Latest Ratios: P/E Ratio 15.1x · EV/EBITDA 19.3x · 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 | $2.6B | $2.7B | $2.7B | — | — | — | — | — | — | — | — |
| Enterprise Value | $13.4B | $13.4B | $11.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 15.07 | 15.00 | 31.02 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.95 | 3.03 | 9.56 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.46 | 1.45 | 1.45 | — | — | — | — | — | — | — | — |
| P/FCF | 33.90 | 34.81 | 13.36 | — | — | — | — | — | — | — | — |
| P/OCF | 33.90 | 34.81 | 13.36 | — | — | — | — | — | — | — | — |
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 | — | 15.35 | 41.24 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 19.31 | 19.41 | 100.45 | — | — | — | — | — | — | — | — |
| EV / EBIT | 19.37 | 19.47 | 96.34 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 176.19 | 57.62 | — | — | — | — | — | — | — | — |
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% | 4.3% | — | — | 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 | 15.88 | 15.88 | 80.11 | 68.20 | — | 8.06 | — | 3023.39 | 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 | 15.57 | 15.57 | 77.16 | 63.86 | — | 7.28 | — | 3002.10 | 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 | 0.23 | -0.01 | -0.90 | 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 | 1.22 | 3.61 | 50.44 | 0.01 | 0.06 | 0.03 |
| Quick Ratio | 2.18 | 2.18 | 30.45 | 1.51 | 62.94 | 1.22 | 3.61 | 50.44 | -0.02 | 0.04 | 0.02 |
| Cash Ratio | 0.92 | 0.92 | 1.08 | 1.09 | 2.49 | 0.76 | 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 | 7.1% | 7.1% | 5.4% | — | — | — | — | — | — | — | — |
| 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 | 6.6% | 6.7% | 3.2% | — | — | — | — | — | — | — | — |
| FCF Yield | 2.9% | 2.9% | 7.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.1% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 7.7% | 7.7% | 5.4% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $105M | $105M | $104M | $103M | $118M | $113M | $117M | $105M | $97M | $93M |
Earnings volatility and leverage
As reported in quarterly financial statements, the company's NOI margin experienced a dramatic contraction from 100% in early 2024 to 33.4% by 2025Q2, highlighting a fundamental shift in the cost structure associated with the company's transition toward an active mortgage origination model.
The significant compression in NOI margins suggests that the integration of Lima One has introduced higher operational overhead that is not yet being offset by consistent origination income. Investors should monitor whether this margin volatility represents a permanent structural change or merely temporary friction from scaling the new business-purpose loan platform.
Based on the provided historical data, the dividend payout ratio has exhibited extreme instability, reaching a peak of 149% in 2024Q1, which implies that the company has frequently relied on capital sources other than recurring earnings to sustain its distribution to shareholders during periods of operational stress.
The erratic nature of the FFO payout ratio indicates that dividend coverage is highly sensitive to the company's volatile earnings profile. This lack of consistency suggests that the current dividend policy may be unsustainable without a significant improvement in core earnings stability.
As reported in quarterly financial statements, the company's debt-to-equity ratio has exhibited extreme volatility, swinging from a low of 2.72 in 2024Q1 to a peak of 6.01 in 2025Q4, which suggests a lack of disciplined leverage management across different interest rate environments.
The wide fluctuations in leverage ratios appear to reflect a reactive approach to funding rather than a strategic capital structure. Such inconsistency in debt levels warrants further investigation into the company's ability to manage margin calls and refinancing risks during periods of market turbulence.
According to recent SEC filings, the market's reliance on standard P/E multiples for this REIT is fundamentally flawed, as it fails to account for the significant non-cash fair value adjustments that distort net income and mask the underlying cash-generating capacity of the mortgage portfolio.
Investors should prioritize Earnings Available for Distribution (EAD) over traditional P/E metrics to better assess the company's operational performance. Using standard P/E ratios in this context likely leads to a misinterpretation of the firm's valuation, as it ignores the impact of mark-to-market accounting on reported earnings.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MFAN stock.
MFA Financial, Inc. 8.875% Senior Notes's current P/E ratio is 15.1x. The historical average is 23.0x. This places it at the 50th percentile of its historical range.
MFA Financial, Inc. 8.875% Senior Notes's current EV/EBITDA is 19.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
MFA Financial, Inc. 8.875% Senior Notes's return on equity (ROE) is 9.6%. The historical average is 6.6%.
Based on historical data, MFA Financial, Inc. 8.875% Senior Notes is trading at a P/E of 15.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MFA Financial, Inc. 8.875% Senior Notes's current dividend yield is 7.07% with a payout ratio of 106.6%.
MFA Financial, Inc. 8.875% Senior Notes has 96.2% gross margin and 78.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MFA Financial, Inc. 8.875% Senior Notes's Debt/EBITDA ratio is 15.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.