Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 22.4x · ROE 2.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $101M | $93M | $82M | $106M | $115M | $143M | $154M | $245M | $257M | $206M | $137M |
| Enterprise Value | $1.3B | $1.3B | $186M | $223M | $241M | $225M | $182M | $2.7B | $2.0B | $1.9B | $717M |
| P/E Ratio → | 14.42 | 13.42 | 38.65 | — | 9.67 | 59.07 | — | — | 6.91 | 4.52 | 5.51 |
| P/S Ratio | 0.96 | 0.88 | 2.36 | — | 2.86 | 5.10 | — | — | 5.24 | 3.63 | 4.29 |
| P/B Ratio | 0.42 | 0.39 | 0.35 | 0.41 | 0.43 | 0.51 | 0.49 | 0.61 | 0.71 | 0.64 | 0.88 |
| P/FCF | — | — | — | 2.61 | 5.25 | — | 18.75 | — | — | — | 7.18 |
| P/OCF | — | — | — | 2.61 | 1.92 | 2.99 | 2.52 | 3.51 | 4.04 | 5.12 | 3.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.53 | 5.39 | — | 6.01 | 7.99 | — | — | 40.31 | 32.68 | 22.45 |
| EV / EBITDA | 22.42 | 22.29 | 2.59 | 13.32 | 5.39 | 6.36 | 11.20 | 176.39 | 118.89 | 381.85 | 862.52 |
| EV / EBIT | 22.54 | 22.41 | 2.59 | 13.32 | 5.39 | 11.78 | — | — | 36.97 | 27.09 | 21.39 |
| EV / FCF | — | — | — | 5.48 | 11.03 | — | 22.09 | — | — | — | 37.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.2% | 91.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 8.0% | 89.8% | 92.0% |
| Operating Margin | 55.9% | 55.9% | — | — | — | — | — | — | -8.0% | -6.7% | -10.3% |
| Net Profit Margin | 6.5% | 6.5% | 34.6% | 164.1% | 54.1% | 43.7% | 92.5% | 105.5% | 76.0% | 83.4% | 77.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.9% | 2.9% | 4.9% | -13.3% | 8.0% | 4.2% | -14.7% | -13.1% | 10.9% | 19.8% | 16.1% |
| ROA | 0.5% | 0.5% | 0.8% | -2.5% | 1.6% | 0.8% | -2.3% | -2.0% | 1.8% | 3.3% | 3.5% |
| ROIC | 4.9% | 4.9% | — | — | — | — | — | — | -0.1% | -0.2% | -0.4% |
| ROCE | 16.1% | 16.1% | — | — | — | — | — | — | -0.9% | -1.4% | -1.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.38 | 5.38 | 0.65 | 0.66 | 0.69 | 0.52 | 0.36 | 6.30 | 4.84 | 5.29 | 3.96 |
| Debt / EBITDA | 21.65 | 21.65 | 2.10 | 10.13 | 4.10 | 4.11 | 6.86 | 166.28 | 105.84 | 351.08 | 743.92 |
| Net Debt / Equity | — | 5.15 | 0.45 | 0.45 | 0.48 | 0.29 | 0.09 | 6.07 | 4.73 | 5.12 | 3.72 |
| Net Debt / EBITDA | 20.72 | 20.72 | 1.46 | 6.97 | 2.82 | 2.30 | 1.69 | 160.22 | 103.43 | 339.45 | 697.84 |
| Debt / FCF | — | — | — | 2.86 | 5.79 | — | 3.34 | — | — | — | 30.42 |
| Interest Coverage | 1.18 | 1.18 | 1.29 | 0.32 | 2.55 | 3.31 | — | — | 1.55 | 3.45 | 4.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.07 | 0.07 | — | — | — | — | — | 0.06 | 0.05 | 0.05 | 0.10 |
| Quick Ratio | 0.07 | 0.07 | — | — | — | — | — | 0.06 | 0.05 | 0.05 | 0.10 |
| Cash Ratio | 0.05 | 0.05 | — | — | — | — | — | 0.04 | 0.02 | 0.03 | 0.06 |
| Asset Turnover | — | 0.07 | 0.02 | -0.02 | 0.03 | 0.02 | -0.04 | -0.02 | 0.02 | 0.03 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 28.8% | 30.9% | 34.5% | 29.4% | 26.8% | 19.8% | 20.9% | 0.2% | 0.1% | 0.2% | 0.2% |
| Payout Ratio | 419.7% | 419.7% | 235.3% | — | 141.8% | 231.7% | — | — | 1.0% | 0.7% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 7.5% | 2.6% | — | 10.3% | 1.7% | — | — | 14.5% | 22.1% | 18.1% |
| FCF Yield | — | — | — | 38.3% | 19.1% | — | 5.3% | — | — | — | 13.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 1.1% | 1.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 28.8% | 30.9% | 34.5% | 29.4% | 26.8% | 20.0% | 22.1% | 1.7% | 0.1% | 0.2% | 0.2% |
| Shares Outstanding | — | $36M | $31M | $26M | $20M | $17M | $17M | $17M | $15M | $11M | $8M |
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CHMI stock.
Cherry Hill Mortgage Investment Corporation's current P/E ratio is 14.4x. The historical average is 21.1x. This places it at the 70th percentile of its historical range.
Cherry Hill Mortgage Investment Corporation's current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
Cherry Hill Mortgage Investment Corporation's return on equity (ROE) is 2.9%. The historical average is 4.8%.
Based on historical data, Cherry Hill Mortgage Investment Corporation is trading at a P/E of 14.4x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cherry Hill Mortgage Investment Corporation's current dividend yield is 28.76% with a payout ratio of 419.7%.
Cherry Hill Mortgage Investment Corporation has 91.2% gross margin and 55.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cherry Hill Mortgage Investment Corporation's Debt/EBITDA ratio is 21.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fair value accounting volatility
Metrics are mathematically derived from official filings.
Persistent Discount to Book Value
Based on recent market data, CHMI trades at a P/FFO multiple of approximately 6.30x, which appears to reflect significant investor skepticism regarding the company's ability to maintain book value in a volatile interest rate environment compared to larger, internally managed mortgage REIT peers.
The current valuation suggests that the market is pricing in a permanent discount to book value, likely due to the external management structure and historical earnings volatility. Investors should monitor whether this discount narrows as the MSR portfolio matures or if it persists as a structural feature of the company's small-cap status.
NOI Margin Volatility Hinders Performance
As reported in quarterly filings, NOI margins have exhibited extreme instability, swinging from 100% in 2024Q4 to 41.0% in 2025Q3, which suggests that property-level profitability is highly sensitive to external management fees and the underlying interest rate environment affecting servicing assets.
The lack of consistent margin expansion indicates that the company struggles to achieve operational leverage, with management fees consuming a disproportionate share of net interest income. This variability complicates the assessment of organic growth and suggests that profitability is more a function of market-driven fair value adjustments than operational efficiency.
Dividend Sustainability Remains Highly Uncertain
According to the 2025Q4 financial statements, the FFO payout ratio stood at 79.7%, a level that warrants caution given the historical inconsistency of FFO generation and the company's reliance on non-cash fair value adjustments to support its dividend distributions.
The high payout ratio leaves little margin for error, particularly if interest rate volatility continues to pressure the net interest margin. Investors should be wary of the sustainability of these payments, as the company has not demonstrated a consistent ability to generate sufficient AFFO to cover the dividend over multiple quarters.
Inconsistent Leverage Ratios Signal Risk
Based on reported figures, the debt-to-equity ratio reached an anomalous 5.38 in 2025Q4, a significant departure from the 0.62 to 0.67 range observed in other periods, which suggests potential reporting discrepancies or a temporary, aggressive shift in financing strategy that warrants further investigation.
This sudden spike in leverage is concerning for a mortgage REIT, as it may indicate an increased reliance on repo financing to maintain liquidity or fund asset acquisitions. Such volatility in the capital structure increases the company's sensitivity to margin calls and interest rate shocks, potentially threatening the stability of the balance sheet.
Misapplication of P/E to mREITs
The most commonly misapplied metric for CHMI is the standard P/E ratio, which fails to account for the significant non-cash fair value adjustments inherent in mortgage servicing rights and derivative hedging instruments that distort GAAP net income.
Using P/E obscures the true cash-generating capacity of the portfolio, as it treats unrealized mark-to-market losses as operational failures. Analysts should instead focus on Earnings Available for Distribution (EAD) or FFO, which provide a more accurate, albeit still imperfect, view of the cash flow available to support the dividend.