Sunstone Hotel Investors (SHO) Financials

$10.46 +0.22 (+2.10%)

As of 12:51 PM Eastern

Annual Income Statements for Sunstone Hotel Investors

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	338	118	133	238	123	-418	14	73	193	28	8.46
Consolidated Net Income / (Loss)	356	141	153	259	143	-411	33	91	207	43	25
Net Income / (Loss) Continuing Operations	340	141	146	259	143	-411	33	91	207	43	25
Total Pre-Tax Income	341	140	138	261	143	-404	33	91	211	42	25
Total Operating Income	180	189	-1,053	182	137	-394	-88	-816	119	79	76
Total Gross Profit	774	682	-431	738	709	120	316	-359	611	553	577
Total Revenue	1,249	1,189	0.00	1,159	1,115	268	509	0.00	986	906	960
Total Cost of Revenue	476	507	431	421	406	148	193	359	376	353	383
Operating Cost of Revenue	476	507	431	421	406	148	193	359	376	353	383
Total Operating Expenses	593	493	622	556	572	514	404	458	492	475	501
Selling, General & Admin Expense	176	169	167	163	161	78	112	149	152	140	149
Marketing Expense	62	60	59	56	54	24	31	47	52	52	54
Depreciation Expense	165	163	159	146	148	137	129	126	127	125	135
Other Operating Expenses / (Income)	191	120	197	190	184	128	130	132	162	158	163
Total Other Income / (Expense), net	161	-49	1,191	79	5.27	-10	121	907	93	-36	-51
Interest Expense	69	51	53	49	54	47	31	33	42	50	53
Other Income / (Expense), net	230	1.80	1,243	127	59	37	152	940	134	14	2.21
Income Tax Expense	1.43	-0.62	-7.78	1.77	-0.15	6.59	0.11	0.36	4.56	-1.10	0.22
Preferred Stock Dividends Declared	9.20	16	13	13	13	13	21	14	14	15	16
Basic Earnings per Share	$1.62	$0.55	$0.59	$1.05	$0.54	($1.93)	$0.06	$0.34	$0.93	$0.14	$0.04
Weighted Average Basic Shares Outstanding	207.35M	214.97M	221.90M	225.92M	225.68M	215.93M	216.30M	212.61M	205.59M	201.74M	193.61M
Diluted Earnings per Share	$1.62	$0.55	$0.59	$1.05	$0.54	($1.93)	$0.06	$0.34	$0.93	$0.14	$0.04
Weighted Average Diluted Shares Outstanding	207.35M	214.97M	221.90M	225.92M	225.68M	215.93M	216.30M	212.65M	205.87M	202.64M	194.32M
Weighted Average Basic & Diluted Shares Outstanding	207.35M	214.97M	221.90M	225.92M	225.68M	215.93M	216.30M	208.17M	203.53M	201.02M	189.52M
Cash Dividends to Common per Share	$1.41	$0.68	$0.73	$0.69	$0.74	$0.05	-	$0.10	$0.30	$0.34	$0.36

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	12	124	9.35	22	-0.68	-3.10	1.32	6.84	-2.94	3.23	16
Consolidated Net Income / (Loss)	16	127	13	26	3.25	0.84	5.26	11	1.32	7.22	19
Net Income / (Loss) Continuing Operations	16	127	13	26	3.25	0.84	5.26	11	1.32	7.22	19
Total Pre-Tax Income	16	130	12	26	2.77	0.82	5.35	11	1.46	7.16	19
Total Operating Income	27	-968	17	36	16	-896	16	30	12	17	28
Total Gross Profit	153	-871	131	156	137	-795	140	159	135	142	160
Total Revenue	248	-767	217	247	226	-691	234	260	229	237	260
Total Cost of Revenue	95	103	86	91	90	104	94	100	94	95	100
Operating Cost of Revenue	95	103	86	91	90	104	94	100	94	95	100
Total Operating Expenses	126	97	114	120	120	101	124	129	123	125	131
Selling, General & Admin Expense	36	35	35	36	34	34	39	40	34	37	40
Marketing Expense	13	12	12	13	13	14	13	14	13	14	14
Depreciation Expense	33	29	29	31	32	33	32	34	34	34	34
Other Operating Expenses / (Income)	44	21	38	40	41	21	40	41	42	41	44
Total Other Income / (Expense), net	-11	1,098	-5.08	-9.15	-14	897	-11	-20	-10	-9.77	-9.74
Interest Expense	12	17	11	13	16	10	13	13	14	14	11
Other Income / (Expense), net	1.22	1,114	5.91	3.50	2.35	908	1.56	-6.45	3.16	3.94	1.53
Income Tax Expense	0.60	2.80	-0.86	0.26	-0.48	-0.02	0.10	0.04	0.14	-0.06	0.12
Preferred Stock Dividends Declared	3.23	3.23	3.68	3.68	3.93	3.93	3.93	3.93	4.26	3.99	2.60
Basic Earnings per Share	$0.06	$0.60	$0.05	$0.11	$0.00	($0.02)	$0.01	$0.03	($0.02)	$0.02	$0.08
Weighted Average Basic Shares Outstanding	205.57M	205.59M	202.63M	202.76M	201.40M	201.74M	200.41M	195.79M	189.25M	193.61M	188.36M
Diluted Earnings per Share	$0.06	$0.60	$0.05	$0.11	$0.00	($0.02)	$0.01	$0.03	($0.02)	$0.02	$0.08
Weighted Average Diluted Shares Outstanding	205.78M	205.87M	202.96M	203.46M	201.40M	202.64M	201.44M	196.30M	189.25M	194.32M	188.67M
Weighted Average Basic & Diluted Shares Outstanding	205.44M	203.53M	203.67M	203.34M	200.90M	201.02M	198.86M	189.97M	189.90M	189.52M	186.29M
Cash Dividends to Common per Share	$0.07	-	$0.07	$0.09	$0.09	-	$0.09	$0.09	$0.09	-	$0.09

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	277	-138	122	303	2.60	-449	-253	-5.51	336	-313	5.44
Net Cash From Operating Activities	309	288	307	305	291	-117	28	209	198	170	182
Net Cash From Continuing Operating Activities	309	288	307	305	291	-117	28	211	198	170	182
Net Income / (Loss) Continuing Operations	356	141	153	259	143	-411	33	91	207	43	25
Consolidated Net Income / (Loss)	356	141	153	259	143	-411	33	91	207	43	25
Depreciation Expense	160	160	156	145	148	137	129	126	127	123	133
Amortization Expense	9.63	5.94	5.55	4.53	2.87	3.17	2.99	2.98	3.16	4.40	5.32
Non-Cash Adjustments To Reconcile Net Income	-231	-12	0.21	-107	-3.28	120	-141	-11	-126	9.02	17
Changes in Operating Assets and Liabilities, net	14	-6.96	-7.93	3.90	0.87	34	5.11	2.26	-12	-9.46	1.61
Net Cash From Investing Activities	399	-143	-139	156	-47	114	-240	-166	258	-386	-49
Net Cash From Continuing Investing Activities	399	-143	-139	156	-47	114	-240	-166	258	-386	-49
Purchase of Property, Plant & Equipment	-164	-182	-115	-159	-96	-51	-64	-129	-110	-157	-103
Acquisitions	0.00	-2.45	0.00	-19	-	-1.40	-363	-233	0.00	-229	-1.27
Sale of Property, Plant & Equipment	565	42	150	348	50	167	184	191	364	0.00	46
Other Investing Activities, net	-2.64	0.25	-174	-14	-0.73	0.00	4.00	4.37	3.72	0.43	9.17
Net Cash From Financing Activities	-432	-283	-46	-159	-241	-446	-42	-49	-120	-98	-128
Net Cash From Continuing Financing Activities	-432	-283	-46	-159	-241	-446	-42	-49	-120	-98	-128
Repayment of Debt	-458	-267	-409	-77	-7.97	-482	-190	-276	-224	-75	-133
Repurchase of Preferred Equity	0.00	-115	-	-	0.00	0.00	-190	-	0.00	0.00	-1.27
Repurchase of Common Equity	0.00	-7.58	-1.48	-0.78	-50	-104	-8.07	-109	-57	-27	-103
Payment of Dividends	-88	-235	-171	-187	-179	-158	-14	-30	-60	-91	-86
Issuance of Debt	123	100	460	65	0.00	300	110	474	225	100	200
Other Financing Activities, net	-9.26	-2.64	-3.79	-4.23	-4.44	-3.99	-4.88	-108	-3.65	-4.16	-4.28
Cash Interest Paid	64	50	41	45	45	40	31	32	49	49	49
Cash Income Taxes Paid	0.58	1.24	1.43	0.69	-0.40	-1.00	0.04	0.71	1.73	3.14	-1.40

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	21	309	0.00	-237	-41	-12	-31	-35	53	-12	-19
Net Cash From Operating Activities	62	29	38	55	47	30	32	59	54	37	45
Net Cash From Continuing Operating Activities	62	29	38	55	47	30	32	59	54	37	45
Net Income / (Loss) Continuing Operations	16	127	13	26	3.25	0.84	5.26	11	1.32	7.22	19
Consolidated Net Income / (Loss)	16	127	13	26	3.25	0.84	5.26	11	1.32	7.22	19
Depreciation Expense	33	29	29	31	31	32	32	34	34	34	34
Amortization Expense	0.85	0.87	1.00	1.08	1.12	1.21	1.24	1.32	1.36	1.39	1.42
Non-Cash Adjustments To Reconcile Net Income	2.53	-121	0.32	2.91	2.59	1.69	2.04	12	0.19	2.51	-0.26
Changes in Operating Assets and Liabilities, net	9.69	-6.32	-4.65	-6.01	8.50	-5.80	-8.26	1.20	18	-8.29	-8.08
Net Cash From Investing Activities	-11	318	28	-270	-41	-47	-28	-34	-18	-25	-27
Net Cash From Continuing Investing Activities	-11	318	-28	-270	-41	-47	-28	23	-18	-25	-27
Purchase of Property, Plant & Equipment	-25	-36	-28	-41	-42	-47	-28	-28	-18	-29	-31
Other Investing Activities, net	14	-10	0.00	-	0.15	0.12	0.07	4.03	0.78	4.29	4.12
Net Cash From Financing Activities	-29	-39	-34	-22	-47	4.25	-35	-85	16	-23	-38
Net Cash From Continuing Financing Activities	-29	-39	-11	-22	-47	4.25	-35	-117	16	-23	-38
Repayment of Debt	-0.52	-0.53	-0.54	-0.54	-0.54	-74	0.00	-0.45	-132	-	-65
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	-	-	-	-7.32
Repurchase of Common Equity	-14	-21	0.00	-3.62	-23	-0.94	-8.02	-90	-2.26	-1.86	-29
Payment of Dividends	-15	-18	-30	-17	-22	-21	-23	-21	-22	-20	-23
Issuance of Debt	-	-	-	-	-	100	0.00	-	173	-	90
Other Financing Activities, net	-	-	19	-	-0.94	-	-4.28	-31	-	-	-3.17
Cash Interest Paid	15	10	15	10	14	9.13	13	9.99	15	11	15
Cash Income Taxes Paid	0.14	0.46	3.14	0.25	0.09	-0.34	-0.15	0.12	-1.20	-0.18	0.07

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,865	3,739	3,858	3,973	3,919	2,986	3,041	3,083	3,149	3,107	3,029
Total Current Assets	620	568	728	908	914	435	282	227	551	242	253
Cash & Equivalents	499	370	488	809	817	368	120	101	426	107	109
Restricted Cash	76	68	71	53	48	48	42	56	67	73	77
Accounts Receivable	32	39	34	34	35	8.57	29	42	31	34	34
Prepaid Expenses	11	10	10	12	14	10	14	28	26	28	34
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,246	3,172	3,130	3,064	3,005	2,551	2,759	2,856	2,598	2,864	2,776
Other Noncurrent Operating Assets	3,246	3,172	3,130	3,064	2,958	2,504	2,759	2,856	2,598	2,864	2,776
Total Liabilities & Shareholders' Equity	3,865	3,739	3,858	3,973	3,919	2,986	3,041	3,083	3,149	3,107	3,029
Total Liabilities	1,514	1,207	1,276	1,262	1,298	896	801	998	983	1,003	1,084
Total Current Liabilities	451	409	243	233	326	91	176	88	78	77	86
Accounts Payable	30	36	32	30	36	37	48	74	48	53	63
Dividends Payable	265	120	134	126	136	3.21	3.51	14	30	24	23
Total Noncurrent Liabilities	1,063	799	1,033	1,029	972	806	626	910	904	926	998
Long-Term Debt	1,011	746	977	971	889	743	589	813	815	841	918
Other Noncurrent Operating Liabilities	36	37	29	31	68	47	37	97	90	85	80
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,351	2,532	2,582	2,711	2,621	2,089	2,240	2,085	2,167	2,104	1,945
Total Preferred & Common Equity	2,301	2,483	2,534	2,663	2,575	2,049	2,199	2,085	2,167	2,104	1,945
Preferred Stock	115	190	190	190	190	190	281	281	281	281	280
Total Common Equity	2,186	2,293	2,344	2,473	2,385	1,859	1,918	1,804	1,885	1,823	1,665
Common Stock	2,461	2,599	2,681	2,731	2,686	2,588	2,634	2,468	2,418	2,398	2,300
Other Equity Adjustments	-928	-1,093	-1,270	-1,440	-1,620	-1,643	-1,664	-664	-533	-575	-635

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,110	3,073	3,086	3,089	3,142	3,150	3,117	3,097	3,011	3,049	3,010
Total Current Assets	228	208	227	176	542	301	257	234	216	265	253
Cash & Equivalents	118	96	108	114	401	159	116	72	74	121	91
Restricted Cash	50	49	56	-	70	75	77	76	71	76	76
Accounts Receivable	46	42	48	29	37	38	34	50	43	29	45
Prepaid Expenses	14	21	15	33	34	29	31	35	28	38	41
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,882	2,865	2,859	2,913	2,600	2,849	2,859	2,863	2,795	2,785	2,757
Other Noncurrent Operating Assets	2,882	2,865	2,859	2,913	2,600	2,849	2,859	2,863	2,795	2,785	2,757
Total Liabilities & Shareholders' Equity	3,110	3,073	3,086	3,089	3,142	3,150	3,117	3,097	3,011	3,049	3,010
Total Liabilities	1,007	1,001	985	1,001	981	985	992	1,019	1,031	1,090	1,106
Total Current Liabilities	168	381	147	79	66	80	86	81	79	86	74
Accounts Payable	61	53	45	61	48	57	64	58	57	64	53
Dividends Payable	14	14	15	18	18	23	23	23	22	22	21
Total Noncurrent Liabilities	839	620	838	923	914	905	905	938	952	1,004	1,032
Long-Term Debt	811	590	813	815	814	814	814	842	869	917	943
Other Noncurrent Operating Liabilities	28	14	25	92	100	90	91	97	83	86	89
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,104	2,072	2,101	2,088	2,161	2,165	2,125	2,078	1,980	1,960	1,904
Total Preferred & Common Equity	2,104	2,072	2,101	2,088	2,161	2,165	2,125	2,078	1,980	1,960	1,904
Preferred Stock	281	281	281	281	281	281	281	281	281	281	271
Total Common Equity	1,822	1,791	1,820	1,806	1,880	1,884	1,844	1,796	1,699	1,678	1,634
Common Stock	2,490	2,448	2,448	2,437	2,418	2,418	2,397	2,388	2,300	2,300	2,270
Other Equity Adjustments	-1,686	-	-1,728	-630	-538	-534	-553	-591	-601	-622	-636

This table displays calculated financial ratios and metrics derived from Sunstone Hotel Investors' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.39%	-4.79%	-100.00%	0.00%	-3.79%	-75.98%	90.05%	-100.00%	0.00%	0.00%	6.00%
EBITDA Growth	79.67%	-38.60%	-1.17%	30.23%	-24.29%	-162.34%	190.34%	29.24%	51.34%	-42.57%	-1.61%
EBIT Growth	156.23%	-53.57%	0.10%	62.12%	-36.36%	-281.22%	117.96%	93.67%	103.93%	-63.55%	-15.50%
NOPAT Growth	14.88%	5.56%	-686.23%	116.25%	-23.88%	-300.50%	68.14%	-825.59%	-4.44%	0.03%	-6.93%
Net Income Growth	304.28%	-60.43%	8.76%	69.32%	-44.88%	-387.48%	108.04%	175.09%	127.74%	-79.07%	-43.21%
EPS Growth	337.84%	-66.05%	7.27%	77.97%	-48.57%	-457.41%	103.11%	466.67%	173.53%	-84.95%	-71.43%
Operating Cash Flow Growth	9.55%	-6.96%	6.60%	-0.49%	-4.71%	-140.12%	124.31%	638.05%	-5.37%	-14.01%	6.68%
Free Cash Flow Firm Growth	457.82%	-48.93%	-515.39%	122.89%	-2.77%	-30.29%	-274.58%	-220.24%	34.07%	-83.01%	185.96%
Invested Capital Growth	-9.34%	-2.16%	-1.34%	-2.11%	-3.38%	-15.35%	8.29%	4.38%	-8.60%	10.78%	-3.19%
Revenue Q/Q Growth	0.89%	-0.95%	-100.00%	4,690.85%	-0.70%	-46.79%	36.64%	-100.00%	-100.00%	-100.00%	2,889.09%
EBITDA Q/Q Growth	60.72%	-37.89%	-1.24%	14.51%	-10.08%	-81.49%	1,262.10%	-31.58%	42.35%	-37.46%	5.52%
EBIT Q/Q Growth	115.00%	-53.38%	-0.65%	24.28%	-16.84%	-35.20%	154.51%	-48.39%	85.89%	-59.46%	14.06%
NOPAT Q/Q Growth	3.99%	8.45%	-735.69%	118.03%	-19.28%	-25.92%	17.10%	-1,450.89%	-772.22%	-1,076.61%	109.09%
Net Income Q/Q Growth	168.92%	-59.10%	-8.17%	28.26%	-18.47%	-26.03%	122.80%	-57.11%	112.69%	-74.46%	35.09%
EPS Q/Q Growth	200.00%	-64.05%	-13.24%	32.91%	-20.59%	-24.52%	108.00%	-61.80%	138.46%	-81.58%	0.00%
Operating Cash Flow Q/Q Growth	-0.58%	-6.80%	5.92%	3.16%	-1.84%	-1,563.89%	235.12%	23.41%	-13.26%	0.65%	3.49%
Free Cash Flow Firm Q/Q Growth	129.65%	-44.01%	-822.58%	128.89%	9.37%	-12.66%	-75.19%	-1,260.98%	-1,009.50%	-901.75%	121.62%
Invested Capital Q/Q Growth	-8.44%	-2.32%	-4.45%	-1.72%	-3.53%	-5.36%	0.17%	-0.30%	-10.78%	0.72%	-0.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.93%	57.33%	0.00%	63.69%	63.60%	44.85%	62.11%	0.00%	0.00%	0.00%	60.06%
EBITDA Margin	46.48%	29.97%	0.00%	39.59%	31.15%	-80.84%	38.43%	0.00%	0.00%	0.00%	22.52%
Operating Margin	14.44%	15.88%	0.00%	15.69%	12.32%	-147.03%	-17.31%	0.00%	0.00%	0.00%	7.89%
EBIT Margin	32.86%	16.03%	0.00%	26.69%	17.65%	-133.16%	12.58%	0.00%	0.00%	0.00%	8.12%
Profit (Net Income) Margin	28.46%	11.83%	0.00%	22.35%	12.80%	-153.23%	6.48%	0.00%	0.00%	0.00%	2.56%
Tax Burden Percent	104.24%	100.44%	110.69%	99.32%	100.11%	101.63%	99.67%	99.61%	97.84%	102.61%	99.13%
Interest Burden Percent	83.08%	73.47%	72.44%	84.31%	72.46%	113.22%	51.68%	73.45%	83.50%	45.72%	31.80%
Effective Tax Rate	0.42%	-0.44%	-5.62%	0.68%	-0.11%	0.00%	0.33%	0.39%	2.16%	-2.61%	0.87%
Return on Invested Capital (ROIC)	5.42%	6.08%	0.00%	6.00%	4.70%	-10.37%	-3.46%	0.00%	0.00%	0.00%	2.73%
ROIC Less NNEP Spread (ROIC-NNEP)	22.91%	-1.15%	0.00%	27.49%	6.70%	-54.93%	28.91%	0.00%	0.00%	0.00%	-4.28%
Return on Net Nonoperating Assets (RNNOA)	9.97%	-0.32%	0.00%	3.79%	0.66%	-7.06%	4.99%	0.00%	0.00%	0.00%	-1.52%
Return on Equity (ROE)	15.39%	5.76%	5.98%	9.79%	5.36%	-17.43%	1.52%	4.20%	9.72%	2.03%	1.21%
Cash Return on Invested Capital (CROIC)	15.22%	8.26%	-34.93%	8.14%	8.13%	6.25%	-11.42%	-34.43%	-23.22%	-42.22%	5.98%
Operating Return on Assets (OROA)	10.55%	5.01%	0.00%	7.90%	4.99%	-10.33%	2.13%	0.00%	0.00%	0.00%	2.54%
Return on Assets (ROA)	9.14%	3.70%	0.00%	6.62%	3.62%	-11.89%	1.09%	0.00%	0.00%	0.00%	0.80%
Return on Common Equity (ROCE)	14.28%	5.28%	5.43%	8.91%	4.88%	-15.70%	1.33%	3.61%	8.44%	1.76%	1.05%
Return on Equity Simple (ROE_SIMPLE)	15.45%	5.67%	6.04%	9.73%	5.55%	-20.04%	1.50%	4.35%	9.54%	2.06%	0.00%
Net Operating Profit after Tax (NOPAT)	180	190	-1,112	181	138	-276	-88	-813	-849	-849	75
NOPAT Margin	14.38%	15.95%	0.00%	15.59%	12.33%	-102.92%	-17.25%	0.00%	0.00%	0.00%	7.82%
Net Nonoperating Expense Percent (NNEP)	-17.49%	7.23%	-249.27%	-21.49%	-2.01%	44.56%	-32.37%	-169.14%	-206.96%	-172.26%	7.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-28.06%	-28.48%	-28.82%	2.62%
Cost of Revenue to Revenue	38.07%	42.67%	0.00%	36.31%	36.40%	55.15%	37.89%	0.00%	0.00%	0.00%	39.94%
SG&A Expenses to Revenue	14.06%	14.19%	0.00%	14.03%	14.40%	29.12%	21.94%	0.00%	0.00%	0.00%	15.51%
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	47.49%	41.46%	0.00%	48.00%	51.28%	191.87%	79.42%	0.00%	0.00%	0.00%	52.17%
Earnings before Interest and Taxes (EBIT)	411	191	191	309	197	-357	64	124	253	92	78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	581	356	352	459	347	-217	196	253	383	220	216
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.92	1.17	1.35	1.07	1.23	1.24	1.27	1.06	1.13	1.31	1.02
Price to Tangible Book Value (P/TBV)	0.92	1.17	1.35	1.07	1.23	1.24	1.27	1.06	1.13	1.31	1.02
Price to Revenue (P/Rev)	1.62	2.25	0.00	2.29	2.64	8.63	4.78	0.00	0.00	0.00	1.77
Price to Earnings (P/E)	5.97	22.67	23.84	11.15	23.96	0.00	178.21	26.17	11.09	84.85	200.73
Dividend Yield	14.57%	5.49%	5.21%	5.94%	5.65%	6.90%	0.00%	1.10%	2.31%	2.87%	4.03%
Earnings Yield	16.75%	4.41%	4.20%	8.97%	4.17%	0.00%	0.56%	3.82%	9.02%	1.18%	0.50%
Enterprise Value to Invested Capital (EV/IC)	0.86	1.11	1.26	1.02	1.15	1.18	1.21	1.03	1.09	1.19	1.00
Enterprise Value to Revenue (EV/Rev)	2.18	2.88	0.00	2.61	2.96	10.77	6.29	0.00	0.00	0.00	2.82
Enterprise Value to EBITDA (EV/EBITDA)	4.69	9.62	10.92	6.60	9.51	0.00	16.37	11.26	7.16	15.11	12.53
Enterprise Value to EBIT (EV/EBIT)	6.63	17.99	20.17	9.79	16.78	0.00	50.00	22.96	10.82	36.01	34.77
Enterprise Value to NOPAT (EV/NOPAT)	15.14	18.08	0.00	16.77	24.02	0.00	0.00	0.00	0.00	0.00	36.10
Enterprise Value to Operating Cash Flow (EV/OCF)	8.80	11.91	12.54	9.92	11.35	0.00	112.90	13.60	13.82	19.49	14.91
Enterprise Value to Free Cash Flow (EV/FCFF)	5.39	13.30	0.00	12.36	13.86	17.38	0.00	0.00	0.00	0.00	16.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.37	0.39	0.37	0.38	0.36	0.27	0.39	0.38	0.40	0.47
Long-Term Debt to Equity	0.44	0.30	0.39	0.37	0.35	0.36	0.26	0.39	0.38	0.40	0.47
Financial Leverage	0.44	0.28	0.20	0.14	0.10	0.13	0.17	0.25	0.24	0.24	0.36
Leverage Ratio	1.68	1.56	1.49	1.48	1.48	1.47	1.39	1.42	1.47	1.46	1.52
Compound Leverage Factor	1.40	1.14	1.08	1.25	1.07	1.66	0.72	1.04	1.22	0.67	0.48
Debt to Total Capital	32.11%	27.22%	28.11%	27.03%	27.35%	26.68%	21.39%	28.05%	27.32%	28.56%	32.07%
Short-Term Debt to Total Capital	2.48%	5.32%	0.15%	0.16%	2.28%	0.08%	0.73%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.64%	21.90%	27.96%	26.87%	25.07%	26.60%	20.66%	28.05%	27.32%	28.56%	32.07%
Preferred Equity to Total Capital	3.32%	5.46%	5.29%	5.11%	5.27%	6.67%	9.87%	9.71%	9.43%	9.55%	9.77%
Noncontrolling Interests to Total Capital	1.45%	1.41%	1.35%	1.28%	1.28%	1.43%	1.43%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.11%	65.91%	65.25%	66.58%	66.10%	65.22%	67.31%	62.25%	63.24%	61.89%	58.16%
Debt to EBITDA	1.92	2.66	2.87	2.19	2.84	-3.51	3.11	3.21	2.13	3.83	4.25
Net Debt to EBITDA	0.92	1.43	1.28	0.31	0.35	-1.59	2.28	2.59	0.84	3.01	3.39
Long-Term Debt to EBITDA	1.77	2.14	2.85	2.18	2.60	-3.50	3.01	3.21	2.13	3.83	4.25
Debt to NOPAT	6.19	4.99	-0.91	5.56	7.17	-2.76	-6.94	-1.00	-0.96	-0.99	12.23
Net Debt to NOPAT	2.99	2.69	-0.41	0.78	0.88	-1.25	-5.09	-0.81	-0.38	-0.78	9.76
Long-Term Debt to NOPAT	5.71	4.02	-0.90	5.53	6.58	-2.75	-6.70	-1.00	-0.96	-0.99	12.23
Altman Z-Score	1.76	2.16	2.14	2.43	2.46	1.81	2.54	1.34	1.75	1.59	1.41
Noncontrolling Interest Sharing Ratio	7.20%	8.28%	9.34%	8.99%	8.89%	9.91%	12.77%	13.95%	13.23%	13.17%	13.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.39	3.00	3.90	2.81	4.79	1.61	2.59	7.03	3.15	2.94
Quick Ratio	1.18	1.00	2.15	3.62	2.62	4.15	0.85	1.63	5.84	1.84	1.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	505	258	-1,070	245	238	166	-290	-928	-612	-1,120	164
Operating Cash Flow to CapEx	0.00%	204.69%	0.00%	0.00%	626.71%	0.00%	0.00%	0.00%	0.00%	108.26%	320.58%
Free Cash Flow to Firm to Interest Expense	7.26	5.10	-20.35	5.05	4.39	3.52	-9.37	-28.19	-14.66	-22.38	3.09
Operating Cash Flow to Interest Expense	4.45	5.69	5.83	6.29	5.37	-2.47	0.92	6.36	4.75	3.40	3.42
Operating Cash Flow Less CapEx to Interest Expense	10.22	2.91	6.50	10.19	4.51	-0.03	4.79	8.26	10.84	0.26	2.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.31	0.00	0.30	0.28	0.08	0.17	0.00	0.00	0.00	0.31
Accounts Receivable Turnover	37.71	33.33	0.00	34.06	32.30	12.24	27.30	0.00	0.00	0.00	28.33
Inventory Turnover	335.59	387.38	338.24	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	15.15	15.31	12.69	13.52	12.29	4.05	4.54	5.91	6.43	7.34	6.62
Days Sales Outstanding (DSO)	9.68	10.95	0.00	10.72	11.30	29.82	13.37	0.00	0.00	0.00	12.88
Days Inventory Outstanding (DIO)	1.09	0.94	1.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.09	23.84	28.77	26.99	29.69	90.09	80.43	61.80	56.81	49.76	55.14
Cash Conversion Cycle (CCC)	-13.32	-11.95	0.00	-16.27	-18.39	-60.27	-67.06	0.00	0.00	0.00	-42.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,153	3,085	3,044	2,979	2,879	2,437	2,639	2,754	2,517	2,789	2,700
Invested Capital Turnover	0.38	0.38	0.00	0.38	0.38	0.10	0.20	0.00	0.00	0.00	0.35
Increase / (Decrease) in Invested Capital	-325	-68	-41	-64	-101	-442	202	116	-237	271	-89
Enterprise Value (EV)	2,721	3,429	3,848	3,029	3,303	2,887	3,203	2,849	2,738	3,321	2,710
Market Capitalization	2,018	2,680	3,159	2,650	2,945	2,312	2,434	1,912	2,136	2,379	1,698
Book Value per Share	$10.48	$10.59	$10.40	$10.84	$10.61	$8.62	$8.74	$8.57	$9.18	$9.07	$8.77
Tangible Book Value per Share	$10.48	$10.59	$10.40	$10.84	$10.61	$8.62	$8.74	$8.57	$9.18	$9.07	$8.77
Total Capital	3,463	3,479	3,592	3,715	3,608	2,850	2,849	2,898	2,981	2,945	2,863
Total Debt	1,112	947	1,010	1,004	987	760	609	813	815	841	918
Total Long-Term Debt	1,026	762	1,004	998	905	758	589	813	815	841	918
Net Debt	537	509	450	142	122	344	447	655	321	661	732
Capital Expenditures (CapEx)	-401	141	-35	-189	46	-115	-120	-63	-254	157	57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-321	-94	-68	-181	-195	-70	-36	-18	-21	-15	-18
Debt-free Net Working Capital (DFNWC)	254	344	491	682	670	347	127	139	473	165	167
Net Working Capital (NWC)	168	159	486	676	588	344	106	139	473	165	167
Net Nonoperating Expense (NNE)	-176	49	-1,265	-78	-5.27	135	-121	-904	-1,056	-892	50
Net Nonoperating Obligations (NNO)	802	553	462	268	258	347	399	669	351	685	755
Total Depreciation and Amortization (D&A)	170	166	162	149	151	140	132	129	130	128	138
Debt-free, Cash-free Net Working Capital to Revenue	-25.71%	-7.88%	0.00%	-15.60%	-17.46%	-25.95%	-7.01%	0.00%	0.00%	0.00%	-1.92%
Debt-free Net Working Capital to Revenue	20.34%	28.90%	0.00%	58.81%	60.11%	129.38%	24.95%	0.00%	0.00%	0.00%	17.42%
Net Working Capital to Revenue	13.47%	13.35%	0.00%	58.30%	52.74%	128.53%	20.89%	0.00%	0.00%	0.00%	17.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.62	$0.55	$0.59	$1.05	$0.54	($1.93)	$0.06	$0.34	$0.93	$0.14	$0.04
Adjusted Weighted Average Basic Shares Outstanding	216.00M	220.07M	225.32M	228.25M	225.12M	215.59M	219.33M	212.61M	205.59M	201.74M	193.61M
Adjusted Diluted Earnings per Share	$1.62	$0.55	$0.59	$1.05	$0.54	($1.93)	$0.06	$0.34	$0.93	$0.14	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	216.00M	220.07M	225.32M	228.25M	225.12M	215.59M	219.33M	212.65M	205.87M	202.64M	194.32M
Adjusted Basic & Diluted Earnings per Share	$1.62	$0.55	$0.59	$1.05	$0.54	($1.93)	$0.06	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	207.35M	214.97M	221.90M	225.92M	225.68M	215.93M	216.30M	208.17M	203.53M	201.02M	189.52M
Normalized Net Operating Profit after Tax (NOPAT)	180	119	-709	182	113	-173	-85	-810	-849	-579	75
Normalized NOPAT Margin	14.38%	10.03%	0.00%	15.71%	10.17%	-64.52%	-16.73%	0.00%	0.00%	0.00%	7.82%
Pre Tax Income Margin	27.30%	11.78%	0.00%	22.50%	12.79%	-150.77%	6.50%	0.00%	0.00%	0.00%	2.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.91	3.77	3.63	6.38	3.63	-7.56	2.07	3.77	6.06	1.84	1.47
NOPAT to Interest Expense	2.59	3.75	-21.14	3.72	2.54	-5.85	-2.84	-24.68	-20.34	-16.95	1.41
EBIT Less CapEx to Interest Expense	11.68	0.99	4.30	10.27	2.77	-5.12	5.94	5.67	12.16	-1.30	0.40
NOPAT Less CapEx to Interest Expense	8.36	0.97	-20.47	7.62	1.68	-3.40	1.04	-22.78	-14.25	-20.10	0.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.62%	167.21%	111.93%	72.18%	125.13%	-38.56%	41.50%	33.41%	28.94%	210.27%	351.65%
Augmented Payout Ratio	24.62%	172.60%	112.90%	72.48%	160.21%	-63.86%	65.96%	152.98%	56.44%	273.23%	769.23%

This table displays calculated financial ratios and metrics derived from Sunstone Hotel Investors' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	189,519,492.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	189,519,492.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.39%	-14.87%	-10.79%	-10.37%	-8.60%	9.93%	7.78%	4.97%	1.29%	10.33%	10.96%
EBITDA Growth	-0.96%	182.00%	-9.02%	-17.69%	-17.39%	-74.63%	-3.35%	-16.73%	-2.38%	25.27%	27.36%
EBIT Growth	-7.25%	394.43%	-8.53%	-26.44%	-33.15%	-92.32%	-22.16%	-38.61%	-19.72%	85.35%	66.10%
NOPAT Growth	-15.03%	-10.24%	-24.22%	-25.99%	-25.42%	3.38%	-12.46%	-13.87%	-44.06%	78.07%	74.63%
Net Income Growth	-24.06%	627.17%	-38.18%	-39.31%	-79.12%	-99.34%	-59.69%	-58.79%	-59.31%	763.28%	253.13%
EPS Growth	-25.00%	900.00%	-37.50%	-42.11%	-100.00%	-103.33%	-80.00%	-72.73%	0.00%	200.00%	700.00%
Operating Cash Flow Growth	4.59%	-50.76%	-18.55%	-8.28%	-24.53%	3.76%	-16.77%	7.19%	16.66%	20.12%	41.87%
Free Cash Flow Firm Growth	66.14%	27.14%	224.26%	-12.16%	317.23%	-67.10%	-196.02%	110.74%	8.50%	140.49%	147.11%
Invested Capital Growth	2.14%	-8.60%	-8.88%	0.03%	-1.87%	10.78%	10.70%	-1.52%	-2.44%	-3.19%	-3.27%
Revenue Q/Q Growth	-10.29%	-409.75%	-0.94%	13.96%	-8.52%	-405.24%	133.87%	10.98%	-11.72%	3.33%	9.60%
EBITDA Q/Q Growth	-28.08%	184.76%	-69.99%	33.91%	-27.82%	-12.55%	14.35%	15.37%	-15.38%	12.22%	16.25%
EBIT Q/Q Growth	-47.18%	422.53%	-84.19%	68.55%	-51.99%	-39.95%	60.18%	32.94%	-37.22%	38.65%	43.55%
NOPAT Q/Q Growth	-45.70%	-3,766.69%	1.56%	90.60%	-45.29%	-4,850.58%	101.77%	87.53%	-64.47%	58.34%	65.51%
Net Income Q/Q Growth	-63.88%	716.20%	-89.74%	100.55%	-87.57%	-74.27%	528.59%	105.02%	-87.73%	445.92%	157.13%
EPS Q/Q Growth	-68.42%	900.00%	-91.67%	120.00%	-100.00%	0.00%	150.00%	200.00%	-166.67%	200.00%	300.00%
Operating Cash Flow Q/Q Growth	3.37%	-52.41%	30.95%	42.38%	-14.94%	-34.57%	5.04%	83.36%	-7.43%	-32.63%	24.07%
Free Cash Flow Firm Q/Q Growth	-184.81%	-2,039.98%	3.63%	-87.00%	109.74%	-1,746.16%	78.60%	128.52%	7.98%	35.58%	12.82%
Invested Capital Q/Q Growth	1.97%	-10.78%	0.22%	9.72%	0.03%	0.72%	0.15%	-2.40%	-0.90%	-0.06%	0.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.67%	0.00%	60.49%	63.04%	60.44%	0.00%	59.93%	61.35%	58.85%	59.94%	61.50%
EBITDA Margin	25.01%	0.00%	24.38%	28.65%	22.61%	0.00%	21.86%	22.73%	21.79%	23.66%	25.10%
Operating Margin	10.83%	0.00%	7.95%	14.36%	7.24%	0.00%	7.04%	11.71%	5.19%	7.14%	10.94%
EBIT Margin	11.32%	0.00%	10.67%	15.78%	8.28%	0.00%	7.71%	9.23%	6.56%	8.81%	11.53%
Profit (Net Income) Margin	6.28%	0.00%	6.00%	10.56%	1.44%	0.00%	2.25%	4.15%	0.58%	3.05%	7.15%
Tax Burden Percent	96.27%	97.84%	107.02%	99.03%	117.46%	102.08%	98.17%	99.66%	90.61%	100.78%	99.35%
Interest Burden Percent	57.62%	88.56%	52.57%	67.59%	14.75%	7.27%	29.68%	45.09%	9.69%	34.32%	62.35%
Effective Tax Rate	3.73%	2.16%	-7.02%	0.97%	-17.46%	-2.08%	1.83%	0.34%	9.39%	-0.78%	0.65%
Return on Invested Capital (ROIC)	3.78%	0.00%	3.09%	4.79%	2.77%	0.00%	0.04%	0.12%	0.06%	2.52%	3.90%
ROIC Less NNEP Spread (ROIC-NNEP)	2.30%	0.00%	2.06%	3.36%	0.45%	0.00%	-1.98%	-2.77%	-1.31%	1.15%	2.62%
Return on Net Nonoperating Assets (RNNOA)	0.77%	0.00%	0.51%	1.00%	0.15%	0.00%	-0.50%	-0.90%	-0.44%	0.41%	1.00%
Return on Equity (ROE)	4.54%	9.72%	3.60%	5.79%	2.92%	2.03%	-0.46%	-0.78%	-0.39%	2.93%	4.90%
Cash Return on Invested Capital (CROIC)	2.41%	-23.22%	13.43%	3.46%	5.00%	-42.22%	-41.44%	-29.36%	-27.74%	5.98%	6.50%
Operating Return on Assets (OROA)	3.69%	0.00%	3.30%	4.71%	2.43%	0.00%	0.04%	0.09%	0.07%	2.76%	3.72%
Return on Assets (ROA)	2.05%	0.00%	1.85%	3.16%	0.42%	0.00%	0.01%	0.04%	0.01%	0.95%	2.31%
Return on Common Equity (ROCE)	3.93%	8.44%	3.12%	5.02%	2.53%	1.76%	-0.40%	-0.67%	-0.34%	2.52%	4.22%
Return on Equity Simple (ROE_SIMPLE)	4.66%	0.00%	9.19%	8.39%	7.97%	0.00%	1.71%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	26	-947	18	35	19	-915	16	30	11	17	28
NOPAT Margin	10.43%	0.00%	8.51%	14.23%	8.51%	0.00%	6.91%	11.67%	4.70%	7.20%	10.87%
Net Nonoperating Expense Percent (NNEP)	1.47%	-210.53%	1.03%	1.43%	2.32%	-176.85%	2.03%	2.90%	1.36%	1.37%	1.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-31.77%	-	-	-	-31.07%	0.55%	1.06%	0.37%	0.60%	0.99%
Cost of Revenue to Revenue	38.33%	0.00%	39.51%	36.96%	39.56%	0.00%	40.07%	38.65%	41.15%	40.06%	38.50%
SG&A Expenses to Revenue	14.59%	0.00%	16.18%	14.66%	15.14%	0.00%	16.50%	15.35%	14.78%	15.42%	15.25%
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	50.84%	0.00%	52.54%	48.67%	53.20%	0.00%	52.89%	49.64%	53.67%	52.79%	50.55%
Earnings before Interest and Taxes (EBIT)	28	147	23	39	19	11	18	24	15	21	30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	176	53	71	51	45	51	59	50	56	65
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.13	1.21	1.13	1.14	1.31	1.05	1.02	1.06	1.02	1.05
Price to Tangible Book Value (P/TBV)	1.03	1.13	1.21	1.13	1.14	1.31	1.05	1.02	1.06	1.02	1.05
Price to Revenue (P/Rev)	1.85	0.00	2.36	2.29	2.31	0.00	111.94	59.13	55.42	1.77	1.73
Price to Earnings (P/E)	22.50	11.09	12.28	12.69	13.55	84.85	94.55	393.28	835.29	200.73	73.96
Dividend Yield	2.44%	2.31%	2.35%	2.87%	3.10%	2.87%	3.83%	4.15%	3.84%	4.03%	4.00%
Earnings Yield	4.44%	9.02%	8.14%	7.88%	7.38%	1.18%	1.06%	0.25%	0.12%	0.50%	1.35%
Enterprise Value to Invested Capital (EV/IC)	1.01	1.09	1.15	1.08	1.08	1.19	1.03	1.00	1.03	1.00	1.02
Enterprise Value to Revenue (EV/Rev)	2.82	0.00	3.01	3.21	3.30	0.00	169.57	93.56	86.58	2.82	2.79
Enterprise Value to EBITDA (EV/EBITDA)	10.61	7.16	7.67	8.26	8.54	15.11	13.14	13.25	13.57	12.53	11.96
Enterprise Value to EBIT (EV/EBIT)	20.95	10.82	11.53	12.63	13.19	36.01	32.90	37.92	40.71	34.77	30.65
Enterprise Value to NOPAT (EV/NOPAT)	22.58	0.00	26.48	30.93	34.53	0.00	0.00	0.00	0.00	36.10	31.61
Enterprise Value to Operating Cash Flow (EV/OCF)	12.48	13.82	15.28	16.22	17.73	19.49	17.48	16.27	15.84	14.91	14.11
Enterprise Value to Free Cash Flow (EV/FCFF)	42.37	0.00	8.14	31.20	21.48	0.00	0.00	0.00	0.00	16.52	15.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.38	0.38	0.38	0.38	0.40	0.41	0.44	0.47	0.47	0.50
Long-Term Debt to Equity	0.39	0.38	0.38	0.38	0.38	0.40	0.41	0.44	0.47	0.47	0.50
Financial Leverage	0.33	0.24	0.25	0.30	0.33	0.24	0.25	0.33	0.34	0.36	0.38
Leverage Ratio	1.48	1.47	1.47	1.46	1.47	1.46	1.47	1.49	1.51	1.52	1.53
Compound Leverage Factor	0.85	1.30	0.77	0.99	0.22	0.11	0.44	0.67	0.15	0.52	0.96
Debt to Total Capital	28.07%	27.32%	27.37%	27.33%	27.70%	28.56%	28.83%	30.49%	31.89%	32.07%	33.11%
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	28.07%	27.32%	27.37%	27.33%	27.70%	28.56%	28.83%	30.49%	31.89%	32.07%	33.11%
Preferred Equity to Total Capital	9.69%	9.43%	9.45%	9.44%	9.57%	9.55%	9.63%	9.87%	9.78%	9.77%	9.50%
Noncontrolling Interests 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%
Common Equity to Total Capital	62.24%	63.24%	63.18%	63.23%	62.73%	61.89%	61.54%	59.63%	58.34%	58.16%	57.38%
Debt to EBITDA	3.03	2.13	2.16	2.25	2.32	3.83	3.86	4.21	4.48	4.25	4.09
Net Debt to EBITDA	2.61	0.84	0.91	1.60	1.77	3.01	3.18	3.51	3.51	3.39	3.37
Long-Term Debt to EBITDA	3.03	2.13	2.16	2.25	2.32	3.83	3.86	4.21	4.48	4.25	4.09
Debt to NOPAT	6.45	-0.96	7.45	8.42	9.37	-0.99	-1.01	-1.02	-1.11	12.23	10.82
Net Debt to NOPAT	5.55	-0.38	3.14	6.00	7.15	-0.78	-0.83	-0.85	-0.87	9.76	8.91
Long-Term Debt to NOPAT	6.45	-0.96	7.45	8.42	9.37	-0.99	-1.01	-1.02	-1.11	12.23	10.82
Altman Z-Score	1.52	1.64	1.90	1.72	1.65	1.50	1.20	1.10	1.08	1.35	1.36
Noncontrolling Interest Sharing Ratio	13.42%	13.23%	13.29%	13.19%	13.35%	13.17%	13.27%	13.57%	13.77%	13.85%	13.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.23	7.03	8.17	3.75	2.98	3.15	2.89	2.73	3.08	2.94	3.42
Quick Ratio	1.81	5.84	6.59	2.46	1.73	1.84	1.51	1.47	1.75	1.66	1.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-33	-710	264	34	72	-1,186	-254	72	78	106	120
Operating Cash Flow to CapEx	249.76%	81.21%	139.11%	133.57%	112.16%	64.69%	113.63%	210.86%	308.03%	124.79%	146.53%
Free Cash Flow to Firm to Interest Expense	-2.79	-42.37	24.06	2.72	4.51	-113.65	-20.02	5.50	5.75	7.74	10.61
Operating Cash Flow to Interest Expense	5.20	1.75	3.50	4.33	2.92	2.92	2.53	4.46	4.00	2.67	4.03
Operating Cash Flow Less CapEx to Interest Expense	3.12	-0.41	0.98	1.09	0.32	-1.59	0.30	2.35	2.70	0.53	1.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.00	0.31	0.30	0.29	0.00	0.01	0.01	0.01	0.31	0.32
Accounts Receivable Turnover	27.19	0.00	24.41	21.71	29.01	0.00	0.39	0.72	1.01	28.33	20.59
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	6.28	6.43	7.28	7.03	5.68	7.34	7.13	6.81	6.15	6.62	7.03
Days Sales Outstanding (DSO)	13.42	0.00	14.95	16.82	12.58	0.00	940.25	503.75	361.09	12.88	17.72
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)	58.08	56.81	50.16	51.94	64.31	49.76	51.22	53.58	59.30	55.14	51.89
Cash Conversion Cycle (CCC)	-44.66	0.00	-35.20	-35.12	-51.73	0.00	889.03	450.17	301.79	-42.26	-34.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,822	2,517	2,523	2,768	2,769	2,789	2,793	2,726	2,702	2,700	2,702
Invested Capital Turnover	0.36	0.00	0.36	0.34	0.33	0.00	0.01	0.01	0.01	0.35	0.36
Increase / (Decrease) in Invested Capital	59	-237	-246	0.84	-53	271	270	-42	-67	-89	-91
Enterprise Value (EV)	2,852	2,738	2,893	2,992	3,001	3,321	2,866	2,731	2,781	2,710	2,754
Market Capitalization	1,870	2,136	2,269	2,130	2,099	2,379	1,892	1,726	1,780	1,698	1,708
Book Value per Share	$8.72	$9.18	$9.28	$9.25	$9.07	$9.07	$8.94	$8.54	$8.83	$8.77	$8.62
Tangible Book Value per Share	$8.72	$9.18	$9.28	$9.25	$9.07	$9.07	$8.94	$8.54	$8.83	$8.77	$8.62
Total Capital	2,902	2,981	2,976	2,979	2,939	2,945	2,919	2,849	2,877	2,863	2,847
Total Debt	815	815	814	814	814	841	842	869	917	918	943
Total Long-Term Debt	815	815	814	814	814	841	842	869	917	918	943
Net Debt	701	321	343	580	622	661	693	724	720	732	776
Capital Expenditures (CapEx)	25	36	28	41	42	47	28	28	18	29	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17	-21	4.32	-13	-21	-15	3.91	-8.07	-19	-18	12
Debt-free Net Working Capital (DFNWC)	97	473	475	221	171	165	153	137	179	167	179
Net Working Capital (NWC)	97	473	475	221	171	165	153	137	179	167	179
Net Nonoperating Expense (NNE)	10	-1,074	5.44	9.06	16	-916	11	20	9.45	9.84	9.68
Net Nonoperating Obligations (NNO)	734	351	362	603	644	685	716	746	742	755	797
Total Depreciation and Amortization (D&A)	34	30	30	32	32	33	33	35	35	35	35
Debt-free, Cash-free Net Working Capital to Revenue	-1.67%	0.00%	0.45%	-1.44%	-2.36%	0.00%	23.15%	-27.65%	-57.96%	-1.92%	1.23%
Debt-free Net Working Capital to Revenue	9.58%	0.00%	49.50%	23.68%	18.79%	0.00%	903.64%	468.83%	557.12%	17.42%	18.14%
Net Working Capital to Revenue	9.58%	0.00%	49.50%	23.68%	18.79%	0.00%	903.64%	468.83%	557.12%	17.42%	18.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.60	$0.05	$0.11	$0.00	($0.02)	$0.01	$0.03	($0.02)	$0.02	$0.08
Adjusted Weighted Average Basic Shares Outstanding	205.57M	205.59M	202.63M	202.76M	201.40M	201.74M	200.41M	195.79M	189.25M	193.61M	188.36M
Adjusted Diluted Earnings per Share	$0.06	$0.60	$0.05	$0.11	$0.00	($0.02)	$0.01	$0.03	($0.02)	$0.02	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	205.78M	205.87M	202.96M	203.46M	201.40M	202.64M	201.44M	196.30M	189.25M	194.32M	188.67M
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	205.44M	203.53M	203.67M	203.34M	200.90M	201.02M	198.86M	189.97M	189.90M	189.52M	186.29M
Normalized Net Operating Profit after Tax (NOPAT)	26	-947	12	35	11	-627	16	30	11	12	28
Normalized NOPAT Margin	10.43%	0.00%	5.56%	14.23%	5.07%	0.00%	6.91%	11.67%	4.70%	5.00%	10.87%
Pre Tax Income Margin	6.52%	0.00%	5.61%	10.67%	1.22%	0.00%	2.29%	4.16%	0.64%	3.02%	7.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.36	8.74	2.11	3.09	1.17	1.08	1.42	1.82	1.11	1.52	2.66
NOPAT to Interest Expense	2.17	-56.50	1.68	2.78	1.21	-87.65	1.28	2.30	0.79	1.24	2.50
EBIT Less CapEx to Interest Expense	0.28	6.58	-0.41	-0.16	-1.43	-3.44	-0.80	-0.29	-0.19	-0.62	-0.09
NOPAT Less CapEx to Interest Expense	0.09	-58.66	-0.84	-0.46	-1.39	-92.16	-0.95	0.19	-0.51	-0.90	-0.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	57.63%	28.94%	38.06%	43.75%	51.52%	210.27%	237.59%	437.89%	480.48%	351.65%	227.09%
Augmented Payout Ratio	117.05%	56.44%	57.29%	64.96%	79.36%	273.23%	336.95%	1,044.86%	1,039.51%	769.23%	554.42%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, retail-investor-friendly snapshot of Sunstone Hotel Investors (NYSE: SHO) using the latest four-year set of quarterly statements (through Q4 2025). The bullets highlight notable trends in income, cash flow, and the balance sheet. Positive items appear first, followed by neutral, then negative items.

Improving liquidity signals: Cash and cash equivalents rose to about $121.1 million by 2025-Q3, up from lower levels in prior periods, indicating better near-term liquidity.
Robust operating cash flow in 2025: Net cash from continuing operating activities was around $54.4 million in 2025-Q3 and about $36.6 million in 2025-Q4, showing solid cash generation from core operations for the year.
Per-share profitability showing progress: In 2025-Q4, basic EPS and diluted EPS were both $0.02, with net income attributable to common shareholders around $3.23 million, suggesting improving profitability per share on the latest quarter.
Steady dividend cadence: Cash dividends per share remain at $0.09 per quarter, indicating ongoing cash returns to shareholders even as earnings fluctuate.
Balance sheet size and asset base remain stable: Total assets are near $3.0 billion in 2025, with long-term debt in the mid-to-upper $800s millions and total liabilities around $1.0–$1.1 billion across the period, reflecting a steady but leveraged footprint.
Shares outstanding relatively stable: Weighted-average basic and diluted shares run in the ~189–195 million range in 2025, suggesting limited dilution across the year.
Revenue levelivity in 2025: Operating revenue for 2025 quarters sits in the high $200 million range (e.g., 2025-Q3 around $229.3 million, 2025-Q4 around $237.0 million), indicating stabilization of the top line after more volatile 2024 results.
Leverage rising through 2025: Long-term debt climbs from roughly $841.6 million (2025-Q1) to about $917.5 million (2025-Q3), increasing interest burden and leverage risk.
Earnings can still be volatile: 2025-Q3 shows a negative net income attributable to common shareholders (-$2.94 million; basic/diluted EPS around -$0.02), underscoring quarterly earnings volatility despite occasional positive quarters.
Cash flow in some quarters hints at liquidity stress: 2025-Q4 net change in cash and equivalents was negative by about $11.85 million, signaling episodic cash outflows even with positive operating cash flow in other quarters.

05/14/26 12:23 PM ETAI Generated. May Contain Errors.

Sunstone Hotel Investors Financials - Frequently Asked Questions

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

Sunstone Hotel Investors' net income appears to be on a downward trend, with a most recent value of $24.57 million in 2025, falling from $355.52 million in 2015. The previous period was $43.26 million in 2024. See where experts think Sunstone Hotel Investors is headed by visiting Sunstone Hotel Investors' forecast page.

Sunstone Hotel Investors' total operating income in 2025 was $75.72 million, based on the following breakdown:

Total Gross Profit: $576.64 million
Total Operating Expenses: $500.93 million

Over the last 10 years, Sunstone Hotel Investors' total revenue changed from $1.25 billion in 2015 to $960.13 million in 2025, a change of -23.1%.

Sunstone Hotel Investors' total liabilities were at $1.08 billion at the end of 2025, a 8.2% increase from 2024, and a 28.4% decrease since 2015.

In the past 10 years, Sunstone Hotel Investors' cash and equivalents has ranged from $101.22 million in 2022 to $816.86 million in 2019, and is currently $109.19 million as of their latest financial filing in 2025.

Over the last 10 years, Sunstone Hotel Investors' book value per share changed from 10.48 in 2015 to 8.77 in 2025, a change of -16.3%.

Related Companies

Financial statements for NYSE:SHO last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sunstone Hotel Investors (SHO) Financials

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Sunstone Hotel Investors (SHO) Financials

Annual Income Statements for Sunstone Hotel Investors

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