Latest Ratios: P/E Ratio 5.7x · EV/EBITDA 31.6x · ROE 15.0%. (2015–2025 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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $833M | $706M | $273M | $271M | $233M | $392M | $86M | — | — | — |
| Enterprise Value | $5.3B | $5.1B | $5.1B | $6.8B | $7.8B | $8.4B | $5.8B | — | — | — |
| P/E Ratio → | 5.68 | 4.94 | 15.38 | 26.25 | 72.23 | 4.90 | 9.49 | — | — | — |
| P/S Ratio | 6.60 | 5.59 | 2.48 | 6.44 | 5.78 | 11.28 | 4.41 | — | — | — |
| P/B Ratio | 0.97 | 0.85 | 0.48 | 0.61 | 0.43 | 0.77 | 0.21 | — | — | — |
| P/FCF | 36.33 | 30.79 | 9.32 | 8.58 | 3.55 | 7.95 | 2.61 | — | — | — |
| P/OCF | 36.33 | 30.79 | 9.32 | 8.58 | 3.55 | 7.95 | 2.61 | — | — | — |
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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 40.70 | 46.18 | 161.92 | 193.38 | 240.72 | 298.79 | — | — | — |
| EV / EBITDA | 31.58 | 30.82 | 56.36 | 244.42 | 274.07 | 100.21 | — | — | — | — |
| EV / EBIT | 32.15 | 30.94 | 60.09 | 363.67 | 143.40 | 100.21 | — | — | — | — |
| EV / FCF | — | 223.99 | 173.95 | 215.97 | 118.66 | 169.68 | 177.01 | — | — | — |
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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.9% | 88.9% | 90.0% | 90.1% | 89.1% | 100.0% | 100.0% | 67.7% | 62.5% | 60.1% |
| Operating Margin | 129.7% | 129.7% | 76.8% | 60.4% | 63.4% | 240.2% | — | 56.6% | -18.6% | -82.0% |
| Net Profit Margin | 83.3% | 83.3% | 26.5% | 33.2% | 16.7% | 124.0% | 65.9% | 56.6% | -38.7% | -117.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | 5.7% | 2.8% | 1.3% | 9.5% | 4.0% | 15.7% | -30.9% | -56.9% |
| ROA | 2.0% | 2.0% | 0.5% | 0.2% | 0.1% | 0.6% | 0.3% | 1.9% | -3.5% | -4.3% |
| ROIC | 2.3% | 2.3% | 1.0% | 0.3% | 0.2% | 0.9% | — | 1.4% | -1.3% | — |
| ROCE | 3.2% | 3.2% | 1.4% | 0.4% | 0.3% | 1.2% | — | 1.9% | -1.7% | -3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.35 | 5.35 | 8.44 | 14.72 | 13.94 | 15.79 | 14.28 | 7.41 | 5.67 | 11.84 |
| Debt / EBITDA | 26.79 | 26.79 | 53.38 | 235.20 | 266.58 | 95.83 | — | 45.80 | 42.73 | 390.39 |
| Net Debt / Equity | — | 5.31 | 8.43 | 14.69 | 13.90 | 15.73 | 14.21 | 7.36 | 5.60 | 11.65 |
| Net Debt / EBITDA | 26.58 | 26.58 | 53.34 | 234.71 | 265.88 | 95.52 | — | 45.52 | 42.21 | 384.00 |
| Debt / FCF | — | 193.20 | 164.63 | 207.39 | 115.12 | 161.73 | 174.40 | — | 48.54 | 76.64 |
| Interest Coverage | 3.88 | 3.88 | 1.91 | 0.36 | 1.35 | 2.80 | — | — | 0.00 | -3.22 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.34 | 0.34 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 34.26 | 0.63 | 0.81 |
| Quick Ratio | 0.34 | 0.34 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 34.26 | 0.63 | 0.81 |
| Cash Ratio | 0.13 | 0.13 | 0.01 | 0.04 | 0.06 | 0.09 | 0.18 | 0.19 | 0.31 | 0.48 |
| Asset Turnover | — | 0.02 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.02 | 0.08 | 0.04 |
| 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 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.6% | 8.7% | 12.8% | 17.7% | 12.7% | 3.6% | 9.6% | — | — | — |
| Payout Ratio | — | — | 119.4% | 343.1% | 439.5% | 32.9% | 64.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.6% | 20.2% | 6.5% | 3.8% | 1.4% | 20.4% | 10.5% | — | — | — |
| FCF Yield | 2.8% | 3.2% | 10.7% | 11.6% | 28.2% | 12.6% | 38.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 15.5% | — | — | — |
| Total Shareholder Yield | 7.6% | 8.7% | 12.8% | 18.0% | 12.7% | 3.6% | 25.1% | — | — | — |
| Shares Outstanding | — | $50M | $17M | $17M | $15M | $20M | $5M | $5M | $5M | $5M |
Subordinate debt credit impairment
As reported in financial statements, NREF's P/E ratio of 5.40 suggests a significant market discount, yet this valuation metric remains fundamentally misleading due to the company's reliance on non-cash accounting adjustments and the inherent complexity of its subordinate debt-heavy investment portfolio compared to traditional mortgage REIT peers.
The current valuation appears to reflect a persistent 'complexity discount' stemming from the firm's external management structure and opaque CMBS holdings. Investors should monitor whether this discount is a rational response to the risk of credit impairment in the Sunbelt multifamily portfolio or an opportunity for mispriced entry.
Based on reported figures, NREF's NOI margin has exhibited significant instability, fluctuating from a high of 98.2% in 2024Q2 to 84.1% in 2026Q1, which may indicate rising property-level operating costs or a shift in the underlying asset mix toward lower-yielding, higher-expense debt instruments.
The erratic nature of these margins suggests that organic growth is being challenged by the current interest rate environment. The reliance on non-cash income to bolster headline profitability warrants further investigation into the quality of earnings and the sustainability of current yield levels.
According to recent SEC filings, NREF's FFO payout ratio has demonstrated extreme volatility, ranging from 19.1% in 2025Q3 to 81.5% in 2025Q4, highlighting the difficulty in relying on FFO as a consistent indicator of cash-generating capability for this mortgage REIT in the current market cycle.
The wide variance in payout ratios suggests that the dividend is not supported by a stable cash flow base, but rather by episodic gains. Investors should monitor the company's ability to generate consistent distributable earnings, as the current payout trajectory appears increasingly precarious.
As indicated by historical data, NREF has aggressively reduced its debt-to-equity ratio from a peak of 14.76 in 2024Q1 to 5.13 in 2026Q1, reflecting a strategic pivot toward shrinking the balance sheet in response to a more challenging multifamily lending environment and elevated interest rate volatility.
While the headline leverage ratio has improved, it likely understates the true risk profile of the company's subordinate debt positions. The firm's reliance on non-recourse securitizations may mask the actual credit risk embedded within the capital stack, warranting a cautious outlook on balance sheet health.
The most commonly misapplied metric for NREF is the standard P/E ratio, which fails to account for the significant non-cash depreciation and amortization inherent in real estate finance, thereby obscuring the true cash-generating capacity of the firm's underlying mortgage and preferred equity investment portfolio.
Using P/E for an mREIT like NREF is fundamentally flawed because it ignores the non-cash nature of many income components and the impact of leverage on equity returns. Analysts should instead focus on Distributable Earnings or AFFO to better assess the company's ability to sustain its dividend and maintain capital integrity.
Includes 30+ ratios · 9 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 NREF stock.
NexPoint Real Estate Finance, Inc.'s current P/E ratio is 5.7x. The historical average is 22.2x. This places it at the 33th percentile of its historical range.
NexPoint Real Estate Finance, Inc.'s current EV/EBITDA is 31.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.6x.
NexPoint Real Estate Finance, Inc.'s return on equity (ROE) is 15.0%. The historical average is -3.8%.
Based on historical data, NexPoint Real Estate Finance, Inc. is trading at a P/E of 5.7x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NexPoint Real Estate Finance, Inc.'s current dividend yield is 7.61%.
NexPoint Real Estate Finance, Inc. has 88.9% gross margin and 129.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NexPoint Real Estate Finance, Inc.'s Debt/EBITDA ratio is 26.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.