are struggling to price the company's hybrid model against pure-play mortgage REITs that currently trade at similar or deeper discounts to book value.
The market's valuation appears to reflect a cautious stance on the company's ability to maintain its diversified income streams. Given the volatility in distributable earnings, the current P/B ratio may be an unreliable indicator of value, as it fails to account for potential impairments in the underlying loan portfolio.
As reported in quarterly financial statements, the NOI margin has contracted from 87.6% in 2024Q3 to 75.2% in 2026Q1, indicating that rising operating costs and potential shifts in the asset mix are increasingly pressuring the profitability of the company's physical property holdings.
This downward trend in margins suggests that the property segment is no longer providing the stable, high-margin foundation previously expected. Investors should monitor whether this compression is a temporary result of leasing activity or a structural decline in the competitiveness of the portfolio.
According to recent financial filings, the FFO payout ratio has exhibited extreme volatility, reaching 136.0% in 2025Q4, which highlights a significant disconnect between the company's cash distributions and the actual recurring cash flow generated by its core lending and property operations.
The inability to consistently cover the dividend with AFFO suggests that the current payout level may be unsustainable without further capital recycling or asset sales. This warrants close investigation into whether management will prioritize dividend preservation over the long-term health of the balance sheet.
Based on reported figures, the debt-to-equity ratio has surged to 3.15x as of 2026Q1, a marked increase from 1.26x in 2023Q4, which suggests that the company is increasingly reliant on debt financing to support its operations in a challenging credit environment.
This rapid expansion in leverage, combined with interest coverage ratios hovering near 1.16x, indicates a narrowing margin of safety for creditors. The company's reliance on debt to maintain its current scale may limit its ability to navigate further interest rate volatility or credit market disruptions.
The most commonly misapplied metric for STWD is the standard P/E ratio, which, as indicated by historical data, fails to account for the significant non-cash depreciation and CECL provisions that artificially depress GAAP earnings and obscure the company's true economic performance.
Investors should instead focus on Distributable Earnings and AFFO, which provide a more accurate representation of the cash available for distribution. Relying on P/E leads to a distorted view of valuation that ignores the unique capital structure and accounting nuances inherent in a hybrid mortgage REIT.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying STWD stock.
Starwood Property Trust, Inc.'s current P/E ratio is 13.4x. The historical average is 13.5x. This places it at the 38th percentile of its historical range.
Starwood Property Trust, Inc.'s current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Starwood Property Trust, Inc.'s return on equity (ROE) is 5.6%. The historical average is 7.7%.
Based on historical data, Starwood Property Trust, Inc. is trading at a P/E of 13.4x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Starwood Property Trust, Inc.'s current dividend yield is 12.15% with a payout ratio of 162.5%.
Starwood Property Trust, Inc. has 80.5% gross margin and 76.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Starwood Property Trust, Inc.'s Debt/EBITDA ratio is 14.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.