Latest Ratios: P/E Ratio 21.6x · EV/EBITDA 42.5x · ROE 8.5%. (2008–2025 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 | $2.7B | $2.5B | $2.2B | $1.6B | — | — | — | — | — | — | — |
| Enterprise Value | $19.5B | $19.2B | $2.0B | $14.8B | — | — | — | — | — | — | — |
| P/E Ratio → | 21.56 | 20.99 | 18.26 | 27.13 | — | — | — | — | — | — | — |
| P/S Ratio | 4.07 | 3.68 | 7.64 | 6.43 | — | — | — | — | — | — | — |
| P/B Ratio | 1.36 | 1.33 | 1.36 | 1.07 | — | — | — | — | — | — | — |
| P/FCF | 5.39 | 4.88 | — | — | — | — | — | — | — | — | — |
| P/OCF | 5.39 | 4.88 | — | — | — | — | — | — | — | — | — |
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 | — | 28.53 | 6.96 | 57.51 | — | — | — | — | — | — | — |
| EV / EBITDA | 42.49 | 41.92 | 16.89 | 165.36 | — | — | — | — | — | — | — |
| EV / EBIT | 46.97 | 41.92 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 37.81 | — | — | — | — | — | — | — | — | — |
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 | 84.3% | 84.3% | 100.0% | 100.0% | 100.0% | 80.5% | 100.0% | 100.0% | 99.5% | -99.2% | -806.7% |
| Operating Margin | 61.6% | 61.6% | 41.2% | 34.8% | -57.9% | 62.2% | 5.2% | 64.0% | 134.6% | 606.0% | 12.7% |
| Net Profit Margin | 21.8% | 21.8% | 51.7% | 32.8% | -162.3% | 61.6% | 71.1% | 68.0% | 60.8% | 57.7% | -682.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 9.3% | 6.1% | -5.5% | 11.9% | 2.8% | 7.9% | 7.7% | 1.0% | -2.3% |
| ROA | 0.8% | 0.8% | 0.9% | 0.6% | -0.7% | 3.1% | 0.6% | 1.4% | 1.3% | 0.2% | -0.6% |
| ROIC | 1.8% | 1.8% | 0.6% | 0.5% | -0.2% | 2.5% | 0.0% | 1.2% | 3.4% | 2.7% | 0.0% |
| ROCE | 2.5% | 2.5% | 0.9% | 0.9% | -0.5% | 7.6% | 0.1% | 2.2% | 3.3% | 2.6% | 0.0% |
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 | 9.07 | 9.07 | 8.93 | 8.68 | 10.16 | 2.75 | 2.59 | 3.77 | 3.35 | 2.38 | 1.64 |
| Debt / EBITDA | 36.95 | 36.95 | 122.17 | 149.47 | — | 18.84 | 1311.63 | 60.07 | 12.92 | 12.67 | 17.54 |
| Net Debt / Equity | — | 8.96 | -0.12 | 8.53 | 9.98 | 2.68 | 2.47 | 3.69 | 3.28 | 2.30 | 1.45 |
| Net Debt / EBITDA | 36.51 | 36.51 | -1.65 | 146.88 | — | 18.36 | 1250.22 | 58.74 | 12.63 | 12.26 | 15.50 |
| Debt / FCF | — | 32.93 | — | — | 3404.90 | 15.81 | 15.16 | 24.83 | — | — | 13.41 |
| Interest Coverage | 1.51 | 1.51 | 0.42 | 0.34 | — | 4.38 | 0.03 | — | 1.65 | 0.95 | -0.84 |
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 | 0.08 | 0.08 | — | 2.64 | — | — | — | — | 1.89 | 0.36 | 1.58 |
| Quick Ratio | 0.08 | 0.08 | — | 2.64 | — | — | — | — | 1.93 | 0.49 | -0.01 |
| Cash Ratio | 0.08 | 0.08 | 1.62 | 0.05 | 0.04 | 0.03 | 0.06 | 0.03 | 0.09 | 0.22 | 1.34 |
| Asset Turnover | — | 0.03 | 0.02 | 0.02 | 0.00 | 0.04 | 0.01 | 0.02 | 0.02 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 0.15 |
| 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 | 7.2% | 7.4% | 7.6% | 9.1% | — | — | — | — | — | — | — |
| Payout Ratio | 125.0% | 125.0% | 112.1% | 177.5% | — | 64.2% | 260.0% | 93.7% | 108.7% | 930.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.8% | 5.5% | 3.7% | — | — | — | — | — | — | — |
| FCF Yield | 18.5% | 20.5% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.1% | 0.7% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.2% | 7.4% | 8.7% | 9.8% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $99M | $87M | $69M | $61M | $49M | $44M | $32M | $31M | $33M | $33M |
Excessive leverage and volatility
As reported in recent financial data, EFC-PC trades at a P/B of 1.36, which suggests that the market assigns a premium to the firm's credit-intensive platform compared to peers, despite the inherent volatility in its fair-value-based earnings profile and the lack of a stable P/FFO multiple.
The absence of a consistent P/FFO multiple highlights the difficulty in valuing the firm using traditional REIT metrics due to the volatility of fair value accounting. Investors appear to be pricing the company based on its book value and yield potential, yet the premium over book value warrants caution given the underlying credit risks in the non-Agency portfolio.
Based on the provided quarterly figures, the NOI margin has retreated from a historical 100% to 88.2% in 2026Q1, indicating that the integration of larger, more complex asset pools is creating operational drag that may be impacting the firm's core profitability metrics.
The decline in margin suggests that the company's recent growth initiatives, including the integration of Arlington Asset Investment Corp, may be introducing higher operational costs. This trend warrants further investigation to determine if the margin compression is a temporary integration effect or a structural shift in the profitability of the firm's core credit strategies.
According to recent financial statements, Ellington Financial maintains a debt-to-equity ratio of 9.03x as of 2026Q1, reflecting a consistent reliance on high leverage that has remained above 8.5x for the past ten quarters, signaling limited capacity for further balance sheet expansion without additional equity capital.
The sustained high leverage ratio indicates that the company is operating near its capacity, which limits its ability to pivot or absorb potential credit shocks. Investors should monitor the interest coverage ratio, which remains low at 2.23x, as it suggests that the firm's ability to service its debt is highly sensitive to fluctuations in interest rates and asset yields.
The market's common reliance on the standard P/E ratio for EFC-PC is fundamentally flawed, as it fails to account for the significant non-cash fair value adjustments that distort net income, thereby obscuring the firm's true economic earnings capacity and cash-generating potential.
Using P/E for a mortgage REIT like EFC-PC ignores the impact of fair value accounting on the income statement, which can lead to misleading valuation conclusions. Analysts should instead focus on Earnings Available for Distribution (EAD) or similar core earnings metrics that strip out non-cash volatility to better assess the sustainability of the dividend and the firm's underlying performance.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EFC-PC stock.
Ellington Financial Inc.'s current P/E ratio is 21.6x. The historical average is 22.1x. This places it at the 67th percentile of its historical range.
Ellington Financial Inc.'s current EV/EBITDA is 42.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.4x.
Ellington Financial Inc.'s return on equity (ROE) is 8.5%. The historical average is 8.0%.
Based on historical data, Ellington Financial Inc. is trading at a P/E of 21.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ellington Financial Inc.'s current dividend yield is 7.20% with a payout ratio of 125.0%.
Ellington Financial Inc. has 84.3% gross margin and 61.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ellington Financial Inc.'s Debt/EBITDA ratio is 37.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.