Latest Ratios: P/E Ratio 15.0x · EV/EBITDA 19.3x · 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 | $2.6B | $2.7B | $2.7B | — | — | — | — | — | — | — | — |
| Enterprise Value | $13.3B | $13.5B | $11.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 15.04 | 15.12 | 30.93 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.93 | 3.06 | 9.53 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.46 | 1.46 | 1.45 | — | — | — | — | — | — | — | — |
| P/FCF | 33.67 | 35.08 | 13.32 | — | — | — | — | — | — | — | — |
| P/OCF | 33.67 | 35.08 | 13.32 | — | — | — | — | — | — | — | — |
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 | — | 15.37 | 41.21 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 19.34 | 19.50 | 103.26 | — | — | — | — | — | — | — | — |
| EV / EBIT | 19.34 | 19.50 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 176.47 | 57.58 | — | — | — | — | — | — | — | — |
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% | 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% |
| 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% |
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 | 0.30 | 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 |
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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 7.1% | 7.0% | 5.4% | — | — | — | — | — | — | — | — |
| 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 | 6.6% | 6.6% | 3.2% | — | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 2.9% | 7.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.1% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.7% | 7.6% | 5.5% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $105M | $105M | $104M | $103M | $118M | $113M | $117M | $105M | $97M | $93M |
High Financial Leverage Exposure
As reported in financial statements, MFAO's NOI margins have fluctuated wildly, dropping from 100% in early 2024 to 33.4% by 2025Q2, suggesting that the firm's property-level profitability is highly sensitive to the underlying credit performance and origination costs of the Lima One platform.
The erratic nature of these margins indicates that the company's core profitability is not yet stabilized following its strategic pivot. Investors should monitor whether the recent compression in margins represents a structural shift in the cost of originating business purpose loans or merely temporary volatility in the securitization pipeline.
Based on reported figures, the FFO payout ratio reached a concerning 110.1% in 2025Q2, indicating that the company's dividend distribution has periodically exceeded its core earnings capacity, which warrants further investigation into the long-term sustainability of current payout levels during periods of market stress.
The inconsistency in FFO generation makes the dividend appear precarious, as the company lacks a consistent buffer of retained cash flow. This suggests that management may be forced to rely on capital recycling or debt issuance to maintain distributions if core earnings do not stabilize above the current payout threshold.
According to recent SEC filings, MFAO maintains a debt-to-equity ratio of 6.01x, a level that appears to significantly amplify the firm's exposure to interest rate volatility and potential liquidity constraints within the repo financing markets that underpin its mortgage-related asset portfolio.
This high leverage profile suggests that the company is operating with a thin margin for error, particularly given the interest coverage ratio which has struggled to remain above 1.0x in recent quarters. Such a capital structure may leave the firm vulnerable to margin calls if asset valuations experience a sharp, unexpected correction.
As indicated by the provided data, the market's reliance on standard P/E multiples for MFAO is fundamentally flawed, as it ignores the heavy impact of non-cash depreciation and CECL accounting adjustments that obscure the company's true recurring cash generation capacity and core earnings power.
Investors should instead focus on FFO or Distributable Earnings to assess valuation, as the P/E ratio fails to account for the unique capital structure and asset-heavy nature of a mortgage REIT. Relying on GAAP earnings in this context may lead to a significant mispricing of the firm's actual ability to sustain its dividend and manage its debt obligations.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MFAO stock.
MFA Financial, Inc. 9.000% Senior Notes's current P/E ratio is 15.0x. The historical average is 23.0x.
MFA Financial, Inc. 9.000% 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.
MFA Financial, Inc. 9.000% Senior Notes's return on equity (ROE) is 9.6%. The historical average is 6.6%.
Based on historical data, MFA Financial, Inc. 9.000% Senior Notes is trading at a P/E of 15.0x. Compare with industry peers and growth rates for a complete picture.
MFA Financial, Inc. 9.000% Senior Notes's current dividend yield is 7.08% with a payout ratio of 106.6%.
MFA Financial, Inc. 9.000% Senior Notes has 96.2% gross margin and 78.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MFA Financial, Inc. 9.000% Senior Notes's Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.