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STAG Industrial

STAG
55
REIT - Industrial · Real Estate
Also trades as: 0L98.L
Price
$36.67
+0.30 (+0.82%)
Market Cap
$7.07B
Exchange
New York Stock Exchange
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Mixed
Dividends
Exceptional

Share count rising — dilution

+14.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 164.1M (2021) → 188.2M (2025)

Winston Score History

The full picture

STAG Industrial is a real estate company that owns and rents out large warehouse and distribution buildings across the United States. Its tenants are mostly manufacturers, e-commerce companies, and logistics businesses that need space to store and ship goods. STAG is one of the few industrial REITs focused specifically on single-tenant buildings in smaller, secondary markets rather than major coastal hubs.

The company makes money by collecting rent from long-term leases, typically running five to ten years, which creates steady and predictable income. STAG owns roughly 570 buildings totaling over 110 million square feet, spread across more than 40 states. It pays monthly dividends to shareholders, which is unusual for a REIT and appeals to income-focused investors. The main growth driver is continued demand for warehouse space tied to e-commerce expansion, but the main risk is rising interest rates, which increase borrowing costs and can pressure the value of real estate assets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+3.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$66M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

STAG Industrial is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
79.9%
Premium pricing power — 79.9% gross margin
Profit after running costs
Operating Margin
37.0%
Excellent — 37.0% operating margin
Return on the money invested
ROCE
4.7%
Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+9.6%
Steady sales growth (+9.6% YoY)
Profit growth
EPS YoY
+2.4%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
193%
Turns 193% of profit into real cash
Spare cash per sale
FCF Margin
45.9%
Converts sales into free cash efficiently (45.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.95
Moderate — manageable debt (0.95)
Covers its interest
Interest Cover
2.29x
Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
28.2x
Growth-priced — P/E 28.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-1.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
4.02%
Healthy income — 4.02% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+159.1%
Dividend growing fast (159.1% YoY)

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