STRS
Stratus Properties Inc.Stratus Properties Inc., a real estate company, engages in the acquisition, entitlement, development, management, and sale of commercial, and multi-and single-family residential real estate properties primarily in Texas. The company operates in two segments, Real Estate Operations and Leasing Operations. Its leasing operations cover lease of space at retail and mixed-use, and multi-family properties. Stratus Properties Inc. was incorporated in 1992 and is headquartered in Austin, Texas.
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 10.0 | -6.0 | -- | -8.0 | -- | -5.0 | -0.1 | 112.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 35.0 | 7.0 | -- | 2.8 | -- | 6.3 | -0.2 | 117.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 20.0 | -4.0 | -- | -6.0 | -- | -3.6 | -0.1 | 111.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 50.0 | 15.0 | -- | 7.5 | -- | 14.0 | -0.3 | 114.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 30.0 | 3.0 | -- | -1.5 | -- | 2.4 | -0.3 | 100.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 45.0 | 11.3 | -- | 5.4 | -- | 9.9 | -0.7 | 98.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 15.0 | -6.0 | -- | -7.5 | -- | -5.3 | -0.5 | 88.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 65.0 | 22.8 | -- | 13.0 | -- | 19.5 | -1.3 | 93.8 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 3.8 | 17.1 | -7.6 | 6.6 | -15.6 | -15.6 | -0.0 | 74.3 | 159.8 | 8.1 | -12.4% | 285.6x | 10.4x |
| Act | 2025-Q4 | 8.3 | 24.6 | -4.3 | 19.6 | -5.8 | -5.8 | -0.1 | 74.3 | 159.0 | 8.2 | -7.3% | 50.3x | 20.0x |
| Act | 2025-Q3 | 5.0 | -5.5 | -8.1 | -5.0 | -14.2 | -15.1 | -0.9 | 55.0 | 242.7 | 8.0 | -10.3% | -7.3x | -- |
| Act | 2025-Q2 | 11.6 | -4.4 | -0.8 | 0.3 | -1.7 | -4.3 | -2.6 | 59.4 | 214.7 | 8.2 | -1.1% | -15.8x | -- |
| Act | 2025-Q1 | 5.0 | -2.4 | -3.6 | -2.9 | -13.5 | -18.0 | -4.5 | 12.0 | 223.3 | 8.0 | -4.9% | -- | -- |
| Act | 2024-Q4 | 10.3 | -0.0 | -1.4 | -0.5 | -3.4 | -9.6 | -6.2 | 20.2 | 210.3 | 8.0 | -2.0% | -- | 220.7x |
| Act | 2024-Q3 | 8.9 | -1.8 | -1.5 | -0.4 | -0.7 | -7.5 | -6.8 | 19.6 | 197.1 | 8.1 | -2.2% | -- | 750.6x |
| Act | 2024-Q2 | 8.5 | -1.5 | -2.9 | -1.7 | -8.3 | -16.3 | -8.0 | 13.5 | 194.0 | 8.1 | -4.3% | -- | 904.8x |
| Act | 2024-Q1 | 26.5 | 5.1 | 3.7 | 4.6 | 6.6 | -1.6 | -8.1 | 20.7 | 184.0 | 8.2 | 5.5% | -- | -- |
| Act | 2023-Q4 | 4.3 | -1.3 | -2.7 | -0.9 | -12.0 | -21.7 | -9.8 | 31.4 | 191.0 | 8.0 | -3.3% | -0.3x | -- |
| Act | 2023-Q3 | 3.7 | -1.9 | -3.3 | -2.8 | -12.6 | -25.3 | -12.7 | 35.2 | 172.0 | 8.2 | -5.4% | -0.6x | -- |
| Act | 2023-Q2 | 3.5 | -4.4 | -5.4 | -5.3 | -8.4 | -21.8 | -13.5 | 44.2 | 153.7 | 8.2 | -9.2% | -1.5x | -- |
| Act | 2023-Q1 | 5.8 | -4.7 | -5.6 | -5.8 | -18.4 | -28.4 | -10.0 | 50.9 | 144.7 | 8.0 | -9.7% | -- | -- |
| Act | 2022-Q4 | 13.3 | -6.0 | -7.0 | -6.1 | -5.9 | -21.9 | -15.9 | 37.7 | 137.6 | 8.2 | -12.0% | -- | -- |
| Act | 2022-Q3 | 10.0 | -1.2 | -2.8 | -2.4 | -5.7 | -17.0 | -11.3 | 63.5 | 139.1 | 8.3 | -4.6% | -27.3x | -- |
| Act | 2022-Q2 | 11.1 | 1.4 | 0.5 | 96.6 | -25.5 | -38.4 | -12.9 | 102.4 | 128.8 | 8.4 | 0.6% | -- | -- |
| Act | 2022-Q1 | 3.1 | -2.4 | 1.5 | 2.3 | -18.1 | -32.8 | -14.7 | 12.3 | 135.6 | 8.4 | 3.2% | -161.2x | -- |
AI Analysis
LLM Evaluations
Stratus Properties is now a liquidation story, not a going-concern investment. The company has announced a plan to sell all remaining assets and distribute net proceeds to shareholders. With ~$573M in consolidated assets against ~$240M in liabilities (book equity ~$333M or ~$42/share), there is theoretical upside to the current ~$32/share price if assets are liquidated at or near book value. However, significant risks exist: aggressive interest and cost capitalization may have inflated asset carrying values, the Austin real estate market is softening, VIE structures complicate the picture (Stratus consolidates entities where it owns as little as 10%), wind-down costs and taxes will erode proceeds, and timing is highly uncertain requiring shareholder and lender approvals. The Lantana and Kingwood sales at reasonable prices are positive data points, but remaining assets (Holden Hills lots, other development projects) face execution risk. Net-net, this is roughly fairly valued as a liquidation - modest upside if execution goes well, but meaningful downside if the Austin market deteriorates further or assets sell below book.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 3.1% of float, sold 1.4%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Oasis Management Co Ltd. | $34.6M | $19.65 | +$0 | −$88K | -2.4% | $729M |
| INGALLS & SNYDER LLC | $27.4M | $20.42 | +$99K | +$40K | +0.0% | $2.82B |
| DIMENSIONAL FUND ADVISORS LPPassive | $11.7M | $22.27 | −$746K | −$1.3M | -0.4% | $480.92B |
| BlackRock, Inc.Passive | $10.8M | $25.58 | −$264K | +$800K | -0.2% | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.9M | $25.18 | +$39K | +$549K | +2.3% | $1.61T |
| RBF Capital, LLC | $4.1M | $37.48 | +$0 | +$0 | +0.2% | $2.03B |
| Hodges Capital Management Inc. | $4.0M | $23.34 | −$833K | −$333K | -0.3% | $1.21B |
| STATE STREET CORPPassive | $2.7M | $26.62 | +$0 | +$125K | -0.2% | $2.89T |
| Russell Investments Group, Ltd. | $2.2M | $27.79 | +$2.2M | +$1.6M | +1.5% | $93.03B |
| TECTONIC ADVISORS LLC | $1.8M | $20.96 | +$32K | +$179K | -0.0% | $1.89B |
| NORTHERN TRUST CORPPassive | $1.6M | $26.33 | +$26K | +$114K | -0.2% | $755.34B |
| B & T Capital Management DBA Alpha Capital Management | $1.5M | $23.45 | +$192K | −$307K | +0.0% | $690M |
| Value Investment Professionals, LLC | $1.3M | $24.18 | −$5K | +$1.3M | +3.0% | $42.4M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $550K | $19.61 | −$64K | +$53K | +1.0% | $645.81B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $472K | $37.48 | +$0 | +$0 | -2.3% | $4.93B |
| Bank of New York Mellon Corp | $448K | $20.21 | −$33K | +$74K | +0.5% | $543.21B |
| Rangeley Capital, LLC | $383K | $30.52 | +$383K | +$383K | -1.3% | $91.1M |
| CROWN ADVISORS MANAGEMENT, INC. | $377K | $37.48 | −$1.1M | +$377K | +1.2% | $151M |
| CITADEL ADVISORS LLC | $369K | $27.55 | +$64K | +$369K | -0.4% | $138.22B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $368K | $23.77 | +$43K | +$61K | -0.2% | $864.93B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 78.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Executive Compensation (2022-2024)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | SELL | JOSEPH JAMES | director | 12,335 | $29.08 | $359K | $98K |
| 2026-05-07 | SELL | Oasis Management Co Ltd. | 10 percent owner | 720 | $30.03 | $22K | $29.46M |
| 2026-05-04 | SELL | Oasis Management Co Ltd. | 10 percent owner | 10,000 | $29.71 | $297K | $29.17M |
| 2026-04-28 | SELL | Oasis Management Co Ltd. | 10 percent owner | 4,916 | $30.03 | $148K | $29.79M |
| 2026-04-27 | SELL | Oasis Management Co Ltd. | 10 percent owner | 20,000 | $30.00 | $600K | $29.91M |
| 2026-04-24 | SELL | Oasis Management Co Ltd. | 10 percent owner | 10,000 | $29.89 | $299K | $30.39M |
| 2026-04-22 | SELL | Oasis Management Co Ltd. | 10 percent owner | 493 | $30.19 | $15K | $30.99M |
| 2026-04-20 | SELL | Oasis Management Co Ltd. | 10 percent owner | 4,483 | $30.02 | $135K | $30.84M |
| 2026-04-17 | SELL | Oasis Management Co Ltd. | 10 percent owner | 44,323 | $29.98 | $1.33M | $30.93M |
| 2026-04-16 | SELL | Oasis Management Co Ltd. | 10 percent owner | 29,788 | $30.07 | $896K | $32.36M |
| 2026-04-15 | SELL | Oasis Management Co Ltd. | 10 percent owner | 10,243 | $30.30 | $310K | $33.51M |
| 2026-04-08 | SELL | Oasis Management Co Ltd. | 10 percent owner | 3,148 | $30.08 | $95K | $33.57M |
| 2026-04-07 | SELL | Oasis Management Co Ltd. | 10 percent owner | 9,400 | $30.17 | $284K | $33.77M |
| 2026-04-02 | SELL | Oasis Management Co Ltd. | 10 percent owner | 5,417 | $30.11 | $163K | $33.99M |
| 2025-11-26 | SELL | Oasis Management Co Ltd. | 10 percent owner | 818 | $22.80 | $19K | $25.86M |
| 2025-09-18 | SELL | Oasis Management Co Ltd. | 10 percent owner | 1,998 | $21.02 | $42K | $23.86M |
| 2025-07-02 | SELL | JOSEPH JAMES | director | 5,000 | $18.82 | $94K | $296K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Real Estate | $0.1M | +228% |
Filing Risk Analysis
Filing Risk Scores
Stratus Properties Inc.: Forensic Analysis Impaired by Minimalist Metadata Disclosure
Counter-Thesis
Counter-Thesis & Recent News
On March 11, 2026, Stratus Properties announced a definitive plan for liquidation and dissolution following a strategic alternatives review. This move aims to sell all remaining assets and distribute net proceeds to shareholders. Recent major asset sales include Kingwood Place for $60.8 million (February 2026), Lantana Place for $57.5 million (November 2025), and West Killeen Market (May 2025). As of late 2025, the company also significantly bolstered its liquidity through a $47.8 million distribution from the Holden Hills Phase 2 partnership and has an active $25 million share repurchase program.
The bear case relies on poor fundamental metrics, including a trailing twelve-month net loss of $7.6 million and deeply negative operating margins (-59.69%). Skeptics point to a low Altman Z-Score (0.57-0.71), which historically suggests financial distress, and a debt-to-equity ratio of 1.18. Additionally, bears argue that the Austin real estate market, where Stratus is concentrated, is facing downward pricing pressure and cooling sales volume compared to pandemic highs.
Significant execution and timing risks associated with the liquidation plan, as it requires both shareholder and lender approvals. High volatility (Beta of 1.31-1.62) makes the stock sensitive to macro shifts. Financial health remains a concern with ongoing free cash flow deficits and a reliance on one-off asset sales to mask operating losses.
The Austin real estate market is seeing increased inventory (up 8.6% in early 2026), providing buyers with more leverage and forcing developers to offer concessions. Competition from other national and local developers in the 'Texas Triangle' remains fierce, particularly as residential pricing experienced a ~5% decline in recent months.
Sentiment in the core Austin market is showing 'mixed signals' but improving; while prices have adjusted downward, pending sales in early 2026 are outperforming 2025 levels, indicating resilient demand. For Stratus specifically, retail leasing remains a bright spot with stabilized properties like Jones Crossing nearing full occupancy and newer multi-family projects showing early lease-up momentum.