Revenue growth surged 123.0% YoY in 2025Q4, though NOI margins have compressed from 100% in mid-2024 to 88.2% by 2026Q1, suggesting rising operational costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Revenue | 585.47M | 674.54M | 282.19M | 256.5M | 43.15M | 216.8M | 35.15M | 85.16M | 76.83M | 10.74M | 2.35M | 53.24M | 72.97M | 86.94M | 103.04M | 22.52M | 57.58M | 124.28M | 8.48M |
| Revenue Growth % | 105.67% | 139.04% | 10.01% | 494.48% | -80.1% | 516.76% | -58.72% | 10.84% | 615.18% | 357.73% | -95.59% | -27.03% | -16.07% | -15.62% | 357.43% | -60.88% | -53.67% | 1366.11% | - |
| Property Operating Expenses | 76.04M | 106.17M | 0 | 0 | 0 | 42.33M | 0 | 0 | 415K | 21.4M | 21.28M | 20.38M | 1.23M | 1.13M | 923K | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 509.43M | 568.37M | 282.19M | 256.5M | 43.15M | 174.46M | 35.15M | 85.16M | 76.42M | -10.66M | -18.93M | 32.87M | 71.74M | 85.81M | 102.11M | 22.52M | 57.58M | 124.28M | 8.48M |
| NOI Margin % | 87.01% | 84.26% | 100% | 100% | 100% | 80.47% | 100% | 100% | 99.46% | -99.22% | -806.69% | 61.73% | 98.31% | 98.7% | 99.1% | 100% | 100% | 100% | 100% |
| Operating Expenses | 106.24M | 153.08M | 165.92M | 167.29M | 68.12M | 39.52M | 33.33M | 30.63M | 26.92M | 4.15M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | -5.55M | -13.19M | -28.44M | -4.71M |
| G&A Expenses | -4.34M | 13.05M | 65.69M | 68.49M | 29M | 20.91M | 16.52M | 14.82M | 9.97M | 2.24M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | 10.57M | 15.06M | 26.75M | 9.38M |
| EBITDA | 467.14M | 459.09M | 116.27M | 89.21M | -19.3M | 193.02M | 1.82M | 54.53M | 154.48M | 116.62M | 60.3M | 72.02M | 27.55M | 47.36M | 102.14M | 16.97M | 40.57M | 93.38M | 3.77M |
| EBITDA Margin % | 79.79% | 68.06% | 41.2% | 34.78% | -44.73% | 89.03% | 5.18% | 64.03% | 201.06% | 1085.53% | 2569.07% | 135.26% | 37.76% | 54.47% | 99.13% | 75.36% | 70.45% | 75.14% | 44.44% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 5.67M | 0 | 0 | 0 | 51.09M | 51.52M | 60M | 21.82M | -41.54M | -42.19M | -2.81M | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 13.15% | 0% | 0% | 0% | 66.5% | 479.55% | 2556.33% | 40.97% | -56.93% | -48.53% | -2.72% | 0% | 0% | 0% | 0% |
| Operating Income | 403.19M | 415.29M | 116.27M | 89.21M | -24.97M | 134.94M | 1.82M | 54.53M | 103.38M | 65.1M | 299K | 50.2M | 69.09M | 89.55M | 104.94M | 16.97M | 44.4M | 95.84M | 3.77M |
| Operating Margin % | 68.87% | 61.57% | 41.2% | 34.78% | -57.87% | 62.24% | 5.18% | 64.03% | 134.56% | 605.99% | 12.74% | 94.28% | 94.69% | 103% | 101.85% | 75.36% | 77.1% | 77.12% | 44.44% |
| Interest Expense | 4M | 304.53M | 279.61M | 262.45M | 0 | 44.03M | 61.66M | 0 | 56.71M | 8.17M | 16.31M | 12.11M | 9.93M | 11.03M | 7.8M | 6.65M | 3.83M | 2.46M | 6.19M |
| Interest Coverage | - | 1.51x | 0.42x | 0.34x | - | 4.38x | 0.03x | - | 1.65x | 0.95x | -0.84x | 3.18x | 6.28x | 8.19x | 13.46x | 2.55x | 10.60x | 37.95x | 0.61x |
| Non-Operating Income | -28.48M | -43.81M | 116.27M | 89.21M | -24.97M | -58.08M | 1.82M | 54.53M | -43.63M | -22.57M | 14.05M | 27.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 223.79M | 154.56M | 148.72M | 88.36M | -88.58M | 143.7M | 39.75M | 54.53M | 49.91M | 6.59M | -15.7M | 38.43M | 59.95M | 79.36M | 97.15M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 38.22% | 22.91% | 52.7% | 34.45% | -205.31% | 66.28% | 113.09% | 64.03% | 64.96% | 61.39% | -669.02% | 72.18% | 82.15% | 91.28% | 94.28% | 0% | 0% | 0% | 0% |
| Income Tax | 4.85M | 3.79M | 612K | 457K | -17.72M | 3.14M | 11.38M | 1.56M | 3.23M | 400K | 0 | 340K | 782K | 838K | 0 | -10.33M | -40.57M | -93.38M | 2.42M |
| Effective Tax Rate % | 2.17% | 2.45% | 0.41% | 0.52% | 20% | 2.19% | 28.62% | 2.86% | 6.48% | 6.07% | 0% | 0.88% | 1.3% | 1.06% | 0% | - | - | - | - |
| Net Income | 213.5M | 146.87M | 145.86M | 84.08M | -70.05M | 133.46M | 25.01M | 57.93M | 46.68M | 6.2M | -16.01M | 38.09M | 59.17M | 78.52M | 97.15M | 10.33M | 40.57M | 93.38M | -2.42M |
| Net Margin % | 36.47% | 21.77% | 51.69% | 32.78% | -162.35% | 61.56% | 71.14% | 68.03% | 60.75% | 57.67% | -682.02% | 71.54% | 81.08% | 90.32% | 94.28% | 45.85% | 70.45% | 75.14% | -28.58% |
| Net Income Growth % | 41.41% | 0.69% | 73.47% | 220.04% | -152.48% | 433.68% | -56.83% | 24.12% | 653.45% | 138.7% | -142.03% | -35.62% | -24.65% | -19.17% | 840.7% | -74.55% | -56.55% | 3954.51% | - |
| Funds From Operations (FFO) | 0 | 146.87M | 145.86M | 84.08M | -64.38M | 133.46M | 25.01M | 57.93M | 97.77M | 57.71M | 43.99M | 59.9M | 17.63M | 36.33M | 94.34M | 1.31M | 33.93M | 93.38M | -2.42M |
| FFO Margin % | 0% | 21.77% | 51.69% | 32.78% | -149.2% | 61.56% | 71.14% | 68.03% | 127.25% | 537.21% | 1874.31% | 112.51% | 24.15% | 41.79% | 91.56% | 5.84% | 58.92% | 75.14% | -28.58% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | 69.41% | 31.2% | -26.57% | 239.86% | -51.49% | -61.49% | 7074.07% | -96.12% | - | - | - |
| FFO per Share | 0.00 | 1.48 | 1.68 | 1.22 | -1.06 | 2.71 | 0.57 | 1.81 | 3.18 | 1.77 | 1.32 | 1.77 | 0.62 | 1.51 | 5.16 | 0.08 | 2.62 | 7.76 | -0.20 |
| FFO Payout Ratio % | - | 125.03% | 112.12% | 177.53% | -191.17% | 64.22% | 260.02% | 93.75% | 51.89% | 99.87% | 148.1% | 139.32% | 490.46% | 253.4% | 50.26% | 3222.97% | 99.94% | 33.02% | 0% |
| EPS (Diluted) | 1.75 | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.52 | 0.19 | -0.48 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| EPS Growth % | 18.57% | -12.5% | 54.55% | 162.41% | -155.29% | 553.85% | -77.84% | 15.79% | 700% | 139.58% | -142.48% | -45.93% | -36.28% | -38.23% | 770.49% | -79.93% | -59.57% | 3860% | - |
| EPS (Basic) | - | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.54 | 0.19 | -0.49 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| Diluted Shares Outstanding | 121.71M | 99.44M | 86.85M | 69.06M | 60.62M | 49.21M | 44.12M | 32.07M | 30.71M | 32.57M | 33.21M | 33.85M | 28.38M | 23.99M | 18.29M | 16.5M | 12.96M | 12.04M | 11.98M |
High leverage liquidity sensitivity
As reported in recent financial filings, EFC achieved a significant 123.0% YoY revenue growth in 2025Q4, suggesting a rapid expansion of the asset base that warrants careful scrutiny regarding whether this growth is driven by sustainable yield generation or volatile mark-to-market adjustments on credit assets.
The sharp revenue trajectory appears to reflect the integration of new assets rather than purely organic growth, which may introduce integration risks. Investors should monitor whether this expansion in top-line figures translates into consistent net interest margin improvement or if it merely increases the company's exposure to credit spread widening.
Based on the provided income statement data, the NOI margin fluctuated from 100% in mid-2024 to 88.2% by 2026Q1, indicating that rising operational costs and external management fees are beginning to exert downward pressure on property-level profitability metrics for the mortgage-focused portfolio.
The compression in margins suggests that the external management structure may be creating a drag on net profitability as the portfolio scales. This trend warrants further investigation into whether the current fee structure remains aligned with shareholder interests during periods of heightened market volatility.
According to historical data, the divergence between GAAP net income and the limited FFO reporting suggests that EFC's earnings quality is highly sensitive to non-cash valuation changes, making it difficult to ascertain the true cash-generating capacity of the underlying credit and reverse mortgage portfolios.
The lack of consistent FFO and AFFO reporting in recent quarters complicates the assessment of dividend safety for income-focused investors. Analysts should be cautious of relying on GAAP net income, as it likely incorporates significant unrealized gains or losses that do not reflect the company's actual liquidity position.
With a reported Debt/Equity ratio of 9.07x, EFC appears to be operating at a high level of financial risk, which, when combined with the subjectivity of CECL-based loss provisioning, suggests that reported earnings may be more reflective of management estimates than realized cash flows.
The reliance on high leverage to drive returns may leave the company vulnerable to sudden liquidity shocks in the repo market. Investors should monitor whether the current provisioning for credit losses is sufficient to protect the equity base if the underlying consumer and commercial loan portfolios experience a downturn.
Quick answers to the most common questions about buying EFC stock.
For fiscal year 2025, Ellington Financial Inc. (EFC) reported total revenue of $674.5M. This represents a 7857.2% increase compared to $8.5M in 2008.
Ellington Financial Inc. (EFC) is profitable, generating $146.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Ellington Financial Inc. (EFC) reported an operating income of $415.3M, resulting in an operating profit margin of 61.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ellington Financial Inc. (EFC) generated $568.4M in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.