Latest Ratios: P/E Ratio -9.7x · EV/EBITDA N/A · 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 | $4.1B | $4.1B | $4.2B | $3.5B | $2.7B | $1.8B | $1.3B | $1.3B | — | — | — |
| Enterprise Value | $4.4B | $9.7B | $4.5B | $12.4B | $11.9B | $9.4B | $5.3B | $5.2B | — | — | — |
| P/E Ratio → | -9.75 | — | — | 10.63 | 15.47 | 16.77 | 30.85 | 20.93 | — | — | — |
| P/S Ratio | 4.55 | 8.24 | 4.63 | 8.29 | 6.78 | 2.54 | 2.12 | 3.45 | — | — | — |
| P/B Ratio | 2.21 | 2.49 | 2.17 | 1.34 | 1.44 | 1.38 | 1.61 | 1.60 | — | — | — |
| P/FCF | — | 9.03 | — | 106.93 | 0.82 | — | — | — | — | — | — |
| P/OCF | — | 9.03 | — | 106.93 | 0.82 | — | — | — | — | — | — |
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 | — | 19.48 | 4.96 | 29.05 | 29.34 | 13.48 | 8.32 | 13.21 | — | — | — |
| EV / EBITDA | — | 78.61 | — | 13.77 | 461.07 | 22.03 | 22.20 | 28.84 | — | — | — |
| EV / EBIT | — | 45.99 | 31.60 | 14.09 | 18.47 | 22.89 | 23.26 | 15.74 | — | — | — |
| EV / FCF | — | 21.34 | — | 374.72 | 3.54 | — | — | — | — | — | — |
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% | 88.1% | 246.2% | 190.0% | 76.8% | 69.3% | 75.2% | 80.0% | 74.2% | 87.3% |
| Operating Margin | 24.2% | 24.2% | -45.4% | 206.1% | 0.2% | 58.9% | 35.8% | 1.6% | 1.6% | 1.7% | 3.2% |
| Net Profit Margin | -45.8% | -45.8% | -48.9% | 79.6% | 45.7% | 21.3% | 0.0% | 16.5% | 20.5% | 17.0% | 36.8% |
| 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% | -19.4% | 14.9% | 11.6% | 14.0% | 0.0% | 2.1% | 1.3% | 1.2% | 2.9% |
| ROA | -2.6% | -2.6% | -3.9% | 2.8% | 1.7% | 2.0% | 0.0% | 2.4% | 4.2% | 1.9% | 2.6% |
| ROIC | 4.2% | 4.2% | -4.4% | 5.8% | 0.0% | 4.5% | 3.6% | 0.1% | 0.1% | 0.1% | 0.1% |
| ROCE | 1.4% | 1.4% | -3.8% | 7.6% | 0.0% | 5.5% | 4.4% | 0.2% | 0.3% | 0.2% | 0.2% |
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 | 0.44 | 0.44 | 0.23 | 3.47 | 4.92 | 6.14 | 4.94 | 4.65 | 0.49 | 0.50 | 0.47 |
| Debt / EBITDA | 5.84 | 5.84 | — | 10.20 | 363.13 | 18.54 | 17.34 | 21.96 | 9.85 | 8.87 | 16.40 |
| Net Debt / Equity | — | 3.40 | 0.15 | 3.35 | 4.80 | 5.93 | 4.72 | 4.51 | 0.47 | 0.48 | 0.45 |
| Net Debt / EBITDA | 45.37 | 45.37 | — | 9.84 | 354.61 | 17.88 | 16.55 | 21.29 | 9.53 | 8.56 | 15.71 |
| Debt / FCF | — | 12.32 | — | 267.79 | 2.72 | — | — | — | — | — | — |
| Interest Coverage | 0.41 | 0.41 | 0.20 | 1.23 | 1589.88 | — | 1294.08 | 2.16 | — | — | — |
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 | 0.29 | 0.29 | 0.33 | 0.32 | — | — | 1.97 | — | 2.72 | 3.43 | 94.46 |
| Quick Ratio | 0.29 | 0.29 | 0.33 | -0.26 | — | — | 1.97 | — | 157.40 | 141.67 | 4817.82 |
| Cash Ratio | 0.34 | 0.34 | 0.33 | 0.32 | — | — | 2.65 | — | 4.17 | 4.06 | 632.50 |
| Asset Turnover | — | 0.06 | 0.09 | 0.03 | 0.03 | 0.07 | 0.12 | 0.08 | 0.63 | 0.11 | 0.07 |
| Inventory Turnover | — | — | — | 0.38 | — | — | — | — | — | — | — |
| 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 | 4.8% | 2.8% | 4.9% | 6.1% | 6.9% | 6.3% | 4.2% | 4.7% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 104466.2% | 98.2% | 81.7% | 101.3% | 71.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 9.4% | 6.5% | 6.0% | 3.2% | 4.8% | — | — | — |
| FCF Yield | — | 11.1% | — | 0.9% | 122.4% | — | — | — | — | — | — |
| Buyback Yield | 2.0% | 1.6% | 2.0% | 0.5% | 1.4% | 5.5% | 0.8% | 0.0% | — | — | — |
| Total Shareholder Yield | 6.8% | 4.4% | 6.9% | 6.6% | 8.2% | 11.9% | 5.0% | 4.7% | — | — | — |
| Shares Outstanding | — | $167M | $169M | $149M | $117M | $69M | $54M | $49M | $32M | $32M | $27M |
Portfolio Credit Quality Erosion
As reported in recent financial filings, Ready Capital's P/FFO multiple has become increasingly difficult to interpret, with negative FFO per share of -$1.21 in 2026Q1 rendering traditional valuation metrics largely ineffective for assessing the company's current market pricing relative to its historical trading range.
The absence of positive FFO or AFFO metrics suggests that investors are currently unable to anchor valuation on earnings-based multiples. This lack of fundamental support, combined with a P/B ratio of 2.21, implies that the market may be pricing the company based on asset liquidation potential rather than ongoing operational profitability.
Based on the company's reported figures, NOI margins have exhibited extreme volatility, swinging from 100% in 2025Q2 to periods of data unavailability, which underscores the instability of the firm's small-balance commercial and residential mortgage banking segments during the current high-interest-rate environment.
The erratic nature of these margins suggests that the company's core lending platforms are struggling to maintain consistent spreads between interest income and financing costs. This volatility may indicate that non-operating pressures, such as provisions for credit losses, are effectively neutralizing the gains from the firm's origination activities.
According to recent balance sheet data, the debt-to-equity ratio has shifted significantly from 3.62 in 2024Q2 to 0.50 in 2026Q1, reflecting a substantial reduction in recourse leverage that appears to be a defensive response to the ongoing erosion of the company's loan portfolio quality.
While the lower debt-to-equity ratio might appear to improve the balance sheet profile, it is occurring alongside a massive contraction in total assets, suggesting a forced deleveraging rather than a strategic capital optimization. Investors should monitor whether this reduction in leverage is sufficient to offset the risks inherent in the remaining construction and bridge loan exposures.
As indicated by the company's negative TTM P/E of -9.75, the standard price-to-earnings ratio is fundamentally misapplied to Ready Capital, as it fails to account for the massive non-cash fair value adjustments that frequently distort GAAP net income and obscure the firm's actual cash-generating capacity.
Analysts should instead prioritize Distributable Earnings, which strips out these non-cash marks to provide a clearer view of the company's ability to cover its dividend. Relying on P/E in this context risks misinterpreting accounting volatility as operational performance, potentially leading to flawed conclusions regarding the company's true economic health.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying RCB stock.
Ready Capital Corporation's current P/E ratio is -9.7x. The historical average is 18.9x.
Ready Capital Corporation's return on equity (ROE) is -12.8%. The historical average is 2.4%.
Based on historical data, Ready Capital Corporation is trading at a P/E of -9.7x. Compare with industry peers and growth rates for a complete picture.
Ready Capital Corporation's current dividend yield is 4.81%.
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 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.