Stag Industrial, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $900.5 million, up 9.3% on the year before. That growth rate was down 0.3 percentage points from a quarter earlier.

The main points

Net income rose 11.7% over the year while free cash flow fell 48.3%, indicating reported profit and cash are moving at different speeds. Capital spending rose 111.8%, outpacing operating cash flow’s 3.6% increase, so less of the generated cash was left over.

What the company earns

Profit and cash tell different stories as earnings rise while cash flow falls. The trailing net margin stood at 29.9%. Net income over the twelve months reached $269.1 million, a 11.7% increase on the year before.

The cash picture

Rising investment outpaces operating cash flow, squeezing what remains for shareholders. Operating cash flow over the twelve months was $480.3 million, up 3.6% on the year before. Capital spending totaled $318.2 million, or 35.3% of revenue. Free cash flow, defined as operating cash flow less capital spending, stood at $162.2 million, down 48.3% on the year before. This represented an 18.0% free-cash-flow margin, a drop of 20.1 percentage points from a year earlier.

Share count

The rising share count means each share claims a smaller slice of profit. The average diluted share count rose 2.7% over the year.

How today compares

In context with past results, today’s free-cash-flow margin of 18.0% sits below every one of the company’s own past quarterly readings, which have ranged from 22.7% to 55.5%. Today’s twelve-month revenue growth rate of 9.3% is higher than 23% of past readings (7.5% to 20.1%).

The valuation angle

Our model translates these figures into value. In our model, a 5 percentage point lower growth would lower the value by 48.0%, while 5 percentage points higher would raise it by 62.4%. A free-cash-flow margin 1 percentage point lower would reduce it by 6.3%.

Next to watch

The next filing will show whether the trends above continue, slow or reverse.