What is Stag Industrial's operating income?

Stag Industrial's total operating income in 2025 was $316.94 million, based on the following breakdown: Total Gross Profit: $673.36 million Total Operating Expenses: $356.42 million

Stag Industrial (STAG) Financials

$36.98 -0.01 (-0.02%)

Closing price 11/13/2026 03:59 PM Eastern

Extended Trading

$37.18 +0.20 (+0.54%)

As of 11/13/2026 07:30 PM Eastern

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Annual Income Statements for Stag Industrial

This table shows Stag Industrial's 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	-39	20	21	82	44	197	188	178	193	189	273
Consolidated Net Income / (Loss)	-29	36	32	96	51	207	196	182	197	193	279
Net Income / (Loss) Continuing Operations	-29	36	32	96	51	207	196	182	197	193	279
Total Pre-Tax Income	-29	36	32	96	51	207	196	182	197	193	279
Total Operating Income	1.76	20	50	73	98	132	164	204	238	263	317
Total Gross Profit	176	201	243	282	331	394	454	532	568	613	673
Total Revenue	219	250	301	351	406	483	562	657	708	767	845
Operating Revenue	218	250	301	351	406	483	562	657	708	767	845
Total Cost of Revenue	43	49	58	69	75	89	108	126	140	155	172
Operating Cost of Revenue	43	49	58	69	75	89	108	126	140	155	172
Total Operating Expenses	174	181	193	209	233	262	290	328	331	350	356
Selling, General & Admin Expense	30	35	35	35	38	42	52	51	52	52	54
Depreciation Expense	110	125	151	168	185	215	239	275	278	293	302
Impairment Charge	29	17	1.88	6.18	9.76	5.58	0.00	1.78	0.00	4.97	0.89
Total Other Income / (Expense), net	-31	16	-18	23	-47	75	32	-21	-40	-70	-38
Interest Expense	36	46	42	49	55	63	66	79	95	114	134
Interest & Investment Income	0.01	0.01	0.01	0.02	0.09	0.45	0.12	0.10	0.07	0.04	0.39
Other Income / (Expense), net	4.99	62	24	72	7.39	138	98	57	54	44	96
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.58	1.45	1.28	3.60	1.70	4.92	4.39	4.15	4.57	4.23	5.92
Basic Earnings per Share	($0.58)	$0.29	$0.24	$0.80	$0.35	$1.32	$1.15	$1.00	$1.07	$1.04	$1.46
Weighted Average Basic Shares Outstanding	66.31M	70.64M	89.54M	103.40M	125.39M	148.79M	163.44M	178.75M	180.22M	182.16M	186.84M
Diluted Earnings per Share	($0.58)	$0.29	$0.23	$0.79	$0.35	$1.32	$1.15	$1.00	$1.07	$1.04	$1.46
Weighted Average Diluted Shares Outstanding	66.31M	70.85M	90.00M	103.81M	125.68M	149.22M	164.09M	178.94M	180.56M	182.40M	187.17M
Weighted Average Basic & Diluted Shares Outstanding	66.31M	82.05M	97.23M	112.50M	148.69M	158.40M	177.95M	179.33M	181.78M	186.56M	191.04M
Cash Dividends to Common per Share	-	-	-	$1.42	$1.43	$1.44	$1.45	-	$1.47	$1.48	$1.49

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
Total Costs & Expenses	-	-	-	-	-	-	131	-	-	-	142
Net Income / (Loss) Attributable to Common Shareholders	37	60	42	51	91	50	49	83	62	53	71
Consolidated Net Income / (Loss)	37	61	43	52	93	51	50	85	63	54	72
Net Income / (Loss) Continuing Operations	37	61	43	52	93	51	50	85	63	54	72
Total Pre-Tax Income	37	61	43	52	93	51	50	85	63	54	72
Total Operating Income	64	60	68	72	74	79	80	85	84	83	89
Total Gross Profit	148	152	153	159	162	167	169	175	177	179	185
Total Revenue	188	190	191	199	206	208	211	221	224	224	231
Operating Revenue	188	190	191	199	206	208	211	221	224	224	231
Total Cost of Revenue	39	37	38	40	44	40	42	46	47	45	46
Operating Cost of Revenue	39	37	38	40	44	40	42	46	47	45	46
Total Operating Expenses	85	93	85	87	88	88	89	90	93	96	96
Selling, General & Admin Expense	14	12	13	13	14	13	12	14	14	14	15
Depreciation Expense	71	75	73	74	74	74	76	77	79	82	81
Other Operating Expenses / (Income)	-	0.00	0.04	-	-	-0.06	0.56	-	-	0.46	0.81
Impairment Charge	-	4.97	0.00	-	-	0.89	0.00	-	-	0.00	0.00
Total Other Income / (Expense), net	-26	1.45	-25	-20	19	-28	-31	1.61	-21	-29	-16
Interest Expense	26	27	29	32	33	34	33	36	36	37	41
Interest & Investment Income	0.01	0.01	0.01	0.01	0.01	0.00	0.37	0.01	0.10	0.07	0.00
Other Income / (Expense), net	0.00	29	3.76	12	52	5.69	2.20	36	15	8.35	24
Net Income / (Loss) Attributable to Noncontrolling Interest	0.87	1.34	0.92	1.10	2.02	1.10	1.06	1.74	1.35	1.14	1.49
Basic Earnings per Share	$0.20	$0.33	$0.23	$0.28	$0.49	$0.27	$0.26	$0.44	$0.32	$0.28	$0.37
Weighted Average Basic Shares Outstanding	181.71M	181.96M	182.03M	182.16M	186.47M	186.54M	186.59M	186.84M	191.00M	191.18M	192.72M
Diluted Earnings per Share	$0.20	$0.33	$0.23	$0.28	$0.49	$0.27	$0.26	$0.44	$0.32	$0.28	$0.37
Weighted Average Diluted Shares Outstanding	181.99M	182.19M	182.30M	182.40M	186.76M	186.91M	186.84M	187.17M	191.24M	191.33M	192.91M
Weighted Average Basic & Diluted Shares Outstanding	182.08M	182.11M	182.21M	186.56M	186.62M	186.70M	186.75M	191.04M	191.21M	192.81M	192.82M
Cash Dividends to Common per Share	$0.37	$0.37	$0.37	-	$0.37	-	$0.37	-	$0.39	-	$0.39

This table details how cash moves in and out of Stag Industrial's 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	-12	1.40	6.32	-5.59	-11	8.48	2.86	3.59	-4.92	16	63
Net Cash From Operating Activities	122	136	162	198	233	294	336	388	391	460	463
Net Cash From Continuing Operating Activities	122	136	162	198	233	294	336	388	391	460	463
Net Income / (Loss) Continuing Operations	-29	36	32	96	51	207	196	182	197	193	279
Consolidated Net Income / (Loss)	-29	36	32	96	51	207	196	182	197	193	279
Depreciation Expense	110	125	151	168	185	215	239	275	278	293	302
Amortization Expense	8.53	6.21	4.58	4.16	4.86	4.34	2.05	-0.35	-0.89	-0.60	-2.54
Non-Cash Adjustments To Reconcile Net Income	30	-32	-19	-55	15	-129	-97	-57	-55	-37	-96
Changes in Operating Assets and Liabilities, net	2.09	0.71	-6.86	-15	-22	-3.00	-3.67	-12	-28	12	-19
Net Cash From Investing Activities	-372	-346	-572	-507	-1,223	-555	-1,220	-448	-320	-731	-497
Net Cash From Continuing Investing Activities	-372	-346	-572	-507	-1,223	-555	-1,220	-448	-320	-731	-497
Purchase of Property, Plant & Equipment	-17	-30	-46	-35	-65	-56	-40	-112	-108	-150	-205
Acquisitions	-84	-90	-95	-116	-205	-111	-159	-50	-15	-82	-59
Purchase of Investments	-292	-378	-497	-565	-995	-662	-1,211	-422	-304	-625	-398
Sale of Property, Plant & Equipment	22	152	65	208	42	274	188	135	106	126	164
Other Investing Activities, net	-1.45	0.00	1.80	0.24	0.00	0.78	1.02	0.45	0.51	0.00	0.00
Net Cash From Financing Activities	238	212	416	304	979	269	887	63	-76	286	97
Net Cash From Continuing Financing Activities	238	212	416	304	979	269	887	63	-76	286	97
Repayment of Debt	-400	-615	-541	-1,071	-1,526	-1,258	-3,613	-1,786	-1,044	-2,032	-1,776
Payment of Dividends	-106	-117	-141	-159	-190	-224	-246	-267	-268	-274	-282
Issuance of Debt	671	663	678	1,220	1,843	1,314	4,115	2,063	1,167	2,426	1,999
Issuance of Common Equity	75	283	422	386	852	438	707	55	69	167	157
Other Financing Activities, net	0.00	0.00	-0.97	-1.52	-1.60	-1.50	-1.34	-1.60	-0.81	-1.05	-0.65
Cash Interest Paid	32	39	41	46	51	59	58	74	90	109	128

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
Net Change in Cash & Equivalents	-8.78	21	37	-34	11	-12	-17	82	-62	27	-54
Net Cash From Operating Activities	105	122	128	105	104	112	144	104	117	111	147
Net Cash From Continuing Operating Activities	105	122	128	105	104	112	144	104	117	111	147
Net Income / (Loss) Continuing Operations	37	61	43	52	93	51	50	85	63	54	72
Consolidated Net Income / (Loss)	37	61	43	52	93	51	50	85	63	54	72
Depreciation Expense	71	75	73	74	74	74	76	77	79	82	81
Amortization Expense	-0.30	0.84	-0.53	-0.60	-0.58	-0.64	-0.67	-0.64	-0.51	-0.33	-0.31
Non-Cash Adjustments To Reconcile Net Income	1.13	-27	-3.46	-10	-51	-5.15	-3.74	-36	-17	-10	-24
Changes in Operating Assets and Liabilities, net	-4.55	12	17	-9.95	-12	-7.87	22	-22	-7.16	-15	19
Net Cash From Investing Activities	-76	-171	-143	-341	-25	-65	-147	-260	-92	-316	-87
Net Cash From Continuing Investing Activities	-76	-171	-143	-341	-25	-65	-147	-260	-92	-316	-87
Purchase of Property, Plant & Equipment	-25	-17	-41	-67	-46	-50	-48	-61	-41	-32	-42
Acquisitions	-8.04	-23	-16	-35	-5.69	-2.72	-12	-38	-11	-42	-18
Sale of Property, Plant & Equipment	0.00	76	22	29	64	8.76	5.73	86	30	22	66
Other Investing Activities, net	-44	-	-	-	-	-21	-92	150	-69	-265	-92
Net Cash From Financing Activities	-38	71	52	202	-68	-59	-14	238	-87	233	-115
Net Cash From Continuing Financing Activities	-38	71	52	202	-68	-59	-14	238	-87	233	-115
Repayment of Debt	-232	-676	-293	-830	-486	-757	-164	-369	-230	-560	-277
Payment of Dividends	-69	-69	-68	-69	-70	-70	-71	-71	-24	-76	-76
Issuance of Debt	264	816	413	933	489	768	221	521	168	809	239
Issuance of Common Equity	-0.14	-	-	167	-	-0.31	-0.13	157	-	-	-0.18
Cash Interest Paid	23	27	18	43	20	44	14	49	15	55	20

This table presents Stag Industrial's 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	1,902	2,186	2,681	3,103	4,165	4,693	5,833	6,185	6,283	6,833	7,208
Total Current Assets	60	68	87	102	108	142	117	214	231	270	362
Cash & Equivalents	12	12	25	7.97	9.04	16	19	26	21	36	15
Restricted Cash	8.40	9.61	3.57	15	2.82	4.67	4.22	0.91	1.13	1.11	86
Accounts Receivable	21	25	34	42	58	78	94	116	128	136	156
Prepaid Expenses	18	21	25	37	38	43	-	72	80	96	104
Plant, Property, & Equipment, net	1,840	2,117	2,568	2,992	3,999	4,525	5,621	5,863	5,973	6,496	6,800
Plant, Property & Equipment, gross	1,564	1,822	2,254	2,650	3,523	4,025	5,053	5,354	5,537	6,067	6,405
Accumulated Depreciation	-276	-295	-313	-342	-475	-500	-568	-509	-436	-429	-395
Total Noncurrent Assets	1.87	1.47	26	9.15	58	26	96	108	80	68	46
Noncurrent Note & Lease Receivables	-	-	-	0.00	15	25	-	31	30	31	33
Other Noncurrent Operating Assets	1.87	1.47	26	9.15	43	0.44	96	77	50	36	14
Total Liabilities & Shareholders' Equity	1,902	2,186	2,681	3,103	4,165	4,693	5,833	6,185	6,283	6,833	7,208
Total Liabilities	1,044	1,119	1,270	1,433	1,801	1,922	2,440	2,727	2,838	3,304	3,537
Total Current Liabilities	108	91	346	186	258	265	153	336	552	615	482
Short-Term Debt	60	30	272	105	165	148	17	175	402	409	263
Accounts Payable	26	35	43	46	54	70	76	97	83	127	135
Customer Deposits	15	15	19	22	22	28	37	41	44	56	59
Dividends Payable	8.23	9.73	12	14	17	19	22	22	23	23	24
Total Noncurrent Liabilities	936	1,028	924	1,247	1,543	1,657	2,287	2,391	2,286	2,689	3,055
Long-Term Debt	924	1,008	903	1,225	1,499	1,596	2,218	2,324	2,222	2,620	2,992
Capital Lease Obligations	-	-	-	0.00	17	28	-	35	34	35	37
Other Noncurrent Operating Liabilities	11	20	21	22	27	33	69	32	30	33	26
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	858	1,067	1,410	1,670	2,364	2,771	3,394	3,458	3,446	3,529	3,671
Total Preferred & Common Equity	822	1,027	1,359	1,614	2,306	2,716	3,328	3,385	3,375	3,458	3,596
Preferred Stock	139	145	145	75	75	75	-	0.00	0.00	0.00	0.00
Total Common Equity	683	882	1,214	1,539	2,231	2,641	3,328	3,385	3,375	3,458	3,596
Common Stock	1,018	1,295	1,727	2,119	2,972	3,423	4,132	4,190	4,274	4,452	4,619
Retained Earnings	-332	-411	-517	-585	-723	-742	-792	-876	-949	-1,030	-1,035
Accumulated Other Comprehensive Income / (Loss)	-2.35	-1.50	3.94	4.48	-18	-40	-12	71	49	36	12
Noncontrolling Interest	35	40	51	56	58	55	66	73	71	71	75

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

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	6/30/2026	9/30/2026
Total Assets	6,106	6,276	6,294	6,444	6,566	6,848	6,825	6,897	7,184	7,477	7,504
Total Current Assets	204	216	226	241	301	290	275	273	312	343	307
Cash & Equivalents	14	11	12	33	70	9.33	15	17	8.86	66	12
Restricted Cash	1.02	1.09	0.67	1.25	1.11	39	20	1.11	30	0.67	0.67
Accounts Receivable	112	121	129	125	128	142	139	145	161	161	168
Prepaid Expenses	77	84	84	81	102	100	100	110	111	115	126
Plant, Property, & Equipment, net	5,800	5,953	5,981	6,120	6,208	6,501	6,500	6,571	6,817	7,069	7,112
Plant, Property & Equipment, gross	5,336	5,495	5,559	5,699	5,794	6,088	6,107	6,189	6,433	6,668	6,714
Accumulated Depreciation	-464	-458	-422	-422	-414	-412	-393	-382	-383	-402	-398
Total Noncurrent Assets	103	107	87	83	57	57	50	53	55	65	85
Noncurrent Note & Lease Receivables	31	30	29	29	28	31	30	30	32	32	46
Other Noncurrent Operating Assets	72	77	58	55	29	26	20	23	23	33	39
Total Liabilities & Shareholders' Equity	6,106	6,276	6,294	6,444	6,566	6,848	6,825	6,897	7,184	7,477	7,504
Total Liabilities	2,662	2,781	2,871	3,029	3,202	3,304	3,304	3,397	3,519	3,768	3,776
Total Current Liabilities	375	491	584	294	469	718	248	345	466	715	759
Short-Term Debt	216	325	435	127	259	513	52	111	200	449	463
Accounts Payable	92	101	80	99	140	121	118	155	128	130	160
Customer Deposits	44	42	46	45	47	60	54	55	63	60	59
Dividends Payable	23	23	23	23	23	24	24	24	76	76	76
Total Noncurrent Liabilities	2,287	2,290	2,287	2,735	2,733	2,587	3,056	3,053	3,053	3,053	3,017
Long-Term Debt	2,225	2,225	2,221	2,669	2,670	2,521	2,993	2,992	2,993	2,993	2,943
Capital Lease Obligations	34	34	33	33	32	35	34	34	37	36	52
Other Noncurrent Operating Liabilities	28	31	32	33	31	31	29	27	24	24	23
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	3,444	3,495	3,423	3,415	3,364	3,544	3,521	3,500	3,664	3,709	3,729
Total Preferred & Common Equity	3,367	3,420	3,352	3,344	3,296	3,467	3,445	3,425	3,586	3,631	3,650
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,367	3,420	3,352	3,344	3,296	3,467	3,445	3,425	3,586	3,631	3,650
Common Stock	4,203	4,269	4,275	4,278	4,283	4,450	4,454	4,458	4,618	4,681	4,685
Retained Earnings	-907	-924	-980	-987	-1,013	-1,008	-1,027	-1,048	-1,047	-1,069	-1,073
Accumulated Other Comprehensive Income / (Loss)	70	75	56	53	25	25	18	15	15	19	38
Noncontrolling Interest	77	75	72	71	69	77	76	75	79	78	78

This table displays calculated financial ratios and metrics derived from Stag Industrial's 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	25.78%	14.46%	20.32%	16.58%	15.66%	19.08%	16.29%	16.93%	7.68%	8.41%	10.14%
EBITDA Growth	9.25%	69.80%	7.83%	37.68%	-6.72%	65.33%	2.88%	6.56%	6.27%	5.32%	18.72%
EBIT Growth	-68.03%	1,112.37%	-8.69%	94.28%	-27.45%	156.14%	-2.81%	-0.37%	11.77%	5.27%	34.34%
NOPAT Growth	-90.39%	1,520.27%	152.85%	44.46%	34.33%	34.55%	24.56%	24.11%	16.76%	10.68%	20.52%
Net Income Growth	-526.36%	221.27%	-9.52%	198.90%	-47.36%	308.16%	-5.01%	-7.23%	8.21%	-2.00%	44.50%
EPS Growth	-107.14%	150.00%	-20.69%	243.48%	-55.70%	277.14%	-12.88%	-13.04%	7.00%	-2.80%	40.38%
Operating Cash Flow Growth	25.89%	11.57%	19.38%	22.01%	17.99%	25.95%	14.37%	15.40%	0.81%	17.69%	0.67%
Free Cash Flow Firm Growth	95.56%	-865.52%	-74.42%	17.95%	-175.66%	62.57%	-156.04%	83.03%	177.26%	-275.69%	104.51%
Invested Capital Growth	1.47%	14.41%	22.72%	16.41%	35.43%	12.14%	23.90%	6.40%	1.95%	7.79%	4.67%
Revenue Q/Q Growth	4.22%	3.15%	5.15%	3.55%	4.61%	4.04%	3.25%	3.58%	1.87%	2.13%	2.62%
EBITDA Q/Q Growth	-7.31%	37.51%	-7.80%	15.57%	-5.52%	20.49%	0.15%	-8.46%	3.24%	3.12%	6.09%
EBIT Q/Q Growth	-67.07%	190.42%	-25.54%	38.92%	-20.44%	42.95%	-2.87%	-17.28%	5.74%	5.40%	9.95%
NOPAT Q/Q Growth	-90.30%	765.52%	23.56%	8.52%	9.84%	4.98%	5.26%	4.31%	4.88%	3.52%	4.25%
Net Income Q/Q Growth	-115.36%	329.76%	-42.85%	66.19%	-36.67%	63.50%	-4.90%	-24.04%	6.59%	5.10%	13.49%
EPS Q/Q Growth	-286.67%	165.91%	-37.84%	75.56%	-44.44%	60.98%	-8.73%	-25.93%	4.90%	6.12%	12.31%
Operating Cash Flow Q/Q Growth	1.14%	4.81%	2.65%	3.72%	4.14%	4.02%	3.62%	2.25%	0.39%	2.99%	-0.10%
Free Cash Flow Firm Q/Q Growth	95.38%	-619.17%	13.18%	-7.36%	-46.28%	-15.56%	-15.55%	80.02%	-11.18%	-417.34%	115.63%
Invested Capital Q/Q Growth	-8.81%	6.70%	3.07%	3.68%	11.55%	11.65%	12.07%	-0.20%	0.24%	4.82%	3.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.50%	80.46%	80.84%	80.34%	81.48%	81.51%	80.79%	80.88%	80.28%	79.82%	79.67%
EBITDA Margin	57.49%	85.28%	76.43%	90.26%	72.80%	101.07%	89.42%	81.49%	80.42%	78.13%	84.22%
Operating Margin	0.80%	7.97%	16.74%	20.75%	24.10%	27.23%	29.17%	30.96%	33.57%	34.27%	37.50%
EBIT Margin	3.08%	32.67%	24.80%	41.32%	25.92%	55.76%	46.60%	39.70%	41.21%	40.02%	48.81%
Profit (Net Income) Margin	-13.42%	14.22%	10.69%	27.42%	12.48%	42.78%	34.94%	27.72%	27.86%	25.19%	33.04%
Tax Burden Percent	100.00%	100.00%	100.05%	100.01%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	-435.13%	43.53%	43.11%	66.35%	48.15%	76.73%	74.99%	69.82%	67.60%	62.93%	67.69%
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)	0.07%	1.02%	2.16%	2.62%	2.78%	3.06%	3.22%	3.50%	3.93%	4.15%	4.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.18%	2.58%	0.50%	4.51%	-0.36%	7.41%	4.85%	2.61%	2.37%	1.70%	3.50%
Return on Net Nonoperating Assets (RNNOA)	-3.42%	2.68%	0.44%	3.63%	-0.27%	4.99%	3.15%	1.82%	1.78%	1.40%	3.05%
Return on Equity (ROE)	-3.35%	3.70%	2.60%	6.25%	2.51%	8.05%	6.37%	5.32%	5.71%	5.54%	7.76%
Cash Return on Invested Capital (CROIC)	-1.39%	-12.43%	-18.24%	-12.55%	-27.32%	-8.38%	-18.13%	-2.69%	2.00%	-3.35%	0.14%
Operating Return on Assets (OROA)	0.38%	4.00%	3.07%	5.02%	2.90%	6.09%	4.98%	4.34%	4.68%	4.68%	5.88%
Return on Assets (ROA)	-1.66%	1.74%	1.32%	3.33%	1.39%	4.67%	3.73%	3.03%	3.16%	2.95%	3.98%
Return on Common Equity (ROCE)	-2.70%	3.01%	2.20%	5.59%	2.35%	7.64%	6.17%	5.21%	5.59%	5.43%	7.60%
Return on Equity Simple (ROE_SIMPLE)	-3.57%	3.47%	2.37%	5.96%	2.20%	7.61%	5.90%	5.38%	5.84%	5.59%	0.00%
Net Operating Profit after Tax (NOPAT)	1.23	20	50	73	98	132	164	204	238	263	317
NOPAT Margin	0.56%	7.97%	16.74%	20.75%	24.10%	27.23%	29.17%	30.96%	33.57%	34.27%	37.50%
Net Nonoperating Expense Percent (NNEP)	3.25%	-1.57%	1.67%	-1.89%	3.14%	-4.35%	-1.62%	0.89%	1.56%	2.44%	1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.40%	3.89%	3.99%	4.55%
Cost of Revenue to Revenue	19.50%	19.54%	19.16%	19.66%	18.52%	18.49%	19.21%	19.12%	19.72%	20.18%	20.33%
SG&A Expenses to Revenue	13.63%	13.80%	11.67%	10.07%	9.29%	8.71%	9.16%	7.81%	7.37%	6.72%	6.36%
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	79.70%	72.49%	64.09%	59.59%	57.38%	54.28%	51.62%	49.92%	46.71%	45.55%	42.17%
Earnings before Interest and Taxes (EBIT)	6.74	82	75	145	105	270	262	261	292	307	413
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	126	213	230	317	296	489	503	536	569	600	712
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	1.44	1.57	1.38	1.55	1.53	2.19	1.57	2.02	1.78	1.91
Price to Tangible Book Value (P/TBV)	1.31	1.44	1.57	1.38	1.55	1.53	2.19	1.57	2.02	1.78	1.91
Price to Revenue (P/Rev)	4.09	5.07	6.33	6.04	8.50	8.35	12.99	8.09	9.64	8.00	8.12
Price to Earnings (P/E)	0.00	62.68	90.18	25.75	78.76	20.51	38.81	29.85	35.43	32.48	25.11
Dividend Yield	11.23%	8.28%	6.94%	7.29%	5.51%	5.33%	3.37%	4.92%	3.91%	4.39%	4.05%
Earnings Yield	0.00%	1.60%	1.11%	3.88%	1.27%	4.88%	2.58%	3.35%	2.82%	3.08%	3.98%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.18	1.26	1.19	1.30	1.30	1.70	1.32	1.56	1.40	1.47
Enterprise Value to Revenue (EV/Rev)	9.30	9.87	10.79	10.14	12.94	12.24	17.04	12.01	13.47	12.04	11.99
Enterprise Value to EBITDA (EV/EBITDA)	16.17	11.57	14.12	11.24	17.77	12.11	19.06	14.74	16.74	15.41	14.23
Enterprise Value to EBIT (EV/EBIT)	301.43	30.21	43.52	24.54	49.92	21.95	36.58	30.25	32.67	30.08	24.56
Enterprise Value to NOPAT (EV/NOPAT)	1,651.94	123.89	64.44	48.88	53.69	44.94	58.43	38.80	40.11	35.13	31.97
Enterprise Value to Operating Cash Flow (EV/OCF)	16.70	18.19	20.04	18.00	22.51	20.13	28.50	20.35	24.37	20.07	21.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	78.85	0.00	1,058.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.15	0.97	0.83	0.80	0.71	0.64	0.66	0.73	0.77	0.87	0.90
Long-Term Debt to Equity	1.08	0.94	0.64	0.73	0.64	0.59	0.65	0.68	0.65	0.75	0.83
Financial Leverage	1.08	1.04	0.88	0.81	0.75	0.67	0.65	0.70	0.75	0.82	0.87
Leverage Ratio	2.02	2.12	1.96	1.88	1.80	1.72	1.71	1.75	1.81	1.88	1.95
Compound Leverage Factor	-8.78	0.92	0.85	1.25	0.87	1.32	1.28	1.22	1.22	1.18	1.32
Debt to Total Capital	53.42%	49.33%	45.45%	44.34%	41.56%	39.00%	39.71%	42.29%	43.54%	46.48%	47.28%
Short-Term Debt to Total Capital	3.24%	1.45%	10.53%	3.48%	4.07%	3.25%	0.30%	2.92%	6.59%	6.20%	3.78%
Long-Term Debt to Total Capital	50.18%	47.88%	34.92%	40.85%	37.48%	35.75%	39.41%	39.37%	36.96%	40.27%	43.50%
Preferred Equity to Total Capital	7.55%	6.89%	5.61%	2.50%	1.85%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.92%	1.89%	1.98%	1.86%	1.44%	1.21%	1.17%	1.22%	1.17%	1.08%	1.08%
Common Equity to Total Capital	37.11%	41.89%	46.96%	51.30%	55.15%	58.14%	59.12%	56.49%	55.29%	52.44%	51.63%
Debt to EBITDA	7.83	4.87	5.11	4.20	5.69	3.63	4.45	4.73	4.67	5.11	4.63
Net Debt to EBITDA	7.67	4.76	4.98	4.13	5.65	3.58	4.40	4.68	4.63	5.05	4.48
Long-Term Debt to EBITDA	7.35	4.72	3.92	3.87	5.13	3.32	4.41	4.40	3.96	4.43	4.26
Debt to NOPAT	799.62	52.09	23.31	18.26	17.18	13.46	13.63	12.45	11.18	11.65	10.39
Net Debt to NOPAT	783.04	50.99	22.75	17.95	17.06	13.31	13.49	12.32	11.09	11.51	10.07
Long-Term Debt to NOPAT	751.05	50.56	17.91	16.83	15.50	12.34	13.53	11.59	9.49	10.10	9.56
Altman Z-Score	0.37	0.64	0.72	0.86	1.04	1.30	1.84	1.19	1.44	1.10	1.25
Noncontrolling Interest Sharing Ratio	19.48%	18.67%	15.39%	10.62%	6.55%	5.13%	3.18%	2.03%	2.09%	2.04%	2.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.75	0.25	0.55	0.42	0.54	0.77	0.64	0.42	0.44	0.75
Quick Ratio	0.31	0.41	0.17	0.27	0.26	0.35	0.74	0.42	0.27	0.28	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25	-244	-425	-349	-962	-360	-922	-156	121	-212	9.57
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	1,013.89%	0.00%	0.00%	0.00%	17,351.02%	1,920.60%	1,150.36%
Free Cash Flow to Firm to Interest Expense	-0.70	-5.28	-10.01	-7.15	-17.60	-5.70	-14.04	-1.98	1.28	-1.86	0.07
Operating Cash Flow to Interest Expense	3.37	2.94	3.82	4.05	4.27	4.65	5.12	4.92	4.14	4.04	3.47
Operating Cash Flow Less CapEx to Interest Expense	3.52	5.57	4.27	7.60	3.85	8.10	7.38	5.22	4.11	3.83	3.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.12	0.11	0.11	0.11	0.11	0.11	0.12	0.12
Accounts Receivable Turnover	11.41	10.72	10.24	9.26	8.13	7.14	6.56	6.29	5.81	5.80	5.77
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	0.13	0.13	0.13	0.13	0.12	0.11	0.11	0.11	0.12	0.12	0.13
Accounts Payable Turnover	1.81	1.60	1.47	1.56	1.52	1.45	1.48	1.45	1.55	1.47	1.31
Days Sales Outstanding (DSO)	31.98	34.06	35.66	39.43	44.88	51.11	55.64	58.06	62.85	62.93	63.23
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)	202.16	227.83	248.62	234.59	240.92	252.23	247.15	252.40	236.01	247.49	278.50
Cash Conversion Cycle (CCC)	-170.18	-193.77	-212.96	-195.16	-196.04	-201.12	-191.51	-194.34	-173.15	-184.55	-215.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,830	2,093	2,569	2,991	4,050	4,542	5,628	5,988	6,104	6,580	6,887
Invested Capital Turnover	0.12	0.13	0.13	0.13	0.12	0.11	0.11	0.11	0.12	0.12	0.13
Increase / (Decrease) in Invested Capital	26	264	476	422	1,060	492	1,086	360	117	475	307
Enterprise Value (EV)	2,033	2,470	3,249	3,560	5,253	5,916	9,581	7,896	9,531	9,239	10,132
Market Capitalization	895	1,269	1,906	2,122	3,450	4,035	7,303	5,315	6,824	6,140	6,865
Book Value per Share	$9.28	$11.67	$12.90	$14.13	$16.78	$17.70	$19.60	$18.89	$18.59	$18.98	$19.25
Tangible Book Value per Share	$9.28	$11.67	$12.90	$14.13	$16.78	$17.70	$19.60	$18.89	$18.59	$18.98	$19.25
Total Capital	1,842	2,106	2,585	3,000	4,045	4,543	5,629	5,992	6,103	6,594	6,964
Total Debt	984	1,039	1,175	1,330	1,681	1,772	2,235	2,534	2,658	3,064	3,293
Total Long-Term Debt	924	1,008	903	1,225	1,516	1,624	2,218	2,359	2,256	2,655	3,029
Net Debt	964	1,017	1,147	1,307	1,669	1,752	2,212	2,507	2,636	3,027	3,192
Capital Expenditures (CapEx)	-5.27	-122	-19	-173	23	-218	-148	-24	2.25	24	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.98	-14	-15	-2.28	2.63	4.28	-42	27	59	26	42
Debt-free Net Working Capital (DFNWC)	11	7.54	13	20	14	25	-19	54	80	63	143
Net Working Capital (NWC)	-48	-23	-259	-84	-150	-123	-36	-121	-322	-346	-120
Net Nonoperating Expense (NNE)	31	-16	18	-23	47	-75	-32	21	40	70	38
Net Nonoperating Obligations (NNO)	972	1,027	1,159	1,321	1,686	1,771	2,234	2,529	2,658	3,051	3,216
Total Depreciation and Amortization (D&A)	119	132	155	172	190	219	241	275	278	292	299
Debt-free, Cash-free Net Working Capital to Revenue	-4.11%	-5.70%	-5.04%	-0.65%	0.65%	0.89%	-7.46%	4.07%	8.28%	3.40%	4.99%
Debt-free Net Working Capital to Revenue	5.23%	3.01%	4.30%	5.77%	3.57%	5.09%	-3.33%	8.14%	11.37%	8.27%	16.92%
Net Working Capital to Revenue	-22.11%	-9.15%	-86.11%	-24.00%	-37.03%	-25.45%	-6.36%	-18.48%	-45.42%	-45.02%	-14.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.61)	$0.29	$0.24	$0.80	$0.35	$1.32	$1.15	$1.00	$1.07	$1.04	$1.46
Adjusted Weighted Average Basic Shares Outstanding	68.18M	70.64M	89.54M	103.40M	125.39M	148.79M	163.44M	178.75M	180.22M	182.16M	186.84M
Adjusted Diluted Earnings per Share	($0.61)	$0.29	$0.23	$0.79	$0.35	$1.32	$1.15	$1.00	$1.07	$1.04	$1.46
Adjusted Weighted Average Diluted Shares Outstanding	68.18M	70.85M	90.00M	103.81M	125.68M	149.22M	164.09M	178.94M	180.56M	182.40M	187.17M
Adjusted Basic & Diluted Earnings per Share	($0.61)	$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	66.31M	82.05M	97.23M	112.50M	148.69M	158.40M	177.95M	179.33M	181.78M	186.56M	191.04M
Normalized Net Operating Profit after Tax (NOPAT)	25	29	40	55	75	96	115	144	166	188	222
Normalized NOPAT Margin	11.46%	11.57%	13.33%	15.76%	18.55%	19.87%	20.42%	21.86%	23.50%	24.44%	26.32%
Pre Tax Income Margin	-13.42%	14.22%	10.69%	27.42%	12.48%	42.78%	34.94%	27.72%	27.86%	25.19%	33.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.19	1.77	1.76	2.97	1.93	4.27	3.99	3.31	3.08	2.70	3.09
NOPAT to Interest Expense	0.03	0.43	1.19	1.49	1.79	2.08	2.50	2.58	2.51	2.31	2.37
EBIT Less CapEx to Interest Expense	0.33	4.40	2.21	6.52	1.50	7.71	6.25	3.61	3.06	2.49	2.79
NOPAT Less CapEx to Interest Expense	0.18	3.06	1.64	5.04	1.37	5.53	4.76	2.88	2.49	2.10	2.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-360.85%	330.00%	437.91%	165.07%	374.19%	108.46%	125.09%	146.41%	135.68%	141.91%	100.80%
Augmented Payout Ratio	-365.26%	349.45%	437.91%	165.07%	374.19%	108.46%	125.09%	146.41%	135.68%	141.91%	100.80%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	191,036,305.00	191,205,055.00	192,808,329.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	191,036,305.00	191,205,055.00	192,808,329.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.32	0.28	0.37
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.06%	10.53%	6.39%	8.74%	9.61%	9.39%	10.69%	10.82%	9.06%	8.08%	9.44%
EBITDA Growth	-5.18%	14.21%	-0.67%	13.08%	47.94%	-3.67%	8.96%	26.05%	-11.05%	9.37%	22.42%
EBIT Growth	-13.21%	16.91%	-4.65%	23.17%	98.15%	-4.25%	13.34%	44.59%	-21.28%	7.99%	36.90%
NOPAT Growth	19.70%	2.62%	7.02%	14.17%	16.67%	32.46%	16.39%	17.92%	13.34%	5.20%	10.43%
Net Income Growth	-25.99%	15.68%	-16.49%	22.00%	149.28%	-16.39%	16.19%	63.81%	-32.18%	5.78%	45.33%
EPS Growth	-28.57%	13.79%	-17.86%	27.27%	145.00%	-18.18%	13.04%	57.14%	-34.69%	3.70%	42.31%
Operating Cash Flow Growth	21.69%	11.32%	23.90%	14.57%	-1.54%	-8.48%	12.15%	-0.44%	13.42%	-0.83%	2.78%
Free Cash Flow Firm Growth	-71.71%	-468.89%	-338.43%	-653.14%	-201.21%	-12.46%	-139.84%	44.87%	33.73%	-90.33%	-81.95%
Invested Capital Growth	3.26%	5.16%	3.07%	7.79%	7.60%	5.70%	5.82%	4.67%	5.21%	9.25%	9.14%
Revenue Q/Q Growth	2.31%	1.19%	0.51%	4.50%	3.14%	0.98%	1.70%	4.63%	1.50%	0.07%	2.98%
EBITDA Q/Q Growth	-3.00%	22.20%	-12.85%	9.46%	26.90%	-20.43%	-1.43%	26.63%	-10.45%	-2.16%	11.39%
EBIT Q/Q Growth	-6.52%	39.20%	-19.24%	17.20%	50.38%	-32.73%	-4.41%	49.53%	-18.12%	-7.73%	23.43%
NOPAT Q/Q Growth	0.51%	-6.14%	13.47%	6.65%	2.71%	6.57%	-0.30%	8.05%	-1.27%	-1.08%	6.65%
Net Income Q/Q Growth	-12.14%	63.07%	-30.03%	21.71%	79.51%	-45.31%	-2.77%	71.60%	-25.68%	-14.69%	33.59%
EPS Q/Q Growth	-9.09%	65.00%	-30.30%	21.74%	75.00%	-44.90%	-3.70%	69.23%	-27.27%	-12.50%	32.14%
Operating Cash Flow Q/Q Growth	14.82%	16.24%	4.69%	-18.00%	-1.32%	8.04%	28.29%	-27.21%	12.42%	-5.54%	32.96%
Free Cash Flow Firm Q/Q Growth	-142.50%	-89.44%	51.43%	-237.53%	3.01%	29.27%	-3.59%	22.41%	-16.57%	-103.14%	1.49%
Invested Capital Q/Q Growth	0.30%	1.80%	0.71%	4.82%	0.12%	0.01%	0.82%	3.69%	0.63%	3.85%	0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.17%	80.25%	80.07%	79.80%	78.75%	80.54%	80.03%	79.37%	78.90%	79.93%	79.99%
EBITDA Margin	71.80%	86.71%	75.18%	78.75%	96.90%	76.36%	74.01%	89.57%	79.03%	77.27%	83.58%
Operating Margin	33.87%	31.42%	35.47%	36.20%	36.05%	38.05%	37.30%	38.52%	37.47%	37.04%	38.36%
EBIT Margin	33.87%	46.60%	37.44%	42.00%	61.24%	40.79%	38.34%	54.79%	44.20%	40.76%	48.85%
Profit (Net Income) Margin	19.97%	32.18%	22.40%	26.09%	45.42%	24.60%	23.52%	38.57%	28.24%	24.07%	31.23%
Tax Burden Percent	100.00%	100.00%	100.08%	99.93%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	58.95%	69.06%	59.78%	62.17%	74.16%	60.30%	61.34%	70.39%	63.89%	59.07%	63.93%
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)	4.06%	3.82%	4.31%	4.38%	4.46%	4.77%	4.76%	4.84%	4.79%	4.73%	4.97%
ROIC Less NNEP Spread (ROIC-NNEP)	3.05%	3.88%	3.41%	3.67%	5.13%	3.82%	3.79%	4.84%	4.13%	3.84%	4.48%
Return on Net Nonoperating Assets (RNNOA)	2.32%	3.00%	2.73%	3.01%	4.23%	3.24%	3.35%	4.21%	3.62%	3.49%	4.13%
Return on Equity (ROE)	6.37%	6.82%	7.04%	7.39%	8.68%	8.01%	8.10%	9.05%	8.41%	8.22%	9.10%
Cash Return on Invested Capital (CROIC)	0.91%	-0.92%	1.08%	-3.35%	-3.01%	-0.98%	-0.95%	0.14%	-0.24%	-4.04%	-3.86%
Operating Return on Assets (OROA)	3.94%	5.49%	4.38%	4.91%	7.32%	4.94%	4.69%	6.60%	5.44%	5.02%	6.11%
Return on Assets (ROA)	2.32%	3.79%	2.62%	3.05%	5.43%	2.98%	2.88%	4.64%	3.48%	2.96%	3.91%
Return on Common Equity (ROCE)	6.23%	6.67%	6.90%	7.24%	8.50%	7.84%	7.93%	8.86%	8.23%	8.04%	8.91%
Return on Equity Simple (ROE_SIMPLE)	5.49%	5.75%	5.58%	0.00%	7.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	64	60	68	72	74	79	79	85	84	83	89
NOPAT Margin	33.87%	31.42%	35.47%	36.20%	36.05%	38.05%	37.30%	38.52%	37.47%	37.04%	38.36%
Net Nonoperating Expense Percent (NNEP)	1.00%	-0.05%	0.91%	0.71%	-0.67%	0.95%	0.96%	0.00%	0.66%	0.89%	0.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.09%	1.12%	1.20%	1.19%	1.22%	1.22%	1.16%	1.23%
Cost of Revenue to Revenue	20.83%	19.75%	19.93%	20.20%	21.25%	19.46%	19.97%	20.63%	21.10%	20.07%	20.01%
SG&A Expenses to Revenue	7.21%	6.55%	6.57%	6.56%	6.75%	6.19%	6.03%	6.46%	6.37%	6.04%	6.42%
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	45.29%	48.83%	44.60%	43.60%	42.70%	42.49%	42.73%	40.85%	41.43%	42.90%	41.63%
Earnings before Interest and Taxes (EBIT)	64	88	71	84	126	85	81	121	99	91	113
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	135	165	143	157	199	159	156	198	177	173	193
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	1.96	2.16	1.78	1.94	1.97	1.92	1.91	1.92	2.00	1.89
Price to Tangible Book Value (P/TBV)	2.05	1.96	2.16	1.78	1.94	1.97	1.92	1.91	1.92	2.00	1.89
Price to Revenue (P/Rev)	9.54	8.85	9.47	8.00	8.58	8.43	8.00	8.12	7.97	8.26	7.67
Price to Earnings (P/E)	38.29	34.82	39.59	32.48	27.64	28.93	27.36	25.11	28.24	29.48	25.67
Dividend Yield	3.88%	4.10%	3.78%	4.39%	4.10%	4.09%	4.22%	4.05%	4.17%	4.32%	4.63%
Earnings Yield	2.61%	2.87%	2.53%	3.08%	3.62%	3.46%	3.65%	3.98%	3.54%	3.39%	3.90%
Enterprise Value to Invested Capital (EV/IC)	1.57	1.51	1.61	1.40	1.49	1.50	1.47	1.47	1.47	1.50	1.44
Enterprise Value to Revenue (EV/Rev)	13.34	12.72	13.41	12.04	12.52	12.31	11.88	11.99	11.76	12.23	11.58
Enterprise Value to EBITDA (EV/EBITDA)	17.14	16.16	17.33	15.41	14.81	15.03	14.58	14.23	14.73	15.28	14.09
Enterprise Value to EBIT (EV/EBIT)	34.15	31.92	34.59	30.08	26.62	27.04	26.07	24.56	26.33	27.43	24.65
Enterprise Value to NOPAT (EV/NOPAT)	38.83	37.71	39.67	35.13	35.95	33.76	32.18	31.97	31.08	32.54	30.73
Enterprise Value to Operating Cash Flow (EV/OCF)	23.50	22.29	22.55	20.07	21.44	22.06	21.09	21.87	21.28	22.60	21.71
Enterprise Value to Free Cash Flow (EV/FCFF)	176.04	0.00	150.59	0.00	0.00	0.00	0.00	1,058.95	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.83	0.88	0.87	0.87	0.87	0.90	0.90	0.88	0.94	0.93
Long-Term Debt to Equity	0.66	0.79	0.80	0.75	0.72	0.86	0.86	0.83	0.83	0.82	0.80
Financial Leverage	0.76	0.77	0.80	0.82	0.82	0.85	0.88	0.87	0.88	0.91	0.92
Leverage Ratio	1.81	1.83	1.87	1.88	1.89	1.91	1.96	1.95	1.95	1.98	1.99
Compound Leverage Factor	1.07	1.26	1.12	1.17	1.40	1.15	1.20	1.37	1.24	1.17	1.27
Debt to Total Capital	44.00%	45.30%	46.81%	46.48%	46.40%	46.66%	47.27%	47.28%	46.85%	48.40%	48.11%
Short-Term Debt to Total Capital	7.12%	2.03%	4.10%	6.20%	7.76%	0.79%	1.68%	3.78%	2.91%	6.25%	6.44%
Long-Term Debt to Total Capital	36.88%	43.27%	42.72%	40.27%	38.65%	45.87%	45.59%	43.50%	43.94%	42.15%	41.67%
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	1.17%	1.14%	1.09%	1.08%	1.16%	1.15%	1.13%	1.08%	1.14%	1.09%	1.09%
Common Equity to Total Capital	54.83%	53.56%	52.10%	52.44%	52.44%	52.19%	51.61%	51.63%	52.01%	50.52%	50.80%
Debt to EBITDA	4.79	4.86	5.09	5.11	4.62	4.68	4.68	4.63	4.68	4.94	4.67
Net Debt to EBITDA	4.76	4.80	4.97	5.05	4.55	4.63	4.65	4.48	4.63	4.84	4.65
Long-Term Debt to EBITDA	4.01	4.64	4.65	4.43	3.85	4.60	4.51	4.26	4.39	4.30	4.05
Debt to NOPAT	10.84	11.33	11.66	11.65	11.22	10.51	10.32	10.39	9.88	10.51	10.19
Net Debt to NOPAT	10.79	11.20	11.38	11.51	11.04	10.39	10.26	10.07	9.76	10.31	10.15
Long-Term Debt to NOPAT	9.09	10.82	10.64	10.10	9.34	10.33	9.95	9.56	9.27	9.15	8.82
Altman Z-Score	1.30	1.23	1.24	1.00	1.12	1.18	1.10	1.12	1.11	1.06	0.99
Noncontrolling Interest Sharing Ratio	2.18%	2.16%	2.10%	2.04%	2.13%	2.12%	2.09%	2.04%	2.15%	2.13%	2.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.39	0.82	0.64	0.44	0.40	1.11	0.79	0.75	0.67	0.48	0.40
Quick Ratio	0.24	0.54	0.42	0.28	0.21	0.62	0.47	0.36	0.37	0.32	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-130	-246	-119	-403	-391	-277	-286	-222	-259	-526	-519
Operating Cash Flow to CapEx	427.11%	0.00%	666.04%	271.82%	0.00%	274.14%	339.47%	0.00%	999.23%	1,093.18%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.98	-8.98	-4.16	-12.72	-12.02	-8.23	-9.05	-6.20	-7.22	-14.04	-12.73
Operating Cash Flow to Interest Expense	4.03	4.47	4.46	3.31	3.18	3.33	4.53	2.91	3.27	2.96	3.62
Operating Cash Flow Less CapEx to Interest Expense	3.09	6.60	3.79	2.09	3.72	2.11	3.20	3.62	2.95	2.69	4.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.13
Accounts Receivable Turnover	5.88	6.23	6.03	5.80	5.80	6.08	6.03	5.77	5.70	5.87	5.75
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	0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Accounts Payable Turnover	1.64	1.55	1.26	1.47	1.58	1.50	1.13	1.31	1.41	1.46	1.17
Days Sales Outstanding (DSO)	62.09	58.58	60.52	62.93	62.90	60.01	60.57	63.23	64.07	62.17	63.48
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)	223.18	235.96	290.35	247.49	230.34	243.53	322.66	278.50	258.33	250.74	311.82
Cash Conversion Cycle (CCC)	-161.09	-177.38	-229.82	-184.55	-167.44	-183.52	-262.09	-215.27	-194.26	-188.56	-248.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,122	6,232	6,277	6,580	6,588	6,588	6,642	6,887	6,931	7,197	7,249
Invested Capital Turnover	0.12	0.12	0.12	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13
Increase / (Decrease) in Invested Capital	193	306	187	475	465	356	365	307	343	609	607
Enterprise Value (EV)	9,633	9,411	10,077	9,239	9,836	9,890	9,782	10,132	10,158	10,767	10,427
Market Capitalization	6,885	6,546	7,119	6,140	6,739	6,770	6,589	6,865	6,889	7,277	6,904
Book Value per Share	$18.44	$18.37	$18.10	$18.98	$18.58	$18.46	$18.35	$19.25	$18.77	$18.99	$18.93
Tangible Book Value per Share	$18.44	$18.37	$18.10	$18.98	$18.58	$18.46	$18.35	$19.25	$18.77	$18.99	$18.93
Total Capital	6,113	6,244	6,325	6,594	6,612	6,600	6,637	6,964	6,894	7,188	7,186
Total Debt	2,689	2,829	2,961	3,064	3,068	3,080	3,137	3,293	3,230	3,479	3,457
Total Long-Term Debt	2,254	2,702	2,702	2,655	2,555	3,027	3,026	3,029	3,029	3,030	2,994
Net Debt	2,676	2,794	2,890	3,027	3,020	3,044	3,119	3,192	3,191	3,412	3,444
Capital Expenditures (CapEx)	25	-58	19	39	-18	41	42	-25	12	10	-23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	64	39	20	26	38	43	21	42	6.69	11	-1.39
Debt-free Net Working Capital (DFNWC)	77	74	92	63	86	79	40	143	46	77	12
Net Working Capital (NWC)	-358	-53	-167	-346	-427	27	-71	-120	-155	-372	-451
Net Nonoperating Expense (NNE)	26	-1.45	25	20	-19	28	29	-0.11	21	29	16
Net Nonoperating Obligations (NNO)	2,699	2,817	2,913	3,051	3,044	3,067	3,142	3,216	3,266	3,488	3,521
Total Depreciation and Amortization (D&A)	71	76	72	73	73	74	75	77	78	82	80
Debt-free, Cash-free Net Working Capital to Revenue	8.82%	5.32%	2.72%	3.40%	4.78%	5.41%	2.60%	4.99%	0.77%	1.20%	-0.15%
Debt-free Net Working Capital to Revenue	10.63%	9.99%	12.19%	8.27%	10.90%	9.87%	4.84%	16.92%	5.31%	8.75%	1.28%
Net Working Capital to Revenue	-49.64%	-7.18%	-22.29%	-45.02%	-54.39%	3.37%	-8.67%	-14.23%	-17.90%	-42.23%	-50.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.33	$0.23	$0.28	$0.49	$0.27	$0.26	$0.44	$0.32	$0.28	$0.37
Adjusted Weighted Average Basic Shares Outstanding	181.71M	181.96M	182.03M	182.16M	186.47M	186.54M	186.59M	186.84M	191.00M	191.18M	192.72M
Adjusted Diluted Earnings per Share	$0.20	$0.33	$0.23	$0.28	$0.49	$0.27	$0.26	$0.44	$0.32	$0.28	$0.37
Adjusted Weighted Average Diluted Shares Outstanding	181.99M	182.19M	182.30M	182.40M	186.76M	186.91M	186.84M	187.17M	191.24M	191.33M	192.91M
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	182.08M	182.11M	182.21M	186.56M	186.62M	186.70M	186.75M	191.04M	191.21M	192.81M	192.82M
Normalized Net Operating Profit after Tax (NOPAT)	44	45	47	51	52	56	55	60	59	58	62
Normalized NOPAT Margin	23.71%	23.83%	24.83%	25.34%	25.24%	26.93%	26.11%	26.96%	26.23%	25.93%	26.85%
Pre Tax Income Margin	19.97%	32.18%	22.38%	26.11%	45.42%	24.60%	23.52%	38.57%	28.24%	24.07%	31.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.44	3.23	2.49	2.64	3.87	2.52	2.56	3.38	2.76	2.44	2.77
NOPAT to Interest Expense	2.44	2.18	2.36	2.28	2.28	2.35	2.49	2.37	2.34	2.22	2.18
EBIT Less CapEx to Interest Expense	1.49	5.37	1.82	1.42	4.41	1.31	1.22	4.08	2.43	2.17	3.35
NOPAT Less CapEx to Interest Expense	1.49	4.31	1.69	1.06	2.82	1.14	1.15	3.08	2.01	1.95	2.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	147.97%	142.32%	148.92%	141.91%	110.65%	115.77%	113.57%	100.80%	94.57%	95.71%	89.90%
Augmented Payout Ratio	147.97%	142.32%	148.92%	141.91%	110.65%	115.77%	113.57%	100.80%	94.57%	95.71%	89.90%

Financials Breakdown Chart

Key Financial Trends

STAG Industrial’s recent results show steady property-level growth, but rising leverage and financing needs are becoming more important considerations for investors. Revenue increased in each comparable second quarter, from $171.7 million in Q2 2023 to $189.8 million in Q2 2024, $207.6 million in Q2 2025 and $224.4 million in Q2 2026. Q2 2026 revenue rose approximately 8.1% year over year. Gross profit also reached a record $179.3 million, although the gross margin narrowed slightly to about 79.9% from 80.5% a year earlier.

Operating income has improved meaningfully, reaching $83.1 million in Q2 2026 compared with $58.1 million in Q2 2023. However, net income attributable to common shareholders was $52.9 million, or $0.28 per diluted share, down from $61.0 million and $0.32 per share in Q1 2026. Cash generation remains consistent: operating cash flow was $110.9 million in Q2 2026, compared with $111.9 million in Q2 2025 and $122.2 million in Q2 2024.

The balance sheet reflects continued investment in the portfolio. Total assets expanded from $6.1 billion in Q2 2023 to $7.5 billion in Q2 2026, while net property, plant and equipment increased to $7.1 billion. At the same time, total debt rose from approximately $2.4 billion to $3.4 billion over the same period. STAG also relied heavily on debt refinancing in Q2 2026, issuing $809.0 million while repaying $560.1 million. The following are the most important trends for STAG investors:

Consistent revenue growth: Comparable second-quarter revenue increased every year from 2023 through 2026, representing roughly 9% annualized growth over the period.
Expanding operating platform: Total assets grew approximately 22% from Q2 2023 to Q2 2026, driven primarily by growth in net property, plant and equipment.
Improved operating income: Q2 operating income increased to $83.1 million in 2026 from $58.1 million in 2023, despite elevated depreciation expense.
Durable operating cash flow: Quarterly operating cash flow remained above $100 million in every period provided, supporting property investment and shareholder distributions.
Higher cash balance: Cash and equivalents reached $65.9 million at the end of Q2 2026, up substantially from $15.4 million in Q2 2025 and $13.5 million in Q2 2023.
Stable property-level margins: Gross margins have remained near 80% across the comparable quarters, although the Q2 2026 margin was modestly below the prior-year level.
Meaningful capital recycling: STAG has regularly sold properties and used debt financing to fund acquisitions and other investments, indicating an active portfolio-management strategy.
Leverage has risen faster than equity: Total debt increased approximately 41% from Q2 2023 to Q2 2026, while total equity and noncontrolling interests increased only about 8%.
Weak current-liability coverage: At Q2 2026, current assets of $342.7 million were less than half of current liabilities of $714.6 million. Short-term debt rose to $449.0 million from $200.5 million at the end of Q1 2026.
Higher financing burden and investment cash use: Q2 2026 cash interest paid was $54.5 million, up from $44.4 million in Q2 2025, while investing activities used $316.4 million. The quarter’s $264.7 million outflow classified as other investing activities also warrants investor attention.

11/14/26 10:51 AM ETAI Generated. May Contain Errors.

Stag Industrial Financials - Frequently Asked Questions

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

Stag Industrial's net income appears to be on an upward trend, with a most recent value of $279.27 million in 2025, compared with -$29.35 million in 2015. The previous period was $193.27 million in 2024. Check out Stag Industrial's forecast to explore projected trends and price targets.

Stag Industrial's total operating income in 2025 was $316.94 million, based on the following breakdown:

Total Gross Profit: $673.36 million
Total Operating Expenses: $356.42 million

Over the last 10 years, Stag Industrial's total revenue changed from $218.63 million in 2015 to $845.18 million in 2025, a change of 286.6%.

In the past 13 quarters, Stag Industrial's cash and equivalents has ranged from $8.86 million in Q1 2026 to $70.04 million in Q3 2024, and is currently $12.22 million as of their latest financial filing in Q3 2026.

Stag Industrial had total debt of $3.29 billion at the end of 2025, a 7.4% increase from 2024, and a 234.6% increase since 2015.

Over the last 10 years, Stag Industrial's book value per share changed from 9.28 in 2015 to 19.25 in 2025, a change of 107.4%.

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Financial statements for NYSE:STAG last updated on 10/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Stag Industrial (STAG) Financials

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