What is Star's operating income?

Star's total operating income in 2025 was -$70.68 million, based on the following breakdown: Total Gross Profit: $31.71 million Total Operating Expenses: $37.62 million

Star (STHO) Financials

$9.77 +0.38 (+4.05%)

Closing price 08/20/2026 04:00 PM Eastern

Extended Trading

$9.79 +0.02 (+0.25%)

As of 04:00 AM Eastern

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Annual Income Statements for Star

This table shows Star's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	63	-36	-196	-87	-64
Consolidated Net Income / (Loss)	63	-36	-196	-88	-71
Net Income / (Loss) Continuing Operations	63	-36	-196	-88	-71
Total Pre-Tax Income	85	-36	-196	-88	-71
Total Operating Income	35	-82	-225	-88	-71
Total Gross Profit	81	36	13	20	32
Total Revenue	298	149	123	117	110
Operating Revenue	298	149	123	117	110
Total Cost of Revenue	217	113	110	97	78
Operating Cost of Revenue	217	113	110	97	78
Total Operating Expenses	46	118	66	42	38
Selling, General & Admin Expense	47	11	37	21	15
Depreciation Expense	6.49	4.91	4.57	4.33	5.22
Other Operating Expenses / (Income)	-8.09	87	25	16	18
Total Other Income / (Expense), net	50	46	-143	-67	-65
Interest Expense	51	0.00	2.09	0.00	0.07
Interest & Investment Income	83	46	31	0.00	0.00
Other Income / (Expense), net	18	-	-171	-67	-65
Income Tax Expense	23	0.00	0.00	0.00	0.03
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.07	0.04	0.07	-1.61	-6.53
Basic Earnings per Share	$4.71	($2.73)	($14.74)	($6.51)	($4.90)
Weighted Average Basic Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.11M
Diluted Earnings per Share	$4.71	($2.73)	($14.74)	($6.51)	($4.90)
Weighted Average Diluted Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.11M
Weighted Average Basic & Diluted Shares Outstanding	-	-	13.32M	13.32M	12.09M

This table shows Star's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	66	-49	-27	92	-103	-7.60	-39	1.80	-19	-10	41
Consolidated Net Income / (Loss)	66	-49	-28	91	-103	-8.05	-40	0.27	-23	-14	41
Net Income / (Loss) Continuing Operations	66	-49	-28	91	-87	-8.05	-40	0.27	-23	-14	41
Total Pre-Tax Income	66	-49	-28	91	-103	-8.05	-40	0.27	-23	-14	41
Total Operating Income	-200	-11	-10	-2.38	6.03	-11	3.01	1.22	-64	-12	12
Total Gross Profit	2.89	1.31	-0.63	7.22	12	-1.90	11	10	12	0.09	20
Total Revenue	37	25	31	28	33	15	42	28	25	21	34
Operating Revenue	37	25	31	28	33	15	42	28	25	21	34
Total Cost of Revenue	34	24	31	21	21	17	31	18	13	21	14
Operating Cost of Revenue	34	24	31	21	21	17	31	18	13	21	14
Total Operating Expenses	32	12	9.60	9.60	6.12	9.32	8.19	9.14	11	12	7.56
Selling, General & Admin Expense	7.25	7.45	4.59	4.57	4.58	4.72	3.26	3.34	3.26	3.65	2.62
Depreciation Expense	1.28	1.18	1.18	0.99	0.98	0.98	0.95	1.09	2.19	2.23	0.86
Other Operating Expenses / (Income)	23	3.81	3.83	4.05	0.56	3.63	3.98	4.71	5.51	6.51	4.08
Total Other Income / (Expense), net	95	-38	-18	94	-93	3.18	-43	-0.95	-24	-2.16	29
Interest Expense	-19	0.00	0.00	0.00	-12	0.07	0.00	0.00	-	0.00	0.00
Other Income / (Expense), net	76	-38	-18	94	-105	3.25	-43	-0.95	-24	-2.16	29
Net Income / (Loss) Attributable to Noncontrolling Interest	0.01	-0.02	-0.84	-0.43	-0.33	-0.44	-0.41	-1.53	-4.15	-4.20	0.01
Basic Earnings per Share	$4.96	($3.68)	($2.04)	$6.90	($7.69)	($0.57)	($2.95)	$0.14	($1.52)	($0.85)	$3.43
Weighted Average Basic Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.31M	13.17M	13.11M	12.13M	12.08M
Diluted Earnings per Share	$4.96	($3.68)	($2.04)	$6.90	($7.69)	($0.57)	($2.95)	$0.14	($1.52)	($0.85)	$3.43
Weighted Average Diluted Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.31M	13.17M	13.11M	12.13M	12.08M
Weighted Average Basic & Diluted Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.29M	12.74M	12.09M	12.08M	12.08M

This table details how cash moves in and out of Star's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	5.22	-9.60	53	-15	22
Net Cash From Operating Activities	8.53	-27	-19	-31	-12
Net Cash From Continuing Operating Activities	8.53	-27	-19	-31	-12
Net Income / (Loss) Continuing Operations	63	-36	-196	-88	-71
Consolidated Net Income / (Loss)	63	-36	-196	-88	-71
Depreciation Expense	6.49	4.91	4.57	4.33	5.22
Amortization Expense	-14	-6.86	1.31	6.88	7.29
Non-Cash Adjustments To Reconcile Net Income	-66	15	163	52	46
Changes in Operating Assets and Liabilities, net	20	-3.61	8.27	-6.09	0.31
Net Cash From Investing Activities	673	236	186	0.31	-1.54
Net Cash From Continuing Investing Activities	673	236	186	0.31	-1.54
Purchase of Property, Plant & Equipment	-24	-22	-13	-36	-49
Acquisitions	-71	-82	21	0.00	0.00
Sale of Property, Plant & Equipment	310	100	69	48	47
Sale and/or Maturity of Investments	538	228	117	0.00	18
Other Investing Activities, net	-80	13	-7.54	-11	-18
Net Cash From Financing Activities	-676	-218	-114	16	35
Net Cash From Continuing Financing Activities	-676	-218	-114	16	35
Repayment of Debt	0.00	-0.03	-75	0.00	-4.91
Repurchase of Common Equity	-	-	0.00	0.00	-7.95
Payment of Dividends	-0.50	0.00	-2.54	0.00	0.00
Issuance of Debt	0.00	0.00	253	16	48
Other Financing Activities, net	-676	-218	-290	0.00	0.00

This table details how cash moves in and out of Star's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	9.50	-4.60	1.47	-3.05	-8.99	-2.51	13	-0.11	11	-5.11	-9.25
Net Cash From Operating Activities	-5.74	-14	-6.41	-3.79	-6.87	-6.33	-2.64	5.31	-8.00	-8.40	-2.83
Net Cash From Continuing Operating Activities	-5.74	-14	-6.41	-3.79	-6.87	-6.33	-2.64	5.31	-8.00	-8.40	-2.83
Net Income / (Loss) Continuing Operations	66	-49	-28	91	-103	-8.05	-40	0.28	-23	-14	41
Consolidated Net Income / (Loss)	66	-49	-28	91	-103	-8.05	-40	0.28	-23	-14	41
Depreciation Expense	1.28	1.18	1.18	0.99	0.98	0.98	0.95	1.09	2.19	2.23	0.86
Amortization Expense	1.62	1.69	1.72	1.62	1.86	1.69	1.75	1.81	2.04	1.69	1.55
Non-Cash Adjustments To Reconcile Net Income	-77	34	21	-96	93	-1.40	34	1.67	12	1.46	-46
Changes in Operating Assets and Liabilities, net	2.18	-2.03	-2.30	-2.22	0.46	0.45	0.27	0.46	-0.87	0.68	-0.75
Net Cash From Investing Activities	40	9.63	7.88	-1.05	-16	-8.28	3.87	-14	17	0.63	-6.42
Net Cash From Continuing Investing Activities	40	9.63	7.88	-1.05	-16	-8.28	3.87	-14	17	0.63	-6.42
Purchase of Property, Plant & Equipment	-4.93	-6.21	-0.38	-12	-17	-0.31	-22	-11	-0.23	-0.42	-0.11
Sale of Property, Plant & Equipment	26	17	16	-27	2.97	5.54	26	-32	47	13	1.22
Other Investing Activities, net	-1.96	-0.74	-7.90	38	-1.77	-17	-1.14	29	-45	-12	-7.53
Net Cash From Financing Activities	-25	0.00	-	1.78	14	12	12	8.49	2.63	2.66	-0.00
Net Cash From Continuing Financing Activities	-25	0.00	-	1.78	14	12	12	8.49	2.63	2.66	-0.00
Repayment of Debt	-22	0.00	-	-	-	-5.25	-0.11	-0.03	0.48	-0.16	-0.00

This table presents Star's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,005	669	609	570
Total Current Assets	4.23	51	35	50
Cash & Equivalents	4.23	51	35	50
Plant, Property, & Equipment, net	-18	-22	-25	-30
Accumulated Depreciation	18	22	25	30
Total Noncurrent Assets	1,019	641	599	550
Long-Term Investments	636	316	250	185
Noncurrent Note & Lease Receivables	40	23	52	46
Other Noncurrent Operating Assets	344	301	297	319
Total Liabilities & Shareholders' Equity	1,005	669	609	570
Total Liabilities	33	235	264	304
Total Current Liabilities	33	42	46	36
Accounts Payable	33	42	46	36
Total Noncurrent Liabilities	0.00	193	217	269
Long-Term Debt	0.00	193	217	269
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	972	434	345	266
Total Preferred & Common Equity	972	412	324	252
Total Common Equity	972	412	324	252
Common Stock	0.00	608	608	600
Retained Earnings	0.00	-196	-283	-347
Accumulated Other Comprehensive Income / (Loss)	0.00	0.36	-0.10	-0.42
Noncontrolling Interest	0.73	22	21	14

This table presents Star's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	604	623	601	697	618	590	596	480	508
Total Current Assets	46	46	48	45	30	44	41	46	35
Cash & Equivalents	46	46	48	45	30	44	41	46	35
Plant, Property, & Equipment, net	-21	-23	-24	-25	-26	-27	-27	-29	-28
Accumulated Depreciation	21	23	24	25	26	27	27	29	28
Total Noncurrent Assets	580	600	575	676	614	572	583	463	502
Long-Term Investments	241	279	261	355	253	210	209	183	212
Noncurrent Note & Lease Receivables	22	24	32	33	49	49	56	56	65
Other Noncurrent Operating Assets	317	298	282	289	312	313	317	224	224
Total Liabilities & Shareholders' Equity	604	623	601	697	618	590	596	480	508
Total Liabilities	255	238	244	248	282	294	302	240	225
Total Current Liabilities	43	43	47	47	50	49	43	33	16
Accounts Payable	43	43	47	47	50	49	43	33	16
Total Noncurrent Liabilities	213	195	197	201	231	245	259	207	209
Long-Term Debt	213	195	197	201	231	245	259	207	209
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	349	385	357	449	336	296	294	240	283
Total Preferred & Common Equity	345	362	335	428	316	276	275	239	282
Total Common Equity	345	362	335	428	316	276	275	239	282
Common Stock	608	608	608	608	608	607	604	598	598
Retained Earnings	-263	-245	-273	-181	-291	-330	-328	-358	-316
Accumulated Other Comprehensive Income / (Loss)	-0.14	0.21	0.22	0.55	-0.70	-1.20	-0.38	-1.05	0.34
Noncontrolling Interest	3.86	22	21	21	20	20	18	1.26	1.26

This table displays calculated financial ratios and metrics derived from Star's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-49.99%	-17.56%	-4.92%	-5.86%
EBITDA Growth	0.00%	-285.92%	-365.55%	68.70%	14.44%
EBIT Growth	0.00%	-254.27%	-383.81%	64.06%	12.55%
NOPAT Growth	0.00%	-319.83%	-174.63%	80.18%	20.01%
Net Income Growth	0.00%	-157.94%	-440.58%	54.98%	19.90%
EPS Growth	0.00%	-157.96%	-439.93%	55.83%	24.73%
Operating Cash Flow Growth	0.00%	-420.58%	31.58%	-67.15%	62.74%
Free Cash Flow Firm Growth	0.00%	0.00%	78.21%	-143.24%	10.48%
Invested Capital Growth	0.00%	0.00%	-21.86%	6.88%	7.89%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-3.67%	-6.30%
EBITDA Q/Q Growth	0.00%	0.00%	-9,650.87%	-157.11%	0.41%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-175.44%	-0.67%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	76.04%	-761.77%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-209.54%	52.94%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-206.03%	55.74%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	15.36%	-3.72%	-10.78%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-406.42%	-57.46%
Invested Capital Q/Q Growth	0.00%	0.00%	-5.61%	10.96%	-1.15%
Profitability Metrics	-	-	-	-	-
Gross Margin	27.27%	24.06%	10.27%	17.15%	28.79%
EBITDA Margin	15.12%	-56.20%	-317.37%	-52.48%	-111.62%
Operating Margin	11.88%	-54.89%	-182.87%	-5.19%	-64.17%
EBIT Margin	17.79%	-54.89%	-322.15%	-62.06%	-122.98%
Profit (Net Income) Margin	21.00%	-24.33%	-159.52%	-75.53%	-64.26%
Tax Burden Percent	73.56%	100.00%	100.00%	100.00%	100.04%
Interest Burden Percent	160.42%	44.32%	49.52%	121.69%	52.23%
Effective Tax Rate	26.44%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-34.53%	-53.23%	-1.58%	-17.15%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-41.10%	-43.70%	68.01%	108.18%
Return on Net Nonoperating Assets (RNNOA)	0.00%	27.06%	25.31%	-21.11%	-6.02%
Return on Equity (ROE)	0.00%	-7.47%	-27.92%	-22.69%	-23.17%
Cash Return on Invested Capital (CROIC)	0.00%	-234.53%	-28.69%	-8.24%	-24.74%
Operating Return on Assets (OROA)	0.00%	-8.15%	-47.35%	-11.36%	-22.98%
Return on Assets (ROA)	0.00%	-3.61%	-23.44%	-13.83%	-12.01%
Return on Common Equity (ROCE)	0.00%	-7.46%	-27.46%	-21.44%	-21.85%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-3.74%	0.00%	-27.24%	0.00%
Net Operating Profit after Tax (NOPAT)	26	-57	-158	-4.25	-49
NOPAT Margin	8.74%	-38.43%	-128.01%	-3.64%	-44.92%
Net Nonoperating Expense Percent (NNEP)	0.00%	6.58%	-9.52%	-69.59%	-125.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-5.90%	-25.13%	-0.76%	-9.25%
Cost of Revenue to Revenue	72.73%	75.94%	89.73%	82.86%	71.21%
SG&A Expenses to Revenue	15.70%	7.66%	30.06%	18.11%	13.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.39%	78.96%	53.86%	22.34%	34.15%
Earnings before Interest and Taxes (EBIT)	53	-82	-396	-73	-135
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	45	-84	-391	-61	-123
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.48	0.40	0.42
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.48	0.40	0.42
Price to Revenue (P/Rev)	0.00	0.00	1.62	1.11	0.95
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.18	0.30	0.51
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.39	0.71	1.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.44	0.63	1.01
Long-Term Debt to Equity	0.00	0.00	0.44	0.63	1.01
Financial Leverage	0.00	-0.66	-0.58	-0.31	-0.06
Leverage Ratio	0.00	1.03	1.19	1.64	1.93
Compound Leverage Factor	0.00	0.46	0.59	2.00	1.01
Debt to Total Capital	0.00%	0.00%	30.78%	38.65%	50.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	30.78%	38.65%	50.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.07%	3.56%	3.67%	2.64%
Common Equity to Total Capital	0.00%	99.93%	65.67%	57.68%	47.10%
Debt to EBITDA	0.00	0.00	-0.49	-3.54	-2.19
Net Debt to EBITDA	0.00	0.00	0.45	1.10	-0.27
Long-Term Debt to EBITDA	0.00	0.00	-0.49	-3.54	-2.19
Debt to NOPAT	0.00	0.00	-1.22	-51.09	-5.43
Net Debt to NOPAT	0.00	0.00	1.11	15.87	-0.68
Long-Term Debt to NOPAT	0.00	0.00	-1.22	-51.09	-5.43
Altman Z-Score	0.00	0.00	-1.66	-0.58	-1.21
Noncontrolling Interest Sharing Ratio	0.00%	0.07%	1.64%	5.51%	5.69%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	0.13	1.19	0.75	1.41
Quick Ratio	0.00	0.13	1.19	0.75	1.41
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-390	-85	-22	-71
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	-463.54%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-40.62	0.00	-1,019.56
Operating Cash Flow to Interest Expense	0.17	0.00	-8.96	0.00	-166.54
Operating Cash Flow Less CapEx to Interest Expense	5.74	0.00	17.79	0.00	-202.47
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.15	0.15	0.18	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	3.42	2.92	2.18	1.91
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	106.60	124.90	167.13	190.62
Cash Conversion Cycle (CCC)	0.00	-106.60	-124.90	-167.13	-190.62
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	332	260	277	299
Invested Capital Turnover	0.00	0.90	0.42	0.44	0.38
Increase / (Decrease) in Invested Capital	0.00	332	-73	18	22
Enterprise Value (EV)	0.00	0.00	48	83	152
Market Capitalization	0.00	0.00	200	130	105
Book Value per Share	$0.00	$72.94	$30.90	$24.35	$19.77
Tangible Book Value per Share	$0.00	$72.94	$30.90	$24.35	$19.77
Total Capital	0.00	972	627	562	535
Total Debt	0.00	0.00	193	217	269
Total Long-Term Debt	0.00	0.00	193	217	269
Net Debt	0.00	-640	-174	-68	34
Capital Expenditures (CapEx)	-286	-77	-56	-12	2.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-33	-42	-46	-36
Debt-free Net Working Capital (DFNWC)	0.00	-29	8.20	-11	14
Net Working Capital (NWC)	0.00	-29	8.20	-11	14
Net Nonoperating Expense (NNE)	-37	-21	39	84	21
Net Nonoperating Obligations (NNO)	0.00	-640	-174	-68	34
Total Depreciation and Amortization (D&A)	-7.99	-1.95	5.88	11	13
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-22.18%	-34.51%	-39.58%	-32.33%
Debt-free Net Working Capital to Revenue	0.00%	-19.35%	6.66%	-9.70%	13.14%
Net Working Capital to Revenue	0.00%	-19.35%	6.66%	-9.70%	13.14%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($14.74)	($6.51)	($4.90)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	13.32M	13.32M	13.11M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($14.74)	($6.51)	($4.90)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	13.32M	13.32M	13.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	13.32M	13.32M	12.09M
Normalized Net Operating Profit after Tax (NOPAT)	27	-47	-158	-4.25	-49
Normalized NOPAT Margin	8.91%	-31.64%	-128.01%	-3.64%	-44.92%
Pre Tax Income Margin	28.54%	-24.33%	-159.52%	-75.52%	-64.23%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	1.03	0.00	-189.67	0.00	-1,935.01
NOPAT to Interest Expense	0.51	0.00	-75.37	0.00	-706.77
EBIT Less CapEx to Interest Expense	6.60	0.00	-162.92	0.00	-1,970.94
NOPAT Less CapEx to Interest Expense	6.08	0.00	-48.62	0.00	-742.70
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.80%	0.00%	-1.30%	0.00%	0.00%
Augmented Payout Ratio	0.80%	0.00%	-1.30%	0.00%	-11.24%

This table displays calculated financial ratios and metrics derived from Star's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	13,319,552.00	13,319,552.00	13,319,552.00	13,319,552.00	-	13,319,552.00	13,319,552.00	13,290,018.00	-	12,088,770.00	12,081,333.00
DEI Adjusted Shares Outstanding	13,319,552.00	13,319,552.00	13,319,552.00	13,319,552.00	-	13,319,552.00	13,319,552.00	13,290,018.00	-	12,088,770.00	12,081,333.00
DEI Earnings Per Adjusted Shares Outstanding	4.97	-3.68	-2.04	6.90	-	-0.57	-2.95	0.14	-	-0.85	3.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	51.53%	19.90%	-35.17%	-11.97%	-42.51%	37.65%	-0.50%	-22.60%	43.20%	-19.80%
EBITDA Growth	-11,084.71%	57.99%	69.94%	223.75%	-231.44%	88.49%	-47.73%	-96.63%	49.70%	-98.61%	218.51%
EBIT Growth	0.00%	55.71%	66.89%	218.64%	-240.93%	83.72%	-42.10%	-99.70%	48.04%	-81.27%	204.38%
NOPAT Growth	0.00%	44.21%	-25.47%	-209.83%	174.84%	-0.81%	129.41%	151.35%	1.43%	-9.56%	474.84%
Net Income Growth	0.00%	46.00%	68.92%	211.88%	-255.55%	83.58%	-42.10%	-99.70%	77.37%	-79.69%	204.38%
EPS Growth	0.00%	45.96%	69.78%	212.38%	-255.04%	84.51%	-44.61%	-97.97%	80.23%	-49.12%	216.27%
Operating Cash Flow Growth	37.16%	-2,468.59%	-56.19%	54.49%	-19.53%	55.54%	58.80%	240.20%	-16.52%	-32.75%	-7.27%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	108.28%	-120.37%	86.02%	83.40%	-328.31%	-5.35%	257.51%	230.37%
Invested Capital Growth	-21.86%	0.00%	0.00%	-9.08%	6.88%	11.33%	17.95%	21.11%	7.89%	-23.41%	-14.66%
Revenue Q/Q Growth	-14.59%	-31.65%	20.11%	-7.53%	15.97%	-55.36%	187.57%	-33.16%	-9.79%	-17.42%	61.05%
EBITDA Q/Q Growth	-59.68%	-163.19%	45.67%	475.42%	-197.81%	96.81%	-597.49%	108.57%	-2,740.01%	87.42%	516.21%
EBIT Q/Q Growth	-61.20%	-169.91%	42.95%	427.24%	-203.45%	95.29%	-398.01%	100.69%	-32,227.01%	83.58%	386.76%
NOPAT Q/Q Growth	-9,337.82%	-38.10%	8.03%	66.82%	159.04%	82.63%	126.83%	-42.07%	-3,751.24%	80.70%	240.79%
Net Income Q/Q Growth	180.90%	-174.08%	42.95%	427.24%	-212.48%	92.18%	-393.67%	100.69%	-8,596.72%	37.90%	386.76%
EPS Q/Q Growth	180.78%	-174.19%	44.57%	438.24%	-211.45%	92.59%	-417.54%	104.75%	-1,185.71%	44.08%	503.53%
Operating Cash Flow Q/Q Growth	30.95%	-147.74%	54.98%	40.91%	-81.35%	7.86%	58.27%	301.06%	-250.72%	-4.98%	66.28%
Free Cash Flow Firm Q/Q Growth	53.32%	-492.96%	4.93%	109.03%	-151.30%	41.68%	-12.87%	-24.18%	-28.88%	187.19%	-6.57%
Invested Capital Q/Q Growth	-5.61%	-1.61%	-4.83%	2.88%	10.96%	2.48%	0.83%	5.63%	-1.15%	-27.25%	12.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.78%	5.17%	-2.08%	25.57%	37.10%	-12.97%	26.63%	36.84%	47.53%	0.44%	58.33%
EBITDA Margin	-326.15%	-181.32%	-82.02%	333.00%	-292.83%	-36.29%	-88.02%	11.29%	-330.46%	-50.33%	130.07%
Operating Margin	-537.42%	-43.76%	-33.51%	-8.42%	18.41%	-76.73%	7.16%	4.34%	-251.17%	-58.71%	35.92%
EBIT Margin	-333.95%	-192.62%	-91.49%	323.80%	-301.49%	-54.54%	-94.45%	0.97%	-347.15%	-69.04%	122.93%
Profit (Net Income) Margin	177.72%	-192.62%	-91.49%	323.80%	-314.05%	-55.02%	-94.45%	0.97%	-91.81%	-69.04%	122.93%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.12%	100.00%	100.00%
Interest Burden Percent	-53.22%	100.00%	100.00%	100.00%	104.17%	100.88%	100.00%	100.00%	26.42%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-223.47%	-31.59%	-26.39%	-3.89%	5.62%	-21.13%	2.23%	1.85%	-67.14%	-19.06%	14.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-288.84%	32.16%	10.18%	-72.83%	94.23%	-20.92%	70.31%	2.85%	-192.48%	-3.31%	-108.94%
Return on Net Nonoperating Assets (RNNOA)	167.26%	-10.81%	-3.24%	24.87%	-29.25%	5.26%	-13.24%	-0.73%	10.71%	0.43%	8.94%
Return on Equity (ROE)	-56.21%	-42.39%	-29.64%	20.97%	-23.63%	-15.87%	-11.01%	1.12%	-56.43%	-18.63%	23.56%
Cash Return on Invested Capital (CROIC)	-28.69%	-211.97%	-213.77%	-1.68%	-8.24%	-33.66%	-14.60%	-16.39%	-24.74%	6.51%	-7.76%
Operating Return on Assets (OROA)	-49.08%	-81.45%	-41.64%	60.46%	-55.21%	-9.33%	-18.67%	0.18%	-64.87%	-14.64%	24.21%
Return on Assets (ROA)	26.12%	-81.45%	-41.64%	60.46%	-57.51%	-9.41%	-18.67%	0.18%	-17.16%	-14.64%	24.21%
Return on Common Equity (ROCE)	-55.29%	-39.94%	-27.86%	20.32%	-22.33%	-14.94%	-10.31%	1.06%	-53.22%	-17.94%	22.70%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-42.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-200	-7.79	-7.17	-2.38	4.22	-7.85	2.11	1.22	-45	-8.61	12
NOPAT Margin	-537.42%	-30.63%	-23.46%	-8.42%	12.89%	-53.71%	5.01%	4.34%	-175.82%	-41.10%	35.92%
Net Nonoperating Expense Percent (NNEP)	65.37%	-63.75%	-36.57%	68.94%	-88.62%	-0.21%	-68.08%	-1.00%	125.34%	-15.75%	123.56%
Return On Investment Capital (ROIC_SIMPLE)	-31.91%	-1.34%	-1.29%	-0.37%	0.75%	-1.38%	0.39%	0.22%	-8.34%	-1.92%	2.46%
Cost of Revenue to Revenue	92.22%	94.83%	102.08%	74.43%	62.90%	112.97%	73.37%	63.16%	52.47%	99.56%	41.67%
SG&A Expenses to Revenue	19.47%	29.29%	15.04%	16.16%	13.98%	32.28%	7.74%	11.86%	12.86%	17.43%	7.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	84.66%	48.93%	31.43%	33.99%	18.69%	63.76%	19.48%	32.50%	43.25%	59.15%	22.40%
Earnings before Interest and Taxes (EBIT)	-124	-49	-28	91	-99	-7.98	-40	0.27	-88	-14	41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-121	-46	-25	94	-96	-5.31	-37	3.17	-84	-11	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.48	0.47	0.48	0.43	0.40	0.36	0.38	0.40	0.42	0.38	0.39
Price to Tangible Book Value (P/TBV)	0.48	0.47	0.48	0.43	0.40	0.36	0.38	0.40	0.42	0.38	0.39
Price to Revenue (P/Rev)	1.62	1.31	1.17	1.52	1.11	1.07	0.88	0.93	0.95	0.79	1.02
Price to Earnings (P/E)	0.00	0.00	0.00	2.25	0.00	0.00	0.00	0.00	0.00	0.00	7.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	44.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.56%
Enterprise Value to Invested Capital (EV/IC)	0.18	0.25	0.29	0.03	0.30	0.29	0.40	0.45	0.51	0.32	0.30
Enterprise Value to Revenue (EV/Rev)	0.39	0.49	0.51	0.06	0.71	0.77	0.97	1.16	1.38	0.60	0.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	23.12	18.30	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.31	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.51	0.55	0.45	0.63	0.69	0.83	0.88	1.01	0.86	0.74
Long-Term Debt to Equity	0.44	0.51	0.55	0.45	0.63	0.69	0.83	0.88	1.01	0.86	0.74
Financial Leverage	-0.58	-0.34	-0.32	-0.34	-0.31	-0.25	-0.19	-0.26	-0.06	-0.13	-0.08
Leverage Ratio	1.19	1.62	1.68	1.63	1.64	1.72	1.82	1.74	1.93	1.91	1.90
Compound Leverage Factor	-0.63	1.62	1.68	1.63	1.71	1.74	1.82	1.74	0.51	1.91	1.90
Debt to Total Capital	30.78%	33.64%	35.60%	30.96%	38.65%	40.76%	45.33%	46.89%	50.27%	46.29%	42.46%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	30.78%	33.64%	35.60%	30.96%	38.65%	40.76%	45.33%	46.89%	50.27%	46.29%	42.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.56%	3.84%	3.87%	3.24%	3.67%	3.56%	3.66%	3.30%	2.64%	0.28%	0.26%
Common Equity to Total Capital	65.67%	62.52%	60.53%	65.79%	57.68%	55.67%	51.01%	49.81%	47.10%	53.42%	57.28%
Debt to EBITDA	-0.49	-1.47	-2.66	2.10	-3.54	-2.25	-7.54	-2.10	-2.19	-1.62	-4.42
Net Debt to EBITDA	0.45	0.98	1.51	-2.07	1.10	0.51	0.28	-0.07	-0.27	0.17	0.81
Long-Term Debt to EBITDA	-0.49	-1.47	-2.66	2.10	-3.54	-2.25	-7.54	-2.10	-2.19	-1.62	-4.42
Debt to NOPAT	-1.22	-12.76	-11.78	-6.85	-51.09	-3.74	49.51	34.68	-5.43	-4.12	-3.33
Net Debt to NOPAT	1.11	8.46	6.69	6.76	15.87	0.84	-1.86	1.23	-0.68	0.44	0.61
Long-Term Debt to NOPAT	-1.22	-12.76	-11.78	-6.85	-51.09	-3.74	49.51	34.68	-5.43	-4.12	-3.33
Altman Z-Score	-0.32	-0.16	-0.16	0.69	-0.72	-0.33	-0.60	-0.36	-0.93	-0.64	-0.05
Noncontrolling Interest Sharing Ratio	1.64%	5.79%	6.01%	3.13%	5.51%	5.90%	6.32%	5.30%	5.69%	3.73%	3.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.19	1.06	1.03	0.96	0.75	0.60	0.91	0.95	1.41	1.40	2.12
Quick Ratio	1.19	1.06	1.03	0.96	0.75	0.60	0.91	0.95	1.41	1.40	2.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-127	-263	-250	23	-14	-37	-42	-52	-66	58	54
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	-9.64%	-47.72%	0.00%	0.00%	12.50%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-525.68	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-90.37	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-15.56	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.42	0.46	0.19	0.18	0.17	0.20	0.18	0.19	0.21	0.20
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	2.92	0.00	0.00	2.48	2.18	1.91	1.86	1.91	1.91	1.98	2.03
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	124.90	0.00	0.00	147.41	167.13	191.17	196.13	190.81	190.62	184.37	179.79
Cash Conversion Cycle (CCC)	-124.90	0.00	0.00	-147.41	-167.13	-191.17	-196.13	-190.81	-190.62	-184.37	-179.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	260	255	243	250	277	284	287	303	299	218	245
Invested Capital Turnover	0.42	1.03	1.13	0.46	0.44	0.39	0.44	0.43	0.38	0.46	0.41
Increase / (Decrease) in Invested Capital	-73	255	243	-25	18	29	44	53	22	-67	-42
Enterprise Value (EV)	48	65	70	6.88	83	82	115	137	152	70	73
Market Capitalization	200	172	161	184	130	113	104	109	105	92	110
Book Value per Share	$30.90	$27.21	$25.17	$32.10	$24.35	$23.73	$20.73	$20.72	$19.77	$19.76	$23.32
Tangible Book Value per Share	$30.90	$27.21	$25.17	$32.10	$24.35	$23.73	$20.73	$20.72	$19.77	$19.76	$23.32
Total Capital	627	580	554	650	562	568	541	553	535	447	492
Total Debt	193	195	197	201	217	231	245	259	269	207	209
Total Long-Term Debt	193	195	197	201	217	231	245	259	269	207	209
Net Debt	-174	-129	-112	-199	-68	-52	-9.22	9.22	34	-22	-38
Capital Expenditures (CapEx)	-21	-10	-16	39	14	-5.24	-4.56	42	-46	-13	-1.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-43	-47	-47	-46	-50	-49	-43	-36	-33	-16
Debt-free Net Working Capital (DFNWC)	8.20	2.56	1.20	-1.67	-11	-20	-4.37	-2.33	14	13	18
Net Working Capital (NWC)	8.20	2.56	1.20	-1.67	-11	-20	-4.37	-2.33	14	13	18
Net Nonoperating Expense (NNE)	-266	41	21	-94	107	0.19	42	0.95	-21	5.85	-29
Net Nonoperating Obligations (NNO)	-174	-129	-114	-199	-68	-52	-9.22	9.22	34	-22	-38
Total Depreciation and Amortization (D&A)	2.90	2.87	2.90	2.60	2.84	2.67	2.71	2.90	4.23	3.92	2.41
Debt-free, Cash-free Net Working Capital to Revenue	-34.51%	-32.78%	-34.42%	-38.46%	-39.58%	-47.47%	-41.27%	-36.52%	-32.33%	-28.51%	-15.17%
Debt-free Net Working Capital to Revenue	6.66%	1.94%	0.88%	-1.37%	-9.70%	-18.93%	-3.72%	-1.98%	13.14%	11.31%	17.03%
Net Working Capital to Revenue	6.66%	1.94%	0.88%	-1.37%	-9.70%	-18.93%	-3.72%	-1.98%	13.14%	11.31%	17.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.96	($3.68)	($2.04)	$6.90	($7.69)	($0.57)	($2.95)	$0.14	($1.52)	($0.85)	$3.43
Adjusted Weighted Average Basic Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.31M	13.17M	13.11M	12.13M	12.08M
Adjusted Diluted Earnings per Share	$4.96	($3.68)	($2.04)	$6.90	($7.69)	($0.57)	($2.95)	$0.14	($1.52)	($0.85)	$3.43
Adjusted Weighted Average Diluted Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.31M	13.17M	13.11M	12.13M	12.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.32M	13.32M	13.32M	13.32M	13.32M	13.32M	13.29M	12.74M	12.09M	12.08M	12.08M
Normalized Net Operating Profit after Tax (NOPAT)	-140	-7.79	-7.17	-1.66	4.22	-7.85	2.11	0.85	-45	-8.61	8.48
Normalized NOPAT Margin	-376.20%	-30.63%	-23.46%	-5.89%	12.89%	-53.71%	5.01%	3.04%	-175.82%	-41.10%	25.15%
Pre Tax Income Margin	177.72%	-192.62%	-91.49%	323.80%	-314.05%	-55.02%	-94.45%	0.97%	-91.71%	-69.04%	122.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-113.94	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-112.21	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-39.13	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-37.40	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.24%	-12.89%	244.36%

Financials Breakdown Chart

Key Financial Trends

Star Holdings (NASDAQ: STHO) shows a mixed but improving quarterly trend in Q1 2026, with a notable rebound in profitability versus late 2025, but the balance sheet still carries meaningful leverage and earnings remain volatile.

In Q1 2026, Star posted $20.9 million in revenue, essentially flat enough to be modest in size but with a much improved operating result compared with the prior quarter. The company generated a small gross profit of $92,000, and despite $12.4 million in operating expenses, it reported operating loss of $12.3 million. After other expenses, net loss attributable to common shareholders was $10.3 million, or -$0.85 per share. That is still a loss, but it is a clear improvement from Q4 2025, when the company lost $19.1 million attributable to common shareholders, or -$1.52 per share.

Revenue trends are a key bright spot. Star’s quarterly revenue has recovered from $14.6 million in Q1 2025 to $20.9 million in Q1 2026, even though it remains below the $25.4 million level seen in Q4 2025 and the much stronger periods in 2024. More importantly, operating performance improved materially from the deep loss posted in Q4 2025, which suggests cost structure and/or asset sale dynamics may be stabilizing. The company also moved from a $8.0 million operating cash outflow in Q4 2025 to a $8.4 million outflow in Q1 2026, so core cash generation is still negative.

Cash flow remains a major concern. In Q1 2026, Star used $8.4 million in operating cash, but investing cash flow was slightly positive at $0.6 million thanks to asset sales that offset acquisitions and capex. Financing provided $2.7 million, largely from new debt issuance. Overall cash still declined by $5.1 million during the quarter, leaving cash and equivalents at $46.4 million versus $51.5 million at year-end 2025.

The balance sheet shows both strengths and risks. Total assets were $480.4 million, while total liabilities were $240.2 million, leaving common equity of $238.9 million. However, the company carries $207.0 million in long-term debt, which is sizable relative to its earnings power. Retained earnings remain deeply negative at -$357.7 million, reflecting years of losses. While liquidity is not immediately tight, Star’s leverage means continued operating weakness could pressure financial flexibility.

Looking back over the last four years, the story has been highly cyclical and volatile:

Q1 2026 showed a meaningful improvement in earnings versus Q4 2025, with common-share loss shrinking to -$10.3 million from -$19.1 million.
Revenue improved year over year from $14.6 million in Q1 2025 to $20.9 million in Q1 2026.
Q1 2026 operating expenses were much lower than the revenue spike seen in Q4 2025, helping reduce the quarterly loss.
The company still has $46.4 million in cash, which provides some near-term cushion.
Common equity remains positive at $238.9 million, so the balance sheet is not underwater on a book-value basis.
Non-operating items have had an outsized impact on results, making earnings less predictable quarter to quarter.
Star frequently uses asset sales and debt issuance to support liquidity, which can help cash in the short term but does not solve the underlying earnings issue.
Operating cash flow was negative in Q1 2026, continuing a multi-quarter pattern of cash burn.
Long-term debt of $207.0 million remains a heavy obligation for a company with uneven profitability.
The business has shown extreme earnings volatility, including a very large loss in Q4 2024 and a sharp profit in Q3 2024, suggesting results depend heavily on one-time items and asset-related gains/losses.

Bottom line: Star Holdings looks better in Q1 2026 than it did at the end of 2025, but the improvement is coming from a still-loss-making base. Investors should view this as a leveraged, volatile story where asset sales, debt moves, and non-operating items can swing results sharply from quarter to quarter. The key question is whether the company can translate the recent improvement into consistent operating profitability and positive operating cash flow.

08/21/26 06:36 AM ETAI Generated. May Contain Errors.

Star Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Star's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Star's net income appears to be on an upward trend, with a most recent value of -$70.77 million in 2025, falling from $62.67 million in 2021. The previous period was -$88.36 million in 2024. See where experts think Star is headed by visiting Star's forecast page.

Star's total operating income in 2025 was -$70.68 million, based on the following breakdown:

Total Gross Profit: $31.71 million
Total Operating Expenses: $37.62 million

Over the last 4 years, Star's total revenue changed from $298.49 million in 2021 to $110.14 million in 2025, a change of -63.1%.

Star's total liabilities were at $304.33 million at the end of 2025, a 15.4% increase from 2024, and a 819.4% increase since 2022.

In the past 3 years, Star's cash and equivalents has ranged from $4.23 million in 2022 to $50.66 million in 2023, and is currently $50.08 million as of their latest financial filing in 2025.

Over the last 4 years, Star's book value per share changed from 0.00 in 2021 to 19.77 in 2025, a change of 1,976.9%.

Related Companies

Financial statements for NASDAQ:STHO last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Star (STHO) Financials

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Star (STHO) Financials

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