1.Sales and profit
See section β- Redwood Trust Inc had $82.7M of revenue in fiscal 2025, down 19.4% on the year before.
- Redwood Trust Inc lost $70.0M in fiscal 2025.
Redwood Trust Inc
RWT NYSE Real Estate Investment Trusts Financials FY2016βFY2025
Redwood Trust Inc had $82.7M of revenue in fiscal 2025, down 19.4% on the year before.
Last close Β· Oct 23, 2026
$3.18
1.9%KIRAβs summary AI analyst
Hi! I read Redwood Trust Incβs latest annual report (fiscal 2025). Here is what stands out:
2 to watch
2.Cash and shareholders
See section β- Redwood Trust Inc returned $151M to shareholders in fiscal 2025. The diluted share count fell 1.4%.
- In the last 12 months, insiders bought $1.0M of shares on the open market and sold none.
Redwood Trust Inc in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β19.4%
No. Sales fell 19.4% last year.
Weak
Does it make a profit?
β84.7%
No. It lost money last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$399M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$0.07 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA Β· Redwood Trust Inc had $82.7M of revenue in fiscal 2025, down 19.4% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $217M
FY17
Revenue $229M
FY18
Revenue $214M
FY19
Revenue $308M
FY20
Revenue β$351M
FY21
Revenue $542M
FY22
Revenue β$7.2M
FY23
Revenue $166M
FY24
Revenue $103M
FY25
Revenue $82.7M
Revenue
Q3 '23
Revenue $10.8M
Q4 '23
Revenue $64.1M
Q1 '24
Revenue $74.5M
Q2 '24
Revenue $67.4M
Q3 '24
Revenue $25.5M
Q4 '24
Revenue $27.6M
Q1 '25
Revenue $27.9M
Q2 '25
Revenue $13.8M
Q3 '25
Revenue $15.0M
Q4 '25
Revenue $25.9M
Q1 '26
Revenue $34.7M
Q2 '26
Revenue $32.1M
Margins, % of revenue
FY16
Gross β
Operating β
Net 60.6%
FCF β
FY17
Gross β
Operating β
Net 61.2%
FCF β
FY18
Gross β
Operating β
Net 56.0%
FCF β
FY19
Gross β
Operating β
Net 54.9%
FCF β
FY20
Gross β
Operating β
Net 165.6%
FCF β
FY21
Gross β
Operating β
Net 59.0%
FCF β
FY22
Gross β
Operating β
Net 2,263.3%
FCF β
FY23
Gross β
Operating β
Net β1.4%
FCF β
FY24
Gross β
Operating β
Net 52.6%
FCF β
FY25
Gross β
Operating β
Net β84.7%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β286.4%
FCF β
Q4 '23
Gross β
Operating β
Net 32.8%
FCF β
Q1 '24
Gross β
Operating β
Net 40.6%
FCF β
Q2 '24
Gross β
Operating β
Net 23.0%
FCF β
Q3 '24
Gross β
Operating β
Net 58.1%
FCF β
Q4 '24
Gross β
Operating β
Net β24.0%
FCF β
Q1 '25
Gross β
Operating β
Net 57.8%
FCF β
Q2 '25
Gross β
Operating β
Net β712.0%
FCF β
Q3 '25
Gross β
Operating β
Net β51.4%
FCF β
Q4 '25
Gross β
Operating β
Net 77.2%
FCF β
Q1 '26
Gross β
Operating β
Net β15.9%
FCF β
Q2 '26
Gross β
Operating β
Net β3.4%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Redwood Trust Inc lost $70.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income $131M
FY17
Net income $140M
FY18
Net income $120M
FY19
Net income $169M
FY20
Net income β$582M
FY21
Net income $320M
FY22
Net income β$164M
FY23
Net income β$2.3M
FY24
Net income $54.0M
FY25
Net income β$70.0M
Net income
Q3 '23
Net income β$30.8M
Q4 '23
Net income $21.0M
Q1 '24
Net income $30.3M
Q2 '24
Net income $15.5M
Q3 '24
Net income $14.8M
Q4 '24
Net income β$6.6M
Q1 '25
Net income $16.1M
Q2 '25
Net income β$98.5M
Q3 '25
Net income β$7.7M
Q4 '25
Net income $20.0M
Q1 '26
Net income β$5.5M
Q2 '26
Net income β$1.1M
Diluted EPS
FY16
Diluted EPS $1.54
FY17
Diluted EPS $1.60
FY18
Diluted EPS $1.34
FY19
Diluted EPS $1.46
FY20
Diluted EPS β$5.12
FY21
Diluted EPS $2.37
FY22
Diluted EPS β$1.43
FY23
Diluted EPS β$0.11
FY24
Diluted EPS $0.32
FY25
Diluted EPS β$0.63
Diluted EPS
Q3 '23
Diluted EPS β$0.29
Q4 '23
Diluted EPS $0.16
Q1 '24
Diluted EPS $0.21
Q2 '24
Diluted EPS $0.10
Q3 '24
Diluted EPS $0.09
Q4 '24
Diluted EPS β$0.08
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS β$0.76
Q3 '25
Diluted EPS β$0.08
Q4 '25
Diluted EPS $0.11
Q1 '26
Diluted EPS β$0.07
Q2 '26
Diluted EPS β$0.03
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β
FY17
Free cash flow β
FY18
Free cash flow β
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY16
Cash from operations β$546M
Capital spending β
FY17
Cash from operations β$1.7B
Capital spending β
FY18
Cash from operations β$1.6B
Capital spending β
FY19
Cash from operations β$1.2B
Capital spending β
FY20
Cash from operations β$505M
Capital spending β
FY21
Cash from operations β$5.7B
Capital spending β
FY22
Cash from operations β$139M
Capital spending β
FY23
Cash from operations β$2.0B
Capital spending β
FY24
Cash from operations β$5.9B
Capital spending β
FY25
Cash from operations β$10.1B
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$891M
Capital spending β
Q4 '23
Cash from operations β$1.1B
Capital spending β
Q1 '24
Cash from operations β$954M
Capital spending β
Q2 '24
Cash from operations β$2.0B
Capital spending β
Q3 '24
Cash from operations β$2.1B
Capital spending β
Q4 '24
Cash from operations β$854M
Capital spending β
Q1 '25
Cash from operations β$2.0B
Capital spending β
Q2 '25
Cash from operations β$2.1B
Capital spending β
Q3 '25
Cash from operations β$2.7B
Capital spending β
Q4 '25
Cash from operations β$3.4B
Capital spending β
Q1 '26
Cash from operations β$4.5B
Capital spending β
Q2 '26
Cash from operations β$3.7B
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Redwood Trust Inc returned $151M to shareholders in fiscal 2025. The diluted share count fell 1.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends $88.5M
Buybacks $28.1M
FY17
Dividends $88.3M
Buybacks $8.4M
FY18
Dividends $96.8M
Buybacks $16.3M
FY19
Dividends $129M
Buybacks $0.0M
FY20
Dividends $84.0M
Buybacks $21.7M
FY21
Dividends $91.7M
Buybacks $0.0M
FY22
Dividends $112M
Buybacks $56.5M
FY23
Dividends $88.4M
Buybacks $0.0M
FY24
Dividends $92.9M
Buybacks $0.0M
FY25
Dividends $99.0M
Buybacks $51.8M
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $19.7M
Buybacks $0.0M
Q4 '23
Dividends $21.9M
Buybacks $0.0M
Q1 '24
Dividends $22.1M
Buybacks β
Q2 '24
Dividends $22.1M
Buybacks β
Q3 '24
Dividends $23.6M
Buybacks $0.0M
Q4 '24
Dividends $25.1M
Buybacks $0.0M
Q1 '25
Dividends $25.4M
Buybacks $0.0M
Q2 '25
Dividends $25.3M
Buybacks $7.5M
Q3 '25
Dividends $24.3M
Buybacks $29.6M
Q4 '25
Dividends $24.0M
Buybacks $14.8M
Q1 '26
Dividends $23.8M
Buybacks $1.1M
Q2 '26
Dividends $24.1M
Buybacks $0.0M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.10B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.14B
FY20
Diluted shares 0.11B
FY21
Diluted shares 0.14B
FY22
Diluted shares 0.12B
FY23
Diluted shares 0.12B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Insider trades
KIRA Β· In the last 12 months, insiders bought $1.0M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.0M
6 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Andrew P StoneChief Legal Officer | Bought | 5,000 | $4.12 | $0.0M | Form 4 |
| Sep 21, 2026 | Sasha G. MacomberChief Human Resource Officer | Bought | 4,895 | $4.08 | $0.0M | Form 4 |
| Sep 16, 2026 | Dashiell I RobinsonPresident, Director | Bought | 63,211 | $3.98 | $0.3M | Form 4 |
| Sep 15, 2026 | Brooke CarilloChief Financial Officer | Bought | 26,065 | $3.85 | $0.1M | Form 4 |
| Sep 15, 2026 | Christopher J AbateChief Executive Officer, Director | Bought | 100,000 | $3.84 | $0.4M | Form 4 |
| Sep 15, 2026 | Greg H KubicekDirector | Bought | 50,000 | $3.85 | $0.2M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Redwood Trust Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $213M
Debt $3.4B
FY17
Cash $145M
Debt $4.5B
FY18
Cash $176M
Debt $5.0B
FY19
Cash $197M
Debt $2.3B
FY20
Cash $461M
Debt $1.9B
FY21
Cash $450M
Debt $3.8B
FY22
Cash $259M
Debt $3.8B
FY23
Cash $293M
Debt $3.2B
FY24
Cash $245M
Debt β
FY25
Cash $256M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $450M | $259M | $293M | $245M | $256M |
| Debt incl. finance leases | $3.8B | $3.8B | $3.2B | β | β |
| Debt / equity | 2.8x | 3.5x | 2.7x | β | β |
| Total assets | $14.7B | $13.0B | $14.5B | $18.3B | $23.7B |
| Total liabilities | $13.3B | $11.9B | $13.3B | $17.1B | $22.7B |
| Shareholders' equity | $1.4B | $1.1B | $1.2B | $1.2B | $983M |
| Net debt (β = net cash) | $3.4B | $3.5B | $2.9B | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity 11.4%
Return on assets 2.4%
FY17
Return on capital β
Return on equity 11.9%
Return on assets 2.2%
FY18
Return on capital β
Return on equity 9.3%
Return on assets 1.3%
FY19
Return on capital β
Return on equity 10.7%
Return on assets 1.1%
FY20
Return on capital β
Return on equity β39.6%
Return on assets β4.1%
FY21
Return on capital β
Return on equity 25.6%
Return on assets 2.6%
FY22
Return on capital β
Return on equity β13.2%
Return on assets β1.2%
FY23
Return on capital β
Return on equity β0.2%
Return on assets β0.0%
FY24
Return on capital β
Return on equity 4.5%
Return on assets 0.3%
FY25
Return on capital β
Return on equity β6.5%
Return on assets β0.3%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 1 / 7 | 2 / 7 | 2 / 7 | 2 / 7 | 3 / 7 | 2 / 7 | 4 / 7 | β / 6 | β / 6 |
| Accruals ratio | 12.3% | 29.6% | 18.2% | 8.9% | β0.5% | 48.0% | β0.2% | 14.6% | 36.1% | 47.8% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $217M | $229M | $214M | $308M | β$351M | $542M | β$7.2M | $166M | $103M | $82.7M |
| Net interest income | $158M | $139M | $140M | $142M | $124M | $148M | $155M | $92.9M | $103M | $82.7M |
| Noninterest income | $58.8M | $90.1M | $74.0M | $166M | β$475M | $394M | β$163M | $72.7M | β | β |
| Provision for credit losses | β$7.1M | $0.0M | $0.0M | β | β | β | β | β | β | β |
| Interest expense | $88.5M | $109M | $239M | $480M | $448M | $427M | $552M | $632M | β | β |
| Pretax income | $135M | $152M | $131M | $177M | β$586M | $338M | β$183M | β$0.6M | $72.8M | β$44.8M |
| Income tax | $3.7M | $11.8M | $11.1M | $7.4M | β$4.6M | $18.5M | β$19.9M | $1.6M | $18.8M | $25.2M |
| Net income | $131M | $140M | $120M | $169M | β$582M | $320M | β$164M | β$2.3M | $54.0M | β$70.0M |
| Net income to common | $128M | $137M | $116M | $164M | β$584M | $320M | β$164M | β$9.0M | $47.0M | β$77.0M |
| Diluted EPS | $1.54 | $1.60 | $1.34 | $1.46 | β$5.12 | $2.37 | β$1.43 | β$0.11 | $0.32 | β$0.63 |
| Diluted shares | 0.10B | 0.10B | 0.11B | 0.14B | 0.11B | 0.14B | 0.12B | 0.12B | 0.13B | 0.13B |
| Cash flow | ||||||||||
| Cash from operations | β$546M | β$1.7B | β$1.6B | β$1.2B | β$505M | β$5.7B | β$139M | β$2.0B | β$5.9B | β$10.1B |
| Depreciation and amortization | $1.1M | $1.2M | $1.3M | $10.1M | $17.4M | $16.8M | $15.9M | $14.9M | $11.9M | $10.1M |
| Stock-based compensation | $12.6M | $10.4M | $13.7M | $15.0M | $15.3M | $18.9M | $23.9M | $19.1M | $25.0M | $20.0M |
| Acquisitions | β | $0.0M | $10.0M | $3.7M | $0.0M | $0.0M | $40.6M | $0.0M | $0.0M | β |
| Share buybacks | $28.1M | $8.4M | $16.3M | $0.0M | $21.7M | $0.0M | $56.5M | $0.0M | $0.0M | $51.8M |
| Dividends paid | $88.5M | $88.3M | $96.8M | $129M | $84.0M | $91.7M | $112M | $88.4M | $92.9M | $99.0M |
| Dividends and buybacks | $117M | $96.7M | $113M | $129M | $106M | $91.7M | $168M | $88.4M | $92.9M | $151M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $213M | $145M | $176M | $197M | $461M | $450M | $259M | $293M | $245M | $256M |
| Total debt | $3.4B | $4.5B | $5.0B | $2.3B | $1.9B | $3.8B | $3.8B | $3.2B | β | β |
| Loans, net | $3.9B | β | β | β | β | β | β | β | β | β |
| Property and equipment, net | $2.8M | $2.6M | $5.1M | $4.9M | $4.2M | $9.0M | $12.6M | $7.8M | $4.7M | $6.4M |
| Goodwill | β | β | $0.0M | $88.7M | $0.0M | $0.0M | $23.4M | $23.4M | $23.4M | $23.4M |
| Intangible assets | β | β | $0.0M | $72.8M | $56.9M | $41.6M | $40.9M | $28.5M | $19.0M | $10.6M |
| Total assets | $5.5B | $7.0B | $11.9B | $18.0B | $10.4B | $14.7B | $13.0B | $14.5B | $18.3B | $23.7B |
| Total liabilities | $4.3B | $5.8B | $10.6B | $16.2B | $9.2B | $13.3B | $11.9B | $13.3B | $17.1B | $22.7B |
| Preferred stock | β | β | β | β | β | β | $0.0M | $66.9M | $66.9M | $66.9M |
| Shareholders' equity | $1.1B | $1.2B | $1.3B | $1.8B | $1.1B | $1.4B | $1.1B | $1.2B | $1.2B | $983M |
| Margins | ||||||||||
| Net margin | 60.6% | 61.2% | 56.0% | 54.9% | 165.6% | 59.0% | 2,263.3% | β1.4% | 52.6% | β84.7% |
| Net interest share of revenue | 72.9% | 60.7% | 65.4% | 46.2% | β35.3% | 27.3% | β2,151.6% | 56.1% | 100.0% | 100.0% |
| Returns | ||||||||||
| Return on equity | 11.4% | 11.9% | 9.3% | 10.7% | β39.6% | 25.6% | β13.2% | β0.2% | 4.5% | β6.5% |
| Return on assets | 2.4% | 2.2% | 1.3% | 1.1% | β4.1% | 2.6% | β1.2% | β0.0% | 0.3% | β0.3% |
| Return on tangible equity | 11.1% | 11.3% | 8.6% | 9.9% | β55.4% | 23.8% | β16.0% | β0.8% | 4.1% | β8.1% |
| Growth | ||||||||||
| Revenue growth | β | 5.8% | β6.8% | 44.3% | β214.0% | β | β101.3% | β | β38.1% | β19.4% |
| Net income growth | β | 7.0% | β14.8% | 41.5% | β443.9% | β | β151.2% | β | β | β229.7% |
| EPS growth | β | 3.9% | β16.3% | 9.0% | β450.7% | β | β160.3% | β | β | β296.9% |
| Share count change | β | 4.2% | 7.9% | 24.3% | β16.7% | 24.7% | β17.5% | β0.8% | 13.6% | β1.4% |
| Financial health | ||||||||||
| Debt / equity | 3.0x | 3.7x | 3.7x | 1.3x | 1.8x | 2.8x | 3.5x | 2.7x | β | β |
| Provision / loans | β0.2% | β | β | β | β | β | β | β | β | β |
| Capital allocation | ||||||||||
| Stock comp / revenue | 5.8% | 4.5% | 6.4% | 4.9% | β4.4% | 3.5% | β331.3% | 11.5% | 24.4% | 24.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 1.0 | 2.0 | 2.0 | 2.0 | 3.0 | 2.0 | 4.0 | β | β |
| Accruals ratio | 12.3% | 29.6% | 18.2% | 8.9% | β0.5% | 48.0% | β0.2% | 14.6% | 36.1% | 47.8% |
Source: SEC EDGAR XBRL filings (CIK 0000930236). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.