Latest Ratios: P/E Ratio 4.8x · EV/EBITDA 61.0x · ROE 13.3%. (2009–2025 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 | $657M | $558M | $431M | $372M | $414M | $728M | $559M | $2.1B | $1.5B | $2.1B | $1.8B |
| Enterprise Value | $6.2B | $6.1B | $5.3B | $4.8B | $4.5B | $7.4B | $7.4B | $3.6B | $3.1B | $3.8B | $3.7B |
| P/E Ratio → | 4.83 | 6.37 | 12.38 | — | — | — | — | 6.56 | — | 6.17 | 7.02 |
| P/S Ratio | 1.93 | 1.64 | 1.31 | 1.60 | — | 14.46 | — | 5.14 | 3.63 | 5.14 | 5.43 |
| P/B Ratio | 0.53 | 0.70 | 0.59 | 0.47 | 0.51 | 0.52 | 0.41 | 0.71 | 0.67 | 0.79 | 0.80 |
| P/FCF | 4.18 | 3.55 | 2.35 | 1.56 | 2.11 | 4.78 | 3.28 | 6.10 | 5.06 | 7.18 | 5.49 |
| P/OCF | 4.18 | 3.55 | 2.35 | 1.56 | 2.11 | 4.78 | 3.28 | 6.10 | 5.06 | 7.18 | 6.12 |
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 | — | 18.02 | 15.95 | 20.45 | — | 146.48 | — | 8.76 | 7.20 | 9.34 | 11.10 |
| EV / EBITDA | 61.00 | 60.03 | 16.92 | 21.34 | — | — | — | — | — | 11.29 | 14.04 |
| EV / EBIT | 61.41 | 19.06 | 16.95 | 21.33 | — | — | 317.70 | 153.99 | 121.32 | 10.37 | — |
| EV / FCF | — | 38.97 | 28.67 | 19.99 | 22.82 | 48.41 | 43.38 | 10.41 | 10.04 | 13.05 | 11.21 |
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 | 35.3% | 35.3% | 24.0% | 76.4% | 86.3% | 58.1% | 100.0% | 100.0% | 90.4% | 100.0% | 89.6% |
| Operating Margin | 29.8% | 29.8% | 94.1% | 95.9% | 75.7% | -159.3% | — | — | -16.6% | 88.7% | 76.7% |
| Net Profit Margin | 29.8% | 29.8% | 18.2% | -6.8% | 92.1% | -178.8% | 101.6% | 89.2% | -16.7% | 85.9% | 76.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 7.9% | -2.0% | -36.5% | -6.5% | -77.9% | 14.0% | -2.9% | 14.2% | 11.2% |
| ROA | 1.7% | 1.7% | 1.1% | -0.3% | -6.0% | -1.1% | -10.8% | 1.8% | -0.4% | 2.0% | 1.6% |
| ROIC | 1.3% | 1.3% | 4.3% | 3.3% | -3.9% | -0.7% | — | — | -1.3% | 6.3% | 4.6% |
| ROCE | 12.7% | 12.7% | 40.7% | 27.9% | -29.9% | -5.8% | — | — | -0.4% | 2.1% | 1.6% |
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 | 7.05 | 7.05 | 6.70 | 5.70 | 5.27 | 4.99 | 5.29 | 0.56 | 0.72 | 0.67 | 0.90 |
| Debt / EBITDA | 55.11 | 55.11 | 15.77 | 20.01 | — | — | — | — | — | 5.34 | 7.78 |
| Net Debt / Equity | — | 6.98 | 6.60 | 5.60 | 5.05 | 4.74 | 5.00 | 0.50 | 0.66 | 0.64 | 0.83 |
| Net Debt / EBITDA | 54.56 | 54.56 | 15.53 | 19.67 | — | — | — | — | — | 5.07 | 7.16 |
| Debt / FCF | — | 35.42 | 26.32 | 18.43 | 20.71 | 43.63 | 40.10 | 4.30 | 4.98 | 5.87 | 5.72 |
| Interest Coverage | 1.46 | 1.46 | 1.24 | 0.98 | -6.43 | -7.40 | 0.28 | 0.05 | 0.07 | 1.86 | -0.05 |
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 | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | — | 0.95 | 0.72 | 1.73 | 5.51 |
| Quick Ratio | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | — | 0.95 | 0.72 | 1.73 | 5.51 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.04 | 0.05 | 0.05 | 0.60 | 0.45 | 0.94 | 1.72 |
| Asset Turnover | — | 0.05 | 0.06 | 0.04 | -0.09 | 0.01 | -0.19 | 0.02 | 0.02 | 0.02 | 0.02 |
| 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 | 25.3% | 19.2% | 24.5% | 27.5% | 33.9% | 18.3% | 24.6% | 12.9% | 15.2% | 10.2% | 11.3% |
| Payout Ratio | 105.5% | 105.5% | 176.1% | — | — | — | — | 74.5% | — | 61.0% | 80.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.7% | 15.7% | 8.1% | — | — | — | — | 15.3% | — | 16.2% | 14.3% |
| FCF Yield | 23.9% | 28.2% | 42.5% | 64.0% | 47.4% | 20.9% | 30.5% | 16.4% | 19.7% | 13.9% | 18.2% |
| Buyback Yield | 1.3% | 1.5% | 27.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 100.0% | 1.4% |
| Total Shareholder Yield | 26.6% | 20.7% | 51.7% | 27.5% | 33.9% | 18.3% | 24.6% | 12.9% | 15.3% | 100.0% | 12.7% |
| Shares Outstanding | — | $66M | $53M | $44M | $34M | $28M | $17M | $13M | $11M | $12M | $13M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying IVR stock.
Invesco Mortgage Capital Inc.'s current P/E ratio is 4.8x. The historical average is 8.3x. This places it at the 9th percentile of its historical range.
Invesco Mortgage Capital Inc.'s current EV/EBITDA is 61.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.6x.
Invesco Mortgage Capital Inc.'s return on equity (ROE) is 13.3%. The historical average is -0.4%.
Based on historical data, Invesco Mortgage Capital Inc. is trading at a P/E of 4.8x. This is at the 9th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Invesco Mortgage Capital Inc.'s current dividend yield is 25.27% with a payout ratio of 105.5%.
Invesco Mortgage Capital Inc. has 35.3% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Invesco Mortgage Capital Inc.'s Debt/EBITDA ratio is 55.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and EPS miss
Metrics are mathematically derived from official filings.
Deep Discount Persists
IVR trades at 0.63x book value and a P/FFO of 9.62x, a discount to AGNC's 0.90x, reflecting market skepticism about earnings sustainability, as per current valuation metrics.
The P/FFO of 9.62x is below the peer average, but the implied cap rate, derived from NOI and enterprise value, suggests the market is pricing in significant spread compression or credit losses. The 21.4% dividend yield, while optically attractive, may be unsustainable given the thin FFO coverage, warranting a cautious stance on valuation.
NOI Margin Volatility Masks Core Spread
NOI margin swung from -53.6% in 2025Q2 to 97.4% in 2025Q4, but 2026Q2's 94.8% suggests stabilization, though FFO per share remains negative, indicating fair value noise dominates, as reported in quarterly filings.
The extreme NOI margin fluctuations are driven by fair value adjustments on the MBS portfolio, not operational efficiency. The negative FFO in 2026Q1 and 2025Q2 highlights that interest income is insufficient to cover funding costs and hedging losses in certain quarters. Investors should focus on core earnings, which strip out these non-cash items, to assess the true spread profitability.
Dividend Coverage Thin and Uncertain
FFO payout ratio was 53% in 2025Q4 but spiked to 141.5% in 2025Q1, and with negative FFO in 2026Q1, dividend sustainability appears questionable, based on reported quarterly data.
The payout ratio has been highly volatile, with some quarters showing FFO below the dividend, suggesting the distribution may be funded by capital or debt. The 21.4% dividend yield is a red flag, as it implies the market expects a cut. Investors should monitor whether management maintains the dividend despite negative FFO, which would further erode book value.
Leverage Remains Elevated and Risky
Debt-to-equity stood at 6.27x in 2026Q2, down from 7.05x in 2025Q4, but interest coverage of 1.63x remains thin, indicating vulnerability to funding cost spikes, as per balance sheet data.
The high leverage amplifies the impact of spread changes on book value. Interest coverage above 1x is positive, but the reliance on short-term repurchase agreements exposes IVR to refinancing risk and margin calls. The recent shift to Agency RMBS may reduce credit risk but does not eliminate interest rate risk, and the thin liquidity cushion of 1% of assets provides little buffer.
Agency Shift Signals Defensive Posture
IVR's increased allocation to Agency RMBS suggests a defensive pivot, but the portfolio's concentration in U.S. mortgages and high G&A costs relative to peers may limit upside, as reported in recent context flags.
The shift to Agency RMBS prioritizes liquidity and government guarantees, but it also reduces yield, potentially compressing net interest margins. The external management fee, based on equity, does not scale down with portfolio contraction, adding a fixed cost burden. Occupancy rates are not applicable for mREITs, but the portfolio's sensitivity to prepayment speeds and basis risk remains a key concern.
P/E Misleads in mREIT Context
The standard P/E of 5.70x is misleading for IVR because depreciation is negligible, but fair value adjustments and derivative gains distort net income, as evidenced by volatile FFO, according to financial statements.
For mREITs, P/E is not a reliable valuation metric because net income includes unrealized gains/losses on securities and derivatives, which are non-cash and can swing dramatically. Instead, investors should use P/FFO or P/AFFO, which adjust for these items, but even FFO can be volatile. A more appropriate measure is core earnings or earnings available for distribution, which better reflect the sustainable cash-generating power of the interest spread.