Ready Capital Corp - Understand $rc stock

$RC Market Cap: $1.21 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$958.0M

TTM

Gross Margin

1.16%

TTM

Net Earnings

-$110.1M

TTM

Current Assets

$313.9M

Q3 2024

Current Liabilities

$390.4M

Q3 2024

Current Ratio

80.4%

Q3 2024

Total Assets

$11.25B

Q3 2024

Total Liabilities

$8.915B

Q3 2024

Book Value

$2.338B

Q3 2024

Cash

$181.3M

Q3 2024

P/E

-10.99

Dec 02, 2024 EST

Free Cash Flow

$214.7M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$945.8M	$671.2M	$403.5M	$258.6M	$229.9M	$169.5M	$146.8M	$146.2M	$163.4M	$65.30M	$24.30M	$25.80M	-$4.100M
YoY Change	40.92%	66.34%	56.01%	12.49%	35.64%	15.46%	0.41%	-10.53%	150.23%	168.72%	-5.81%	-729.27%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$945.8M	$671.2M	$403.5M	$258.6M	$229.9M	$169.5M	$146.8M	$146.2M	$163.4M	$65.30M	$24.30M	$25.80M	-$4.100M
Cost Of Revenue	$797.8M	$439.7M	$303.3M	$197.8M	$156.3M	$114.0M	$79.00M	$74.60M	$62.20M	$20.10M	$9.700M	$2.300M	$1.000M
Gross Profit	$251.2M	$306.2M	$246.5M	$102.4M	$84.70M	$61.10M	$67.80M	$71.60M	$101.2M	$45.10M	$14.50M	$23.60M	-$5.100M
Gross Profit Margin	26.56%	45.62%	61.08%	39.59%	36.84%	36.05%	46.19%	48.97%	61.93%	69.07%	59.67%	91.47%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Selling, General & Admin	$97.37M	$114.7M	$108.8M	$103.9M	$61.00M	$63.30M	$61.20M	$29.90M	$23.10M	$3.800M	$0.00	$0.00	$100.0K
YoY Change	-15.08%	5.41%	4.69%	70.33%	-3.63%	3.43%	104.68%	29.44%	507.89%			-100.0%
% of Gross Profit	38.76%	37.45%	44.14%	101.46%	72.02%	103.6%	90.27%	41.76%	22.83%	8.43%	0.0%	0.0%
Research & Development	$7.430M	$9.003M	$7.971M	$6.722M	$4.834M	$3.624M
YoY Change	-17.47%	12.95%	18.58%	39.06%	33.39%
% of Gross Profit	2.96%	2.94%	3.23%	6.56%	5.71%	5.93%
Depreciation & Amortization	$1.600M	$1.600M	$1.400M	$1.300M	$500.0K	$400.0K	$400.0K	$100.0K	$933.8K	$154.0K	$0.00
YoY Change	0.0%	14.29%	7.69%	160.0%	25.0%	0.0%	300.0%	-89.29%	506.33%
% of Gross Profit	0.64%	0.52%	0.57%	1.27%	0.59%	0.65%	0.59%	0.14%	0.92%	0.34%	0.0%
Operating Expenses	$7.430M	$9.003M	$7.971M	$6.722M	$4.834M	$3.624M	$46.40M	$46.40M	$12.29M	$7.862M	$5.474M	$1.476M	$100.0K
YoY Change	-17.47%	12.95%	18.58%	39.06%	33.39%	-92.19%	0.0%	277.41%	56.37%	43.63%	270.93%	1375.73%
Operating Profit	$243.8M	$297.2M	$238.5M	$95.68M	$79.87M	$57.48M	$21.40M	$25.20M	$88.91M	$37.24M	$9.026M	$22.12M	-$5.200M
YoY Change	-17.97%	24.61%	149.26%	19.8%	38.96%	168.58%	-15.08%	-71.66%	138.75%	312.56%	-59.2%	-525.47%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Interest Expense	$716.5M	$400.8M	$213.6M	$175.5M	$151.9M	$109.2M	$26.30M	$24.90M	$5.900M	$17.26M	$7.095M	$1.387M
YoY Change	78.77%	87.66%	21.7%	15.54%	39.04%	315.35%	5.62%	322.03%	-65.82%	143.28%	411.33%
% of Operating Profit	293.92%	134.86%	89.55%	183.41%	190.17%	190.06%	122.9%	98.81%	6.64%	46.35%	78.6%	6.27%
Other Income/Expense, Net	$18.83M	$18.01M	$12.56M	$13.70M	$7.178M	$7.583M			$4.672M	$4.512M	$26.42M
YoY Change	4.52%	43.43%	-8.33%	90.86%	-5.34%				3.56%	-82.92%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Pretax Income	$358.4M	$232.9M	$189.1M	$54.45M	$64.50M	$62.84M	$47.70M	$65.20M	$2.996M	$29.00M	$7.553M	$20.27M	-$5.100M
YoY Change	53.9%	23.19%	247.19%	-15.58%	2.64%	31.75%	-26.84%	2076.09%	-89.67%	283.94%	-62.73%	-497.36%
Income Tax	$7.174M	$29.73M	$29.08M	$8.384M	-$10.55M	$1.386M	$2.600M	$9.700M	$4.415M	-$851.0K	$0.00		$0.00
% Of Pretax Income	2.0%	12.77%	15.38%	15.4%	-16.36%	2.21%	5.45%	14.88%	147.37%	-2.93%	0.0%
Net Earnings	$348.4M	$203.2M	$160.0M	$44.87M	$72.97M	$59.26M	$43.30M	$49.20M	-$1.419M	$29.85M	$7.553M	$20.27M	-$5.100M
YoY Change	71.49%	27.0%	256.53%	-38.51%	23.14%	36.85%	-11.99%	-3566.55%	-104.75%	295.21%	-62.73%	-497.36%
Net Earnings / Revenue	36.84%	30.27%	39.65%	17.35%	31.74%	34.96%	29.5%	33.65%	-0.87%	45.71%	31.08%	78.55%
Basic Earnings Per Share	$2.25	$1.73	$2.17	$0.81	$1.72	$1.84			-$0.16	$3.35	$0.92	$7.13
Diluted Earnings Per Share	$2.22	$1.66	$2.17	$0.81	$1.72	$1.84	$1.379M	$1.850M	-$0.16	$3.08	$0.92	$7.13	-$1.700M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Cash & Short-Term Investments	$138.5M	$163.0M	$229.5M	$139.0M	$67.90M	$54.40M	$63.40M	$59.60M	$41.60M	$33.80M	$57.10M	$19.10M	$6.300M
YoY Change	-15.03%	-28.97%	65.13%	104.71%	24.82%	-14.2%	6.38%	43.27%	23.08%	-40.81%	198.95%	203.17%
Cash & Equivalents	$138.5M	$163.0M	$229.5M	$139.0M	$67.90M	$54.40M	$63.40M	$59.60M	$41.60M	$33.80M	$57.10M	$19.10M	$6.300M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables	$64.50M	$34.95M	$21.87M	$12.70M	$10.60M	$7.300M	$6.500M
Other Receivables	$46.00M	$23.36M	$37.58M	$17.30M	$43.20M	$8.800M	$6.800M
Total Short-Term Assets	$249.0M	$221.4M	$289.0M	$169.0M	$121.7M	$70.50M	$76.70M	$59.60M	$41.60M	$33.80M	$57.10M	$25.90M	$6.300M
YoY Change	12.51%	-23.4%	70.99%	38.87%	72.62%	-8.08%	28.69%	43.27%	23.08%	-40.81%	120.46%	311.11%
Property, Plant & Equipment	$2.539M	$1.687M	$2.402M	$3.200M	$4.500M
YoY Change	50.5%	-29.77%	-24.94%	-28.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$4.266B	$3.989B	$3.709B	$2.133B	$2.067B	$1.434B	$1.329B	$681.1M	$626.9M	$600.0M	$557.9M	$170.7M	$146.0M
YoY Change	6.95%	7.54%	73.86%	3.19%	44.17%	7.88%	95.15%	8.65%	4.48%	7.55%	226.83%	16.92%
Other Assets	$526.5M	$98.75M	$84.93M	$82.60M	$98.60M	$58.20M	$29.30M	$20.20M	$26.10M	$7.100M	$2.100M	$3.800M	$1.700M
YoY Change	433.14%	16.27%	2.82%	-16.23%	69.42%	98.63%	45.05%	-22.61%	267.61%	238.1%	-44.74%	123.53%
Total Long-Term Assets	$12.19B	$11.40B	$9.245B	$5.203B	$4.855B	$2.966B	$2.447B	$2.546B	$2.288B	$758.6M	$563.0M	$175.7M	$147.8M
YoY Change	6.95%	23.31%	77.68%	7.16%	63.68%	21.23%	-3.88%	11.25%	201.63%	34.74%	220.43%	18.88%
Total Assets	$12.44B	$11.62B	$9.534B	$5.372B	$4.977B	$3.037B	$2.524B	$2.605B	$2.330B	$792.4M	$620.1M	$201.6M	$154.1M
YoY Change
Accounts Payable	$49.33M	$54.86M	$5.232M	$4.100M	$2.700M	$10.00M	$23.60M	$70.20M	$47.70M	$11.70M	$3.200M	$8.000M	$900.0K
YoY Change	-10.09%	948.55%	27.61%	51.85%	-73.0%	-57.63%	-66.38%	47.17%	307.69%	265.63%	-60.0%	788.89%
Accrued Expenses	$89.14M	$90.78M	$91.42M	$67.80M	$54.40M	$43.50M	$32.50M					$100.0K	$100.0K
YoY Change	-1.8%	-0.7%	34.84%	24.63%	25.06%	33.85%						0.0%
Deferred Revenue
YoY Change
Short-Term Debt	$62.94M	$54.64M	$0.00	$0.00	$0.00	$0.00	$0.00	$600.9M	$644.1M	$403.1M	$374.7M	$116.1M	$97.60M
YoY Change	15.2%						-100.0%	-6.71%	59.79%	7.58%	222.74%	18.95%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$255.7M	$247.5M	$131.0M	$134.5M	$97.20M	$66.80M	$68.40M	$682.6M	$705.2M	$418.4M	$386.4M	$124.2M	$98.60M
YoY Change	3.33%	88.9%	-2.6%	38.37%	45.51%	-2.34%	-89.98%	-3.2%	68.55%	8.28%	211.11%	25.96%
Long-Term Debt	$9.161B	$9.336B	$7.916B	$4.121B	$3.930B	$2.307B	$1.776B	$1.218B	$1.136B	$144.9M	$54.50M	$0.00	$0.00
YoY Change	-1.87%	17.94%	92.09%	4.85%	70.37%	29.91%	45.85%	7.17%	683.99%	165.87%
Other Long-Term Liabilities	$344.6M	$108.1M	$110.9M	$261.7M	$83.20M	$79.00M	$105.5M	$153.1M	$8.400M	$35.70M	$1.500M	$12.30M	$300.0K
YoY Change	218.86%	-2.56%	-57.62%	214.54%	5.32%	-25.12%	-31.09%	1722.62%	-76.47%	2280.0%	-87.8%	4000.0%
Total Long-Term Liabilities	$9.506B	$9.444B	$8.027B	$4.383B	$4.014B	$2.386B	$1.881B	$1.371B	$1.144B	$180.6M	$56.00M	$12.30M	$300.0K
YoY Change	0.65%	17.66%	83.15%	9.19%	68.22%	26.83%	37.25%	19.77%	533.67%	222.5%	355.28%	4000.0%
Total Liabilities	$9.893B	$9.822B	$8.250B	$4.557B	$4.152B	$2.492B	$1.987B	$2.092B	$1.889B	$619.2M	$460.8M	$156.6M	$98.80M
YoY Change	0.73%	19.06%	81.04%	9.76%	66.6%	25.39%	-5.01%	10.79%	204.99%	34.38%	194.25%	58.5%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Basic Shares Outstanding	146.8M	106.9M	68.51M	53.74M	42.01M	32.09M	31.35M	26.65M	7.971M shares	7.971M shares	7.273M shares	2.724M shares
Diluted Shares Outstanding	148.6M	117.2M	68.66M	53.82M	42.05M	32.10M			8.898M shares	10.68M shares	8.200M shares	2.774M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $1.2101 Billion

About Ready Capital Corp

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. The company is headquartered in New York City, New York and currently employs 374 full-time employees. The company went IPO on 2013-02-08. Its segments include LMM Commercial Real Estate and Small Business Lending. The LMM Commercial Real Estate segment originates lower-to-middle-market commercial real estate (LMM) loans across the full life cycle of an LMM property including construction, bridge, stabilized and agency loan origination channels through its wholly owned subsidiary, ReadyCap Commercial, LLC. These originated loans are generally held-for-investment or placed into securitization structures. As part of this segment, it originates and services multi-family loan products under the Freddie Mac SBL program. The Small Business Lending segment acquires, originates and services owner-occupied loans guaranteed by the Small Business Administration (SBA) under its SBA Section 7(a) Program through its wholly owned subsidiary, ReadyCap Lending, LLC.

Industry: Real Estate Investment Trusts Peers: MFA FINANCIAL, INC. ANNALY CAPITAL MANAGEMENT INC Apollo Commercial Real Estate Finance, Inc. Franklin BSP Realty Trust, Inc. CHIMERA INVESTMENT CORP Claros Mortgage Trust, Inc. KKR Real Estate Finance Trust Inc. Ladder Capital Corp PennyMac Mortgage Investment Trust TWO HARBORS INVESTMENT CORP.