Ready Capital Corp Financials
This page shows Ready Capital Corp (RC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
Ready Capital's recent pattern is balance-sheet shrinkage, with cash generation improving even while reported earnings stay negative.
Over the last two years, operating cash flow climbed to$432.1M while net income fell to-$221.1M , which means the reported losses are not consuming liquidity at the same pace they hit accounting profit. Meanwhile, total assets fell from$12.4B to$7.8B , pointing to balance-sheet contraction rather than a business still adding scale.
Even with liabilities lower, debt-to-equity rose to 0.9x from 0.4x because equity absorbed the losses; shrinking the asset base did not stop leverage from looking heavier relative to book capital. Retained earnings moved from
In the latest year, interest expense was
Financial Health Signals
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 Ready Capital Corp'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.
Ready Capital Corp's revenue declined 36.5% year-over-year, from $897.0M to $569.2M. This contraction results in a growth score of 0/100.
Ready Capital Corp carries a low D/E ratio of 0.89, meaning only $0.89 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
Ready Capital Corp generates a -14.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -23.4% the prior year.
Ready Capital Corp passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Ready Capital Corp generates $-1.95 in operating cash flow ($432.1M OCF vs -$221.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Ready Capital Corp generated $569.2M in revenue in fiscal year 2025. This represents a decrease of 36.5% from the prior year.
Ready Capital Corp reported -$221.1M in net income in fiscal year 2025. This represents an increase of 48.6% from the prior year.
Ready Capital Corp earned $-1.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 45.2% from the prior year.
Cash & Balance Sheet
Ready Capital Corp held $207.8M in cash against $1.4B in long-term debt as of fiscal year 2025.
Ready Capital Corp paid $0.39 per share in dividends in fiscal year 2025. This represents a decrease of 65.0% from the prior year.
Ready Capital Corp had 163M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
Ready Capital Corp's net profit margin was -38.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.1 percentage points from the prior year.
Ready Capital Corp's ROE was -14.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.1 percentage points from the prior year.
Capital Allocation
Ready Capital Corp spent $67.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.8% from the prior year.
RC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $81.7M-34.1% | $124.0M-9.8% | $137.5M-10.0% | $152.7M-1.4% | $155.0M-24.0% | $204.0M-10.0% | $226.5M-3.2% | $234.1M |
| 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 | $82.7M-17.3% | $100.0M+34.6% | $74.3M+5.8% | $70.3M-3.2% | $72.6M-32.1% | $106.9M+52.9% | $69.9M+3.7% | $67.4M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $96.8M-12.6% | $110.9M-12.7% | $127.0M-6.5% | $135.8M-3.3% | $140.5M-8.7% | $153.9M-12.3% | $175.6M-4.1% | $183.2M |
| Income Tax | -$16.7M+47.3% | -$31.6M-218.3% | -$9.9M+75.1% | -$39.9M-667.0% | -$5.2M+69.9% | -$17.3M-106.1% | -$8.4M+82.7% | -$48.6M |
| Net Income | -$200.1M+14.0% | -$232.6M-1289.8% | -$16.7M+68.8% | -$53.7M-165.5% | $82.0M+126.0% | -$314.8M-4224.1% | -$7.3M+78.7% | -$34.2M |
| EPS (Diluted) | $-1.25 | N/A | $-0.13+61.8% | $-0.34-173.9% | $0.46 | N/A | $-0.07+69.6% | $-0.23 |
RC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.3B-18.7% | $7.8B-6.7% | $8.3B-10.5% | $9.3B-6.7% | $10.0B-1.6% | $10.1B-9.9% | $11.3B-4.4% | $11.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $200.4M-3.6% | $207.8M+40.9% | $147.5M-9.5% | $162.9M-20.9% | $205.9M+43.2% | $143.8M-20.7% | $181.3M-19.9% | $226.3M |
| 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% | $49.5M0.0% | $49.5M0.0% | $49.5M+2.3% | $48.4M-1.4% | $49.1M |
| Total Liabilities | $4.9B-20.5% | $6.1B-5.1% | $6.4B-12.6% | $7.4B-7.0% | $7.9B-3.3% | $8.2B-8.0% | $8.9B-4.9% | $9.4B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.3B-8.3% | $1.4B-0.9% | $1.4B+0.1% | $1.4B-6.8% | $1.5B+11.7% | $1.3B+10.5% | $1.2B+1.8% | $1.2B |
| Total Equity | $1.3B-13.2% | $1.5B-13.0% | $1.8B-2.9% | $1.8B-5.9% | $1.9B+5.6% | $1.8B-17.7% | $2.2B-2.6% | $2.3B |
| Retained Earnings | -$1.0B-25.4% | -$807.5M-41.7% | -$569.7M-7.8% | -$528.5M-17.4% | -$450.3M+10.9% | -$505.1M-245.9% | -$146.0M-58.2% | -$92.3M |
RC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $590.2M+5584.0% | -$10.8M-102.5% | $434.7M+533.5% | -$100.3M-192.4% | $108.5M+272.0% | $29.2M-86.8% | $221.1M+20822.2% | $1.1M |
| 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 | $668.9M+85.8% | $360.1M-27.0% | $493.4M+2.4% | $481.8M+56.8% | $307.3M-42.8% | $537.0M+43.9% | $373.0M+16.5% | $320.2M |
| Financing Cash Flow | -$1.3B-330.7% | -$294.3M+69.2% | -$956.1M-121.2% | -$432.3M-21.8% | -$355.0M+41.6% | -$607.9M+5.7% | -$645.0M-141.4% | -$267.1M |
| Dividends Paid | $3.6M-84.0% | $22.6M-1.0% | $22.8M-4.3% | $23.8M-45.9% | $44.0M-1.3% | $44.6M-17.8% | $54.3M+2.9% | $52.7M |
| Share Buybacks | $0-100.0% | $1.9M-82.3% | $10.6M-72.0% | $37.7M+116.9% | $17.4M-59.6% | $43.1M | $0-100.0% | $20.1M |
RC Financial Ratios
| 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 | -244.8%-57.2pp | -187.6%-175.5pp | -12.2%+23.0pp | -35.1%-88.0pp | 52.9%+207.2pp | -154.3%-151.1pp | -3.2%+11.4pp | -14.6% |
| Return on Equity | -14.9%+0.1pp | -15.1%-14.1pp | -0.9%+2.0pp | -2.9%-7.2pp | 4.2%+21.3pp | -17.1%-16.8pp | -0.3%+1.2pp | -1.5% |
| Return on Assets | -3.2%-0.2pp | -3.0%-2.8pp | -0.2%+0.4pp | -0.6%-1.4pp | 0.8%+3.9pp | -3.1%-3.0pp | -0.1%+0.2pp | -0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.94+0.1 | 0.89+0.1 | 0.78+0.0 | 0.760.0 | 0.77+0.0 | 0.73+0.2 | 0.54+0.0 | 0.52 |
| 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 $569.2M in total revenue for fiscal year 2025. This represents a -36.5% 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 36.5% year-over-year, from $897.0M to $569.2M in fiscal year 2025.
Is Ready Capital Corp profitable?
No, Ready Capital Corp (RC) reported a net income of -$221.1M in fiscal year 2025, with a net profit margin of -38.8%.
How much debt does Ready Capital Corp have?
As of fiscal year 2025, Ready Capital Corp (RC) had $207.8M in cash and equivalents against $1.4B in long-term debt.
What is Ready Capital Corp's net profit margin?
Ready Capital Corp (RC) had a net profit margin of -38.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Ready Capital Corp pay dividends?
Yes, Ready Capital Corp (RC) paid $0.39 per share in dividends during fiscal year 2025.
What is Ready Capital Corp's return on equity (ROE)?
Ready Capital Corp (RC) has a return on equity of -14.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ready Capital Corp's operating cash flow?
Ready Capital Corp (RC) generated $432.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ready Capital Corp's total assets?
Ready Capital Corp (RC) had $7.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ready Capital Corp's debt-to-equity ratio?
Ready Capital Corp (RC) had a debt-to-equity ratio of 0.89 as of fiscal year 2025, 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 -2.9% for fiscal year 2025, 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 3 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 Ready Capital Corp's earnings high quality?
Ready Capital Corp (RC) has an earnings quality ratio of -1.95x, 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.
How financially healthy is Ready Capital Corp?
Ready Capital Corp (RC) 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.