Latest Ratios: P/E Ratio -50.4x · EV/EBITDA 20.9x · ROE 9.6%. (1998–2025 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 | $634M | $980M | $1.1B | $1.2B | $1.0B | $2.2B | $1.8B | $3.6B | $2.8B | $3.1B | $2.8B |
| Enterprise Value | $11.4B | $11.8B | $9.9B | $5.9B | $7.5B | $5.0B | $2.8B | $13.5B | $3.5B | $3.1B | $2.7B |
| P/E Ratio → | -50.45 | 5.54 | 12.43 | 24.50 | — | 6.94 | — | 9.65 | 9.34 | 10.03 | 9.54 |
| P/S Ratio | 1.10 | 1.12 | 3.83 | 4.99 | — | 4.42 | — | 8.26 | 8.10 | 8.26 | 7.91 |
| P/B Ratio | 0.36 | 0.54 | 0.58 | 0.61 | 0.51 | 0.85 | 0.70 | 1.06 | 0.24 | 0.30 | 0.24 |
| P/FCF | 1.35 | 12.86 | 5.35 | 10.74 | 2.78 | 19.96 | 52.44 | 16.73 | 19.20 | 17.59 | 33.48 |
| P/OCF | 8.32 | 12.86 | 5.35 | 10.74 | 2.78 | 17.96 | 45.80 | 16.58 | 19.05 | 17.50 | 33.20 |
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 | — | 13.44 | 35.51 | 25.01 | — | 10.25 | — | 31.24 | 10.20 | 8.29 | 7.46 |
| EV / EBITDA | 20.95 | 16.99 | 15.49 | 79.78 | — | 11.56 | — | 4080.59 | 6.62 | 40.87 | 28.46 |
| EV / EBIT | 16.54 | 17.04 | 82.95 | — | 276.55 | 11.14 | — | — | 11.75 | 9.56 | 8.54 |
| EV / FCF | — | 154.25 | 49.61 | 53.82 | 20.61 | 46.23 | 83.01 | 63.30 | 24.17 | 17.65 | 31.55 |
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 | 96.2% | 96.2% | 87.4% | 85.4% | 163.4% | 85.6% | 100.0% | 100.0% | 67.4% | 74.8% | 79.3% |
| Operating Margin | 78.8% | 78.8% | 228.1% | 29.6% | 331.3% | 87.3% | — | — | 153.5% | 19.9% | 25.9% |
| Net Profit Margin | 20.2% | 20.2% | 42.6% | 34.3% | 342.5% | 67.3% | 122.2% | 87.3% | 86.8% | 86.4% | 87.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | 6.4% | 4.1% | -10.2% | 13.0% | -23.0% | 4.9% | 2.7% | 2.9% | 4.2% |
| ROA | 1.4% | 1.4% | 1.1% | 0.8% | -2.5% | 4.1% | -6.6% | 2.9% | 2.6% | 2.8% | 2.4% |
| ROIC | 4.4% | 4.4% | 5.5% | 0.7% | -2.4% | 7.2% | — | — | 3.5% | 0.5% | 0.9% |
| ROCE | 5.8% | 5.8% | 5.9% | 0.7% | -2.5% | 5.5% | — | — | 13.8% | 2.3% | 3.0% |
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 | 6.01 | 6.01 | 4.99 | 2.63 | 3.45 | 1.24 | 0.73 | 2.96 | 0.07 | 0.04 | 0.01 |
| Debt / EBITDA | 15.88 | 15.88 | 14.35 | 68.20 | — | 7.27 | — | 3023.39 | 1.46 | 6.09 | 1.03 |
| Net Debt / Equity | — | 5.90 | 4.81 | 2.47 | 3.28 | 1.12 | 0.41 | 2.94 | 0.06 | 0.00 | -0.01 |
| Net Debt / EBITDA | 15.57 | 15.57 | 13.82 | 63.86 | — | 6.57 | — | 3002.10 | 1.36 | 0.14 | -1.74 |
| Debt / FCF | — | 141.39 | 44.26 | 43.09 | 17.83 | 26.27 | 30.58 | 46.57 | 4.97 | 0.06 | -1.93 |
| Interest Coverage | 1.34 | 1.34 | 0.23 | -0.01 | 0.11 | 3.73 | — | — | 1.30 | 1.64 | 1.62 |
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 | 2.18 | 2.18 | 30.45 | 2.09 | 62.94 | 2.07 | 3.61 | 50.44 | 0.01 | 0.06 | 0.03 |
| Quick Ratio | 2.18 | 2.18 | 30.45 | 2.09 | 62.94 | 2.07 | 3.61 | 50.44 | -0.02 | 0.04 | 0.02 |
| Cash Ratio | 0.92 | 0.92 | 1.08 | 1.09 | 2.49 | 1.29 | 3.45 | 0.46 | 0.01 | 0.06 | 0.03 |
| Asset Turnover | — | 0.07 | 0.02 | 0.02 | -0.01 | 0.05 | -0.08 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.45 | 0.62 | 0.92 |
| 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 | 28.8% | 19.2% | 13.4% | 12.3% | 18.1% | 7.2% | 6.5% | 10.1% | 11.7% | 10.0% | 10.5% |
| Payout Ratio | 106.6% | 106.6% | 120.6% | 178.5% | — | 47.5% | — | 95.6% | 109.3% | 95.7% | 95.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 18.0% | 8.0% | 4.1% | — | 14.4% | — | 10.4% | 10.7% | 10.0% | 10.5% |
| FCF Yield | 73.9% | 7.8% | 18.7% | 9.3% | 36.0% | 5.0% | 1.9% | 6.0% | 5.2% | 5.7% | 3.0% |
| Buyback Yield | 2.4% | 1.6% | 0.1% | 0.0% | 10.1% | 4.0% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 31.2% | 20.8% | 13.6% | 12.3% | 28.2% | 11.2% | 9.3% | 10.1% | 11.7% | 10.0% | 10.5% |
| Shares Outstanding | — | $105M | $105M | $104M | $103M | $118M | $113M | $117M | $105M | $97M | $93M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MFA stock.
MFA Financial, Inc.'s current P/E ratio is -50.4x. The historical average is 14.6x.
MFA Financial, Inc.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
MFA Financial, Inc.'s return on equity (ROE) is 9.6%. The historical average is 6.5%.
Based on historical data, MFA Financial, Inc. is trading at a P/E of -50.4x. Compare with industry peers and growth rates for a complete picture.
MFA Financial, Inc.'s current dividend yield is 28.82% with a payout ratio of 106.6%.
MFA Financial, Inc. has 96.2% gross margin and 78.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MFA Financial, Inc.'s Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage amplifying rate-driven spread volatility
Metrics are mathematically derived from official filings.
Book Value Discount Reflects Earnings Uncertainty
Based on MFA's reported figures, the stock trades at 0.36x book value and 1.10x sales, a discount that appears to price in persistent earnings losses and questions about the durability of book value rather than a clear bargain.
With trailing P/E at -50.45 and P/FFO available only in historical quarters near 17x, the market is effectively valuing MFA on its balance sheet rather than its earnings stream. The 28.8% dividend yield at a $6.21 price suggests investors are discounting the payout's sustainability, a reading consistent with the Q3 2026 FFO loss of $1.19 per share. The discount to book may warrant further investigation into whether it reflects a fair assessment of mark-to-market risk or an overly pessimistic view of recoverable value.
NOI Margin Collapse Under Financing Pressure
As reported in financial statements, MFA's NOI margin fell from roughly 95.8% in Q2 2026 to 50.5% in Q3 2026, indicating that financing and valuation costs are absorbing a growing share of portfolio income.
The compression in margin across consecutive quarters suggests that the spread between asset yields and funding costs has narrowed sharply under the current rate environment. ROE swinging from 2.6% to -6.6% reinforces that operating leverage is working against shareholders when spreads widen. Investors should monitor whether margin recovery is driven by spread normalization or by realized impairments that could persist.
Payout Coverage Turns Negative in Q3
Based on MFA's reported figures, the FFO payout ratio reached 80.0% in Q2 2026 before FFO turned negative in Q3 2026, leaving the dividend without earnings coverage in the most recent quarter.
A payout ratio near 80-110% across several recent quarters, followed by a loss, indicates the distribution has frequently exceeded distributable earnings. Retained cash flow is effectively negligible, so the dividend depends on continued capital market access rather than internally generated earnings. Investors should treat the 28.8% yield as a signal of market doubt about distribution durability rather than as an income assurance.
Debt Load Outpaces Equity Cushion
According to reported balance sheet data, MFA's debt-to-equity ratio climbed from 2.80x in Q2 2024 to 7.13x in Q3 2026, while interest coverage fell to 0.22x, leaving limited margin for adverse spread moves.
Rising leverage alongside contracting equity suggests growth has been funded by liabilities rather than retained earnings, amplifying sensitivity to rate and spread shocks. Interest coverage below 1.0x in the latest quarter indicates operating income did not cover financing costs, a condition that may indicate refinancing dependence. The debt maturity profile and fixed-rate exposure are not provided in the supplied data, so refinancing risk cannot be fully assessed.
Credit Normalization Overshadowed by Market Volatility
Based on MFA's reported figures, prior-quarter credit improvement, including a portfolio default rate decline to 7.0%, has been overshadowed by rate and spread volatility in the latest quarter.
The shift in earnings drivers suggests that credit trends, while improving, are secondary to mark-to-market effects in the current read. Occupancy and G&A efficiency metrics are not available in the supplied data, limiting assessment of operational quality. Investors should await Q3 credit disclosures to confirm whether the improvement has persisted.
Debt-to-Equity Misapplied to Mortgage Portfolio Risk
Based on MFA's reported figures, debt-to-equity is frequently applied to MFA as if it were a conventional operating company, potentially obscuring that leverage is structurally embedded in repo-funded mortgage holdings.
Standard D/E treats all liabilities as operating risk, whereas MFA's repo borrowings fund assets with fair-value exposure, so the ratio may overstate or misstate true solvency risk. A more informative lens is debt-to-gross-assets combined with distributable earnings coverage and book value sensitivity to spread moves. Investors should weigh these alternative measures rather than relying on the headline 7.13x figure in isolation.