Strawberry Fields REIT, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Strawberry Fields REIT, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	87	92.5	99.8	117	155
General and administrative	6.3	6.01	5.66	6.85	8.61
Operating expenses	50.3	42.6	52.4	55.8	70.7
Operating income	36.8	49.9	47.4	61.3	84.3
Interest expense	23.4	22.7	26.7	34.8	51
Other non-operating income	-4.93	-10.8	-0.52	0.01	-0.03
Net income to minority interests	3.08	14.6	17.7	22.4	25.7
Net income	0.39	1.85	2.5	4.1	7.58
EBITDA	64.2	78.5	76.7	95	131
EPS, basic	0.07	0.31	0.39	0.57	0.60
EPS, diluted	0.07	0.31	0.39	0.57	0.60
Shares, basic (weighted)	5.85	6.01	6.37	7.12	12.7
Shares, diluted (weighted)	5.85	6.01	6.37	7.12	12.7

Balance sheet

	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.2	20.2	12.2	48.4	31.8
Receivables	9.8	19.4	17.7
Lease right-of-use assets	2.06	1.83	1.54	1.2	0.85
Intangible assets	14.7	11.6	8.6	27.9	68.4
Total assets	570	547	617	788	885
Long-term debt				461	417
Total liabilities	535	498	570	704	835
Total debt	478	457	539	674	795
Paid-in capital	4.33	5.79	5.75	16.5	18.6
Retained earnings	0.39	1.61	1.23	1.29	1.23
Other comprehensive income	-2.46	0.39	0.53	0.34	-7.68
Shareholders' equity	2.27	7.79	7.51	18.2	12.1
Minority interests	32.8	41.6	39.8	65.4	38.4
Total equity	35.1	49.4	47.3	83.6	50.5
Total liabilities and equity	570	547	617	788	885
Shares outstanding	5.85	6.37	6.49	12.1	13.3

Cash flow statement

	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	8.42	16.4	20.2	26.5	33.3
Depreciation and amortization	27.5	28.6	29.2	33.7	46.2
Stock-based compensation	0.25				1.69
Change in receivables	-2.03	-0.27	0.2	-4.37	-7.1
Change in payables	5.06	-6.44	6.88	0.79	9.46
Cash from operations	44.8	50.9	54.9	59.3	90
Acquisitions				-5
Cash from investing	-58.3	-10.1	-106	-137	-112
Debt issued	1.7	105	69.2	59
Debt repaid	-22.4	-106	-24	-37.4	-43.3
Share buybacks			-0.05	-2.47	-0.65
Dividends paid		-0.64
Cash from financing	23.6	-47.2	43.5	133	-5.06
Net change in cash	10.1	-6.42	-7.95	55.9	-26.9
Interest paid	19.4	21.6	24.4	33.7	47.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	54.5%	Operating income / revenue.
EBITDA margin	80.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	5.3%	Net income / revenue.
Operating cash flow margin	51.9%	Cash from operations / revenue.
Return on equity (ROE)	102.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Return on invested capital (ROIC)	8.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	26.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	32.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	37.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	37.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	85.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	59.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	5.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	51.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-33.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	12.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	78.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	28.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	98.1x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	92.2%	Total debt / total assets.
Liabilities / assets	96.3%	Total liabilities / total assets.
Net debt	$768.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.97x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.71x	Operating income / interest expense.
Goodwill and intangibles / assets	7.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$55.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.88	Revenue / diluted weighted shares.
Operating cash flow per share	$6.17	Cash from operations / diluted weighted shares.
Book value per share	$0.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.97	Tangible book value / shares outstanding.
Cash per share	$3.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$189.7M	Share price x shares outstanding.
Enterprise value	$957.8M	Market cap + total debt - cash - short-term investments.
P/E	22.4x	Market cap / net income. Only when net income is positive.
P/S	1.19x	Market cap / revenue.
P/B	23.0x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	2.29x	Market cap / cash from operations, when positive.
EV/Sales	5.99x	Enterprise value / revenue.
EV/EBIT	11.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.44x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
PEG	0.91x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Strawberry Fields REIT, Inc.'s revenue in fiscal 2025?

Strawberry Fields REIT, Inc. reported revenue of $155.0M for fiscal 2025, 32.4% higher than the year before.

Was Strawberry Fields REIT, Inc. profitable in fiscal 2025?

Yes. Net income was $7.6M, a net margin of 4.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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