Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 39.4x · ROE 8.5%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.4B | $1.1B | $878M | $750M | $841M | $655M | $588M | $471M | $473M | $515M |
| Enterprise Value | $18.1B | $18.1B | $860M | $14.0B | $12.9B | $4.4B | $2.9B | $3.8B | $2.4B | $1.9B | $1.4B |
| P/E Ratio → | 11.33 | 11.41 | 8.91 | 14.44 | — | 6.70 | 38.05 | 10.41 | 10.09 | 76.37 | — |
| P/S Ratio | 1.99 | 2.00 | 3.73 | 3.42 | 17.38 | 3.88 | 18.63 | 6.90 | 6.13 | 43.99 | 219.61 |
| P/B Ratio | 0.72 | 0.72 | 0.66 | 0.57 | 0.61 | 0.64 | 0.71 | 0.68 | 0.79 | 0.76 | 0.80 |
| P/FCF | 2.63 | 2.65 | — | — | 209.56 | 3.75 | 4.36 | 4.56 | — | — | 7.40 |
| P/OCF | 2.63 | 2.65 | — | — | 17.57 | 16.40 | 5.48 | 7.42 | — | — | 7.40 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 26.85 | 3.05 | 54.51 | 299.73 | 20.22 | 83.39 | 44.51 | 31.52 | 177.08 | 617.73 |
| EV / EBITDA | 39.43 | 39.45 | 7.40 | 156.72 | — | 22.72 | 1609.78 | 69.52 | 15.68 | 16.31 | 24.04 |
| EV / EBIT | 43.59 | 39.45 | — | — | — | 22.72 | — | — | 25.89 | 245.09 | — |
| EV / FCF | — | 35.58 | — | — | 3614.47 | 19.56 | 19.52 | 29.38 | — | — | 20.80 |
Margins and return-on-capital ratios measuring operating efficiency
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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.3% | 84.3% | 100.0% | 100.0% | 100.0% | 80.5% | 100.0% | 100.0% | 99.5% | -99.2% | -806.7% |
| Operating Margin | 61.6% | 61.6% | 41.2% | 34.8% | -57.9% | 62.2% | 5.2% | 64.0% | 134.6% | 606.0% | 12.7% |
| Net Profit Margin | 21.8% | 21.8% | 51.7% | 32.8% | -162.3% | 61.6% | 71.1% | 68.0% | 60.8% | 57.7% | -682.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 9.3% | 6.1% | -5.5% | 11.9% | 2.8% | 7.9% | 7.7% | 1.0% | -2.3% |
| ROA | 0.8% | 0.8% | 0.9% | 0.6% | -0.7% | 3.1% | 0.6% | 1.4% | 1.3% | 0.2% | -0.6% |
| ROIC | 1.8% | 1.8% | 0.6% | 0.5% | -0.2% | 2.5% | 0.0% | 1.2% | 3.4% | 2.7% | 0.0% |
| ROCE | 2.5% | 2.5% | 0.9% | 0.9% | -0.5% | 7.6% | 0.1% | 2.2% | 3.3% | 2.6% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 9.07 | 9.07 | 8.93 | 8.68 | 10.16 | 2.75 | 2.59 | 3.77 | 3.35 | 2.38 | 1.64 |
| Debt / EBITDA | 36.95 | 36.95 | 122.17 | 149.47 | — | 18.84 | 1311.63 | 60.07 | 12.92 | 12.67 | 17.54 |
| Net Debt / Equity | — | 8.96 | -0.12 | 8.53 | 9.98 | 2.68 | 2.47 | 3.69 | 3.28 | 2.30 | 1.45 |
| Net Debt / EBITDA | 36.51 | 36.51 | -1.65 | 146.88 | — | 18.36 | 1250.22 | 58.74 | 12.63 | 12.26 | 15.50 |
| Debt / FCF | — | 32.93 | — | — | 3404.90 | 15.81 | 15.16 | 24.83 | — | — | 13.41 |
| Interest Coverage | 1.51 | 1.51 | 0.42 | 0.34 | — | 4.38 | 0.03 | — | 1.65 | 0.95 | -0.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.08 | 0.08 | — | 2.64 | — | — | — | — | 1.89 | 0.36 | 1.58 |
| Quick Ratio | 0.08 | 0.08 | — | 2.64 | — | — | — | — | 1.93 | 0.49 | -0.01 |
| Cash Ratio | 0.08 | 0.08 | 1.62 | 0.05 | 0.04 | 0.03 | 0.06 | 0.03 | 0.09 | 0.22 | 1.34 |
| Asset Turnover | — | 0.03 | 0.02 | 0.02 | 0.00 | 0.04 | 0.01 | 0.02 | 0.02 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 0.15 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.7% | 13.6% | 15.5% | 17.0% | 16.4% | 10.2% | 9.9% | 9.2% | 10.8% | 12.2% | 12.6% |
| Payout Ratio | 125.0% | 125.0% | 112.1% | 177.5% | — | 64.2% | 260.0% | 93.7% | 108.7% | 930.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 8.8% | 11.2% | 6.9% | — | 14.9% | 2.6% | 9.6% | 9.9% | 1.3% | — |
| FCF Yield | 38.0% | 37.7% | — | — | 0.5% | 26.6% | 22.9% | 21.9% | — | — | 13.5% |
| Buyback Yield | 0.0% | 0.0% | 2.3% | 1.4% | 0.2% | 0.0% | 0.5% | 0.1% | 4.9% | 3.1% | 2.7% |
| Total Shareholder Yield | 13.7% | 13.6% | 17.9% | 18.4% | 16.6% | 10.2% | 10.4% | 9.4% | 15.7% | 15.3% | 15.4% |
| Shares Outstanding | — | $99M | $87M | $69M | $61M | $49M | $44M | $32M | $31M | $33M | $33M |
High leverage liquidity sensitivity
Based on reported figures, EFC trades at a P/B ratio of 0.72, which suggests the market applies a significant complexity discount compared to peers, potentially undervaluing the proprietary credit-picking capabilities embedded within the firm's specialized mortgage-backed investment portfolio and its reverse mortgage operating subsidiaries.
The current P/B valuation appears to reflect investor skepticism regarding the transparency of the firm's mark-to-market accounting and the inherent risks of its external management structure. Investors should monitor whether this discount narrows as the firm demonstrates sustained earnings stability, as the current valuation may not fully account for the long-term potential of its niche credit assets.
As reported in financial statements, the NOI margin has experienced notable volatility, contracting from 100% in mid-2024 to 88.2% by 2026Q1, which suggests that rising operational expenses and external management fees are increasingly pressuring the profitability of the firm's core investment activities.
The decline in margin efficiency warrants further investigation into whether this is a structural shift caused by higher administrative overhead or a temporary impact from recent portfolio acquisitions. The firm's reliance on high-leverage credit strategies means that even minor margin compression can have an outsized impact on net profitability, necessitating a close watch on expense ratios.
According to recent SEC filings, EFC maintains a consistently elevated Debt/Equity ratio of 9.03x as of 2026Q1, indicating a structural dependence on significant financial leverage to generate returns, which leaves the firm particularly vulnerable to sudden liquidity shocks or spikes in repo financing costs.
The persistence of this leverage level over the past ten quarters suggests a management team comfortable with high financial risk, which may be necessary for their credit-picking strategy but creates a fragile balance sheet. Investors should monitor the interest coverage ratio, which remains low at 2.23x, as it provides a thin buffer against potential interest rate volatility.
Based on industry standards, the most commonly misapplied metric for EFC is the standard P/E ratio, which fails to account for the significant non-cash mark-to-market adjustments and CECL-based loss provisions that frequently distort the firm's reported GAAP earnings and obscure its true cash-generating capacity.
Using P/E for a mortgage REIT like EFC is misleading because it ignores the volatility of unrealized gains and losses inherent in the portfolio. Analysts should instead prioritize Earnings Available for Distribution (EAD) and Price-to-Book (P/B) ratios to better assess the sustainability of the dividend and the underlying net asset value of the credit-sensitive holdings.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EFC stock.
Ellington Financial Inc.'s current P/E ratio is 11.3x. The historical average is 17.7x. This places it at the 57th percentile of its historical range.
Ellington Financial Inc.'s current EV/EBITDA is 39.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.0x.
Ellington Financial Inc.'s return on equity (ROE) is 8.5%. The historical average is 8.0%.
Based on historical data, Ellington Financial Inc. is trading at a P/E of 11.3x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ellington Financial Inc.'s current dividend yield is 13.70% with a payout ratio of 125.0%.
Ellington Financial Inc. has 84.3% gross margin and 61.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ellington Financial Inc.'s Debt/EBITDA ratio is 37.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.