Sunstone Hotel Investors, Inc.

SHO

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust. Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. Sunstone Hotel Investors, Inc. was incorporated in 1995 in Maryland, USA.

Valuation

Market Cap$2.1B

Current Price$11.81as of Jun 23, 2026

P/E Ratio87.20

P/B Ratio1.29

EV / EBITDA14.19

EV / Sales3.08

Profitability

Operating Margin7.9%

Net Profit Margin2.6%

EBITDA Margin21.7%

Returns

ROE1.5%

ROCE2.6%

ROIC %-

ROA0.8%

Solvency

Current Ratio2.30

Debt / Equity0.56

Debt / Assets0.31

CFO / Net Profit7.40

Price History▲ 35.44% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$960M▲ 6.0%

EBITDA$208M▼ 2.7%

Net Profit$25M▼ 43.2%

Cash from Ops (CFO)$182M▲ 6.7%

Free Cash Flow (FCF)$182M▲ 6.7%

Revenue CAGR 3Y1.7%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-34.5%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$960M	$208M	$25M	$182M	1.5%	6.0%	-43.2%
2024	$906M	$214M	$43M	$170M	2.4%	-8.2%	-79.1%
2023	$986M	$387M	$207M	$198M	11.0%	8.2%	136.8%
2022	$912M	$249M	$87M	$209M	4.8%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	912.05	986.48	905.81	960.13
Operating Revenue	-	816.73	896.79	815.28	861.35
Cost Of Revenue	-	464.40	509.52	484.07	518.17
Gross Profit	-	447.66	476.96	421.74	441.96
Operating Expense	-	348.31	358.30	343.15	366.24
Selling General And Administration	-	46.98	51.96	52.18	54.28
Total Expenses	-	812.71	867.82	827.22	884.41
Operating Income	-	99.34	118.66	78.59	75.72
EBITDA	-	249.23	387.31	214.29	208.46
Normalized EBITDA	-	230.69	253.55	213.77	217.39
EBIT	-	122.84	260.25	89.78	73.95
Interest Income	-	7.44	10.54	13.72	10.96
Interest Expense	-	31.71	48.98	47.62	49.17
Net Interest Income	-	-26.76	-41.14	-36.95	-42
Other Income Expense	-	18.54	133.76	0.52	-8.93
Interest Income Non Operating	-	7.44	10.54	13.72	10.96
Interest Expense Non Operating	-	31.71	48.98	47.62	49.17
Net Non Operating Interest Income Expense	-	-26.76	-41.14	-36.95	-42
Pretax Income	-	91.12	211.27	42.16	24.78
Tax Provision	-	0.36	4.56	-1.10	0.22
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0.07	2.89	0.11	-0.23
Net Income Continuous Operations	-	90.77	206.71	43.26	24.57
Net Income From Continuing And Discontinued Operation	-	87.29	206.71	43.26	24.57
Net Income From Continuing Operation Net Minority Interest	-	87.29	206.71	43.26	24.57
Net Income	-	87.29	206.71	43.26	24.57
Net Income Common Stockholders	-	72.59	191.73	27.76	8.21
Net Income Including Noncontrolling Interests	-	90.77	206.71	43.26	24.57
Normalized Income	-	68.82	75.84	42.85	33.27
Diluted NI Availto Com Stockholders	-	72.59	191.73	27.76	8.21
Basic Average Shares	-	212.61	205.59	201.74	193.61
Diluted Average Shares	-	212.65	205.86	202.64	194.32
Reconciled Depreciation	-	126.34	127.01	124.51	134.51
Reconciled Cost Of Revenue	-	464.46	509.58	484.07	518.17
Total Unusual Items	-	18.54	133.76	0.52	-8.93
Total Unusual Items Excluding Goodwill	-	18.54	133.76	0.52	-8.93
Preferred Stock Dividends	-	14.25	13.99	15.23	16.11
Minority Interests	1.30	-3.48	0	0	-
Special Income Charges	-	18.54	133.76	0.52	-8.93
Other Special Charges	-	0.94	-9.94	-0.06	0.18
Impairment Of Capital Assets	2.68	3.47	0	0	-
Depreciation Amortization Depletion Income Statement	-	126.40	127.06	124.51	134.51
Depreciation And Amortization In Income Statement	-	126.40	127.06	124.51	134.51
General And Administrative Expense	111.68	-	-	-	-
Other Gand A	111.68	-	-	-	-
Gain On Sale Of Ppe	-	22.95	123.82	0.46	-8.75
Total Other Finance Cost	-	2.49	2.70	3.05	3.80
Other Operating Expenses	-	174.94	179.28	166.46	177.45
Selling And Marketing Expense	-	46.98	51.96	52.18	54.28
Otherunder Preferred Stock Dividend	-	0.45	0.99	0.27	0.25

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Sunstone Hotel Investors, Inc.this co.	SHO	$2.1B	87.20↑ premium	1.29	1.5%	14.19
Douglas Emmett, Inc.	DEI	$2.4B	150.56	1.29	0.9%	11.72
Diversified Healthcare Trust	DHC	$2.1B	-7.28	1.25	-17.2%	30.06
Veris Residential, Inc.	VRE	$1.9B	25.83	1.69	6.5%	13.17
Pebblebrook Hotel Trust	PEB

Learn while you research

Hand-picked academy chapters to deepen your understanding of Sunstone Hotel Investors, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$960M

$208M

$25M

$182M

1.5%

6.0%

-43.2%

2024

$906M

$214M

$43M

$170M

2.4%

-8.2%

-79.1%

2023

$986M

$387M

$207M

$198M

11.0%

8.2%

136.8%

2022

$912M

$249M

$87M

$209M

4.8%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

912.05

986.48

905.81

960.13

Operating Revenue

816.73

896.79

815.28

861.35

Cost Of Revenue

464.40

509.52

484.07

518.17

Gross Profit

447.66

476.96

421.74

441.96

Operating Expense

348.31

358.30

343.15

366.24

Selling General And Administration

46.98

51.96

52.18

54.28

Total Expenses

812.71

867.82

827.22

884.41

Operating Income

99.34

118.66

78.59

75.72

EBITDA

249.23

387.31

214.29

208.46

Normalized EBITDA

230.69

253.55

213.77

217.39

EBIT

122.84

260.25

89.78

73.95

Interest Income

7.44

10.54

13.72

10.96

Interest Expense

31.71

48.98

47.62

49.17

Net Interest Income

-26.76

-41.14

-36.95

-42

Other Income Expense

18.54

133.76

0.52

-8.93

Interest Income Non Operating

7.44

10.54

13.72

10.96

Interest Expense Non Operating

31.71

48.98

47.62

49.17

Net Non Operating Interest Income Expense

-26.76

-41.14

-36.95

-42

Pretax Income

91.12

211.27

42.16

24.78

Tax Provision

0.36

4.56

-1.10

0.22

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.07

2.89

0.11

-0.23

Net Income Continuous Operations

90.77

206.71

43.26

24.57

Net Income From Continuing And Discontinued Operation

87.29

206.71

43.26

24.57

Net Income From Continuing Operation Net Minority Interest

87.29

206.71

43.26

24.57

Net Income

87.29

206.71

43.26

24.57

Net Income Common Stockholders

72.59

191.73

27.76

8.21

Net Income Including Noncontrolling Interests

90.77

206.71

43.26

24.57

Normalized Income

68.82

75.84

42.85

33.27

Diluted NI Availto Com Stockholders

72.59

191.73

27.76

8.21

Basic Average Shares

212.61

205.59

201.74

193.61

Diluted Average Shares

212.65

205.86

202.64

194.32

Reconciled Depreciation

126.34

127.01

124.51

134.51

Reconciled Cost Of Revenue

464.46

509.58

484.07

518.17

Total Unusual Items

18.54

133.76

0.52

-8.93

Total Unusual Items Excluding Goodwill

18.54

133.76

0.52

-8.93

Preferred Stock Dividends

14.25

13.99

15.23

16.11

Minority Interests

1.30

-3.48

Special Income Charges

18.54

133.76

0.52

-8.93

Other Special Charges

0.94

-9.94

-0.06

0.18

Impairment Of Capital Assets

2.68

3.47

Depreciation Amortization Depletion Income Statement

126.40

127.06

124.51

134.51

Depreciation And Amortization In Income Statement

126.40

127.06

124.51

134.51

General And Administrative Expense

111.68

Other Gand A

111.68

Gain On Sale Of Ppe

22.95

123.82

0.46

-8.75

Total Other Finance Cost

2.49

2.70

3.05

3.80

Other Operating Expenses

174.94

179.28

166.46

177.45

Selling And Marketing Expense

46.98

51.96

52.18

54.28

Otherunder Preferred Stock Dividend

0.45

0.99

0.27

0.25

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Sunstone Hotel Investors, Inc.this co.

SHO

$2.1B

87.20↑ premium

1.29

1.5%

14.19

Douglas Emmett, Inc.

DEI

$2.4B

150.56

1.29

0.9%

11.72

Diversified Healthcare Trust

DHC

$2.1B

-7.28

1.25

-17.2%

30.06

Veris Residential, Inc.

VRE

$1.9B

25.83

1.69

6.5%

13.17

Pebblebrook Hotel Trust

PEB

Sunstone Hotel Investors, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Sunstone Hotel Investors, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on