Latest Ratios: P/E Ratio -15.7x · EV/EBITDA 74.9x · 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 | $3.7B | $3.5B | $4.3B | — | — | — | — | — | — | — | — |
| Enterprise Value | $9.3B | $9.1B | $10.2B | — | — | — | — | — | — | — | — |
| P/E Ratio → | -15.67 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.32 | 7.02 | 157.05 | — | — | — | — | — | — | — | — |
| P/B Ratio | 2.28 | 2.12 | 2.22 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 | — | 18.26 | 372.42 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 74.92 | 73.69 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 76.66 | 43.11 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.0% | 3.2% | 4.8% | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.8% | 1.9% | 1.9% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.9% | 5.2% | 6.7% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $167M | $170M | $149M | $117M | $69M | $54M | $42M | $32M | $31M | $27M |
Portfolio Credit Quality Deterioration
As reported in recent financial filings, the absence of stable P/FFO and P/AFFO metrics, coupled with a negative P/E of -15.67, suggests that traditional valuation benchmarks are currently ineffective at capturing the underlying economic value of the company's complex, multi-segment mortgage and servicing platform.
The lack of meaningful FFO multiples reflects the extreme earnings volatility and persistent net losses that have characterized recent quarters. Investors should monitor whether the current discount to book value is a rational response to credit risk or an oversight of the intangible value embedded in the company's SBA servicing rights.
According to quarterly income statements, NOI margins have experienced extreme fluctuations, collapsing from 100% in late 2024 to a negative 110.8% in 2025Q4, which indicates that the company's property-level profitability is currently being overwhelmed by the costs of managing a distressed transitional loan portfolio.
The inability to maintain positive NOI margins suggests that recent acquisitions may have introduced significant operational drag rather than accretive growth. This trend warrants further investigation into whether the current margin contraction is a temporary integration hurdle or a permanent shift in the credit risk profile of the underlying assets.
Based on the company's reported figures, the debt-to-equity ratio of 3.55x in 2025Q4 appears to be an atypical metric for an mREIT, potentially masking the true extent of recourse leverage and the risks associated with the company's reliance on warehouse credit lines for its bridge lending operations.
The elevated leverage, when viewed alongside persistent negative net margins, suggests that the firm's capital structure may be increasingly disconnected from its ability to generate accretive returns. Analysts should reconstruct the recourse leverage to better understand the company's sensitivity to potential liquidity traps in the CMBS market.
As indicated by the company's financial filings, the market's reliance on standard P/E ratios is deeply misleading for this REIT, as it fails to account for the massive non-cash fair value adjustments and CECL reserves that consistently distort GAAP net income without impacting actual cash flow.
Investors should prioritize FFO and AFFO metrics over P/E to better assess the company's true earnings power. Relying on P/E obscures the impact of the company's unique SBA servicing platform and the non-operating charges that currently dominate the income statement.
Includes 30+ ratios · 14 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RCD stock.
Ready Capital Corporation Notes -15.12.29's current P/E ratio is -15.7x. This places it at the 50th percentile of its historical range.
Ready Capital Corporation Notes -15.12.29's current EV/EBITDA is 74.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 73.7x.
Ready Capital Corporation Notes -15.12.29's return on equity (ROE) is -12.8%. The historical average is 7.7%.
Based on historical data, Ready Capital Corporation Notes -15.12.29 is trading at a P/E of -15.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ready Capital Corporation Notes -15.12.29's current dividend yield is 3.00%.
Ready Capital Corporation Notes -15.12.29 has 87.7% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ready Capital Corporation Notes -15.12.29's Debt/EBITDA ratio is 47.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.