Starwood Property Trust (STWD) FY2016 results: revenue $785 million, up 6.6% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $785 million for fiscal 2016, the year ended 31 December 2016, up 6.6% on the year before. Net income was $365 million, down 19.0%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2017.
Revenue
$785 million
+6.6% on the year
FY2011FY2016
Operating margin
17.0%
27.1% a year earlier
FY2011FY2016
Net income
$365 million
-19.0% on the year
FY2011FY2016
Diluted EPS
$1.50
-21.5% on the year
FY2011FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
785
736
703
+6.6%
Operating income
134
200
219
-33.1%
Operating margin
17.0%
27.1%
31.1%
Interest expense
231
203
161
+13.9%
Pre-tax income
376
469
526
-19.9%
Income tax
8.3
17.2
24.1
-51.5%
Effective tax rate
2.2%
3.7%
4.6%
Net income
365
451
495
-19.0%
Net margin
46.5%
61.2%
70.4%
Diluted EPS
$1.50
$1.91
$2.24
-21.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
557
606
221
-8.1%
Cash from investing
-801
-420
n/a
Cash from financing
506
-93.3
n/a
Depreciation and amortisation
66.8
29.0
16.6
+130.2%
Share-based compensation
49.1
51.0
45.9
-3.8%
Buybacks
19.7
48.7
13.0
-59.5%
Dividends paid
458
447
402
+2.6%
Dividend per share
$1.92
$1.92
$1.92
0.0%
Diluted shares, weighted
242m
234m
219m
+3.3%
Shares outstanding at period end
259m
237m
224m
+9.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
4,522
4,140
3,861
+9.2%
Non-controlling interest
37.8
30.6
22.1
+23.4%
Debt
6,166
5,304
4,556
+16.2%
Other liabilities
66,531
76,263
107,661
-12.8%
Total liabilities and equity
77,256
85,738
116,099
-9.9%
Goodwill
140
140
140
0.0%
Intangible assets
219
202
144
+8.8%
Securities held for sale or to maturity
510
321
442
+58.8%
Loans
5,848
5,973
5,779
-2.1%
Cash and equivalents
616
369
255
+66.9%
Other assets
69,923
78,733
109,338
-11.2%
Total assets
77,256
85,738
116,099
-9.9%
10-K for the year ended 31 December 2016, filed 23 February 2017: the filing.