Ellington Financial Inc. (EFC) 10-Year Financial Performance & Capital Metrics

EFC • • REIT / Real Estate

Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors

AboutEllington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential mortgage loans; commercial mortgage-backed securities; and commercial mortgage loans and other commercial real estate debt. It also provides collateralized loan obligations; mortgage-related and non-mortgage-related derivatives; corporate debt and equity securities; corporate loans; and other strategic investments. In addition, the company offers consumer loans and asset-backed securities backed by consumer and commercial assets. Ellington Financial LLC was incorporated in 2007 and is based in Old Greenwich, Connecticut.Show more

Revenue $282M +10.0%
FFO $146M +73.5%
FFO/Share 1.68 +37.9%
FFO Payout 112.12% -36.8%
FFO per Share 1.68 +37.9%
NOI Margin 100%
FFO Margin 51.69% +57.7%
ROE 9.33% +52.9%
ROA 0.92% +61.2%
Debt/Assets -
Net Debt/EBITDA -1.65 -101.1%
Book Value/Share 18.32 -17.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.3%
✓High NOI margin of 100.0%
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.3%
✗Weak Piotroski F-Score: 3/9
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 25.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.48%

5Y27.08%

3Y9.18%

TTM0.92%

Profit (Net Income) CAGR

10Y9.44%

5Y20.28%

3Y3.01%

TTM14.4%

EPS CAGR

10Y-4.21%

5Y-5.03%

3Y-18.9%

TTM1.98%

ROCE

10Y Avg1.85%

5Y Avg1.79%

3Y Avg0.4%

Latest0.74%

Peer Comparison

Multi-Asset Mortgage Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni	3.36B	25.34	79.19	52.9%	-0.62%	-0.29%		14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029	754.34M	25.45	20.69	5.49%	18.45%	8.87%	7.4%	11.65
EFC-PCEllington Financial Inc.	2.49B	25.42	18.97	-13.66%	46.15%	8.39%
RWTRedwood Trust, Inc.	734.76M	5.80	18.13	52.9%	-41.59%	-8.86%		13.80
EFC-PDEllington Financial Inc.	2.37B	24.18	17.65	12.07%	49.64%	8.39%
STWDStarwood Property Trust, Inc.	6.8B	18.35	16.38	-0.53%	19.99%	4.84%	9.1%	1.25
NLYAnnaly Capital Management, Inc.	16.28B	23.83	14.71	189.21%	31.62%	9.97%	15.04%	1.69
IVRInvesco Mortgage Capital Inc.	659.79M	9.30	14.31	17.98%	36.99%	6.93%	27.76%	6.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	53.24M	2.35M	10.74M	76.83M	85.16M	35.15M	216.8M	43.15M	256.5M	282.19M
Revenue Growth %	-0.27%	-0.96%	3.58%	6.15%	0.11%	-0.59%	5.17%	-0.8%	4.94%	0.1%
Property Operating Expenses	20.38M	21.28M	21.4M	415K	0	0	42.33M	0	0	0
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	14.81M	18.05M	4.15M	26.92M	30.63M	33.33M	41.21M	68.12M	167.29M	165.92M
G&A Expenses	14.81M	18.05M	2.24M	9.97M	14.82M	16.52M	20.91M	29M	68.49M	65.69M
EBITDA+	-15.99M	60.3M	116.62M	154.48M	54.53M	1.82M	216.8M	-24.97M	89.21M	116.27M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	-66.19M	60M	51.52M	51.09M	0	0	81.86M	0	0	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	50.2M	299K	65.1M	103.38M	54.53M	1.82M	134.94M	-24.97M	89.21M	116.27M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	12.11M	16.31M	8.17M	56.71M	0	61.66M	44.03M	0	262.45M	279.61M
Interest Coverage	4.14x	0.02x	7.97x	1.82x	-	0.03x	3.06x	-	0.34x	0.42x
Non-Operating Income	27.62M	14.05M	-22.57M	-43.63M	54.53M	1.82M	0	-24.97M	89.21M	116.27M
Pretax Income+	38.43M	-15.7M	6.59M	49.91M	54.53M	39.75M	143.7M	-88.58M	88.36M	148.72M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	340K	0	400K	3.23M	1.56M	11.38M	3.14M	-17.72M	457K	612K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	38.09M	-16.01M	6.2M	46.68M	57.93M	25.01M	133.46M	-70.05M	84.08M	145.86M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.36%	-1.42%	1.39%	6.53%	0.24%	-0.57%	4.34%	-1.52%	2.2%	0.73%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-2.59%	2.57%	0.31%	0.69%	-	-	-	-1.3%	-	-
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.13	-0.48	0.19	1.52	1.76	0.39	2.55	-1.41	0.88	1.36
EPS Growth %	-0.46%	-1.42%	1.4%	7%	0.16%	-0.78%	5.54%	-1.55%	1.62%	0.55%
EPS (Basic)	1.13	-0.49	0.19	1.54	1.76	0.39	2.55	-1.41	0.88	1.36
Diluted Shares Outstanding	33.85M	33.21M	32.57M	30.71M	32.07M	44.12M	49.21M	60.62M	69.06M	86.85M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.99B	2.41B	2.99B	3.97B	4.34B	3.41B	5.18B	14.09B	15.32B	16.32B
Asset Growth %	-0.24%	-0.19%	0.24%	0.33%	0.09%	-0.21%	0.52%	1.72%	0.09%	0.07%
Real Estate & Other Assets+	-1.82B	-2.41B	-2.99B	-3.91B	0	0	0	-8.11M	23.13M	-15.48B
PP&E (Net)	0	0	0	0	0	0	0	0	4.39M	0
Investment Securities	1000K	1000K	1000K	1000K	0	0	0	0	1000K	1000K
Total Current Assets+	204.35M	144.98M	76.92M	934.95M	0	0	0	0	13.46B	0
Cash & Equivalents	183.91M	123.27M	47.23M	44.66M	72.48M	111.82M	92.84M	221.87M	228.93M	192.39M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-275.43M	-224.29M	-308.56M	-398.04M	12.62B	-403.65M
Intangible Assets	0	0	0	0	0	0	0	0	29.58M	29.77M
Total Liabilities	2.25B	1.77B	2.37B	3.38B	3.47B	2.49B	3.85B	12.87B	13.78B	14.73B
Total Debt+	1.17B	1.06B	1.48B	2B	3.28B	2.39B	3.64B	12.4B	13.33B	0
Net Debt	990.28M	934.39M	1.43B	1.95B	3.2B	2.28B	3.54B	12.18B	13.1B	-192.39M
Long-Term Debt	0	24.09M	267.79M	497.08M	634M	614.86M	641.68M	7.74B	8.73B	0
Short-Term Borrowings	0	0	0	0	1000K	1000K	1000K	1000K	1000K	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	3.52M	0
Total Current Liabilities+	170.8M	91.95M	212.49M	495.57M	2.81B	1.85B	3.2B	5.07B	5.09B	0
Accounts Payable	170.8M	91.95M	208.61M	495.57M	0	0	0	0	71.86M	57.28M
Deferred Revenue	-1B	-941.63M	-996.82M	-1B	0	0	0	0	0	0
Other Liabilities	0	-24.09M	-267.79M	-497.08M	-634M	-614.86M	-641.68M	-7.74B	-8.73B	0
Total Equity+	738.95M	644.78M	620.96M	595.17M	868.7M	921.57M	1.32B	1.22B	1.54B	1.59B
Equity Growth %	-0.06%	-0.13%	-0.04%	-0.04%	0.46%	0.06%	0.44%	-0.08%	0.26%	0.04%
Shareholders Equity	732.05M	637.66M	600.1M	563.83M	829.26M	885.22M	1.29B	1.2B	1.52B	1.57B
Minority Interest	6.9M	7.12M	20.86M	31.34M	39.43M	36.36M	32.23M	24.92M	18.54M	20.35M
Common Stock	722.36M	627.62M	589.72M	563.83M	39K	44K	58K	64K	83K	91K
Additional Paid-in Capital	9.69M	10.04M	10.38M	0	821.75M	915.66M	1.16B	1.26B	1.51B	1.61B
Retained Earnings	0	637.66M	600.1M	563.83M	-103.56M	-141.52M	-97.28M	-290.88M	-353.36M	-375.11M
Preferred Stock	0	0	0	0	111.03M	111.03M	226.94M	227.43M	355.55M	331.96M
Return on Assets (ROA)	0.01%	-0.01%	0%	0.01%	0.01%	0.01%	0.03%	-0.01%	0.01%	0.01%
Return on Equity (ROE)	0.05%	-0.02%	0.01%	0.08%	0.08%	0.03%	0.12%	-0.06%	0.06%	0.09%
Debt / Assets	0.39%	0.44%	0.49%	0.5%	0.75%	0.7%	0.7%	0.88%	0.87%	-
Debt / Equity	1.59x	1.64x	2.38x	3.35x	3.77x	2.59x	2.75x	10.16x	8.68x	-
Net Debt / EBITDA	-	15.50x	12.26x	12.63x	58.74x	1250.22x	16.34x	-	146.88x	-1.65x
Book Value per Share	21.83	19.42	19.07	19.38	27.09	20.89	26.89	20.14	22.23	18.32

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	654.25M	69.69M	-462.7M	-494.18M	79.25M	119.51M	51.29M	42.69M	-241.86M	-430.53M
Operating CF Growth %	2.08%	-0.89%	-7.64%	-0.07%	1.16%	0.51%	-0.57%	-0.17%	-6.67%	-0.78%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	38.43M	-15.7M	35.96M	49.91M	63.18M	28.38M	140.56M	36.14M	84.08M	148.1M
Depreciation & Amortization	21.82M	24.57M	32.86M	46.16M	0	0	0	5.67M	0	0
Stock-Based Compensation	393K	400K	385K	415K	475K	734K	2.21M	1.82M	0	0
Other Non-Cash Items	88.51M	-54.15M	63.41M	142.58M	31.91M	75.9M	-36.1M	66M	-126.48M	-140.6M
Working Capital Changes	689.31M	131.41M	-16.21M	76.28M	-16.31M	14.49M	-55.38M	-66.95M	-199.46M	-438.03M
Cash from Investing+	255.22M	-294.53M	-768.78M	-1.2B	-1.66B	507.27M	-2.03B	-1.75B	174.91M	-728.26M
Acquisitions (Net)	0	0	0	0	-42.12M	-34.62M	-24.07M	-49.1M	34.22M	-119.99M
Purchase of Investments	-3.32B	-2.33B	-2.73B	-3.06B	-4.84B	-2.62B	-5.1B	-5.91B	-6.2B	-6.77B
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	0	0	14.48M	62.7M	-62.38M	218.1M	290.07M	353.94M
Cash from Financing+	-584.48M	-130.33M	386.66M	491.6M	1.61B	-587.43M	1.95B	1.84B	75.63M	1.14B
Dividends Paid	-83.46M	-65.15M	-57.64M	-50.74M	-54.31M	-65.03M	-85.7M	-123.06M	-149.27M	-163.54M
Common Dividends	-83.46M	-65.15M	-57.64M	-50.74M	-54.31M	-65.03M	-85.7M	-123.06M	-149.27M	-163.54M
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K
Share Repurchases	-5.64M	-14.03M	-14.64M	-23.13M	-782K	-3.06M	0	-1.66M	-12.35M	-24.61M
Other Financing	629K	-110K	9.84M	-3.1M	257.96M	-622K	-54.03M	137.37M	24.84M	-23.59M
Net Change in Cash+	69.77M	-60.63M	-76.04M	-2.58M	27.4M	39.34M	-18.99M	129.03M	8.68M	-21.6M
Exchange Rate Effect	-1000K	1000K	1000K	1000K	0	0	0	0	0	0
Cash at Beginning	114.14M	183.91M	123.27M	47.66M	45.08M	72.48M	111.82M	92.84M	221.87M	230.54M
Cash at End	183.91M	123.27M	47.23M	45.08M	72.48M	111.82M	92.84M	221.87M	230.54M	208.95M
Free Cash Flow+	654.25M	69.69M	-462.7M	-494.18M	129.01M	150.15M	224.13M	3.58M	-241.86M	-430.53M
FCF Growth %	2.08%	-0.89%	-7.64%	-0.07%	1.26%	0.16%	0.49%	-0.98%	-68.6%	-0.78%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	-0.83	1.32	1.77	3.18	1.81	0.57	4.38	-1.06	1.22	1.68
FFO Payout Ratio	-297%	148.1%	99.87%	51.89%	93.75%	260.02%	39.8%	-191.17%	177.53%	112.12%
NOI Margin	61.73%	-806.69%	-99.22%	99.46%	100%	100%	80.47%	100%	100%	100%
Net Debt / EBITDA	-	15.50x	12.26x	12.63x	58.74x	1250.22x	16.34x	-	146.88x	-1.65x
Debt / Assets	39.25%	43.83%	49.35%	50.26%	75.5%	69.96%	70.23%	88.06%	87.06%	-
Interest Coverage	4.14x	0.02x	7.97x	1.82x	-	0.03x	3.06x	-	0.34x	0.42x
Book Value / Share	21.83	19.42	19.07	19.38	27.09	20.89	26.89	20.14	22.23	18.32
Revenue Growth	-27.03%	-95.59%	357.73%	615.18%	10.84%	-58.72%	516.76%	-80.1%	494.48%	10.01%

Frequently Asked Questions

Valuation & Price

Ellington Financial Inc. (EFC) has a price-to-earnings (P/E) ratio of 10.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ellington Financial Inc. (EFC) reported $285.6M in revenue for fiscal year 2024. This represents a 1168% increase from $22.5M in 2011.

Ellington Financial Inc. (EFC) grew revenue by 10.0% over the past year. This is steady growth.

Yes, Ellington Financial Inc. (EFC) is profitable, generating $141.8M in net income for fiscal year 2024 (51.7% net margin).

Dividend & Returns

Yes, Ellington Financial Inc. (EFC) pays a dividend with a yield of 13.59%. This makes it attractive for income-focused investors.

Ellington Financial Inc. (EFC) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Industry Metrics

Ellington Financial Inc. (EFC) offers a 13.59% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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