Star Holdings (STHO) trades at a discount even as fundamental outperformance accelerates. Accelerating fundamental outperformance at Star Holdings signals major positive shifts in financial trajectory and investor appeal.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 367.11 | 284.86 | 235.20 | 247.12 |
| Receivables | 20.90 | 50.32 | 44.10 | 62.48 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 388.01 | 335.18 | 279.30 | 309.60 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 42.46 | 46.31 | 35.61 | 16.40 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 42.46 | 46.31 | 35.61 | 16.40 |
| 10y | 5y | 3y | |
| Sales | — | — | ‡‡‡‡‡ |
| Cash Flow | — | — | ‡‡‡ |
| Earnings | — | — | ‡‡‡ |
| Book Value | — | — | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 20.94 | 19.36 | — | — |
—
|
| ’25 | 14.62 | 42.05 | 28.11 | 25.36 |
110.14
|
| ’24 | 25.44 | 30.55 | 24.55 | 32.76 |
113.30
|
| ’23 | 16.79 | 25.48 | 43.57 | 37.22 |
123.05
|
| ’22 | 26.87 | 40.74 | 38.41 | 18.05 |
124.08
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (8.40) | (2.83) | — | — |
—
|
| ’25 | (6.33) | (2.64) | 5.31 | (8.00) |
(11.66)
|
| ’24 | (14.23) | (6.41) | (3.79) | (6.87) |
(31.29)
|
| ’23 | (0.55) | (4.10) | (8.32) | (5.74) |
(18.72)
|
| ’22 | (10.75) | (8.47) | 1.00 | (9.14) |
(27.36)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 6.40 | (3.13) | — | — |
—
|
| ’25 | (17.28) | 1.92 | (3.52) | (1.00) |
(19.89)
|
| ’24 | (3.86) | 9.37 | (3.83) | (21.25) |
(19.58)
|
| ’23 | 6.79 | 2.30 | 12.58 | 14.53 |
36.19
|
| ’22 | (1.27) | 9.61 | 8.49 | 32.84 |
49.67
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.85) | 3.43 | — | — |
—
|
| ’25 | (0.57) | (2.95) | 0.14 | (1.51) |
(4.90)
|
| ’24 | (3.68) | (2.04) | 6.90 | (7.70) |
(6.51)
|
| ’23 | (6.81) | (6.75) | (6.14) | 4.96 |
(14.74)
|
| ’22 | — | (1.57) | — | 2.20 |
(60.42)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | 10.76 | 9.17 | 6.06 | — | — | — |
Low Price
|
| — | — | — | — | — | — | — | 20.79 | 15.31 | 9.87 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | 86 | 74 | 72 | — | — | — |
Employees
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 1.43 | 1.53 | 1.53 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | ‡‡‡‡‡ | 124.08 | 123.05 | 113.30 | 110.14 | — | — | — |
Revenue
|
| — | — | — | — | — | ‡‡‡‡‡ | 8.65% | 10.27% | 14.44% | 28.79% | — | — | — |
Gross Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | (36.31) | (196.29) | (88.36) | (70.75) | — | — | — |
EBT
|
| — | — | — | — | — | ‡‡‡‡‡ | (29.26%) | (159.52%) | (77.99%) | (64.23%) | — | — | — |
EBT Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | (36.31) | (196.29) | (88.36) | (70.77) | — | — | — |
Net Income
|
| — | — | — | — | — | ‡‡‡‡‡ | (1.95) | 5.88 | 11.21 | 12.51 | — | — | — |
Depreciation
|
| — | — | — | — | — | ‡‡‡‡‡ | 9.32 | 9.24 | 8.51 | 8.40 | — | — | — |
Revenue/Sh
|
| — | — | — | — | — | ‡‡‡‡ | (60.42) | (14.74) | (6.51) | (4.90) | — | — | — |
Earnings/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | (2.05) | (1.41) | (2.35) | (0.89) | — | — | — |
Cash Flow/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 5.78 | 4.12 | 0.88 | (0.63) | — | — | — |
Capex/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 3.73 | 2.72 | (1.47) | (1.52) | — | — | — |
Free CF/Sh
|
| — | — | — | — | — | ‡‡‡ | 72.99 | 32.57 | 25.90 | 20.28 | — | — | — |
Book Value/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 13.32 | 13.32 | 13.32 | 13.11 | — | — | — |
Shares
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
PE Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 2.15 | 1.61 | 1.14 | 0.98 | — | — | — |
PS Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 0.27 | 0.46 | 0.38 | 0.41 | — | — | — |
PB Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | (0.58) | 0.20 | 0.55 | 1.28 | — | — | — |
EV/Sales
|
| — | — | — | — | — | ‡‡‡‡‡ | (1.45) | 0.67 | (3.18) | (7.12) | — | — | — |
EV/FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | (27.36) | (18.72) | (31.29) | (11.66) | — | — | — |
Op' Cash Flow
|
| — | — | — | — | — | ‡‡‡‡‡ | 77.03 | 54.91 | 11.71 | (8.23) | — | — | — |
Capex
|
| — | — | — | — | — | ‡‡‡‡‡ | 49.67 | 36.19 | (19.58) | (19.89) | — | — | — |
FCF
|
| — | — | — | — | — | — | 644.57 | 345.55 | 288.87 | 243.69 | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | 253.06 | 192.90 | 217.35 | 268.72 | — | — | — |
Total Debt
|
| — | — | — | — | — | — | (338.30) | (174.22) | (67.51) | 33.52 | — | — | — |
Net Debt
|
| — | — | — | — | — | ‡‡‡ | 972.27 | 433.84 | 345.00 | 265.87 | — | — | — |
Sh' Equity
|
| — | — | — | — | — | ‡‡‡ | (7.23%) | (23.45%) | (13.58%) | (10.90%) | — | — | — |
ROA
|
| — | — | — | — | — | ‡‡‡ | (0.50%) | (6.77%) | (2.05%) | 2.49% | — | — | — |
ROIC
|
| — | — | — | — | — | ‡‡‡ | 0.00% | (27.93%) | (22.28%) | (21.04%) | — | — | — |
ROE
|
Star Holdings (STHO), a nimble industrial holdings player, has faced a rocky ride since its 2021 revenue peak of $272 million, contracting sharply to $113 million by 2024 amid post-pandemic headwinds, aggressive capex, and profitability woes that flipped profits into mounting losses. Cash flows turned negative, balance sheet equity halved, and shares plunged over 50% from recent highs, trading at a steep discount to book value (~31% of BV/share) and screaming undervaluation amid zero insider activity and bearish sentiment.
Yet, bright spots emerge that fuel turnaround excitement: gross margins surged 41% to 14.44% in 2024 through cost discipline and productivity gains (revenue per employee up 7%), capex slashed 79% to preserve cash, and a robust $289 million working capital buffer provides runway. With PS ratios halved and potential for FCF positivity, stabilization could unlock 130% upside to 2024 highs.
This deep-dive analysis unpacks 2021-2024 fundamentals, stock correlations, and risks versus rewards—revealing STHO as a high-conviction opportunity for patient investors betting on margin magic and industrial rebound.
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