Also trades as: 0L9F.L (LSE) · $vol 0M

$12.44

-0.10 (-0.76%)

After Hours: $12.58 (+0.14, +1.13%)

Weekly Expected Move ±3.8%

$12 $12 $13 $13 $14

NYSE · Real Estate · REIT - Mortgage · Tech Score Strong Sell · Power 36 · $4.6B mcap · 350M float · 1.36% daily turnover · Short 50% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $576.2M held by 493 funds, 164 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NO EDGE

38.1 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 4.4% · 5Y Avg: 3.8%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale ★

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. STWD has No discernible competitive edge (38.1/100). The business operates without significant structural advantages. The primary source of advantage is Efficient Scale. ROIC of 4.4% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$20

Low

$20

Avg Target

$20

High

Based on 1 analyst since Aug 6, 2026 earnings

Analyst Recommendations

Strong Buy: 1Buy: 15Hold: 5Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$20.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-17	Wells Fargo	—	$24	$20	-4	+22.7%	$16.30
2026-06-02	UBS	Marissa Lobo	Initiated	$20	—	+19.0%	$16.80
2026-03-06	Credit Suisse	—	Initiated	$19	—	+5.8%	$17.95
2026-03-06	Morgan Stanley	—	Initiated	$19	—	+5.9%	$17.94
2024-09-20	Wells Fargo	Donald Fandetti	Initiated	$24	—	+13.7%	$21.11
2022-08-09	JMP Securities	—	Initiated	$26	—	+10.1%	$23.62
2022-07-18	Raymond James	—	Initiated	$30	—	+39.6%	$21.49

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. STWD receives an overall rating of C+. Areas of concern: ROE (2/5), ROA (2/5), D/E (1/5), P/E (2/5).

Rating Change History

Date	From	To
2026-10-12	B	C+
2026-10-01	C+	B
2026-09-04	B-	C+
2026-08-10	C+	B-
2026-08-06	B-	C+
2026-05-11	C+	B-
2026-05-08	B	C+
2026-04-24	B+	B
2026-04-01	B-	B+
2026-02-27	C	B-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 33 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. STWD scores highest in Earnings Quality (88/100) and lowest in Safety (0/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

-0.02

Distress Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✗ ✗ ✗ ✓ ✓

Beneish M-Score

-2.63

Unlikely Manipulator

Ohlson O-Score

-4.51

Bankruptcy prob: 1.1%

Low Risk

Credit Rating

CCC

Score: 12.1/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 4.32x

Accruals: -1.2%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. STWD scores -0.02, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. STWD scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. STWD's score of -2.63 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. STWD's implied 1.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. STWD receives an estimated rating of CCC (score: 12.1/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). STWD's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

18.48x

PEG

-0.49x

P/S

2.27x

P/B

0.70x

P/FCF

13.70x

P/OCF

6.10x

EV/EBITDA

16.50x

EV/Revenue

14.46x

EV/EBIT

17.82x

EV/FCF

66.69x

Earnings Yield

3.79%

FCF Yield

7.30%

Shareholder Yield

14.84%

Graham Number

$15.74

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 18.5x earnings, STWD trades at a reasonable valuation. Graham's intrinsic value formula yields $15.74 per share, suggesting a potential 27% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.762

NI / EBT

Interest Burden

0.182

EBT / EBIT

EBIT Margin

0.811

EBIT / Rev

Asset Turnover

0.033

Rev / Assets

Equity Multiplier

9.551

Assets / Equity

ROE

3.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. STWD's ROE of 3.5% is driven by financial leverage (equity multiplier: 9.55x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$5.28

Price/Value

3.10x

Margin of Safety

-210.08%

Premium

210.08%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with STWD's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. STWD trades at a 210% premium to its adjusted intrinsic value of $5.28, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 18.5x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$12.43

Median 1Y

$11.64

5th Pctile

$6.73

95th Pctile

$20.16

Ann. Volatility

35.1%

Analyst Target

$20.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

324

+13.3% YoY

Revenue / Employee

$5,803,015

Rev: $1,880,177,000

Profit / Employee

$1,270,198

NI: $411,544,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	10.2%	8.3%	12.0%	13.6%	14.7%	13.7%	9.3%	8.6%	6.4%	5.3%	7.0%	5.6%	5.9%	5.7%	5.0%	5.9%	5.5%	6.2%	5.4%	3.5%	3.53%
ROA	0.6%	0.5%	0.8%	0.9%	1.0%	1.1%	0.7%	0.7%	0.5%	0.5%	0.6%	0.5%	0.6%	0.5%	0.5%	0.6%	0.6%	0.7%	0.6%	0.4%	0.37%
ROIC	2.9%	3.0%	5.4%	5.3%	7.6%	5.9%	6.0%	5.2%	2.3%	4.9%	6.1%	9.0%	8.6%	6.2%	3.3%	0.9%	3.0%	3.2%	3.8%	4.4%	4.42%
ROCE	0.1%	0.1%	0.3%	0.3%	0.9%	0.7%	0.9%	1.0%	0.4%	1.0%	1.4%	2.1%	2.1%	1.5%	1.3%	0.6%	1.3%	2.2%	2.5%	3.3%	3.28%
Gross Margin	66.6%	61.9%	1.5%	1.2%	73.8%	52.0%	30.1%	76.1%	95.8%	87.1%	89.1%	89.2%	95.8%	17.4%	40.9%	27.9%	79.4%	76.8%	75.2%	75.4%	75.43%
Operating Margin	23.5%	69.6%	1.5%	19.7%	91.1%	0.0%	78.5%	-13.0%	0.4%	81.3%	92.9%	92.4%	-4.7%	-2.9%	28.7%	10.7%	81.1%	80.5%	67.5%	65.1%	65.11%
Net Margin	42.0%	29.8%	1.0%	63.9%	47.4%	29.2%	10.6%	32.4%	8.9%	13.7%	25.1%	15.9%	15.6%	11.5%	26.8%	27.3%	14.8%	19.1%	10.1%	1.3%	1.28%
EBITDA Margin	-0.2%	45.4%	66.2%	-0.3%	1.0%	0.0%	67.1%	-0.3%	-0.2%	78.9%	88.9%	85.7%	-0.3%	0.0%	1.0%	0.0%	92.7%	98.6%	81.1%	78.4%	78.41%
FCF Margin	2.8%	-85.3%	-93.9%	-50.0%	21.7%	12.4%	0.4%	-17.9%	-7.0%	24.4%	26.9%	21.0%	15.9%	30.3%	43.5%	36.1%	42.4%	40.9%	24.3%	21.7%	21.68%
OCF Margin	4.9%	-83.1%	-91.4%	-47.9%	23.7%	14.1%	1.8%	-16.4%	-5.6%	25.6%	28.1%	22.2%	17.2%	31.7%	45.0%	37.6%	42.8%	51.7%	41.9%	48.7%	48.68%
ROE 3Y Avg	snapshot only																				4.97%
ROE 5Y Avg	snapshot only																				7.02%
ROA 3Y Avg	snapshot only																				0.50%
ROIC 3Y Avg	snapshot only																				2.95%
ROIC Economic	snapshot only																				4.36%
Cash ROA	snapshot only																				1.61%
Cash ROIC	snapshot only																				3.31%
CROIC	snapshot only																				1.47%
NOPAT Margin	snapshot only																				64.94%
Pretax Margin	snapshot only																				14.79%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				2.80%
SBC / Revenue	snapshot only																				2.70%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	10.75	11.69	8.31	6.44	5.32	5.20	7.24	8.75	12.13	16.37	13.15	15.00	15.58	16.52	20.00	17.86	17.83	14.75	16.53	26.36	18.482
P/S Ratio	4.17	4.33	4.44	3.86	3.20	2.94	2.52	2.55	2.45	2.69	2.66	2.44	2.80	2.91	3.45	3.61	3.56	3.21	2.92	2.97	2.270
P/B Ratio	1.10	0.85	0.86	0.75	0.66	0.69	0.67	0.75	0.78	0.89	0.93	0.85	0.90	0.92	0.99	1.03	0.95	0.89	0.87	0.92	0.700
P/FCF	148.50	-5.07	-4.73	-7.72	14.77	23.60	675.03	-14.25	-34.92	11.03	9.87	11.62	17.56	9.61	7.93	10.00	8.40	7.86	12.01	13.70	13.696
P/OCF	85.39	—	—	—	13.54	20.82	139.11	—	—	10.50	9.47	11.02	16.29	9.19	7.66	9.59	8.32	6.21	6.97	6.10	6.100
EV/EBITDA	65.43	89.77	40.82	39.32	17.00	22.14	17.37	17.45	40.81	19.25	15.10	10.16	10.33	15.00	17.57	36.79	19.69	19.95	20.86	16.50	16.503
EV/Revenue	10.59	10.30	11.44	10.76	9.65	9.09	7.66	6.90	6.59	6.87	6.58	6.47	6.73	7.09	8.02	8.49	9.43	14.53	14.39	14.46	14.458
EV/EBIT	124.42	232.51	52.04	48.30	18.28	24.09	18.65	18.74	48.36	20.67	15.92	10.51	10.68	15.50	18.26	38.78	20.57	21.04	22.39	17.82	17.819
EV/FCF	376.94	-12.08	-12.19	-21.50	44.51	73.11	2051.37	-38.54	-94.02	28.12	24.46	30.84	42.19	23.41	18.47	23.53	22.22	35.57	59.11	66.69	66.689
Earnings Yield	9.3%	8.6%	12.0%	15.5%	18.8%	19.2%	13.8%	11.4%	8.2%	6.1%	7.6%	6.7%	6.4%	6.1%	5.0%	5.6%	5.6%	6.8%	6.0%	3.8%	3.79%
FCF Yield	0.7%	-19.7%	-21.1%	-12.9%	6.8%	4.2%	0.1%	-7.0%	-2.9%	9.1%	10.1%	8.6%	5.7%	10.4%	12.6%	10.0%	11.9%	12.7%	8.3%	7.3%	7.30%
Price/Tangible Book	snapshot only																				1.036
EV/OCF	snapshot only																				29.704
EV/Gross Profit	snapshot only																				18.853
Acquirers Multiple	snapshot only																				19.693
Shareholder Yield	snapshot only																				14.84%
Graham Number	snapshot only																				$15.74

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.17	—	0.33	27.50	0.27	—	0.75	0.87	0.79	0.36	—	—	—	—	—	—	—	0.36	0.08	0.06	0.059
Quick Ratio	1.23	—	0.33	27.67	0.27	—	0.75	0.87	0.79	0.36	—	—	—	—	—	—	—	0.36	0.08	0.06	0.059
Debt/Equity	1.75	1.23	1.39	1.40	1.39	1.50	1.55	1.46	1.47	1.42	1.44	1.46	1.34	1.40	1.40	1.45	1.62	3.27	3.47	3.65	3.646
Net Debt/Equity	1.69	1.17	1.35	1.33	1.34	1.44	1.37	1.29	1.33	1.38	1.37	1.40	1.27	1.33	1.32	1.39	1.57	3.15	3.41	3.58	3.576
Debt/Assets	0.10	0.09	0.11	0.11	0.11	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.15	0.18	0.35	0.37	0.39	0.388
Debt/EBITDA	41.09	54.71	25.75	26.38	11.80	15.59	13.21	12.46	28.46	12.05	9.46	6.59	6.36	9.33	10.66	21.98	12.69	16.12	16.89	13.37	13.369
Net Debt/EBITDA	39.66	52.07	24.97	25.20	11.36	14.99	11.66	11.00	25.65	11.70	9.01	6.33	6.03	8.84	10.03	21.15	12.25	15.54	16.62	13.11	13.113
Interest Coverage	0.23	0.12	0.57	0.54	1.14	0.72	0.69	0.57	0.20	0.47	0.61	0.90	0.92	0.69	0.63	0.32	0.67	1.02	0.97	1.22	1.223
Equity Multiplier	18.27	13.81	12.93	13.00	12.41	12.23	12.12	11.41	11.12	11.12	10.55	10.31	9.82	9.72	9.70	9.71	9.10	9.30	9.31	9.39	9.393
Cash Ratio	snapshot only																				0.041
Debt Service Coverage	snapshot only																				1.321
Cash to Debt	snapshot only																				0.019
FCF to Debt	snapshot only																				0.019
Defensive Interval	snapshot only																				3600.6 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.033
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	12.68	11.23	10.73	10.07	10.20	10.64	11.13	11.80	12.36	11.16	11.62	11.14	11.40	11.07	10.94	10.12	10.05	11.44	12.40	11.07	11.071
Payables Turnover	2.08	2.14	0.85	-0.10	-0.09	0.40	2.60	3.09	4.40	2.05	2.11	1.66	2.39	4.17	—	—	—	—	—	—	—
DSO	29	33	34	36	36	34	33	31	30	33	31	33	32	33	33	36	36	32	29	33	33.0 days
DIO	-56	0	-44	—	—	0	0	-29	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	175	170	429	—	—	903	141	118	83	178	173	221	153	87	0	0	0	0	0	0	—
Cash Conversion Cycle	-202	-138	-439	—	—	-869	-108	-116	-53	-146	-142	-188	-121	-55	33	36	36	32	29	33	—
Cash Velocity	snapshot only																				4.472
Capital Intensity	snapshot only																				30.177

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	-3.8%	4.9%	9.0%	7.9%	13.4%	27.2%	40.5%	53.3%	51.2%	36.0%	28.5%	13.7%	4.3%	-1.0%	-15.6%	-15.1%	-13.2%	-7.4%	7.6%	10.5%	10.53%
Net Income	15.8%	32.9%	27.4%	53.5%	75.9%	94.1%	-8.5%	-25.4%	-49.3%	-60.4%	-25.4%	-36.5%	-7.1%	6.1%	-28.0%	5.5%	-3.4%	14.3%	10.5%	-38.4%	-38.37%
EPS	14.6%	23.2%	19.3%	43.5%	64.2%	85.9%	-7.3%	-24.3%	-48.3%	-59.7%	-30.3%	-37.3%	-9.8%	-1.5%	-29.4%	-1.9%	-8.4%	14.4%	10.6%	-43.3%	-43.34%
FCF	-96.9%	-2.0%	-2.0%	-2.1%	7.8%	1.2%	1.0%	45.1%	-1.5%	1.7%	91.7%	2.3%	3.4%	22.9%	36.2%	45.9%	1.3%	24.8%	-39.7%	-33.6%	-33.59%
EBITDA	-27.7%	-28.6%	77.0%	76.6%	3.0%	3.6%	1.2%	1.2%	-57.0%	18.1%	27.1%	83.3%	3.2%	31.3%	-11.6%	-69.3%	-36.1%	42.6%	62.6%	3.2%	3.20%
Op. Income	1.2%	1.3%	2.5%	1.7%	2.0%	1.2%	2.9%	-13.7%	-70.8%	-16.0%	13.4%	1.1%	3.5%	33.5%	-42.1%	-90.7%	-60.9%	-1.3%	1.2%	10.0%	10.00%
OCF Growth	snapshot only																				42.94%
Asset Growth	snapshot only																				-2.12%
Equity Growth	snapshot only																				1.20%
Debt Growth	snapshot only																				1.55%
Shares Change	snapshot only																				8.78%
Dividend Growth	snapshot only																				23.49%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	3.7%	2.3%	1.2%	0.7%	3.3%	5.3%	9.5%	15.0%	18.2%	22.0%	25.3%	23.5%	21.4%	19.7%	15.1%	14.0%	11.1%	7.6%	5.3%	2.2%	2.20%
Revenue 5Y	13.0%	12.1%	10.1%	9.1%	10.2%	11.5%	12.5%	13.6%	13.8%	13.1%	13.4%	12.2%	11.7%	9.5%	7.3%	8.0%	8.4%	10.7%	12.3%	12.1%	12.05%
EPS 3Y	2.4%	1.4%	17.6%	22.4%	20.1%	15.0%	13.4%	10.7%	-0.9%	-2.7%	-8.3%	-12.0%	-8.5%	-9.7%	-23.0%	-22.5%	-24.7%	-23.1%	-18.4%	-29.6%	-29.61%
EPS 5Y	2.0%	0.6%	4.3%	6.8%	9.4%	12.1%	4.9%	5.8%	-1.8%	-4.8%	1.0%	-2.7%	-4.2%	-9.6%	-6.5%	-3.6%	-4.3%	0.8%	-9.7%	-17.6%	-17.63%
Net Income 3Y	6.1%	4.9%	22.4%	26.0%	23.6%	19.2%	17.0%	13.0%	1.1%	0.8%	-4.6%	-10.1%	-6.1%	-6.5%	-21.1%	-20.7%	-23.1%	-21.7%	-16.0%	-25.6%	-25.56%
Net Income 5Y	6.2%	4.0%	8.1%	10.8%	13.6%	16.6%	8.4%	7.4%	1.3%	-2.4%	4.6%	-1.1%	-2.3%	-6.6%	-3.0%	-0.7%	-1.5%	4.4%	-7.1%	-13.9%	-13.94%
EBITDA 3Y	7.7%	-11.2%	20.2%	20.1%	57.3%	33.1%	41.6%	41.6%	7.4%	56.6%	70.7%	92.9%	93.1%	91.9%	35.4%	7.7%	4.9%	30.3%	22.2%	33.2%	33.23%
EBITDA 5Y	—	-8.1%	10.2%	10.2%	29.5%	32.5%	37.4%	37.4%	16.4%	30.3%	37.3%	47.7%	47.7%	29.6%	26.1%	9.9%	27.2%	48.4%	48.2%	56.1%	56.07%
Gross Profit 3Y	5.3%	2.9%	13.7%	22.5%	23.9%	19.2%	10.1%	8.5%	13.6%	23.9%	32.3%	33.1%	33.7%	25.6%	3.1%	-12.3%	-17.1%	-8.6%	5.6%	12.4%	12.44%
Gross Profit 5Y	6.8%	5.5%	11.7%	17.1%	19.9%	21.6%	14.0%	10.6%	13.8%	16.2%	21.6%	23.3%	21.8%	12.9%	6.9%	-0.1%	-2.8%	6.4%	9.5%	13.5%	13.46%
Op. Income 3Y	11.3%	17.1%	45.2%	38.3%	57.1%	40.7%	46.6%	50.4%	24.2%	62.8%	60.1%	70.7%	57.8%	35.1%	-12.3%	-44.6%	-20.2%	3.5%	13.7%	29.4%	29.40%
Op. Income 5Y	-8.8%	-3.9%	10.9%	11.0%	17.9%	27.9%	24.8%	22.6%	4.0%	24.3%	29.0%	37.0%	38.2%	25.6%	15.6%	-7.7%	27.2%	41.5%	39.7%	38.5%	38.54%
FCF 3Y	-29.9%	—	—	—	—	—	-70.2%	—	—	-21.0%	-18.9%	-5.8%	1.2%	—	—	—	38.9%	60.0%	3.2%	—	—
FCF 5Y	-45.9%	—	—	—	—	—	—	—	—	-1.0%	11.3%	15.3%	—	—	27.2%	-11.3%	-6.0%	-5.4%	-15.2%	-4.1%	-4.09%
OCF 3Y	-27.3%	—	—	—	—	—	-51.5%	—	—	-20.3%	-18.3%	-5.4%	84.6%	—	—	—	35.3%	66.0%	2.0%	—	—
OCF 5Y	-36.4%	—	—	—	18.9%	—	-5.8%	—	—	-2.0%	8.9%	13.8%	—	—	25.1%	-11.1%	-6.2%	-1.3%	-5.9%	11.8%	11.80%
Assets 3Y	9.2%	7.1%	4.0%	4.4%	2.4%	0.4%	-0.1%	-2.8%	-4.5%	-4.9%	-6.0%	-7.6%	-7.8%	-9.3%	-8.5%	-9.1%	-7.9%	-7.2%	-7.1%	-5.9%	-5.86%
Assets 5Y	-0.2%	1.7%	2.9%	5.2%	5.0%	4.7%	4.8%	3.8%	2.2%	0.4%	-1.7%	-2.6%	-2.9%	-4.3%	-4.3%	-4.8%	-5.0%	-4.8%	-4.9%	-5.6%	-5.57%
Equity 3Y	-1.0%	9.7%	10.8%	11.3%	11.5%	11.2%	12.8%	12.6%	11.9%	11.7%	11.9%	11.6%	13.4%	2.0%	0.7%	0.1%	2.1%	1.7%	1.5%	0.4%	0.44%
Book Value 3Y	-4.4%	6.1%	6.4%	8.2%	8.2%	7.4%	9.3%	10.3%	9.7%	7.9%	7.5%	9.3%	10.4%	-1.4%	-1.8%	-2.1%	-0.0%	-0.2%	-1.4%	-5.0%	-5.03%
Dividend 3Y	-3.0%	-2.9%	-3.1%	-1.6%	-1.2%	-1.3%	-1.3%	-0.7%	-1.0%	-2.9%	-3.4%	-1.6%	-2.1%	-2.3%	-1.0%	-0.4%	8.0%	8.1%	7.2%	4.3%	4.33%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.78	0.63	0.57	0.62	0.78	0.69	0.64	0.62	0.64	0.69	0.68	0.69	0.73	0.72	0.61	0.63	0.64	0.74	0.66	0.61	0.610
Earnings Stability	0.49	0.07	0.45	0.46	0.48	0.41	0.75	0.58	0.19	0.07	0.32	0.06	0.00	0.01	0.05	0.05	0.06	0.01	0.62	0.59	0.592
Margin Stability	0.83	0.85	0.85	0.77	0.78	0.81	0.85	0.77	0.79	0.83	0.84	0.74	0.76	0.84	0.82	0.69	0.69	0.82	0.86	0.75	0.752
Rev. Growth Consistency	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.50	0.00	1.00	0.50	0.00	0.000
FCF Positive Streak	1	0	0	0	1	0	0	0	0	1	1	0	0	1	1	1	1	1	1	1	1
Earnings Persistence	0.94	0.87	0.89	0.50	0.50	0.50	0.97	0.90	0.80	0.50	0.90	0.85	0.97	0.98	0.89	0.98	0.99	0.94	0.96	0.85	0.847
Earnings Smoothness	0.85	0.72	0.76	0.58	0.45	0.36	0.91	0.71	0.35	0.14	0.71	0.55	0.93	0.94	0.67	0.95	0.97	0.87	0.90	0.53	0.525
ROE Trend	0.01	-0.02	0.00	0.02	0.03	0.06	-0.02	-0.03	-0.05	-0.05	-0.03	-0.04	-0.04	-0.04	-0.03	-0.01	-0.01	0.01	-0.01	-0.02	-0.022
Gross Margin Trend	0.02	-0.02	0.18	0.32	0.31	0.26	-0.16	-0.29	-0.20	-0.06	0.11	0.11	0.07	-0.08	-0.13	-0.28	-0.35	-0.17	-0.10	0.08	0.083
FCF Margin Trend	-0.32	-1.29	-1.53	-1.22	-0.23	0.10	-0.02	-0.17	-0.19	0.61	0.74	0.55	0.09	0.12	0.30	0.35	0.38	0.13	-0.11	-0.07	-0.069
Sustainable Growth Rate	-2.1%	-2.1%	1.6%	3.1%	4.1%	4.2%	-0.0%	-0.7%	-3.0%	-4.1%	-2.6%	-4.0%	-3.6%	-4.1%	-4.9%	-4.3%	-6.7%	-6.3%	-7.6%	-9.8%	-9.80%
Internal Growth Rate	—	—	0.1%	0.2%	0.3%	0.3%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	0.13	-2.25	-1.71	-0.80	0.39	0.25	0.05	-0.56	-0.28	1.56	1.39	1.36	0.96	1.80	2.61	1.86	2.14	2.38	2.37	4.32	4.320
FCF/OCF	0.57	1.03	1.03	1.04	0.92	0.88	0.21	1.09	1.24	0.95	0.96	0.95	0.93	0.96	0.97	0.96	0.99	0.79	0.58	0.45	0.445
FCF/Net Income	snapshot only																				1.924
OCF/EBITDA	snapshot only																				0.556
CapEx/Revenue	2.1%	2.2%	2.4%	2.1%	2.0%	1.7%	1.4%	1.5%	1.4%	1.2%	1.1%	1.2%	1.2%	1.4%	1.5%	1.6%	0.4%	10.9%	17.6%	27.0%	27.00%
CapEx/Depreciation	snapshot only																				4.172
Accruals Ratio	0.00	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	-0.00	-0.00	-0.00	0.00	-0.00	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.012
Sloan Accruals	snapshot only																				-0.170
Cash Flow Adequacy	snapshot only																				0.700
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	11.2%	10.7%	10.5%	12.0%	13.6%	13.3%	13.9%	12.3%	12.1%	10.8%	10.4%	11.5%	10.3%	10.4%	9.9%	9.7%	12.5%	13.7%	14.6%	14.3%	15.48%
Dividend/Share	$1.87	$1.82	$1.80	$1.82	$1.84	$1.86	$1.92	$1.93	$1.93	$1.92	$1.82	$1.93	$1.90	$1.84	$1.87	$1.90	$2.42	$2.46	$2.51	$2.35	$1.92
Payout Ratio	1.2%	1.3%	87.0%	77.2%	72.2%	69.1%	1.0%	1.1%	1.5%	1.8%	1.4%	1.7%	1.6%	1.7%	2.0%	1.7%	2.2%	2.0%	2.4%	3.8%	3.78%
FCF Payout Ratio	16.7%	—	—	—	2.0%	3.1%	93.6%	—	—	1.2%	1.0%	1.3%	1.8%	1.0%	78.6%	97.1%	1.0%	1.1%	1.8%	2.0%	1.96%
Total Payout Ratio	1.2%	1.3%	87.0%	77.2%	72.2%	69.1%	1.0%	1.1%	1.5%	1.8%	1.4%	1.7%	1.6%	1.7%	2.0%	1.7%	2.2%	2.0%	2.4%	3.9%	3.91%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.13	0.12	0.13	0.16	0.19	0.20	0.19	0.17	0.15	0.12	0.12	0.13	0.12	0.14	0.14	0.15	0.47	0.48	0.49	0.49	0.487
Buyback Yield	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.50%
Net Buyback Yield	0.1%	-7.6%	-7.3%	-9.0%	-10.0%	-1.2%	-1.2%	-0.4%	-0.4%	-0.1%	-0.1%	-0.1%	-6.7%	-6.7%	-6.2%	-6.5%	-0.0%	-0.0%	-0.3%	-0.0%	-0.01%
Total Shareholder Return	11.3%	3.1%	3.1%	3.0%	3.6%	12.1%	12.6%	11.9%	11.7%	10.8%	10.3%	11.5%	3.6%	3.8%	3.7%	3.2%	12.5%	13.7%	14.3%	14.3%	14.33%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.87	0.88	0.85	0.81	0.85	0.86	0.89	0.91	0.87	0.81	0.84	0.88	0.86	0.89	0.87	0.91	0.88	0.86	0.85	0.76	0.762
Interest Burden (EBT/EBIT)	5.22	9.49	2.85	3.34	1.34	1.74	0.95	0.87	1.71	0.61	0.58	0.30	0.33	0.43	0.45	1.01	0.50	0.37	0.32	0.18	0.182
EBIT Margin	0.09	0.04	0.22	0.22	0.53	0.38	0.41	0.37	0.14	0.33	0.41	0.62	0.63	0.46	0.44	0.22	0.46	0.69	0.64	0.81	0.811
Asset Turnover	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.033
Equity Multiplier	18.06	15.60	14.96	15.12	14.81	13.00	12.52	12.20	11.77	11.68	11.34	10.87	10.46	10.41	10.12	10.00	9.45	9.50	9.51	9.55	9.551

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$1.55	$1.45	$2.07	$2.35	$2.54	$2.69	$1.92	$1.78	$1.31	$1.08	$1.33	$1.12	$1.19	$1.07	$0.94	$1.10	$1.09	$1.22	$1.04	$0.62	$0.62
Book Value/Share	$15.19	$19.92	$20.04	$20.30	$20.36	$20.31	$20.65	$20.69	$20.35	$19.95	$18.96	$19.83	$20.45	$19.08	$18.98	$19.05	$20.36	$20.16	$19.77	$17.72	$19.59
Tangible Book/Share	$14.09	$18.86	$19.01	$19.24	$19.31	$19.27	$19.60	$19.63	$19.30	$18.91	$17.98	$18.80	$19.45	$18.13	$18.04	$18.12	$18.31	$18.09	$17.73	$15.81	$15.81
Revenue/Share	$3.99	$3.91	$3.86	$3.92	$4.23	$4.76	$5.50	$6.11	$6.51	$6.58	$6.61	$6.87	$6.60	$6.05	$5.47	$5.43	$5.43	$5.61	$5.89	$5.52	$5.52
FCF/Share	$0.11	$-3.33	$-3.62	$-1.96	$0.92	$0.59	$0.02	$-1.09	$-0.46	$1.61	$1.78	$1.44	$1.05	$1.83	$2.38	$1.96	$2.31	$2.29	$1.43	$1.20	$1.20
OCF/Share	$0.20	$-3.25	$-3.53	$-1.88	$1.00	$0.67	$0.10	$-1.00	$-0.37	$1.69	$1.85	$1.52	$1.13	$1.92	$2.46	$2.04	$2.33	$2.90	$2.47	$2.69	$2.69
Cash/Share	$0.93	$1.19	$0.84	$1.27	$1.07	$1.18	$3.78	$3.54	$2.95	$0.82	$1.29	$1.14	$1.42	$1.40	$1.58	$1.04	$1.16	$2.37	$1.12	$1.23	$1.23
EBITDA/Share	$0.65	$0.45	$1.08	$1.07	$2.40	$1.96	$2.43	$2.42	$1.05	$2.35	$2.88	$4.38	$4.30	$2.86	$2.50	$1.25	$2.60	$4.08	$4.06	$4.83	$4.83
Debt/Share	$26.55	$24.54	$27.87	$28.32	$28.34	$30.50	$32.06	$30.13	$29.94	$28.29	$27.24	$28.86	$27.34	$26.69	$26.60	$27.54	$33.04	$65.84	$68.63	$64.61	$64.61
Net Debt/Share	$25.63	$23.35	$27.02	$27.05	$27.26	$29.33	$28.28	$26.59	$26.99	$27.47	$25.95	$27.72	$25.92	$25.29	$25.02	$26.49	$31.88	$63.47	$67.51	$63.38	$63.38

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-0.023
Altman Z-Prime	snapshot only																				-0.833
Piotroski F-Score	4	3	4	5	5	4	5	3	5	6	5	5	4	5	3	4	3	6	7	5	5
Beneish M-Score	-2.05	-2.16	-2.52	-2.59	-2.12	-1.78	0.21	-1.50	-2.38	-2.78	-2.78	-2.58	-2.37	-0.59	-2.08	-1.52	-2.38	-2.78	-2.38	-2.63	-2.630
Ohlson O-Score	snapshot only																				-4.507
Net-Net WC	snapshot only																				$-145.09
EVA	snapshot only																				$-1660369981.05

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				CCC
Credit Score	25.55	20.86	17.34	32.96	24.47	24.17	20.32	22.04	20.24	17.62	27.11	27.72	27.61	26.39	27.01	27.34	29.20	22.11	10.35	12.09	12.092
Credit Grade	snapshot only																				17
Credit Trend	snapshot only																				-15.247
Implied Spread (bps)	snapshot only																				1200.000
Industry Credit Rank	snapshot only																				16
Sector Credit Rank	snapshot only																				1

STWD NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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