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Ready Capital Corporation (RCB) 10-Year Financial Performance & Capital Metrics

RCB • • REIT / Real Estate
Real EstateMortgage REITsSpecialty Mortgage REITsSmall Business & Specialty Lenders
AboutReady Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program through wholly-owned subsidiary, ReadyCap Lending, LLC. The Residential Mortgage Banking segment focuses on the residential mortgage loan origination segment through wholly-owned subsidiary, GMFS, LLC. The company was founded in November 2011 and is headquartered in New York, NY.Show more
  • Revenue $907M +112.6%
  • FFO -$424M -217.9%
  • FFO/Share -2.51 -203.6%
  • FFO Payout 0% -100.0%
  • FFO per Share -2.51 -203.6%
  • NOI Margin 88.06% +13.4%
  • FFO Margin -46.74% -155.4%
  • ROE -19.37% -229.7%
  • ROA -3.93% -239.3%
  • Debt/Assets 4.32% -94.1%
  • Net Debt/EBITDA -
  • Book Value/Share 11.45 -35.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High NOI margin of 88.1%
  • ✓Healthy dividend yield of 4.9%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.4%
  • ✗FFO declining 35.2% TTM
  • ✗Shares diluted 13.8% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y28.34%
5Y18.34%
3Y9.13%
TTM-48.98%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-35.27%

EPS CAGR

10Y-
5Y-
3Y-
TTM371.06%

ROCE

10Y Avg2.08%
5Y Avg2.75%
3Y Avg1.26%
Latest-3.8%

Peer Comparison

Small Business & Specialty Lenders
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Quality & Returns
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Momentum & Returns
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Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
LOANManhattan Bridge Capital, Inc.51.7M4.529.2232.68%69.99%12.22%9.53%0.52
REFIChicago Atlantic Real Estate Finance, Inc.261.97M12.436.61-4.44%64.78%11.54%8.84%0.34
RCReady Capital Corporation340.47M2.10-0.80-92.98%-15.93%-16.58%3.12
SACHSachem Capital Corp.49.12M1.03-1.1191.85%-10.02%-18.42%26.08%1.48
RCDReady Capital Corporation 9.00% Senior Notes due 20293.49B21.59-8.21-92.98%-15.93%-16.58%3.12
RCBReady Capital Corporation4.03B24.77-9.53112.63%-63.23%-8.07%0.23
SCCGSachem Capital Corp. 8.00% Note1.11B23.65-25.42-11.23%-81.91%-20.88%1.15%1.66

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+168.7M176.99M280.19M306.76M390.81M635M697.97M404.04M426.58M907.04M
Revenue Growth %1.25%0.05%0.58%0.09%0.27%0.62%0.1%-0.42%0.06%1.13%
Property Operating Expenses12.61M22.4M72.22M61.36M96.79M194.88M162.04M104.99M95.28M108.27M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+35.41M62.99M159.87M148.99M164.3M137.63M105.35M131.11M162.55M159.14M
G&A Expenses38.45M0000130.91M100.2M124.95M34.74M26.89M
EBITDA+73.36M115.36M236.85M260.68M178.95M237.92M427.15M25.71M899.56M-392.23M
EBITDA Margin %----------
Depreciation & Amortization+-47.32M109.7M232.21M255.62M172.7M10.83M16.01M25.07M20.23M19.77M
D&A / Revenue %----------
Operating Income+120.68M5.66M4.64M5.06M6.25M227.09M411.14M644.83K879.33M-412M
Operating Margin %----------
Interest Expense+18.85B000151.88M175.48K0403.7K716.47M-696.46M
Interest Coverage0.01x---0.04x1294.08x-1.60x1.23x-
Non-Operating Income67.45M31.12M-43.34M-46.08M-193.89M0-232.52M000
Pretax Income+53.23M138.54M129.63M167.14M228.04M54.45M189.06M175.03M358.42M-516.51M
Pretax Margin %----------
Income Tax+7.81M132.88M124.99M162.08M221.79M8.38M29.08M29.73K7.17M-104.51M
Effective Tax Rate %----------
Net Income+42.03M65.22M47.65M62.84M64.5M54.45K148.65M184.7M339.45M-443.75M
Net Margin %----------
Net Income Growth %0.31%0.55%-0.27%0.32%0.03%-1%2728.9%0.24%0.84%-2.31%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-1.57%34.1%0.6%0.14%-0.26%-0.95%14.13%0.27%0.71%-2.18%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+1.662.381.491.961.310.811.541.512.24-2.60
EPS Growth %0.28%0.43%-0.37%0.32%-0.33%-0.38%0.9%-0.02%0.48%-2.16%
EPS (Basic)1.662.381.491.911.310.811.551.322.27-2.62
Diluted Shares Outstanding25.29M27.42M32.04M32.13M49.23M53.82M68.66M117.19M148.57M169.11M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+2.33B2.61B2.52B487.62M4.98B5.37B9.53B11.62B12.44B10.14B
Asset Growth %0.39%0.12%-0.03%-0.81%9.21%0.08%0.77%0.22%0.07%-0.18%
Real Estate & Other Assets+1.77B-61.07M-80.61M-72.49M-177.82M4.89B-256.91M-336.11M11.97B9.78B
PP&E (Net)1.27M0004.53M3.17M2.4M1.69M2.54M0
Investment Securities1000K00001000K001000K0
Total Current Assets+41.59M59.7M63.45M54.41M0139M00138.53M143.8M
Cash & Equivalents56.33M79.76M75.09M83.33M119.66M186.67M281.1M218.97M139.2M143.8M
Receivables00001000K1000K1000K1000K1000K1000K
Other Current Assets0000-187.65M-88.81M-364.28M-301.36M-384.24M-88.65M
Intangible Assets28.25M87.49M97.3M122.98M0121.65M00120.59M165.45M
Total Liabilities1.85B3K3K3K4.13B4.54B8.25B9.72B9.79B8.2B
Total Debt+1.78B1.89B2.1B2.57B3.93B4.12B7.92B9.34B9.18B437.85M
Net Debt1.72B1.81B2.03B2.49B3.81B3.94B7.64B9.12B8.86B294.04M
Long-Term Debt1.14B890.88M1.78B1.82B3.01B3.12B5.81B8.34B8.51B0
Short-Term Borrowings1000K01000K1000K1000K1000K1000K1000K1000K1000K
Capital Lease Obligations000003.67M3M1.78M8.21M0
Total Current Liabilities+32.15M632K18.51M19.97M070.43M00433.83M437.85M
Accounts Payable0000000000
Deferred Revenue0000000000
Other Liabilities713.55M1.12B156.33M609.6M-3.03B1.42B-5.82B-8.37B615.26M7.76B
Total Equity+480.21M4.02B4.22B5.26B844.78M834.21M1.29B1.9B2.65B1.94B
Equity Growth %0.01%7.38%0.05%0.25%-0.84%-0.01%0.55%0.47%0.39%-0.27%
Shareholders Equity441.32M2.61B2.52B3.04B825.41M815.4M1.28B1.8B2.55B1.84B
Minority Interest38.89M1.42B1.7B2.22B19.37M18.81M4.49M99.15M98.46M97.7M
Common Stock2K3K3K05K5K8K11K17K17K
Additional Paid-in Capital447.09M513.29M539.46M540.48M822.84M849.54M1.16B1.68B2.32B2.25B
Retained Earnings-5.9M513.1M536.07M544.83M8.75M-24.2M8.6M4.99M124.41M-505.09M
Preferred Stock125K005.27M00119.74M119.74M119.74M119.74M
Return on Assets (ROA)0.02%0.03%0.02%0.04%0.02%0%0.02%0.02%0.03%-0.04%
Return on Equity (ROE)0.09%0.03%0.01%0.01%0.02%0%0.14%0.12%0.15%-0.19%
Debt / Assets0.76%0.73%0.83%5.27%0.79%0.77%0.83%0.8%0.74%0.04%
Debt / Equity3.71x0.47x0.50x0.49x4.65x4.94x6.14x4.92x3.47x0.23x
Net Debt / EBITDA23.50x15.71x8.56x9.53x21.29x16.55x17.88x354.61x9.84x-
Book Value per Share18.99146.76131.84163.7017.1615.5018.7716.2017.8211.45

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+27.59M-10.23M-20.14M-21.45M-50.45M-7.03M-77.51M3.35B33.07M-51.22M
Operating CF Growth %1.11%-1.37%-0.97%-0.07%-1.35%0.86%-10.02%44.22%-0.99%-2.55%
Operating CF / Revenue %----------
Net Income41.04M51.33M43.23M59.04M72.31M43.48M148.65M184.7M341M-418.49M
Depreciation & Amortization10.5M5.66M4.64M5.06M6.25M10.83M16.01M25.07M20.23M19.77M
Stock-Based Compensation00290K447K1.48M5.3M0000
Other Non-Cash Items560K-39.88M-88.86M-60.91M-133.71M-154.95M-224.92M3.17B-195.18M482.28M
Working Capital Changes-5.68M-25.59M20.28M-12.58M-15.17M71.9M-17.25M-28.29M-132.97M-134.79M
Cash from Investing+-187.35M409.68M136.9M-419.01M-1.21B16.48M-1.68B-4.55B1.04B1.86B
Acquisitions (Net)034.93M00-5M0-11.54M123.71M38.71M-44.37M
Purchase of Investments175.83M-1.59B-908.19M-74.88M-36.37M0-59.71M-139.21M-37.79M-34.65M
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Investing-477K-2.32M-1.1M-555K-1.22B-18.2M-3.68B-4.78B942.95M1.86B
Cash from Financing+144.59M-381.46M-106.5M444.48M1.3B63.05M1.88B1.17B-1.09B-1.88B
Dividends Paid-35.61M-46.87M-48.32M-51.32M-63.33M-56.88M-111.92M-187.83M-215.09M-206.06M
Common Dividends-35.61M-46.87M-48.26M-51.32M-63.33M-56.88M0000
Debt Issuance (Net)1000K-1000K-1000K1000K1000K1000K1000K1000K-1000K-1000K
Share Repurchases0-130K0-103K2K-10.52M-98.24M-36.97M-18.11M-82.25M
Other Financing-121K-1K-16.95M-8.92M-29.41M-13.19M-12.65M-29.13M35.27M-41.89M
Net Change in Cash+-414K38.19M-4.67M8.24M36.33M67.02M94.43M-62.13M-50.37M5.77M
Exchange Rate Effect0-1000K001000K-1000K-1000K-1000K-1000K1000K
Cash at Beginning56.74M41.57M79.76M75.09M83.33M119.66M186.67M281.1M218.97M168.59M
Cash at End56.33M79.76M75.09M83.33M119.66M186.67M281.1M218.97M168.59M174.36M
Free Cash Flow+27.59M-10.23M-20.14M-21.82M-51.34M-7.03M-77.51M3.35B33.07M-51.22M
FCF Growth %1.11%-1.37%-0.97%-0.08%-1.35%0.86%-10.02%44.22%-0.99%-2.55%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share-0.216.388.739.914.820.22.41.792.42-2.51
FFO Payout Ratio-673.77%26.8%17.24%16.11%26.7%522.63%67.97%89.54%59.8%0%
NOI Margin92.53%87.35%74.22%80%75.23%69.31%76.78%74.01%77.67%88.06%
Net Debt / EBITDA23.50x15.71x8.56x9.53x21.29x16.55x17.88x354.61x9.84x-
Debt / Assets76.41%72.62%83.28%526.72%78.97%76.77%83.06%80.35%73.78%4.32%
Interest Coverage0.01x---0.04x1294.08x-1.60x1.23x-
Book Value / Share18.99146.76131.84163.717.1615.518.7716.217.8211.45
Revenue Growth125.41%4.92%58.31%9.48%27.4%62.48%9.92%-42.11%5.58%112.63%

Frequently Asked Questions

Growth & Financials

Ready Capital Corporation (RCB) reported $240.3M in revenue for fiscal year 2024. This represents a 97% decrease from $9.40B in 2012.

Ready Capital Corporation (RCB) grew revenue by 112.6% over the past year. This is strong growth.

Ready Capital Corporation (RCB) reported a net loss of $151.9M for fiscal year 2024.

Dividend & Returns

Yes, Ready Capital Corporation (RCB) pays a dividend with a yield of 4.92%. This makes it attractive for income-focused investors.

Ready Capital Corporation (RCB) has a return on equity (ROE) of -19.4%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Ready Capital Corporation (RCB) generated Funds From Operations (FFO) of $-115.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Ready Capital Corporation (RCB) offers a 4.92% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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