WSR Financials Whitestone REIT

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 6.4% per year over the past 5 years.
Net income has grown faster than revenue (52.6% vs 6.4% per year).
Free cash flow has grown 3.4% per year over the past 5 years.

Financial health

Total debt ($649M) exceeds cash ($5M); net debt is $645M.
Total debt has grown slower than revenue (0.2% vs 6.4% per year).

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 54.9% of earnings and 54.3% of free cash flow.
The dividend has grown 1.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$161M	$50M	0.0%	0.0%	$50M	$649M	$5M
2024	$154M	$37M	0.0%	0.0%	$58M	$633M	$5M
2023	$147M	$19M	0.0%	0.0%	$48M	$641M	$5M
2022	$139M	$35M	0.0%	0.0%	$44M	$626M	$6M
2021	$125M	$12M	27.5%	0.0%	$47M	$644M	$16M
2020	$118M	$6M	25.2%	0.0%	$43M	$644M	$26M
2019	$119M	$24M	28.5%	0.0%	—	$645M	$16M
2018	$120M	$21M	27.9%	0.0%	—	$618M	$14M
2017	$126M	$8M	25.9%	0.0%	—	$659M	$5M
2016	$104M	$8M	67.4%	0.0%	—	$544M	$4M
2015	—	$7M	—	—	—	$498M	$3M
2014	—	$8M	—	—	—	$394M	$4M
2013	—	$4M	—	—	—	$264M	$6M
2012	—	$50000	—	—	—	$191M	$7M
2011	—	$1M	—	—	—	$128M	$6M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$41M	$4M	0.0%	0.0%	—	—	$6M
Dec '25	$44M	$23M	0.0%	0.0%	—	$649M	$5M
Sep '25	$41M	$18M	0.0%	0.0%	—	—	$7M
Jun '25	$38M	$5M	0.0%	0.0%	—	—	$5M
Mar '25	$38M	$4M	0.0%	0.0%	—	—	$6M
Dec '24	$41M	$17M	0.0%	0.0%	—	$633M	$5M
Sep '24	$39M	$8M	0.0%	0.0%	—	—	$3M
Jun '24	$38M	$3M	0.0%	0.0%	—	—	$3M
Mar '24	$37M	$9M	0.0%	0.0%	—	—	$6M
Dec '23	$38M	$2M	0.0%	0.0%	—	$641M	$5M
Sep '23	$37M	$2M	0.0%	0.0%	—	—	$3M
Jun '23	$36M	$11M	0.0%	0.0%	—	—	$3M
Mar '23	$36M	$4M	0.0%	0.0%	—	—	$3M
Dec '22	$35M	$20M	0.0%	0.0%	—	$626M	$6M
Sep '22	$35M	$4M	0.0%	0.0%	—	$637M	$10M
Jun '22	$35M	$4M	0.0%	0.0%	—	$638M	$8M
Mar '22	$34M	$7M	38.3%	0.0%	—	$644M	$11M
Dec '21	$33M	$3M	26.2%	0.0%	—	$644M	$16M
Sep '21	$32M	$3M	27.9%	0.0%	—	$619M	$11M
Jun '21	$31M	$5M	30.0%	0.0%	—	$614M	$22M

Valuation over time

How the market has priced WSR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 13.4× (Mar '23) to 19.5× (Jun '26).
The price-to-sales ratio has risen from 3.4× (Mar '23) to 6.1× (Jun '26).
The dividend yield has fallen from 4.9% (Mar '23) to 2.8% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WSR growing its revenue and profit?

Over the past 5 years, Whitestone REIT's revenue has grown 6.4% per year, and net income grown 52.6% per year. These are computed facts, not advice.

How much debt does WSR have?

As of FY2025, Whitestone REIT reported $649M of total debt against $5M of cash.

What is WSR's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin 31.0%.

What is WSR's P/E ratio?

As of Jun '26, Whitestone REIT traded at a price-to-earnings ratio of about 19.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.