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Star Holdings (STHO) stock

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NASDAQ: STHO Nasdaq Diversified Real Estate Activities Next results ~November 5, 2026

D Fundamentals grade

Star Holdings is a US-listed company in the diversified real estate activities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: free cash flow after stock pay is not positive. How we value companies.

Star Holdings valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds26 adding, 31 cuttingOf 16 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Star Holdings files

Where Star stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $94m, down 17.7% on a year earlier, against growth of 13.6% a quarter earlier. That puts it 120 of 122 for growth among the real estate companies we cover. Free-cash-flow margin fell to -21.6% from -20.6% a year earlier. The diluted share count is down 6.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 3 financial-health checks.

Our models give no value for Star Holdings at present, so past values are not shown.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Star Holdings's trailing-twelve-month revenue fell 17.7% year on year, with a free-cash-flow margin of -21.6%. Where it stands out: change in share count of -6.1% ranks 1 of 5 diversified real estate activities companies we cover. Where it lags: revenue growth of -17.7% ranks 5 of 5 diversified real estate activities companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -17.7% (-31.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 6.1% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 17.7% over the last 12 months.
  • Growth slowing. The growth rate is 31.4 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -21.6% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $0.2bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -146% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 7, 2026
Revenue
$19m, down 54.0% on a year earlier
Share reaction
-0.4% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 5, 2026

Star Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.2%
  • 1 week+5.5%
  • 1 month-6.5%
  • This year-3.6%
  • 1 year+8.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$93.8M
Net margin
14.8%
EPS (TTM, diluted)
$1.11

Growth

Revenue growth
−17.7%
Change in growth rate
−31.4 pts
Share count change
−6.1%

Cash

Free cash flow (TTM)
-$20.3M
FCF margin
-21.6%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Results
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Star Holdings valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

Valuation models

We value Star Holdings as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: fewer than 5 peers with a usable multiple
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Star Holdings with Real Estate sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025Now
Share price$14.98$9.73$8.23$7.93
Market value$200m$130m$108m$99m
+ Net debt (− = net cash)$142m$185m$219m$156m
Enterprise value$342m$315m$327m$255m
Multiples
Price / sales 1.6x1.1x1.0x1.1x
Price / earnings ———7.2x
Price / free cash flow ————
EV / EBITDA ————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Star Holdings: too few analysts cover it.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
1.68
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
68%
of shares
Held by insiders
4.1%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +8.3%

$7.32 on October 31, 2025 to $7.93

ThenNowEffect
Revenue (last 12 months) $114m $94m −17.7%
P/S multiple 0.9x 1.1x +23.7%
Share count 13m 13m +6.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −35.8%

$12.36 on November 3, 2023 to $7.93

ThenNowEffect
Revenue (last 12 months) $99m $94m −5.0%
P/S multiple 1.7x 1.1x −36.6%
Share count 13m 13m +6.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202420252026 to date
Return
STHO−35%−15%−4%
Industry peers (median)−14%+9%+9%
S&P 500+25%+18%+11%
Months that ended higher
STHO42%42%64%
S&P 50075%75%46%
Largest fall from a high during the year
STHO−38%−38%−25%
S&P 500−8%−19%−9%

Worst fall since March 28, 2023: 71% from March 30, 2023 to May 23, 2025. Getting back needed a 242% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.01 – $9.93
From 52-week high
−20.1%
vs 50-day average
−8.7%
vs 200-day average
−8.5%
Volatility (1 year)
31%
Beta vs S&P 500
0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.7%
After a week
9 up, 3 down
typical move ±4.9%
After a month
8 up, 4 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 −0.4% +0.6% +3.4% +0.3%
May 8, 2026 −1.0% +1.1% −5.1% +2.7%
February 17, 2026 +3.3% +0.7% +6.5% 0.0%
November 7, 2025 +5.8% +1.7% +5.3% +7.8%
August 7, 2025 +0.1% +0.7% +11.6% +20.5%
May 12, 2025 −1.1% +4.0% −1.8% +14.5%
February 18, 2025 −0.2% +0.5% +7.2% −8.8%
November 5, 2024 +0.1% +3.7% −2.7% −8.6%
August 6, 2024 +2.1% +0.2% +6.9% +9.3%
May 10, 2024 −0.4% +0.1% +0.7% −5.0%
February 27, 2024 −0.3% +0.1% +1.9% +7.3%
November 8, 2023 −5.7% −0.7% +5.7% +10.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Star Holdings
$80M $100M $120M $140M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $103.9M Revenue (TTM), FY23 Q4: $123.1M Revenue (TTM), FY24 Q1: $131.7M Revenue (TTM), FY24 Q2: $136.8M Revenue (TTM), FY24 Q3: $117.8M Revenue (TTM), FY24 Q4: $113.3M Revenue (TTM), FY25 Q1: $102.5M Revenue (TTM), FY25 Q2: $114M Revenue (TTM), FY25 Q3: $117.5M Revenue (TTM), FY25 Q4: $110.1M Revenue (TTM), FY26 Q1: $116.5M Revenue (TTM), FY26 Q2: $93.8M $93.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $103.9M
FY23 Q4 $123.1M
FY24 Q1 $131.7M
FY24 Q2 $136.8M
FY24 Q3 $117.8M
FY24 Q4 $113.3M
FY25 Q1 $102.5M
FY25 Q2 $114M
FY25 Q3 $117.5M
FY25 Q4 $110.1M
FY26 Q1 $116.5M
FY26 Q2 $93.8M
Revenue growth, TTM YoY Star Holdings
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY23 Q4: -0.8% Revenue growth, TTM YoY, FY24 Q1: 15.5% Revenue growth, TTM YoY, FY24 Q2: 38.5% Revenue growth, TTM YoY, FY24 Q3: 13.3% Revenue growth, TTM YoY, FY24 Q4: -7.9% Revenue growth, TTM YoY, FY25 Q1: -22.2% Revenue growth, TTM YoY, FY25 Q2: -16.7% Revenue growth, TTM YoY, FY25 Q3: -0.2% Revenue growth, TTM YoY, FY25 Q4: -2.8% Revenue growth, TTM YoY, FY26 Q1: 13.6% Revenue growth, TTM YoY, FY26 Q2: -17.7% -17.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.8%
FY24 Q1 15.5%
FY24 Q2 38.5%
FY24 Q3 13.3%
FY24 Q4 -7.9%
FY25 Q1 -22.2%
FY25 Q2 -16.7%
FY25 Q3 -0.2%
FY25 Q4 -2.8%
FY26 Q1 13.6%
FY26 Q2 -17.7%
FCF margin (TTM) Star Holdings
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -25.8% FCF margin (TTM), FY23 Q4: -18.9% FCF margin (TTM), FY24 Q1: -28.1% FCF margin (TTM), FY24 Q2: -28.9% FCF margin (TTM), FY24 Q3: -29.5% FCF margin (TTM), FY24 Q4: -31.4% FCF margin (TTM), FY25 Q1: -26.8% FCF margin (TTM), FY25 Q2: -20.6% FCF margin (TTM), FY25 Q3: -12.4% FCF margin (TTM), FY25 Q4: -15.3% FCF margin (TTM), FY26 Q1: -17.3% FCF margin (TTM), FY26 Q2: -21.6% -21.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -25.8%
FY23 Q4 -18.9%
FY24 Q1 -28.1%
FY24 Q2 -28.9%
FY24 Q3 -29.5%
FY24 Q4 -31.4%
FY25 Q1 -26.8%
FY25 Q2 -20.6%
FY25 Q3 -12.4%
FY25 Q4 -15.3%
FY26 Q1 -17.3%
FY26 Q2 -21.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 272 124 123 113 110 94
Net income 63 −36 −196 −87 −64 14
Diluted EPS $4.71 −$2.73 −$14.74 −$6.51 −$4.90 $1.11
Growth (year on year)
Revenue — −54.4% −0.8% −7.9% −2.8% −17.7%
Net income — −157.9% — — — —
Diluted EPS — −158.0% — — — —
Margins
Net margin 23.1% −29.3% −159.6% −76.6% −58.3% 14.8%
Cash flow
Cash from operations 9 −27 −19 −31 −12 −14
Stock-based pay 23 −12 2 — — —
Balance sheet
Cash 16 4 51 35 50 53
Total debt 0 0 193 220 269 209
Net debt (negative = net cash) −16 −4 142 185 219 156
Diluted shares 13m 13m 13m 13m 13m 13m
Returned to shareholders
Buybacks — — — — 8 10
Total returned — — — — 8 10

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 3 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $53m of cash against $209m of debt.
  • Debt below 40% of shareholders' equity Debt is 74% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$14m of operating cash flow against $209m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Star Holdings's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$9.8M
Returned to shareholders
-48%
of free cash flow
Diluted share count
−6.1%
year over year
Total shareholder yield
10.2%
dividends 0.0% + buybacks 10.2% of market value

Competitors: side by side with peers

Closest by revenue in diversified real estate activities
Last 12 months unless stated STHO INTG ARL TCI VTMX Median
Revenue, last 12 months $94m $74m $51m $50m $283m $74m
Revenue growth, last 12 months −17.7% 14.9% 6.8% 5.3% 12.2% 6.8%
Revenue growth, 3-year average −1.7% 8.7% 3.9% 3.6% — 3.7%
Revenue growth, latest quarter −54.0% 13.3% 5.8% 5.8% — 5.8%
Operating margin — 16.0% −18.3% −18.3% — −18.3%
Operating margin, 3-year average — 10.1% −14.8% −13.7% — −13.7%
Net margin 14.8% 2.2% 16.4% 16.1% 85.4% 16.1%
Cash from operations / revenue −14.8% 4.7% 6.4% 4.2% 73.2% 4.7%
Free-cash-flow margin −21.6% 1.7% 6.4% 4.2% 72.9% 4.2%
Free-cash-flow margin, 3-year average −23.7% 4.0% −19.4% −20.2% — −19.8%
Stock pay / revenue 1.4% 0.1% — — 4.5% 1.4%
Change in share count −6.1% 7.0% 0.0% 0.0% −2.5% 0.0%

Median of all 5 companies we cover in diversified real estate activities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 diversified real estate activities companies
Measure Company Peer median Rank
Revenue growth Growth -17.7% 6.8% 5 of 5
Change in growth rate Growth -31.4pp -1.7pp 5 of 5
Net margin Profitability 14.8% 16.1% 4 of 5
Long-term debt as % of assets Balance sheet 41.1% 28.0% 4 of 5
Change in share count Balance sheet -6.1% 0.0% 1 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Other Income Revenue $51.7M ▲ 17.4%
Land Development $46.4M ▼ 22.6%
Hotel $21.8M ▼ 0.9%
Operating Lease Income $7.4M ▲ 7.6%
Interest Income Revenue $4.5M ▲ 93.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Star Holdings's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$72.9M
Institutions reporting
79
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
8 / 7

Top buyers and sellers, Q2 2026: 26 institutions bought and 31 sold ; the biggest buyer was TCW Group Inc (+68K shares) and the biggest seller Saba Capital Management, L.P (−174K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Toronto Dominion Bank $10.7M 1.2M 14.6% ▼ 1.1%
Highbridge Capital Management LLC $10.2M 1.1M 14.0% ▼ 0.8%
Foursixthree Capital LP $8.1M 884K 11.1% 0.0%
Saba Capital Management, L.P. $6.9M 757K 9.5% ▼ 18.7%
TCW Group Inc $6.2M 683K 8.6% ▲ 11.1%
Vanguard Capital Management LLC $4.9M 537K 6.7% ▲ 1.4%
Peapod Lane Capital LLC $3.8M 412K 5.2% ▲ 1.6%
Rangeley Capital, LLC $3M 324K 4.1% ▲ 18.4%
Blackrock, Inc. $2.4M 260K 3.3% ▲ 6.4%
Geode Capital Management, LLC $1.5M 162K 2.0% ▼ 7.2%
Gem Investment Advisors, LLC $1.3M 138K 1.7% ▲ 16.5%
Goldman Sachs Group Inc $1.2M 137K 1.7% ▲ 6.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Star Holdings's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 17, 2026
  • November 7, 2025
  • August 7, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Star Holdings was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Star Holdings in brief

What does Star Holdings do?
Star Holdings is a US-listed company in the diversified real estate activities industry. Its financial year ends in December.
What is Star Holdings's stock ticker?
Star Holdings trades under the ticker STHO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Star Holdings's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Star Holdings reported revenue of $93.8M, 17.7% lower than a year earlier, according to its SEC filings.
What is Star Holdings's free cash flow?
Star Holdings's free-cash-flow margin is -21.6% of revenue over the trailing twelve months.
Who are Star Holdings's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Toronto Dominion Bank, Highbridge Capital Management LLC and Foursixthree Capital LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Star Holdings buying back stock, and does it pay a dividend?
Star Holdings spent $9.8M on share repurchases over the trailing twelve months, and its diluted share count fell 6.1% over the year.
What is Star Holdings's market cap?
On November 2, 2026, Star Holdings's market capitalisation was about $99.2M, with a price-to-earnings ratio of 7.2 and net debt of $156M. Market figures come from third-party market data and may be delayed.
How much debt does Star Holdings have?
Star Holdings's debt-to-equity ratio is 74.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Star Holdings's competitors?
In our Diversified Real Estate Activities peer group, the companies closest to Star Holdings are Intergroup Corp, American Realty Investors Inc, Transcontinental Realty Investors Inc and Vesta Real Estate Corporation, S.a.b. De C.v. The side-by-side comparison below sets their revenue, margins and growth against Star Holdings's.
When is Star Holdings's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Star Holdings announces its own schedule.