A Business at a Glance
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Ready Capital Corp
RC
$242M
Mkt Cap
$1.47
-0.68%
Ready Capital Corp (RC) has a 5-year average return on invested capital (ROIC) of 8.2%. This is below average and may indicate limited pricing power.
Ready Capital Corp (RC) has a market capitalization of $242M. It is classified as a small-cap stock.
Yes, Ready Capital Corp (RC) pays a dividend with a trailing twelve-month yield of 46.85%. The company also returns capital through share buybacks, with a buyback yield of 27.95%.
Ready Capital Corp (RC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Ready Capital Corp (RC) generated $432 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Ready Capital Corp (RC) has a debt-to-equity ratio of 1.03. This indicates moderate leverage.
Ready Capital Corp (RC) reported earnings per share (EPS) of $-1.44 in its most recent fiscal year.
In this Form 10-K, we refer to Ready Capital Corporation and its subsidiaries as “we,” “us,” “our,” or “our Company” unless we specifically state otherwise or the context indicates otherwise. We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA loans, construction loans, USDA loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real estate-related investments. Our loans range in original principal amounts generally up to $40 million and are used by businesses to purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, mixed use or warehouse properties. Our objective is to provide attractive risk-adjusted returns to our stockholders.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | - | - | 638M | 426M | 324M |
| Net Income | -237M | -237M | -444M | 331M | 186M | 150M |
| EPS | $-1.44 | $-1.44 | $-2.63 | $2.22 | $1.65 | $2.16 |
| Free Cash Flow | 432M | 432M | 275M | 51M | 359M | -34M |
| ROIC | 1.5% | 1.7% | 1.5% | 10.1% | 7.3% | 20.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.03 | 1.03 | 0.83 | 0.51 | 0.70 | 0.75 |
| Dividends/Share | $0.69 | $0.69 | $1.10 | $1.46 | $1.66 | $1.66 |
| Operating Income | 54M | 54M | 51M | 106M | 56M | 369M |
| Operating Margin | 0.0% | - | - | 16.5% | 13.2% | - |
| ROE | -15.3% | -14.0% | -20.3% | 15.3% | 12.1% | 14.4% |
| Shares Outstanding | 165M | 165M | 169M | 149M | 113M | 70M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 78M | 121M | 145M | 205M | 208M | 253M | 418M | 324M | 426M | 638M | N/A | N/A | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 13M | 19M | 25M | 55M | 57M | 51M | 92M | 90M | 99M | 272M | 323M | 317M | 317M |
| EBIT | 8.1M | 14M | 9.2M | 7.4M | 170M | 11M | 42M | 369M | 56M | 106M | 51M | 54M | 54M |
| Op. Margin | 10.3% | 12.0% | 6.3% | 3.6% | 81.5% | 4.4% | 9.9% | N/A | 13.2% | 16.5% | N/A | N/A | 0.0% |
| Net Income | 29M | 40M | 49M | 43M | 59M | 73M | 45M | 150M | 186M | 331M | -444M | -237M | -237M |
| Net Margin | 37.4% | 33.5% | 34.0% | 21.1% | 28.4% | 28.9% | 10.7% | 46.4% | 43.7% | 52.0% | N/A | N/A | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 756K | 1.1M | 1.3M | 3.5M | 2.3M | 4.0M | 8.6M | 57M | 24M | 24M |
| Returns on Capital | |||||||||||||
| ROIC | 17.3% | 3.4% | 10.2% | 8.1% | 22.5% | 6.8% | 2.9% | 20.5% | 7.3% | 10.1% | 1.5% | 1.7% | 1.5% |
| ROE | 17.6% | 13.1% | 10.3% | 8.2% | 10.9% | 10.7% | 5.5% | 14.4% | 12.1% | 15.3% | -20.3% | -14.0% | -15.3% |
| ROA | 4.2% | 2.6% | 2.0% | 1.7% | 2.1% | 1.8% | 0.9% | 2.0% | 1.8% | 2.8% | -3.9% | -2.6% | -3.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 256M | 29M | 16M | 352M | 140M | -52M | 69M | -34M | 359M | 51M | 275M | 432M | 432M |
| Free Cash Flow | 255M | 29M | 16M | 352M | 139M | -53M | 69M | -34M | 359M | 51M | 275M | 432M | 432M |
| Owner Earnings | 256M | 28M | 16M | 352M | 140M | -54M | 62M | -43M | 350M | 44M | 267M | 423M | 423M |
| CapEx | 1.3M | 0 | 0 | 0 | 1.6M | 117K | 329K | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 154K | 934K | 615K | 400K | 400K | 500K | 1.3M | 1.4M | 1.6M | 0 | 0 | 2.8M | 2.8M |
| Growth CapEx | 1.2M | N/A | N/A | N/A | 1.2M | 0 | 0 | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 154K | 934K | 615K | 400K | 400K | 500K | 1.3M | 1.4M | 1.6M | 0 | 0 | 2.8M | 2.8M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 1.1% | N/A | 0.5% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 17M | 36M | 47M | 48M | 51M | 63M | 57M | 112M | 188M | 215M | 206M | 113M | 113M |
| Dividend Yield | 38.9% | 29.0% | 37.8% | 28.2% | 26.0% | 22.2% | 19.5% | 19.5% | 19.5% | 18.1% | 17.5% | 16.5% | 46.9% |
| Share Buybacks | 0 | 0 | 1K | 0 | 0 | 0 | 9.2M | 0 | 37M | 18M | 82M | 68M | 68M |
| Buyback Yield | N/A | N/A | 0.0% | N/A | N/A | N/A | 2.5% | N/A | 4.4% | 1.4% | 7.8% | 18.4% | 27.9% |
| Stock-Based Comp | N/A | N/A | 0 | 582K | 127K | 1.5M | 5.3M | 6.9M | 7.5M | 7.6M | 8.1M | 5.8M | 5.8M |
| Debt Repayment | 174M | 35M | 0 | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 247M | 247M |
| Balance Sheet | |||||||||||||
| Net Debt | 249M | -110M | -46M | 74M | 318M | 421M | 349M | 761M | 1.1B | 1.2B | 1.4B | 1.4B | 1.4B |
| Cash & Equiv. | 57M | 42M | 60M | 63M | 54M | 68M | 139M | 193M | 147M | 139M | 144M | 208M | 208M |
| Long-Term Debt | 5.7M | 5.8M | 7.4M | 6.1M | 337M | 440M | 443M | 897M | 1.1B | 1.1B | 1.3B | 1.4B | 1.4B |
| Debt/Equity | 1.77 | 0.41 | 0.65 | 0.26 | 0.68 | 0.59 | 0.60 | 0.75 | 0.70 | 0.51 | 0.83 | 1.03 | 1.03 |
| Interest Coverage | 0.4 | 0.3 | 0.2 | 0.1 | 1.6 | 0.1 | 0.2 | 1.8 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Equity | 173M | 441M | 513M | 536M | 545M | 825M | 815M | 1.3B | 1.8B | 2.5B | 1.8B | 1.5B | 1.5B |
| Total Assets | 792M | 2.3B | 2.6B | 2.5B | 3.0B | 5.0B | 5.4B | 9.5B | 11.6B | 12.4B | 10.1B | 7.8B | 7.8B |
| Total Liabilities | 599M | 1.8B | 2.1B | 2.0B | 2.5B | 4.1B | 4.5B | 8.2B | 9.7B | 9.8B | 8.2B | 6.1B | 6.1B |
| Intangibles | 5.7M | 1.0M | 3.6M | 3.3M | 2.9M | 8.3M | 7.0M | 15M | 15M | 18M | 37M | 38M | 38M |
| Retained Earnings | 9.0M | -5.9M | -201K | -3.4M | 5.3M | 8.7M | -24M | 8.6M | 5.0M | 124M | -505M | -808M | -808M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | N/A | 30M | 31M | 40M | 40M |
| Current Liabilities | 12M | 7.1M | 17M | 17M | 20M | 21M | 36M | 43M | 31M | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 3.08 | 1.59 | 1.85 | 1.38 | 1.84 | 1.72 | 0.81 | 2.16 | 1.65 | 2.22 | -2.63 | -1.44 | -1.44 |
| Owner EPS | 26.91 | 1.09 | 0.60 | 11.22 | 4.36 | -1.28 | 1.12 | -0.61 | 3.10 | 0.29 | 1.58 | 2.57 | 2.57 |
| Book Value | 18.19 | 17.38 | 19.31 | 17.11 | 16.98 | 19.46 | 14.72 | 18.35 | 15.87 | 17.01 | 10.89 | 9.38 | 9.38 |
| Cash Flow/Share | 26.93 | 1.12 | 0.62 | 11.25 | 4.37 | -1.24 | 1.24 | -0.50 | 3.18 | 0.34 | 1.63 | 2.63 | -1.42 |
| Dividends/Share | 1.82 | 1.78 | 1.61 | 1.48 | 1.57 | 1.60 | 1.30 | 1.66 | 1.66 | 1.46 | 1.10 | 0.69 | 0.69 |
| Shares Out. | 9.5M | 25.4M | 26.6M | 31.3M | 32.1M | 42.4M | 55.4M | 69.6M | 112.9M | 149.3M | 168.7M | 164.5M | 164.5M |
| Valuation | |||||||||||||
| P/E Ratio | 1.6 | 3.0 | 2.6 | 4.3 | 3.2 | 4.2 | 8.4 | 4.3 | 4.5 | 3.8 | N/A | N/A | -1.0 |
| P/FCF | 0.2 | 4.3 | 7.7 | 0.5 | 1.4 | N/A | 5.5 | N/A | 2.4 | 24.4 | 3.8 | 0.8 | 0.6 |
| EV/EBIT | 5.7 | N/A | 73.6 | 35.3 | 90.8 | 65.7 | 17.5 | 3.8 | 34.7 | 27.7 | 54.8 | 34.4 | 30.2 |
| Price/Book | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.2 | 0.2 |
| Price/Sales | 0.6 | 6.1 | 2.3 | 0.8 | 0.9 | 1.1 | N/A | N/A | 2.3 | 1.9 | N/A | N/A | N/A |
| FCF Yield | 537.2% | 23.3% | 13.1% | 188.2% | 73.6% | -17.2% | 18.2% | -5.3% | 42.4% | 4.1% | 26.2% | 117.8% | 178.7% |
| Market Cap | 47M | 122M | 126M | 187M | 189M | 306M | 377M | 653M | 847M | 1.2B | 1.0B | 367M | 242M |
| Avg. Price | 4.67 | 4.84 | 4.66 | 5.46 | 6.16 | 6.73 | 5.28 | 8.24 | 8.54 | 7.96 | 7.00 | 4.18 | 1.47 |
| Year-End Price | 4.99 | 4.81 | 4.74 | 5.98 | 5.88 | 7.22 | 6.80 | 9.38 | 7.51 | 8.37 | 6.21 | 2.23 | 1.47 |
Ready Capital Corp passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 0.6x vs a median of 3.1x. The company's 5-year average ROIC is 8.2%. Total shareholder yield (dividends + buybacks) is 74.8%. At current prices, the estimated annualized return to fair value is +2.5%.
Ready Capital Corp (RC) has a return on equity (ROE) of -14.0%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 14 years of financial data for Ready Capital Corp (RC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Ready Capital Corp (RC) has a book value per share of $9.38, based on its most recent annual SEC filing.
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