RWT
Redwood Trust, Inc.
RWT lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
RWT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| N/A | |
| N/A |
RWT's revenue is currently strong, but its profitability is under pressure. Free cash flow and net leverage aren't meaningful measures for real estate companies like RWT.
RWT PE Valuation
RWT has no meaningful PE right now: it lost money over the past year.
RWT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect RWT's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
RWT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.94 | — |
| Q3 2026 | -$0.38 | +$0.44 |
| Q2 2026 | -$0.07 | +$0.58 |
| Q1 2026 | -$0.80 | -481% |
| Q4 2025 | -$0.63 | -297% |
| Q3 2025 | -$0.82 | -246% |
| Q2 2025 | -$0.65 | -461% |
| Q1 2023 | -$1.66 | -188% |
| Q4 2022 | -$1.44 | -161% |
RWT is still losing money, but far less than before: $0.38 per share over the past year, against $7.29 at its worst in early 2020.
RWT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $40.6M | +171% |
| Q2 2026 | $32.1M | +132% |
| Q1 2026 | $34.7M | +24% |
| Q4 2025 | $25.9M | -6.1% |
| Q3 2025 | $15M | -41% |
| Q2 2025 | $13.8M | -79% |
| Q1 2025 | $27.9M | -63% |
| Q4 2024 | $27.6M | -57% |
RWT's revenue is recovering but still below its 2020 peak: $41M last quarter, up 171% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -123% | -115 points |
| Q2 2026 | 0.1% | +679 points |
| Q1 2026 | -23% | -103 points |
| Q4 2025 | 108% | +109 points |
| Q3 2025 | -9% | -95 points |
| Q2 2025 | -679% | -709 points |
| Q1 2025 | 80% | +39 points |
| Q4 2024 | -1.3% | -36 points |
RWT's operating margin was −123% last quarter, down 114 points from the same quarter a year ago, near the bottom of its range since 2019.
RWT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$3.3B | -$642.6M |
| Q2 2026 | -$3.7B | -$1.6B |
| Q1 2026 | -$4.5B | -$2.6B |
| Q4 2025 | -$3.4B | -$2.5B |
| Q3 2025 | -$2.7B | -$579.8M |
| Q2 2025 | -$2.1B | -$147.2M |
| Q1 2025 | -$2B | -$998.3M |
| Q4 2024 | -$854M | +$294.4M |
RWT's free cash flow was −$14.9B over the past year, against −$7.6B the year before. Free cash flow isn't a meaningful measure for real estate companies like RWT.
RWT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -1.2M shares |
| 1 year | -3.8% | -4.9M shares |
| 3 years | +7.5% | +8.7M shares |
| 5 years | -12% | -17.6M shares |
| Available history | -9.3% | -12.7M shares |
RWT has 124M diluted shares, down 3.8% from a year ago, with $47M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $31M |
| Q2 2026 | — |
| Q1 2026 | $1.1M |
| Q4 2025 | $14.8M |
| Q3 2025 | $29.6M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
RWT spent $47M buying back its own shares over the past year.
RWT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 797.9x | High |
| Q1 2025 | 187.7x | High |
| Q4 2024 | 153.7x | High |
| Q3 2024 | 118.1x | High |
| Q2 2024 | 194.5x | High |
| Q1 2024 | 65.0x | High |
| Q4 2023 | 207.3x | High |
| Q2 2023 | 47.2x | High |
RWT's net debt is more than 20 years of its operating earnings (EBITDA), up from more than 20 years a year ago. Net leverage isn't a meaningful measure for real estate companies like RWT.
RWT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.9 | Oversold |
| Stochastic | 12.9 | Oversold |
RWT's weekly RSI is 27 (oversold) and its Stochastic is 13 (oversold).
RWT PE vs Real Estate Sector
| Metric | RWT | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
RWT has no meaningful PE right now: it lost money over the past year.
RWT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.22 | 11% below |
| 20 week MA | $4.04 | 29% below |
| 50 week MA | $5.00 | 43% below |
| 100 week MA | $5.47 | 48% below |
| 200 week MA | $6.20 | 54% below |
RWT is in a downtrend: it's below all five of its weekly moving averages, and 54% below its 200-week average.
RWT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.7 | $8.90 | -47% |
| 2021 | $8.90 | $13.2 | +49% |
| 2022 | $13.2 | $6.95 | -48% |
| 2023 | $6.95 | $7.41 | +6.6% |
| 2024 | $7.41 | $6.57 | -11% |
| 2025 | $6.57 | $5.53 | -16% |
| 2026 YTD | $5.53 | $2.85 | -48% |
RWT has finished lower in four of the last six years. It's down 48% so far in 2026.