Blackstone Mortgage Trust, Inc. (BXMT) vs STARWOOD PROPERTY TRUST, INC. (STWD)

Blackstone Mortgage Trust, Inc. and STARWOOD PROPERTY TRUST, INC. are both Reit Mortgage companies. STARWOOD PROPERTY TRUST, INC. is the larger, with a market value of $4.5B against $1.8B — 2.5× the size. Blackstone Mortgage Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; STARWOOD PROPERTY TRUST, INC. trades at 21.4×. STARWOOD PROPERTY TRUST, INC. grew revenue faster over the last twelve months: 11.8% against −1.80%. STARWOOD PROPERTY TRUST, INC. has the higher net margin (10.9% vs −24.7%) and the lower return on invested capital (0.06% vs 4.09%). Both pay a dividend; Blackstone Mortgage Trust, Inc. yields more (16.8% vs 15.2%). Across the 22 metrics below, Blackstone Mortgage Trust, Inc. leads on 13 and STARWOOD PROPERTY TRUST, INC. on 9.

Valuation

Metric BXMT STWD Reit Mortgage median
P/E n/m 21.36 12.92
P/S 1.24 2.30 1.66
P/B 0.66 0.68 0.56
Price to free cash flow 5.99 7.57 4.66
EV/EBITDA 13.66 181.68 27.46
EV/Sales 10.22 13.78 15.92
Earnings yield (19.88%) 4.68% 1.39%
Free cash flow yield 16.69% 13.22% 14.27%

Profitability

Metric BXMT STWD Reit Mortgage median
Gross margin 78.72% 29.13% 100.00%
Operating margin 71.10% 1.54% 35.13%
Net margin (24.71%) 10.86% (0.20%)
Free cash flow margin 20.73% 30.39% 23.35%
Return on equity (11.65%) 3.21% (0.30%)
Return on assets (2.02%) 0.35% (0.01%)
Return on invested capital 4.09% 0.06% 0.85%

Growth

Metric BXMT STWD Reit Mortgage median
Revenue growth (TTM) (1.80%) 11.78% 2.68%
EPS growth (last fiscal year) 154.70% 4.55% 45.25%
Revenue growth, 5-year CAGR 14.60% 10.17% 14.60%
Net income growth, 5-year CAGR (4.46%) 3.94% 0.00%

Health

Metric BXMT STWD Reit Mortgage median
Debt to equity 4.98 3.47 3.24
Current ratio 0.00 1.46 0.83
Net debt to EBITDA 12.49 160.93 18.31

Dividend

Metric BXMT STWD Reit Mortgage median
Dividend yield 16.76% 15.24% 16.76%
Payout ratio 20.89 3.25 1.87

Size

Metric BXMT STWD Reit Mortgage median
Market cap 1.83b 4.52b 399.23m

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