At a glance
STAG Industrial Inc is worth $7.00B. Revenue grew 10.1% to $845.2M in fiscal 2025, with 32.4% kept as profit; over 5 years it has grown 11.8% a year. It pays a 4.21% dividend yield, and returned $1.34B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.7% over the past year with dividends reinvested and −0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.6% in the 2020 crash (S&P 500: 33.7%) and 41.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 42 months after the lows.
The business in plain English
STAG Industrial is a real estate investment trust, or REIT. A REIT is a company that owns income-producing property and generally avoids federal income tax as long as it distributes its income to shareholders. STAG acquires, develops and operates industrial buildings across the United States. As of December 31, 2025, it owned 601 buildings in 41 states, with about 120.0 million rentable square feet, plus seven development projects.
It makes money by leasing that space to businesses. Revenue was $845.2 million in fiscal 2025, up 10.1% from the prior year, and has grown about 11.8% a year since fiscal 2020. Its buildings were about 96.4% leased at the end of 2025. Rents have risen as leases turn over. For new and renewal leases that began in 2025, starting cash rent was about 24.0% higher than the last rent on the same space.
The annual report does not split revenue by segment or region. Instead, STAG spreads its risk. As of December 31, 2025, no single tenant made up more than about 2.8% of annualized base rent, and no single industry more than about 11.4%. It acquires buildings one at a time or in small groups. It looks across the broad set of US markets classed as CBRE-EA Tier 1 industrial markets, rather than the few largest hubs that many big buyers favor.
Price history
The interactive chart needs JavaScript.
STAG -0.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $231.0M, up 9.4% from a year earlier, and net income was $70.7M (+45.4%).
- For fiscal 2025, revenue was $845.2M (+10.1% year over year; +11.8% a year from FY2020 to FY2025) with a 32.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.8% good |
|---|---|
| Free cash flow margin | 30.6% good |
| Return on equity (FY2025) | 7.6% weak |
| Return on assets (FY2025) | 3.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $483.4M | $202.1M | $238.2M |
| FY2021 | $562.2M | $192.3M | $296.7M |
| FY2022 | $657.3M | $178.3M | $276.3M |
| FY2023 | $707.8M | $192.8M | $283.2M |
| FY2024 | $767.4M | $189.2M | $309.8M |
| FY2025 | $845.2M | $273.5M | $258.9M |
Valuation snapshot
| Market value | $7.00B |
|---|---|
| P/E ratio | — |
| Dividend yield | 4.21% |
Rank among 1514 US companies
Market value at each year end
STAG Industrial’s market value went from $1.80B at the end of 2016 to $7.00B on Oct 28, 2026, about 3.9 times as much; since the end of 2025 it is up 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.00B | +2.0% |
| 2025 | $6.86B | +11.4% |
| 2024 | $6.16B | -13.6% |
| 2023 | $7.13B | +23.1% |
| 2022 | $5.79B | -28.9% |
| 2021 | $8.14B | +74.2% |
| 2020 | $4.67B | +11.4% |
| 2019 | $4.20B | +54.9% |
| 2018 | $2.71B | +5.4% |
| 2017 | $2.57B | +42.5% |
| 2016 | $1.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| STAG price data to Oct 28, 2026 | +2.0% | -0.7% | +8.3% | -0.2% | +9.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.0% |
| 2025 | +13.1% |
| 2024 | -10.4% |
| 2023 | +26.6% |
| 2022 | -29.7% |
| 2021 | +59.0% |
| 2020 | +4.2% |
| 2019 | +33.2% |
| 2018 | -3.8% |
| 2017 | +20.9% |
| 2016 | +38.3% |
| 2015 | -19.5% |
| 2014 | +27.1% |
| 2013 | +20.2% |
| 2012 | +68.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.9% over that stretch · deepest drop along the way 43.6%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39% over that stretch · deepest drop along the way 41.1%, back to its old high 42.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.81% | Mar 31, 2026 |
| FMR LLC | 7.3% | Jun 30, 2025 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.9% | Dec 31, 2025 |
ETFs with the most weight in STAG
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 4.05% |
| NETL NETLease Corporate Real Estate ETF | 3.79% |
| INDS Pacer Industrial Real Estate ETF | 3.09% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.22% |
| PPTY US Diversified Real Estate ETF | 2% |
| FPRO Fidelity Real Estate Investment ETF | 1.89% |
| GDIV Harbor Dividend Growth Leaders ETF | 1.42% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.6% |
What could go wrong
- Every building is industrial property. As of December 31, 2025, every STAG building was industrial. A slump in demand for industrial space would hurt it more than a landlord spread across several property types, such as offices or apartments.
- Many leases come up for renewal soon. The annual report warns that a significant share of STAG's properties have leases expiring within two years. If tenants leave, or new leases need concessions or lower rents, occupancy and income could fall.
- Tariffs could squeeze tenants that import goods. New US tariffs were imposed during 2025, and several countries responded with their own. Higher costs could hurt tenants that rely on imported goods and raise the cost of STAG's development projects.
- Higher interest rates raise costs, cut values. STAG had about $3.41 billion of debt as of September 30, 2026. Higher rates make refinancing more expensive and tend to push property values and REIT share prices down.
- Growth depends on raising outside money. REITs must distribute most of their taxable income, so STAG relies on new debt and new stock to fund acquisitions. New shares shrink each owner's slice. The share count rose 13.6% in the five years to October 2026.
- Tenant failures and limited bankruptcy recovery. A weak economy can push several tenants to default at once, and bankruptcy law limits what STAG can recover. No tenant exceeded about 2.8% of annualized base rent as of December 31, 2025.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
STAG paid $1.49 per share in dividends in fiscal 2025, up from $1.44 in fiscal 2020. That works out to about 0.7% growth a year. It has raised the annual payout two years running, but the fiscal 2023 total of $1.47 was below fiscal 2022's $1.49. The yield was 4.21% as of October 28, 2026. In fiscal 2025, dividends equaled 103.8% of net income and 109.7% of free cash flow, so free cash flow did not fully cover them. REITs often pay out more than net income because depreciation, a non-cash expense, lowers reported earnings. STAG did not repurchase any shares in fiscal 2021–2025, and its share count grew 13.6% over about five years.
In the 2020 COVID crash, the stock fell 43.6%. It regained its peak by July 29, 2020, about four months later. The 2022 bear market was harder: a 41.1% drop that took about 42 months to recover, until April 17, 2026. Like any single stock, STAG carries more risk than a diversified fund.
Questions investors ask
How does STAG Industrial make money?
STAG makes money by renting industrial buildings to businesses. It is a real estate investment trust (REIT) that acquires, develops and operates industrial property across the United States. As of December 31, 2025, it owned 601 buildings in 41 states, with about 120.0 million rentable square feet, and they were about 96.4% leased. Total revenue was $845.2 million in fiscal 2025, up 10.1% from the year before.
Does STAG Industrial raise its dividend every year?
No. STAG's dividends per share rose in fiscal 2024 and fiscal 2025, a two-year streak, reaching $1.49. But the fiscal 2023 total of $1.47 was below fiscal 2022's $1.49, so the fiscal 2025 payout roughly matched fiscal 2022's. Over the five years from fiscal 2020, when it paid $1.44, dividends per share grew only about 0.7% a year. The dividend yield was 4.21% as of October 28, 2026.
Is STAG Industrial's dividend covered by cash flow?
Not fully in fiscal 2025. Dividends paid of about $284 million equaled 109.7% of free cash flow, which was about $259 million, and 103.8% of net income. In fiscal 2024, by contrast, free cash flow of about $310 million exceeded dividends of about $275 million. REITs often pay out more than net income because depreciation, a non-cash charge, lowers reported profit. STAG's annual report warns that cash available for distribution may not support dividends at expected levels.
How much debt does STAG Industrial have?
STAG had about $3.41 billion of total debt as of September 30, 2026. That compares with about $3.65 billion of shareholders' equity and $7.50 billion of total assets. It held only about $12 million in cash. STAG borrows to acquire buildings, so higher interest rates can raise its costs when it borrows or refinances. Higher rates also tend to weigh on property values. Its annual report notes that loan covenants could limit its flexibility.
How did STAG stock perform in past market crashes?
It fell more than 40% in both the 2020 and 2022 downturns. In the COVID crash, STAG dropped 43.6% between February 21 and March 23, 2020, then regained its peak by July 29, 2020, about four months later. The 2022 bear market lasted longer: a 41.1% fall from January 3 to October 10, 2022, and no full recovery until April 17, 2026, about 42 months. Its trading history of about 15.5 years does not cover the 2008 financial crisis.