What is Redwood Trust Inc's earnings per share (EPS)?

Redwood Trust Inc (RWTO) reported diluted earnings per share of $-0.63 for fiscal year 2025. This represents a -296.9% 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.

Redwood Trust Inc Financials

RWTO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Redwood Trust Inc (RWTO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI RWTO FY2025 2026-04-22

Balance-sheet expansion lifted revenue, but thin returns and heavy funding needs kept RWTO dependent on external capital.

Scale did not translate into better economics: over recent years, total assets expanded from $14.5B to $23.7B while returns stayed around breakeven, so the company became larger without producing meaningfully more profit from each asset dollar. Because operating cash flow remained negative and FY2025 cash was just $255.7M, that bigger balance sheet still appears to rely on recurring financing inflows for liquidity.

FY2025 interest expense was $1.1B against revenue of $1.18B, while SG&A was much smaller, which means financing cost—not corporate overhead—was the main reason more revenue did not turn into durable profit.

The balance sheet is thinly capitalized: total liabilities reached $22.7B while equity fell below $1.0B. That structure can make small changes in asset performance or funding cost hit shareholder returns disproportionately because the equity cushion is narrow.

Financial Health Signals

Financial Profile 14/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Redwood Trust Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Redwood Trust Inc's revenue surged 25.2% year-over-year to $1.2B, reflecting rapid business expansion. This strong growth earns a score of 80/100.

Leverage

Redwood Trust Inc has elevated debt relative to equity (D/E of 23.12), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Redwood Trust Inc generates a -7.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 6/100. This is down from 4.5% the prior year.

Piotroski F-Score Weak

1/9

Redwood Trust Inc passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

144.15x

For every $1 of reported earnings, Redwood Trust Inc generates $144.15 in operating cash flow (-$10.1B OCF vs -$70.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.2B

YoY+25.2%

5Y CAGR+15.6%

10Y CAGR+18.0%

Redwood Trust Inc generated $1.2B in revenue in fiscal year 2025. This represents an increase of 25.2% from the prior year.

EBITDA

N/A

Net Income

-$70.0M

YoY-229.7%

Redwood Trust Inc reported -$70.0M in net income in fiscal year 2025. This represents a decrease of 229.7% from the prior year.

EPS (Diluted)

$-0.63

YoY-296.9%

Redwood Trust Inc earned $-0.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 296.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$255.7M

YoY+4.3%

5Y CAGR-11.1%

10Y CAGR+4.0%

Redwood Trust Inc held $255.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.72

YoY+7.5%

5Y CAGR-0.1%

10Y CAGR-4.3%

Redwood Trust Inc paid $0.72 per share in dividends in fiscal year 2025. This represents an increase of 7.5% from the prior year.

Shares Outstanding

124M

YoY-6.1%

5Y CAGR+2.1%

10Y CAGR+4.2%

Redwood Trust Inc had 124M shares outstanding in fiscal year 2025. This represents a decrease of 6.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-5.9%

YoY-11.6pp

5Y CAGR+95.8pp

10Y CAGR-82.5pp

Redwood Trust Inc's net profit margin was -5.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.6 percentage points from the prior year.

Return on Equity

-7.1%

YoY-11.7pp

5Y CAGR+45.3pp

10Y CAGR-21.0pp

Redwood Trust Inc's ROE was -7.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$51.8M

5Y CAGR+19.1%

Redwood Trust Inc spent $51.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

RWTO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2B+25.2%	$945.2M+30.5%	$724.5M+2.3%	$707.9M+23.1%	$574.9M+0.5%	$571.9M
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	$153.9M+12.9%	$136.4M+6.3%	$128.3M-9.0%	$140.9M-14.7%	$165.2M+45.6%	$113.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.1B+30.6%	$842.6M+33.4%	$631.5M+14.3%	$552.4M+29.4%	$426.7M-4.7%	$448.0M
Income Tax	$25.2M+33.7%	$18.8M+1052.1%	$1.6M+108.2%	-$19.9M-207.8%	$18.5M+501.0%	-$4.6M
Net Income	-$70.0M-229.7%	$54.0M+2474.8%	-$2.3M+98.6%	-$163.5M-151.2%	$319.6M+154.9%	-$581.8M
EPS (Diluted)	$-0.63-296.9%	$0.32+390.9%	$-0.11+92.3%	$-1.43-160.3%	$2.37+146.3%	$-5.12

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$356.9M+9.2%	$327.0M+9.2%	$299.5M+5.3%	$284.3M+4.5%	$272.1M+2.2%	$266.4M+7.1%	$248.6M+10.3%	$225.4M
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	$49.4M+21.0%	$40.8M+5.4%	$38.7M+4.7%	$37.0M-1.3%	$37.5M+15.2%	$32.5M-9.7%	$36.0M+8.2%	$33.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$322.2M+7.0%	$301.0M+5.8%	$284.5M+5.2%	$270.5M+10.8%	$244.2M+2.3%	$238.8M+7.0%	$223.1M+11.5%	$200.1M
Income Tax	-$2.5M-131.3%	$8.0M+26.1%	$6.4M+39.3%	$4.6M-27.1%	$6.3M0.0%	$6.3M-12.1%	$7.1M+44.8%	$4.9M
Net Income	-$5.5M-127.5%	$20.0M+359.9%	-$7.7M+92.2%	-$98.5M-710.0%	$16.1M+344.0%	-$6.6M-144.6%	$14.8M-4.6%	$15.5M
EPS (Diluted)	$-0.07	N/A	$-0.08+89.5%	$-0.76-860.0%	$0.10	N/A	$0.09-10.0%	$0.10

RWTO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$23.7B+29.8%	$18.3B+25.9%	$14.5B+11.3%	$13.0B-11.4%	$14.7B+42.0%	$10.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$255.7M+4.3%	$245.2M-16.3%	$293.0M+13.1%	$259.0M-42.4%	$450.0M-2.4%	$461.0M
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	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M	$0	$0
Total Liabilities	$22.7B+33.1%	$17.1B+28.3%	$13.3B+11.3%	$11.9B-10.3%	$13.3B+44.1%	$9.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$1.7B-3.0%	$1.7B+5.6%	$1.6B+15.1%	$1.4B
Total Equity	$982.6M-17.3%	$1.2B-1.2%	$1.2B+11.0%	$1.1B-21.8%	$1.4B+24.8%	$1.1B
Retained Earnings	$1.1B-6.5%	$1.2B+4.1%	$1.1B-0.8%	$1.2B-12.4%	$1.3B+32.0%	$997.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$26.8B+13.1%	$23.7B+4.9%	$22.6B+5.9%	$21.3B+7.4%	$19.9B+8.8%	$18.3B-0.9%	$18.4B+11.7%	$16.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$202.4M-20.8%	$255.7M+13.0%	$226.3M-25.1%	$302.0M+16.2%	$259.9M+6.0%	$245.2M-3.4%	$253.7M-7.9%	$275.6M
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	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M
Total Liabilities	$25.9B+13.8%	$22.7B+5.2%	$21.6B+6.5%	$20.3B+8.5%	$18.7B+9.5%	$17.1B-0.8%	$17.2B+12.7%	$15.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$956.7M-2.6%	$982.6M-1.6%	$999.0M-5.2%	$1.1B-11.0%	$1.2B-0.4%	$1.2B-2.9%	$1.2B+0.2%	$1.2B
Retained Earnings	$1.1B-0.7%	$1.1B+1.7%	$1.1B-0.9%	$1.1B-8.3%	$1.2B+1.2%	$1.2B-0.7%	$1.2B+1.1%	$1.2B

RWTO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.1B-72.2%	-$5.9B-190.8%	-$2.0B-1348.8%	-$139.1M+97.6%	-$5.7B-1026.6%	-$505.5M
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	$4.5B+78.5%	$2.5B+179.3%	$908.7M+324.9%	$213.9M-84.8%	$1.4B-65.5%	$4.1B
Financing Cash Flow	$5.7B+74.4%	$3.3B+185.1%	$1.1B+514.1%	-$276.9M-106.5%	$4.3B+229.2%	-$3.3B
Dividends Paid	$99.0M+6.5%	$92.9M+5.1%	$88.4M-20.9%	$111.7M+21.8%	$91.7M+9.2%	$84.0M
Share Buybacks	$51.8M	$0	$0-100.0%	$56.5M	$0-100.0%	$21.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$4.5B-34.1%	-$3.4B-26.0%	-$2.7B-26.3%	-$2.1B-8.2%	-$2.0B-128.6%	-$854.0M+59.1%	-$2.1B-6.2%	-$2.0B
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	$1.2B-23.7%	$1.6B+25.5%	$1.3B+31.1%	$979.1M+48.6%	$658.8M-34.2%	$1.0B+57.5%	$635.6M+15.3%	$551.5M
Financing Cash Flow	$3.1B+67.2%	$1.9B+47.6%	$1.3B+2.5%	$1.2B-6.9%	$1.3B+929.3%	-$160.1M-111.1%	$1.4B+1.8%	$1.4B
Dividends Paid	$23.8M-1.0%	$24.0M-1.2%	$24.3M-4.1%	$25.3M-0.1%	$25.4M+1.1%	$25.1M+6.5%	$23.6M+6.5%	$22.1M
Share Buybacks	$1.1M-92.4%	$14.8M-50.1%	$29.6M+293.4%	$7.5M	$0	$0	$0	N/A

RWTO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	-5.9%-11.6pp	5.7%+6.0pp	-0.3%+22.8pp	-23.1%-78.7pp	55.6%+157.3pp	-101.7%
Return on Equity	-7.1%-11.7pp	4.5%+4.7pp	-0.2%+14.9pp	-15.1%-38.1pp	23.1%+75.4pp	-52.4%
Return on Assets	-0.3%-0.6pp	0.3%+0.3pp	-0.0%+1.2pp	-1.3%-3.4pp	2.2%+7.8pp	-5.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	23.12+8.7	14.37+13.0	1.40-0.2	1.60+0.4	1.18-0.1	1.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-1.5%-7.7pp	6.1%+8.7pp	-2.6%+32.1pp	-34.6%-40.6pp	5.9%+8.4pp	-2.5%-8.4pp	6.0%-0.9pp	6.9%
Return on Equity	-0.6%-2.6pp	2.0%+2.8pp	-0.8%+8.6pp	-9.3%-10.7pp	1.4%+1.9pp	-0.6%-1.8pp	1.2%-0.1pp	1.3%
Return on Assets	-0.0%-0.1pp	0.1%+0.1pp	-0.0%+0.4pp	-0.5%-0.5pp	0.1%+0.1pp	-0.0%-0.1pp	0.1%0.0pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	27.03+3.9	23.12+1.5	21.62+2.4	19.25+3.5	15.79+1.4	14.37+0.3	14.07+1.6	12.51
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Redwood Trust Inc's annual revenue?

Redwood Trust Inc (RWTO) reported $1.2B in total revenue for fiscal year 2025. This represents a 25.2% 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 Redwood Trust Inc's revenue growing?

Redwood Trust Inc (RWTO) revenue grew by 25.2% year-over-year, from $945.2M to $1.2B in fiscal year 2025.

Is Redwood Trust Inc profitable?

No, Redwood Trust Inc (RWTO) reported a net income of -$70.0M in fiscal year 2025, with a net profit margin of -5.9%.

What is Redwood Trust Inc's net profit margin?

Redwood Trust Inc (RWTO) had a net profit margin of -5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Redwood Trust Inc pay dividends?

Yes, Redwood Trust Inc (RWTO) paid $0.72 per share in dividends during fiscal year 2025.

What is Redwood Trust Inc's return on equity (ROE)?

Redwood Trust Inc (RWTO) has a return on equity of -7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Redwood Trust Inc's operating cash flow?

Redwood Trust Inc (RWTO) generated -$10.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Redwood Trust Inc's total assets?

Redwood Trust Inc (RWTO) had $23.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Redwood Trust Inc buy back shares?

Yes, Redwood Trust Inc (RWTO) spent $51.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Redwood Trust Inc have outstanding?

Redwood Trust Inc (RWTO) had 124M shares outstanding as of fiscal year 2025.

What is Redwood Trust Inc's debt-to-equity ratio?

Redwood Trust Inc (RWTO) had a debt-to-equity ratio of 23.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Redwood Trust Inc's return on assets (ROA)?

Redwood Trust Inc (RWTO) had a return on assets of -0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Redwood Trust Inc's cash runway?

Based on fiscal year 2025 data, Redwood Trust Inc (RWTO) had $255.7M in cash against an annual operating cash burn of $10.1B. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Redwood Trust Inc's Piotroski F-Score?

Redwood Trust Inc (RWTO) has a Piotroski F-Score of 1 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Redwood Trust Inc's earnings high quality?

Redwood Trust Inc (RWTO) has an earnings quality ratio of 144.15x, considered low quality (accrual-driven). 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.

How financially healthy is Redwood Trust Inc?

Redwood Trust Inc (RWTO) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.