WSR (Whitestone REIT) Stock Financials & Earnings | Market Cap Arena

WSR (Whitestone REIT) Stock Financials & Earnings | Market Cap Arena

WSRWhitestone REIT

Mkt Cap$829M

Real Estate·REIT - Retail·🇺🇸 United States·NYSE

Revenue (TTM)$162M

Net Income (TTM)$50M

EPS (TTM)$0.95

Free Cash Flow (TTM)$35M

Gross Margin69.0%

Op. Margin33.2%

Net Margin30.9%

FCF Margin21.7%

P/S Ratio (TTM)5.1x

P/E Ratio (TTM)16.6x

YoY Rev Growth+3.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$36M	$25M	$20M
Q2 23	$35M	$24M	$19M
Q3 23	$38M	$26M	$0
Q4 23	$38M	$17M	$14M
Q1 24	$38M	$27M	$12M
Q2 24	$38M	$27M	$12M
Q3 24	$39M	$27M	$13M
Q4 24	$41M	$29M	$14M
Q1 25	$38M	$27M	$12M
Q2 25	$38M	$27M	$14M
Q3 25	$41M	$28M	$14M
Q4 25	$44M	$29M	$13M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	5.9x	25.9x
Q2 23	5.9x	21.2x
Q3 23	5.8x	22.0x
Q4 23	5.7x	43.2x
Q1 24	5.6x	33.6x
Q2 24	5.5x	51.9x
Q3 24	5.5x	39.3x
Q4 24	5.3x	22.5x
Q1 25	5.3x	26.5x
Q2 25	5.3x	24.6x
Q3 25	5.2x	18.7x
Q4 25	5.1x	16.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$5M	$5M
Q2 23	$17M	$17M
Q3 23	$14M	$14M
Q4 23	$12M	$12M
Q1 24	$12M	$12M
Q2 24	$12M	$12M
Q3 24	$16M	$16M
Q4 24	$18M	$18M
Q1 25	$3M	$3M
Q2 25	$14M	$14M
Q3 25	$18M	$18M
Q4 25	$16M	$233K

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$16M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+3.6%	+20.8%
Q2 23	+1.7%	-30.2%
Q3 23	+5.8%	+125.2%
Q4 23	+7.6%	+54.1%
Q1 24	+5.9%	+61.0%
Q2 24	+6.4%	+54.4%
Q3 24	+3.9%	-30.9%
Q4 24	+9.3%	+13.5%
Q1 25	+1.5%	+1.8%
Q2 25	+1.5%	-5.5%
Q3 25	+5.3%	+3.8%
Q4 25	+7.0%	+14.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$755K	2.1%
Q2 23	$725K	2.0%
Q3 23	$1M	2.7%
Q4 23	$1M	3.3%
Q1 24	$936K	2.5%
Q2 24	$763K	2.0%
Q3 24	$1M	3.0%
Q4 24	$2M	4.3%
Q1 25	$981K	2.6%
Q2 25	$980K	2.6%
Q3 25	$1M	3.2%
Q4 25	$2M	4.6%

OpEx Breakdown

Quarter	G&A
Q1 23	$5M
Q2 23	$5M
Q3 23	$5M
Q4 23	$5M
Q1 24	$6M
Q2 24	$7M
Q3 24	$5M
Q4 24	$6M
Q1 25	$5M
Q2 25	$5M
Q3 25	$5M
Q4 25	$6M

Revenue Segments

Quarter	Operating Segments
Q2 25	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$14M	$0	$14M
Q2 23	$25M	$0	$25M
Q3 23	$14M	$0	$14M
Q4 23	$5M	$3M	$7M
Q1 24	$6M	$0	$6M
Q2 24	$3M	$0	$3M
Q3 24	$3M	$0	$3M
Q4 24	$5M	$0	$5M
Q1 25	$6M	$0	$6M
Q2 25	$5M	$0	$5M
Q3 25	$7M	$0	$7M
Q4 25	$5M	$0	$5M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	50M	+0.1%
Q2 23	50M	+0.2%
Q3 23	51M	+0.8%
Q4 23	51M	+0.8%
Q1 24	51M	+0.1%
Q2 24	51M	+0.0%
Q3 24	51M	+0.4%
Q4 24	52M	+1.1%
Q1 25	52M	+0.0%
Q2 25	52M	+0.0%
Q3 25	52M	+0.0%
Q4 25	52M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$894K	81
FY 15	$983K	95
FY 16	$985K	106
FY 17	$1M	103
FY 18	$1M	98
FY 19	$1M	108
FY 20	$1M	88
FY 21	$1M	86
FY 22	$2M	75
FY 23	$2M	79
FY 24	$2M	72
FY 25	$2M	72