Stocks · Real Estate · REIT - Mortgage
Redwood Trust, Inc. 9.125% Seni RWTN
$22.62 -2.92% Close, Oct 5, 2026 · NYSE · Market cap $2.93B
Expensive vs sectorLow risk
Next earnings report: Nov 4, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Operating margin widened to 94.5% from 69.8% a year earlier.
- Revenue over the last four quarters was $1.02B, up 50.7% from a year earlier, slowing from 103.1% a quarter earlier.
- Net debt is 28.0× EBITDA, a high level of leverage.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 14%
- Revenue growth accelerationBottom 3%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 31%
- Gross marginTop 2%
- Operating marginTop 3%
- Cash conversion (OCF / net income)Bottom 4%
- Accruals (lower is better)Bottom 1%
- Net debt / EBITDA (lower is better)Bottom 10%
- Interest coverTop 17%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 29%
- Free-cash-flow yieldBottom 2%
- EBITDA / enterprise valueBottom 19%
- Sales / enterprise valueBottom 4%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 42%
- 6-month returnBottom 37%
- 1-year return vs S&P 500Bottom 47%
- Distance from 52-week highTop 13%
- Trend checklist (0–4)Bottom 23%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 21%
- Consecutive EPS beatsTop 32%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 3%
- Maximum drawdown, 3 yearsTop 3%
- Beta vs S&P 500 (lower is better)Top 9%
- Net debt / EBITDA (lower is better)Bottom 10%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 103.1% | 50.7% | ↓ |
| Gross margin | 95.9% | 95.9% | ↓ |
| Operating margin | 69.8% | 94.5% | ↑ |
| FCF margin | -1035.3% | -1400.5% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 50.7% | 103.1% | ↓ | Top 14% |
| Gross margin | 95.9% | 95.9% | ↓ | Top 2% |
| Operating margin | 94.5% | 69.8% | ↑ | Top 3% |
| Net margin | 0.6% | -11.0% | ↑ | — |
| Free-cash-flow margin | -1400.5% | -1035.3% | ↓ | — |
| Return on invested capital | 5.9% | — | Top 31% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- -2.00×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- 49.6%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 1.1%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -150.7 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 28.03×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 3.2×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 1.63%
- Net buyback yield (TTM)
- 1.54%
- Shareholder yield
- 3.17%
- Share count change, 1 year
- -5.8%
- Share count change, 3-year CAGR
- +3.1%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 2
- Beats in the last 8 reports
- 2 of 8
- Average EPS surprise, last 4
- -36.1%
- Average 2-day reaction, last 8
- -0.1%
- Positive 20 days after report
- 0 of 8
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 28, 2026 | +8.9% | -0.4% | -0.1% | -1.3% | — |
| Apr 29, 2026 | +31.1% | -1.1% | -0.0% | -1.7% | -2.6% |
| Feb 11, 2026 | -39.1% | +0.6% | -1.1% | -1.6% | +0.2% |
| Oct 29, 2025 | -145.1% | -0.7% | +0.0% | -2.4% | -0.4% |
| Jul 30, 2025 | -557.6% | +0.8% | -0.4% | -2.1% | +0.8% |
| Apr 30, 2025 | -33.2% | -0.0% | -1.2% | -2.5% | +0.2% |
| Feb 13, 2025 | -169.9% | +0.1% | -1.4% | -3.1% | -1.3% |
| Oct 30, 2024 | -10.2% | -0.4% | -0.7% | -1.8% | -1.4% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 28, 2026 | $0.25 | $0.23 | +8.9% | $78.5M |
| Apr 29, 2026 | $0.28 | $0.21 | +31.1% | $87.1M |
| Feb 11, 2026 | $0.13 | $0.21 | -39.1% | $87.7M |
| Oct 29, 2025 | -$0.08 | $0.18 | -145.1% | $61.4M |
| Jul 30, 2025 | -$0.76 | $0.17 | -557.6% | $46.6M |
| Apr 30, 2025 | $0.10 | $0.15 | -33.2% | $73.8M |
| Feb 13, 2025 | -$0.07 | $0.10 | -169.9% | $45.2M |
| Oct 30, 2024 | $0.09 | $0.10 | -10.2% | $69.7M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (forward) | 24.2× | — | — | — |
| EV / EBITDA | 31.0× | — | — | Bottom 19% |
| EV / Sales | 29.62× | — | — | Bottom 4% |
| Free-cash-flow yield | -488.06% | — | — | Bottom 2% |
| Earnings yield | -0.16% | — | — | Bottom 29% |
P/E over the past five years
Range 9.5× – 357.8× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -1.3%
- 200-day average slope (20 days)
- -0.3%
- Distance from 50-day average
- -7.6%
- Distance from 200-day average
- -8.9%
- RSI (14)
- 21.7
- Relative volume
- 2.26×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 12.0%
- Volatility vs own 5-year history
- 90th percentile · High for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.11
- Correlation with S&P 500
- 0.19
- Current drawdown from 1-year high
- -11.5%
- Maximum drawdown, 3 years
- -13.0%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| May 2, 2024 | Oct 5, 2026 | -13.0% | 607 days | Not yet recovered |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $2.93B
- EPS, diluted (TTM)
- -$0.04
- Revenue (TTM)
- $1.02B
- Dividend yield
- 10.08%
- 52-week range
- $22.12 – $25.77
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $539.6M | -$22.1M | $158.6M | $242.5M | $274.8M |
| Gross profit | $539.6M | -$22.1M | $158.6M | $242.5M | $246.5M |
| Operating income | $378.2M | -$156.0M | $32.3M | $108.1M | -$26.7M |
| Net income | $319.6M | -$163.5M | -$2.3M | $54.0M | -$70.0M |
| EPS (diluted) | $2.17 | -$1.43 | -$0.11 | $0.32 | -$0.62 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $69.7M | $30.9M | $279.1M | $297.3M | $313.0M | $210.7M | $87.1M | $409.0M |
| Net income | $14.8M | -$6.6M | $16.1M | -$98.5M | -$7.7M | $20.0M | -$5.5M | -$1.1M |
| EPS (diluted) | $0.09 | -$0.08 | $0.10 | -$0.76 | -$0.08 | $0.13 | -$0.06 | -$0.02 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | -$5.69B | -$139.1M | -$2.02B | -$5.86B | -$10.09B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | -$5.69B | -$139.1M | -$2.02B | -$5.86B | -$10.09B |
| Dividends paid | $0 | $0 | $0 | -$99.9M | $0 |
| Net share buybacks | $21.9M | $11.5M | $191.4M | $462,000 | -$51.4M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $192.0M
- Total assets
- $28.82B
- Total liabilities
- $27.88B
- Total debt
- $27.47B
- Net debt
- $27.28B
- Shareholders’ equity
- $931.1M
As of Jun 30, 2026 (filed Aug 5, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Aug 14, 2026 | $0.57 | Sep 1, 2026 |
| May 15, 2026 | $0.57 | Jun 1, 2026 |
| Feb 13, 2026 | $0.57 | Mar 2, 2026 |
| Nov 14, 2025 | $0.57 | Dec 1, 2025 |
| Aug 15, 2025 | $0.57 | Sep 2, 2025 |
| May 15, 2025 | $0.57 | Jun 2, 2025 |
| Feb 14, 2025 | $0.57 | Mar 3, 2025 |
| Nov 15, 2024 | $0.57 | Dec 2, 2024 |
Short interest
- Shares sold short
- 9,745
- Days to cover
- 1.18
- Change vs previous report
- +300.5%
FINRA short interest, settlement date Sep 15, 2026.