Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 39.9x · 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 | $1.6B | $1.4B | $1.1B | $878M | $750M | $841M | $655M | $588M | $471M | $473M | $515M |
| Enterprise Value | $18.3B | $18.1B | $860M | $14.0B | $12.9B | $4.4B | $2.9B | $3.8B | $2.4B | $1.9B | $1.4B |
| P/E Ratio → | 10.43 | 11.41 | 8.91 | 14.44 | — | 6.70 | 38.05 | 10.41 | 10.09 | 76.37 | — |
| P/S Ratio | 2.31 | 2.00 | 3.73 | 3.42 | 17.38 | 3.88 | 18.63 | 6.90 | 6.13 | 43.99 | 219.61 |
| P/B Ratio | 0.66 | 0.72 | 0.66 | 0.57 | 0.61 | 0.64 | 0.71 | 0.68 | 0.79 | 0.76 | 0.80 |
| P/FCF | 3.06 | 2.65 | — | — | 209.56 | 3.75 | 4.36 | 4.56 | — | — | 7.40 |
| P/OCF | 3.06 | 2.65 | — | — | 17.57 | 16.40 | 5.48 | 7.42 | — | — | 7.40 |
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 | — | 26.85 | 3.05 | 54.51 | 299.73 | 20.22 | 83.39 | 44.51 | 31.52 | 177.08 | 617.73 |
| EV / EBITDA | 39.90 | 39.45 | 7.40 | 156.72 | — | 22.72 | 1609.78 | 69.52 | 15.68 | 16.31 | 24.04 |
| EV / EBIT | 44.11 | 39.45 | — | — | — | 22.72 | — | — | 25.89 | 245.09 | — |
| EV / FCF | — | 35.58 | — | — | 3614.47 | 19.56 | 19.52 | 29.38 | — | — | 20.80 |
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 | 14.9% | 13.6% | 15.5% | 17.0% | 16.4% | 10.2% | 9.9% | 9.2% | 10.8% | 12.2% | 12.6% |
| 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 | 9.6% | 8.8% | 11.2% | 6.9% | — | 14.9% | 2.6% | 9.6% | 9.9% | 1.3% | — |
| FCF Yield | 32.7% | 37.7% | — | — | 0.5% | 26.6% | 22.9% | 21.9% | — | — | 13.5% |
| Buyback Yield | 0.0% | 0.0% | 2.3% | 1.4% | 0.2% | 0.0% | 0.5% | 0.1% | 4.9% | 3.1% | 2.7% |
| Total Shareholder Yield | 14.9% | 13.6% | 17.9% | 18.4% | 16.6% | 10.2% | 10.4% | 9.4% | 15.7% | 15.3% | 15.4% |
| Shares Outstanding | — | $99M | $87M | $69M | $61M | $49M | $44M | $32M | $31M | $33M | $33M |
Includes 30+ ratios · 18 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying EFC stock.
Ellington Financial Inc.'s current P/E ratio is 10.4x. The historical average is 17.7x. This places it at the 57th percentile of its historical range.
Ellington Financial Inc.'s current EV/EBITDA is 39.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.0x.
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 10.4x. This is at the 57th 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 14.88% 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.
Key Metrics
Top Statement Risk
High leverage amplifies rate risk
Metrics are mathematically derived from official filings.
Discount to Book Masks Earnings Power
EFC trades at 0.73x book value and 15.9x forward P/FFO, a discount to peers like MFA at 0.53x, suggesting market skepticism despite strong FFO growth, per latest data.
The P/FFO of 15.9x in 2026Q2 is elevated relative to the sector, but the 0.73x P/B implies the market is pricing in potential book value erosion from credit losses or rate moves. The implied cap rate, derived from NOI and enterprise value, appears attractive, but the high leverage and complexity discount may justify the valuation gap. Investors should monitor whether the discount narrows as the market recognizes the durability of the credit-focused strategy.
NOI Margin Volatility Reflects Mix Shift
NOI margin fell from 100% in 2025Q1 to 80.5% in 2026Q2, indicating a shift toward higher-cost assets or increased operating expenses, as reported in quarterly data.
The decline in NOI margin suggests that the recent portfolio expansion, including the Arlington acquisition, is bringing in assets with lower initial yields or higher financing costs. While FFO per share of $0.47 in 2026Q2 remains strong, the margin compression warrants monitoring to determine if it is a temporary integration effect or a structural change. The 139% revenue growth appears acquisition-driven, and organic growth may be modest given the high prepayment environment.
Dividend Coverage Hinges on AFFO
FFO payout ratio of 91.4% in 2026Q2 indicates thin coverage, but management claims distributable earnings exceed dividends, per CEO commentary, though AFFO data is unavailable.
The FFO payout ratio of 91.4% leaves little room for error, and the absence of AFFO data makes it difficult to verify true distributable cash flow. The recent EPS miss of $0.43 vs. $0.46 estimate suggests that reported earnings may be volatile, and the dividend yield of 13.5% is attractive but carries risk if credit losses or rate movements reduce FFO. Investors should monitor whether the payout ratio remains sustainable as the portfolio matures.
Leverage at Elevated Levels
Debt-to-equity stands at 9.25x, up from 8.50x a year ago, with interest coverage of 1.59x in 2026Q2, indicating increased financial risk, per balance sheet data.
The high leverage amplifies both returns and risks, and the interest coverage ratio of 1.59x is thin, suggesting that a modest increase in borrowing costs could strain earnings. The debt maturity profile and fixed-rate exposure are not disclosed, but the reliance on repo financing exposes EFC to liquidity shocks. The recent cash balance decline to $247.5M from $521.4M in 2024Q1 reduces the liquidity buffer, making the company more vulnerable to margin calls or funding disruptions.
Credit Shift Adds Complexity
EFC's portfolio is shifting toward credit assets, with NOI rising to $140.7M in 2026Q2, but the expansion into reverse mortgages via Longbridge introduces regulatory and valuation risks, per recent strategic moves.
The diversification into non-agency RMBS, CMBS, and consumer loans provides higher yields but also increases the complexity of the portfolio and the difficulty of assessing credit risk. The reverse mortgage platform, while potentially lucrative, is subject to HECM-specific regulations and prepayment uncertainties. The G&A cost efficiency appears reasonable, but the external management structure may create incentives to grow AUM at the expense of book value per share.
P/E Misleads in Mortgage REITs
Standard P/E of 11.49 is distorted by depreciation and mark-to-market adjustments, obscuring the true earnings power; P/FFO and P/AFFO are the appropriate metrics, per industry practice.
For mortgage REITs, net income includes non-cash items like depreciation and unrealized gains/losses, making P/E unreliable. EFC's P/E of 11.49 appears low, but it does not reflect the sustainability of distributable earnings. Investors should use P/FFO and P/AFFO, which adjust for these distortions, and also consider the implied cap rate to assess valuation relative to private market transactions. The lack of reported P/FFO and P/AFFO in the data highlights the need for analysts to calculate these metrics from the financial statements.