Stratus Properties Inc.
- Open
- 21.06
- Day high
- 21.06
- Day low
- 20.23
- Prev close
- 20.67
- Volume
- 51K
- Mkt cap
- $165M
- P/E (TTM)
- 7.8
- EPS (TTM)
- $2.67
- P/B
- 0.8
- P/S
- 5.8
- Yield
- 24.13%
- Per share
- $5.00
- ▼Insiders net selling -$7.3M over the last 3 months (0 open-market buys, 17 sales)
- 🏛Institutions mixed (13F)
Stratus Properties Inc. (STRS) is a Real Estate company listed on NASDAQ. The stock is up 14% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 17 sales (SEC Form 4).
Stratus Properties Inc. (STRS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STRS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | — | $0.82 | — | $4M | — |
| Mar 27, 2026 | — | $2.41 | — | $8M | — |
| Nov 12, 2025 | — | $-0.62 | — | $5M | — |
| Aug 12, 2025 | — | $0.03 | — | $12M | — |
| May 15, 2025 | — | $-0.36 | — | $5M | — |
| Mar 28, 2025 | — | $-0.06 | — | $10M | — |
| Nov 14, 2023 | — | $-0.35 | — | $4M | +52.2% |
| Aug 14, 2023 | — | $-0.64 | — | $4M | +46.5% |
| May 15, 2023 | — | $-0.71 | — | $6M | +140.7% |
| Mar 31, 2023 | — | $-0.83 | — | $13M | +451.7% |
| Nov 14, 2022 | — | $-0.29 | — | $10M | +314.0% |
| Aug 15, 2022 | — | $0.09 | — | $11M | — |
STRS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 20,000 | $27.50 |
| Jul 9, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 8,720 | $27.50 |
| Jul 9, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 10,000 | $27.52 |
| Jul 2, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 117,612 | $28.03 |
| Jul 2, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 10,000 | $28.90 |
| Jun 5, 2026 | JOSEPH JAMESdirector | Sell | 3,380 | $27.77 |
| Jun 1, 2026 | MADDEN MICHAEL Ddirector | Grant | 2,286 | — |
| Jun 1, 2026 | Rhone Neville L. Jr.director | Grant | 2,286 | — |
| Jun 1, 2026 | Porter Charles W.director | Grant | 2,286 | — |
| Jun 1, 2026 | Henriksen Katedirector | Grant | 2,286 | — |
| Jun 1, 2026 | Dotter Laurie L.director | Grant | 2,286 | — |
| Jun 1, 2026 | JOSEPH JAMESdirector | Grant | 2,286 | — |
| May 27, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 10,000 | $29.05 |
| May 19, 2026 | JOSEPH JAMESdirector | Sell | 12,335 | $29.08 |
| May 11, 2026 | Oasis Management Co Ltd.10 percent owner | Sell | 720 | $30.03 |
Source: STRS SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full STRS insider & 13F page →Stratus Properties Inc. company profile
Overview
Stratus Properties Inc. (NASDAQ:STRS) is a Texas-based real estate development and investment company that was incorporated in 1992 and went public the same year. Headquartered in Austin, the company has spent over three decades building a portfolio of commercial and residential real estate properties primarily throughout Texas. The company operates as both a real estate developer that acquires raw land, obtains entitlements, and develops properties for sale, as well as a property owner that leases space in retail, mixed-use, and multi-family developments. Stratus has positioned itself to capitalize on Texas's population and economic growth, particularly in high-growth markets like Austin.
Business
Stratus Properties operates in the real estate development and investment industry, focusing on two primary business segments that generate distinct revenue streams. The company's Real Estate Operations segment encompasses the acquisition of undeveloped land, securing necessary government approvals and entitlements for development, constructing residential and commercial properties, and selling these completed properties to end users or other developers. This segment includes both single-family residential developments and commercial projects such as retail centers. The Leasing Operations segment involves owning and managing income-producing properties where Stratus acts as a landlord, collecting rental income from tenants in retail spaces, mixed-use developments, and multi-family residential properties. This creates a recurring revenue stream as opposed to the project-based revenue from property sales. Based on recent financial data, the Real Estate Operations segment has been the primary revenue driver, particularly when major property sales occur. For example, in Q3 2022, Real Estate Operations generated $6.9 million compared to $3.1 million from Leasing Operations. However, revenue can be highly variable depending on the timing of property completions and sales, which is characteristic of the real estate development industry where projects can take years to complete and revenue recognition is often lumpy rather than steady.
Revenue model
Stratus Properties generates revenue through two distinct business models that operate on different timelines and risk profiles. The Real Estate Operations segment makes money through property development and sales, where the company purchases raw land, invests in infrastructure and construction, obtains necessary permits and entitlements, and then sells completed properties to homebuilders, commercial tenants, or end users. This model requires significant upfront capital investment and carries development risk, but can generate substantial profits when projects are successfully completed and sold. The Leasing Operations segment generates recurring rental income from tenants in the company's retail, mixed-use, and multi-family properties. This provides more predictable cash flow compared to the development business, as lease agreements typically span multiple years. The paying customers include retailers, restaurants, office tenants, and residential renters who occupy space in Stratus-owned properties. Several factors significantly impact the company's margins and profitability. Interest rates affect both the cost of development financing and buyer demand, as higher rates make properties more expensive to develop and purchase. Local population growth and economic conditions in Texas markets directly influence demand for both residential and commercial properties. Construction costs and labor availability can significantly impact development margins, as these represent major expense categories. Government approval processes and entitlement timelines affect project schedules and carrying costs. Competition from other developers can pressure selling prices, while retail market conditions influence occupancy rates and rental income in the leasing portfolio. The cyclical nature of real estate markets means that timing of project completions relative to market conditions can dramatically affect profitability.
Competitive moat
Stratus Properties operates in a highly competitive real estate development industry with limited sustainable competitive advantages. The company's primary moat appears to be its local market knowledge and relationships in Texas, particularly around Austin, where it has operated for over 30 years. This includes understanding of local zoning processes, relationships with municipal authorities, contractors, and other industry participants that can provide some operational advantages. The company also benefits from its land bank - owning developable land in growing Texas markets provides some protection against future land price inflation and gives Stratus control over development timing. However, this is not a particularly strong moat as land ownership requires ongoing carrying costs and property taxes, and the value is entirely dependent on market conditions and successful development execution. The real estate development industry has relatively low barriers to entry, with numerous competitors ranging from large public homebuilders to local developers. Stratus faces competition from well-capitalized national players like D.R. Horton, Lennar, and KB Home, as well as regional Texas developers who may have similar local market advantages. The company's relatively small size (approximately $154 million market cap) puts it at a disadvantage in terms of access to capital and ability to pursue larger projects compared to major competitors. The leasing operations provide somewhat more stable cash flow, but retail and commercial real estate face ongoing challenges from e-commerce trends and changing consumer behavior. Overall, Stratus operates in a commodity-like business with limited differentiation, making it vulnerable to economic cycles, interest rate changes, and well-capitalized competition.
Risks & safety
The company's margin of safety appears limited based on current financial metrics and operating performance. **Cash and Solvency:** • Cash position of $12.0 million as of Q1 2025, down from $20.2 million in Q4 2024 • Negative free cash flow of $18.0 million in Q1 2025 and $35.0 million for full year 2024 • Current ratio of 1.34, indicating adequate short-term liquidity but declining trend • No debt-to-equity ratio reported for Q1 2025, suggesting minimal debt burden **Valuation Metrics:** • Price-to-book ratio of 0.75, suggesting potential undervaluation relative to book value • Negative EBITDA in recent quarters creates challenges for traditional valuation metrics • Graham net-net working capital per share is deeply negative at -$28.62 **Other Considerations:** • Highly cyclical business model with lumpy revenue recognition dependent on project completions • Significant cash burn rate raises questions about runway if operating losses continue • Asset-heavy business model provides some downside protection through real estate holdings • Small market cap increases volatility and liquidity risks
Recent development
Based on the available earnings call transcript from 2022, Stratus Properties has been executing a focused strategy centered on residential and residential-centric mixed-use developments in growing Texas markets, with particular emphasis on the Austin area. The company completed the first phase of its Magnolia Place development, which included attracting H-E-B grocery store as an anchor tenant that opened in November 2022, demonstrating the company's ability to secure quality commercial tenants for its mixed-use projects. The company has been actively advancing multiple development projects simultaneously, including ongoing construction on Saint June, Saint George, and Amarra Villas residential developments, while also progressing development plans for future projects including Annie B, Holden Hills, and Section N. This pipeline approach allows Stratus to maintain development momentum across multiple phases and projects. Notably, Stratus returned significant capital to shareholders in 2022 through a $40 million special dividend and share repurchase program, indicating management's confidence in the company's financial position at that time and commitment to shareholder returns. The company also demonstrated active portfolio management by selling multiple land parcels for approximately $6.9 million, suggesting a strategy of optimizing its land holdings and realizing value from non-core assets. However, recent financial performance shows challenges, with the company reporting negative EBITDA and significant cash burn in recent quarters, indicating that the development pipeline may be experiencing execution challenges or market headwinds that have impacted profitability since the more optimistic 2022 period.
STRS company profile · for informational purposes only — not investment advice.
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