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MFA logoMFA Financial, Inc.(MFA)Earnings, Financials & Key Ratios

MFA•NYSE•REIT / Real Estate
5.7× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryResidential credit and whole-loan REITs
AboutMFA Financial, Inc., together with its subsidiaries, operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage assets, including non-agency mortgage-backed securities (MBS), agency MBS, and credit risk transfer securities; residential whole loans, including purchased performing loans, purchased credit deteriorated, and non-performing loans; and mortgage servicing rights related assets. The company has elected to be taxed as a REIT and would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. MFA Financial, Inc. was incorporated in 1997 and is headquartered in New York, New York.Show more
  • Revenue$875M+213.0%
  • FFO$177M+48.2%
  • FFO/Share1.68+48.0%
  • FFO Payout106.63%-11.6%
  • FFO per Share1.68+48.0%
  • NOI Margin96.18%+10.1%
  • FFO Margin20.2%-52.6%
  • ROE9.64%+51.2%
  • ROA1.45%+34.5%

MFA Key Insights

MFA Financial, Inc. (MFA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓High NOI margin of 96.2%
  • ✓Trading at only 0.5x book value

✗Weaknesses

  • ✗High debt to equity ratio of 6.0x
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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MFA Price & Volume

MFA Financial, Inc. (MFA) stock price & volume — 10-year historical chart

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MFA Growth Metrics

MFA Financial, Inc. (MFA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.41%
5 Years-
3 Years-
TTM137.78%

Profit CAGR

10 Years-5.56%
5 Years-
3 Years-
TTM-1.89%

EPS CAGR

10 Years-6.24%
5 Years-
3 Years-
TTM9.26%

Return on Capital

10 Years3.52%
5 Years1.82%
3 Years2.51%
Last Year5.77%

MFA Recent Earnings

MFA Financial, Inc. (MFA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.30-3.6%
$0.31
Rev
$59M-12.3%
$68M
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.27+0.5%
$0.27
Rev
$55M-13.8%
$64M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.20-26.5%
$0.27
Rev
$85M+40.3%
$61M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.24-14.3%
$0.28
Rev
$170M+186.3%
$59M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.30vs $0.31-3.6%
$59Mvs $68M-12.3%
Q1 2026Feb 18, 2026
$0.27vs $0.27+0.5%
$55Mvs $64M-13.8%
Q4 2025Nov 6, 2025
$0.20vs $0.27-26.5%
$85Mvs $61M+40.3%
Q3 2025Aug 6, 2025
$0.24vs $0.28-14.3%
$170Mvs $59M+186.3%
Based on last 12 quarters of dataView full earnings history →

MFA Peer Comparison

MFA Financial, Inc. (MFA) competitors in Residential credit and whole-loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AGNC logoAGNCAGNC Investment Corp.Direct Competitor11.66B10.387.06-60.79%87.02%15.1%0.01
NLY logoNLYAnnaly Capital Management, Inc.Direct Competitor15.96B22.217.615.35%30.28%14.05%6.92
TWO logoTWOTwo Harbors Investment Corp.Direct Competitor1.29B12.32-2.83-28.4%-44.82%-19.11%4.79
MITT logoMITTTPG Mortgage Investment Trust IncDirect Competitor251.98M7.948.8214.4%6.82%6.11%14.45
RWT logoRWTRedwood Trust, Inc.Direct Competitor644.97M5.16-8.19356.5%-6.58%-6.64%22.56
EARN logoEARNEllington Credit CompanyDirect Competitor164.93M4.3918.29-8.45%-14.73%-2.76%2.91
PMT logoPMTPennyMac Mortgage Investment TrustProduct Competitor891.92M10.2510.35103.82%13.83%7.06%10.12
IVR logoIVRInvesco Mortgage Capital Inc.Product Competitor574.68M8.005.23-24.6%30.19%13.34%7.05

Compare MFA vs Peers

MFA Financial, Inc. (MFA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for MFA.

Scale Benchmark

vs RKT

Larger-name benchmark to compare MFA against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, NLY, TWO, MITT

MFA Income Statement

MFA Financial, Inc. (MFA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
373.06M347.88M433.33M-555.87M337.22M-67.62M234.05M279.61M875.24M650.38M
Revenue Growth %
3.98%-6.75%24.57%-228.28%160.67%-120.05%446.11%19.47%213.02%137.78%
Property Operating Expenses
94.17M113.25M0037.47M42.89M34.14M35.31M33.45M264.53M
Net Operating Income (NOI)
278.89M▲ 0%
234.63M▼ 15.9%
433.33M▲ 84.7%
-555.87M▼ 228.3%
299.75M▲ 153.9%
-110.52M▼ 136.9%
199.91M▲ 280.9%
244.3M▲ 22.2%
841.79M▲ 244.6%
385.85M▲ 0%
NOI Margin %
74.76%67.45%100%100%88.89%163.43%85.41%87.37%96.18%59.33%
Operating Expenses
50M79M433.33M-555.87M-8.35M113.52M130.75M132.71M151.76M119.15M
G&A Expenses
49.63M46.08M52.65M56.71M85.55M112.72M129.95M131.91M41.74M85.86M
EBITDA
309.58M855.54M00390.78M-224.03M73.36M111.59M690.03M267.8M
EBITDA Margin %
82.98%245.93%0%0%115.88%331.31%31.35%39.91%78.84%41.18%
Depreciation & Amortization
235.43M321.55M0061.91M04.2M001.1M
D&A / Revenue %
63.11%92.43%0%0%18.36%0%1.79%0%0%0.17%
Operating Income
74.16M▲ 0%
533.99M▲ 620.1%
0▼ 100.0%
0▲ 0%
328.87M▲ 0%
-224.03M▼ 168.1%
69.16M▲ 130.9%
111.59M▲ 61.3%
690.03M▲ 518.3%
266.7M▲ 0%
Operating Margin %
19.88%153.5%0%0%97.52%331.31%29.55%39.91%78.84%41.01%
Interest Expense
197.14M232.19M0268.76M120.39M258.84M429.12M521.23M513.98M4M
Interest Coverage
1.64x1.30x--3.54x-0.87x-0.01x0.21x1.34x-
Non-Operating Income
-1.03M-207.03M00-91.35M-224.03M73.36M111.59M053.52M
Pretax Income
322.39M▲ 0%
301.8M▼ 6.4%
378.12M▲ 25.3%
-679.39M▼ 279.7%
328.87M▲ 148.4%
-232.43M▼ 170.7%
80.16M▲ 134.5%
119.69M▲ 49.3%
176.05M▲ 47.1%
134.76M▲ 0%
Pretax Margin %
86.42%86.76%87.26%122.22%97.52%343.73%34.25%42.81%20.11%20.72%
Income Tax
445.38M1.66M000-851K0443K-735K137K
Effective Tax Rate %
138.15%0.55%0%0%0%0.37%0%0.37%-0.42%0.1%
Net Income
322.39M▲ 0%
301.8M▼ 6.4%
378.12M▲ 25.3%
-679.39M▼ 279.7%
328.87M▲ 148.4%
-231.58M▼ 170.4%
80.16M▲ 134.6%
119.25M▲ 48.8%
176.78M▲ 48.2%
134.62M▲ 0%
Net Margin %
86.42%86.76%87.26%122.22%97.52%342.47%34.25%42.65%20.2%20.7%
Net Income Growth %
3.11%-6.39%25.29%-279.68%148.41%-170.42%134.62%48.76%48.24%-1.89%
Funds From Operations (FFO)
557.82M▲ 0%
623.35M▲ 11.7%
381.44M▼ 38.8%
-679.39M▼ 278.1%
390.78M▲ 157.5%
-258.89M▼ 166.3%
84.36M▲ 132.6%
119.25M▲ 41.4%
176.78M▲ 48.2%
181.21M▲ 0%
FFO Margin %
149.53%179.19%88.02%122.22%115.88%382.86%36.05%42.65%20.2%27.86%
FFO Growth %
4.89%11.75%-38.81%---166.25%132.59%---21.68%
FFO per Share
5.735.913.26-6.013.30-2.510.811.131.681.72
FFO Payout Ratio %
55.32%52.9%94.79%-16.71%39.96%-71.08%169.63%120.65%106.63%67.88%
EPS (Diluted)
3.16▲ 0%
2.86▼ 9.5%
3.17▲ 10.8%
-6.01▼ 289.6%
2.63▲ 143.8%
-2.40▼ 191.3%
0.46▲ 119.2%
0.82▲ 78.3%
1.68▲ 104.9%
1.28▲ 0%
EPS Growth %
-1.25%-9.49%10.84%-289.59%143.76%-191.25%119.17%78.26%104.88%9.26%
EPS (Basic)
3.162.883.21-6.012.66-2.400.460.831.71-
Diluted Shares Outstanding
97.28M105.44M116.94M113.01M118.47M103.15M103.58M105.1M105.31M105.31M

MFA Balance Sheet

MFA Financial, Inc. (MFA) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
10.95B12.42B13.57B6.93B9.14B9.11B10.77B11.41B13.05B13.23B
Asset Growth %
-12.25%13.38%9.24%-48.91%31.84%-0.3%18.22%5.91%14.35%42.99%
Real Estate & Other Assets
-4.06B4.99B4.64B-302.83M-450.2M401.26M905.59M1.58B279.22M0
PP&E (Net)
-10.95B-12.42B0758K39.37M39.46M37.82M35.46M00
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
449.76M51.97M7.7B853.2M08.44B441.01M9.55B506.66M221.57M
Cash & Equivalents
449.76M51.97M70.63M814.35M304.7M334.18M318M338.93M213.21M221.57M
Receivables
1000K01000K1000K1000K1000K1000K1000K1000K0
Other Current Assets
00179.67M0-389.08M252.06M0388.42M173.46M0
Intangible Assets
492.08M611.81M1.22B239M21.4M12.2M8M4.8M2.6M0
Total Liabilities
7.69B9B10.18B4.41B6.6B7.12B8.87B9.57B11.22B11.45B
Total Debt
460.72M781.24M10.03B1.84B3.15B6.86B5B9.2B10.99B0
Net Debt
10.96M729.27M9.96B1.03B2.84B6.52B4.69B8.86B10.78B-221.57M
Long-Term Debt
460.72M781.24M10.03B1.61B2.88B6.81B4.96B9.16B10.94B0
Short-Term Borrowings
000225.18M226.47M00000
Capital Lease Obligations
000636K44.98M45.31M43.58M41.05M60.81M157.1M
Total Current Liabilities
7.6B8.01B152.61M236.29M0134.13M292.45M313.5M232.69M0
Accounts Payable
12.26M16.28M011.12M9.62M030.83M036.37M0
Deferred Revenue
-6.64B-8.25B00000000
Other Liabilities
0000-2.92B132.03M063.09M011.45B
Total Equity
10.38B▲ 0%
11.99B▲ 15.5%
3.38B▼ 71.8%
6.04B▲ 78.5%
2.54B▼ 57.9%
1.99B▼ 21.8%
1.9B▼ 4.5%
1.84B▼ 3.1%
1.83B▼ 0.8%
1.78B▲ 0%
Equity Growth %
-13.59%15.51%-71.77%78.52%-57.91%-21.79%-4.47%-3.06%-0.77%-10.36%
Shareholders Equity
3.26B3.42B3.38B2.52B2.54B1.99B1.9B1.84B1.83B1.78B
Minority Interest
7.12B8.57B03.52B000000
Common Stock
3.98M4.5M4.52M4.52M1.08M1.02M1.02M1.02M1.02M1.02M
Additional Paid-in Capital
3.23B3.62B3.64B3.85B3.78B3.68B3.7B3.71B3.72B0
Retained Earnings
-578.95M-632.04M-631.04M-1.41B-1.28B-1.72B-1.82B-1.88B-1.9B-1.94B
Preferred Stock
80K80K80K190K190K190K190K190K81K82K
Return on Assets (ROA)
2.75%2.58%2.91%-6.63%4.09%-2.54%0.81%1.08%1.45%1.08%
Return on Equity (ROE)
2.88%2.7%4.92%-14.42%7.66%-10.22%4.12%6.37%9.64%7.43%
Debt / Assets
4.21%6.29%73.93%26.54%34.45%75.25%46.44%80.6%84.26%0%
Debt / Equity
0.04x0.07x2.96x0.30x1.24x3.45x2.63x4.99x6.01x0.00x
Net Debt / EBITDA
0.04x0.85x--7.28x-63.86x79.37x15.62x-0.83x
Book Value per Share
106.69113.6928.9453.4621.4619.2818.3417.5217.3616.90

MFA Cash Flow Statement

MFA Financial, Inc. (MFA) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
176.07M147.88M215.78M38.4M120.29M366.08M108.74M200.12M76.25M90.81M
Operating CF Growth %
105.9%-16.01%45.91%-82.21%213.3%204.32%-70.3%84.04%-61.9%247.11%
Operating CF / Revenue %
47.2%42.51%49.79%-6.91%35.67%-541.37%46.46%71.57%8.71%13.96%
Net Income
322.39M301.8M378.12M-679.39M328.87M-231.58M80.16M119.25M176.78M134.62M
Depreciation & Amortization
1.52M1.82M3.32M06.6M-27.31M4.2M000
Stock-Based Compensation
8.03M8.01M9.24M09.58M10.21M15.62M000
Other Non-Cash Items
-144.49M-137.3M-159.19M728.66M-203.18M597.01M26.72M64.28M-112.39M-18.32M
Working Capital Changes
-11.38M-26.45M-15.71M-10.87M-5.39M27.96M-17.97M16.59M11.85M-26.48M
Cash from Investing
1.82B-2.16B-1.13B6.38B-2.17B-1.13B-1.55B-424.6M-1.79B-1.53B
Acquisitions (Net)
1.59B338.4M3.76B06.12M00000
Purchase of Investments
-86.32M-3.14B-4.67B-163.75M-2.5B-3.18B-588.91M-869.15M-2.75B-2.45B
Sale of Investments
243.08M538.67M908.7M4.42B157.3M68.78M173.95M129.64M46.81M11.68M
Other Investing
66.29M107.94M-1.13B2.13B185.67M1.99B-1.13B314.92M916.69M903.73M
Cash from Financing
-1.8B1.63B964.92M-5.74B1.63B850.21M1.43B337.58M1.49B1.36B
Dividends Paid
-323.59M-344.76M-376.56M-143.3M-189.01M-216.91M-175.98M-176.75M-40.32M-144.4M
Common Dividends
-308.59M-329.76M-361.56M-113.51M-156.14M-184.03M-143.1M-143.87M-188.5M-123.01M
Debt Issuance (Net)
-1000K1000K1000K-1000K1000K1000K1000K1000K1000K1000K
Share Repurchases
000-50.84M-85.59M-102.31M-7K-1.57M-15.31M5.19M
Other Financing
30.43M1.06M-40.03M-90.28M-7.14M-16.39M-12.59M-34.99M-177.11M1.69B
Net Change in Cash
189.65M▲ 0%
-375.03M▼ 297.8%
45.95M▲ 112.3%
686.86M▲ 1394.6%
-417.07M▼ 160.7%
89.63M▲ 121.5%
-5.87M▼ 106.5%
113.1M▲ 2026.8%
-214.64M▼ 289.8%
-62.48M▲ 0%
Exchange Rate Effect
00000000024.14M
Cash at Beginning
260.11M463.74M88.71M134.66M821.52M404.45M494.08M488.21M601.31M386.67M
Cash at End
449.76M88.71M134.66M821.52M404.45M494.08M488.21M601.31M386.67M410.81M
Free Cash Flow
175.2M▲ 0%
146.75M▼ 16.2%
213.9M▲ 45.8%
33.53M▼ 84.3%
108.25M▲ 222.8%
365.78M▲ 237.9%
108.74M▼ 70.3%
200.12M▲ 84.0%
76.25M▼ 61.9%
90.81M▲ 0%
FCF Growth %
106.59%-16.24%45.76%-84.32%222.79%237.92%-70.27%84.04%-61.9%-31.25%
FCF / Revenue %
46.96%42.18%49.36%-6.03%32.1%-540.92%46.46%71.57%8.71%13.96%

MFA Key Ratios

MFA Financial, Inc. (MFA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
5.735.913.26-6.013.3-2.510.811.131.681.72
FFO Payout Ratio
55.32%52.9%94.79%-16.71%39.96%-71.08%169.63%120.65%106.63%67.88%
NOI Margin
74.76%67.45%100%100%88.89%163.43%85.41%87.37%96.18%59.33%
Net Debt / EBITDA
0.04x0.85x--7.28x-63.86x79.37x15.62x-0.83x
Debt / Assets
4.21%6.29%73.93%26.54%34.45%75.25%46.44%80.6%84.26%0%
Interest Coverage
1.64x1.30x--3.54x-0.87x-0.01x0.21x1.34x-
Book Value / Share
106.69113.6928.9453.4621.4619.2818.3417.5217.3616.9
Revenue Growth
3.98%-6.75%24.57%-228.28%160.67%-120.05%446.11%19.47%213.02%137.78%
Related:MFA Dividend History·MFA Revenue History·MFA Price History·MFA P/E History·MFA Financial Ratios·MFA Institutional Holders

MFA SEC Filings & Documents

MFA Financial, Inc. (MFA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Feb 18, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

4
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

MFA Frequently Asked Questions

MFA Financial, Inc. (MFA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

MFA Financial, Inc. (MFA) reported $650.4M in revenue for fiscal year 2025. This represents a 14039% increase from $4.6M in 1998.

MFA Financial, Inc. (MFA) grew revenue by 213.0% over the past year. This is strong growth.

Yes, MFA Financial, Inc. (MFA) is profitable, generating $134.6M in net income for fiscal year 2025 (20.2% net margin).

Dividend & Returns

Yes, MFA Financial, Inc. (MFA) pays a dividend with a yield of 18.78%. This makes it attractive for income-focused investors.

MFA Financial, Inc. (MFA) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.

Industry Metrics

MFA Financial, Inc. (MFA) generated Funds From Operations (FFO) of $181.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

MFA Financial, Inc. (MFA) offers a 18.78% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in MFA back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

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How much would $100/month in MFA be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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