NexPoint Real Estate Finance, Inc. (NREF) Financial Ratios
11 years of historical data (2015–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
28.35
↓-82% vs avg
5yr avg: 157.05
30Y Low29.6·High56.4
P/FCF
↑
12.88
↑+25% vs avg
5yr avg: 10.33
30Y Low2.6·High22.3
P/B Ratio
↓
0.69
+18% vs avg
5yr avg: 0.58
30Y Low0.2·High0.8
ROE
↑
15.0%
↓+118% vs avg
5yr avg: 6.9%
30Y Low-57%·High16%
Debt/EBITDA
↓
26.79
↓-82% vs avg
5yr avg: 151.19
30Y Low26.8·High42.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NREF Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NexPoint Real Estate Finance, Inc. trades at 5.4x earnings, 78% below its 5-year average of 24.7x, sitting at the 33rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.2x, the stock trades at a discount of 78%. On a free-cash-flow basis, the stock trades at 12.9x P/FCF, 25% above the 5-year average of 10.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $295M | $510M | $273M | $271M | $233M | $392M | $86M | — | — | — |
| Enterprise Value | $4.7B | $4.9B | $5.1B | $6.8B | $7.8B | $8.4B | $5.8B | — | — | — |
| P/E Ratio → | 5.35 | 4.77 | 15.38 | 26.25 | 72.23 | 4.90 | 9.49 | — | — | — |
| P/S Ratio | 2.34 | 4.04 | 2.48 | 6.44 | 5.78 | 11.28 | 4.41 | — | — | — |
| P/B Ratio | 0.69 | 0.61 | 0.48 | 0.61 | 0.43 | 0.77 | 0.21 | — | — | — |
| P/FCF | 12.88 | 22.25 | 9.32 | 8.58 | 3.55 | 7.95 | 2.61 | — | — | — |
| P/OCF | 12.88 | 22.25 | 9.32 | 8.58 | 3.55 | 7.95 | 2.61 | — | — | — |
P/E links to full P/E history page with 30-year chart
NREF EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
NexPoint Real Estate Finance, Inc.'s enterprise value stands at 28.4x EBITDA, 82% below its 5-year average of 157.0x. The Real Estate sector median is 16.8x, placing the stock at a 69% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 39.15 | 46.18 | 161.92 | 193.38 | 240.72 | 298.79 | — | — | — |
| EV / EBITDA | 28.35 | 29.64 | 56.36 | 268.13 | 274.07 | — | — | — | — | — |
| EV / EBIT | 28.86 | 29.76 | 60.09 | — | 143.40 | — | — | — | — | — |
| EV / FCF | — | 215.46 | 173.95 | 215.97 | 118.66 | 169.68 | 177.01 | — | — | — |
NREF Profitability
Margins and return-on-capital ratios measuring operating efficiency
NexPoint Real Estate Finance, Inc. earns an operating margin of 129.7%, significantly above the Real Estate sector average of 24.7%. Operating margins have expanded from 60.4% to 129.7% over the past 3 years, signaling improving operational efficiency. ROE of 15.0% is modest. ROIC of 2.3% 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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.9% | 88.9% | 90.0% | 90.1% | 89.1% | 100.0% | 100.0% | 67.7% | 62.5% | 60.1% |
| Operating Margin | 129.7% | 129.7% | 76.8% | 60.4% | 63.4% | — | — | 56.6% | -18.6% | -82.0% |
| Net Profit Margin | 83.3% | 83.3% | 26.5% | 33.2% | 16.7% | 124.0% | 65.9% | 56.6% | -38.7% | -117.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | 5.7% | 2.8% | 1.3% | 9.5% | 4.0% | 15.7% | -30.9% | -56.9% |
| ROA | 2.0% | 2.0% | 0.5% | 0.2% | 0.1% | 0.6% | 0.3% | 1.9% | -3.5% | -4.3% |
| ROIC | 2.3% | 2.3% | 1.0% | 0.3% | 0.2% | — | — | 1.4% | -1.3% | — |
| ROCE | 3.2% | 3.2% | 1.4% | 0.4% | 0.3% | — | — | 1.9% | -1.7% | -3.1% |
NREF Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NexPoint Real Estate Finance, Inc. carries a Debt/EBITDA ratio of 26.8x, which is highly leveraged (248% above the sector average of 7.7x). Net debt stands at $4.4B ($4.5B total debt minus $34M cash). Interest coverage of 3.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.35 | 5.35 | 8.44 | 14.72 | 13.94 | 15.79 | 14.28 | 7.41 | 5.67 | 11.84 |
| Debt / EBITDA | 26.79 | 26.79 | 53.38 | 258.01 | 266.58 | — | — | — | 42.73 | 390.39 |
| Net Debt / Equity | — | 5.31 | 8.43 | 14.69 | 13.90 | 15.73 | 14.21 | 7.36 | 5.60 | 11.65 |
| Net Debt / EBITDA | 26.58 | 26.58 | 53.34 | 257.47 | 265.88 | — | — | — | 42.21 | 384.00 |
| Debt / FCF | — | 193.20 | 164.63 | 207.39 | 115.12 | 161.73 | 174.40 | — | 48.54 | 76.64 |
| Interest Coverage | 3.88 | 3.88 | 1.91 | 0.49 | 1.35 | — | — | — | 0.00 | -3.22 |
NREF Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.37x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 21.17x to 0.37x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.37 | 0.37 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 34.26 | 0.63 | 0.81 |
| Quick Ratio | 0.37 | 0.37 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 34.26 | 0.63 | 0.81 |
| Cash Ratio | 0.13 | 0.13 | 0.01 | 0.04 | 0.06 | 0.09 | 0.18 | 0.19 | 0.31 | 0.48 |
| Asset Turnover | — | 0.02 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.02 | 0.08 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
NREF Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NexPoint Real Estate Finance, Inc. returns 3.7% to shareholders annually primarily through dividends. The earnings yield of 18.7% (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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.1% | 12.8% | 17.7% | 12.7% | 3.6% | 9.6% | — | — | — |
| Payout Ratio | — | — | 119.4% | 343.1% | 439.5% | 32.9% | 64.2% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 18.7% | 21.0% | 6.5% | 3.8% | 1.4% | 20.4% | 10.5% | — | — | — |
| FCF Yield | 7.8% | 4.5% | 10.7% | 11.6% | 28.2% | 12.6% | 38.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 15.5% | — | — | — |
| Total Shareholder Yield | 3.7% | 4.1% | 12.8% | 18.0% | 12.7% | 3.6% | 25.1% | — | — | — |
| Shares Outstanding | — | $36M | $17M | $17M | $15M | $20M | $5M | $5M | $5M | $5M |
Peer Comparison
Compare NREF 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 |
|---|---|---|---|---|---|---|---|---|---|
 NREFYou | $295M | 5.4 | 28.4 | 12.9 | 88.9% | 129.7% | 15.0% | 2.3% | 26.8 |
 KREF | $423M | -6.3 | 18.3 | 6.3 | 88.3% | 59.3% | -3.6% | 3.4% | 17.1 |
 BXMT | $3B | 29.9 | 16.3 | 11.7 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 GPMT | $74M | -1.3 | 20.8 | 27.8 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 TRTX | $656M | 14.9 | 15.1 | 7.3 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 ACRE | $280M | -307.9 | 18.5 | 14.2 | 57.4% | 72.4% | -0.2% | 2.9% | 14.9 |
 RC | $357M | -1.5 | 48.3 | — | 87.7% | 24.2% | -12.8% | 1.2% | 47.4 |
 BRSP | $771M | -22.8 | 19.0 | 10.6 | 49.6% | 39.5% | -3.2% | 3.0% | 14.8 |
 RITM | $5B | 9.4 | 16.4 | — | 90.5% | 44.6% | 8.0% | 4.4% | 15.0 |
 TWO | $1B | -2.8 | 198.1 | 14.6 | 97.9% | 68.7% | -23.2% | 3.1% | 188.0 |
 MFA | $995M | 5.8 | 17.1 | 13.1 | 96.2% | 78.8% | 9.6% | 4.4% | 15.9 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.1% | 24.7% | 3.5% | 2.7% | 7.7 |
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Start ComparisonNREF — Frequently Asked Questions
Quick answers to the most common questions about buying NREF stock.
What is NexPoint Real Estate Finance, Inc.'s P/E ratio?
NexPoint Real Estate Finance, Inc.'s current P/E ratio is 5.4x. The historical average is 22.2x. This places it at the 33th percentile of its historical range.
What is NexPoint Real Estate Finance, Inc.'s EV/EBITDA?
NexPoint Real Estate Finance, Inc.'s current EV/EBITDA is 28.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.0x.
What is NexPoint Real Estate Finance, Inc.'s ROE?
NexPoint Real Estate Finance, Inc.'s return on equity (ROE) is 15.0%. The historical average is -3.8%.
Is NREF stock overvalued?
Based on historical data, NexPoint Real Estate Finance, Inc. is trading at a P/E of 5.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is NexPoint Real Estate Finance, Inc.'s dividend yield?
NexPoint Real Estate Finance, Inc.'s current dividend yield is 3.66%.
What are NexPoint Real Estate Finance, Inc.'s profit margins?
NexPoint Real Estate Finance, Inc. has 88.9% gross margin and 129.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does NexPoint Real Estate Finance, Inc. have?
NexPoint Real Estate Finance, Inc.'s Debt/EBITDA ratio is 26.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.