Starwood Property Trust (STWD) FY2015 results: revenue $736 million, up 4.7% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $736 million for fiscal 2015, the year ended 31 December 2015, up 4.7% on the year before. Net income was $451 million, down 9.0%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$736 million
+4.7% on the year
FY2011FY2015
Operating margin
27.1%
31.1% a year earlier
FY2011FY2015
Net income
$451 million
-9.0% on the year
FY2011FY2015
Diluted EPS
$1.91
-14.7% on the year
FY2011FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
736
703
549
+4.7%
Operating income
200
219
176
-8.8%
Operating margin
27.1%
31.1%
32.1%
Interest expense
203
161
112
+25.7%
Pre-tax income
469
526
354
-10.8%
Income tax
17.2
24.1
23.9
-28.6%
Effective tax rate
3.7%
4.6%
6.7%
Net income
451
495
305
-9.0%
Net margin
61.2%
70.4%
55.5%
Diluted EPS
$1.91
$2.24
$1.82
-14.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
606
221
326
+174.4%
Cash from investing
-420
n/a
n/a
Cash from financing
-93.3
n/a
n/a
Depreciation and amortisation
29.0
16.6
9.7
+74.5%
Share-based compensation
51.0
45.9
22.1
+11.2%
Buybacks
48.7
13.0
n/a
+275.2%
Dividends paid
447
402
301
+11.2%
Dividend per share
$1.92
$1.92
$1.82
0.0%
Diluted shares, weighted
234m
219m
167m
+7.0%
Shares outstanding at period end
237m
224m
196m
+6.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,140
3,861
4,283
+7.2%
Non-controlling interest
30.6
22.1
44.6
+38.9%
Debt
5,304
4,556
3,255
+16.4%
Other liabilities
76,263
107,661
103,188
-29.2%
Total liabilities and equity
85,738
116,099
110,771
-26.2%
Goodwill
140
140
140
0.0%
Intangible assets
202
144
177
+39.8%
Securities held for sale or to maturity
321
442
368
-27.3%
Loans
5,973
5,779
4,364
+3.4%
Cash and equivalents
369
255
318
+44.5%
Other assets
78,733
109,338
105,403
-28.0%
Total assets
85,738
116,099
110,771
-26.2%
10-K for the year ended 31 December 2015, filed 25 February 2016: the filing.