Latest Ratios: P/E Ratio -1.2x · EV/EBITDA 47.6x · ROE -12.8%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $278M | $365M | $1.2B | $1.5B | $1.3B | $1.1B | $670M | $648M | $444M | $475M | $358M |
| Enterprise Value | $5.9B | $6.0B | $7.1B | $8.6B | $10.3B | $7.8B | $4.7B | $4.5B | $2.7B | $2.2B | $1.5B |
| P/E Ratio → | -1.17 | — | — | 4.60 | 7.38 | 10.15 | 15.37 | 8.97 | 7.48 | 10.98 | 7.27 |
| P/S Ratio | 0.56 | 0.73 | 42.50 | 3.91 | 3.41 | 3.62 | 1.74 | 3.28 | 2.81 | 3.11 | 2.87 |
| P/B Ratio | 0.17 | 0.22 | 0.60 | 0.58 | 0.69 | 0.84 | 0.80 | 0.77 | 0.79 | 0.86 | 0.65 |
| P/FCF | — | — | — | 46.05 | 3.64 | — | 9.73 | — | 3.17 | 1.35 | 4.44 |
| P/OCF | — | — | — | 46.05 | 3.64 | — | 9.73 | — | 3.16 | 1.35 | 24.28 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.97 | 257.88 | 22.13 | 26.95 | 26.38 | 12.09 | 22.80 | 17.04 | 14.31 | 12.14 |
| EV / EBITDA | 47.61 | 48.31 | — | — | — | — | — | — | 20.10 | 12.13 | 13.86 |
| EV / EBIT | 48.72 | 28.27 | — | — | — | — | — | — | 52.72 | — | — |
| EV / FCF | — | — | — | 260.93 | 28.77 | — | 67.52 | — | 19.27 | 6.21 | 18.79 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.7% | 87.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 81.8% | 49.6% | 47.5% |
| Operating Margin | 24.2% | 24.2% | — | — | — | — | — | — | -76.8% | -33.9% | -0.2% |
| Net Profit Margin | -45.8% | -45.8% | -1593.0% | 87.1% | 50.7% | 53.2% | 11.7% | 36.9% | 37.4% | 28.3% | 39.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.8% | -12.8% | -19.0% | 14.9% | 12.2% | 14.9% | 5.3% | 10.4% | 10.6% | 7.8% | 13.5% |
| ROA | -2.6% | -2.6% | -3.9% | 2.8% | 1.8% | 2.1% | 0.9% | 1.8% | 2.1% | 1.7% | 2.9% |
| ROIC | 1.2% | 1.2% | — | — | — | — | — | — | -3.6% | -2.0% | -0.0% |
| ROCE | 1.4% | 1.4% | — | — | — | — | — | — | -4.5% | -2.1% | -0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.55 | 3.55 | 3.12 | 2.74 | 4.92 | 6.18 | 4.94 | 4.65 | 4.09 | 3.20 | 2.21 |
| Debt / EBITDA | 47.37 | 47.37 | — | — | — | — | — | — | 17.20 | 9.84 | 11.13 |
| Net Debt / Equity | — | 3.40 | 3.04 | 2.68 | 4.75 | 5.27 | 4.77 | 4.57 | 3.99 | 3.08 | 2.10 |
| Net Debt / EBITDA | 45.37 | 45.37 | — | — | — | — | — | — | 16.79 | 9.49 | 10.58 |
| Debt / FCF | — | — | — | 214.88 | 25.13 | — | 57.80 | — | 16.10 | 4.86 | 14.35 |
| Interest Coverage | 0.41 | 0.41 | — | — | — | — | — | — | 0.47 | -0.33 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | — | 0.79 | 0.63 | 0.36 | 0.07 | 0.27 | 17.15 | 0.94 | 4.89 |
| Quick Ratio | 1.04 | 1.04 | — | 1.17 | 0.38 | 0.44 | 0.07 | 0.50 | 16.98 | 1.02 | 4.84 |
| Cash Ratio | 1.24 | 1.24 | — | 0.41 | 0.62 | 0.35 | 0.24 | 0.17 | 0.63 | 0.73 | 4.64 |
| Asset Turnover | — | 0.06 | 0.00 | 0.03 | 0.03 | 0.03 | 0.07 | 0.04 | 0.05 | 0.06 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.98 | — | 16.68 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 40.3% | 31.1% | 17.7% | 14.1% | 14.4% | 10.4% | 8.5% | 9.8% | 11.6% | 10.2% | 13.1% |
| Payout Ratio | — | — | — | — | 96.7% | 71.0% | 126.8% | 86.8% | 86.6% | 111.5% | 95.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 21.8% | 13.6% | 9.9% | 6.5% | 11.2% | 13.4% | 9.1% | 13.8% |
| FCF Yield | — | — | — | 2.2% | 27.5% | — | 10.3% | — | 31.5% | 74.2% | 22.5% |
| Buyback Yield | 24.4% | 18.5% | 7.1% | 1.2% | 2.8% | 9.2% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 64.7% | 49.6% | 24.8% | 15.3% | 17.2% | 19.6% | 9.9% | 9.8% | 11.6% | 10.2% | 13.1% |
| Shares Outstanding | — | $167M | $170M | $149M | $117M | $69M | $54M | $42M | $32M | $31M | $27M |
Dividend sustainability and credit impairment
Based on reported figures, the company trades at a price-to-book ratio of 0.18, a valuation level that suggests the market is heavily discounting the quality of the underlying loan portfolio following recent large-scale acquisitions and persistent negative FFO performance.
The extreme discount to book value indicates that investors are pricing in significant potential for further asset impairments and integration-related write-downs. This valuation gap appears to reflect deep skepticism regarding the company's ability to stabilize its earnings power in the current high-rate environment.
According to quarterly financial data, NOI margins have experienced extreme volatility, collapsing to -110.8% in 2025Q4, which suggests that property-level operating expenses and credit provisions are currently overwhelming the company's interest income streams.
The shift from positive margins to deep negative territory implies that the company's transitional lending portfolio is struggling with stabilization, likely exacerbated by the integration of distressed assets. This trend warrants further investigation into whether these margin pressures are temporary accounting artifacts or indicative of structural deterioration in the loan book.
As reported in recent filings, the debt-to-equity ratio reached 3.55x in 2025Q4, reflecting a persistent reliance on debt financing that, when paired with negative FFO, suggests a capital structure that may limit the company's flexibility to absorb further credit losses.
The combination of elevated leverage and negative interest coverage ratios suggests that the company's ability to service its debt obligations is under significant strain. Investors should monitor whether the current debt levels necessitate further capital recycling or asset sales to maintain liquidity.
Financial statements indicate that the market's reliance on standard P/E ratios for Ready Capital is fundamentally flawed, as the metric fails to account for the massive non-cash charges and CECL reserves that consistently distort the company's reported net income.
Using P/E to evaluate this REIT obscures the underlying cash-generating capacity of the platform, as it treats non-cash impairment charges as recurring operational expenses. Analysts should instead focus on adjusted FFO and distributable earnings to better understand the company's actual ability to support its dividend and operational requirements.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying RC stock.
Ready Capital Corporation's current P/E ratio is -1.2x. The historical average is 16.6x.
Ready Capital Corporation's current EV/EBITDA is 47.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.6x.
Ready Capital Corporation's return on equity (ROE) is -12.8%. The historical average is 7.7%.
Based on historical data, Ready Capital Corporation is trading at a P/E of -1.2x. Compare with industry peers and growth rates for a complete picture.
Ready Capital Corporation's current dividend yield is 40.33%.
Ready Capital Corporation has 87.7% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ready Capital Corporation's Debt/EBITDA ratio is 47.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.