Stratus Properties
STRS on Nasdaq. Land subdividers & developers (no cemeteries). Market value $154m.
Price checks use the past 12 months to March 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-24.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$18.50 a share, 3% above its 1-year low
Over the past year the price has ranged from $18.02 to $32.93.
Dividend: 0.0% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $28m | $37m | $17m | $54m | $30m |
| Operating margin | |||||
| Operating margin | 296.3% | -20.7% | -98.1% | -4.0% | 36.1% |
| Debt to equity | |||||
| Debt to equity | 0.67 | 0.59 | 0.91 | 0.83 | 0.70 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.70× equity
- Revenue growth, five yearsShrinking, 7.6% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to March 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 million last quarter, down 25% on a year ago.
- Profit: $7 million, after a loss of $3 million a year ago.
- It keeps 104 cents of each $1 of sales as operating profit, after losing 29 cents a year earlier.
- Over the past 12 months it spent $36 million more cash than it brought in, compared with $51 million a year earlier.
- About the same number of shares as a year ago.
- Debt is $70 million more than cash, down from $196 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| June 2024 | $8m |
| September 2024 | $9m |
| December 2024 | $10m |
| March 2025 | $5m |
| June 2025 | $12m |
| September 2025 | $5m |
| December 2025 | $8m |
| March 2026 | $4m |
| Quarter to | Amount |
|---|---|
| June 2024 | -$2m |
| September 2024 | -$364,000 |
| December 2024 | -$507,000 |
| March 2025 | -$3m |
| June 2025 | $260,000 |
| September 2025 | -$5m |
| December 2025 | $20m |
| March 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- n/a
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 54 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Oasis ManagementSeth Fischer | $28m | 3.2% | Cut |
Largest holders overall
- Oasis Management$28mCut
- Ingalls & Snyder$26m
- Dimensional Fund Advisors LP$11m
- Vanguard Capital Management$9mCut
- Bulldog Investors, LLP$8mNew
- RBF Capital$4m
- Bank of America$3mAdded
- TWO Sigma Investments, LP$2mNew
- Geode Capital Management$2mCut
- Susquehanna International Group, LLP$2mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%; 1 of them is pushing for change.
- INGALLS & SNYDER LLCPassive investor13.6%+0.1 ptsSince 31 December 2025
- Oasis ManagementActivistat least 8.4%−2.2 pts(filed with 2 related holders)Since 31 July 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
INGALLS & SNYDER LLC Passive investor | 13.6%+0.1 pts | 31 December 2025 | |
Oasis Management Activist | at least 8.4%−2.2 pts (filed with 2 related holders) | 31 July 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $452,564.
- JOSEPH JAMESDirectorSold
- Date
- 3 June 2026
- Shares
- 3,380
- Price
- $27.77
- Value
- $93,863
- JOSEPH JAMESDirectorSold
- Date
- 18 May 2026
- Shares
- 12,335
- Price
- $29.08
- Value
- $358,702
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 June 2026 | JOSEPH JAMES Director | Sold | 3,380 | $27.77 | $93,863 |
| 18 May 2026 | JOSEPH JAMES Director | Sold | 12,335 | $29.08 | $358,702 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 7.6% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.