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Redwood Trust, Inc.

RWT Real Estate Reit Mortgage

Redwood Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 25.2% from fiscal 2024.

Revenue
−86.5%
EPS
−358.3%
Free cash flow
−77.3%
Total debt
+36.3%

Quarter to September 2026, against a year earlier

3.20 0.09 +2.89%
Market cap
$390.7M
P/E
0.0×
Fwd P/E
12.8×
Dividend yield
23.2%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.97
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 6 — —
Sell — — — — — — — — — — — —
Insider Ownership 9.79%

Capital & Financial Ratios $m

Size
Market Cap 390.66
Revenue ttm 1,109.71
Net income ttm 5.72
Free cash flow ttm (14,283.75)
Net debt Q 28,671.00
Valuation
P/E 0.00
Forward P/E 12.80
Price / sales 0.35
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.45
Financial health
Current ratio Q 0.00
Debt / equity Q 34.74
Interest coverage Q —
Growth
Revenue growth Q −86.45% (below 0%: shrinking)
Operating income growth Q +92.00% (above 0%: growing)
EPS, this year +248.51% (at or above 15%: strong)
EPS, next year A +9.35%
Revenue, next year A −88.04% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +34.49% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 27.3×, against a ten-year median of 20.9×; over the ten years it ranged from 14.1× in 2020 to 30.2× in 2019.
P/S against its own 10 years 0.59%
10-year low 10-year high
P/B against its own 10 years 0.81%
10-year low 10-year high
EV/Sales against its own 10 years 95.31%
10-year low 10-year high

Dividends

Yield
23.2%
Annual rate
0.72
Payout ratio
—
Growth, 2017–25
−5.37%/yr
  1. 1.12 ’17
  2. 1.18 ’18 +5
  3. 1.20 ’19 +2
  4. 0.73 ’20 −40
  5. 0.78 ’21 +8
  6. 0.92 ’22 +18
  7. 0.71 ’23 −23
  8. 0.67 ’24 −6
  9. 0.72 ’25 +7
  10. 0.72 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 369 313 449 201
Receivables — — — —
Inventory — — — —
Other — — — —
13,065 16,402 22,002 28,134
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
217 314 399 401

Compound Annual Growth %

10y 5y 3y
Sales 16.38% 15.64% 18.67%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (1.53%) (2.42%) (3.22%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.22 Actual 0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.23 0.33 Beat by 0.10
Q1 FY26 0.28 0.28 Met by 0.00
Q2 FY26 0.26 0.25 Miss by 0.01
Q3 FY26 0.22 0.18 Miss by 0.04
Q4 FY26 0.21 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.07) (0.02) (0.37) — —
’25 0.10 (0.76) (0.08) 0.13 (0.61)
’24 0.21 0.10 0.09 (0.07) 0.32
’23 0.02 0.00 (0.29) 0.15 (0.11)
’22 0.24 (0.85) (0.44) (0.40) (1.43)
’21 0.72 0.66 0.65 0.34 2.37
’20 (8.28) 1.00 1.02 0.42 (5.12)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 357 385 41 — —
’25 272 284 300 327 1,183
’24 205 225 249 266 945
’23 179 179 177 190 724
’22 189 167 178 173 708
’21 128 139 146 162 575
’20 198 130 122 122 572
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4,508) (3,747) — — —
’25 (1,953) (2,113) (2,668) (3,361) (10,095)
’24 (954) (1,966) (2,088) (854) (5,863)
’23 102 (78) (891) (1,148) (2,016)
’22 (292) (199) 361 (10) (139)
’21 (966) (1,686) (1,128) (1,914) (5,695)
’20 (241) 297 (232) (330) (505)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4,508) (3,747) — — —
’25 (1,953) (2,113) (2,568) (3,361) (10,095)
’24 (954) (1,966) (2,036) (854) (5,863)
’23 102 (78) (886) (1,148) (2,016)
’22 (292) (199) 361 (10) (139)
’21 (966) (1,686) (1,128) (1,914) (5,695)
’20 (241) 297 (232) (330) (505)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 246 248 379 622 572 575 708 724 945 1,183 1,110 +19.0% 142 158 156 (49.2%)
Gross margin, % 64.06 56.13 36.88 22.90 21.67 25.77 21.96 12.83 10.86 6.99 12.01 (57.1) pt
EBT 135 152 131 177 (586) 338 (183) (1) 73 (45) (30) n/m
EBT margin, % 54.78 61.34 34.51 28.38 (102.54) 58.81 (25.91) (0.09) 7.71 (3.79) (2.72) (58.6) pt
Net income 131 140 120 169 (582) 320 (164) (2) 54 (70) 6 n/m
Per share, $
Per share, $ Revenue 3.21 3.23 4.81 6.15 5.02 5.08 6.04 6.23 7.16 9.08 8.94 +12.2%
Earnings 1.54 1.60 1.34 1.46 (5.12) 2.73 (1.43) (0.11) 0.32 (0.61) (0.33) n/m
Cash flow (7.11) (22.31) (20.47) (11.53) (4.44) (50.29) (1.19) (17.34) (44.40) (77.50) 0.00 +30.4%
Capex 0.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (6.55) (22.31) (20.47) (11.53) (4.44) (50.29) (1.19) (17.34) (44.40) (77.50) 0.00 +31.6%
Book value 14.98 15.79 17.13 18.07 9.75 12.24 9.25 10.34 9.00 7.54 6.70 (7.3%)
Shares, m 77 77 79 101 114 113 117 116 132 130 126 +6.1%
Valuation, ×
Valuation, × P/E 10.15 9.12 11.77 11.18 0.00 5.57 0.00 0.00 19.79 0.00 0.00 6.8
P/S 4.81 4.57 3.13 2.69 1.75 2.60 1.16 1.16 0.91 0.61 0.35 2.3
P/B 1.03 0.94 0.88 0.92 0.90 1.08 0.76 0.74 0.77 0.79 0.45 0.9
EV/Sales 20.90 26.87 30.01 27.61 16.62 24.41 17.29 20.82 19.61 20.13 27.31 22.4
EV/FCF (10.25) (4.07) (7.39) (15.73) (22.01) (2.50) (138.41) (7.66) (3.20) (2.40) (2.15) (21.4)
Cash, $m
Cash, $m Operating cash flow (546) (1,713) (1,612) (1,166) (505) (5,695) (139) (2,016) (5,863) (10,095) (14,284) +38.3%
Capex 43 (1) (25) — — — — — — — 158 n/m
Free cash flow (502) (1,713) (1,612) (1,166) (505) (5,695) (139) (2,016) (5,863) (10,095) (14,284) +39.6%
Balance, $m
Balance, $m Working capital 3,254 3,264 7,271 13,385 8,720 10,965 9,490 12,848 16,089 21,603 28,134 +23.4%
Net debt 3,964 5,531 10,177 15,507 8,504 12,540 11,420 12,682 16,420 21,842 28,671 +20.9%
Shareholders’ equity 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,203 1,188 983 831 (1.7%)
Returns, %
Returns, % ROA 2.18 2.18 1.22 1.10 (4.12) 2.55 (1.18) (0.07) 0.29 (0.37) (0.15) (2.6) pt
ROIC 1.19 0.70 0.50 0.21 0.29 0.06 0.10 (0.15) (0.12) (0.20) (0.08) (1.4) pt
ROE 11.11 11.58 9.05 10.35 (39.74) 25.60 (13.24) (0.81) 4.16 (7.57) 0.00 (18.7) pt
People
People Employees 125 120 149 372 247 298 347 289 283 351 — +12.2%
Revenue/emp, $m 1.97 2.07 2.54 1.67 2.32 1.93 2.04 2.51 3.34 3.37 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Redwood Trust, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IVR INVESCO MORTGAGE CAPITAL INC $595.7M — (loss-making) 6.8× +35.72% (above 0%: growing) n/m +3.93% (above 0%: growing) 34.28% 29.04% Compare
ADAM Adamas Trust, Inc. $534.6M — (loss-making) 5.0× +12.82% (above 0%: growing) n/m −119.68% (below 0%: shrinking) 25.11% (89.42%) Compare
TRTX TPG RE Finance Trust, Inc. $532.3M 16.3× 12.3× −5.07% (below 0%: shrinking) −46.65% (below 0%: shrinking) −40.71% (below 0%: shrinking) 100.00% 50.23% Compare
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%)
KREF KKR Real Estate Finance Trust $329.7M — (loss-making) — (loss-making) −21.85% (below 0%: shrinking) n/m −194.41% (below 0%: shrinking) 100.00% (3.15%) Compare
ARI Apollo Commercial Real Estate Finance $309.8M 3.0× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46% Compare
ABR Arbor Realty Trust $305.7M — (loss-making) — (loss-making) −6.33% (below 0%: shrinking) n/m +22.05% (above 0%: growing) 14.29% (18.36%) Compare
Median of peers $453.3M 16.3× 11.1× −6.13% −8.33% −8.10% 76.62% 6.66%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.13m 3.36m 105.00
2024 6.97m 5.80m 63.00
2023 7.02m 7.05m 65.00
2022 5.40m (2.53m) 53.00
2021 13.60m 17.75m 92.00

Ownership

Directors and executive officers, together 3.30%
BlackRock, Inc. 16.00%
Wellington Management Group, LLP 12.00%
The Vanguard Group 9.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Redwood Trust, Inc. (RWT) Latest News

4 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com

3 Nov

Impact 4 · · Business Wire
Impact 4 · · Business Wire

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Business Wire

23 Sep

Impact 3 · · GuruFocus.com

17 Sep

Impact 3 ·

14 Sep

Impact 4 ·

11 Sep

Impact 3 ·

10 Sep

Impact 3 ·

29 Jul

Impact 3 · · Moby

28 Jul

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

7 Jul

Impact 3 ·

19 May

Impact 3 · · Business Wire

2 May

Impact 4 · · MarketBeat

30 Apr

Impact 4 · · Moby
Impact 4 · · GuruFocus.com

29 Apr

Impact 4 · · Zacks
Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire
Impact 4 · · PR Newswire

28 Apr

Impact 3 · · Zacks

27 Apr

Impact 3 · · Zacks
stockrow.com/RWT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com