Chicago Atlantic Real Estate Finance, Inc. (REFI) Financial Ratios
5 years of historical data (2021–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
N/A
—
5yr avg: 16.61
30Y Low16.6·High16.6
P/FCF
↓
0.01
↓-100% vs avg
5yr avg: 16.58
30Y Low0.0·High43.6
P/B Ratio
↓
0.00
↓-100% vs avg
5yr avg: 0.84
30Y Low0.0·High1.1
ROE
↑
23.4%
↓+73% vs avg
5yr avg: 13.5%
30Y Low5%·High23%
Debt/EBITDA
N/A
—
5yr avg: N/A
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 7.3x earnings, 41% 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 24.3x, the stock trades at a discount of 70%. On a free-cash-flow basis, the stock trades at 0.0x P/FCF, 100% below the 5-year average of 16.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $258M | $263M | $304M | $297M | $267M | $291M |
| Enterprise Value | $34.6B | $34.6B | $382M | $355M | $320M | $210M |
| P/E Ratio → | 7.29 | 7.30 | 8.20 | 7.67 | 8.28 | 30.83 |
| P/S Ratio | — | — | 5.55 | 5.18 | 5.47 | 20.09 |
| P/B Ratio | 0.00 | 0.00 | 0.98 | 1.09 | 1.01 | 1.10 |
| P/FCF | 0.01 | 0.01 | 13.13 | 10.44 | 15.73 | 43.57 |
| P/OCF | 0.01 | 0.01 | 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 6.97 | 6.19 | 6.54 | 14.54 |
| EV / EBITDA | — | — | — | — | — | 16.61 |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | 1.20 | 16.48 | 12.49 | 18.80 | 31.54 |
REFI Profitability
Margins and return-on-capital ratios measuring operating efficiency
ROE of 23.4% indicates solid capital efficiency.
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 | — | — | 100.0% | 100.0% | 100.0% | 98.5% |
| Operating Margin | — | — | — | — | — | 87.5% |
| Net Profit Margin | — | — | 67.6% | 67.5% | 66.1% | 87.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 23.4% | 23.4% | 12.8% | 14.4% | 12.2% | 4.8% |
| ROA | 16.9% | 16.9% | 9.3% | 11.0% | 10.4% | 4.6% |
| ROIC | — | — | — | — | — | — |
| ROCE | — | — | — | — | — | 4.8% |
REFI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $34.4B ($49.3B total debt minus $14.9B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.34 | 0.24 | 0.22 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.11 | 0.25 | 0.21 | 0.20 | -0.30 |
| Net Debt / EBITDA | — | — | — | — | — | -6.34 |
| Debt / FCF | — | 1.19 | 3.35 | 2.04 | 3.07 | -12.03 |
| Interest Coverage | — | — | — | — | — | 166.91 |
REFI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.40x is below 1.0, meaning current liabilities exceed current assets — though the company's $14.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 18.53x to 0.40x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.40 | 0.40 | 21.74 | 18.53 | 17.34 | 22.75 |
| Quick Ratio | 0.40 | 0.40 | 21.74 | 18.53 | 17.34 | 22.75 |
| Cash Ratio | 0.30 | 0.30 | 1.32 | 0.41 | 0.29 | 6.58 |
| Asset Turnover | — | — | 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 100.0% to shareholders annually primarily through dividends. The earnings yield of 13.7% (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 | 100.0% | 100.0% | 13.7% | 13.2% | 10.5% | 2.4% |
| Payout Ratio | — | — | 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 | 13.7% | 13.7% | 12.2% | 13.0% | 12.1% | 3.2% |
| FCF Yield | 100.0% | 10957.9% | 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 | 100.0% | 100.0% | 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 | $258M | 7.3 | — | 0.0 | — | — | 23.4% | — | — |
 SUNS | $103M | 8.1 | 12.9 | — | 90.7% | 64.2% | 8.2% | 6.0% | 7.2 |
 TPVG | $226M | 4.6 | 8.9 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 IIPR | $2B | 14.7 | 10.1 | 9.4 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 STWD | $7B | 15.0 | 18.9 | 7.1 | 80.5% | 76.2% | 5.6% | 4.8% | 14.7 |
 ACRE | $287M | -318.3 | 18.6 | 13.5 | 67.2% | 72.4% | -0.2% | 2.9% | 14.9 |
 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% | — | — |
 GPMT | $71M | -1.3 | 20.7 | 26.6 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 TRTX | $664M | 15.1 | 15.1 | 7.3 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 PSEC | $1B | -2.1 | — | 7.4 | 147.0% | 169.8% | -14.0% | -6.3% | — |
| 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 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 7.3x. The historical average is 12.5x.
What is Chicago Atlantic Real Estate Finance, Inc.'s ROE?
Chicago Atlantic Real Estate Finance, Inc.'s return on equity (ROE) is 23.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.5%.
Is REFI stock overvalued?
Based on historical data, Chicago Atlantic Real Estate Finance, Inc. is trading at a P/E of 7.3x. 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 100.00%.