MFA Financial, Inc. 8.875% Senior Notes (MFAN) Financial Ratios
28 years of historical data (1998–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
19.33
↓-69% vs avg
5yr avg: 61.40
30Y Low19.5·High19.5
P/FCF
↑
33.58
↑+39% vs avg
5yr avg: 24.08
30Y Low13.4·High34.8
P/B Ratio
↑
1.45
-0% vs avg
5yr avg: 1.45
30Y Low1.5·High1.5
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.
MFAN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MFA Financial, Inc. 8.875% Senior Notes trades at 14.9x earnings, 35% below its 5-year average of 23.0x, sitting at the 0th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.3x, the stock trades at a discount of 39%. On a free-cash-flow basis, the stock trades at 33.6x P/FCF, 39% above the 5-year average of 24.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.7B | $2.7B | — | — | — | — | — | — | — | — |
| Enterprise Value | $13.3B | $13.4B | $11.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 14.93 | 15.00 | 31.02 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.93 | 3.03 | 9.56 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.45 | 1.45 | 1.45 | — | — | — | — | — | — | — | — |
| P/FCF | 33.58 | 34.81 | 13.36 | — | — | — | — | — | — | — | — |
| P/OCF | 33.58 | 34.81 | 13.36 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
MFAN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MFA Financial, Inc. 8.875% Senior Notes's enterprise value stands at 19.3x EBITDA, 69% below its 5-year average of 61.4x. The Real Estate sector median is 16.7x, placing the stock at a 15% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.35 | 41.24 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 19.33 | 19.47 | 103.33 | — | — | — | — | — | — | — | — |
| EV / EBIT | 19.33 | 19.47 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 176.19 | 57.62 | — | — | — | — | — | — | — | — |
MFAN Profitability
Margins and return-on-capital ratios measuring operating efficiency
MFA Financial, Inc. 8.875% Senior Notes earns an operating margin of 78.8%, significantly above the Real Estate sector average of 25.0%. 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% |
MFAN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MFA Financial, Inc. 8.875% Senior Notes carries a Debt/EBITDA ratio of 15.9x, which is highly leveraged (104% above the sector average of 7.8x). 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 |
MFAN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
MFA Financial, Inc. 8.875% Senior Notes'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 | — | — | — | — | — | — | — | — | — | — | — |
MFAN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MFA Financial, Inc. 8.875% Senior Notes returns 7.7% to shareholders annually — split between a 7.1% dividend yield and 0.6% 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 6.7% (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 | 7.1% | 7.1% | 5.4% | — | — | — | — | — | — | — | — |
| 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 | 6.7% | 6.7% | 3.2% | — | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 2.9% | 7.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.1% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.7% | 7.7% | 5.4% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $105M | $105M | $104M | $103M | $118M | $113M | $117M | $105M | $97M | $93M |
Peer Comparison
Compare MFAN 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 |
|---|---|---|---|---|---|---|---|---|---|
 MFANYou | $3B | 14.9 | 19.3 | 33.6 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 MFA | $997M | 5.8 | 17.1 | 13.1 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
 MITT | $250M | 8.8 | 18.3 | 4.2 | 94.7% | 96.9% | 8.8% | 4.5% | 17.9 |
 GPMT | $71M | -1.3 | 20.7 | 26.6 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 BXMT | $3B | 30.1 | 16.4 | 11.8 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 RC | $330M | -0.8 | — | — | 100.0% | — | -19.0% | — | — |
 TPVG | $226M | 4.6 | 8.9 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 NLY | $16B | 7.7 | 18.3 | — | 99.9% | 102.6% | 14.1% | 6.4% | 16.3 |
 AGNC | $10B | 11.6 | 2.4 | 112.6 | 100.0% | 79.6% | 9.6% | 34.0% | 0.0 |
 TWO | $1B | -2.8 | 197.8 | 14.5 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 IVR | $576M | 5.2 | 19.1 | 3.7 | 96.7% | 94.5% | 13.3% | 4.0% | 17.5 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Quick answers to the most common questions about buying MFAN stock.
What is MFA Financial, Inc. 8.875% Senior Notes's P/E ratio?
MFA Financial, Inc. 8.875% Senior Notes's current P/E ratio is 14.9x. The historical average is 23.0x.
What is MFA Financial, Inc. 8.875% Senior Notes's EV/EBITDA?
MFA Financial, Inc. 8.875% Senior Notes's current EV/EBITDA is 19.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.5x.
What is MFA Financial, Inc. 8.875% Senior Notes's ROE?
MFA Financial, Inc. 8.875% Senior Notes's return on equity (ROE) is 9.6%. The historical average is 6.6%.
Is MFAN stock overvalued?
Based on historical data, MFA Financial, Inc. 8.875% Senior Notes is trading at a P/E of 14.9x. Compare with industry peers and growth rates for a complete picture.
What is MFA Financial, Inc. 8.875% Senior Notes's dividend yield?
MFA Financial, Inc. 8.875% Senior Notes's current dividend yield is 7.14% with a payout ratio of 106.6%.
What are MFA Financial, Inc. 8.875% Senior Notes's profit margins?
MFA Financial, Inc. 8.875% Senior Notes 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. 8.875% Senior Notes have?
MFA Financial, Inc. 8.875% Senior Notes's Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.