Revenue growth accelerated to 139.04% year-over-year by 2025Q4, though net margins remain constrained at 21.77% due to significant interest expenses and operational overhead.
| 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 | Dec'09 | Dec'08 |
|---|
| Revenue | 585.47M | 674.54M | 282.19M | 256.5M | 43.15M | 216.8M | 35.15M | 85.16M | 76.83M | 10.74M | 2.35M | 53.24M | 72.97M | 86.94M | 103.04M | 22.52M | 57.58M | 124.28M | 8.48M |
| Revenue Growth % | 105.67% | 139.04% | 10.01% | 494.48% | -80.1% | 516.76% | -58.72% | 10.84% | 615.18% | 357.73% | -95.59% | -27.03% | -16.07% | -15.62% | 357.43% | -60.88% | -53.67% | 1366.11% | - |
| Property Operating Expenses | 76.04M | 106.17M | 0 | 0 | 0 | 42.33M | 0 | 0 | 415K | 21.4M | 21.28M | 20.38M | 1.23M | 1.13M | 923K | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 509.43M | 568.37M | 282.19M | 256.5M | 43.15M | 174.46M | 35.15M | 85.16M | 76.42M | -10.66M | -18.93M | 32.87M | 71.74M | 85.81M | 102.11M | 22.52M | 57.58M | 124.28M | 8.48M |
| NOI Margin % | 87.01% | 84.26% | 100% | 100% | 100% | 80.47% | 100% | 100% | 99.46% | -99.22% | -806.69% | 61.73% | 98.31% | 98.7% | 99.1% | 100% | 100% | 100% | 100% |
| Operating Expenses | 106.24M | 153.08M | 165.92M | 167.29M | 68.12M | 39.52M | 33.33M | 30.63M | 26.92M | 4.15M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | -5.55M | -13.19M | -28.44M | -4.71M |
| G&A Expenses | -4.34M | 13.05M | 65.69M | 68.49M | 29M | 20.91M | 16.52M | 14.82M | 9.97M | 2.24M | 18.05M | 14.81M | 13.02M | 7.58M | 5.89M | 10.57M | 15.06M | 26.75M | 9.38M |
| EBITDA | 467.14M | 459.09M | 116.27M | 89.21M | -19.3M | 193.02M | 1.82M | 54.53M | 154.48M | 116.62M | 60.3M | 72.02M | 27.55M | 47.36M | 102.14M | 16.97M | 40.57M | 93.38M | 3.77M |
| EBITDA Margin % | 79.79% | 68.06% | 41.2% | 34.78% | -44.73% | 89.03% | 5.18% | 64.03% | 201.06% | 1085.53% | 2569.07% | 135.26% | 37.76% | 54.47% | 99.13% | 75.36% | 70.45% | 75.14% | 44.44% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 5.67M | 0 | 0 | 0 | 51.09M | 51.52M | 60M | 21.82M | -41.54M | -42.19M | -2.81M | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 13.15% | 0% | 0% | 0% | 66.5% | 479.55% | 2556.33% | 40.97% | -56.93% | -48.53% | -2.72% | 0% | 0% | 0% | 0% |
| Operating Income | 403.19M | 415.29M | 116.27M | 89.21M | -24.97M | 134.94M | 1.82M | 54.53M | 103.38M | 65.1M | 299K | 50.2M | 69.09M | 89.55M | 104.94M | 16.97M | 44.4M | 95.84M | 3.77M |
| Operating Margin % | 68.87% | 61.57% | 41.2% | 34.78% | -57.87% | 62.24% | 5.18% | 64.03% | 134.56% | 605.99% | 12.74% | 94.28% | 94.69% | 103% | 101.85% | 75.36% | 77.1% | 77.12% | 44.44% |
| Interest Expense | 4M | 304.53M | 279.61M | 262.45M | 0 | 44.03M | 61.66M | 0 | 56.71M | 8.17M | 16.31M | 12.11M | 9.93M | 11.03M | 7.8M | 6.65M | 3.83M | 2.46M | 6.19M |
| Interest Coverage | - | 1.51x | 0.42x | 0.34x | - | 4.38x | 0.03x | - | 1.65x | 0.95x | -0.84x | 3.18x | 6.28x | 8.19x | 13.46x | 2.55x | 10.60x | 37.95x | 0.61x |
| Non-Operating Income | -28.48M | -43.81M | 116.27M | 89.21M | -24.97M | -58.08M | 1.82M | 54.53M | -43.63M | -22.57M | 14.05M | 27.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 223.79M | 154.56M | 148.72M | 88.36M | -88.58M | 143.7M | 39.75M | 54.53M | 49.91M | 6.59M | -15.7M | 38.43M | 59.95M | 79.36M | 97.15M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 38.22% | 22.91% | 52.7% | 34.45% | -205.31% | 66.28% | 113.09% | 64.03% | 64.96% | 61.39% | -669.02% | 72.18% | 82.15% | 91.28% | 94.28% | 0% | 0% | 0% | 0% |
| Income Tax | 4.85M | 3.79M | 612K | 457K | -17.72M | 3.14M | 11.38M | 1.56M | 3.23M | 400K | 0 | 340K | 782K | 838K | 0 | -10.33M | -40.57M | -93.38M | 2.42M |
| Effective Tax Rate % | 2.17% | 2.45% | 0.41% | 0.52% | 20% | 2.19% | 28.62% | 2.86% | 6.48% | 6.07% | 0% | 0.88% | 1.3% | 1.06% | 0% | - | - | - | - |
| Net Income | 213.5M | 146.87M | 145.86M | 84.08M | -70.05M | 133.46M | 25.01M | 57.93M | 46.68M | 6.2M | -16.01M | 38.09M | 59.17M | 78.52M | 97.15M | 10.33M | 40.57M | 93.38M | -2.42M |
| Net Margin % | 36.47% | 21.77% | 51.69% | 32.78% | -162.35% | 61.56% | 71.14% | 68.03% | 60.75% | 57.67% | -682.02% | 71.54% | 81.08% | 90.32% | 94.28% | 45.85% | 70.45% | 75.14% | -28.58% |
| Net Income Growth % | 41.41% | 0.69% | 73.47% | 220.04% | -152.48% | 433.68% | -56.83% | 24.12% | 653.45% | 138.7% | -142.03% | -35.62% | -24.65% | -19.17% | 840.7% | -74.55% | -56.55% | 3954.51% | - |
| Funds From Operations (FFO) | 0 | 146.87M | 145.86M | 84.08M | -64.38M | 133.46M | 25.01M | 57.93M | 97.77M | 57.71M | 43.99M | 59.9M | 17.63M | 36.33M | 94.34M | 1.31M | 33.93M | 93.38M | -2.42M |
| FFO Margin % | 0% | 21.77% | 51.69% | 32.78% | -149.2% | 61.56% | 71.14% | 68.03% | 127.25% | 537.21% | 1874.31% | 112.51% | 24.15% | 41.79% | 91.56% | 5.84% | 58.92% | 75.14% | -28.58% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | 69.41% | 31.2% | -26.57% | 239.86% | -51.49% | -61.49% | 7074.07% | -96.12% | - | - | - |
| FFO per Share | 0.00 | 1.48 | 1.68 | 1.22 | -1.06 | 2.71 | 0.57 | 1.81 | 3.18 | 1.77 | 1.32 | 1.77 | 0.62 | 1.51 | 5.16 | 0.08 | 2.62 | 7.76 | -0.20 |
| FFO Payout Ratio % | - | 125.03% | 112.12% | 177.53% | -191.17% | 64.22% | 260.02% | 93.75% | 51.89% | 99.87% | 148.1% | 139.32% | 490.46% | 253.4% | 50.26% | 3222.97% | 99.94% | 33.02% | 0% |
| EPS (Diluted) | 1.75 | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.52 | 0.19 | -0.48 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| EPS Growth % | 18.57% | -12.5% | 54.55% | 162.41% | -155.29% | 553.85% | -77.84% | 15.79% | 700% | 139.58% | -142.48% | -45.93% | -36.28% | -38.23% | 770.49% | -79.93% | -59.57% | 3860% | - |
| EPS (Basic) | - | 1.19 | 1.36 | 0.88 | -1.41 | 2.55 | 0.39 | 1.76 | 1.54 | 0.19 | -0.49 | 1.13 | 2.09 | 3.28 | 5.31 | 0.61 | 3.04 | 7.52 | -0.20 |
| Diluted Shares Outstanding | 121.71M | 99.44M | 86.85M | 69.06M | 60.62M | 49.21M | 44.12M | 32.07M | 30.71M | 32.57M | 33.21M | 33.85M | 28.38M | 23.99M | 18.29M | 16.5M | 12.96M | 12.04M | 11.98M |
High leverage repo sensitivity
According to the latest quarterly filings, EFC-PD achieved a significant 139.04% year-over-year revenue growth, suggesting a rapid scaling of the investment portfolio that warrants close monitoring to determine if this expansion is sustainable or merely a reflection of transient mark-to-market gains in the credit segment.
The sharp revenue trajectory appears to be driven by an aggressive deployment of capital into complex credit assets, which may indicate a strategic pivot toward higher-alpha opportunities. Investors should consider whether this growth is supported by underlying interest income or if it remains overly sensitive to the cyclical nature of mortgage-backed security valuations.
As reported in financial statements, the company maintains a gross margin of 84.26%, yet the net margin of 21.77% suggests that interest expenses and operational overhead are significantly eroding the spread, leaving the firm with a narrow buffer against rising short-term borrowing costs in the repo market.
The disparity between gross and net margins highlights the inherent vulnerability of the company's cost structure to interest rate fluctuations. This suggests that any further tightening in the net interest margin could rapidly impair profitability, necessitating a cautious outlook on the firm's ability to maintain current earnings levels.
Based on reported figures, the 9.07x debt-to-equity ratio presents a substantial risk factor, as such high leverage levels may amplify the impact of minor asset valuation adjustments on the company's book value and overall financial stability during periods of market liquidity stress.
The reliance on high leverage to drive returns appears to create a precarious dependency on stable repo financing conditions. Analysts should investigate whether the current hedging strategy is sufficient to mitigate the potential for forced asset liquidations if collateral values experience a sudden, sharp decline.
Data from historical filings indicates a notable divergence between GAAP net income and AFFO, with the latter showing a negative $72.6M in 2023Q4, which suggests that investors should exercise caution when evaluating the company's true capacity to cover preferred dividend obligations from recurring cash flows.
The lack of consistent FFO reporting in recent periods complicates the assessment of dividend safety and operational efficiency. This opacity warrants further investigation into how management reconciles non-cash adjustments with actual cash available for distribution to shareholders.
Quick answers to the most common questions about buying EFC-PD stock.
For fiscal year 2025, Ellington Financial Inc. (EFC-PD) reported total revenue of $674.5M. This represents a 7857.2% increase compared to $8.5M in 2008.
Ellington Financial Inc. (EFC-PD) is profitable, generating $146.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Ellington Financial Inc. (EFC-PD) reported an operating income of $415.3M, resulting in an operating profit margin of 61.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ellington Financial Inc. (EFC-PD) generated $568.4M in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.