Latest Ratios: P/E Ratio 3.9x · EV/EBITDA 17.7x · ROE 9.0%. (2007–2025 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 | $899M | $1.0B | $1.2B | $1.2B | $1.3B | $3.7B | $2.2B | $3.9B | $3.3B | $3.5B | $3.2B |
| Enterprise Value | $13.7B | $13.8B | $11.1B | $11.1B | $11.6B | $14.4B | $15.4B | $25.5B | $25.9B | $20.3B | $15.9B |
| P/E Ratio → | 3.91 | 4.52 | 12.73 | 27.72 | — | 18.62 | 78.85 | 34.08 | 24.41 | 21.24 | 17.37 |
| P/S Ratio | 1.10 | 1.27 | 4.46 | 5.71 | — | 3.50 | 9.64 | 7.94 | 7.39 | 5.53 | 5.21 |
| P/B Ratio | 0.35 | 0.41 | 0.46 | 0.46 | 0.48 | 0.99 | 0.58 | 0.98 | 0.90 | 0.96 | 1.02 |
| P/FCF | — | — | 5.59 | 5.48 | 3.95 | 7.13 | 8.47 | 59.56 | 11.24 | 7.14 | 5.79 |
| P/OCF | — | — | 5.59 | 5.48 | 3.95 | 7.13 | 8.47 | 59.56 | 11.24 | 7.14 | 5.79 |
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 | — | 16.86 | 42.96 | 54.00 | — | 13.62 | 68.14 | 52.25 | 57.30 | 32.20 | 25.88 |
| EV / EBITDA | 17.74 | 17.93 | 16.47 | 17.39 | — | 13.43 | 150.42 | 433.00 | 43.41 | 20.08 | 18.00 |
| EV / EBIT | 17.91 | 17.56 | 16.48 | 17.39 | — | 14.38 | — | — | 23.88 | 17.55 | 16.59 |
| EV / FCF | — | — | 53.88 | 51.85 | 35.72 | 27.72 | 59.82 | 392.16 | 87.18 | 41.58 | 28.76 |
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 | 94.9% | 94.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 89.2% | 90.0% | 92.1% |
| Operating Margin | 93.2% | 93.2% | — | — | — | — | — | — | 87.2% | 168.1% | 146.5% |
| Net Profit Margin | 28.1% | 28.1% | 68.3% | 61.6% | 123.6% | 63.4% | 39.2% | 84.7% | 90.9% | 83.4% | 89.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 6.9% | 4.8% | -16.0% | 17.8% | 2.3% | 10.8% | 11.2% | 15.5% | 18.2% |
| ROA | 1.6% | 1.6% | 1.4% | 1.0% | -3.6% | 4.1% | 0.4% | 1.5% | 1.7% | 2.8% | 3.4% |
| ROIC | 4.1% | 4.1% | — | — | — | — | — | — | 1.3% | 4.4% | 4.4% |
| ROCE | 8.3% | 8.3% | — | — | — | — | — | — | 3.4% | 10.1% | 10.9% |
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 | 5.08 | 5.08 | 3.96 | 3.95 | 3.98 | 2.96 | 3.58 | 5.50 | 6.11 | 4.63 | 4.12 |
| Debt / EBITDA | 16.93 | 16.93 | 14.89 | 15.90 | — | 10.33 | 131.76 | 369.10 | 37.89 | 16.70 | 14.58 |
| Net Debt / Equity | — | 4.97 | 3.93 | 3.86 | 3.88 | 2.86 | 3.50 | 5.47 | 6.10 | 4.62 | 4.07 |
| Net Debt / EBITDA | 16.57 | 16.57 | 14.76 | 15.55 | — | 9.97 | 129.13 | 367.23 | 37.81 | 16.63 | 14.38 |
| Debt / FCF | — | — | 48.28 | 46.36 | 31.77 | 20.59 | 51.35 | 332.60 | 75.94 | 34.44 | 22.97 |
| Interest Coverage | 1.42 | 1.42 | 1.35 | 1.25 | -0.54 | 3.07 | — | — | 1.60 | 2.17 | 2.76 |
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 | 2.60 | 3.98 | 2.88 | 2.32 | 2.37 | 0.97 | 0.79 | 1.46 | 1.22 |
| Quick Ratio | 0.07 | 0.07 | 2.60 | 3.98 | 2.88 | 2.32 | 2.37 | 0.97 | 0.79 | 1.46 | 1.22 |
| Cash Ratio | 0.05 | 0.05 | 0.02 | 0.08 | 0.06 | 0.07 | 0.05 | 0.01 | 0.00 | 0.01 | 0.02 |
| Asset Turnover | — | 0.05 | 0.02 | 0.02 | -0.03 | 0.07 | 0.01 | 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 | 13.6% | 11.8% | 10.4% | 16.7% | 22.4% | 8.1% | 14.8% | 9.7% | 11.2% | 10.8% | 14.2% |
| Payout Ratio | 53.2% | 53.2% | 67.6% | 154.8% | — | 44.6% | 363.1% | 90.5% | 91.0% | 71.6% | 82.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 25.6% | 22.1% | 7.9% | 3.6% | — | 5.4% | 1.3% | 2.9% | 4.1% | 4.7% | 5.8% |
| FCF Yield | — | — | 17.9% | 18.2% | 25.3% | 14.0% | 11.8% | 1.7% | 8.9% | 14.0% | 17.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 2.8% | 3.8% | 0.0% | 1.0% | 5.0% | 0.4% | 9.0% | 4.4% |
| Total Shareholder Yield | 13.6% | 11.8% | 10.4% | 19.5% | 26.2% | 8.1% | 15.8% | 14.7% | 11.6% | 19.8% | 18.6% |
| Shares Outstanding | — | $84M | $82M | $78M | $78M | $82M | $71M | $63M | $63M | $63M | $63M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying CIM stock.
Chimera Investment Corporation's current P/E ratio is 3.9x. The historical average is 23.2x.
Chimera Investment Corporation's current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.2x.
Chimera Investment Corporation's return on equity (ROE) is 9.0%. The historical average is 6.4%.
Based on historical data, Chimera Investment Corporation is trading at a P/E of 3.9x. Compare with industry peers and growth rates for a complete picture.
Chimera Investment Corporation's current dividend yield is 13.60% with a payout ratio of 53.2%.
Chimera Investment Corporation has 94.9% gross margin and 93.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Chimera Investment Corporation's Debt/EBITDA ratio is 16.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fair value earnings volatility
Metrics are mathematically derived from official filings.
Deep Discount Masks Earnings Volatility
CIM trades at 0.39x book value and a P/FFO of 28.8x, per reported figures, suggesting the market discounts earnings quality due to fair value swings.
The P/FFO of 28.8x is elevated relative to the sector, reflecting depressed FFO per share of $0.26 in 2026Q2, which is well below the $2.04 reported in 2025Q1. The 0.39x P/B implies the market assigns a significant discount to the stated book value, likely due to the volatility of mark-to-market adjustments and the risk of further dilution. Investors should monitor whether the discount narrows as the portfolio stabilizes.
NOI Margin Swings Signal Instability
NOI margin swung from 100% in 2025Q2 to 17.6% in 2025Q3, then to 84.3% in 2026Q2, per financial statements, indicating non-cash adjustments dominate.
The extreme volatility in NOI margin suggests that reported profitability is heavily influenced by fair value changes and interest expense timing rather than stable property operations. The 2026Q2 net margin of 28.08% versus operating margin of 93.16% highlights significant non-operating losses, likely from mark-to-market on the credit portfolio. This implies that core earnings power is difficult to assess from GAAP figures alone, and investors should focus on distributable earnings.
Dividend Coverage Under Pressure
In 2026Q2, dividends paid of $112.5M exceeded FFO of $21.4M, implying a payout ratio above 500%, based on reported cash flow data.
The FFO payout ratio of 3.3% in 2026Q2 is misleading because it uses a quarterly FFO figure that includes non-cash gains; the cash flow statement shows dividends far exceeding operating cash flow. This suggests that the dividend is not fully covered by core earnings, and the company may be relying on external funding or asset sales to maintain distributions. Investors should monitor whether the dividend is sustainable given the negative FCF margin of -95.4% in 2026Q2.
Leverage Creeps Higher, Debt Mix Matters
Debt-to-equity rose from 3.70 in 2024Q1 to 5.57 in 2026Q2, per balance sheet data, indicating increased leverage, though interest coverage remains thin at 0.09x.
The rising debt-to-equity ratio suggests that asset growth is being funded with debt rather than retained equity, as equity remained flat near $2.5B. Interest coverage of 0.09x in 2026Q2 is extremely low, indicating that earnings before interest are barely sufficient to cover interest expense, a red flag for financial stability. However, the reported debt-to-equity may understate true leverage if off-balance-sheet securitization vehicles are not consolidated, a common practice in mortgage REITs.
Credit-Heavy Portfolio Drives Returns
CIM's portfolio is concentrated in residential mortgage loans and non-agency RMBS, with zero physical property holdings, as evidenced by PPE of $0, per balance sheet data.
The absence of physical properties confirms that CIM is a mortgage REIT, not a traditional property owner, so occupancy metrics are not applicable. The credit-heavy portfolio offers higher yields but exposes the company to prepayment risk and credit spread widening. The 2026Q2 EPS miss of -$0.05 versus $0.51 estimate suggests that fair value losses on these assets can quickly erode earnings, highlighting the need to monitor credit performance.
P/E Misleads for Mortgage REITs
Standard P/E of 4.31 is misleading for CIM because depreciation is minimal and fair value gains distort net income, per reported financials.
For mortgage REITs, P/E is not a reliable valuation metric because net income includes significant non-cash fair value adjustments that do not reflect distributable cash flow. The appropriate metric is P/FFO or P/AFFO, but CIM's FFO is also volatile, so investors should adjust for realized versus unrealized gains. The 0.39x P/B may be a better indicator of value, but it assumes book value is accurate, which is subject to mark-to-market swings.