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Ready Capital Corp (RC) vs Great Ajax Corp. (RPT)

Ready Capital Corp and Great Ajax Corp. are both Reit Mortgage companies. Ready Capital Corp is the larger, with a market value of $176.8M against $87.8M — 2.0× the size. Ready Capital Corp has negative trailing earnings, so its P/E is not meaningful; Great Ajax Corp. trades at 73.7×. Ready Capital Corp grew revenue faster over the last twelve months: −43.0% against −74.3%. Great Ajax Corp. has the higher net margin (7.05% vs −134.1%) and the lower return on invested capital (0.49% vs 6.29%). Across the 18 metrics below, Ready Capital Corp leads on 12 and Great Ajax Corp. on 6.

Valuation

Metric RC RPT Reit Mortgage median
P/E n/m 73.67 14.55
P/S 0.43 5.07 1.72
P/B 0.15 0.37 0.52
Price to free cash flow 0.14 n/m 4.35
EV/EBITDA 6.39 79.39 28.27
EV/Sales 7.31 35.01 15.73
Earnings yield (318.35%) 1.36% 0.23%
Free cash flow yield 693.71% (13.25%) 13.86%

Profitability

Metric RC RPT Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 101.42% 36.21% 31.94%
Net margin (134.14%) 7.05% (1.81%)
Free cash flow margin 297.03% (67.15%) 27.05%
Return on equity (37.06%) 0.51% (0.49%)
Return on assets (7.25%) 0.12% (0.06%)
Return on invested capital 6.29% 0.49% 0.79%

Growth

Metric RC RPT Reit Mortgage median
Revenue growth (TTM) (43.02%) (74.29%) 1.39%
EPS growth (last fiscal year) 45.25% 97.38% 45.25%
Revenue growth, 5-year CAGR 17.09% (24.69%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric RC RPT Reit Mortgage median
Debt to equity 2.29 1.95 2.91
Current ratio 1.91 0.85 0.82
Net debt to EBITDA 6.30 181.49 18.31

Dividend

Metric RC RPT Reit Mortgage median
Dividend yield 3.67% — 17.37%
Payout ratio — — 1.87

Size

Metric RC RPT Reit Mortgage median
Market cap 176.76m 87.80m 409.49m

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