WSR

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Whitestone REIT

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Key Metrics

Previous Close: $18.97
52-Week Range: $11.43 – $19.10
Market Cap: $988.01M
P/E (TTM): 19.78
EPS (TTM): 0.96
Dividend Yield: 3.00%

Advanced Metrics

Price/Book: 2.12
PEG Ratio: —
Return on Equity: 11.26%
Return on Assets: 2.97%
Gross Margin: 68.73%
Operating Margin: 31.21%
Profit Margin: 30.67%
Current Ratio: 1.49
Debt/Equity: 1.40
Total Debt: $656.32M
Free Cash Flow: $105.92M
Revenue Growth: 8.90%
Earnings Growth: 14.30%
Enterprise Value: $1.63B

WSR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$140.58M	$147.92M	$155.51M	$161.74M
Cost of Revenue	$43.30M	$45.96M	$45.98M	$50.13M
Gross Profit	$97.28M	$101.96M	$109.53M	$111.60M
Selling, General & Admin	$18.07M	$20.65M	$23.19M	$21.22M
Operating Expenses	$49.77M	$53.62M	$58.08M	$57.15M
Operating Income	$47.51M	$48.34M	$51.45M	$54.45M
EBITDA	$95.12M	$85.83M	$106.84M	$120.73M
Pretax Income	$36.22M	$19.90M	$37.82M	$51.04M
Income Tax	$422.00K	$450.00K	$450.00K	$482.00K
Net Income	$35.27M	$19.18M	$36.89M	$49.93M
Diluted EPS	0.71	0.38	0.72	0.98
Diluted Shares	49.95M	50.81M	51.35M	51.06M

WSR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$6.17M	$4.57M	$5.22M	$4.89M
Receivables	$26.95M	$32.10M	$80.65M	$37.45M
Current Assets	$46.13M	$60.89M	$100.03M	$49.98M
Total Assets	$1.10B	$1.11B	$1.13B	$1.17B
Current Liabilities	$44.46M	$44.00M	$49.21M	$53.09M
Long-Term Debt	$625.43M	$640.17M	$631.52M	$643.92M
Total Debt	$626.16M	$641.00M	$632.30M	$644.67M
Total Liabilities	$678.31M	$693.62M	$690.80M	$707.40M
Retained Earnings	-$212.37M	-$216.96M	-$205.56M	-$183.59M
Shareholders' Equity	$418.45M	$413.74M	$438.15M	$458.09M
Working Capital	$1.67M	$16.89M	$50.81M	-$3.11M
Net Debt	$619.26M	$635.60M	$626.29M	$639.04M

WSR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$44.43M	$47.60M	$58.23M	$50.77M
Free Cash Flow	$44.43M	$47.60M	$58.23M	$50.77M
Depreciation & Amortisation	$31.71M	$33.06M	$34.98M	$36.02M
Stock-Based Compensation	$1.51M	$3.73M	$4.58M	$5.32M
Investing Cash Flow	-$6.71M	-$36.31M	-$16.01M	-$21.30M
Financing Cash Flow	-$47.28M	-$13.00M	-$31.49M	-$37.49M
Dividends Paid	-$22.96M	-$23.68M	-$24.57M	-$27.41M
Share Repurchases	-$537.00K	-$525.00K	-$2.64M	-$2.27M
Net Change in Cash	-$9.56M	-$1.72M	$10.73M	-$8.01M

WSR Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$38.32M	$38.30M	$41.10M	$44.01M	$41.88M
Cost of Revenue	$11.26M	$11.14M	$13.28M	$14.46M	$12.49M
Gross Profit	$27.06M	$27.16M	$27.83M	$29.56M	$29.39M
Selling, General & Admin	$5.44M	$4.92M	$5.32M	$5.54M	$6.01M
Operating Expenses	$14.77M	$13.44M	$13.65M	$15.29M	$15.98M
Operating Income	$12.29M	$13.72M	$14.18M	$14.27M	$13.40M
EBITDA	$21.33M	$22.05M	$35.71M	$41.65M	$22.71M
Pretax Income	$3.88M	$5.21M	$18.70M	$23.25M	$4.33M
Income Tax	$127.00K	$94.00K	$131.00K	$130.00K	$132.00K
Net Income	$3.70M	$5.05M	$18.33M	$22.84M	$4.14M
Diluted EPS	0.07	0.10	0.35	0.43	0.08
Diluted Shares	52.01M	51.91M	52.08M	52.62M	52.77M

WSR Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$5.59M	$5.32M	$6.85M	$4.89M	$6.02M
Receivables	$80.47M	$79.11M	$67.06M	$37.45M	$37.44M
Current Assets	$97.17M	$87.13M	$78.20M	$49.98M	$45.06M
Total Assets	$1.13B	$1.16B	$1.15B	$1.17B	$1.17B
Current Liabilities	$38.82M	$42.01M	$49.38M	$53.09M	$32.52M
Long-Term Debt	$641.29M	$670.35M	$641.63M	$643.92M	$655.08M
Total Debt	$642.12M	$671.11M	$642.38M	$644.67M	$655.81M
Total Liabilities	$690.12M	$722.53M	$701.23M	$707.40M	$698.32M
Retained Earnings	-$208.75M	-$210.59M	-$199.14M	-$183.59M	-$179.49M
Shareholders' Equity	$431.02M	$427.51M	$439.49M	$458.09M	$463.81M
Working Capital	$58.36M	$45.12M	$28.82M	-$3.11M	$12.54M
Net Debt	$635.71M	$665.02M	$634.78M	$639.04M	$649.06M

WSR Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$3.08M	$13.84M	$17.99M	$15.87M	$3.56M
Free Cash Flow	$3.08M	$13.84M	$17.99M	$15.87M	$3.56M
Depreciation & Amortisation	$9.36M	$8.54M	$8.36M	$9.76M	$10.00M
Stock-Based Compensation	$981.00K	$980.00K	$1.33M	$2.03M	$1.12M
Investing Cash Flow	-$3.91M	-$46.38M	$23.37M	$5.63M	-$6.44M
Financing Cash Flow	$1.28M	$22.06M	-$39.84M	-$20.98M	$1.53M
Dividends Paid	-$6.84M	-$6.84M	-$6.86M	-$6.86M	-$7.29M
Share Repurchases	-$1.51M	$0.00	-$758.00K	$0.00	-$1.94M
Net Change in Cash	$444.00K	-$10.49M	$1.52M	$512.00K	-$1.34M

Market Snapshot

About

Whitestone REIT is a community-centered retail real estate investment trust that acquires, owns, manages, develops, and redevelops high-quality open-air neighborhood shopping centers in the fastest-growing markets in the Sunbelt region. The company focuses on creating e-commerce-resistant retail properties anchored by grocery stores, restaurants, and service-oriented tenants.