Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 60.1x · ROE 13.3%. (2009–2025 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 | $564M | $558M | $431M | $372M | $414M | $728M | $559M | $2.1B | $1.5B | $2.1B | $1.8B |
| Enterprise Value | $6.1B | $6.1B | $5.3B | $4.8B | $4.5B | $7.4B | $7.4B | $3.6B | $3.1B | $3.8B | $3.7B |
| P/E Ratio → | 5.96 | 6.37 | 12.38 | — | — | — | — | 6.56 | — | 6.17 | 7.02 |
| P/S Ratio | 1.66 | 1.64 | 1.31 | 1.96 | — | 14.46 | — | 5.14 | 3.63 | 5.14 | 5.43 |
| P/B Ratio | 0.65 | 0.70 | 0.59 | 0.47 | 0.51 | 0.52 | 0.41 | 0.71 | 0.67 | 0.79 | 0.80 |
| P/FCF | 3.59 | 3.55 | 2.35 | 1.56 | 2.11 | 4.78 | 3.28 | 6.10 | 5.06 | 7.18 | 5.49 |
| P/OCF | 3.59 | 3.55 | 2.35 | 1.56 | 2.11 | 4.78 | 3.28 | 6.10 | 5.06 | 7.18 | 6.12 |
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 | — | 18.02 | 15.95 | 25.04 | — | 146.48 | — | 8.76 | 7.20 | 9.34 | 11.10 |
| EV / EBITDA | 60.09 | 60.03 | 16.92 | 22.32 | — | — | — | — | — | 11.29 | 14.04 |
| EV / EBIT | 60.50 | 19.06 | 16.95 | 21.33 | — | — | 317.70 | 153.99 | 121.32 | 10.37 | — |
| EV / FCF | — | 38.97 | 28.67 | 19.99 | 22.82 | 48.41 | 43.38 | 10.41 | 10.04 | 13.05 | 11.21 |
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 | 35.3% | 35.3% | 24.0% | 93.5% | 86.3% | 58.1% | 100.0% | 100.0% | 90.4% | 100.0% | 89.6% |
| Operating Margin | 29.8% | 29.8% | 94.1% | 117.4% | 75.7% | -159.3% | — | — | -16.6% | 88.7% | 76.7% |
| Net Profit Margin | 29.8% | 29.8% | 18.2% | -8.4% | 92.1% | -178.8% | 101.6% | 89.2% | -16.7% | 85.9% | 76.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 7.9% | -2.0% | -36.5% | -6.5% | -77.9% | 14.0% | -2.9% | 14.2% | 11.2% |
| ROA | 1.7% | 1.7% | 1.1% | -0.3% | -6.0% | -1.1% | -10.8% | 1.8% | -0.4% | 2.0% | 1.6% |
| ROIC | 1.3% | 1.3% | 4.3% | 3.3% | -3.9% | -0.7% | — | — | -1.3% | 6.3% | 4.6% |
| ROCE | 12.7% | 12.7% | 40.7% | 27.9% | -29.9% | -5.8% | — | — | -0.4% | 2.1% | 1.6% |
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 | 7.05 | 7.05 | 6.70 | 5.70 | 5.27 | 4.99 | 5.29 | 0.56 | 0.72 | 0.67 | 0.90 |
| Debt / EBITDA | 55.11 | 55.11 | 15.77 | 20.93 | — | — | — | — | — | 5.34 | 7.78 |
| Net Debt / Equity | — | 6.98 | 6.60 | 5.60 | 5.05 | 4.74 | 5.00 | 0.50 | 0.66 | 0.64 | 0.83 |
| Net Debt / EBITDA | 54.56 | 54.56 | 15.53 | 20.57 | — | — | — | — | — | 5.07 | 7.16 |
| Debt / FCF | — | 35.42 | 26.32 | 18.43 | 20.71 | 43.63 | 40.10 | 4.30 | 4.98 | 5.87 | 5.72 |
| Interest Coverage | 1.46 | 1.46 | 1.24 | 0.98 | -6.43 | — | 0.28 | 0.05 | 0.07 | 1.86 | -0.05 |
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 | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | — | 0.95 | 0.72 | 1.73 | 5.51 |
| Quick Ratio | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | — | 0.95 | 0.72 | 1.73 | 5.51 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.04 | 0.05 | 0.05 | 0.60 | 0.45 | 0.94 | 1.72 |
| Asset Turnover | — | 0.05 | 0.06 | 0.04 | -0.09 | 0.01 | -0.19 | 0.02 | 0.02 | 0.02 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 20.5% | 19.2% | 24.5% | 27.5% | 33.9% | 18.3% | 24.6% | 12.9% | 15.2% | 10.2% | 11.3% |
| Payout Ratio | 105.5% | 105.5% | 176.1% | — | — | — | — | 74.5% | — | 61.0% | 80.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.8% | 15.7% | 8.1% | — | — | — | — | 15.3% | — | 16.2% | 14.3% |
| FCF Yield | 27.9% | 28.2% | 42.5% | 64.0% | 47.4% | 20.9% | 30.5% | 16.4% | 19.7% | 13.9% | 18.2% |
| Buyback Yield | 1.5% | 1.5% | 27.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 100.0% | 1.4% |
| Total Shareholder Yield | 22.0% | 20.7% | 51.7% | 27.5% | 33.9% | 18.3% | 24.6% | 12.9% | 15.3% | 100.0% | 12.7% |
| Shares Outstanding | — | $66M | $53M | $44M | $34M | $28M | $17M | $13M | $11M | $12M | $13M |
High Leverage Interest Sensitivity
According to current market data, IVR trades at a price-to-book ratio of 0.66, which, as noted in recent financial filings, suggests that investors are heavily discounting the company's equity due to persistent book value volatility and the complexities inherent in its externally managed business model.
The significant discount to book value indicates that the market remains skeptical of the company's ability to generate sustainable returns on equity. This valuation gap appears to be a direct consequence of historical book value erosion and the ongoing challenges in maintaining a stable dividend profile in a volatile interest rate environment.
As reported in financial statements, IVR's NOI margins have exhibited extreme instability, swinging from 100% in 2024Q3 to a negative 53.6% in 2025Q2, which suggests that the company's property-level profitability is highly susceptible to fluctuations in financing costs and the fair value of its mortgage assets.
The erratic nature of these margins implies that the company's core earnings power is frequently obscured by market-driven adjustments rather than organic operational growth. Investors should monitor whether the recent shift toward Agency RMBS can provide a more stable, albeit lower-yielding, foundation for future profitability.
Based on reported figures, IVR's FFO payout ratio has shown extreme inconsistency, reaching as high as 141.5% in 2025Q1, which indicates that the dividend is frequently unsupported by recurring operational cash flow and may be reliant on capital recycling or balance sheet liquidation to maintain distributions.
The lack of a consistent payout ratio suggests that the dividend policy is reactive rather than strategic, creating significant uncertainty for income-focused investors. The frequent divergence between FFO and actual cash distributions warrants further investigation into the long-term viability of the current dividend level.
Data from the last ten quarters indicates that IVR maintains a debt-to-equity ratio peaking at 7.05, illustrating a reliance on significant leverage that leaves the balance sheet highly susceptible to margin calls and forced asset liquidations during periods of interest rate volatility, as noted in recent filings.
This high leverage profile significantly limits the company's financial flexibility and ability to absorb market shocks without triggering dilutive capital raises. The thin interest coverage ratios observed in recent periods further suggest that the company's debt service capacity is under persistent pressure from rising funding costs.
As highlighted in industry research, the P/E ratio is fundamentally misapplied to IVR because it fails to account for the non-cash fair value adjustments inherent in mREIT accounting, which often distort net income and obscure the company's actual cash-generating capacity from its mortgage portfolio.
Investors should instead focus on Earnings Available for Distribution (EAD) or FFO, which provide a more accurate reflection of the interest spread income. Relying on standard P/E metrics in this context may lead to a fundamental misunderstanding of the company's valuation relative to its true economic earnings power.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying IVR stock.
Invesco Mortgage Capital Inc.'s current P/E ratio is 6.0x. The historical average is 8.3x. This places it at the 18th percentile of its historical range.
Invesco Mortgage Capital Inc.'s current EV/EBITDA is 60.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
Invesco Mortgage Capital Inc.'s return on equity (ROE) is 13.3%. The historical average is -0.4%.
Based on historical data, Invesco Mortgage Capital Inc. is trading at a P/E of 6.0x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Invesco Mortgage Capital Inc.'s current dividend yield is 20.48% with a payout ratio of 105.5%.
Invesco Mortgage Capital Inc. has 35.3% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Invesco Mortgage Capital Inc.'s Debt/EBITDA ratio is 55.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.