A Business at a Glance
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MFA FINANCIAL, INC.
MFA
$954M
Mkt Cap
$9.14
+0.77%
MFA FINANCIAL, INC. (MFA) has a current P/E ratio of 7.0, compared to its historical median P/E of 4.2. The stock is currently considered Fair based on its historical valuation range.
MFA FINANCIAL, INC. (MFA) has a 5-year average return on invested capital (ROIC) of 4.4%. This is below average and may indicate limited pricing power.
MFA FINANCIAL, INC. (MFA) has a market capitalization of $929M. It is classified as a small-cap stock.
Yes, MFA FINANCIAL, INC. (MFA) pays a dividend with a trailing twelve-month yield of 16.28%. The company also returns capital through share buybacks, with a buyback yield of 2.06%.
Based on historical P/E analysis, MFA FINANCIAL, INC. (MFA) appears fair. The current P/E of 7.0 is 66% above its historical median of 4.2. The estimated fair value CAGR (P/E method) is -21.3%.
MFA FINANCIAL, INC. (MFA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
MFA FINANCIAL, INC. (MFA) reported annual revenue of $231 million in its most recent fiscal year, based on SEC EDGAR filings.
We are a specialty finance company that invests in and finances residential mortgage assets. Our targeted investments include principally the following: •Residential whole loans, including Non-QM loans, Business purpose loans, and Legacy RPL/NPL loans, which we acquire and hold through certain trusts that are consolidated on our balance sheet for financial reporting purposes. Through our wholly-owned subsidiary, Lima One Capital, LLC (together with its parent company, Lima One Holdings, LLC, “Lima One”), a leading nationwide originator and servicer of Business purpose loans (or BPLs), which we acquired on July 1, 2021, we originate and service BPLs for real estate investors. We also own real estate (or REO), which is typically acquired as a result of the foreclosure or other liquidation of delinquent whole loans in connection with our loan investment activities. •Residential mortgage securities, including Agency MBS, Non-Agency MBS and CRT securities.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 233M | 231M | 203M | 176M | 224M | - |
| Net Income | 91M | 136M | 86M | 47M | -265M | 295M |
| EPS | $0.89 | $1.30 | $0.82 | $0.46 | $-2.57 | $10.52 |
| Free Cash Flow | 0 | 76M | 200M | 109M | 355M | 126M |
| ROIC | 5.1% | 8.2% | 6.5% | 2.4% | -0.1% | 5.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 4.94 | 4.82 | 4.78 | 4.76 | 3.78 | 3.11 |
| Dividends/Share | $1.49 | $1.44 | $1.40 | $1.67 | $1.67 | $6.16 |
| Operating Income | 2.1M | 649M | 608M | 9.0M | -7.1M | 418M |
| Operating Margin | 0.9% | - | - | 5.1% | -3.2% | - |
| ROE | 5.1% | 7.4% | 4.6% | 2.4% | -11.7% | 11.6% |
| Shares Outstanding | 102M | 104M | 105M | 103M | 103M | 28M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 359M | 366M | 373M | 394M | 381M | 0 | 0 | N/A | 224M | 176M | 203M | 231M | 233M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 15M | 16M | 16M | 18M | 18M | 20M | 26M | 86M | 113M | 44M | 44M | 42M | 44M |
| EBIT | 458M | N/A | 491M | 504M | 518M | 695M | -439M | 418M | -7.1M | 9.0M | 608M | 649M | 2.1M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3.2% | 5.1% | N/A | N/A | 0.9% |
| Net Income | 299M | 298M | 298M | 307M | 286M | 362M | -709M | 295M | -265M | 47M | 86M | 136M | 91M |
| Net Margin | 83.2% | 81.4% | 79.9% | 77.7% | 74.9% | N/A | N/A | N/A | -118.6% | 26.8% | 42.4% | 58.7% | 39.2% |
| Non-Recurring | 0 | 0 | 1.3M | 63K | 1.3M | 264K | 44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 16.3% | N/A | 17.7% | 16.0% | 15.5% | 20.4% | -24.0% | 5.0% | -0.1% | 2.4% | 6.5% | 8.2% | 5.1% |
| ROE | 9.4% | 10.1% | 9.9% | 9.7% | 8.6% | 10.6% | -24.0% | 11.6% | -11.7% | 2.4% | 4.6% | 7.4% | 5.1% |
| ROA | 2.4% | 2.3% | 2.3% | 2.6% | 2.4% | 2.8% | -6.9% | 3.7% | -2.9% | 0.5% | 0.8% | 1.1% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 256M | 278M | 179M | 177M | 148M | 216M | 38M | 138M | 355M | 109M | 200M | 76M | 162M |
| Free Cash Flow | 255M | 277M | 179M | 176M | 147M | 214M | 34M | 126M | 355M | 109M | 200M | 76M | 0 |
| Owner Earnings | 246M | 269M | 169M | 167M | 138M | 203M | 32M | 122M | 335M | 90M | 183M | 69M | 156M |
| CapEx | 786K | 1.6M | 708K | 872K | 1.1M | 1.9M | 4.9M | 12M | 300K | 0 | 0 | 0 | 0 |
| Maint. CapEx | 1.2M | 860K | 964K | 1.5M | 1.8M | 3.3M | 0 | 6.6M | 9.2M | 4.2M | 3.2M | 2.2M | 1.7M |
| Growth CapEx | 0 | 700K | 0 | 0 | 0 | 0 | N/A | 5.4M | 0 | N/A | N/A | N/A | 0 |
| D&A | 1.2M | 860K | 964K | 1.5M | 1.8M | 3.3M | 0 | 6.6M | 9.2M | 4.2M | 3.2M | 2.2M | 1.7M |
| CapEx/OCF | 0.3% | 0.6% | 0.4% | 0.5% | 0.8% | 0.9% | 12.7% | 10.0% | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 295M | 297M | 298M | 309M | 330M | 362M | 114M | 156M | 184M | 143M | 144M | 148M | 151M |
| Dividend Yield | 39.9% | 38.5% | 36.1% | 28.0% | 27.8% | 25.4% | 14.2% | 58.5% | 22.8% | 18.9% | 15.2% | 16.1% | 16.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 51M | 86M | 102M | 0 | 1.5M | 15M | 19M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 5.5% | 7.3% | 15.5% | N/A | 0.2% | 1.6% | 2.1% |
| Stock-Based Comp | 8.6M | 7.8M | 9.2M | 8.0M | 8.0M | 9.2M | 6.7M | 9.0M | 11M | 15M | 14M | 5.3M | 4.5M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -265M | -11.4B | -372M | -7.4B | -6.5B | -4.0B | 4.1B | 7.4B | 6.9B | 8.0B | 6.9B | 5.2B | 5.0B |
| Cash & Equiv. | 182M | 165M | 260M | 450M | 52M | 71M | 814M | 305M | 334M | 318M | 339M | 213M | 3.8B |
| Long-Term Debt | 15M | 97M | 8.4M | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 183M | 0 | N/A |
| Debt/Equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 2.11 | 3.11 | 3.78 | 4.76 | 4.78 | 4.82 | 4.94 |
| Interest Coverage | 2.9 | N/A | 2.5 | 2.6 | 2.2 | 2.1 | -1.6 | 3.5 | -0.0 | 0.0 | 1.2 | 1.3 | 0.0 |
| Equity | 3.2B | 3.0B | 3.0B | 3.3B | 3.4B | 3.4B | 2.5B | 2.5B | 2.0B | 1.9B | 1.8B | 1.8B | 1.8B |
| Total Assets | 12.4B | 13.2B | 12.5B | 11.0B | 12.4B | 13.6B | 6.9B | 9.1B | 9.1B | 10.8B | 11.4B | 13.0B | 13.2B |
| Total Liabilities | 9.2B | 10.2B | 9.5B | 7.7B | 9.0B | 10.2B | 4.4B | 6.6B | 7.1B | 8.9B | 9.6B | 11.2B | 11.5B |
| Intangibles | N/A | 7.2M | N/A | N/A | N/A | N/A | 0 | 21M | 12M | 8.0M | 4.8M | 2.6M | 2.3M |
| Retained Earnings | -569M | -572M | -573M | -579M | -632M | -631M | -1.4B | -1.3B | -1.7B | -1.8B | -1.9B | -1.9B | -1.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -166M | -150M | -105M | -27M |
| Current Assets | 67M | 72M | 58M | 14M | 37M | 64M | 7.2M | 100M | 160M | 170M | 262M | 173M | 173M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 336M | 412M | 279M | 201M |
| Per Share Data | |||||||||||||
| EPS | 3.24 | 3.20 | 3.20 | 3.16 | 2.72 | 3.16 | -6.28 | 10.52 | -2.57 | 0.46 | 0.82 | 1.30 | 0.89 |
| Owner EPS | 2.67 | 2.89 | 1.82 | 1.72 | 1.31 | 1.77 | 0.28 | 4.36 | 3.25 | 0.87 | 1.75 | 0.66 | 1.53 |
| Book Value | 34.77 | 31.84 | 32.62 | 33.63 | 32.50 | 29.54 | 22.36 | 90.70 | 19.28 | 18.48 | 17.58 | 17.51 | 17.51 |
| Cash Flow/Share | 2.78 | 2.98 | 1.93 | 1.82 | 1.41 | 1.88 | 0.34 | 4.92 | 3.45 | 1.06 | 1.91 | 0.73 | 0.91 |
| Dividends/Share | 3.20 | 3.19 | 3.20 | 3.18 | 3.20 | 3.20 | 1.01 | 6.16 | 1.67 | 1.67 | 1.40 | 1.44 | 1.49 |
| Shares Out. | 92.1M | 93.2M | 93.0M | 97.0M | 105.1M | 114.6M | 112.9M | 28.0M | 103.1M | 102.8M | 104.8M | 104.4M | 101.6M |
| Valuation | |||||||||||||
| P/E Ratio | 2.7 | 2.5 | 3.1 | 3.7 | 4.1 | 4.4 | N/A | 3.9 | N/A | 18.9 | 10.6 | 7.2 | 10.2 |
| P/FCF | 3.1 | 2.7 | 5.2 | 6.4 | 7.9 | 7.5 | 27.6 | 2.3 | 1.9 | 8.2 | 4.5 | 12.8 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 982.7 | N/A | N/A | N/A |
| Price/Book | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.4 | 0.5 | 0.3 | 0.5 | 0.5 | 0.5 | 0.5 |
| Price/Sales | 2.1 | 2.1 | 2.2 | 2.8 | 3.1 | 3.0 | N/A | 2.6 | N/A | 3.2 | 3.3 | 2.8 | 4.0 |
| FCF Yield | 32.0% | 37.0% | 19.2% | 15.5% | 12.6% | 13.4% | 3.6% | 10.8% | 53.6% | 12.2% | 21.9% | 7.8% | N/A |
| Market Cap | 796M | 746M | 932M | 1.1B | 1.2B | 1.6B | 925M | 1.2B | 662M | 893M | 914M | 981M | 929M |
| Avg. Price | 8.02 | 8.28 | 8.87 | 11.35 | 11.27 | 12.44 | 7.09 | 9.51 | 7.81 | 7.37 | 9.02 | 8.84 | 9.14 |
| Year-End Price | 8.64 | 8.01 | 10.02 | 11.64 | 11.02 | 13.93 | 8.19 | 10.36 | 6.43 | 8.69 | 8.68 | 9.35 | 9.14 |
MFA FINANCIAL, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
MFA FINANCIAL, INC. trades at 7.0x trailing earnings, compared to its 15-year median P/E of 4.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.6x vs a median of 6.9x. The company's 5-year average ROIC is 4.4%. Total shareholder yield (dividends + buybacks) is 18.3%. At current prices, the estimated annualized return to fair value is +4.6%.
MFA FINANCIAL, INC. (MFA) has a net profit margin of 58.7%. This is a strong margin indicating high profitability.
MFA FINANCIAL, INC. (MFA) generated $76 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MFA FINANCIAL, INC. (MFA) has a debt-to-equity ratio of 4.82. This indicates higher leverage, which may increase financial risk.
MFA FINANCIAL, INC. (MFA) reported earnings per share (EPS) of $1.30 in its most recent fiscal year.
MFA FINANCIAL, INC. (MFA) has a return on equity (ROE) of 7.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for MFA FINANCIAL, INC. (MFA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MFA FINANCIAL, INC. (MFA) has a book value per share of $17.51, based on its most recent annual SEC filing.