MeritValue

Ladder Capital Corp

LADRdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ladder Capital Corp earns about 50% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$176.1M1$293.5M2$407.3M3$358.6M3$266.9M3
Net income$56.9M4$165.3M5$100.5M6$107.4M6$63.7M6
Operating cash flow$79.7M7$106.7M8$180.6M9$133.9M9$87M9
Capital expenditure$4.87M10$6.95M11$4.37M12$6.5M12$8.34M12
Free cash flow (derived)$74.9M7$99.8M8$176.2M9$127.4M9$78.7M9
Total debt—————
Cash & equivalents$548.7M13$609.1M14$1.02B15$1.32B15$38M15
Diluted shares124.6M125.8M124.9M125.8M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
50% avg · 5y
FY21 25%FY22 38%FY23 65%FY24 114%FY25 10%

It earned an average 50% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (CashAndCashEquivalentsAtCarryingValue)