One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Stratus Properties Inc.
STRS · PNK · Real Estate · Real Estate - Diversified
Current price
$18.35
52-week range
$18.02 - $32.93
Market cap
$146.48M
Balance sheet
Distressed
-14.48x Concerning
Net debt $86.21M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Returns 6.2% on equity, ahead of 40% of its peers.
- Reward Trades at 6.9x P/E vs peer median 11.4x (39.6% cheaper).
- Risk Operating margin compressed from -31.6% to -197.7% over 3 years.
- Risk Insider ownership is only 19.1% (peer median: 33.3%).
What this company does
Stratus Properties Inc.
Stratus Properties is a real estate company that develops, manages, and sells properties like apartment buildings and shopping centers, mostly in the fast-growing Austin, Texas area. The company makes money from both the one-time sale of properties it builds and from collecting steady rent from its tenants. This mix matters because it provides both large, one-off profits from sales and more predictable recurring revenue (the income from collecting rent that comes in on a regular schedule).
How the company got here
Stratus Properties Inc. was formed in 1992, initially to manage real estate and oil and gas properties from a former parent company. By the late 1990s, it had sold off its energy assets to focus entirely on real estate in and around Austin, Texas. The company has since built a reputation for developing high-quality residential and commercial communities. A key turning point came in March 2026, when the company's board approved a plan for complete liquidation (the process of selling all assets and distributing the proceeds to shareholders), which was approved by shareholders in June 2026. This decision shifted the company's focus from long-term development to selling its properties to maximize shareholder value.
What it actually does
Stratus Properties is a real estate company that buys land, primarily in the Austin, Texas area, and prepares it for development. This preparation, called entitlement, involves getting the legal rights and approvals needed to build. The company then develops, manages, and sells various types of properties, including single-family homes, apartment complexes, and retail centers. Think of them as the planners and builders behind entire neighborhoods or shopping areas you might visit. They make money by either selling the properties they've developed or by leasing (renting out) space to tenants in the properties they decide to keep.
Real Estate Operations
This part of the business is all about buying land and turning it into properties to be sold. This includes everything from preparing undeveloped land for future projects to building and selling single-family homes and apartment buildings. The customers here are homebuyers and other real estate investors who purchase the finished properties. Revenue (the total money coming in) from this segment can be unpredictable because it depends on when large property sales are completed.
Leasing Operations
This segment focuses on generating steady, recurring income by renting out spaces in the properties Stratus owns. This includes leasing storefronts to retailers in their mixed-use developments and renting out apartments in their multi-family properties. The tenants, which are businesses and residents, pay regular rent, which provides a more stable cash flow for the company compared to one-time property sales. This segment has historically provided a significant portion of the company's revenue.
What management is betting on now
The company's main focus is now on its plan of liquidation, which means it is strategically selling off all its assets. The goal is to return as much cash as possible to the company's owners, the shareholders. This involves completing any necessary development to make the properties more valuable before selling them. In July 2026, the company announced its intention to voluntarily delist from the Nasdaq stock exchange as part of this liquidation process.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-16.26M
FY2024 Q3
$-7.51M
FY2024 Q4
$-9.61M
FY2025 Q1
$-18.02M
FY2025 Q2
$-4.32M
FY2025 Q3
$-9.88M
FY2025 Q4
$-5.83M
FY2026 Q1
$-15.64M
Revenue
$3.79M
Net income
—
Diluted EPS
0.82
Operating cash flow
$-15.60M
Free cash flow
$-15.64M
Fetching…
Sources
Revenue
$8.30M
Net income
—
Diluted EPS
2.42
Operating cash flow
$-5.76M
Free cash flow
$-5.83M
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Sources
Revenue
$4.97M
Net income
—
Diluted EPS
-0.62
Operating cash flow
$-8.96M
Free cash flow
$-9.88M
Fetching…
Sources
Revenue
$11.61M
Net income
—
Diluted EPS
0.03
Operating cash flow
$-1.68M
Free cash flow
$-4.32M
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Sources
Revenue
$5.04M
Net income
—
Diluted EPS
-0.36
Operating cash flow
$-13.49M
Free cash flow
$-18.02M
Fetching…
Sources
Revenue
$10.29M
Net income
—
Diluted EPS
-0.06
Operating cash flow
$-3.44M
Free cash flow
$-9.61M
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Sources
Revenue
$8.89M
Net income
—
Diluted EPS
-0.05
Operating cash flow
$-686.00K
Free cash flow
$-7.51M
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Sources
Revenue
$8.49M
Net income
—
Diluted EPS
-0.21
Operating cash flow
$-8.26M
Free cash flow
$-16.26M
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Sources
Is it cheap or expensive?
Fair value — vs current price $18.35
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $86.2M. Interest coverage -14.5x.
Net debt
$86.21M
Interest coverage
-14.48x
Stratus Properties Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
STRS
BASELINE
Stratus Properties Inc.
Total debt $159.74M Interest coverage -14.48x This is the baseline the peer rows are being compared against.
Total debt $9.30M Interest coverage -8.22x Neither company has much profit cushion over interest right now.
Total debt $810.20M Interest coverage 33.19x This peer still has a real interest-payment cushion, while STRS does not.
Total debt $50.26M Interest coverage -1.80x Neither company has much profit cushion over interest right now.
Total debt $658.88M Interest coverage 1.29x This peer still has a real interest-payment cushion, while STRS does not.
Total debt $1.66M Interest coverage -1.18x Neither company has much profit cushion over interest right now.
What you should know
The case for and against STRS
2 Rewards
2 Risks
Rewards
-
Returns 6.2% on equity, ahead of 40% of its peers.
-
Trades at 6.9x P/E vs peer median 11.4x (39.6% cheaper).
Risks
-
Operating margin compressed from -31.6% to -197.7% over 3 years.
-
Insider ownership is only 19.1% (peer median: 33.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
6.87x
Forward P/E
—
P/B
0.69x
P/S
5.11x
EV/EBITDA
-23.60x
PEG ratio
1.19x
Profitability
How much profit each dollar creates
Gross margin
2.1%
Operating margin
-197.7%
Net margin
75.0%
ROE
6.2%
ROA
-2.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.46x
Current ratio
3.66x
Quick ratio
0.77x
Total debt
$159.74M
Total cash
$73.54M
Growth
How the business has been compounding
Revenue TTM
$28.66M
Revenue 5Y CAGR
1.5%
EPS TTM
2.67
EPS 5Y CAGR
-48.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$-32.00M
Free CF TTM
$-38.04M
FCF margin
-132.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2026-07-13