Annual Income Statements for Ladder Capital
This table shows Ladder Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Ladder Capital
This table shows Ladder Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
60 |
22 |
28 |
31 |
19 |
17 |
32 |
28 |
31 |
12 |
17 |
Consolidated Net Income / (Loss) |
|
74 |
22 |
28 |
31 |
19 |
16 |
32 |
28 |
31 |
12 |
17 |
Net Income / (Loss) Continuing Operations |
|
74 |
22 |
28 |
31 |
19 |
16 |
32 |
28 |
31 |
12 |
17 |
Total Pre-Tax Income |
|
75 |
24 |
28 |
34 |
18 |
18 |
31 |
28 |
33 |
11 |
21 |
Total Revenue |
|
147 |
51 |
48 |
80 |
111 |
45 |
77 |
45 |
33 |
26 |
31 |
Net Interest Income / (Expense) |
|
37 |
43 |
40 |
39 |
40 |
37 |
34 |
38 |
27 |
20 |
22 |
Total Interest Income |
|
95 |
104 |
40 |
101 |
162 |
37 |
89 |
38 |
-32 |
20 |
22 |
Investment Securities Interest Income |
|
95 |
104 |
102 |
101 |
101 |
96 |
89 |
96 |
78 |
64 |
63 |
Other Interest Income |
|
- |
- |
-61 |
- |
- |
-59 |
- |
-58 |
- |
-44 |
-41 |
Total Interest Expense |
|
57 |
61 |
0.00 |
62 |
122 |
0.00 |
54 |
0.00 |
-59 |
0.00 |
0.00 |
Total Non-Interest Income |
|
110 |
8.42 |
7.09 |
41 |
71 |
7.81 |
42 |
6.94 |
5.70 |
5.77 |
9.24 |
Other Service Charges |
|
2.63 |
1.64 |
3.24 |
1.81 |
2.24 |
3.70 |
3.64 |
6.61 |
4.75 |
5.29 |
2.80 |
Net Realized & Unrealized Capital Gains on Investments |
|
54 |
6.78 |
3.85 |
14 |
-3.74 |
4.11 |
13 |
0.33 |
0.94 |
0.49 |
6.44 |
Provision for Credit Losses |
|
2.34 |
4.74 |
6.88 |
7.47 |
6.01 |
5.77 |
5.06 |
3.06 |
0.05 |
-0.08 |
-0.04 |
Total Non-Interest Expense |
|
42 |
46 |
39 |
38 |
36 |
45 |
41 |
39 |
36 |
41 |
35 |
Salaries and Employee Benefits |
|
17 |
22 |
14 |
14 |
13 |
21 |
14 |
14 |
12 |
19 |
12 |
Other Operating Expenses |
|
17 |
17 |
17 |
17 |
15 |
16 |
19 |
17 |
16 |
14 |
16 |
Depreciation Expense |
|
7.91 |
7.53 |
7.47 |
7.14 |
7.77 |
8.30 |
8.41 |
8.15 |
7.47 |
7.34 |
8.04 |
Nonoperating Income / (Expense), net |
|
- |
23 |
27 |
- |
- |
24 |
- |
26 |
36 |
25 |
25 |
Income Tax Expense |
|
1.01 |
1.72 |
0.05 |
3.15 |
-0.67 |
1.93 |
-1.09 |
0.90 |
1.71 |
-0.84 |
3.71 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
15 |
-0.22 |
-0.07 |
-0.12 |
-0.21 |
-0.18 |
-0.22 |
-0.35 |
-0.05 |
-0.22 |
-0.22 |
Basic Earnings per Share |
|
$0.48 |
$0.36 |
$0.23 |
$0.25 |
($0.03) |
$0.13 |
$0.26 |
$0.22 |
$0.25 |
$0.09 |
$0.14 |
Weighted Average Basic Shares Outstanding |
|
124.30M |
248.99M |
124.73M |
124.73M |
124.67M |
125.32M |
125.73M |
125.71M |
125.58M |
125.63M |
125.80M |
Diluted Earnings per Share |
|
$0.47 |
$0.36 |
$0.23 |
$0.25 |
($0.03) |
$0.13 |
$0.26 |
$0.22 |
$0.25 |
$0.09 |
$0.14 |
Weighted Average Diluted Shares Outstanding |
|
125.82M |
249.31M |
124.83M |
124.97M |
124.88M |
125.52M |
125.84M |
125.91M |
125.79M |
126.28M |
126.20M |
Weighted Average Basic & Diluted Shares Outstanding |
|
126.50M |
126.95M |
126.93M |
126.91M |
126.62M |
127.89M |
127.87M |
127.64M |
127.11M |
128.10M |
127.46M |
Annual Cash Flow Statements for Ladder Capital
This table details how cash moves in and out of Ladder Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-2.52 |
18 |
-73 |
93 |
-84 |
257 |
929 |
-663 |
38 |
416 |
270 |
Net Cash From Operating Activities |
|
209 |
-38 |
338 |
12 |
200 |
183 |
112 |
80 |
107 |
181 |
134 |
Net Cash From Continuing Operating Activities |
|
209 |
-38 |
338 |
12 |
201 |
184 |
112 |
80 |
107 |
181 |
134 |
Net Income / (Loss) Continuing Operations |
|
98 |
146 |
114 |
126 |
222 |
137 |
-9.46 |
57 |
165 |
101 |
107 |
Consolidated Net Income / (Loss) |
|
98 |
146 |
114 |
126 |
222 |
137 |
-9.46 |
57 |
165 |
101 |
107 |
Provision For Loan Losses |
|
0.60 |
0.60 |
0.30 |
0.00 |
14 |
2.60 |
18 |
-8.71 |
3.71 |
25 |
14 |
Depreciation Expense |
|
28 |
39 |
39 |
40 |
42 |
39 |
39 |
38 |
33 |
30 |
32 |
Amortization Expense |
|
90 |
1.14 |
3.94 |
0.11 |
-8.55 |
-9.58 |
0.33 |
4.82 |
-8.52 |
-10 |
-7.62 |
Non-Cash Adjustments to Reconcile Net Income |
|
3.97 |
-214 |
194 |
-151 |
-83 |
16 |
101 |
-13 |
-116 |
1.37 |
-3.94 |
Changes in Operating Assets and Liabilities, net |
|
-12 |
-11 |
-13 |
-3.70 |
15 |
-1.32 |
-37 |
1.66 |
30 |
34 |
-8.22 |
Net Cash From Investing Activities |
|
-2,369 |
35 |
36 |
-307 |
-343 |
-127 |
1,542 |
-651 |
82 |
794 |
933 |
Net Cash From Continuing Investing Activities |
|
-2,369 |
35 |
36 |
-307 |
-343 |
-127 |
1,542 |
-651 |
82 |
794 |
933 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-5.19 |
-8.38 |
-11 |
-5.64 |
- |
-7.59 |
-6.10 |
-4.87 |
-6.95 |
-4.37 |
-6.50 |
Purchase of Investment Securities |
|
-3,637 |
-1,925 |
-1,969 |
-1,950 |
0.00 |
-1,726 |
-448 |
-331 |
-97 |
-144 |
-912 |
Divestitures |
|
- |
- |
- |
0.00 |
0.00 |
49 |
4.00 |
25 |
2.28 |
0.00 |
0.00 |
Sale and/or Maturity of Investments |
|
1,296 |
1,890 |
1,946 |
1,598 |
4,400 |
3,011 |
2,346 |
1,970 |
1,418 |
1,010 |
2,047 |
Other Investing Activities, net |
|
-24 |
79 |
69 |
51 |
20 |
-1,452 |
-354 |
-2,310 |
-1,235 |
-68 |
-195 |
Net Cash From Financing Activities |
|
2,158 |
22 |
-448 |
388 |
58 |
201 |
-726 |
-91 |
-150 |
-558 |
-797 |
Net Cash From Continuing Financing Activities |
|
2,158 |
22 |
-448 |
388 |
58 |
201 |
-726 |
-91 |
-150 |
-558 |
-797 |
Issuance of Debt |
|
16,886 |
16,280 |
12,360 |
10,080 |
5,807 |
14,403 |
10,021 |
4,519 |
2,427 |
921 |
668 |
Issuance of Common Equity |
|
259 |
- |
0.00 |
0.00 |
- |
0.00 |
40 |
0.00 |
0.19 |
0.00 |
0.00 |
Repayment of Debt |
|
-14,907 |
-16,137 |
-12,689 |
-9,510 |
-5,682 |
-14,023 |
-10,615 |
-4,494 |
-2,413 |
-1,348 |
-1,313 |
Repurchase of Common Equity |
|
0.00 |
-0.99 |
-4.65 |
-2.59 |
0.00 |
-0.64 |
-3.04 |
-9.01 |
-7.92 |
-2.48 |
-6.53 |
Payment of Dividends |
|
-51 |
-40 |
-67 |
-100 |
-123 |
-145 |
-119 |
-101 |
-137 |
-117 |
-118 |
Other Financing Activities, Net |
|
-31 |
-80 |
-47 |
-80 |
56 |
-34 |
-51 |
-6.96 |
-20 |
-11 |
-27 |
Cash Interest Paid |
|
63 |
107 |
115 |
131 |
183 |
195 |
203 |
173 |
178 |
234 |
199 |
Cash Income Taxes Paid |
|
46 |
7.31 |
8.78 |
-0.21 |
9.84 |
0.89 |
2.20 |
-2.53 |
-1.17 |
-2.40 |
1.86 |
Quarterly Cash Flow Statements for Ladder Capital
This table details how cash moves in and out of Ladder Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Change in Cash & Equivalents |
|
302 |
101 |
113 |
-6.10 |
208 |
157 |
-25 |
492 |
-353 |
-813 |
-385 |
Net Cash From Operating Activities |
|
54 |
111 |
-67 |
78 |
58 |
-20 |
45 |
169 |
-60 |
-29 |
44 |
Net Cash From Continuing Operating Activities |
|
54 |
111 |
-67 |
78 |
58 |
-20 |
45 |
169 |
-60 |
-29 |
44 |
Net Income / (Loss) Continuing Operations |
|
74 |
22 |
28 |
31 |
19 |
16 |
32 |
28 |
31 |
12 |
17 |
Consolidated Net Income / (Loss) |
|
74 |
22 |
28 |
31 |
19 |
16 |
32 |
28 |
31 |
12 |
17 |
Provision For Loan Losses |
|
2.34 |
4.74 |
6.88 |
7.47 |
6.01 |
5.77 |
5.06 |
3.06 |
0.05 |
-0.08 |
-0.04 |
Depreciation Expense |
|
7.91 |
7.53 |
7.47 |
7.14 |
7.77 |
8.30 |
8.41 |
8.15 |
7.47 |
7.34 |
8.04 |
Amortization Expense |
|
-3.41 |
-4.51 |
-2.66 |
-0.75 |
-2.45 |
-1.93 |
-1.90 |
-1.47 |
-2.32 |
-1.43 |
-1.23 |
Non-Cash Adjustments to Reconcile Net Income |
|
-50 |
1.45 |
2.84 |
-5.83 |
2.92 |
11 |
-8.77 |
2.08 |
-8.04 |
-57 |
65 |
Changes in Operating Assets and Liabilities, net |
|
23 |
80 |
-110 |
39 |
25 |
-60 |
10 |
130 |
-89 |
11 |
-45 |
Net Cash From Investing Activities |
|
290 |
188 |
335 |
79 |
191 |
337 |
250 |
147 |
199 |
-374 |
-406 |
Net Cash From Continuing Investing Activities |
|
290 |
188 |
335 |
79 |
191 |
337 |
250 |
147 |
199 |
-374 |
-406 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-1.29 |
-0.63 |
-0.87 |
-1.14 |
-1.73 |
-1.37 |
-0.46 |
-3.02 |
-1.65 |
-0.87 |
-0.64 |
Purchase of Investment Securities |
|
-28 |
-3.51 |
-14 |
-59 |
-67 |
-71 |
-95 |
-432 |
-315 |
-522 |
-592 |
Sale and/or Maturity of Investments |
|
371 |
225 |
362 |
157 |
267 |
458 |
366 |
584 |
639 |
402 |
346 |
Other Investing Activities, net |
|
-51 |
-33 |
-12 |
-17 |
-7.00 |
-49 |
-21 |
-2.23 |
-123 |
-253 |
-160 |
Net Cash From Financing Activities |
|
-42 |
-198 |
-155 |
-164 |
-41 |
-160 |
-320 |
176 |
-492 |
-410 |
-23 |
Net Cash From Continuing Financing Activities |
|
-42 |
-198 |
-155 |
-164 |
-41 |
-160 |
-320 |
176 |
-492 |
-410 |
-23 |
Issuance of Debt |
|
874 |
601 |
137 |
6.13 |
177 |
81 |
61 |
513 |
13 |
0.25 |
348 |
Repayment of Debt |
|
-869 |
-758 |
-262 |
-140 |
-188 |
-199 |
-351 |
-299 |
-463 |
-367 |
-335 |
Repurchase of Common Equity |
|
-1.76 |
-2.29 |
- |
-0.20 |
- |
-0.65 |
-0.21 |
-1.19 |
-4.48 |
-2.32 |
-6.62 |
Payment of Dividends |
|
-58 |
-30 |
-29 |
-29 |
-29 |
-31 |
-29 |
-29 |
-29 |
-31 |
-29 |
Other Financing Activities, Net |
|
13 |
-9.18 |
-0.85 |
-0.74 |
-0.47 |
-10 |
-0.50 |
-7.78 |
-8.53 |
-10 |
-0.17 |
Annual Balance Sheets for Ladder Capital
This table presents Ladder Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
3,489 |
5,814 |
5,895 |
5,578 |
6,026 |
6,273 |
5,881 |
5,851 |
5,951 |
5,513 |
4,845 |
Cash and Due from Banks |
|
79 |
76 |
109 |
45 |
77 |
68 |
1,254 |
549 |
609 |
1,016 |
1,323 |
Restricted Cash |
|
29 |
42 |
31 |
45 |
106 |
31 |
30 |
73 |
51 |
15 |
13 |
Trading Account Securities |
|
1,675 |
2,822 |
2,444 |
2,140 |
36 |
40 |
77 |
24 |
34 |
34 |
1,128 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
2,354 |
3,554 |
3,886 |
3,155 |
0.00 |
Premises and Equipment, Net |
|
624 |
769 |
835 |
822 |
1,032 |
998 |
985 |
866 |
700 |
726 |
671 |
Mortgage Servicing Rights |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,591 |
Other Assets |
|
642 |
1,687 |
1,905 |
169 |
1,262 |
1,635 |
1,181 |
818 |
691 |
608 |
119 |
Total Liabilities & Shareholders' Equity |
|
3,489 |
5,814 |
5,895 |
5,578 |
6,026 |
6,273 |
5,881 |
5,851 |
5,951 |
5,513 |
4,845 |
Total Liabilities |
|
2,304 |
4,309 |
4,404 |
4,069 |
4,537 |
4,629 |
4,333 |
4,338 |
4,418 |
3,980 |
3,312 |
Long-Term Debt |
|
1,623 |
4,183 |
4,275 |
3,942 |
4,380 |
4,453 |
4,210 |
4,220 |
4,246 |
3,784 |
3,136 |
Other Long-Term Liabilities |
|
- |
126 |
28 |
127 |
158 |
177 |
52 |
50 |
72 |
99 |
177 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
|
8.84 |
720 |
663 |
- |
- |
- |
- |
- |
- |
- |
-2.09 |
Total Equity & Noncontrolling Interests |
|
1,176 |
785 |
828 |
1,510 |
1,488 |
1,644 |
1,548 |
1,514 |
1,534 |
1,532 |
1,533 |
Total Preferred & Common Equity |
|
1,176 |
785 |
828 |
971 |
1,235 |
1,445 |
1,543 |
1,507 |
1,533 |
1,533 |
1,535 |
Total Common Equity |
|
1,176 |
785 |
828 |
971 |
1,235 |
1,445 |
1,543 |
1,507 |
1,533 |
1,533 |
1,535 |
Common Stock |
|
1,176 |
726 |
777 |
992 |
1,306 |
1,471 |
1,780 |
1,795 |
1,827 |
1,757 |
1,777 |
Retained Earnings |
|
0.00 |
44 |
61 |
-11 |
-39 |
11 |
-164 |
-208 |
-177 |
-198 |
-207 |
Treasury Stock |
|
- |
0.00 |
-5.81 |
-11 |
-32 |
-33 |
-63 |
-76 |
-96 |
-12 |
-30 |
Accumulated Other Comprehensive Income / (Loss) |
|
0.00 |
16 |
-3.56 |
1.37 |
-0.21 |
-4.65 |
-10 |
-4.11 |
-21 |
-14 |
-4.87 |
Quarterly Balance Sheets for Ladder Capital
This table presents Ladder Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q2 2022 |
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
Total Assets |
|
5,843 |
5,870 |
5,861 |
5,629 |
5,503 |
5,323 |
5,048 |
5,379 |
4,470 |
4,457 |
Cash and Due from Banks |
|
217 |
328 |
626 |
777 |
798 |
1,220 |
1,196 |
1,607 |
480 |
135 |
Restricted Cash |
|
66 |
29 |
25 |
97 |
60 |
12 |
12 |
12 |
14 |
13 |
Trading Account Securities |
|
41 |
36 |
34 |
33 |
33 |
34 |
528 |
47 |
1,586 |
2,014 |
Loans and Leases, Net of Allowance |
|
4,004 |
4,019 |
3,794 |
3,501 |
3,372 |
2,798 |
0.00 |
2,040 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
788 |
770 |
693 |
687 |
675 |
734 |
707 |
691 |
655 |
690 |
Mortgage Servicing Rights |
|
- |
- |
- |
- |
- |
- |
2,539 |
- |
1,665 |
1,594 |
Other Assets |
|
743 |
706 |
712 |
564 |
603 |
573 |
67 |
1,033 |
71 |
12 |
Total Liabilities & Shareholders' Equity |
|
5,843 |
5,870 |
5,861 |
5,629 |
5,503 |
5,323 |
5,048 |
5,379 |
4,470 |
4,457 |
Total Liabilities |
|
4,333 |
4,366 |
4,332 |
4,097 |
3,965 |
3,799 |
3,520 |
3,848 |
2,956 |
2,957 |
Long-Term Debt |
|
4,206 |
4,238 |
4,082 |
3,958 |
3,794 |
3,667 |
3,378 |
3,585 |
2,770 |
2,783 |
Other Long-Term Liabilities |
|
49 |
47 |
168 |
58 |
76 |
56 |
142 |
164 |
186 |
174 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
|
- |
- |
- |
- |
- |
- |
-1.58 |
- |
-2.31 |
-2.55 |
Total Equity & Noncontrolling Interests |
|
1,510 |
1,504 |
1,529 |
1,532 |
1,538 |
1,524 |
1,528 |
1,531 |
1,514 |
1,500 |
Total Preferred & Common Equity |
|
1,502 |
1,502 |
1,529 |
1,532 |
1,539 |
1,525 |
1,530 |
1,533 |
1,517 |
1,503 |
Total Common Equity |
|
1,502 |
1,502 |
1,529 |
1,532 |
1,539 |
1,525 |
1,530 |
1,533 |
1,517 |
1,503 |
Common Stock |
|
1,819 |
1,823 |
1,836 |
1,839 |
1,842 |
1,767 |
1,770 |
1,774 |
1,778 |
1,781 |
Retained Earnings |
|
-207 |
-207 |
-184 |
-185 |
-183 |
-211 |
-208 |
-209 |
-225 |
-237 |
Treasury Stock |
|
-92 |
-95 |
-106 |
-106 |
-106 |
-22 |
-22 |
-23 |
-30 |
-37 |
Accumulated Other Comprehensive Income / (Loss) |
|
-18 |
-19 |
-18 |
-17 |
-15 |
-9.82 |
-11 |
-8.71 |
-7.22 |
-5.64 |
Annual Metrics And Ratios for Ladder Capital
This table displays calculated financial ratios and metrics derived from Ladder Capital's official financial filings.
Metric |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
-4.97% |
-24.44% |
17.24% |
-28.76% |
112.49% |
-56.25% |
-64.34% |
12.33% |
396.76% |
-17.10% |
-44.27% |
EBITDA Growth |
|
-11.84% |
-26.81% |
-15.97% |
3.99% |
68.50% |
-83.94% |
-265.60% |
93.96% |
4,723.50% |
-36.06% |
-90.72% |
EBIT Growth |
|
-35.45% |
10.73% |
-22.95% |
8.40% |
98.73% |
-94.26% |
-931.26% |
57.06% |
463.51% |
-38.46% |
-112.58% |
NOPAT Growth |
|
-48.27% |
28.14% |
-19.74% |
7.82% |
104.77% |
-94.19% |
-693.12% |
39.64% |
458.79% |
-39.20% |
-112.70% |
Net Income Growth |
|
-48.27% |
49.69% |
-22.18% |
10.69% |
76.10% |
-38.20% |
-106.90% |
701.53% |
190.55% |
-39.20% |
6.91% |
EPS Growth |
|
0.00% |
230.23% |
-62.68% |
113.21% |
-18.58% |
-37.50% |
-111.30% |
446.15% |
151.11% |
-28.32% |
6.17% |
Operating Cash Flow Growth |
|
-56.08% |
-118.36% |
983.46% |
-96.46% |
1,572.37% |
-8.59% |
-38.90% |
-28.77% |
33.82% |
69.25% |
-25.85% |
Free Cash Flow Firm Growth |
|
33.07% |
101.92% |
910.09% |
-173.28% |
97.87% |
-5,840.75% |
270.42% |
-103.18% |
665.56% |
372.16% |
12.63% |
Invested Capital Growth |
|
66.09% |
1.47% |
-5.54% |
7.64% |
3.89% |
6.60% |
-11.40% |
-0.43% |
0.80% |
-8.01% |
-12.18% |
Revenue Q/Q Growth |
|
3.13% |
-21.20% |
62.29% |
-34.55% |
16.30% |
-16.73% |
-27.62% |
88.63% |
48.00% |
33.96% |
23.41% |
EBITDA Q/Q Growth |
|
-1.26% |
-22.49% |
20.73% |
35.03% |
-9.88% |
-45.98% |
-55.04% |
92.92% |
97.05% |
157.72% |
145.28% |
EBIT Q/Q Growth |
|
-3.50% |
27.20% |
15.64% |
-8.29% |
-9.72% |
-73.91% |
-34.31% |
54.93% |
143.38% |
255.09% |
73.84% |
NOPAT Q/Q Growth |
|
-7.50% |
23.54% |
1.65% |
-28.84% |
-7.71% |
-89.13% |
-260.42% |
66.53% |
39.94% |
-35.47% |
-113.41% |
Net Income Q/Q Growth |
|
-7.50% |
44.31% |
15.13% |
-17.26% |
-7.71% |
15.71% |
-119.88% |
212.00% |
39.94% |
-35.47% |
12.94% |
EPS Q/Q Growth |
|
0.00% |
468.00% |
-55.08% |
63.77% |
-41.40% |
13.86% |
-172.22% |
0.00% |
54.79% |
-38.17% |
48.28% |
Operating Cash Flow Q/Q Growth |
|
172.99% |
-179.46% |
188.01% |
-92.60% |
-27.65% |
-42.03% |
-45.91% |
60.13% |
0.58% |
2.21% |
-46.95% |
Free Cash Flow Firm Q/Q Growth |
|
0.00% |
103.90% |
252.46% |
-151.47% |
98.39% |
-456.30% |
113.38% |
-102.56% |
134.30% |
-0.29% |
104.05% |
Invested Capital Q/Q Growth |
|
24.49% |
0.61% |
-10.79% |
3.59% |
-3.41% |
-0.02% |
-7.67% |
8.68% |
0.66% |
-0.30% |
-8.75% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
81.26% |
78.70% |
56.41% |
82.34% |
65.29% |
23.98% |
-111.33% |
-5.98% |
55.70% |
42.96% |
7.15% |
EBIT Margin |
|
41.56% |
60.91% |
40.02% |
60.90% |
56.96% |
7.48% |
-174.35% |
-66.65% |
48.77% |
36.21% |
-8.17% |
Profit (Net Income) Margin |
|
32.66% |
64.70% |
42.94% |
66.73% |
55.30% |
78.13% |
-15.12% |
80.98% |
47.37% |
34.74% |
66.64% |
Tax Burden Percent |
|
78.58% |
90.94% |
94.74% |
94.23% |
97.09% |
98.11% |
49.14% |
98.40% |
97.12% |
95.95% |
96.89% |
Interest Burden Percent |
|
100.00% |
116.81% |
113.26% |
116.28% |
100.00% |
1,064.63% |
17.65% |
-123.48% |
100.00% |
100.00% |
-841.90% |
Effective Tax Rate |
|
21.42% |
9.06% |
5.26% |
5.77% |
2.91% |
1.89% |
0.00% |
1.61% |
2.88% |
4.05% |
3.11% |
Return on Invested Capital (ROIC) |
|
2.14% |
2.18% |
1.79% |
1.91% |
3.71% |
0.20% |
-1.25% |
-0.80% |
2.87% |
1.81% |
-0.26% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
2.14% |
2.68% |
2.11% |
2.34% |
3.71% |
2.51% |
0.02% |
1.64% |
2.87% |
1.81% |
3.22% |
Return on Net Nonoperating Assets (RNNOA) |
|
5.11% |
7.57% |
5.79% |
6.49% |
10.45% |
14.81% |
0.15% |
4.52% |
7.98% |
4.74% |
7.27% |
Return on Equity (ROE) |
|
7.26% |
9.75% |
7.58% |
8.40% |
14.16% |
15.02% |
-1.09% |
3.72% |
10.85% |
6.56% |
7.02% |
Cash Return on Invested Capital (CROIC) |
|
-47.53% |
0.73% |
7.49% |
-5.44% |
-0.11% |
-6.19% |
10.84% |
-0.37% |
2.07% |
10.16% |
12.72% |
Operating Return on Assets (OROA) |
|
2.67% |
2.35% |
1.85% |
1.98% |
3.71% |
0.20% |
-1.74% |
-0.80% |
2.88% |
1.83% |
-0.25% |
Return on Assets (ROA) |
|
2.10% |
2.50% |
1.98% |
2.17% |
3.60% |
2.12% |
-0.15% |
0.97% |
2.80% |
1.75% |
2.07% |
Return on Common Equity (ROCE) |
|
5.29% |
5.25% |
4.54% |
6.18% |
12.11% |
11.90% |
-0.98% |
3.70% |
10.83% |
6.56% |
7.03% |
Return on Equity Simple (ROE_SIMPLE) |
|
12.43% |
17.64% |
11.71% |
10.19% |
15.34% |
0.00% |
-0.61% |
3.77% |
10.78% |
6.56% |
7.00% |
Net Operating Profit after Tax (NOPAT) |
|
98 |
125 |
100 |
108 |
222 |
13 |
-76 |
-46 |
165 |
101 |
-13 |
NOPAT Margin |
|
32.66% |
55.39% |
37.92% |
57.39% |
55.30% |
7.34% |
-122.04% |
-65.58% |
47.37% |
34.74% |
-7.92% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
-0.50% |
-0.32% |
-0.42% |
0.00% |
-2.31% |
-1.27% |
-2.44% |
0.00% |
0.00% |
-3.47% |
SG&A Expenses to Revenue |
|
27.48% |
27.28% |
24.27% |
37.35% |
15.00% |
38.65% |
92.90% |
54.58% |
21.73% |
21.99% |
37.63% |
Operating Expenses to Revenue |
|
58.24% |
38.83% |
59.86% |
39.10% |
39.57% |
91.04% |
245.13% |
179.05% |
50.16% |
55.12% |
99.53% |
Earnings before Interest and Taxes (EBIT) |
|
124 |
138 |
106 |
115 |
228 |
13 |
-109 |
-47 |
170 |
105 |
-13 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
243 |
178 |
149 |
155 |
262 |
42 |
-70 |
-4.20 |
194 |
124 |
12 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.91 |
0.72 |
0.82 |
0.71 |
0.76 |
1.02 |
0.57 |
0.81 |
0.70 |
0.88 |
0.93 |
Price to Tangible Book Value (P/TBV) |
|
0.91 |
0.72 |
0.82 |
0.71 |
0.76 |
1.02 |
0.57 |
0.81 |
0.70 |
0.88 |
0.93 |
Price to Revenue (P/Rev) |
|
2.39 |
2.63 |
3.02 |
4.65 |
2.74 |
8.51 |
14.18 |
17.29 |
3.07 |
4.65 |
8.86 |
Price to Earnings (P/E) |
|
6.47 |
8.06 |
11.98 |
9.20 |
6.09 |
12.16 |
0.00 |
21.49 |
7.54 |
13.31 |
13.19 |
Dividend Yield |
|
0.00% |
37.14% |
13.50% |
17.36% |
13.24% |
10.92% |
12.75% |
8.26% |
10.39% |
8.68% |
8.22% |
Earnings Yield |
|
15.45% |
12.40% |
8.34% |
10.86% |
16.41% |
8.22% |
0.00% |
4.65% |
13.27% |
7.51% |
7.58% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.97 |
0.94 |
0.95 |
0.91 |
0.93 |
0.95 |
0.66 |
0.84 |
0.81 |
0.77 |
0.69 |
Enterprise Value to Revenue (EV/Rev) |
|
18.39 |
23.90 |
19.60 |
28.24 |
14.09 |
35.22 |
61.05 |
68.60 |
13.35 |
14.16 |
20.01 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
22.63 |
30.37 |
34.75 |
34.30 |
21.59 |
146.91 |
0.00 |
0.00 |
23.96 |
32.97 |
279.72 |
Enterprise Value to EBIT (EV/EBIT) |
|
44.25 |
39.25 |
48.97 |
46.37 |
24.74 |
470.88 |
0.00 |
0.00 |
27.37 |
39.12 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
56.32 |
43.16 |
51.69 |
49.21 |
25.49 |
479.97 |
0.00 |
0.00 |
28.18 |
40.77 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
26.35 |
0.00 |
15.34 |
444.50 |
28.19 |
33.71 |
34.11 |
60.44 |
43.65 |
22.69 |
24.09 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
129.73 |
12.35 |
0.00 |
0.00 |
0.00 |
5.75 |
0.00 |
39.02 |
7.27 |
5.08 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
2.78 |
2.87 |
2.61 |
2.94 |
2.71 |
26.89 |
2.72 |
2.79 |
2.77 |
2.47 |
2.05 |
Long-Term Debt to Equity |
|
2.78 |
2.87 |
2.61 |
2.94 |
2.71 |
26.89 |
2.72 |
2.79 |
2.77 |
2.47 |
2.05 |
Financial Leverage |
|
2.39 |
2.82 |
2.74 |
2.78 |
2.82 |
5.90 |
6.09 |
2.75 |
2.78 |
2.62 |
2.26 |
Leverage Ratio |
|
3.46 |
3.91 |
3.82 |
3.87 |
3.93 |
7.09 |
7.26 |
3.83 |
3.87 |
3.74 |
3.38 |
Compound Leverage Factor |
|
3.46 |
4.56 |
4.33 |
4.50 |
3.93 |
75.53 |
1.28 |
-4.73 |
3.87 |
3.74 |
-28.47 |
Debt to Total Capital |
|
73.54% |
74.16% |
72.31% |
74.64% |
73.04% |
96.42% |
73.11% |
73.60% |
73.46% |
71.18% |
67.19% |
Short-Term Debt to Total Capital |
|
0.00% |
0.10% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
73.54% |
74.06% |
72.31% |
74.64% |
73.04% |
96.42% |
73.11% |
73.60% |
73.46% |
71.18% |
67.19% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
12.65% |
11.49% |
9.87% |
4.31% |
3.26% |
3.58% |
0.09% |
0.11% |
0.00% |
-0.02% |
-0.04% |
Common Equity to Total Capital |
|
13.81% |
14.35% |
17.82% |
21.05% |
23.71% |
0.00% |
26.80% |
26.29% |
26.53% |
28.84% |
32.89% |
Debt to EBITDA |
|
17.22 |
24.08 |
26.39 |
28.20 |
17.01 |
115.59 |
-60.46 |
-1,003.74 |
21.84 |
30.45 |
271.91 |
Net Debt to EBITDA |
|
16.73 |
23.29 |
25.79 |
27.02 |
16.64 |
107.13 |
-42.02 |
-855.89 |
18.45 |
22.15 |
156.05 |
Long-Term Debt to EBITDA |
|
17.22 |
24.05 |
26.39 |
28.20 |
17.01 |
115.59 |
-60.46 |
-1,003.74 |
21.84 |
30.45 |
271.91 |
Debt to NOPAT |
|
42.85 |
34.21 |
39.26 |
40.46 |
20.09 |
377.66 |
-55.16 |
-91.59 |
25.68 |
37.65 |
-245.69 |
Net Debt to NOPAT |
|
41.63 |
33.10 |
38.37 |
38.77 |
19.64 |
350.01 |
-38.33 |
-78.10 |
21.69 |
27.39 |
-141.00 |
Long-Term Debt to NOPAT |
|
42.85 |
34.17 |
39.26 |
40.46 |
20.09 |
377.66 |
-55.16 |
-91.59 |
25.68 |
37.65 |
-245.69 |
Noncontrolling Interest Sharing Ratio |
|
27.08% |
46.16% |
40.04% |
26.40% |
14.42% |
20.78% |
10.76% |
0.39% |
0.22% |
-0.02% |
-0.16% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-2,166 |
42 |
420 |
-308 |
-6.56 |
-390 |
664 |
-21 |
119 |
564 |
635 |
Operating Cash Flow to CapEx |
|
4,019.11% |
-457.40% |
3,180.70% |
212.50% |
0.00% |
2,413.16% |
1,834.23% |
1,636.34% |
1,535.62% |
4,129.04% |
2,061.27% |
Free Cash Flow to Firm to Interest Expense |
|
-27.92 |
0.37 |
3.48 |
-2.11 |
-0.03 |
-1.91 |
2.92 |
-0.12 |
0.61 |
2.30 |
0.00 |
Operating Cash Flow to Interest Expense |
|
2.69 |
-0.34 |
2.80 |
0.08 |
1.03 |
0.90 |
0.49 |
0.44 |
0.55 |
0.74 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
|
2.62 |
-0.41 |
2.71 |
0.04 |
1.07 |
0.86 |
0.47 |
0.41 |
0.51 |
0.72 |
0.00 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.06 |
0.04 |
0.05 |
0.03 |
0.07 |
0.03 |
0.01 |
0.01 |
0.06 |
0.05 |
0.03 |
Fixed Asset Turnover |
|
0.43 |
0.28 |
0.32 |
0.20 |
0.39 |
0.17 |
0.06 |
0.08 |
0.45 |
0.41 |
0.23 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
5,688 |
5,772 |
5,452 |
5,868 |
6,096 |
6,499 |
5,758 |
5,733 |
5,779 |
5,316 |
4,669 |
Invested Capital Turnover |
|
0.07 |
0.04 |
0.05 |
0.03 |
0.07 |
0.03 |
0.01 |
0.01 |
0.06 |
0.05 |
0.03 |
Increase / (Decrease) in Invested Capital |
|
2,263 |
83 |
-320 |
416 |
228 |
403 |
-741 |
-25 |
46 |
-463 |
-648 |
Enterprise Value (EV) |
|
5,498 |
5,399 |
5,191 |
5,327 |
5,650 |
6,176 |
3,818 |
4,819 |
4,658 |
4,098 |
3,226 |
Market Capitalization |
|
714 |
595 |
800 |
877 |
1,097 |
1,492 |
887 |
1,215 |
1,072 |
1,346 |
1,428 |
Book Value per Share |
|
$7.92 |
$8.34 |
$8.86 |
$11.15 |
$12.99 |
$0.00 |
$12.83 |
$12.01 |
$12.12 |
$12.08 |
$12.03 |
Tangible Book Value per Share |
|
$7.92 |
$8.34 |
$8.86 |
$11.15 |
$12.99 |
$0.00 |
$12.83 |
$12.01 |
$12.12 |
$12.08 |
$12.03 |
Total Capital |
|
5,688 |
5,772 |
5,452 |
5,868 |
6,096 |
5,041 |
5,758 |
5,733 |
5,779 |
5,316 |
4,666 |
Total Debt |
|
4,183 |
4,280 |
3,942 |
4,380 |
4,453 |
4,860 |
4,210 |
4,220 |
4,246 |
3,784 |
3,136 |
Total Long-Term Debt |
|
4,183 |
4,275 |
3,942 |
4,380 |
4,453 |
4,860 |
4,210 |
4,220 |
4,246 |
3,784 |
3,136 |
Net Debt |
|
4,064 |
4,140 |
3,853 |
4,197 |
4,354 |
4,504 |
2,926 |
3,598 |
3,586 |
2,753 |
1,800 |
Capital Expenditures (CapEx) |
|
5.19 |
8.38 |
11 |
5.64 |
-7.78 |
7.59 |
6.10 |
4.87 |
6.95 |
4.37 |
6.50 |
Net Nonoperating Expense (NNE) |
|
0.00 |
-21 |
-13 |
-18 |
0.00 |
-124 |
-67 |
-103 |
0.00 |
0.00 |
-120 |
Net Nonoperating Obligations (NNO) |
|
4,183 |
4,280 |
3,942 |
4,380 |
4,453 |
6,318 |
4,210 |
4,220 |
4,246 |
3,784 |
3,138 |
Total Depreciation and Amortization (D&A) |
|
119 |
40 |
43 |
40 |
33 |
29 |
39 |
43 |
24 |
20 |
25 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.90 |
$2.86 |
$1.08 |
$1.16 |
$1.85 |
$2.32 |
($0.13) |
$0.46 |
$1.14 |
$0.81 |
$0.86 |
Adjusted Weighted Average Basic Shares Outstanding |
|
49.30M |
103.40M |
62.00M |
81.90M |
97.23M |
210.91M |
112.41M |
123.76M |
124.30M |
124.67M |
125.58M |
Adjusted Diluted Earnings per Share |
|
$0.86 |
$2.84 |
$1.06 |
$1.13 |
$1.84 |
$2.30 |
($0.13) |
$0.45 |
$1.13 |
$0.81 |
$0.86 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
97.58M |
103.74M |
107.64M |
109.70M |
97.65M |
212.80M |
112.41M |
124.56M |
125.82M |
124.88M |
125.79M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$1.08 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
99.60M |
109.91M |
110.73M |
111.28M |
120.21M |
120.98M |
126.83M |
128.02M |
126.50M |
126.62M |
127.11M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
100 |
125 |
100 |
108 |
222 |
14 |
-76 |
-46 |
165 |
101 |
-13 |
Normalized NOPAT Margin |
|
33.29% |
55.39% |
37.92% |
57.39% |
55.30% |
8.09% |
-122.04% |
-65.58% |
47.37% |
34.74% |
-7.92% |
Pre Tax Income Margin |
|
41.56% |
71.15% |
45.33% |
70.82% |
56.96% |
79.64% |
-30.78% |
82.30% |
48.77% |
36.21% |
68.78% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
1.60 |
1.21 |
0.88 |
0.79 |
1.18 |
0.06 |
-0.48 |
-0.26 |
0.87 |
0.43 |
0.00 |
NOPAT to Interest Expense |
|
1.26 |
1.10 |
0.83 |
0.74 |
1.14 |
0.06 |
-0.34 |
-0.25 |
0.85 |
0.41 |
0.00 |
EBIT Less CapEx to Interest Expense |
|
1.53 |
1.14 |
0.79 |
0.75 |
1.22 |
0.03 |
-0.51 |
-0.28 |
0.83 |
0.41 |
0.00 |
NOPAT Less CapEx to Interest Expense |
|
1.19 |
1.03 |
0.74 |
0.70 |
1.18 |
0.03 |
-0.36 |
-0.28 |
0.81 |
0.39 |
0.00 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
51.73% |
27.33% |
59.06% |
79.50% |
55.38% |
105.50% |
-1,257.01% |
176.74% |
82.61% |
116.38% |
109.86% |
Augmented Payout Ratio |
|
51.73% |
28.01% |
63.15% |
81.56% |
55.38% |
105.96% |
-1,289.10% |
192.57% |
87.39% |
118.85% |
115.94% |
Quarterly Metrics And Ratios for Ladder Capital
This table displays calculated financial ratios and metrics derived from Ladder Capital's official financial filings.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
331.03% |
-30.83% |
-43.26% |
84.02% |
-25.02% |
-12.67% |
-20.07% |
-43.14% |
-70.22% |
-41.93% |
-59.89% |
EBITDA Growth |
|
908.09% |
-87.02% |
-87.46% |
372.40% |
-31.67% |
-80.71% |
-117.99% |
-76.62% |
-96.64% |
-1,351.47% |
-94.29% |
EBIT Growth |
|
6,179.27% |
-97.23% |
-96.57% |
950.54% |
-33.84% |
-1,250.30% |
-587.15% |
-91.71% |
-103.90% |
-152.67% |
-115.03% |
NOPAT Growth |
|
2,047.66% |
-97.60% |
-96.37% |
941.19% |
-74.38% |
-1,209.47% |
-605.07% |
-91.16% |
-113.30% |
-204.35% |
-111.93% |
Net Income Growth |
|
174.28% |
15.86% |
-34.99% |
8.75% |
-74.38% |
-25.96% |
14.36% |
-11.65% |
64.70% |
-29.67% |
-46.75% |
EPS Growth |
|
571.43% |
140.00% |
-17.86% |
8.70% |
-106.38% |
-63.89% |
13.04% |
-12.00% |
933.33% |
-30.77% |
-46.15% |
Operating Cash Flow Growth |
|
1.15% |
470.93% |
-253.06% |
104.12% |
7.17% |
-118.29% |
167.45% |
116.36% |
-202.95% |
-40.99% |
-3.00% |
Free Cash Flow Firm Growth |
|
-0.37% |
145.25% |
228.64% |
195.15% |
1,602.58% |
71.51% |
152.20% |
-50.37% |
33.79% |
114.78% |
0.72% |
Invested Capital Growth |
|
0.80% |
-4.13% |
-3.96% |
-7.13% |
-8.01% |
-7.49% |
-10.62% |
-4.05% |
-12.18% |
-17.47% |
-12.70% |
Revenue Q/Q Growth |
|
240.04% |
38.47% |
-7.56% |
67.62% |
38.56% |
-59.33% |
-15.39% |
19.25% |
-27.43% |
-20.69% |
17.91% |
EBITDA Q/Q Growth |
|
1,149.94% |
245.81% |
81.62% |
538.36% |
80.79% |
-99.08% |
-269.32% |
929.79% |
-74.01% |
-442.69% |
125.27% |
EBIT Q/Q Growth |
|
3,059.80% |
107.16% |
217.58% |
2,084.61% |
98.99% |
-108.33% |
-34.49% |
137.19% |
-193.68% |
-439.24% |
67.57% |
NOPAT Q/Q Growth |
|
2,378.37% |
-99.38% |
241.63% |
1,887.66% |
-39.02% |
-126.79% |
-55.52% |
134.79% |
-191.73% |
-513.16% |
75.29% |
Net Income Q/Q Growth |
|
158.86% |
-70.11% |
26.59% |
11.05% |
-39.02% |
-13.63% |
95.53% |
-14.20% |
13.67% |
-63.12% |
48.06% |
EPS Q/Q Growth |
|
104.35% |
-23.40% |
-36.11% |
8.70% |
-112.00% |
533.33% |
100.00% |
-15.38% |
13.64% |
-64.00% |
55.56% |
Operating Cash Flow Q/Q Growth |
|
42.40% |
104.44% |
-160.43% |
216.04% |
-25.24% |
-134.89% |
322.85% |
272.22% |
-135.57% |
52.22% |
253.32% |
Free Cash Flow Firm Q/Q Growth |
|
106.11% |
754.39% |
-5.76% |
93.27% |
9.40% |
-13.93% |
38.58% |
-61.96% |
194.91% |
38.17% |
-30.49% |
Invested Capital Q/Q Growth |
|
0.66% |
-2.91% |
-2.16% |
-2.87% |
-0.30% |
-2.36% |
-5.48% |
4.27% |
-8.75% |
-8.23% |
-0.02% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
73.14% |
6.83% |
13.41% |
51.08% |
66.65% |
1.51% |
-3.02% |
21.01% |
7.52% |
-32.51% |
6.97% |
EBIT Margin |
|
70.09% |
0.96% |
3.30% |
43.06% |
61.84% |
-12.67% |
-20.14% |
6.28% |
-8.11% |
-55.12% |
-15.16% |
Profit (Net Income) Margin |
|
50.38% |
43.12% |
59.04% |
39.11% |
17.21% |
36.55% |
84.47% |
60.77% |
95.20% |
44.27% |
55.59% |
Tax Burden Percent |
|
98.66% |
92.81% |
99.84% |
90.84% |
103.65% |
89.51% |
103.51% |
96.83% |
94.82% |
107.82% |
82.16% |
Interest Burden Percent |
|
72.86% |
4,830.51% |
1,789.95% |
100.00% |
26.86% |
-322.36% |
-405.28% |
999.40% |
-1,238.42% |
-74.49% |
-446.25% |
Effective Tax Rate |
|
1.34% |
7.19% |
0.16% |
9.16% |
-3.65% |
10.49% |
-3.51% |
3.17% |
5.18% |
-7.82% |
17.84% |
Return on Invested Capital (ROIC) |
|
3.05% |
0.03% |
0.11% |
1.53% |
0.90% |
-0.59% |
-0.66% |
0.15% |
-0.25% |
-1.79% |
-0.26% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
3.05% |
0.55% |
0.76% |
1.53% |
0.90% |
-0.04% |
0.43% |
0.82% |
0.73% |
-0.95% |
0.42% |
Return on Net Nonoperating Assets (RNNOA) |
|
8.49% |
1.52% |
2.03% |
4.03% |
2.35% |
-0.10% |
1.03% |
1.98% |
1.65% |
-2.01% |
0.85% |
Return on Equity (ROE) |
|
11.54% |
1.56% |
2.13% |
5.55% |
3.25% |
-0.69% |
0.37% |
2.13% |
1.40% |
-3.79% |
0.59% |
Cash Return on Invested Capital (CROIC) |
|
2.07% |
7.15% |
6.78% |
10.21% |
10.16% |
9.53% |
10.86% |
5.96% |
12.72% |
18.68% |
15.47% |
Operating Return on Assets (OROA) |
|
4.15% |
0.04% |
0.10% |
1.64% |
3.12% |
-0.64% |
-0.62% |
0.15% |
-0.25% |
-1.60% |
-0.31% |
Return on Assets (ROA) |
|
2.98% |
1.57% |
1.85% |
1.49% |
0.87% |
1.85% |
2.61% |
1.46% |
2.96% |
1.29% |
1.13% |
Return on Common Equity (ROCE) |
|
11.52% |
1.55% |
2.13% |
5.55% |
3.25% |
-0.69% |
0.37% |
2.14% |
1.40% |
-3.80% |
0.59% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
11.01% |
10.00% |
10.12% |
0.00% |
6.21% |
6.46% |
6.21% |
0.00% |
6.76% |
5.83% |
Net Operating Profit after Tax (NOPAT) |
|
74 |
0.46 |
1.57 |
31 |
19 |
-5.10 |
-7.93 |
2.76 |
-2.53 |
-16 |
-3.83 |
NOPAT Margin |
|
50.38% |
0.89% |
3.30% |
39.11% |
17.21% |
-11.34% |
-20.84% |
6.08% |
-7.69% |
-59.44% |
-12.46% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
-0.52% |
-0.65% |
0.00% |
0.00% |
-0.56% |
-1.09% |
-0.67% |
-0.98% |
-0.84% |
-0.68% |
SG&A Expenses to Revenue |
|
11.31% |
42.91% |
29.93% |
17.91% |
11.77% |
46.25% |
36.08% |
31.77% |
35.72% |
71.88% |
37.57% |
Operating Expenses to Revenue |
|
28.32% |
89.84% |
82.23% |
47.57% |
32.73% |
99.84% |
106.84% |
86.97% |
107.96% |
155.44% |
115.30% |
Earnings before Interest and Taxes (EBIT) |
|
103 |
0.50 |
1.57 |
34 |
68 |
-5.69 |
-7.66 |
2.85 |
-2.67 |
-14 |
-4.67 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
108 |
3.51 |
6.38 |
41 |
74 |
0.68 |
-1.15 |
9.53 |
2.48 |
-8.49 |
2.14 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.70 |
0.70 |
0.83 |
0.78 |
0.88 |
0.85 |
0.94 |
0.97 |
0.93 |
0.96 |
0.92 |
Price to Tangible Book Value (P/TBV) |
|
0.70 |
0.70 |
0.83 |
0.78 |
0.88 |
0.85 |
0.94 |
0.97 |
0.93 |
0.96 |
0.92 |
Price to Revenue (P/Rev) |
|
3.07 |
4.98 |
7.05 |
5.56 |
4.65 |
4.61 |
8.75 |
11.35 |
8.86 |
10.19 |
14.28 |
Price to Earnings (P/E) |
|
7.54 |
7.39 |
9.13 |
8.49 |
13.31 |
13.66 |
14.51 |
15.43 |
13.19 |
14.02 |
15.58 |
Dividend Yield |
|
10.39% |
10.70% |
9.22% |
9.72% |
8.68% |
8.96% |
8.15% |
7.93% |
8.22% |
8.06% |
8.56% |
Earnings Yield |
|
13.27% |
13.54% |
10.95% |
11.78% |
7.51% |
7.32% |
6.89% |
6.48% |
7.58% |
7.13% |
6.42% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.81 |
0.80 |
0.79 |
0.78 |
0.77 |
0.72 |
0.74 |
0.67 |
0.69 |
0.87 |
0.94 |
Enterprise Value to Revenue (EV/Rev) |
|
13.35 |
20.88 |
24.23 |
19.15 |
14.16 |
13.21 |
21.89 |
26.38 |
20.01 |
26.16 |
41.57 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
23.96 |
74.35 |
270.01 |
85.77 |
32.97 |
30.76 |
629.10 |
0.00 |
279.72 |
1,572.07 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
|
27.37 |
105.63 |
0.00 |
140.22 |
39.12 |
37.91 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
28.18 |
26.77 |
28.39 |
26.56 |
40.77 |
39.43 |
0.00 |
36.23 |
0.00 |
0.00 |
45.79 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
43.65 |
18.16 |
31.79 |
23.41 |
22.69 |
76.52 |
22.36 |
13.66 |
24.09 |
29.66 |
32.28 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
39.02 |
11.00 |
11.46 |
7.32 |
7.27 |
7.26 |
6.40 |
11.08 |
5.08 |
4.21 |
5.64 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
2.77 |
2.67 |
2.58 |
2.47 |
2.47 |
2.41 |
2.21 |
2.34 |
2.05 |
1.83 |
1.86 |
Long-Term Debt to Equity |
|
2.77 |
2.67 |
2.58 |
2.47 |
2.47 |
2.41 |
2.21 |
2.34 |
2.05 |
1.83 |
1.86 |
Financial Leverage |
|
2.78 |
2.77 |
2.68 |
2.64 |
2.62 |
2.54 |
2.40 |
2.40 |
2.26 |
2.12 |
2.04 |
Leverage Ratio |
|
3.87 |
3.90 |
3.77 |
3.74 |
3.74 |
3.66 |
3.49 |
3.55 |
3.38 |
3.23 |
3.14 |
Compound Leverage Factor |
|
2.82 |
188.19 |
67.52 |
3.74 |
1.00 |
-11.81 |
-14.15 |
35.44 |
-41.88 |
-2.40 |
-14.03 |
Debt to Total Capital |
|
73.46% |
72.76% |
72.10% |
71.15% |
71.18% |
70.64% |
68.87% |
70.08% |
67.19% |
64.69% |
65.02% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
73.46% |
72.76% |
72.10% |
71.15% |
71.18% |
70.64% |
68.87% |
70.08% |
67.19% |
64.69% |
65.02% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
-0.01% |
-0.01% |
-0.01% |
-0.02% |
-0.03% |
-0.03% |
-0.04% |
-0.04% |
-0.05% |
-0.06% |
Common Equity to Total Capital |
|
26.53% |
27.25% |
27.91% |
28.86% |
28.84% |
29.38% |
31.19% |
29.96% |
32.89% |
35.42% |
35.10% |
Debt to EBITDA |
|
21.84 |
67.36 |
245.69 |
78.67 |
30.45 |
30.19 |
588.21 |
-140.76 |
271.91 |
1,169.17 |
-84.25 |
Net Debt to EBITDA |
|
18.45 |
56.61 |
191.44 |
60.88 |
22.15 |
20.05 |
377.96 |
-77.18 |
156.05 |
960.85 |
-79.76 |
Long-Term Debt to EBITDA |
|
21.84 |
67.36 |
245.69 |
78.67 |
30.45 |
30.19 |
588.21 |
-140.76 |
271.91 |
1,169.17 |
-84.25 |
Debt to NOPAT |
|
25.68 |
24.25 |
25.83 |
24.36 |
37.65 |
38.71 |
-185.19 |
37.68 |
-245.69 |
-127.52 |
31.79 |
Net Debt to NOPAT |
|
21.69 |
20.38 |
20.13 |
18.85 |
27.39 |
25.70 |
-119.00 |
20.66 |
-141.00 |
-104.80 |
30.09 |
Long-Term Debt to NOPAT |
|
25.68 |
24.25 |
25.83 |
24.36 |
37.65 |
38.71 |
-185.19 |
37.68 |
-245.69 |
-127.52 |
31.79 |
Noncontrolling Interest Sharing Ratio |
|
0.22% |
0.20% |
0.23% |
0.04% |
-0.02% |
-0.05% |
-0.12% |
-0.09% |
-0.16% |
-0.19% |
-0.27% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
28 |
242 |
228 |
441 |
482 |
415 |
575 |
219 |
645 |
891 |
620 |
Operating Cash Flow to CapEx |
|
4,217.80% |
17,797.12% |
-7,738.05% |
6,828.32% |
3,367.88% |
-1,483.98% |
9,913.97% |
5,605.67% |
-3,641.49% |
-3,294.38% |
6,936.22% |
Free Cash Flow to Firm to Interest Expense |
|
0.49 |
3.98 |
0.00 |
7.08 |
3.95 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow to Interest Expense |
|
0.95 |
1.83 |
0.00 |
1.25 |
0.48 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
|
0.93 |
1.82 |
0.00 |
1.24 |
0.46 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.06 |
0.04 |
0.03 |
0.04 |
0.05 |
0.05 |
0.03 |
0.02 |
0.03 |
0.03 |
0.02 |
Fixed Asset Turnover |
|
0.45 |
0.29 |
0.24 |
0.30 |
0.41 |
0.40 |
0.24 |
0.19 |
0.23 |
0.21 |
0.14 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
5,779 |
5,611 |
5,490 |
5,332 |
5,316 |
5,191 |
4,907 |
5,116 |
4,669 |
4,284 |
4,283 |
Invested Capital Turnover |
|
0.06 |
0.04 |
0.03 |
0.04 |
0.05 |
0.05 |
0.03 |
0.03 |
0.03 |
0.03 |
0.02 |
Increase / (Decrease) in Invested Capital |
|
46 |
-241 |
-226 |
-410 |
-463 |
-420 |
-583 |
-216 |
-648 |
-907 |
-623 |
Enterprise Value (EV) |
|
4,658 |
4,506 |
4,350 |
4,136 |
4,098 |
3,736 |
3,613 |
3,447 |
3,226 |
3,724 |
4,009 |
Market Capitalization |
|
1,072 |
1,076 |
1,266 |
1,201 |
1,346 |
1,303 |
1,444 |
1,483 |
1,428 |
1,450 |
1,377 |
Book Value per Share |
|
$12.12 |
$12.09 |
$12.07 |
$12.12 |
$12.08 |
$12.17 |
$11.96 |
$11.99 |
$12.03 |
$11.93 |
$11.73 |
Tangible Book Value per Share |
|
$12.12 |
$12.09 |
$12.07 |
$12.12 |
$12.08 |
$12.17 |
$11.96 |
$11.99 |
$12.03 |
$11.93 |
$11.73 |
Total Capital |
|
5,779 |
5,611 |
5,490 |
5,332 |
5,316 |
5,191 |
4,905 |
5,116 |
4,666 |
4,282 |
4,281 |
Total Debt |
|
4,246 |
4,082 |
3,958 |
3,794 |
3,784 |
3,667 |
3,378 |
3,585 |
3,136 |
2,770 |
2,783 |
Total Long-Term Debt |
|
4,246 |
4,082 |
3,958 |
3,794 |
3,784 |
3,667 |
3,378 |
3,585 |
3,136 |
2,770 |
2,783 |
Net Debt |
|
3,586 |
3,431 |
3,084 |
2,936 |
2,753 |
2,435 |
2,171 |
1,966 |
1,800 |
2,276 |
2,635 |
Capital Expenditures (CapEx) |
|
1.29 |
0.63 |
0.87 |
1.14 |
1.73 |
1.37 |
0.46 |
3.02 |
1.65 |
0.87 |
0.64 |
Net Nonoperating Expense (NNE) |
|
0.00 |
-22 |
-27 |
0.00 |
0.00 |
-22 |
-40 |
-25 |
-34 |
-27 |
-21 |
Net Nonoperating Obligations (NNO) |
|
4,246 |
4,082 |
3,958 |
3,794 |
3,784 |
3,667 |
3,380 |
3,585 |
3,138 |
2,772 |
2,786 |
Total Depreciation and Amortization (D&A) |
|
4.50 |
3.02 |
4.81 |
6.40 |
5.32 |
6.37 |
6.51 |
6.68 |
5.14 |
5.90 |
6.81 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.48 |
$0.18 |
$0.23 |
$0.50 |
($0.03) |
$0.13 |
$0.26 |
$0.22 |
$0.25 |
$0.09 |
$0.14 |
Adjusted Weighted Average Basic Shares Outstanding |
|
124.30M |
124.49M |
124.73M |
249.46M |
124.67M |
125.32M |
125.73M |
125.71M |
125.58M |
125.63M |
125.80M |
Adjusted Diluted Earnings per Share |
|
$0.47 |
$0.18 |
$0.23 |
$0.50 |
($0.03) |
$0.13 |
$0.26 |
$0.22 |
$0.25 |
$0.09 |
$0.14 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
125.82M |
124.66M |
124.83M |
249.94M |
124.88M |
125.52M |
125.84M |
125.91M |
125.79M |
126.28M |
126.20M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
126.50M |
126.95M |
126.93M |
126.91M |
126.62M |
127.89M |
127.87M |
127.64M |
127.11M |
128.10M |
127.46M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
74 |
0.46 |
1.57 |
31 |
13 |
-5.10 |
-5.36 |
2.76 |
-2.53 |
-10 |
-3.83 |
Normalized NOPAT Margin |
|
50.38% |
0.89% |
3.30% |
39.11% |
11.63% |
-11.34% |
-14.10% |
6.08% |
-7.69% |
-38.59% |
-12.46% |
Pre Tax Income Margin |
|
51.07% |
46.46% |
59.14% |
43.06% |
16.61% |
40.84% |
81.61% |
62.76% |
100.40% |
41.06% |
67.66% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
1.80 |
0.01 |
0.00 |
0.55 |
0.56 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT to Interest Expense |
|
1.29 |
0.01 |
0.00 |
0.50 |
0.16 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
EBIT Less CapEx to Interest Expense |
|
1.78 |
0.00 |
0.00 |
0.53 |
0.55 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT Less CapEx to Interest Expense |
|
1.27 |
0.00 |
0.00 |
0.48 |
0.14 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
82.61% |
66.07% |
75.03% |
74.67% |
116.38% |
124.05% |
118.73% |
123.50% |
109.86% |
114.91% |
134.64% |
Augmented Payout Ratio |
|
87.39% |
71.77% |
78.65% |
77.39% |
118.85% |
124.94% |
119.80% |
125.66% |
115.94% |
122.90% |
151.33% |
Key Financial Trends
Ladder Capital Corp (NYSE: LADR) has exhibited several notable financial trends over the past four years, particularly in its income, balance sheet, and cash flow metrics.
- Consistent Net Income Growth: Despite some volatility, LADR has generally maintained positive consolidated net income, with Q2 2025 net income at approximately $17.1 million, continuing a trend of profitability.
- Strong Equity Base: Total common equity has remained stable and substantial, around $1.5 billion as of Q2 2025, supporting financial stability.
- Solid Dividend Yield: The dividend yield has hovered around 8.5% to 10.7% over recent periods, offering attractive income for investors.
- Improved Operating Cash Flow: Q2 2025 operating cash flow was positive at $44 million, showing operational strength compared to prior quarters.
- Stable Book Value Per Share: Book value per share has been stable near $11.7 - $12.1, indicating consistent shareholder equity per share.
- Revenue Decline: The company saw revenue decreases in some quarters, such as a nearly 60% revenue decline in Q2 2025 compared to prior periods, due partly to market conditions in its mortgage servicing and investment portfolios.
- Normalizing Non-Interest Income: Non-interest income, including capital gains and service charges, remains an important revenue component but has fluctuated quarter over quarter.
- CapEx Consistency: Capital expenditures have remained relatively steady in the range of $600,000 to $1.7 million quarter-over-quarter, reflecting ongoing investment in premises and equipment.
- Leverage Metrics: Debt-to-equity ratios are elevated around 1.85 to 2.8, typical for real estate finance firms but requiring careful management of interest and repayment schedules.
- Free Cash Flow to Firm (FCFF) Fluctuations: Free cash flow shows volatility, with positive $619 million in Q2 2025 but swings in prior quarters, indicating changing investment and financing dynamics.
- Declining Profit Margins: EBIT and NOPAT margins have turned negative in recent quarters, signaling pressure on operational profitability.
- Volatile Operating Earnings: EBITDA fell sharply in Q1 and Q2 2025, with Q2 EBITDA only $2.1 million, a decline from previous positive quarters.
- Negative NOPAT: The company reported negative net operating profit after tax in recent quarters, with Q2 2025 showing about -$3.8 million, indicating operational challenges.
- Negative Growth Rates: Both NOPAT and EBIT showed significant negative growth rates in recent quarters, reflecting ongoing headwinds.
- Substantial Debt Levels: Long-term debt has remained high above $2.7 billion, increasing financial risk especially with lower earnings coverage metrics.
In summary, Ladder Capital has shown resilience with positive net income and solid equity, along with attractive dividend yields. However, the business faces challenges from declining operating profits, margin compression, and high leverage. Investors should weigh the firm's strong capital position and cash flows against profitability pressure and debt levels when considering LADR.
08/02/25 10:07 AMAI Generated. May Contain Errors.