Revenue growth remains robust at 32.41% year-over-year, though NOI margins have experienced significant instability, contracting from 89.8% in 2025Q1 to 32.8% by 2026Q1.
| Revenue | 157.65M | 155M | 117.06M | 99.81M | 92.54M | 87.03M | 84.09M |
| Revenue Growth % | 24.57% | 32.41% | 17.29% | 7.85% | 6.33% | 3.5% | - |
| Property Operating Expenses | 73.93M | 108.35M | 15.22M | 15.02M | 13.66M | 11.36M | 10.34M |
| Net Operating Income (NOI) | 83.72M | 46.65M | 101.84M | 84.79M | 78.88M | 75.67M | 73.75M |
| NOI Margin % | 53.1% | 30.09% | 87% | 84.95% | 85.24% | 86.95% | 87.7% |
| Operating Expenses | -2.5M | -37.64M | 40.54M | 37.35M | 28.93M | 38.91M | 34.21M |
| G&A Expenses | 8.54M | 8.61M | 8.4M | 7.33M | 7.72M | 8.07M | 6.24M |
| EBITDA | 132.92M | 130.53M | 95.5M | 76.97M | 78.73M | 64.53M | 66.45M |
| EBITDA Margin % | 84.31% | 84.22% | 81.58% | 77.12% | 85.08% | 74.15% | 79.03% |
| Depreciation & Amortization | 46.7M | 46.25M | 34.19M | 29.53M | 28.79M | 27.77M | 26.92M |
| D&A / Revenue % | 29.62% | 29.84% | 29.21% | 29.58% | 31.11% | 31.91% | 32.01% |
| Operating Income | 86.22M | 84.29M | 61.3M | 47.44M | 49.95M | 36.76M | 39.54M |
| Operating Margin % | 54.69% | 54.38% | 52.37% | 47.53% | 53.97% | 42.24% | 47.02% |
| Interest Expense | 4M | 50.95M | 33.64M | 25.43M | 21.21M | 21.37M | 23.76M |
| Interest Coverage | - | 1.65x | 1.79x | 1.80x | 1.77x | 1.39x | 1.50x |
| Non-Operating Income | -293K | 28K | 1.16M | 1.76M | 12.31M | 6.97M | 3.89M |
| Pretax Income | 35.79M | 33.31M | 26.5M | 20.24M | 16.42M | 8.42M | 11.89M |
| Pretax Margin % | 22.7% | 21.49% | 22.64% | 20.28% | 17.74% | 9.67% | 14.14% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 22.66M | 7.58M | 4.09M | 2.5M | 1.85M | 5.34M | 11.89M |
| Net Margin % | 14.37% | 4.89% | 3.5% | 2.5% | 2% | 6.13% | 14.14% |
| Net Income Growth % | 359.34% | 84.98% | 64.06% | 34.77% | -65.29% | -55.11% | - |
| Funds From Operations (FFO) | 69.36M | 53.82M | 38.29M | 32.02M | 30.64M | 33.11M | 38.8M |
| FFO Margin % | 43.99% | 34.73% | 32.71% | 32.08% | 33.11% | 38.04% | 46.15% |
| FFO Growth % | 240.51% | 40.58% | 19.57% | 4.51% | -7.45% | -14.68% | - |
| FFO per Share | 5.20 | 4.24 | 5.37 | 5.03 | 5.10 | 5.63 | 6.60 |
| FFO Payout Ratio % | 8.54% | 14.18% | 10.54% | 8.97% | 2.08% | 4.58% | 0% |
| EPS (Diluted) | 1.70 | 0.60 | 0.57 | 0.39 | 0.31 | 0.07 | -2.06 |
| EPS Growth % | 6.67% | 5.26% | 46.15% | 25.81% | 364.07% | 103.24% | - |
| EPS (Basic) | - | 0.60 | 0.57 | 0.39 | 0.31 | 0.07 | -2.07 |
| Diluted Shares Outstanding | 13.34M | 12.7M | 7.12M | 6.37M | 6.01M | 5.88M | 5.88M |
Operator credit and regulatory
As reported in recent financial statements, STRW achieved a 32.41% year-over-year revenue growth rate, signaling an aggressive acquisition-led expansion strategy that prioritizes portfolio scale over organic rent growth within its core Midwest skilled nursing facility footprint, warranting close monitoring of future integration and operational efficiency.
The rapid top-line growth suggests that management is aggressively deploying capital to increase bed count rather than relying on organic rent escalations. Investors should monitor whether this volume-based strategy can sustain long-term FFO growth without compromising the underlying credit quality of the tenant base.
Based on the provided quarterly data, NOI margins have exhibited significant volatility, dropping from 89.8% in 2025Q1 to 32.8% by 2026Q1, which suggests that the company's property-level cost structure is becoming increasingly sensitive to either rising operating expenses or shifts in lease accounting classifications.
The sharp contraction in NOI margins appears to indicate that the company is struggling to maintain historical efficiency levels as the portfolio expands. This trend warrants further investigation into whether these costs are temporary integration expenses or a structural shift in the profitability of the acquired facilities.
According to the latest income statement data, FFO per share reached 2.11 in 2026Q1, representing a substantial increase from 1.05 in 2025Q4, which suggests that recent capital allocation decisions are successfully driving per-share earnings growth despite the inherent risks associated with the skilled nursing sector.
While the FFO growth trajectory appears positive, the lack of consistent AFFO reporting makes it difficult to assess the true cash-generating capacity of the portfolio after accounting for recurring maintenance CAPEX. Investors should remain cautious until a more transparent reconciliation of cash-based earnings is provided.
As indicated by the dramatic fluctuation in NOI margins from 90.1% in 2025Q3 to 32.8% in 2026Q1, the company's earnings quality appears highly susceptible to accounting adjustments or expense volatility, which may mask underlying operational challenges within the triple-net lease portfolio that are not immediately apparent.
The extreme variance in margins suggests that the reported NOI may be subject to significant non-recurring items or inconsistent expense recovery reporting. This instability implies that the core profitability of the assets may be less predictable than the headline FFO growth figures would otherwise suggest.
Quick answers to the most common questions about buying STRW stock.
For fiscal year 2025, Strawberry Fields REIT LLC (STRW) reported total revenue of $155.0M. This represents a 84.3% increase compared to $84.1M in 2020.
Strawberry Fields REIT LLC (STRW) is profitable, generating $7.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
Strawberry Fields REIT LLC (STRW) reported an operating income of $84.3M, resulting in an operating profit margin of 54.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Strawberry Fields REIT LLC (STRW) generated $46.6M in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.