MFA Financial, Inc. (MFA) Financial Ratios
28 years of historical data (1998–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↑
17.03
↓-66% vs avg
5yr avg: 49.65
30Y Low1.5·High89.0
P/FCF
↓
12.76
↑+23% vs avg
5yr avg: 10.34
30Y Low2.8·High52.4
P/B Ratio
↓
0.55
↓-11% vs avg
5yr avg: 0.62
30Y Low0.2·High2.0
ROE
↑
9.6%
↓+174% vs avg
5yr avg: 3.5%
30Y Low-14%·High20%
Debt/EBITDA
↑
15.93
↓-64% vs avg
5yr avg: 43.65
30Y Low0.1·High41.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MFA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MFA Financial, Inc. trades at 5.7x earnings, 54% below its 5-year average of 12.4x, sitting at the 4th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 76%. On a free-cash-flow basis, the stock trades at 12.8x P/FCF, 23% above the 5-year average of 10.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $973M | $980M | $1.1B | $1.2B | $1.0B | $2.2B | $1.8B | $3.6B | $2.8B | $3.1B | $2.8B |
| Enterprise Value | $11.8B | $11.8B | $9.9B | $5.9B | $7.5B | $5.0B | $2.8B | $13.5B | $3.5B | $3.1B | $2.7B |
| P/E Ratio → | 5.67 | 5.54 | 12.43 | 24.50 | — | 6.94 | — | 9.65 | 9.34 | 10.03 | 9.54 |
| P/S Ratio | 1.11 | 1.12 | 3.83 | 4.99 | — | 6.41 | — | 8.26 | 8.10 | 8.26 | 7.91 |
| P/B Ratio | 0.55 | 0.54 | 0.58 | 0.61 | 0.51 | 0.85 | 0.29 | 1.06 | 0.24 | 0.30 | 0.24 |
| P/FCF | 12.76 | 12.86 | 5.35 | 10.74 | 2.78 | 19.96 | 52.44 | 16.73 | 19.20 | 17.59 | 33.48 |
| P/OCF | 12.76 | 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
MFA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MFA Financial, Inc.'s enterprise value stands at 17.0x EBITDA, 66% below its 5-year average of 49.6x. This is roughly in line with the Real Estate sector median of 17.0x.
| 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 | — | 14.84 | — | 31.24 | 10.20 | 8.29 | 7.46 |
| EV / EBITDA | 17.03 | 17.04 | 88.97 | 79.78 | — | 12.81 | — | — | 4.15 | 9.99 | 8.57 |
| EV / EBIT | 17.03 | 17.04 | — | — | — | 11.74 | — | — | 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 |
MFA Profitability
Margins and return-on-capital ratios measuring operating efficiency
MFA Financial, Inc. earns an operating margin of 78.8%, significantly above the Real Estate sector average of 24.8%. Operating margins have expanded from 29.6% to 78.8% over the past 3 years, signaling improving operational efficiency. ROE of 9.6% is modest. ROIC of 4.4% represents below-average returns on invested capital.
Margins
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% | 88.9% | 100.0% | 100.0% | 67.4% | 74.8% | 79.3% |
| Operating Margin | 78.8% | 78.8% | 39.9% | 29.6% | 331.3% | 97.5% | — | — | 153.5% | 19.9% | 25.9% |
| Net Profit Margin | 20.2% | 20.2% | 42.6% | 34.3% | 342.5% | 97.5% | 122.2% | 87.3% | 86.8% | 86.4% | 87.2% |
Return on Capital
| 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% | 7.7% | -14.4% | 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% | 1.0% | 0.7% | -2.4% | 4.0% | — | — | 3.5% | 0.5% | 0.9% |
| ROCE | 5.8% | 5.8% | 1.0% | 0.7% | -2.5% | 4.1% | — | — | 13.8% | 2.3% | 3.0% |
MFA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MFA Financial, Inc. carries a Debt/EBITDA ratio of 15.9x, which is highly leveraged (101% above the sector average of 7.9x). Net debt stands at $10.8B ($11.0B total debt minus $213M cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 0.30 | 2.96 | 0.07 | 0.04 | 0.01 |
| Debt / EBITDA | 15.93 | 15.93 | 82.41 | 68.20 | — | 8.06 | — | — | 0.91 | 1.49 | 0.31 |
| Net Debt / Equity | — | 5.90 | 4.81 | 2.47 | 3.28 | 1.12 | 0.17 | 2.94 | 0.06 | 0.00 | -0.01 |
| Net Debt / EBITDA | 15.62 | 15.62 | 79.37 | 63.86 | — | 7.28 | — | — | 0.85 | 0.04 | -0.52 |
| 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 | 0.21 | -0.01 | -0.87 | 3.54 | — | — | 1.30 | 1.64 | 1.62 |
MFA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
MFA Financial, Inc.'s current ratio of 2.18x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.51x to 2.18x over the past 3 years.
| 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 | 1.51 | 62.94 | — | 3.61 | 50.44 | 0.01 | 0.06 | 0.03 |
| Quick Ratio | 2.18 | 2.18 | 30.45 | 1.51 | 62.94 | — | 3.61 | 50.44 | -0.02 | 0.04 | 0.02 |
| Cash Ratio | 0.92 | 0.92 | 1.08 | 1.09 | 2.49 | — | 3.45 | 0.46 | 0.01 | 0.06 | 0.03 |
| Asset Turnover | — | 0.07 | 0.02 | 0.02 | -0.01 | 0.04 | -0.08 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.45 | 0.62 | 0.92 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MFA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MFA Financial, Inc. returns 20.4% to shareholders annually — split between a 18.8% dividend yield and 1.6% buyback yield. The payout ratio exceeds 100% at 106.6%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 17.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 18.8% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.6% | 18.0% | 8.0% | 4.1% | — | 14.4% | — | 10.4% | 10.7% | 10.0% | 10.5% |
| FCF Yield | 7.8% | 7.8% | 18.7% | 9.3% | 36.0% | 5.0% | 1.9% | 6.0% | 5.2% | 5.7% | 3.0% |
| Buyback Yield | 1.6% | 1.6% | 0.1% | 0.0% | 10.1% | 4.0% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 20.4% | 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 |
Peer Comparison
Compare MFA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MFAYou | $973M | 5.7 | 17.0 | 12.8 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 AGNC | $12B | 7.1 | 2.1 | 17.9 | 100.0% | 236.3% | 15.1% | 33.8% | 0.0 |
 NLY | $16B | 7.6 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 TWO | $1B | -2.8 | 197.9 | 14.6 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MITT | $252M | 8.8 | 18.3 | 4.2 | 94.7% | 96.9% | 8.8% | 4.5% | 17.9 |
 RWT | $645M | -8.2 | 21.2 | — | 95.6% | 95.3% | -6.5% | 3.9% | 20.8 |
 EARN | $165M | 18.3 | 98.1 | 18.1 | 31.3% | 14.0% | 4.0% | 0.7% | 79.3 |
 PMT | $892M | 10.4 | 210.1 | — | 15.4% | 9.1% | 6.7% | 0.4% | 203.5 |
 IVR | $575M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
 EFC | $1B | 11.3 | 39.4 | 2.6 | 84.3% | 61.6% | 8.5% | 3.1% | 37.0 |
 GPMT | $63M | -1.1 | 20.6 | 23.7 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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MFA — Frequently Asked Questions
Quick answers to the most common questions about buying MFA stock.
What is MFA Financial, Inc.'s P/E ratio?
MFA Financial, Inc.'s current P/E ratio is 5.7x. The historical average is 14.6x. This places it at the 4th percentile of its historical range.
What is MFA Financial, Inc.'s EV/EBITDA?
MFA Financial, Inc.'s current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
What is MFA Financial, Inc.'s ROE?
MFA Financial, Inc.'s return on equity (ROE) is 9.6%. The historical average is 6.6%.
Is MFA stock overvalued?
Based on historical data, MFA Financial, Inc. is trading at a P/E of 5.7x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is MFA Financial, Inc.'s dividend yield?
MFA Financial, Inc.'s current dividend yield is 18.78% with a payout ratio of 106.6%.
What are MFA Financial, Inc.'s profit margins?
MFA Financial, Inc. has 96.2% gross margin and 78.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does MFA Financial, Inc. have?
MFA Financial, Inc.'s Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.