RC (Ready Capital Corporation) Stock Financials & Earnings | Market Cap Arena

RC (Ready Capital Corporation) Stock Financials & Earnings | Market Cap Arena

RCReady Capital Corporation

Mkt Cap$316M

Real Estate·REIT - Mortgage·🇺🇸 United States·NYSE

Revenue (TTM)$499M

Net Income (TTM)-$229M

EPS (TTM)-$1.44

Free Cash Flow (TTM)$456M

Gross Margin7.4%

Op. Margin-46.4%

Net Margin-45.8%

FCF Margin91.3%

P/S Ratio (TTM)0.6x

P/E Ratio (TTM)—

YoY Rev Growth+1726.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$80M	$80M	$0
Q2 23	$96M	$96M	$0
Q3 23	$102M	$102M	$0
Q4 23	$60M	$60M	$0
Q1 24	-$67M	-$67M	$0
Q2 24	-$25M	-$25M	$0
Q3 24	$62M	$62M	$0
Q4 24	$58M	$58M	$0
Q1 25	-$74M	-$74M	$0
Q2 25	-$12M	-$23M	-$65M
Q3 25	$19M	$9M	-$31M
Q4 25	$567M	$125M	-$137M

Valuation

Quarter	P/S	P/E
Q1 23	0.7x	1.9x
Q2 23	0.8x	0.9x
Q3 23	0.8x	0.9x
Q4 23	0.9x	0.9x
Q1 24	1.7x	1.4x
Q2 24	4.5x	—
Q3 24	10.8x	—
Q4 24	11.5x	—
Q1 25	15.3x	—
Q2 25	9.3x	—
Q3 25	—	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$907K	-$907K
Q2 23	$38M	$37M
Q3 23	$44M	$44M
Q4 23	$1M	-$25M
Q1 24	$12M	$12M
Q2 24	$1M	$1M
Q3 24	-$352K	-$352K
Q4 24	-$26M	-$26M
Q1 25	$19M	$19M
Q2 25	-$61M	-$61M
Q3 25	$435M	$435M
Q4 25	$63M	$63M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$0
Q2 23	$1M
Q3 23	$0
Q4 23	$1M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-39.7%	-39.7%
Q2 23	-11.2%	-11.2%
Q3 23	-26.6%	-26.6%
Q4 23	-36.9%	-36.9%
Q1 24	-184.3%	-184.3%
Q2 24	-126.3%	-126.3%
Q3 24	-39.4%	-39.4%
Q4 24	-3.3%	-3.3%
Q1 25	-10.0%	-10.0%
Q2 25	+52.5%	+307.6%
Q3 25	-69.8%	-19.9%
Q4 25	+873.4%	+1107.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	2.3%
Q2 23	$2M	2.1%
Q3 23	$2M	2.2%
Q4 23	$1M	2.3%
Q1 24	$0	—
Q2 24	$2M	—
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	—
Q2 25	$0	—
Q3 25	$2M	8.5%
Q4 25	$4M	0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	—	$23M	$312K
Q2 23	—	$27M	$220K
Q3 23	—	$24M	$376K
Q4 23	—	$7M	—
Q1 24	—	$22M	$399K
Q2 24	—	$23M	$350K
Q3 24	—	$26M	$750K
Q4 24	—	$27M	$506K
Q1 25	—	$25M	$363K
Q2 25	$3M	$11M	$340K
Q3 25	$3M	$11M	$357K
Q4 25	—	$13M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$111M	$0	$111M
Q2 23	$228M	$0	$228M
Q3 23	$205M	$9M	$214M
Q4 23	$139M	$2M	$142M
Q1 24	$166M	$0	$166M
Q2 24	$226M	$0	$226M
Q3 24	$181M	$0	$181M
Q4 24	$144M	$0	$144M
Q1 25	$206M	$0	$206M
Q2 25	$163M	$0	$163M
Q3 25	$148M	$0	$148M
Q4 25	$248M	$0	$248M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	121M	-0.0%
Q2 23	142M	+17.0%
Q3 23	174M	+23.2%
Q4 23	172M	-1.3%
Q1 24	173M	+0.6%
Q2 24	170M	-1.9%
Q3 24	170M	-0.2%
Q4 24	169M	-0.4%
Q1 25	168M	-0.7%
Q2 25	171M	+1.8%
Q3 25	168M	-1.7%
Q4 25	164M	-2.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$230K	216
FY 15	$236K	246
FY 16	$2M	56
FY 17	$2M	68
FY 18	$2M	80
FY 19	$2M	95
FY 20	$5M	85
FY 21	$3M	105
FY 22	$4M	100
FY 23	$1M	374
FY 24	$58K	475
FY 25	$999K	500