A Business at a Glance
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Whitestone REIT
WSR
$998M
Mkt Cap
Whitestone REIT (WSR) has a current P/E ratio of 17.7, compared to its historical median P/E of 30.3. The stock is currently considered Cheap based on its historical valuation range.
Whitestone REIT (WSR) has a 5-year average return on invested capital (ROIC) of 5.8%. This is below average and may indicate limited pricing power.
Whitestone REIT (WSR) has a market capitalization of $784M. It is classified as a small-cap stock.
Yes, Whitestone REIT (WSR) pays a dividend with a trailing twelve-month yield of 3.55%. The company also returns capital through share buybacks, with a buyback yield of 0.34%.
Based on historical P/E analysis, Whitestone REIT (WSR) appears cheap. The current P/E of 17.7 is 41% below its historical median of 30.3. The estimated fair value CAGR (P/E method) is 7.4%.
Whitestone REIT (WSR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Whitestone REIT (WSR) reported annual revenue of $161 million in its most recent fiscal year, based on SEC EDGAR filings.
PART I We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). We are internally managed and, as of December 31, 2025, we wholly-owned a real estate portfolio of 56 properties that meet our Community Centered Property® strategy containing approximately 4.9 million square feet of gross leasable area (“GLA”), located in Texas and Arizona. Our consolidated property portfolio has a gross book value of approximately $1.4 billion and book equity, including noncontrolling interests, of approximately $464 million as of December 31, 2025. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 164M | 161M | 154M | 147M | 139M | 125M |
| Net Income | 50M | 50M | 37M | 19M | 35M | 12M |
| EPS | $0.99 | $0.95 | $0.72 | $0.38 | $0.71 | $0.26 |
| Free Cash Flow | 50M | 50M | 58M | 48M | 44M | 47M |
| ROIC | 0.0% | 7.7% | 6.7% | 4.9% | 6.0% | 3.6% |
| Gross Margin | - | 57.9% | 59.1% | 52.1% | 58.8% | 4.4% |
| Debt/Equity | 1.41 | 1.42 | 1.44 | 1.55 | 1.50 | 1.64 |
| Dividends/Share | $0.54 | $0.52 | $0.48 | $0.47 | $0.46 | $0.42 |
| Operating Income | 0 | 84M | 71M | 52M | 63M | 37M |
| Operating Margin | 0.0% | 52.3% | 46.3% | 35.7% | 45.1% | 29.5% |
| ROE | 10.9% | 11.1% | 8.7% | 4.6% | 8.7% | 3.3% |
| Shares Outstanding | 51M | 53M | 51M | 50M | 50M | 46M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 72M | 93M | 104M | 126M | 120M | 119M | 118M | 125M | 139M | 147M | 154M | 161M | 164M |
| Gross Margin | 57.0% | 58.8% | 45.9% | 4.3% | 6.5% | 6.0% | 1.2% | 4.4% | 58.8% | 52.1% | 59.1% | 57.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 15M | 20M | 24M | 24M | 23M | 22M | 21M | 23M | 18M | 21M | 23M | 21M | 22M |
| EBIT | 18M | 22M | 27M | 32M | 47M | 50M | 32M | 37M | 63M | 52M | 71M | 84M | 0 |
| Op. Margin | 25.5% | 23.6% | 26.3% | 25.7% | 39.2% | 42.2% | 27.3% | 29.5% | 45.1% | 35.7% | 46.3% | 52.3% | 0.0% |
| Net Income | 7.6M | 6.7M | 7.9M | 8.3M | 21M | 24M | 6.0M | 12M | 35M | 19M | 37M | 50M | 50M |
| Net Margin | 10.5% | 7.2% | 7.6% | 6.6% | 17.9% | 19.9% | 5.1% | 9.6% | 25.3% | 13.1% | 23.9% | 31.0% | 30.7% |
| Non-Recurring | -111K | -185K | 3.3M | -167K | 4.5M | 638K | 178K | 266K | 17M | 9.0M | 22M | 30M | 30M |
| Returns on Capital | |||||||||||||
| ROIC | 3.3% | 3.1% | 3.5% | 3.4% | 4.7% | 5.1% | 3.1% | 3.6% | 6.0% | 4.9% | 6.7% | 7.7% | 0.0% |
| ROE | 3.6% | 3.0% | 3.2% | 2.8% | 6.1% | 6.8% | 1.8% | 3.3% | 8.7% | 4.6% | 8.7% | 11.1% | 10.9% |
| ROA | 1.3% | 1.0% | 1.0% | 0.9% | 2.0% | 2.3% | 0.6% | 1.1% | 3.2% | 1.7% | 3.3% | 4.3% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 25M | 36M | 41M | 41M | 40M | 48M | 43M | 47M | 44M | 48M | 58M | 51M | 51M |
| Free Cash Flow | -104M | -112M | -20M | -84M | 40M | 13M | 43M | 47M | 44M | 48M | 58M | 50M | 50M |
| Owner Earnings | 4.8M | 9.1M | 8.0M | 3.7M | 7.1M | 15M | 8.4M | 12M | 11M | 11M | 19M | 9.5M | 9.2M |
| CapEx | 129M | 148M | 61M | 125M | 0 | 35M | 0 | 300K | 100K | 100K | 200K | 300K | 1.1M |
| Maint. CapEx | 16M | 20M | 22M | 27M | 26M | 27M | 28M | 29M | 32M | 33M | 35M | 36M | 37M |
| Growth CapEx | 114M | 128M | 38M | 98M | N/A | 8.1M | N/A | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 16M | 20M | 22M | 27M | 26M | 27M | 28M | 29M | 32M | 33M | 35M | 36M | 37M |
| CapEx/OCF | 513.8% | 409.1% | 149.1% | 303.1% | N/A | 72.9% | N/A | 173.4% | 38.2% | N/A | 3.5% | N/A | 2.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 26M | 28M | 32M | 40M | 45M | 46M | 25M | 19M | 23M | 24M | 25M | 27M | 28M |
| Dividend Yield | 16.0% | 14.7% | 14.2% | 13.4% | 13.1% | 11.7% | 9.5% | 5.5% | 5.0% | 5.3% | 3.9% | N/A | 3.6% |
| Share Buybacks | 24K | 1.4M | 3.9M | 4.3M | 2.0M | 776K | 2.1M | 691K | 537K | 525K | 2.6M | 2.3M | 2.7M |
| Buyback Yield | 0.0% | 0.8% | 1.6% | 1.3% | 0.6% | 0.2% | 0.8% | 0.2% | 0.1% | 0.1% | 0.4% | 0.0% | 0.3% |
| Stock-Based Comp | 4.6M | 7.3M | 10M | 10M | 6.7M | 6.5M | 6.1M | 5.9M | 1.5M | 3.7M | 4.6M | 5.3M | 5.5M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 390M | 495M | 540M | 654M | 605M | 629M | 618M | 628M | 620M | 636M | 627M | 645M | 649M |
| Cash & Equiv. | 4.2M | 2.6M | 4.2M | 5.0M | 14M | 16M | 26M | 16M | 6.2M | 4.6M | 5.2M | 4.9M | 6.0M |
| Long-Term Debt | 394M | 498M | 544M | 659M | 618M | 645M | 644M | 644M | 626M | 641M | 633M | 649M | 655M |
| Debt/Equity | 1.88 | 2.05 | 2.13 | 1.90 | 1.76 | 1.87 | 1.94 | 1.64 | 1.50 | 1.55 | 1.44 | 1.42 | 1.41 |
| Interest Coverage | 1.7 | 1.5 | 1.4 | 1.4 | 1.9 | 1.9 | 1.2 | 1.5 | 2.3 | 1.6 | 2.1 | 2.5 | 2.5 |
| Equity | 210M | 243M | 256M | 348M | 350M | 345M | 332M | 393M | 418M | 414M | 438M | 458M | 464M |
| Total Assets | 634M | 782M | 855M | 1.1B | 1.0B | 1.1B | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| Total Liabilities | 421M | 535M | 588M | 712M | 670M | 703M | 707M | 703M | 678M | 694M | 691M | 707M | 698M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -224M | -212M | -217M | -206M | -184M | -179M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 34M | 39M | 51M | 46M | 36M | 37M | 41M | 46M | 33M |
| Per Share Data | |||||||||||||
| EPS | 0.32 | 0.24 | 0.26 | 0.22 | 0.52 | 0.57 | 0.14 | 0.26 | 0.71 | 0.38 | 0.72 | 0.95 | 0.99 |
| Owner EPS | 0.20 | 0.32 | 0.26 | 0.10 | 0.17 | 0.35 | 0.20 | 0.26 | 0.23 | 0.22 | 0.37 | 0.18 | 0.18 |
| Book Value | 8.86 | 8.64 | 8.38 | 9.18 | 8.50 | 8.31 | 7.70 | 8.48 | 8.42 | 8.20 | 8.55 | 8.72 | 9.02 |
| Cash Flow/Share | 1.06 | 1.29 | 1.33 | 1.09 | 0.96 | 1.15 | 0.99 | 1.02 | 0.89 | 0.94 | 1.14 | 0.97 | 1.69 |
| Dividends/Share | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.10 | 0.58 | 0.42 | 0.46 | 0.47 | 0.48 | 0.52 | 0.54 |
| Shares Out. | 23.7M | 28.1M | 30.5M | 37.9M | 41.2M | 41.5M | 43.1M | 46.3M | 49.7M | 50.5M | 51.2M | 52.6M | 51.4M |
| Valuation | |||||||||||||
| P/E Ratio | 22.9 | 26.6 | 31.1 | 41.6 | 16.4 | 17.6 | 45.1 | 32.3 | 11.6 | 30.3 | 18.7 | N/A | 15.5 |
| P/FCF | N/A | N/A | N/A | N/A | 8.9 | 32.3 | 6.4 | 8.3 | 9.3 | 12.2 | 11.9 | N/A | 15.6 |
| EV/EBIT | 30.6 | 30.6 | 28.6 | 30.9 | 20.4 | 20.5 | 26.9 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.8 | 0.7 | 1.0 | 1.0 | 1.0 | 1.2 | 0.8 | 1.0 | 1.0 | 1.4 | 1.6 | N/A | 1.7 |
| Price/Sales | 2.2 | 2.1 | 2.2 | 2.4 | 2.9 | 3.3 | 2.3 | 2.8 | 3.3 | 3.1 | 4.1 | N/A | 4.8 |
| FCF Yield | -59.9% | -62.4% | -8.1% | -24.3% | 11.2% | 3.1% | 15.7% | 12.0% | 10.8% | 8.2% | 8.4% | N/A | 6.4% |
| Market Cap | 174M | 179M | 246M | 346M | 352M | 418M | 272M | 389M | 410M | 581M | 689M | 0 | 784M |
| Avg. Price | 6.75 | 6.88 | 7.37 | 8.00 | 8.31 | 9.38 | 6.18 | 7.56 | 9.22 | 8.89 | 12.35 | 0.00 | 15.26 |
| Year-End Price | 7.34 | 6.37 | 8.07 | 9.15 | 8.54 | 10.05 | 6.32 | 8.39 | 8.26 | 11.52 | 13.44 | 0.00 | 15.26 |
Whitestone REIT passes 2 of 9 quality checks, indicating weak fundamentals.
Whitestone REIT trades at 17.7x trailing earnings, compared to its 15-year median P/E of 30.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 15.6x vs a median of 9.3x. The company's 5-year average ROIC is 5.8% with a gross margin of 46.5%. Total shareholder yield (dividends + buybacks) is 3.9%. At current prices, the estimated annualized return to fair value is +8.5%.
Whitestone REIT (WSR) has a net profit margin of 31.0%. This is a strong margin indicating high profitability.
Whitestone REIT (WSR) generated $50 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Whitestone REIT (WSR) has a debt-to-equity ratio of 1.42. This indicates moderate leverage.
Whitestone REIT (WSR) reported earnings per share (EPS) of $0.95 in its most recent fiscal year.
Whitestone REIT (WSR) has a return on equity (ROE) of 11.1%. This indicates moderate shareholder returns.
Whitestone REIT (WSR) has a 5-year average gross margin of 46.5%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for Whitestone REIT (WSR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Whitestone REIT (WSR) has a book value per share of $8.72, based on its most recent annual SEC filing.