Latest Ratios: P/E Ratio 5.6x · EV/EBITDA 17.0x · ROE 9.6%. (1998–2025 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 | $956M | $980M | $1.1B | $1.2B | $1.0B | $2.2B | $1.8B | $3.6B | $2.8B | $3.1B | $2.8B |
| Enterprise Value | $11.7B | $11.8B | $9.9B | $5.9B | $7.5B | $5.0B | $2.8B | $13.5B | $3.5B | $3.1B | $2.7B |
| P/E Ratio → | 5.57 | 5.54 | 12.43 | 24.50 | — | 6.94 | — | 9.65 | 9.34 | 10.03 | 9.54 |
| P/S Ratio | 1.09 | 1.12 | 3.83 | 4.99 | — | 6.41 | — | 8.26 | 8.10 | 8.26 | 7.91 |
| P/B Ratio | 0.54 | 0.54 | 0.58 | 0.61 | 0.51 | 0.85 | 0.29 | 1.06 | 0.24 | 0.30 | 0.24 |
| P/FCF | 12.53 | 12.86 | 5.35 | 10.74 | 2.78 | 19.96 | 52.44 | 16.73 | 19.20 | 17.59 | 33.48 |
| P/OCF | 12.53 | 12.86 | 5.35 | 10.74 | 2.78 | 17.96 | 45.80 | 16.58 | 19.05 | 17.50 | 33.20 |
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 | — | 13.44 | 35.51 | 25.01 | — | 14.84 | — | 31.24 | 10.20 | 8.29 | 7.46 |
| EV / EBITDA | 17.01 | 17.04 | 88.97 | 79.78 | — | 12.81 | — | — | 4.15 | 9.99 | 8.57 |
| EV / EBIT | 17.01 | 17.04 | — | — | — | 11.74 | — | — | 11.75 | 9.56 | 8.54 |
| EV / FCF | — | 154.25 | 49.61 | 53.82 | 20.61 | 46.23 | 83.01 | 63.30 | 24.17 | 17.65 | 31.55 |
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 | 96.2% | 96.2% | 87.4% | 85.4% | 163.4% | 88.9% | 100.0% | 100.0% | 67.4% | 74.8% | 79.3% |
| Operating Margin | 78.8% | 78.8% | 39.9% | 29.6% | 331.3% | 97.5% | — | — | 153.5% | 19.9% | 25.9% |
| Net Profit Margin | 20.2% | 20.2% | 42.6% | 34.3% | 342.5% | 97.5% | 122.2% | 87.3% | 86.8% | 86.4% | 87.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.6% | 9.6% | 6.4% | 4.1% | -10.2% | 7.7% | -14.4% | 4.9% | 2.7% | 2.9% | 4.2% |
| ROA | 1.4% | 1.4% | 1.1% | 0.8% | -2.5% | 4.1% | -6.6% | 2.9% | 2.6% | 2.8% | 2.4% |
| ROIC | 4.4% | 4.4% | 1.0% | 0.7% | -2.4% | 4.0% | — | — | 3.5% | 0.5% | 0.9% |
| ROCE | 5.8% | 5.8% | 1.0% | 0.7% | -2.5% | 4.1% | — | — | 13.8% | 2.3% | 3.0% |
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 | 6.01 | 6.01 | 4.99 | 2.63 | 3.45 | 1.24 | 0.30 | 2.96 | 0.07 | 0.04 | 0.01 |
| Debt / EBITDA | 15.93 | 15.93 | 82.41 | 68.20 | — | 8.06 | — | — | 0.91 | 1.49 | 0.31 |
| Net Debt / Equity | — | 5.90 | 4.81 | 2.47 | 3.28 | 1.12 | 0.17 | 2.94 | 0.06 | 0.00 | -0.01 |
| Net Debt / EBITDA | 15.62 | 15.62 | 79.37 | 63.86 | — | 7.28 | — | — | 0.85 | 0.04 | -0.52 |
| Debt / FCF | — | 141.39 | 44.26 | 43.09 | 17.83 | 26.27 | 30.58 | 46.57 | 4.97 | 0.06 | -1.93 |
| Interest Coverage | 1.34 | 1.34 | 0.21 | -0.01 | -0.87 | 3.54 | — | — | 1.30 | 1.64 | 1.62 |
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 | 2.18 | 2.18 | 30.45 | 1.51 | 62.94 | — | 3.61 | 50.44 | 0.01 | 0.06 | 0.03 |
| Quick Ratio | 2.18 | 2.18 | 30.45 | 1.51 | 62.94 | — | 3.61 | 50.44 | -0.02 | 0.04 | 0.02 |
| Cash Ratio | 0.92 | 0.92 | 1.08 | 1.09 | 2.49 | — | 3.45 | 0.46 | 0.01 | 0.06 | 0.03 |
| Asset Turnover | — | 0.07 | 0.02 | 0.02 | -0.01 | 0.04 | -0.08 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.45 | 0.62 | 0.92 |
| 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 | 19.1% | 19.2% | 13.4% | 12.3% | 18.1% | 7.2% | 6.5% | 10.1% | 11.7% | 10.0% | 10.5% |
| Payout Ratio | 106.6% | 106.6% | 120.6% | 178.5% | — | 47.5% | — | 95.6% | 109.3% | 95.7% | 95.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.9% | 18.0% | 8.0% | 4.1% | — | 14.4% | — | 10.4% | 10.7% | 10.0% | 10.5% |
| FCF Yield | 8.0% | 7.8% | 18.7% | 9.3% | 36.0% | 5.0% | 1.9% | 6.0% | 5.2% | 5.7% | 3.0% |
| Buyback Yield | 1.6% | 1.6% | 0.1% | 0.0% | 10.1% | 4.0% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 20.7% | 20.8% | 13.6% | 12.3% | 28.2% | 11.2% | 9.3% | 10.1% | 11.7% | 10.0% | 10.5% |
| Shares Outstanding | — | $105M | $105M | $104M | $103M | $118M | $113M | $117M | $105M | $97M | $93M |
High leverage interest sensitivity
Based on recent market data, MFA trades at a P/B ratio of 0.57, which suggests that investors are pricing in significant uncertainty regarding the underlying value of the firm's credit-sensitive residential loan portfolio relative to its book value as reported in quarterly filings.
The persistent discount to book value indicates that the market remains skeptical of the firm's ability to realize the full value of its non-agency assets. Investors should monitor whether the integration of Lima One eventually justifies a higher valuation multiple as the firm shifts toward a specialty finance model.
As reported in financial statements, MFA's NOI margin has shown extreme volatility, dropping from 100% in early 2024 to 37.4% in 2025Q3, which highlights the structural vulnerability of the firm's profitability to fluctuations in wholesale funding costs and credit-related impairment charges.
The erratic nature of these margins suggests that the firm's profitability is highly dependent on the spread between mortgage yields and repo financing rates. This volatility may indicate that organic growth is being hampered by the rising cost of capital required to maintain the current investment portfolio.
According to recent SEC filings, MFA's FFO payout ratio has fluctuated significantly, reaching as high as 110.1% in 2025Q2, which suggests that the dividend is not consistently supported by recurring earnings and may be vulnerable to future adjustments if interest rate volatility persists.
The inconsistency in dividend coverage underscores the difficulty of maintaining a stable payout in a credit-sensitive model. Investors should monitor the sustainability of these distributions, as the firm's reliance on non-cash valuation adjustments often obscures the actual cash flow available for shareholder returns.
Based on reported figures, MFA's debt-to-equity ratio climbed to 6.01x by 2025Q4, a trend that appears to heighten the firm's sensitivity to repo market liquidity and potential margin calls in a higher-for-longer interest rate environment.
This high leverage profile limits the firm's operational flexibility and increases the risk of book value erosion during periods of market stress. The current debt maturity profile warrants further investigation to determine if the firm faces significant refinancing risks in the near term.
As noted in industry research, the P/E ratio is frequently misapplied to MFA, as it fails to account for the significant non-cash depreciation and fair value adjustments inherent in the mortgage REIT model, which can severely distort the perceived earnings power of the firm.
Investors should instead focus on Earnings Available for Distribution (EAD) or FFO, which provide a more accurate representation of the cash-generating capacity of the underlying assets. Relying on P/E obscures the impact of mark-to-market volatility on the firm's reported net income.
Includes 30+ ratios · 28 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MFA stock.
MFA Financial, Inc.'s current P/E ratio is 5.6x. The historical average is 14.6x. This places it at the 4th percentile of its historical range.
MFA Financial, Inc.'s current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.7x.
MFA Financial, Inc.'s return on equity (ROE) is 9.6%. The historical average is 6.6%.
Based on historical data, MFA Financial, Inc. is trading at a P/E of 5.6x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MFA Financial, Inc.'s current dividend yield is 19.12% with a payout ratio of 106.6%.
MFA Financial, Inc. has 96.2% gross margin and 78.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MFA Financial, Inc.'s Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.