Cash flow remains inconsistent, as evidenced by the -2.35 FFO/NI ratio in 2026Q1, which indicates that earnings are heavily influenced by non-cash adjustments rather than core operational cash generation.
| 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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -37.2M | -29.9M | -5.84M | -51.25M | -55.26M | -53.61M | -4.06M | -2.36M | -31.89M | 10.25M | -3.72M | -1.79M | -21.56M | 55.94M | 21.29M | 35.9M | -59.24M | -41.62M | -16.79M | 25.66M | 44.32M | 37.78M | 10M | 8.05M | 7.25M | 3.25M | 17.92M | 20.6M | 11.1M | 29.5M | 68.7M |
| Operating CF Growth % | -1967.65% | -411.92% | 88.61% | 7.25% | -3.08% | -1221.09% | -71.95% | 92.6% | -411.02% | 375.62% | -107.82% | 91.7% | -138.54% | 162.73% | -40.69% | 160.6% | -42.35% | -147.85% | -165.43% | -42.09% | 17.3% | 277.85% | 24.18% | 10.99% | 123.57% | -81.89% | -13% | 85.59% | -62.37% | -57.06% | 44.03% |
| Operating CF / Revenue % | -129.77% | -99.94% | -10.78% | -296.78% | -147.37% | -189.86% | -9.15% | -2.56% | -36.4% | 12.76% | -4.63% | -2.21% | -22.91% | 43.8% | 18.4% | 26.2% | -649.36% | -385.87% | -89.39% | 94.48% | 69.24% | 107.35% | 47.87% | 55.83% | 62.71% | 21.88% | 177.45% | 140.14% | 63.07% | 95.16% | 86.74% |
| Net Income | 21.48M | 2.8M | -1.91M | -16.49M | 89.74M | 63.25M | -24.48M | -2.47M | -3.99M | 3.88M | -6M | 17.59M | 18.16M | 5.89M | -4.31M | -5.23M | -17.71M | -6.23M | -3.73M | 13.36M | 40.29M | 8.47M | 672K | 20K | -521K | 3.94M | 14.22M | 2.9M | -2.6M | 7M | -300K |
| Depreciation & Amortization | 7.03M | 6.97M | 5.56M | 4.26M | 3.59M | 9.96M | 13.67M | 11.01M | 8.57M | 7.85M | 8.08M | 8.74M | 8.98M | 9.05M | 9.16M | 8.43M | 1.89M | 1.63M | 1.65M | 1.27M | 1.58M | 758K | 1.68M | 1.43M | 964K | 133K | 129K | 100K | 100K | 100K | 1.5M |
| Stock-Based Compensation | 590K | 1.26M | 1.72M | 1.94M | 1.72M | 0 | 0 | 0 | 800K | 800K | 719K | 528K | 480K | 338K | 269K | 422K | 585K | 735K | 1.02M | 1.53M | 1.09M | 282K | 156K | 119K | 88K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -66.5M | -43.79M | -6.65M | -41.67M | -131.53M | -152.07M | 2.02M | -6.58M | -33.46M | -20M | 3.19M | -36.39M | -39.62M | 27.53M | 31.1M | 5.1M | -54.99M | -34.55M | -15.69M | 12.58M | 10.84M | 19.7M | 6.11M | 4.94M | 4.02M | -2M | 765K | 17M | 13.6M | 22.5M | 66.4M |
| Working Capital Changes | 5.52M | 2.92M | -4.58M | 844K | -24.75M | 31.21M | -7.54M | -4M | -4.5M | 11.04M | -8.78M | 5.62M | 1.8M | 13.1M | -14.79M | 27.17M | 3.02M | -2.24M | 735K | -4.39M | -3.05M | 8.85M | 1.54M | 1.66M | 238K | 1.17M | 2.81M | 600K | 0 | -100K | 1.1M |
| Cash from Investing | 128.43M | 61.03M | -21.54M | -46.95M | 50M | 188.94M | -7.82M | -63.88M | -64.02M | 70.58M | -28.25M | -12.59M | -2.73M | -3.49M | 517K | -18.16M | -75.91M | -25.29M | -29.2M | -22.94M | -41.93M | -39.61M | -21.69M | -8.8M | -8.32M | -24.27M | -5.45M | -8.9M | -8.8M | -9.5M | -5.9M |
| Acquisitions (Net) | 2.91M | 0 | 0 | 0 | 105.81M | 0 | 6K | -10.35M | 26K | 117.26M | -32K | -678K | 4.07M | -1.1M | -185K | 0 | 0 | 0 | 2.37M | 0 | 0 | 0 | 0 | 0 | -3.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32K | -678K | 0 | -1.1M | -185K | -500K | -15K | -1.46M | -16.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26K | 0 | 0 | 43.27M | 0 | 2.39M | 5M | 0 | 0 | 15.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 129.18M | 69.17M | 7.6M | -992K | -997K | 208.5M | -6.19M | -51.73M | -2.11M | 104.66M | -32K | 43.27M | 4.07M | -1.29M | 887K | -18.16M | -69.74M | 53K | 36K | 13.49M | -5.66M | 119K | -12.35M | 191K | 5.45M | -1.17M | 0 | -300K | -2.5M | 0 | 0 |
| Cash from Financing | -35.09M | 22.34M | 16.1M | 84.93M | -19.17M | -99.37M | 7.47M | 65.92M | 95.44M | -79.82M | 28.53M | 1.77M | 32.63M | -43.93M | -17.11M | -21.39M | 131.48M | 65.2M | 22.21M | 36.52M | -2.33M | 3.36M | 8.65M | 2.8M | -1.28M | 16.73M | -8.44M | -12.9M | 2.1M | -21.2M | -63M |
| Dividends Paid | -10K | -246K | -376K | -678K | -38.69M | 0 | -10K | -31K | -32K | -8.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -10K | -246K | -376K | -678K | -38.69M | 0 | -10K | -31K | -32K | -8.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 372K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -3.23M | -3.15M | -1.59M | -2.14M | -7.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -679K | -957K | 0 | -307K | 0 | -404K | -2.53M | -1.45M | -3M | -3.34M | -248K | 0 | -7.63M | -242K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 35.67M | 47.43M | 2.35M | 36.32M | 13.06M | 31.99M | -954K | -1.69M | 20.71M | -235K | -1.71M | -64.87M | -11.83M | -56.6M | -369K | 9.67M | 12.23M | 49.36M | 22.83M | 4.47M | 301K | -593K | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | 61.34M | 53.47M | -11.28M | -13.28M | -24.43M | 35.96M | -4.41M | -327K | -471K | 1.01M | -3.44M | -12.61M | 8.34M | 8.52M | 4.7M | -3.65M | -3.67M | -1.7M | -23.78M | 39.25M | 54K | 1.53M | -3.03M | 2.05M | -2.34M | -4.29M | 4.03M | -1.2M | 2.1M | -21.2M | -63M |
| Exchange Rate Effect | 5.2M | 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 | -2.3M | -20M | -62.8M |
| Cash at Beginning | 74.62M | 21.15M | 32.43M | 45.71M | 70.14M | 34.18M | 38.59M | 38.92M | 39.39M | 13.6M | 17.04M | 29.64M | 21.31M | 12.78M | 8.09M | 11.73M | 15.4M | 17.1M | 40.87M | 1.74M | 1.9M | 379K | 3.41M | 1.36M | 3.71M | 8M | 3.96M | 5.2M | 900K | 2.1M | 2.3M |
| Cash at End | 74.3M | 74.62M | 21.15M | 32.43M | 45.71M | 70.14M | 34.18M | 38.59M | 38.92M | 14.61M | 13.6M | 17.04M | 29.64M | 21.31M | 12.78M | 8.09M | 11.73M | 15.4M | 17.1M | 40.98M | 1.96M | 1.91M | 379K | 3.41M | 1.36M | 3.71M | 8M | 4M | 3M | -19.1M | -60.7M |
| Free Cash Flow | -40.86M | -38.04M | -34.98M | -97.22M | -110.07M | -73.17M | -10.25M | -64.91M | -93.82M | -23.83M | -31.93M | -56.97M | -28.37M | 53.55M | 16.3M | 18.24M | -65.39M | -80.88M | -32.34M | -10.76M | 8.04M | -1.95M | 658K | -943K | -2.65M | -19.85M | 12.47M | 12M | 4.8M | 20M | 62.8M |
| FCF Growth % | 20.52% | -8.76% | 64.02% | 11.68% | -50.43% | -613.94% | 84.21% | 30.82% | -293.78% | 25.39% | 43.94% | -100.83% | -152.97% | 228.62% | -10.67% | 127.9% | 19.15% | -150.13% | -200.52% | -233.83% | 511.89% | -396.66% | 169.78% | 64.42% | 86.65% | -259.15% | 3.95% | 150% | -76% | -68.15% | 31.66% |
| FCF / Revenue % | -142.54% | -127.17% | -64.55% | -562.92% | -293.54% | -259.14% | -23.12% | -70.42% | -107.1% | -29.66% | -39.75% | -70.44% | -30.14% | 41.93% | 14.08% | 13.31% | -716.8% | -749.96% | -172.16% | -39.61% | 12.56% | -5.55% | 3.15% | -6.54% | -22.91% | -133.87% | 123.52% | 81.63% | 27.27% | 64.52% | 79.29% |
Austin market concentration risk
As reported in quarterly financial filings, the persistent disconnect between FFO and GAAP operating cash flow, exemplified by the -2.35 FFO/NI ratio in 2026Q1, suggests that Stratus Properties' earnings metrics are heavily influenced by non-cash adjustments rather than actual cash generation from core operations.
The wide variance between FFO and operating cash flow indicates that the company's reported earnings are not reflective of its ability to generate liquidity. Investors should monitor this divergence, as it implies that the firm's operational cash flow remains consistently negative despite positive FFO prints.
Based on the provided data, the company's AFFO has frequently turned negative, such as the -$5.3 million reported in 2024Q4, which indicates that the firm lacks a consistent, recurring cash buffer to support a sustainable dividend policy without relying on sporadic asset sales.
The inability to maintain positive AFFO suggests that the company's recurring leasing income is insufficient to cover both property-level maintenance and corporate overhead. Consequently, any dividend payments appear to be funded by capital recycling rather than operational cash flow, which warrants caution regarding long-term payout sustainability.
According to historical cash flow statements, the company's heavy investment in property-level capital expenditures, which reached -$9.8 million in 2023Q4, highlights a business model that prioritizes long-term land development over the immediate generation of free cash flow from its existing leasing portfolio.
The high level of maintenance and development capex relative to leasing revenue suggests that the company is in a perpetual state of capital reinvestment. This strategy may be necessary for entitlement value creation, but it effectively prevents the realization of meaningful free cash flow in the near term.
As evidenced by the significant gap between GAAP net income and FFO, the company's financial results are heavily distorted by depreciation and amortization, which may obscure the reality that the core business is currently consuming cash rather than generating it through recurring property operations.
The reliance on FFO to normalize earnings appears to mask the underlying cash burn inherent in the company's development-heavy model. Analysts should interpret these figures with skepticism, as the accounting adjustments do not change the fundamental reality of negative operating cash flow.
Quick answers to the most common questions about buying STRS stock.
Stratus Properties Inc. (STRS) generated $-29.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stratus Properties Inc. (STRS) reported negative free cash flow of $38.0M in 2025, indicating capital requirements exceeded cash from operations.
Stratus Properties Inc. (STRS) spent $8.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Stratus Properties Inc. (STRS) returned $0.2M to shareholders via cash dividends and spent $3.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.