Saturday 17 October 2026 Export RWT’s income statement to Excel — free account

Redwood Trust, Inc.

Redwood Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 25.2% from fiscal 2024. In the quarter to June 2026, revenue grew 35.5%, EPS grew 97.4%, free cash flow fell 77.3% and total debt rose 39.2%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.

3.04 0.07 −2.25%

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Market cap: $390.7M
P/E: 0.0×
Fwd P/E: 8.4×
Dividend yield: 23.7%
F-score: 2/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.97

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	6	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 10.66%

Capital & Financial Ratios $m

Market Cap 390.66

Revenue 1,368.64

Net Income 5.72

Free Cash Flow (14,283.75)

Net Debt 27,181.17

Current Ratio 67.49

Debt/Equity 29.42

P/E ratio 0.00

Fwd P/E 8.44

P/S ratio 0.28

P/B ratio 0.44

Past 5Y EPS Growth —

This Y EPS Growth 250.96%

Next Y EPS Growth 7.74%

Next Y revenue growth (88.04%)

Next 5Y EPS Growth 34.49%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 0.07%

10-year low 10-year high

P/B against its own 10 years 0.52%

10-year low 10-year high

EV/Sales against its own 10 years 53.04%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 0.72

Annual Dividend Yield 23.68%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.72	0.18 0.18 0.18
2025	0.72	0.18 0.18 0.18 0.18
2024	0.67	0.16 0.16 0.17 0.18
2023	0.71	0.23 0.16 0.16 0.16
2022	0.92	0.23 0.23 0.23 0.23
2021	0.78	0.16 0.18 0.21 0.23
2020	0.73	0.32 0.13 0.14 0.14
2019	1.20	0.30 0.30 0.30 0.30
2018	1.18	0.28 0.30 0.30 0.30
2017	1.12	0.28 0.28 0.28 0.28
2016	1.12	0.28 0.28 0.28 0.28

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	369	313	449	291
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	13,065	16,402	22,002	27,055

	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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	357	385	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.07)	(0.02)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	9.26	14.29	14.29	14.90	2.14	8.38	5.52	5.47	5.46	4.68	Analyst estimates 2026–2028 Powerpack
	High	16.20	17.45	17.50	17.28	18.01	14.17	13.69	8.72	8.15	6.73
People
People	Employees	125	120	149	372	247	298	347	289	283	351
	Revenue/emp, $m	1.97	2.07	2.54	1.67	2.32	1.93	2.04	2.51	3.34	3.37
Income, $m
Income, $m	Revenue	246	248	379	622	572	575	708	724	945	1,183
	Gross margin, %	64.06	56.13	36.88	22.90	21.67	25.77	21.96	12.83	10.86	6.99
	EBT	135	152	131	177	(586)	338	(183)	(1)	73	(45)
	EBT margin, %	54.78	61.34	34.51	28.38	(102.54)	58.81	(25.91)	(0.09)	7.71	(3.79)
	Net income	131	140	120	169	(582)	320	(164)	(2)	54	(70)
	Depreciation	(25)	(17)	(12)	5	115	7	22	33	24	23
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
	Earnings	1.54	1.60	1.34	1.46	(5.12)	2.37	(1.43)	(0.11)	0.32	(0.61)
	Cash flow	(7.11)	(22.31)	(20.47)	(11.53)	(4.44)	(50.29)	(1.19)	(17.34)	(44.40)	(77.50)
	Capex	0.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	(6.55)	(22.31)	(20.47)	(11.53)	(4.44)	(50.29)	(1.19)	(17.34)	(44.40)	(77.50)
	Book value	14.98	15.79	17.13	18.07	9.75	12.24	9.25	10.34	9.00	7.54
	Shares, m	77	77	79	101	114	113	117	116	132	130
Valuation, ×
Valuation, ×	P/E	10.15	9.12	11.77	11.18	0.00	5.57	0.00	0.00	19.79	0.00
	P/S	4.81	4.57	3.13	2.69	1.75	2.60	1.16	1.16	0.91	0.61
	P/B	1.03	0.94	0.88	0.92	0.90	1.08	0.76	0.74	0.77	0.79
	EV/Sales	20.90	26.87	30.01	27.61	16.62	24.41	17.29	20.82	19.61	20.13
	EV/FCF	(10.25)	(4.07)	(7.39)	(15.73)	(22.01)	(2.50)	(138.41)	(7.66)	(3.20)	(2.40)
Cash, $m
Cash, $m	Operating cash flow	(546)	(1,713)	(1,612)	(1,166)	(505)	(5,695)	(139)	(2,016)	(5,863)	(10,095)
	Capex	43	(1)	(25)	—	—	—	—	—	—	—
	Free cash flow	(502)	(1,713)	(1,612)	(1,166)	(505)	(5,695)	(139)	(2,016)	(5,863)	(10,095)
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
	Total debt	4,186	5,678	10,383	15,798	9,049	13,072	11,750	13,051	16,733	22,291
	Net debt	3,964	5,531	10,177	15,507	8,504	12,540	11,420	12,682	16,420	21,842
	Shareholders’ equity	1,149	1,212	1,349	1,827	1,111	1,386	1,084	1,203	1,188	983
Returns, %
Returns, %	ROA	2.18	2.18	1.22	1.10	(4.12)	2.55	(1.18)	(0.07)	0.29	(0.37)
	ROIC	1.19	0.70	0.50	0.21	0.29	0.06	0.10	(0.15)	(0.12)	(0.20)
	ROE	11.11	11.58	9.05	10.35	(39.74)	25.60	(13.24)	(0.81)	4.16	(7.57)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PMT PennyMac Mortgage Investment Trust	$615.7M	4.9×	8.4×	+3.60% (above 0%: growing)	n/m	−45.97% (below 0%: shrinking)	63.63%	34.80%	Compare
IVR INVESCO MORTGAGE CAPITAL INC	$607.1M	3.7×	10.2×	+20.93% (above 0%: growing)	n/m	+3.93% (above 0%: growing)	35.24%	28.86%	Compare
ABR Arbor Realty Trust	$522.4M	38.6×	22.1×	−2.77% (below 0%: shrinking)	n/m	+172.80% (above 0%: growing)	19.79%	(4.57%)	Compare
FBRT Franklin BSP Realty Trust, Inc.	$520.7M	14.1×	9.4×	+32.33% (above 0%: growing)	−36.84% (below 0%: shrinking)	+87.71% (above 0%: growing)	90.86%	18.69%	Compare
BRSP BrightSpire Capital, Inc.	$479.5M	— (loss-making)	25.0×	−9.80% (below 0%: shrinking)	n/m	+150.31% (above 0%: growing)	61.99%	(40.13%)	Compare
TRTX TPG RE Finance Trust, Inc.	$454.5M	10.7×	10.5×	−6.05% (below 0%: shrinking)	−42.86% (below 0%: shrinking)	−70.48% (below 0%: shrinking)	100.00%	49.39%	Compare
RWT Redwood Trust, Inc.	$390.7M	— (loss-making)	8.4×	+35.48% (above 0%: growing)	n/m	−77.33% (below 0%: shrinking)	8.33%	(1.59%)
KREF KKR Real Estate Finance Trust	$352.3M	— (loss-making)	— (loss-making)	−41.60% (below 0%: shrinking)	n/m	−137.85% (below 0%: shrinking)	100.00%	(560.14%)	Compare
NREF NexPoint Real Estate Finance, Inc.	$288.9M	6.5×	10.9×	+11.50% (above 0%: growing)	−46.30% (below 0%: shrinking)	−363.98% (below 0%: shrinking)	100.00%	25.54%	Compare
Median of peers	$500.1M	8.6×	10.5×	+0.41%	−42.86%	−21.02%	77.25%	22.12%

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