Chicago Atlantic Real Estate Finance, Inc. (REFI) Financial Ratios
5 years of historical data (2021–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
9.06
↓-31% vs avg
5yr avg: 13.11
30Y Low9.6·High16.6
P/FCF
↓
8.43
↓-54% vs avg
5yr avg: 18.40
30Y Low9.1·High43.6
P/B Ratio
↓
0.80
↓-21% vs avg
5yr avg: 1.01
30Y Low0.9·High1.1
ROE
↑
11.7%
↓+4% vs avg
5yr avg: 11.2%
30Y Low5%·High14%
Debt/EBITDA
2.73
+0% vs avg
5yr avg: 2.73
30Y Low2.7·High2.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
REFI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Chicago Atlantic Real Estate Finance, Inc. trades at 6.8x earnings, 45% below its 5-year average of 12.5x, sitting at the 0th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 72%. On a free-cash-flow basis, the stock trades at 8.4x P/FCF, 54% below the 5-year average of 18.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $243M | $263M | $304M | $297M | $267M | $291M |
| Enterprise Value | $326M | $346M | $382M | $355M | $320M | $210M |
| P/E Ratio → | 6.82 | 7.30 | 8.20 | 7.67 | 8.28 | 30.83 |
| P/S Ratio | 3.85 | 4.16 | 5.55 | 5.18 | 5.47 | 20.09 |
| P/B Ratio | 0.80 | 0.85 | 0.98 | 1.09 | 1.01 | 1.10 |
| P/FCF | 8.43 | 9.13 | 13.13 | 10.44 | 15.73 | 43.57 |
| P/OCF | 8.43 | 9.13 | 13.13 | 10.44 | 15.73 | 43.57 |
P/E links to full P/E history page with 30-year chart
REFI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Chicago Atlantic Real Estate Finance, Inc.'s enterprise value stands at 9.1x EBITDA, 31% below its 5-year average of 13.1x. The Real Estate sector median is 17.0x, placing the stock at a 47% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.49 | 6.97 | 6.19 | 6.54 | 14.54 |
| EV / EBITDA | 9.06 | 9.62 | — | — | — | 16.61 |
| EV / EBIT | 9.06 | 9.62 | — | — | — | — |
| EV / FCF | — | 12.03 | 16.48 | 12.49 | 18.80 | 31.54 |
REFI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Chicago Atlantic Real Estate Finance, Inc. earns an operating margin of 57.1%, significantly above the Real Estate sector average of 24.8%. ROE of 11.7% is modest. ROIC of 6.9% represents adequate 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 86.9% | 86.9% | 100.0% | 100.0% | 100.0% | 98.5% |
| Operating Margin | 57.1% | 57.1% | — | — | — | 87.5% |
| Net Profit Margin | 57.1% | 57.1% | 67.6% | 67.5% | 66.1% | 87.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 12.8% | 14.4% | 12.2% | 4.8% |
| ROA | 8.4% | 8.4% | 9.3% | 11.0% | 10.4% | 4.6% |
| ROIC | 6.9% | 6.9% | — | — | — | — |
| ROCE | 9.3% | 9.3% | — | — | — | 4.8% |
REFI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Chicago Atlantic Real Estate Finance, Inc. carries a Debt/EBITDA ratio of 2.7x, which is moderately leveraged (65% below the sector average of 7.9x). Net debt stands at $83M ($98M total debt minus $15M cash). Interest coverage of 4.8x 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 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.34 | 0.24 | 0.22 | — |
| Debt / EBITDA | 2.73 | 2.73 | — | — | — | — |
| Net Debt / Equity | — | 0.27 | 0.25 | 0.21 | 0.20 | -0.30 |
| Net Debt / EBITDA | 2.32 | 2.32 | — | — | — | -6.34 |
| Debt / FCF | — | 2.90 | 3.35 | 2.04 | 3.07 | -12.03 |
| Interest Coverage | 4.77 | 4.77 | — | — | — | 166.91 |
REFI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.28x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 18.53x to 0.28x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.28 | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Quick Ratio | 0.28 | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Cash Ratio | 0.22 | 0.22 | 1.32 | 0.41 | 0.29 | 6.58 |
| Asset Turnover | — | 0.15 | 0.13 | 0.16 | 0.14 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
REFI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Chicago Atlantic Real Estate Finance, Inc. returns 17.9% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 121.8%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 14.7% (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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 17.9% | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Payout Ratio | 121.8% | 121.8% | 112.4% | 101.1% | 87.2% | 54.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 14.7% | 13.7% | 12.2% | 13.0% | 12.1% | 3.2% |
| FCF Yield | 11.9% | 11.0% | 7.6% | 9.6% | 6.4% | 2.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 17.9% | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Shares Outstanding | — | $21M | $20M | $18M | $18M | $17M |
Peer Comparison
Compare REFI 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 |
|---|---|---|---|---|---|---|---|---|---|
 REFIYou | $243M | 6.8 | 9.1 | 8.4 | 86.9% | 57.1% | 11.7% | 6.9% | 2.7 |
 SUNS | $114M | 8.9 | 13.6 | — | 90.7% | 64.2% | 8.2% | 6.0% | 7.2 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 IIPR | $2B | 15.2 | 10.3 | 9.7 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 STWD | $6B | 13.7 | 18.3 | 8.7 | 80.5% | 76.2% | 5.6% | 4.8% | 14.6 |
 ACRE | $256M | -281.7 | 18.2 | 13.0 | 57.4% | 72.4% | -0.2% | 2.9% | 14.9 |
 BXMT | $3B | 28.3 | 16.2 | 11.1 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 RC | $289M | -1.2 | 47.7 | — | 87.7% | 24.2% | -12.8% | 1.2% | 47.4 |
 GPMT | $63M | -1.1 | 20.6 | 23.7 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 TRTX | $665M | 15.1 | 15.1 | 7.4 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 PSEC | $1B | -1.6 | — | 2.1 | 147.0% | 169.8% | -14.0% | -6.3% | — |
| 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 →
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REFI — Frequently Asked Questions
Quick answers to the most common questions about buying REFI stock.
What is Chicago Atlantic Real Estate Finance, Inc.'s P/E ratio?
Chicago Atlantic Real Estate Finance, Inc.'s current P/E ratio is 6.8x. The historical average is 12.5x.
What is Chicago Atlantic Real Estate Finance, Inc.'s EV/EBITDA?
Chicago Atlantic Real Estate Finance, Inc.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
What is Chicago Atlantic Real Estate Finance, Inc.'s ROE?
Chicago Atlantic Real Estate Finance, Inc.'s return on equity (ROE) is 11.7%. The historical average is 11.2%.
Is REFI stock overvalued?
Based on historical data, Chicago Atlantic Real Estate Finance, Inc. is trading at a P/E of 6.8x. Compare with industry peers and growth rates for a complete picture.
What is Chicago Atlantic Real Estate Finance, Inc.'s dividend yield?
Chicago Atlantic Real Estate Finance, Inc.'s current dividend yield is 17.87% with a payout ratio of 121.8%.
What are Chicago Atlantic Real Estate Finance, Inc.'s profit margins?
Chicago Atlantic Real Estate Finance, Inc. has 86.9% gross margin and 57.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Chicago Atlantic Real Estate Finance, Inc. have?
Chicago Atlantic Real Estate Finance, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.