Latest Ratios: P/E Ratio -9.5x · 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 | $4.2B | $4.2B | $3.6B | $2.7B | $1.8B | — | — | — | — | — |
| Enterprise Value | $10.0B | $9.8B | $10.1B | $10.7B | $11.7B | $8.5B | — | — | — | — | — |
| P/E Ratio → | -9.52 | — | — | 10.76 | 15.28 | 16.83 | — | — | — | — | — |
| P/S Ratio | 149.02 | 8.39 | 152.19 | 9.14 | 7.05 | 6.01 | — | — | — | — | — |
| P/B Ratio | 2.21 | 2.54 | 2.15 | 1.35 | 1.42 | 1.39 | — | — | — | — | — |
| P/FCF | — | — | — | 107.83 | 7.53 | — | — | — | — | — | — |
| P/OCF | — | — | — | 107.83 | 7.53 | — | — | — | — | — | — |
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 | — | 19.63 | 367.56 | 27.37 | 30.60 | 28.77 | — | — | — | — | — |
| EV / EBITDA | — | 79.22 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 46.35 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 322.70 | 32.66 | — | — | — | — | — | — |
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 | 4.8% | 2.7% | 4.9% | 6.0% | 6.9% | 6.3% | — | — | — | — | — |
| 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 | — | — | — | 9.3% | 6.5% | 5.9% | — | — | — | — | — |
| FCF Yield | — | — | — | 0.9% | 13.3% | — | — | — | — | — | — |
| Buyback Yield | 2.0% | 1.6% | 2.0% | 0.5% | 1.4% | 5.5% | — | — | — | — | — |
| Total Shareholder Yield | 6.8% | 4.3% | 6.9% | 6.5% | 8.3% | 11.8% | — | — | — | — | — |
| Shares Outstanding | — | $167M | $170M | $149M | $117M | $69M | $54M | $42M | $32M | $31M | $27M |
Broadmark integration credit impairment
As reported in recent financial statements, Ready Capital's P/FFO multiple of 10.04x in 2025Q4 reflects significant market skepticism, as the company's valuation appears heavily influenced by the ongoing integration of the Broadmark portfolio and the resulting volatility in core earnings metrics compared to historical averages.
The current valuation suggests investors are applying a substantial complexity discount, likely due to the difficulty in reconciling GAAP net losses with the underlying cash-generating potential of the SBC and SBA lending segments. Given the negative FFO per share in recent periods, traditional P/FFO analysis remains constrained, warranting further investigation into whether the current price-to-book ratio of 2.21x accurately captures the potential for further asset impairments.
Based on reported figures, the company's NOI margin reached 93.0% in 2025Q4, yet this metric remains highly erratic following the Broadmark acquisition, suggesting that property-level profitability is currently driven more by accounting adjustments and portfolio restructuring than by consistent organic growth in the underlying loan book.
The extreme fluctuations in NOI margins indicate that the company's profitability profile is not yet stabilized, making it difficult to discern the true earnings power of the combined entity. Investors should monitor whether the recent margin expansion is sustainable or merely a temporary artifact of non-cash fair value adjustments that do not reflect actual operational efficiency.
According to recent SEC filings, Ready Capital's debt-to-equity ratio climbed to 3.55 in 2025Q4, a concerning trend that indicates the company's reliance on debt financing has intensified even as the total asset base has contracted significantly following the Broadmark integration and subsequent portfolio management efforts.
The rising leverage ratio, coupled with a negative interest coverage ratio of -1.38, suggests that the company's balance sheet is under significant stress. This environment warrants close monitoring of the company's ability to maintain access to securitization markets, as any further tightening in credit spreads could exacerbate existing liquidity constraints.
Financial data indicates that the market's reliance on the P/E ratio for Ready Capital is fundamentally flawed, as the metric fails to account for the significant non-cash depreciation and CECL provisions that distort GAAP earnings and obscure the company's actual economic health and cash-generating capacity.
The P/E ratio is particularly misleading for this REIT because it treats non-cash accounting charges as operational losses, thereby masking the underlying cash flow generated by the lending segments. Analysts should instead prioritize FFO and AFFO metrics, adjusted for non-recurring integration costs, to gain a more accurate understanding of the company's dividend sustainability and operational performance.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying RCC stock.
Ready Capital Corporation 5.75%'s current P/E ratio is -9.5x. The historical average is 14.3x.
Ready Capital Corporation 5.75%'s return on equity (ROE) is -12.8%. The historical average is 7.7%.
Based on historical data, Ready Capital Corporation 5.75% is trading at a P/E of -9.5x. Compare with industry peers and growth rates for a complete picture.
Ready Capital Corporation 5.75%'s current dividend yield is 4.83%.
Ready Capital Corporation 5.75% has 87.7% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ready Capital Corporation 5.75%'s Debt/EBITDA ratio is 47.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.