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what it is
Stratus Properties buys, develops, leases, and sells Austin-area real estate.
how it gets paid
Last year Stratus Properties made $54M in revenue. Developed property sales was the main engine at $23.5M, or 44% of sales.
what just happened
Latest quarter revenue hit $22M, but EPS stayed at -$0.94.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
127.9x trailing p/e — you're paying up for this one
0.5% return on capital — nothing to write home about
$0.24 fy2024 eps est
xvary composite: 45/100 — below average
What they do
Stratus Properties buys, develops, leases, and sells Austin-area real estate.
Stratus owns about 1,600 acres in Austin. That is land with a waiting line, not a factory line. Entitlement -> getting permits -> so the dirt can be used and sold for more. You are buying patience, not speed.
How they make money
$54M
annual revenue
Developed property sales
$23.5M
11.0%
Land sales and lot closings
$12.0M
11.0%
Leasing income
$8.5M
0.0%
Hotel and hospitality
$5.5M
11.0%
Development management and other
$4.5M
0.0%
The products that matter
property sale segment
Real estate sales
$38M · 70% of revenue
this segment generated $38M of the $54.2M total, which means a handful of transactions can make one year look healthy and the next one look broken.
transaction-driven
rental and ancillary income
Leasing & other
$16M · 30% of revenue
this $16M bucket is the closest thing STRS has to recurring revenue, but it is still too small to offset liquidation risk or carry a $198M debt load on its own.
recurring, but small
luxury apartment asset
The Amarra
276 units
the 276-unit Amarra is the kind of asset that can materially affect what shareholders get back, which is why individual property outcomes matter more here than consolidated EPS.
key sale candidate
Key numbers
127.9x
trailing p/e
You pay $127.90 for $1 of trailing earnings. That leaves very little room for a miss.
$198M
long-term debt
This is the bill sitting on the balance sheet. It matters more when revenue is only $54M.
0.5%
return on capital
The company earns almost nothing on the money it puts to work. That is why the stock needs land sales, not patience.
1,600 acres
land bank
This is the pile of dirt behind the story. More acres mean more chances to sell or lease.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 2 — safer than 80% of stocks
- price stability 20 / 100
- long-term debt $198M (43% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for STRS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue hit $22M, but EPS stayed at -$0.94.
That was a sale-heavy quarter. The business still depends on lumpy property closings, not steady rent.
$22.0M
revenue
$0.94
eps
3.3%
operating margin
the number that mattered
Revenue jumped, but the real number was -$0.94 EPS. You want cash flow, and the quarter did not deliver it.
source: company earnings report, 2025
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What could go wrong
the #1 risk is liquidation proceeds falling short after debt repayment. with $198M of long-term debt ahead of equity, sale execution matters more than reported EPS.
high
liquidation execution
the March 11, 2026 plan still has to become actual transactions. delays, failed bids, or messy approvals would leave you holding a weak $54.2M revenue business longer than expected.
timing risk directly affects cash-return timing
high
asset sale pricing
the stock may look cheap at a $259M market cap, but liquidation value is set by what buyers will actually pay. one disappointing sale can reset expectations for the rest of the portfolio.
equity value can compress fast if bids come in light
med
debt sits ahead of you
$198M of long-term debt equals 43% of capital. in plain English: lenders have first claim, so strong-looking gross asset values can still translate into thin residual value for shareholders.
debt repayment reduces what can be distributed
med
operating deterioration during the wind-down
a -25.38% profit margin means the core business is not throwing off clean cash while management waits to sell assets. if the process drags, that weakness matters more.
burn erodes liquidation value over time
$198M of debt against a $259M market cap is the whole setup. if asset sales are slow or discounts are steep, equity holders feel it first.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
liquidation plan milestones
the March 11, 2026 board decision started the process. what matters next is signed deals, closing dates, and when cash can actually be distributed.
balance sheet
$198M debt reduction
every announced asset sale should be read through one lens: how much of the $198M long-term debt stack disappears with it.
risk
asset pricing versus expectations
the market does not need perfect sales. it needs evidence that major properties, including the 276-unit Amarra, can clear at acceptable prices.
earnings
mar 27, 2026 update
you want less storytelling and more specifics: properties marketed, properties under contract, debt movement, and expected timing of shareholder distributions.
Analyst rankings
earnings predictability
30 / 100
property closings and one-off gains make results hard to model. in human-speak, analysts do not have a clean earnings stream to trust here.
risk rank
2
this measure says the stock is safer than many others, but liquidation situations break normal ranking systems. the debt and sale process still dominate the real risk.
source: institutional data
Institutional activity
institutional ownership data for STRS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$31
current price
n/a
target midpoint · n/a from current
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