Revenue volatility remains extreme, highlighted by a 229.95% year-over-year growth swing and a sharp compression in NOI margins to 29.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 339M | 179.51M | 54.41M | -20.7M | -241M | -49.89M | 12.67M | 34.65M | 124.29M | 138.17M | 90.21M | 67.4M | 34.59M | 8M | 2.35M | 2.04M | 69.34K |
| Revenue Growth % | 548.93% | 229.95% | 362.89% | 91.41% | -383.03% | -493.73% | -63.43% | -72.12% | -10.05% | 53.17% | 33.85% | 94.83% | 332.4% | 240.4% | 15.09% | 2845.28% | - |
| Property Operating Expenses | 98.17M | 3.99M | 0 | 0 | 2.87M | 0 | 2.57M | 2.38M | 7.83M | 6.98M | 4.84M | 4.22M | 2.19M | 832.09K | 448.88K | 344.7K | 5.5K |
| Net Operating Income (NOI) | 359.23M | 175.52M | 54.41M | -20.7M | -243.88M | -49.89M | 10.1M | 32.27M | 116.46M | 131.19M | 85.37M | 63.18M | 32.4M | 7.17M | 1.9M | 1.7M | 63.84K |
| NOI Margin % | 105.97% | 97.78% | 100% | 100% | 101.19% | 100% | 79.71% | 93.14% | 93.7% | 94.95% | 94.63% | 93.74% | 93.66% | 89.6% | 80.9% | 83.12% | 92.07% |
| Operating Expenses | 127.35M | 16.49M | 54.41M | -20.7M | 14.58M | -49.89M | 7.97M | 8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| G&A Expenses | 7.29M | 16.49M | 2.62M | 3.44M | 14.58M | 2.88M | 7.97M | 8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 467.08M | 464.76M | 273.94M | 162.69M | -258.45M | -57.67M | 2.13M | 24.27M | 25.97M | 2.01M | 1.98M | 1.07M | 24.52M | -698.01K | 534.34K | -90.21K | 25.15K |
| EBITDA Margin % | 137.78% | 258.91% | 503.52% | -786.14% | 107.24% | 115.59% | 16.79% | 70.03% | 20.9% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -4.42% | 36.27% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 113.49M | 159.03M | 0 | 0 | -258.45M | 0 | 2.13M | 24.27M | 25.97M | 2.01M | 1.98M | 1.07M | 24.52M | -698.01K | 534.34K | -90.21K | 25.15K |
| Operating Margin % | 33.48% | 88.59% | 0% | 0% | 107.24% | 0% | 16.79% | 70.03% | 20.9% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -4.42% | 36.27% |
| Interest Expense | 4M | 305.73M | 236.28M | 201.92M | 61.71M | 7.09M | 25.06M | 83.67M | 70.36M | 41.67M | 15.6M | 7.27M | 3.03M | 1.13M | 277K | 96.22K | 5.19K |
| Interest Coverage | - | 1.52x | 1.16x | 0.81x | -4.19x | -8.13x | 0.08x | 0.29x | 0.37x | 0.05x | 0.13x | 0.15x | 8.09x | -0.62x | 1.93x | -0.94x | 4.85x |
| Non-Operating Income | -353.6M | -305.73M | -273.94M | -162.69M | -258.45M | 57.67M | 2.13M | 24.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 121.95M | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534.34K | -1.19M | 0 |
| Pretax Margin % | 35.97% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.73% | -58.28% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.15K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | 121.95M | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534K | -1.19M | -30.15K |
| Net Margin % | 35.97% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.72% | -58.28% | -43.49% |
| Net Income Growth % | 248.36% | 322.26% | 196.01% | 84.82% | -299.09% | -3143.23% | -91.23% | 154.67% | -2311.61% | 1.41% | 84.78% | -95.63% | 3612.75% | -230.71% | 144.87% | -3847.12% | - |
| Funds From Operations (FFO) | 0 | 159.03M | 37.66M | -39.23M | -258.45M | -64.76M | 2.13M | 24.27M | -44.39M | 2.01M | 1.98M | 1.07M | 24.52M | -698K | 534K | -1.19M | -30.15K |
| FFO Margin % | 0% | 88.59% | 69.22% | 189.54% | 107.24% | 129.8% | 16.79% | 70.03% | -35.71% | 1.45% | 2.19% | 1.59% | 70.87% | -8.72% | 22.72% | -58.28% | -43.49% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FFO per Share | 0.00 | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.24 | 0.41 | 0.26 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| FFO Payout Ratio % | - | 112.47% | 245.61% | -205.87% | -36.17% | -140.49% | 2520.91% | 219.69% | -133.62% | 3383.36% | 1858.11% | 3617.93% | 92.35% | -667.91% | 0% | 0% | 0% |
| EPS (Diluted) | 0.64 | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.25 | 0.40 | 0.25 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| EPS Growth % | 85.87% | 113.79% | 165.91% | 87.25% | -158.43% | -1768.75% | -92.56% | 150.57% | -1800.72% | -37.5% | 60% | -97.98% | 1178.26% | -243.84% | 144.9% | -3848.56% | - |
| EPS (Basic) | - | 1.24 | 0.58 | -0.88 | -6.90 | -2.67 | 0.16 | 2.15 | -4.25 | 0.25 | 0.40 | 0.25 | 12.40 | -1.15 | 0.80 | -1.78 | -0.05 |
| Diluted Shares Outstanding | 189.26M | 128.3M | 65.45M | 44.65M | 37.46M | 24.23M | 13.44M | 11.27M | 10.44M | 8.21M | 4.82M | 4.05M | 1.98M | 606.96K | 668.33K | 668.33K | 668.33K |
Interest rate volatility exposure
As reported in financial statements, ORC experienced extreme revenue fluctuations, including a 229.95% year-over-year growth figure, which appears to be driven by mark-to-market adjustments on the security portfolio rather than a fundamental expansion of the underlying mortgage-backed asset base or consistent interest income generation.
The erratic revenue trajectory suggests that the company's income statement is highly sensitive to fair value accounting rather than operational performance. Investors should monitor whether this volatility reflects genuine portfolio yield improvements or merely transient gains from interest rate swaps that may reverse in subsequent periods.
Based on the company's reported figures, the NOI margin dropped significantly to 29.1% in 2025Q4 from historical levels near 100%, indicating that property-level profitability is currently under substantial pressure from rising interest expenses or unfavorable hedging outcomes within the structured Agency RMBS portfolio.
The sharp contraction in margins suggests that the cost of funding via repurchase agreements may be outpacing the yield on the underlying mortgage assets. This compression implies that the firm's net interest margin is currently vulnerable to shifts in the yield curve and repo market liquidity.
According to recent SEC filings, the divergence between GAAP net income and operational performance is stark, as evidenced by the 2026Q1 net loss of $20.0 million despite high reported revenue, highlighting the inherent risks of relying on headline earnings for an mREIT with significant derivative exposure.
The reliance on fair value accounting for RMBS and derivatives creates a disconnect between reported net income and actual cash-generating capacity. Analysts should treat these GAAP figures with skepticism, as they likely fail to capture the true economic impact of prepayment speeds and basis risk on the portfolio.
As indicated by the dramatic swing from a $599.0K revenue loss in 2024Q2 to a $157.9M revenue peak in 2026Q1, the firm appears to have undergone a significant tactical shift in its investment strategy, likely involving a major rotation into higher-yielding structured tranches or aggressive hedging.
This inflection point suggests that management is actively adjusting the portfolio to navigate interest rate volatility, though the sustainability of this growth remains unproven. The rapid recovery in revenue warrants further investigation into whether this was achieved through increased leverage or a fundamental improvement in asset selection.
Quick answers to the most common questions about buying ORC stock.
For fiscal year 2025, Orchid Island Capital, Inc. (ORC) reported total revenue of $179.5M. This represents a 258783.8% increase compared to $0.1M in 2010.
Orchid Island Capital, Inc. (ORC) is profitable, generating $159.0M in net income for the fiscal year ending 2025 with a net profit margin of 88.6%.
Orchid Island Capital, Inc. (ORC) reported an operating income of $159.0M, resulting in an operating profit margin of 88.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Orchid Island Capital, Inc. (ORC) generated $175.5M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.