Starwood Property Trust (STWD) FY2020 results: revenue $1.1 billion, down 5.0% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 December 2020, down 5.0% on the year before. Net income was $332 million, down 34.9%, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.1 billion
-5.0% on the year
FY2013FY2020
Operating margin
15.1%
13.9% a year earlier
FY2013FY2020
Net income
$332 million
-34.9% on the year
FY2013FY2020
Diluted EPS
$1.16
-35.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,136
1,196
1,109
-5.0%
Operating income
172
167
132
+3.1%
Operating margin
15.1%
13.9%
11.9%
Interest expense
420
509
408
-17.5%
Pre-tax income
386
550
427
-29.8%
Income tax
20.2
13.2
15.3
+52.6%
Effective tax rate
5.2%
2.4%
3.6%
Net income
332
510
386
-34.9%
Net margin
29.2%
42.6%
34.8%
Diluted EPS
$1.16
$1.79
$1.42
-35.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,046
-13.2
585
Cash from investing
-912
-776
-2,521
Cash from financing
13.3
877
2,005
-98.5%
Depreciation and amortisation
94.4
113
133
-16.7%
Share-based compensation
65.7
46.2
43.5
+42.2%
Buybacks
33.8
0.0
12.1
Dividends paid
547
538
510
+1.6%
Dividend per share
$1.92
$1.92
$1.92
0.0%
Diluted shares, weighted
282m
290m
288m
-2.5%
Shares outstanding at period end
285m
282m
276m
+0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,489
4,700
4,603
-4.5%
Non-controlling interest
374
437
297
-14.4%
Redeemable equity
0.0
0.0
0.0
Debt
11,879
1,929
10,682
+515.9%
Other liabilities
64,132
70,977
52,680
-9.6%
Total liabilities and equity
80,874
78,042
68,262
+3.6%
Goodwill
260
260
260
0.0%
Intangible assets
70.1
85.7
145
-18.2%
Securities held for sale or to maturity
712
571
644
+24.7%
Loans
11,087
10,586
8,532
+4.7%
Cash and equivalents
563
478
240
+17.7%
Other assets
68,182
66,062
58,441
+3.2%
Total assets
80,874
78,042
68,262
+3.6%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.