Revenue contracted by 24.8% in 2026Q1, while the reported -88.5% NOI margin highlights the ongoing challenge of balancing development costs against inconsistent rental income streams.
| 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 |
|---|
| Revenue | 28.66M | 29.91M | 54.18M | 17.27M | 37.5M | 28.24M | 44.33M | 92.18M | 87.6M | 80.34M | 80.34M | 80.87M | 94.11M | 127.71M | 115.74M | 137.04M | 9.12M | 10.79M | 18.78M | 27.16M | 64.01M | 35.19M | 20.89M | 14.42M | 11.57M | 14.83M | 10.1M | 14.7M | 17.6M | 31M | 79.2M |
| Revenue Growth % | -12.4% | -44.79% | 213.74% | -53.94% | 32.8% | -36.31% | -51.91% | 5.23% | 9.04% | -0% | -0.66% | -14.07% | -26.31% | 10.35% | -15.54% | 1402.09% | -15.41% | -42.58% | -30.85% | -57.56% | 81.87% | 68.47% | 44.85% | 24.66% | -21.98% | 46.84% | -31.3% | -16.48% | -43.23% | -60.86% | 64.32% |
| Property Operating Expenses | 37.35M | 44.04M | 43.01M | 19.05M | 31.79M | 18.76M | 29.83M | 64.31M | 74.15M | 68.63M | 67M | 67.81M | 77.94M | 108.26M | 106.42M | 128.7M | 12.31M | 12.99M | 18.49M | 20.13M | 33.02M | 21.08M | 14.69M | 10.23M | 8.43M | 9.11M | 8.68M | 7.7M | 14M | 24.2M | 71.9M |
| Net Operating Income (NOI) | -8.69M | -14.12M | 11.17M | -1.78M | 5.71M | 9.47M | 14.5M | 27.87M | 13.45M | 11.71M | 13.34M | 13.06M | 16.17M | 19.45M | 9.31M | 8.33M | -3.18M | -2.2M | 296K | 7.03M | 30.98M | 14.11M | 6.2M | 4.19M | 3.14M | 5.72M | 1.42M | 7M | 3.6M | 6.8M | 7.3M |
| NOI Margin % | -30.33% | -47.22% | 20.62% | -10.3% | 15.23% | 33.55% | 32.72% | 30.23% | 15.35% | 14.58% | 16.61% | 16.15% | 17.18% | 15.23% | 8.05% | 6.08% | -34.9% | -20.44% | 1.58% | 25.88% | 48.41% | 40.1% | 29.66% | 29.07% | 27.12% | 38.57% | 14.04% | 47.62% | 20.45% | 21.94% | 9.22% |
| Operating Expenses | 12.03M | 7.84M | 13.33M | 15.17M | 13.47M | -74.19M | 21.16M | 17.71M | 11.27M | 11.4M | 12.16M | 8.06M | 7.89M | 7.09M | 6.53M | 6.65M | 6.53M | 7.67M | 7.55M | 7.03M | 6.93M | 5.78M | 4.64M | 4.01M | 4.28M | 2.92M | 3.86M | 3.6M | 4.1M | 2.9M | 3.8M |
| G&A Expenses | 16.32M | 14.79M | 14.95M | 15.17M | 17.57M | 24.51M | 13.58M | 12.38M | 11.27M | 11.4M | 12.16M | 8.06M | 7.89M | 7.09M | 6.53M | 6.65M | 6.53M | 7.67M | 7.55M | 7.03M | 6.93M | 5.02M | 4.64M | 4.01M | 4.28M | 2.92M | 3.73M | 3.5M | 4M | 2.8M | 2.3M |
| EBITDA | -13.69M | -14.99M | 3.41M | -12.69M | -4.18M | 93.62M | 7.01M | 21.17M | 34.21M | 102.97M | 80.12M | 34.48M | 19.34M | 23.2M | 11.95M | 10.11M | -7.82M | -8.24M | -5.61M | 1.27M | 25.63M | 9.09M | 3.24M | 1.61M | -182K | 2.93M | -2.32M | 3.5M | -400K | 4M | 5M |
| EBITDA Margin % | -47.78% | -50.12% | 6.29% | -73.47% | -11.14% | 331.58% | 15.82% | 22.97% | 39.05% | 128.17% | 99.73% | 42.63% | 20.55% | 18.17% | 10.32% | 7.38% | -85.76% | -76.44% | -29.85% | 4.69% | 40.05% | 25.84% | 15.5% | 11.18% | -1.57% | 19.74% | -22.94% | 23.81% | -2.27% | 12.9% | 6.31% |
| Depreciation & Amortization | 7.03M | 6.97M | 5.56M | 4.26M | 3.59M | 9.96M | 13.67M | 11.01M | 32.04M | 79.73M | 78.95M | 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 |
| D&A / Revenue % | 24.51% | 23.3% | 10.27% | 24.65% | 9.56% | 35.29% | 30.83% | 11.94% | 36.57% | 99.25% | 98.26% | 10.81% | 9.54% | 7.09% | 7.92% | 6.15% | 20.67% | 15.15% | 8.8% | 4.68% | 2.47% | 2.15% | 8.03% | 9.93% | 8.33% | 0.9% | 1.28% | 0.68% | 0.57% | 0.32% | 1.89% |
| Operating Income | -20.72M | -21.96M | -2.15M | -16.95M | -7.76M | 83.66M | -6.66M | 10.16M | 2.17M | 23.24M | 1.18M | 25.73M | 10.36M | 14.15M | 2.78M | 1.68M | -9.71M | -9.88M | -7.26M | 2K | 24.05M | 8.34M | 1.56M | 180K | -1.15M | 2.79M | -2.45M | 3.4M | -500K | 3.9M | 3.5M |
| Operating Margin % | -72.29% | -73.42% | -3.98% | -98.12% | -20.7% | 296.29% | -15.01% | 11.03% | 2.48% | 28.92% | 1.47% | 31.82% | 11.01% | 11.08% | 2.4% | 1.23% | -106.43% | -91.59% | -38.64% | 0.01% | 37.58% | 23.69% | 7.47% | 1.25% | -9.91% | 18.84% | -24.22% | 23.13% | -2.84% | 12.58% | 4.42% |
| Interest Expense | 1.57M | 1.51M | 0 | 0 | 15K | 3.19M | 6.7M | 12.48M | 7.86M | 6.74M | 9.41M | 4.07M | 3.75M | 7.09M | 11.84M | 6.67M | 0 | 0 | 0 | 80K | 1.14M | 529K | 958K | 917K | 639K | 456K | 1.28M | 0 | 2M | 0 | 3.9M |
| Interest Coverage | - | 6.34x | - | - | -444.00x | -6.42x | -0.99x | 0.36x | -0.74x | 3.64x | 0.07x | 5.91x | 2.99x | 1.96x | 0.28x | 0.28x | - | - | - | 0.03x | 20.50x | 15.76x | 0.35x | 0.20x | -1.79x | 6.13x | -2.85x | - | -0.29x | - | -0.03x |
| Non-Operating Income | -45.53M | -31.56M | 1.63M | 0 | -1.1M | 104.14M | 0 | 5.68M | -1.39M | -1.29M | 547K | 1.71M | -850K | 235K | -576K | -213K | 0 | 0 | 0 | 0 | 0 | 0 | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 27.44M | 8.09M | -1.47M | -14.97M | -6.69M | 82.03M | -13.17M | -2.35M | -4.29M | 17.79M | -8.78M | 19.95M | 7.46M | 6.82M | -8.48M | -4.44M | -9.35M | -8.91M | -6.42M | 4.26M | 23.33M | 8.03M | 672K | 20K | -521K | 3.94M | 14.62M | 3M | -2.5M | 7.1M | 0 |
| Pretax Margin % | 95.73% | 27.03% | -2.71% | -86.68% | -17.84% | 290.53% | -29.7% | -2.55% | -4.9% | 22.14% | -10.93% | 24.67% | 7.93% | 5.34% | -7.33% | -3.24% | -102.51% | -82.66% | -34.18% | 15.68% | 36.45% | 22.82% | 3.22% | 0.14% | -4.5% | 26.57% | 144.75% | 20.41% | -14.2% | 22.9% | 0% |
| Income Tax | 7.37M | 5.28M | 442K | 1.52M | 389K | 12.58M | 4.84M | 117K | -305K | 13.9M | -2.78M | 5.58M | -10.69M | 929K | 636K | 651K | 8.04M | -3.04M | -1.73M | 1.67M | -8.34M | 73K | 0 | 0 | -253K | 0 | 396K | 100K | 100K | 100K | 3.8M |
| Effective Tax Rate % | 26.85% | 65.32% | -30.15% | -10.18% | -5.82% | 15.33% | -36.76% | -4.98% | 7.11% | 78.17% | 31.66% | 27.95% | -143.29% | 13.62% | -7.5% | -14.68% | -85.95% | 34.08% | 27.01% | 39.21% | -35.77% | 0.91% | 0% | 0% | 48.56% | 0% | 2.71% | 3.33% | -4% | 1.41% | - |
| Net Income | 21.48M | 11.98M | 1.96M | -14.81M | 90.43M | 57.39M | -22.79M | -2.46M | -3.98M | 3.88M | -6M | 12.18M | 13.4M | 2.58M | -1.59M | -10.39M | -15.34M | -5.9M | -3.84M | 13.36M | 40.29M | 8.47M | 672K | 20K | -521K | 3.94M | 14.22M | 2.9M | -2.6M | 7M | -300K |
| Net Margin % | 74.96% | 40.05% | 3.61% | -85.74% | 241.15% | 203.27% | -51.41% | -2.67% | -4.55% | 4.83% | -7.47% | 15.06% | 14.24% | 2.02% | -1.37% | -7.58% | -168.1% | -54.74% | -20.43% | 49.16% | 62.94% | 24.08% | 3.22% | 0.14% | -4.5% | 26.57% | 140.83% | 19.73% | -14.77% | 22.58% | -0.38% |
| Net Income Growth % | 492.69% | 512.58% | 113.21% | -116.37% | 57.55% | 351.84% | -824.92% | 38.12% | -202.66% | 164.66% | -149.27% | -9.15% | 418.49% | 262.99% | 84.73% | 32.26% | -159.76% | -53.87% | -128.73% | -66.85% | 375.43% | 1161.01% | 3260% | 103.84% | -113.22% | -72.3% | 390.41% | 211.54% | -137.14% | 2433.33% | -250% |
| Funds From Operations (FFO) | 28.51M | 18.95M | 7.52M | -10.55M | 94.01M | 67.36M | -9.12M | 8.54M | 28.06M | 83.61M | 72.95M | 20.92M | 22.38M | 11.64M | 7.58M | -1.96M | -13.45M | -4.27M | -2.19M | 14.63M | 41.87M | 9.23M | 2.35M | 1.45M | 443K | 4.07M | 14.35M | 3M | -2.5M | 7.1M | 1.2M |
| FFO Margin % | 99.47% | 63.35% | 13.88% | -61.09% | 250.71% | 238.55% | -20.57% | 9.27% | 32.03% | 104.08% | 90.8% | 25.87% | 23.78% | 9.11% | 6.55% | -1.43% | -147.43% | -39.59% | -11.63% | 53.85% | 65.41% | 26.23% | 11.24% | 10.07% | 3.83% | 27.47% | 142.1% | 20.41% | -14.2% | 22.9% | 1.52% |
| FFO Growth % | 3205.53% | 152.05% | 171.27% | -111.22% | 39.57% | 838.57% | -206.77% | -69.55% | -66.44% | 14.62% | 248.7% | -6.52% | 92.3% | 53.56% | 486.29% | 85.41% | -214.99% | -95.42% | -114.94% | -65.06% | 353.5% | 293.02% | 61.78% | 227.77% | -89.12% | -71.62% | 378.37% | 220% | -135.21% | 491.67% | -55.56% |
| FFO per Share | 3.54 | 2.33 | 0.92 | -1.32 | 11.43 | 8.10 | -1.11 | 1.04 | 3.44 | 10.23 | 9.02 | 2.59 | 2.77 | 1.43 | 0.95 | -0.26 | -1.80 | -0.57 | -0.29 | 1.91 | 5.47 | 1.21 | 0.31 | 0.20 | 0.06 | 0.50 | 1.72 | 0.37 | -0.35 | 0.99 | 0.15 |
| FFO Payout Ratio % | 0.04% | 1.3% | 5% | -6.43% | 41.16% | 0% | -0.11% | 0.36% | 0.11% | 9.73% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 2.67 | 1.47 | 0.24 | -1.85 | -0.86 | 7.65 | -2.98 | -0.34 | -0.49 | 0.47 | -0.74 | 1.51 | 1.66 | 0.32 | -0.20 | -1.39 | -2.05 | -0.79 | -0.50 | 1.80 | 5.26 | 1.11 | 0.09 | 0.00 | -0.07 | 0.48 | 1.74 | 0.36 | -0.36 | 0.98 | -0.04 |
| EPS Growth % | 489.53% | 512.5% | 112.97% | -115.12% | -111.24% | 356.71% | -776.47% | 30.61% | -204.26% | 163.51% | -149.01% | -9.04% | 418.75% | 260% | 85.61% | 32.2% | -159.49% | -58% | -127.78% | -65.78% | 373.87% | 1133.33% | - | 103.83% | -114.69% | -72.41% | 383.33% | 200% | -136.73% | 2665.45% | -291% |
| EPS (Basic) | - | 1.49 | 0.24 | -1.85 | -0.86 | 7.72 | -2.98 | -0.34 | -0.49 | 0.48 | -0.74 | 1.51 | 1.67 | 0.32 | -0.20 | -1.39 | -2.05 | -0.79 | -0.50 | 1.83 | 5.51 | 1.18 | 0.09 | 0.00 | -0.07 | 0.55 | 1.99 | 0.40 | -0.36 | 0.98 | -0.04 |
| Diluted Shares Outstanding | 8.05M | 8.15M | 8.19M | 8M | 8.23M | 8.31M | 8.21M | 8.18M | 8.15M | 8.17M | 8.09M | 8.09M | 8.08M | 8.11M | 7.97M | 7.48M | 7.47M | 7.44M | 7.62M | 7.68M | 7.66M | 7.64M | 7.57M | 7.32M | 7.39M | 8.2M | 8.35M | 8.12M | 7.14M | 7.14M | 7.86M |
Austin market concentration risk
As reported in recent financial statements, Stratus Properties experienced a significant -24.8% revenue decline in 2026Q1, highlighting the company's reliance on lumpy asset dispositions rather than consistent organic growth, which complicates the assessment of its long-term trajectory within the competitive Austin real estate market.
The company's top-line performance remains tethered to the timing of major property sales, which creates extreme quarterly variance. Investors should monitor whether the current development pipeline can generate sufficient velocity to offset the inherent cyclicality of the Barton Creek submarket.
Based on the provided quarterly data, the company reported a -88.5% NOI margin in 2026Q1, indicating that property-level operating expenses and development costs are currently outpacing rental income, a trend that warrants further investigation into the sustainability of the firm's current cost structure.
The persistent negative NOI suggests that the leasing portfolio is not yet scaled to cover the fixed costs associated with the company's complex entitlement and development activities. This margin compression appears to be a structural byproduct of the firm's boutique developer model rather than a temporary operational failure.
According to historical filings, FFO per share has fluctuated wildly, reaching $1.00 in 2026Q1 after a negative -0.36 print in 2025Q3, which suggests that FFO is an unreliable metric for gauging recurring cash flow stability in this specific, transaction-heavy business model.
The disconnect between FFO and AFFO, particularly the recurring negative AFFO figures, implies that significant maintenance CAPEX and capitalized costs are required to sustain the portfolio. Investors should be cautious about relying on FFO as a proxy for dividend-paying capacity given these underlying cash flow pressures.
As evidenced by the persistent gap between GAAP net income and AFFO, the company appears to rely heavily on the capitalization of development costs, which may artificially inflate earnings and mask the true economic cost of maintaining its legacy land bank in Austin.
The consistent divergence between positive net income and negative AFFO suggests that the company is deferring significant cash outflows through capitalization. This practice warrants further investigation, as it may be hiding the true cash burn associated with the company's long-term entitlement strategy.
Quick answers to the most common questions about buying STRS stock.
For fiscal year 2025, Stratus Properties Inc. (STRS) reported total revenue of $29.9M. This represents a 62.2% decline compared to $79.2M in 1996.
Stratus Properties Inc. (STRS) is profitable, generating $12.0M in net income for the fiscal year ending 2025 with a net profit margin of 40.1%.
Stratus Properties Inc. (STRS) reported an operating income of $-22.0M, resulting in an operating profit margin of -73.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Stratus Properties Inc. (STRS) generated $-14.1M in gross profit for the year, representing a gross profit margin of -47.2%. This demonstrates the company's core pricing power and production efficiency.