회사 개요
Star Holdings operates within the real estate sector, specifically focusing on the real estate services industry, which encompasses the management, development, and leasing of property assets. The company engages in the non-ground lease real estate assets business across the United States, maintaining a portfolio that includes the Asbury Park Waterfront and Magnolia Green residential development projects alongside asset management activities, the sale of existing loans, and various operational functions. The firm currently holds a market capitalization of $97.80M and reports an annual revenue of $118.14M for the trailing twelve months, while the total number of employees is listed as N/A. These valuation and revenue figures indicate that Star Holdings positions itself as a mid-sized player in the broader real estate services market, operating with a significant revenue base relative to its market cap, which suggests a potential disconnect between current earnings generation and market valuation.
재무 건전성
For the trailing twelve months, the company generated revenue of $118.14M, yet reported a net income of -$64,249,000 and an EBITDA of $25.68M, revealing a substantial gap between top-line performance and bottom-line profitability that highlights significant cost structures or non-operating expenses impacting the final earnings. Despite the reported net loss, the entity demonstrated robust operational cash generation with free cash flow reaching $70.69M, which indicates a high degree of financial flexibility allowing for debt servicing, capital expenditures, or strategic acquisitions without immediate reliance on external equity financing. The company's margin profile presents a complex picture with a gross margin of 34.1%, an operating margin of 45.1%, and a negative profit margin of -54.4%, where the high operating margin suggests efficient core operations before tax and interest, but the negative profit margin reflects significant interest expenses or other non-operating charges eroding overall profitability. Regarding liquidity and leverage, the company holds cash of $50.08M against total debt of $269.36M, resulting in a debt-to-equity ratio of 101.31, which characterizes the balance sheet as highly leveraged rather than conservative. However, the current ratio stands at an impressive 14.14, indicating that the company possesses a very strong position regarding short-term liquidity and its ability to meet obligations due within one year. Furthermore, the return on equity is -23.2% and the return on assets is 2.2%, metrics that collectively reveal that management effectiveness in generating returns for shareholders and utilizing assets is currently hindered by the net loss position, despite the positive asset turnover implied by the ROA figure.
밸류에이션 평가
The valuation metrics for Star Holdings include a trailing P/E ratio of N/A and a forward P/E of N/A, meaning that traditional earnings-based valuation multiples cannot be applied directly due to the negative earnings, implying that the market is pricing the stock based on asset value or cash flow rather than current profitability. The price-to-book ratio is 0.40, which indicates that the market is currently valuing the company at 40% of its book value, suggesting a significant discount to the net asset value rather than a premium. Additionally, the price-to-sales ratio stands at 0.83 and the EV/EBITDA is 12.90, where these alternative valuation metrics suggest that investors are valuing the firm based on its sales efficiency and cash earnings before interest, taxes, depreciation, and amortization, which remains positive despite the net loss. The stock's trading range over the past year spans from a 52-week low of $6.05 to a 52-week high of $9.25, and without the current share price explicitly listed in the provided facts, the relative position cannot be calculated, but the range defines the historical volatility observed by the market. The beta value is 1.20, which means the stock exhibits price volatility that is 20% higher than the broader market, indicating that the security is more sensitive to market movements than the average stock.
Growth & Income
The revenue growth year-over-year is recorded at 1.8%, while the earnings growth year-over-year is N/A due to the negative net income, implying that the company is in a phase where revenue expansion is occurring without a corresponding immediate improvement in bottom-line earnings. Since the company does not pay a dividend, indicated by a dividend yield of N/A and a payout ratio of 0.0%, it does not distribute cash to shareholders, which means the company reinvests its earnings or free cash flow into growth initiatives, debt reduction, or asset maintenance rather than paying dividends. The overall growth and income profile for Star Holdings is characterized by steady but modest revenue expansion of 1.8% coupled with a complete absence of dividend income, reflecting a strategy focused on capital preservation and potential future profitability rather than current income generation.