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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (199%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $341.8M dividends + $472.9M buybacks = $814.8M returned on $172.1M FCF.
1 consecutive years of dividend increases · 28%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 8 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -18% against ROIC -4% — -13% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -15.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | 44.5 | 37.9 | 38.7 | 41.2 | 42.7 | 42.4 | 42.8 |
| SG&A | — | 4.8 | 2.9 | 4.0 | 2.8 | 2.6 | 2.8 | 2.5 |
| Operating Income | — | 66.5 | 64.0 | 68.3 | 65.9 | 63.7 | 62.5 | 61.1 |
| Income Tax | — | 0.1 | 0.4 | 0.1 | -0.1 | -0.3 | -0.6 | -0.2 |
| Net Income | — | -22.1 | -32.3 | -47.0 | -4.2 | -37.0 | -40.6 | -43.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SWDR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $200.8M is below the $2.87B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.3% on $11.96B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B 100.0% | $1.69B 100.0% | $1.75B 100.0% | $1.58B 100.0% | $642.9M 100.0% | $298.4M 100.0% | $94.3M 100.0% | $0 |
| Cost of Revenue | $676.6M 42.8% | $715.0M 42.4% | $748.5M 42.7% | $650.6M 41.2% | $248.7M 38.7% | $113.2M 37.9% | $42.0M 44.5% | — |
| Selling, General & Admin | $39.1M 2.5% | $47.0M 2.8% | $45.1M 2.6% | $44.7M 2.8% | $25.4M 4.0% | $8.6M 2.9% | $4.5M 4.8% | $1.7M |
| Total Operating Expenses | $1.51B 95.7% | $1.76B 104.3% | $1.95B 111.0% | $1.81B 114.8% | $871.0M 135.5% | $312.2M 104.6% | $101.2M 107.3% | $1.7M |
| Operating Income | $965.5M 61.1% | $1.06B 62.5% | $1.12B 63.7% | $1.04B 65.9% | $438.8M 68.3% | $191.0M 64.0% | $62.7M 66.5% | — |
| Interest Expense | $636.1M 40.2% | $641.4M 38.0% | $583.5M 33.3% | $428.9M 27.2% | $134.1M 20.9% | $80.8M 27.1% | $25.3M 26.8% | — |
| Other Income (Expense), net | -$800.8M -50.7% | -$652.0M -38.6% | -$482.2M -27.5% | $168.4M 10.7% | -$76.4M -11.9% | -$84.5M -28.3% | -$14.1M -14.9% | $52K |
| Income Tax Expense | -$3.2M -0.2% | -$10.1M -0.6% | -$5.0M -0.3% | -$2.1M -0.1% | $700K 0.1% | $1.2M 0.4% | $100K 0.1% | $0 |
| Net Income | -$691.6M -43.7% | -$684.9M -40.6% | -$649.7M -37.0% | -$65.7M -4.2% | -$302.3M -47.0% | -$96.3M -32.3% | -$20.8M -22.1% | -$1.7M |
| Per Share | ||||||||
| EPS (Basic) | -$1.74 | -$1.68 | -$1.39 | -$0.14 | -$1.49 | -$1.35 | — | — |
| EPS (Diluted) | -$1.74 | -$1.68 | -$1.39 | -$0.14 | -$1.49 | -$1.35 | — | — |
| Weighted Avg Shares (Basic) | 397.6M | 408.2M | 467.3M | 469.9M | 203.3M | 71.5M | — | — |
| Weighted Avg Shares (Diluted) | 397.6M | 408.2M | 467.3M | 469.9M | 203.3M | 71.5M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 108 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $172.1B | 168.8× | — | 15.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 501 |
| PLD | $121.6B | 36.0× | — | 13.8× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 505 |
| EQIX | $100.3B | 73.7× | 25.6× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | -0.1× | 381 |
| AMT | $87.1B | 34.8× | 20.7× | 8.2× | 5.1% | — | 24.7% | 72.0% | 6.4% | 6.0× | 536 |
| SPG | $70.5B | 15.4× | — | 11.1× | 6.7% | — | 84.3% | 103% | 15.9% | — | 400 |
| DLR | $67.0B | 50.5× | — | 11.0× | 10.0% | — | 21.4% | 5.7% | 5.7% | — | — |
| PSA | $60.7B | 36.0× | — | 12.6× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 335 |
| O | $53.9B | 48.7× | — | 9.4× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 459 |
| VTR | $44.8B | 157.0× | — | 7.7× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 256 |
| CCI | $37.7B | 87.8× | 25.3× | 8.8× | -4.4% | 97.3% | 10.4% | -27.2% | 1.7% | 10.5× | 240 |
| IRM | $34.7B | 237.9× | 23.3× | 5.0× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.4× | 348 |
| EXR | $32.0B | 33.0× | 15.0× | 9.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | -0.1× | 204 |
| AVB | $27.1B | 25.6× | 12.3× | 8.9× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.1× | 1 |
| VICI | $26.9B | 9.4× | — | 6.7× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 233 |
| SBAC | $19.9B | 19.1× | 22.0× | 7.0× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.6× | 151 |
| HST | $17.3B | 23.0× | — | 2.8× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 196 |
| ESS | $17.0B | 25.4× | 11.2× | 9.0× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | -0.1× | 148 |
| KIM | $16.3B | — | 17.0× | 7.6× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.4× | 174 |
| LAMR | $16.0B | 27.3× | — | 7.1× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 205 |
| WY | $14.7B | 45.2× | 15.9× | 2.1× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.1× | 239 |
| OHI | $14.2B | 24.2× | 22.3× | 12.0× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 219 |
| SUI | $13.8B | 10.4× | 113.4× | 6.0× | 2.0% | — | 61.3% | 20.3% | 20.3% | -4.9× | 114 |
| REG | $13.7B | — | 12.0× | 8.8× | 6.9% | — | 34.0% | 7.6% | 4.5% | 3.1× | — |
| MAA | $13.6B | 31.0× | 12.0× | 6.2× | 0.8% | — | 20.2% | 7.9% | 7.9% | -0.1× | 172 |
| DOC | $13.1B | 190.3× | — | 4.7× | 4.5% | — | 2.5% | 1.0% | 0.4% | — | 216 |
| SWDR | — | — | — | — | -6.3% | 57.2% | -43.7% | -17.8% | -4.4% | — | — |
Peers = companies sharing SWDR's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2019 | 55.5% | 66.5% | -22.1% |
| FY2020 | 62.1% | 64.0% | -32.3% |
| FY2021 | 61.3% | 68.3% | -47.0% |
| FY2022 | 58.8% | 65.9% | -4.2% |
| FY2023 | 57.3% | 63.7% | -37.0% |
| FY2024 | 57.6% | 62.5% | -40.6% |
| FY2025 | 57.2% | 61.1% | -43.7% |
Return on equity is 13 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, tax_rate, market_cap.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.