Ready Capital Corp Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Ready Capital Corp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.64x

For every $1 of reported earnings, Ready Capital Corp generates $-0.64 in operating cash flow ($274.8M OCF vs -$430.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Ready Capital Corp (RC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$897.0M

YoY-5.2%

5Y CAGR+31.3%

10Y CAGR+25.4%

Ready Capital Corp generated $897.0M in revenue in fiscal year 2024. This represents a decrease of 5.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$430.4M

YoY-223.5%

Ready Capital Corp reported -$430.4M in net income in fiscal year 2024. This represents a decrease of 223.5% from the prior year.

EPS (Diluted)

$-2.63

YoY-218.5%

Ready Capital Corp earned $-2.63 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 218.5% from the prior year.

Cash & Debt

$143.8M

YoY+3.8%

5Y CAGR+16.2%

10Y CAGR+9.7%

Ready Capital Corp held $143.8M in cash against $1.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.10

YoY-24.7%

5Y CAGR-7.2%

Ready Capital Corp paid $1.10 per share in dividends in fiscal year 2024. This represents a decrease of 24.7% from the prior year.

Shares Outstanding

163M

YoY-5.5%

5Y CAGR+26.1%

Ready Capital Corp had 163M shares outstanding in fiscal year 2024. This represents a decrease of 5.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-48.0%

YoY-84.8pp

5Y CAGR-79.7pp

10Y CAGR-79.5pp

Ready Capital Corp's net profit margin was -48.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 84.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$82.3M

YoY+354.2%

Ready Capital Corp spent $82.3M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 354.2% from the prior year.

Capital Expenditures

N/A

RC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$897.0M-5.2%	$945.8M+42.6%	$663.2M+67.8%	$395.2M+52.8%	$258.6M+12.5%	$229.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$696.5M-2.8%	$716.5M+82.6%	$392.4M+92.0%	$204.4M+16.5%	$175.5M+15.5%	$151.9M
Income Tax	-$104.5M-1556.8%	$7.2M-53.6%	$15.5M+4.1%	$14.9M+77.2%	$8.4M+179.5%	-$10.6M
Net Income	-$430.4M-223.5%	$348.4M+71.5%	$203.2M+27.0%	$160.0M+256.5%	$44.9M-38.5%	$73.0M
EPS (Diluted)	$-2.63-218.5%	$2.22+34.5%	$1.65-23.6%	$2.16+166.7%	$0.81-52.9%	$1.72

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$137.5M-10.0%	$152.7M-1.4%	$155.0M-24.0%	$204.0M-12.9%	$234.1M+0.8%	$232.4M-7.1%	$250.1M+0.6%	$248.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$127.0M-6.5%	$135.8M-3.3%	$140.5M-8.7%	$153.9M-16.0%	$183.2M-0.3%	$183.8M-5.0%	$193.5M+1.0%	$191.6M
Income Tax	-$9.9M+75.1%	-$39.9M-667.0%	-$5.2M+69.9%	-$17.3M+64.4%	-$48.6M-60.8%	-$30.2M-2476.9%	$1.3M-54.7%	$2.8M
Net Income	-$16.7M+68.8%	-$53.7M-165.5%	$82.0M+126.0%	-$314.8M-820.3%	-$34.2M+53.9%	-$74.2M-781.6%	$10.9M-76.9%	$47.2M
EPS (Diluted)	$-0.13+61.8%	$-0.34-173.9%	$0.46+124.3%	$-1.89-721.7%	$-0.23+47.7%	$-0.44-450.0%	$-0.08-132.0%	$0.25

RC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$10.1B-18.5%	$12.4B+7.1%	$11.6B+21.9%	$9.5B+77.5%	$5.4B+7.9%	$5.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$143.8M+3.8%	$138.5M-6.0%	$147.4M-23.6%	$193.0M+38.9%	$139.0M+104.6%	$67.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49.5M+28.5%	$38.5M+1.9%	$37.8M+20.2%	$31.5M+180.8%	$11.2M0.0%	$11.2M
Total Liabilities	$8.2B-16.3%	$9.8B+0.7%	$9.7B+17.9%	$8.2B+81.7%	$4.5B+9.8%	$4.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.3B+20.1%	$1.1B-0.9%	$1.1B+24.9%	$897.1M+102.6%	$442.8M+0.6%	$440.3M
Total Equity	$1.8B-27.6%	$2.5B+41.8%	$1.8B+40.4%	$1.3B+56.5%	$815.4M-1.2%	$825.4M
Retained Earnings	-$505.1M-506.0%	$124.4M+2391.2%	$5.0M-41.9%	$8.6M+135.5%	-$24.2M-376.7%	$8.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$8.3B-10.5%	$9.3B-6.7%	$10.0B-1.6%	$10.1B-13.9%	$11.8B-2.2%	$12.0B-3.2%	$12.4B-2.8%	$12.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$147.5M-9.5%	$162.9M-20.9%	$205.9M+43.2%	$143.8M-36.5%	$226.3M+36.3%	$166.0M+19.8%	$138.5M-16.4%	$165.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49.5M0.0%	$49.5M0.0%	$49.5M0.0%	$49.5M+0.8%	$49.1M+27.4%	$38.5M0.0%	$38.5M+1.9%	$37.8M
Total Liabilities	$6.4B-12.6%	$7.4B-7.0%	$7.9B-3.3%	$8.2B-12.5%	$9.4B-1.7%	$9.5B-2.6%	$9.8B-3.0%	$10.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.4B+0.1%	$1.4B-6.8%	$1.5B+11.7%	$1.3B+12.6%	$1.2B+6.5%	$1.1B+0.1%	$1.1B+0.1%	$1.1B
Total Equity	$1.8B-2.9%	$1.8B-5.9%	$1.9B+5.6%	$1.8B-19.8%	$2.3B-4.6%	$2.4B-5.4%	$2.5B-2.0%	$2.6B
Retained Earnings	-$569.7M-7.8%	-$528.5M-17.4%	-$450.3M+10.9%	-$505.1M-447.1%	-$92.3M-2503.5%	-$3.5M-102.9%	$124.4M-26.2%	$168.5M

RC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$274.8M+437.5%	$51.1M-85.8%	$359.1M+1142.8%	-$34.4M-150.0%	$68.9M+231.5%	-$52.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$1.5B+50.6%	$1.0B+165.5%	-$1.6B+9.4%	-$1.7B-2790.9%	-$59.4M+95.1%	-$1.2B
Financing Cash Flow	-$1.9B-73.2%	-$1.1B-192.7%	$1.2B-37.6%	$1.9B+2874.9%	$63.1M-95.1%	$1.3B
Dividends Paid	$206.1M-4.2%	$215.1M+14.5%	$187.8M+67.8%	$111.9M+96.8%	$56.9M-10.2%	$63.3M
Share Buybacks	$82.3M+354.2%	$18.1M-51.0%	$37.0M	N/A	$9.2M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$434.7M+533.5%	-$100.3M-192.4%	$108.5M+272.0%	$29.2M+2658.8%	$1.1M-95.5%	$23.4M+179.1%	-$29.7M-168.1%	$43.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$493.4M+2.4%	$481.8M+56.8%	$307.3M-42.8%	$537.0M+67.7%	$320.2M+5.0%	$304.8M-29.0%	$429.2M+67.2%	$256.6M
Financing Cash Flow	-$956.1M-121.2%	-$432.3M-21.8%	-$355.0M+41.6%	-$607.9M-127.6%	-$267.1M+25.7%	-$359.7M+16.1%	-$429.0M-13.8%	-$377.1M
Dividends Paid	$22.8M-4.3%	$23.8M-45.9%	$44.0M-1.3%	$44.6M-15.4%	$52.7M-3.1%	$54.4M-16.0%	$64.8M+145.5%	$26.4M
Share Buybacks	$10.6M-72.0%	$37.7M+116.9%	$17.4M-59.6%	$43.1M+113.8%	$20.1M+5.7%	$19.1M	$0-100.0%	$6K

RC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-48.0%-84.8pp	36.8%+6.2pp	30.6%-9.8pp	40.5%+23.1pp	17.3%-14.4pp	31.7%
Return on Equity	N/A	13.7%+2.4pp	11.3%-1.2pp	12.5%+7.0pp	5.5%-3.3pp	8.8%
Return on Assets	-4.2%-7.0pp	2.8%+1.0pp	1.8%+0.1pp	1.7%+0.8pp	0.8%-0.6pp	1.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.73+0.3	0.44-0.2	0.63-0.1	0.70+0.2	0.540.0	0.53
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-12.2%+23.0pp	-35.1%-88.0pp	52.9%+207.2pp	-154.3%-139.7pp	-14.6%+17.3pp	-31.9%-36.3pp	4.3%-14.6pp	19.0%
Return on Equity	N/A	N/A	4.2%	N/A	N/A	N/A	0.4%-1.4pp	1.8%
Return on Assets	-0.2%+0.4pp	-0.6%-1.4pp	0.8%+3.9pp	-3.1%-2.8pp	-0.3%+0.3pp	-0.6%-0.7pp	0.1%-0.3pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.78+0.0	0.760.0	0.77+0.0	0.73+0.2	0.52+0.1	0.46+0.0	0.440.0	0.43
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Ready Capital Corp's annual revenue?

Ready Capital Corp (RC) reported $897.0M in total revenue for fiscal year 2024. This represents a -5.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ready Capital Corp's revenue growing?

Ready Capital Corp (RC) revenue declined by 5.2% year-over-year, from $945.8M to $897.0M in fiscal year 2024.

Is Ready Capital Corp profitable?

No, Ready Capital Corp (RC) reported a net income of -$430.4M in fiscal year 2024, with a net profit margin of -48.0%.

What is Ready Capital Corp's earnings per share (EPS)?

Ready Capital Corp (RC) reported diluted earnings per share of $-2.63 for fiscal year 2024. This represents a -218.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Ready Capital Corp have?

As of fiscal year 2024, Ready Capital Corp (RC) had $143.8M in cash and equivalents against $1.3B in long-term debt.

What is Ready Capital Corp's net profit margin?

Ready Capital Corp (RC) had a net profit margin of -48.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Ready Capital Corp pay dividends?

Yes, Ready Capital Corp (RC) paid $1.10 per share in dividends during fiscal year 2024.

What is Ready Capital Corp's operating cash flow?

Ready Capital Corp (RC) generated $274.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ready Capital Corp's total assets?

Ready Capital Corp (RC) had $10.1B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Ready Capital Corp buy back shares?

Yes, Ready Capital Corp (RC) spent $82.3M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Ready Capital Corp have outstanding?

Ready Capital Corp (RC) had 163M shares outstanding as of fiscal year 2024.

What is Ready Capital Corp's debt-to-equity ratio?

Ready Capital Corp (RC) had a debt-to-equity ratio of 0.73 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ready Capital Corp's return on assets (ROA)?

Ready Capital Corp (RC) had a return on assets of -4.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ready Capital Corp's Piotroski F-Score?

Ready Capital Corp (RC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ready Capital Corp's earnings high quality?

Ready Capital Corp (RC) has an earnings quality ratio of -0.64x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.