Stocks SWDR Financial statements
Financial statementsStarwood Real Estate Income Trust, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Starwood Real Estate Income Trust, 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
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 94.3 | 298 | 643 | 1,579 | 1,754 | 1,688 | 1,581 |
| Cost of revenue | 42 | 113 | 249 | 651 | 749 | 715 | 677 | |
| Gross profit | 52.3 | 185 | 394 | 929 | 1,006 | 973 | 904 | |
| General and administrative | 1.75 | 4.52 | 8.62 | 25.4 | 44.7 | 45.1 | 47 | 39.1 |
| Operating income | 62.7 | 191 | 439 | 1,041 | 1,117 | 1,055 | 965 | |
| Interest expense | 25.3 | 80.8 | 134 | 429 | 583 | 641 | 636 | |
| Other non-operating income | 0.05 | -14.1 | -84.5 | -76.4 | 168 | -482 | -652 | -801 |
| Income tax | 0 | 0.1 | 1.2 | 0.7 | -2.1 | -5 | -10.1 | -3.2 |
| Net income | -1.69 | -20.8 | -96.3 | -302 | -65.7 | -650 | -685 | -692 |
| EBITDA | 102 | 347 | 769 | 1,890 | 1,929 | 1,797 | 1,670 | |
| EPS, basic | -6.59 | -0.91 | -1.35 | -1.49 | -0.14 | -1.39 | -1.68 | -1.74 |
| EPS, diluted | -6.59 | -0.91 | -1.35 | -1.49 | -0.14 | -1.39 | -1.68 | -1.74 |
| Shares, basic (weighted) | 0.26 | 23 | 71.5 | 203 | 470 | 467 | 408 | 398 |
| Shares, diluted (weighted) | 0.26 | 23 | 71.5 | 203 | 470 | 467 | 408 | 398 |
| Dividend per share | 0.00 |
Balance sheet
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 164 | 48.5 | 129 | 275 | 644 | 295 | 282 | 201 |
| Lease right-of-use assets | 101 | 105 | 105 | 105 | 105 | 105 | ||
| Intangible assets | 0 | 100 | 180 | 369 | 284 | 220 | 162 | 139 |
| Total assets | 165 | 2,390 | 5,331 | 19,971 | 26,765 | 23,114 | 20,992 | 18,918 |
| Total liabilities | 17.8 | 1,541 | 3,714 | 13,267 | 16,192 | 15,517 | 15,298 | 14,550 |
| Total debt | 1,238 | 3,279 | 11,274 | 14,355 | 13,029 | 12,745 | 11,957 | |
| Paid-in capital | 149 | 884 | 1,820 | 7,389 | 11,466 | 9,641 | 8,932 | 8,703 |
| Retained earnings | -1.73 | -46.7 | -224 | -758 | -1,355 | -2,537 | -3,691 | -4,843 |
| Other comprehensive income | -0.53 | -24.3 | -15.7 | -50.8 | 22.5 | |||
| Shareholders' equity | 147 | 837 | 1,596 | 6,634 | 10,092 | 7,092 | 5,194 | 3,886 |
| Minority interests | 12 | 10.2 | 39.5 | 54 | 44.3 | 64.7 | 82.4 | |
| Total equity | 147 | 849 | 1,606 | 6,674 | 10,146 | 7,137 | 5,259 | 3,968 |
| Total liabilities and equity | 165 | 2,390 | 5,331 | 19,971 | 26,765 | 23,114 | 20,992 | 18,918 |
| Shares outstanding | 8.2 | 45.3 | 90.9 | 345 | 506 | 431 | 402 |
Cash flow statement
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | -1.69 | -21 | -98.2 | -304 | -65.9 | -676 | -724 | -733 |
| Depreciation and amortization | 38.9 | 156 | 330 | 849 | 812 | 742 | 705 | |
| Change in payables | 0.15 | 26.1 | 28.5 | -24.4 | ||||
| Cash from operations | 0.05 | 51.1 | 113 | 233 | 595 | 557 | 429 | 346 |
| Capital expenditures | -7.61 | -20.4 | -40.4 | -143 | -180 | -186 | -173 | |
| Purchases of investments | -94 | -454 | ||||||
| Cash from investing | 0 | -1,890 | -2,944 | -13,905 | -6,487 | 2,232 | 915 | 1,187 |
| Debt issued | 8,750 | 4,018 | 2,371 | 1,258 | 3,067 | |||
| Stock issued | 165 | 762 | 853 | 5,643 | 4,762 | 305 | 100 | 34.5 |
| Share buybacks | -0.21 | -43.7 | -64.6 | -1,347 | -2,611 | -1,066 | -473 | |
| Dividends paid | -8.7 | -35.8 | -117 | -312 | -356 | -325 | -342 | |
| Cash from financing | 165 | 1,863 | 2,936 | 14,319 | 5,911 | -3,194 | -1,365 | -1,642 |
| Exchange rate effect | -3.18 | -10.4 | 3.61 | 11.3 | ||||
| Net change in cash | 165 | 24 | 104 | 647 | 16.1 | -416 | -17.7 | -97.7 |
| Free cash flow | 43.5 | 92.5 | 193 | 452 | 376 | 244 | 172 | |
| Income taxes paid | 20.7 | 68.9 | 122 | 443 | 913 | 965 | 793 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 57.9% | Gross profit / revenue. |
| Operating margin | 62.1% | Operating income / revenue. |
| EBITDA margin | 107.3% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Net margin | -36.6% | Net income / revenue. |
| FCF margin | 9.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 19.5% | Cash from operations / revenue. |
| Return on equity (ROE) | -17.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -3.1% | Net income / average total assets. |
| Return on invested capital (ROIC) | 5.1% | 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%. |
| Capex / revenue | 10.1% | Capital expenditures / revenue. |
| D&A / revenue | 45.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -6.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 39.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -7.0% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -0.9% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 37.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -8.5% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -2.5% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 38.3% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -7.1% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -4.0% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 36.9% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -19.5% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -16.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 25.1% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -29.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -27.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 13.2% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -25.2% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -27.2% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 19.5% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -9.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -10.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 28.8% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -2.6% | 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 | -5.4% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 40.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 3.61x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 64.6% | Total debt / total assets. |
| Liabilities / assets | 79.5% | Total liabilities / total assets. |
| Net debt | $11.81B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 6.98x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 1.68x | Operating income / interest expense. |
| Goodwill and intangibles / assets | 0.7% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $3.20B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.08x | Revenue / average total assets. |
| Capex / operating cash flow | 51.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$1.49 | 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 | $4.07 | Revenue / diluted weighted shares. |
| FCF per share | $0.39 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.80 | Cash from operations / diluted weighted shares. |
| Book value per share | $8.59 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $8.26 | Tangible book value / shares outstanding. |
| Cash per share | $0.54 | (Cash + short-term investments) / shares outstanding. |
| Dividends / FCF | 221.2% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 305.3% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.3K | Share price x shares outstanding. |
| Enterprise value | $11.81B | Market cap + total debt - cash - short-term investments. |
| P/S | 0.00x | Market cap / revenue. |
| P/B | 0.00x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.00x | Market cap / tangible book value, when positive. |
| P/FCF | 0.00x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 0.00x | Market cap / cash from operations, when positive. |
| EV/Sales | 7.49x | Enterprise value / revenue. |
| EV/EBIT | 12.1x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 6.98x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 79.0x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 11,496,923.0% | Free cash flow / market cap. |
| Earnings yield | -44,433,000.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 25,425,923.0% | Dividends paid over the period / market cap. |
| Shareholder yield | 60,525,231.0% | (Dividends paid + share buybacks) / market cap. |
What was Starwood Real Estate Income Trust, Inc.'s revenue in fiscal 2025?
Starwood Real Estate Income Trust, Inc. reported revenue of $1.58B for fiscal 2025, 6.3% lower than the year before.
Was Starwood Real Estate Income Trust, Inc. profitable in fiscal 2025?
No. It reported a net loss of $691.6M.
How much free cash flow did Starwood Real Estate Income Trust, Inc. generate in fiscal 2025?
Cash from operations of $345.6M minus capital expenditures of $173.5M left free cash flow of $172.1M.