The company maintains a high-leverage profile with a debt-to-equity ratio consistently ranging between 3.65x and 4.28x over the last ten quarters, reflecting significant reliance on debt to fund its $53.4 billion asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 53.37B | 53.06B | 46.05B | 39.72B | 34.59B | 39.74B | 33.25B | 44.88B | 31.69B | 22.21B | 18.37B | 15.19B | 8.09B | 5.96B | 534.88M |
| Asset Growth % | 50.01% | 15.23% | 15.94% | 14.83% | -12.97% | 19.52% | -25.9% | 41.61% | 42.67% | 20.96% | 20.88% | 87.71% | 35.83% | 1014.03% | - |
| Real Estate & Other Assets | 10.77B | 10.83B | -27.1B | -22.36B | 4.59B | 4.19B | -19.38B | -107.45M | 24.18M | -11.15B | -7.33B | -4.3B | -3.21B | -2.65B | -534.79M |
| PP&E (Net) | 191.14M | 206.05M | 169.72M | 144.25M | 115.21M | 173.75M | 54.41M | 50.14M | 11.26M | 11.13B | 7.18B | 4.12B | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 8.69B | 9.37B | 0 | 0 | 10.26B | 11.73B | 19.29B | 30.28B | 21.21B | 40.93M | 37.85M | 40.76M | 2.68B | 2.25B | 289.84M |
| Cash & Equivalents | 1.65B | 1.85B | 1.46B | 1.29B | 1.34B | 1.33B | 944.85M | 528.74M | 251.06M | 295.8M | 290.6M | 249.94M | 212.99M | 271.99M | 0 |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | 84K |
| Other Current Assets | 722.2M | 809.31M | -16.29B | -14.06B | 271.76M | 195.87M | -160.24M | 15.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 11.23B | 10.73B | 10.65B | 8.79B | 9.35B | 7B | 5.03B | 4.51B | 3.5B | 3.08B | 2.25B | 1.8B | 748.61M | 676.92M | 245.04M |
| Total Liabilities | 43.87B | 43.81B | 38.16B | 32.62B | 27.58B | 33.07B | 27.82B | 37.64B | 25.6B | 17.42B | 14.9B | 12.21B | 6.24B | 4.45B | 156.52M |
| Total Debt | 39.77B | 39.58B | 32.79B | 26.96B | 25.33B | 31.71B | 25.73B | 7.72B | 7.1B | 7.08B | 7.99B | 7.25B | 2.91B | 2.49B | 150.92M |
| Net Debt | 38.13B | 37.73B | 31.33B | 25.68B | 23.99B | 30.38B | 24.79B | 7.19B | 6.85B | 6.79B | 7.7B | 7B | 2.7B | 2.22B | 150.92M |
| Long-Term Debt | 35.18B | 35.45B | 32.63B | 26.8B | 24.01B | 29.78B | 25.73B | 7.72B | 7.22B | 7.08B | 7.99B | 7.25B | 2.91B | 2.49B | 150.92M |
| Short-Term Borrowings | 4.43B | 3.95B | 0 | 0 | 1.22B | 1.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 662.15M | 173.81M | 160.44M | 159.24M | 101.22M | 142.62M | 31.27M | 38.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5.47B | 5.23B | 0 | 0 | 2.55B | 2.52B | 154K | 902.08M | 2.27B | 1.17B | 1.38B | 2.06B | 2.91B | 2.49B | 403K |
| Accounts Payable | 431.01M | 417.7M | 393.97M | 331.76M | 242.84M | 376.83M | 191.85M | 1.02B | 2.12B | 1.24B | 1.41B | 762.59M | 38.59M | 253.77M | 403K |
| Deferred Revenue | 13.24M | 9.35M | 17.28M | 37.47M | 0 | 0 | -13.62B | -22.07B | -17.43B | -9.48B | -3.81B | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.15B | 2.09B | -33.6B | -27.8B | 203.86M | 187.75M | 100.8M | -7.76B | -7.22B | -7.1B | -7.99B | -7.25B | -2.91B | -2.49B | -150.92M |
| Total Equity | 9.51B | 9.25B | 7.89B | 7.1B | 7.01B | 6.67B | 5.43B | 7.24B | 6.09B | 4.8B | 3.47B | 2.99B | 1.85B | 1.51B | 378.36M |
| Equity Growth % | 61.17% | 17.35% | 11.06% | 1.3% | 5.11% | 22.83% | -24.97% | 18.86% | 26.94% | 38.29% | 16.13% | 61.44% | 22.26% | 299.91% | - |
| Shareholders Equity | 8.61B | 8.43B | 7.79B | 7.01B | 6.94B | 6.6B | 5.32B | 7.16B | 6B | 4.69B | 3.26B | 2.8B | 1.6B | 1.27B | 378.36M |
| Minority Interest | 895.22M | 824.22M | 91.34M | 94.1M | 67.07M | 65.35M | 108.67M | 78.55M | 90.63M | 105.96M | 208.08M | 190.65M | 253.84M | 247.22M | 0 |
| Common Stock | 5.58M | 5.56M | 5.21M | 4.83M | 4.74M | 4.67M | 4.15M | 4.16M | 3.69M | 3.07M | 2.51M | 2.3M | 1.41M | 2.53M | 0 |
| Additional Paid-in Capital | 7B | 6.98B | 6.53B | 6.07B | 6.06B | 6.06B | 5.55B | 5.5B | 4.75B | 3.76B | 2.92B | 2.64B | 1.33B | 1.16B | 362.83M |
| Retained Earnings | -99.98M | -19.95M | -46.98M | -373.14M | -418.66M | -813.04M | -1.11B | 549.73M | 830.71M | 559.48M | 210.5M | 148.8M | 237.77M | 102.99M | 0 |
| Preferred Stock | 1.63B | 1.39B | 1.26B | 1.26B | 1.26B | 1.26B | 812.99M | 423.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.47% | 1.38% | 2.17% | 1.67% | 2.57% | 2.12% | -3.61% | 1.47% | 3.58% | 4.72% | 3.01% | 2.31% | 5.02% | 8.19% | 7.71% |
| Return on Equity (ROE) | 8.09% | 7.95% | 12.43% | 8.82% | 13.96% | 12.77% | -22.27% | 8.46% | 17.71% | 23.17% | 15.63% | 11.11% | 20.99% | 28.12% | 10.9% |
| Debt / Assets | 74.52% | 74.58% | 71.21% | 67.89% | 73.24% | 79.79% | 77.39% | 17.2% | 22.41% | 31.89% | 43.51% | 47.72% | 35.99% | 41.76% | 28.22% |
| Debt / Equity | 4.18x | 4.28x | 4.16x | 3.80x | 3.61x | 4.75x | 4.74x | 1.07x | 1.17x | 1.48x | 2.30x | 2.43x | 1.57x | 1.64x | 0.40x |
| Net Debt / EBITDA | 16.26x | 14.29x | 10.03x | 11.77x | 11.65x | 21.38x | - | 4.42x | 4.24x | 4.01x | 7.18x | 12.36x | 4.82x | 11.78x | 4.68x |
| Book Value per Share | 16.80 | 16.39 | 15.79 | 14.68 | 14.55 | 14.26 | 13.07 | 17.69 | 17.74 | 15.76 | 14.54 | 14.72 | 13.25 | 11.76 | 2.99 |
High leverage and MSR volatility
According to reported financial statements, RITM's total assets grew from $39.7 billion in 2023Q4 to $53.4 billion by 2026Q1, reflecting an aggressive expansion strategy that has significantly increased the firm's balance sheet footprint despite persistent quarterly fluctuations in underlying asset valuations and market-driven capital requirements.
The expansion appears driven by strategic acquisitions rather than organic growth, which complicates the assessment of long-term capital efficiency. Investors should monitor whether this rapid scaling of the asset base can eventually generate consistent returns on equity, which have remained low, peaking at only 4.0% over the last ten quarters.
Based on the company's reported figures, the debt-to-equity ratio has remained consistently elevated, hovering between 3.65x and 4.28x over the last ten quarters, which suggests that RITM maintains a high degree of financial leverage to support its mortgage servicing and residential loan investment activities.
This level of leverage leaves the firm sensitive to interest rate shocks and potential margin calls on its financing facilities. The reliance on debt to fund the MSR portfolio implies that any significant contraction in asset values could rapidly erode the firm's equity base, warranting close scrutiny of debt maturity profiles.
As reported in recent SEC filings, RITM's cash position has fluctuated significantly, reaching a peak of $16.4 billion in 2024Q1 before declining to $6.7 billion by 2026Q1, indicating that the firm maintains substantial liquidity buffers to manage the inherent volatility of its mortgage servicing and origination platforms.
While the cash balance appears robust, it is essential to interpret this as a necessary cushion for servicing advances and potential margin calls rather than excess capital. The variability in cash levels suggests that liquidity management is a primary operational focus, potentially limiting the firm's ability to deploy capital opportunistically.
Financial disclosures indicate that RITM's balance sheet is exposed to non-linear liquidity risks through servicing advances, where the obligation to cover delinquent borrower payments creates a potential drain on cash that is not fully captured by standard debt-to-equity or leverage metrics provided in the quarterly data.
This off-balance-sheet-like pressure represents a significant, non-obvious risk that could materialize during periods of economic stress. Investors should monitor the delinquency rates within the MSR portfolio, as a spike in defaults could force the company to prioritize liquidity over dividend distributions or new investment opportunities.
Quick answers to the most common questions about buying RITM stock.
As of 2025, Rithm Capital Corp. (RITM) had total assets of $53.06B including $9.37B in current assets.
Rithm Capital Corp. (RITM) carries total debt of $39.58B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rithm Capital Corp. (RITM) has total shareholders' equity (book value) of $8.43B ($16.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rithm Capital Corp. (RITM) reported a current ratio of 1.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.