Latest Ratios: P/E Ratio 6.4x · EV/EBITDA 8.6x · ROE 11.7%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $228M | $263M | $304M | $297M | $267M | $291M |
| Enterprise Value | $311M | $346M | $382M | $355M | $320M | $210M |
| P/E Ratio → | 6.39 | 7.30 | 8.20 | 7.67 | 8.28 | 30.83 |
| P/S Ratio | 3.61 | 4.16 | 5.55 | 5.18 | 5.47 | 20.09 |
| P/B Ratio | 0.75 | 0.85 | 0.98 | 1.09 | 1.01 | 1.10 |
| P/FCF | 7.90 | 9.13 | 13.13 | 10.44 | 15.73 | 43.57 |
| P/OCF | 7.90 | 9.13 | 13.13 | 10.44 | 15.73 | 43.57 |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.49 | 6.97 | 6.19 | 6.54 | 14.54 |
| EV / EBITDA | 8.64 | 9.62 | — | — | — | 16.61 |
| EV / EBIT | 8.64 | 9.62 | — | — | — | — |
| EV / FCF | — | 12.03 | 16.48 | 12.49 | 18.80 | 31.54 |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 86.9% | 86.9% | 100.0% | 100.0% | 100.0% | 98.5% |
| Operating Margin | 57.1% | 57.1% | — | — | — | 87.5% |
| Net Profit Margin | 57.1% | 57.1% | 67.6% | 67.5% | 66.1% | 87.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 12.8% | 14.4% | 12.2% | 4.8% |
| ROA | 8.4% | 8.4% | 9.3% | 11.0% | 10.4% | 4.6% |
| ROIC | 6.9% | 6.9% | — | — | — | — |
| ROCE | 9.3% | 9.3% | — | — | — | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.34 | 0.24 | 0.22 | — |
| Debt / EBITDA | 2.73 | 2.73 | — | — | — | — |
| Net Debt / Equity | — | 0.27 | 0.25 | 0.21 | 0.20 | -0.30 |
| Net Debt / EBITDA | 2.32 | 2.32 | — | — | — | -6.34 |
| Debt / FCF | — | 2.90 | 3.35 | 2.04 | 3.07 | -12.03 |
| Interest Coverage | 4.77 | 4.77 | — | — | — | 166.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.28 | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Quick Ratio | 0.28 | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Cash Ratio | 0.22 | 0.22 | 1.32 | 0.41 | 0.29 | 6.58 |
| Asset Turnover | — | 0.15 | 0.13 | 0.16 | 0.14 | 0.05 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 19.1% | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Payout Ratio | 121.8% | 121.8% | 112.4% | 101.1% | 87.2% | 54.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 15.7% | 13.7% | 12.2% | 13.0% | 12.1% | 3.2% |
| FCF Yield | 12.7% | 11.0% | 7.6% | 9.6% | 6.4% | 2.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 19.1% | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Shares Outstanding | — | $21M | $20M | $18M | $18M | $17M |
Regulatory-driven yield compression
As reported in recent financial statements, REFI trades at a price-to-book ratio of 0.79, which suggests that the market is discounting the company's loan portfolio due to concerns over the long-term viability of cannabis-focused debt in a potentially shifting regulatory landscape.
The current valuation reflects a significant discount to book value, which may indicate that investors are pricing in potential credit losses or the eventual erosion of the 'complexity premium' currently enjoyed by the firm. This valuation warrants further investigation into whether the market is correctly identifying the risk of collateral impairment in specialized cultivation facilities.
Based on reported figures, the FFO payout ratio has exhibited extreme volatility, reaching as high as 157.2% in 2024Q1, which suggests that the dividend is not consistently supported by recurring cash flows and may be subject to future adjustments if earnings instability persists.
The erratic nature of the payout ratio implies that the dividend policy may be disconnected from the underlying cash-generating capacity of the loan book. Investors should monitor whether management continues to prioritize distributions over the retention of capital necessary to navigate potential credit defaults in the cannabis sector.
According to recent SEC filings, REFI maintains a debt-to-equity ratio of 0.32, which indicates a highly conservative capital structure that provides a buffer against liquidity shocks but may simultaneously constrain the firm's ability to scale its loan portfolio relative to more levered industry peers.
While this low leverage profile appears to protect the balance sheet from immediate refinancing risks, it also limits the potential for ROE expansion. The reliance on equity funding suggests that management is prioritizing stability over aggressive growth, which may be a prudent response to the inherent volatility of the cannabis industry.
As noted in financial analysis literature, the use of a standard P/E ratio for REFI is deeply misleading because it fails to account for the non-cash nature of interest accruals and the specific tax-advantaged structure of a mortgage REIT, which obscures the true cash-generating ability of the firm.
The P/E ratio ignores the impact of depreciation and the lumpy nature of origination fees, which are central to the REIT's economic reality. Analysts should instead focus on FFO and AFFO metrics to better understand the actual cash available for distribution, as the P/E ratio provides a distorted view of the company's valuation relative to its peers.
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying REFI stock.
Chicago Atlantic Real Estate Finance, Inc.'s current P/E ratio is 6.4x. The historical average is 12.5x.
Chicago Atlantic Real Estate Finance, Inc.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Chicago Atlantic Real Estate Finance, Inc.'s return on equity (ROE) is 11.7%. The historical average is 11.2%.
Based on historical data, Chicago Atlantic Real Estate Finance, Inc. is trading at a P/E of 6.4x. Compare with industry peers and growth rates for a complete picture.
Chicago Atlantic Real Estate Finance, Inc.'s current dividend yield is 19.07% with a payout ratio of 121.8%.
Chicago Atlantic Real Estate Finance, Inc. has 86.9% gross margin and 57.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Chicago Atlantic Real Estate Finance, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.