Revenue volatility remains extreme, with quarterly figures swinging from $9.1M to $56.8M, while operating margins have failed to turn positive, settling at -8.0% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 190.35M | 172.16M | 53.36M | 161.34M | 112.15M | 106.56M | 78.16M | 72.93M | 104.18M | 118.34M | 125.47M | 60.83M | 55.61M | 49.38M | 50.51M | 53.74M | 56.18M | 69.6M | 80.36M | 73.95M | 71.93M | 68.19M | 68.14M | 56.24M | 41.53M |
| Revenue Growth % | 139.76% | 222.64% | -66.93% | 43.86% | 5.25% | 36.33% | 7.17% | -29.99% | -11.96% | -5.68% | 106.27% | 9.38% | 12.62% | -2.25% | -6.01% | -4.34% | -19.27% | -13.39% | 8.67% | 2.81% | 5.49% | 0.07% | 21.16% | 35.41% | - |
| Cost of Goods Sold | 107.32M | 93.5M | 42.3M | 81.07M | 86.27M | 91.32M | 64.18M | 55.77M | 85.91M | 89.94M | 89.69M | 42.92M | 38.97M | 35.26M | 37.42M | 38.99M | 44.18M | 49.37M | 60.29M | 53.43M | 52.87M | 52.94M | 46.38M | 39.67M | 30.36M |
| COGS % of Revenue | - | 54.31% | 79.28% | 50.25% | 76.92% | 85.7% | 82.11% | 76.47% | 82.46% | 76% | 71.49% | 70.56% | 70.08% | 71.41% | 74.08% | 72.54% | 78.63% | 70.94% | 75.02% | 72.25% | 73.5% | 77.64% | 68.07% | 70.54% | 73.09% |
| Gross Profit | 83.03M | 78.66M | 11.05M | 80.27M | 25.88M | 15.24M | 13.99M | 17.16M | 18.27M | 28.4M | 35.77M | 17.91M | 16.64M | 14.12M | 13.09M | 14.76M | 12M | 20.23M | 20.07M | 20.52M | 19.06M | 15.25M | 21.76M | 16.57M | 11.18M |
| Gross Margin % | 43.62% | 45.69% | 20.72% | 49.75% | 23.08% | 14.3% | 17.89% | 23.53% | 17.54% | 24% | 28.51% | 29.44% | 29.92% | 28.59% | 25.92% | 27.46% | 21.37% | 29.06% | 24.98% | 27.75% | 26.5% | 22.36% | 31.93% | 29.46% | 26.91% |
| Gross Profit Growth % | - | 611.51% | -86.23% | 210.16% | 69.81% | 8.96% | -18.49% | -6.08% | -35.67% | -20.6% | 99.75% | 7.63% | 17.88% | 7.82% | -11.29% | 22.94% | -40.65% | 0.77% | -2.18% | 7.66% | 25.01% | -29.93% | 31.33% | 48.24% | - |
| Operating Expenses | 89.01M | 82.34M | 19.47M | 78.88M | 28.98M | 26.84M | 21.2M | 19.07M | 22.82M | 26.5M | 32.69M | 15.13M | 14.12M | 13.79M | 18.19M | 18.43M | 18.24M | 19.85M | 26.39M | 23.36M | 27.28M | 26.25M | 21.18M | 16.85M | 22.02M |
| OpEx % of Revenue | - | 47.83% | 36.49% | 48.89% | 25.84% | 25.18% | 27.12% | 26.15% | 21.9% | 22.39% | 26.05% | 24.88% | 25.4% | 27.92% | 36.01% | 34.3% | 32.46% | 28.52% | 32.84% | 31.59% | 37.93% | 38.5% | 31.08% | 29.97% | 53.03% |
| Selling, General & Admin | 88.77M | 82.34M | 16.99M | 77.42M | 27.26M | 22.59M | 18.64M | 15.9M | 20.46M | 24.84M | 30.04M | 14.63M | 13.07M | 12.53M | 14.24M | 15.36M | 14.93M | 15.9M | 20.36M | 19.59M | 23.36M | 22.05M | 17.39M | 14.22M | 18.04M |
| SG&A % of Revenue | - | 47.83% | 31.84% | 47.98% | 24.31% | 21.2% | 23.84% | 21.8% | 19.64% | 20.99% | 23.94% | 24.05% | 23.51% | 25.37% | 28.19% | 28.59% | 26.57% | 22.84% | 25.34% | 26.49% | 32.48% | 32.34% | 25.53% | 25.28% | 43.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 3.72M | 2.74M | 2.88M | 3.36M | 2.76M | 3.07M | 3.89M | 3.68M | 2.98M | 2.19M | 2.97M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.08% | 7.36% | 5.09% | 5.12% | 4.83% | 3.44% | 4.15% | 5.41% | 5.4% | 4.38% | 3.9% | 7.14% |
| Other Operating Expenses | 245K | 0 | 2.48M | 1.47M | 1.72M | 4.24M | 2.56M | 3.17M | 2.36M | 3M | 4.51M | 506K | 1.05M | 231K | 233K | 331K | 435K | 590K | 3.26M | 697K | 27K | 520K | 800K | 443.78K | 1.01M |
| Operating Income | -5.98M | -3.69M | -8.41M | 1.38M | -3.1M | -11.6M | -7.21M | -1.91M | -4.54M | -6.02M | 3.08M | 2.77M | 2.52M | 171K | -5.1M | -3.51M | -6.59M | 58K | -7.62M | -2.84M | -8.22M | -11M | 582K | -284.17K | -10.85M |
| Operating Margin % | -3.14% | -2.14% | -15.77% | 0.86% | -2.77% | -10.88% | -9.22% | -2.62% | -4.36% | -5.09% | 2.46% | 4.56% | 4.53% | 0.35% | -10.09% | -6.53% | -11.73% | 0.08% | -9.49% | -3.84% | -11.43% | -16.14% | 0.85% | -0.51% | -26.12% |
| Operating Income Growth % | - | 56.17% | -708.46% | 144.54% | 73.22% | -60.86% | -277.58% | 58% | 24.49% | -295.11% | 11.21% | 10.17% | 1372.51% | 103.35% | -45.24% | 46.74% | -11462.07% | 100.76% | -168.36% | 65.45% | 25.26% | -1990.55% | 304.81% | 97.38% | - |
| EBITDA | -4.48M | -2.48M | -4.81M | 2.85M | 430K | -6.66M | 2.81M | 6.17M | 4.16M | 5.04M | 12.97M | 5.21M | 4.45M | 2.08M | -2.97M | -414K | -2.34M | 5.24M | -1.22M | 2.32M | -3.5M | -5.74M | 3.73M | 2.97M | -6.9M |
| EBITDA Margin % | -2.35% | -1.44% | -9.02% | 1.77% | 0.38% | -6.25% | 3.59% | 8.45% | 4% | 4.26% | 10.34% | 8.57% | 8.01% | 4.22% | -5.87% | -0.77% | -4.17% | 7.52% | -1.51% | 3.14% | -4.87% | -8.42% | 5.48% | 5.28% | -16.6% |
| EBITDA Growth % | -312.25% | 48.56% | -268.88% | 562.79% | 106.45% | -337.37% | -54.48% | 48.11% | -17.48% | -61.11% | 148.78% | 17.11% | 113.68% | 170.24% | -616.67% | 82.31% | -144.69% | 530.24% | -152.37% | 166.38% | 39% | -253.78% | 25.62% | 143.08% | - |
| D&A (Non-Cash Add-back) | 1.5M | 1.21M | 3.6M | 1.47M | 3.54M | 4.93M | 10.02M | 8.07M | 8.71M | 11.06M | 9.89M | 2.44M | 1.94M | 1.91M | 2.13M | 3.1M | 4.25M | 5.18M | 6.41M | 5.17M | 4.72M | 5.26M | 3.15M | 3.25M | 3.95M |
| EBIT | -5.85M | -3.69M | -8.41M | 1.38M | -3.54M | -7.97M | -3.86M | -2.19M | -4.65M | -6.32M | 5.28M | 2.54M | 3.21M | 331K | -5M | -3.24M | -6.24M | 377K | -6.83M | -2.84M | -8.22M | -11M | 1.13M | -284.17K | -10.85M |
| Net Interest Income | 176K | 260K | 633K | 372K | -564K | -905K | -1.29M | -746K | -751K | -730K | -1.41M | -24K | 19K | 48K | 97K | 165K | 378K | 490K | 819K | 0 | 2.1M | 1.68M | 331K | 35.41K | 0 |
| Interest Income | 189K | 260K | 633K | 372K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 272K | 58K | 63K | 101K | 267K | 378K | 499K | 851K | 0 | 2.1M | 1.68M | 0 | 35.41K | 0 |
| Interest Expense | 13K | 0 | 0 | 0 | 564K | 905K | 1.29M | 746K | 751K | 730K | 1.41M | 296K | 39K | 15K | 4K | 0 | 0 | 9K | 32K | 0 | 0 | 0 | 245K | 0 | 0 |
| Other Income/Expense | -212K | -168K | -1.76M | 1.19M | -2.34M | 2.72M | 2.05M | -1.03M | -855K | -1.03M | -1.2M | -257K | 19K | 48K | 174K | 168K | 376K | 550K | 759K | 1.47M | 1.93M | 1.38M | -337K | -1.4M | -1.92M |
| Pretax Income | -6.19M | -3.86M | -10.18M | 2.57M | -5.44M | -8.87M | -5.16M | -2.94M | -5.4M | -7.05M | 1.89M | 2.52M | 2.54M | 219K | -4.92M | -3.34M | -6.21M | 608K | -6.87M | -1.38M | -6.29M | -9.62M | 245K | -1.68M | -12.77M |
| Pretax Margin % | -3.25% | -2.24% | -19.07% | 1.59% | -4.85% | -8.33% | -6.6% | -4.03% | -5.18% | -5.96% | 1.5% | 4.14% | 4.56% | 0.44% | -9.75% | -6.22% | -11.06% | 0.87% | -8.54% | -1.86% | -8.75% | -14.11% | 0.36% | -2.99% | -30.75% |
| Income Tax | 1.76M | 2.06M | 263K | 370K | 383K | 60K | 129K | -199K | -1.56M | 27.99M | -12.42M | -19.12M | 62K | -45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.68M | -12.77M |
| Effective Tax Rate % | -28.48% | -53.45% | -2.58% | 14.41% | -7.04% | -0.68% | -2.5% | 6.77% | 28.91% | -397.04% | -658.73% | -759.75% | 2.44% | -20.55% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 100% | 100% |
| Net Income | -7.95M | -5.92M | -10.44M | 2.2M | -5.25M | -2.98M | -6.46M | -4.63M | 736K | -35.73M | 14.3M | 21.64M | 2.48M | 264K | -4.92M | -3.34M | -6.21M | 608K | -6.87M | -1.38M | -6.29M | -9.62M | 245K | -1.68M | -12.77M |
| Net Margin % | -4.18% | -3.44% | -19.56% | 1.36% | -4.68% | -2.8% | -8.26% | -6.34% | 0.71% | -30.19% | 11.4% | 35.58% | 4.45% | 0.53% | -9.75% | -6.22% | -11.06% | 0.87% | -8.54% | -1.86% | -8.75% | -14.11% | 0.36% | -2.99% | -30.75% |
| Net Income Growth % | -31.6% | 43.31% | -574.89% | 141.85% | -76.06% | 53.8% | -39.55% | -728.67% | 102.06% | -349.83% | -33.91% | 774.34% | 837.5% | 105.36% | -47.34% | 46.22% | -1122.04% | 108.86% | -398.91% | 78.12% | 34.61% | -4026.12% | 114.58% | 86.84% | - |
| Net Income (Continuing) | -7.95M | -5.92M | -10.44M | 2.2M | -5.83M | -8.93M | -5.29M | -2.74M | -3.84M | -35.04M | 14.3M | 21.64M | 2.48M | 264K | -4.92M | -3.34M | -6.21M | 608K | -6.87M | -1.38M | -6.29M | -9.62M | 245K | 0 | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 575K | 5.95M | -1.17M | -1.89M | 4.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 |
| EPS (Diluted) | -2.12 | -2.08 | -3.97 | -1.11 | -1.27 | -0.96 | -2.29 | -2.56 | 2.00 | -17.87 | 35.50 | 55.00 | 6.50 | 0.10 | -2.55 | -1.75 | -3.31 | 1.50 | -3.62 | -0.73 | -3.35 | -5.21 | 0.05 | -516.22 | -3923.73 |
| EPS Growth % | 57.1% | 47.61% | -257.66% | 12.6% | -32.29% | 58.08% | 10.55% | -228% | 111.19% | -150.34% | -35.45% | 746.15% | 6400% | 103.92% | -45.71% | 47.13% | -320.67% | 141.44% | -395.89% | 78.21% | 35.7% | -10625.25% | 100.01% | 86.84% | - |
| EPS (Basic) | - | -2.08 | -3.97 | -1.11 | -1.27 | -0.96 | -2.29 | -2.56 | 0.04 | -17.87 | 36.50 | 56.50 | 6.50 | 0.10 | -2.60 | -1.75 | -3.31 | 1.50 | -3.62 | -0.73 | -3.35 | -5.21 | 0.10 | -1069.58 | -3923.73 |
| Diluted Shares Outstanding | 3.74M | 3.2M | 3.15M | 4.13M | 4.13M | 5.08M | 3.66M | 2.04M | 2.02M | 2M | 2.01M | 1.97M | 1.89M | 1.92M | 1.93M | 1.91M | 1.88M | 1.93M | 1.9M | 1.88M | 1.88M | 1.85M | 1.7M | 3.25K | 3.25K |
| Basic Shares Outstanding | 3.74M | 3.2M | 3.15M | 4.13M | 4.13M | 5.08M | 3.66M | 2.04M | 2.02M | 2M | 1.96M | 1.92M | 1.86M | 1.88M | 1.89M | 1.91M | 1.88M | 1.88M | 1.9M | 1.88M | 1.88M | 1.85M | 1.01M | 1.57K | 3.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 451.22% | - | 27.36% | 17.71% | 150.02% | 350.38% | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in financial statements, STRR's revenue trajectory exhibits extreme volatility, with quarterly figures swinging from $9.1M to $56.8M over the last ten periods, reflecting the integration of disparate construction acquisitions that have fundamentally altered the company's top-line composition and obscured organic growth trends.
The massive revenue fluctuations suggest that the company is currently in a transition phase where inorganic growth from construction assets dominates the legacy diagnostic services business. Investors should monitor whether this growth is sustainable or merely a byproduct of aggressive acquisition-led scaling that lacks a cohesive organic core.
According to recent SEC filings, STRR has seen gross margins fluctuate significantly, peaking at 52.4% in 2025Q2 before settling near 40.4% in 2026Q1, indicating that the company's ability to maintain pricing power is highly sensitive to the shifting mix between healthcare services and modular construction inputs.
The volatility in gross margins suggests that the company struggles to maintain consistent profitability across its bifurcated business model. The reliance on raw material inputs for construction likely introduces cyclical margin pressure that the more stable diagnostic services segment cannot fully offset during periods of high inflation.
Based on STRR's reported figures, the company consistently fails to achieve positive operating income, with a -8.0% operating margin in 2026Q1, suggesting that corporate overhead and holding company expenses are currently scaling faster than the gross profit generated by its underlying healthcare and construction business units.
The inability to convert gross profit into operating income indicates a lack of operational efficiency at the holding company level. This suggests that the current organizational structure may be too heavy for the scale of the underlying operations, necessitating a more disciplined approach to managing SG&A expenses.
As evidenced by the persistent net losses and negative operating margins, the company's strategy of combining medical diagnostics with modular construction appears to create a conglomerate discount, as the disparate operational requirements likely distract management and prevent the realization of meaningful synergies across the two distinct segments.
Short-sellers would likely focus on the persistent cash burn and the lack of a clear path to profitability despite significant top-line growth. The company's history of net losses warrants further investigation into whether the holding company model is designed to create shareholder value or simply to utilize tax assets.
Quick answers to the most common questions about buying STRR stock.
For fiscal year 2025, Star Equity Holdings, Inc. (STRR) reported total revenue of $172.2M. This represents a 314.5% increase compared to $41.5M in 2002.
Star Equity Holdings, Inc. (STRR) reported a net loss of $5.9M for the fiscal year ending 2025.
Star Equity Holdings, Inc. (STRR) reported an operating income of $-3.7M, resulting in an operating profit margin of -2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Star Equity Holdings, Inc. (STRR) generated $78.7M in gross profit for the year, representing a gross profit margin of 45.7%. This demonstrates the company's core pricing power and production efficiency.