A Business at a Glance
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Orchid Island Capital, Inc.
ORC
$839M
Mkt Cap
$6.54
-1.06%
Orchid Island Capital, Inc. (ORC) has a current P/E ratio of 5.3, compared to its historical median P/E of 8.1. The stock is currently considered Cheap based on its historical valuation range.
Orchid Island Capital, Inc. (ORC) has a 5-year average return on invested capital (ROIC) of 61.8%. This indicates strong capital allocation and a potential competitive advantage.
Orchid Island Capital, Inc. (ORC) has a market capitalization of $1.3B. It is classified as a small-cap stock.
Yes, Orchid Island Capital, Inc. (ORC) pays a dividend with a trailing twelve-month yield of 16.59%. The company also returns capital through share buybacks, with a buyback yield of 0.62%.
Based on historical P/E analysis, Orchid Island Capital, Inc. (ORC) appears cheap. The current P/E of 5.3 is 35% below its historical median of 8.1. The estimated fair value CAGR (P/E method) is 63.7%.
Orchid Island Capital, Inc. (ORC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
PART I ITEM 1. BUSINESS Our Company Orchid Island Capital, Inc., a Maryland corporation (“Orchid,” the “Company,” “we” or “us”), is a specialty finance company that invests in residential mortgage-backed securities (“RMBS”). The principal and interest payments of these RMBS are guaranteed by the Enterprises or the Government National Mortgage Association (“Ginnie Mae” and, collectively with the Enterprises, “GSEs”) and are backed primarily by single-family residential mortgage loans. We refer to these types of RMBS as Agency RMBS. Our portfolio consists of two categories of Agency RMBS: (i) traditional pass-through ("PT") Agency RMBS, such as mortgage PT certificates and collateralized mortgage obligations (“CMOs”) issued by the GSEs and (ii) structured Agency RMBS, such as interest only securities (“IOs”), inverse interest only securities (“IIOs”) and principal only securities (“POs”), among other types of structured Agency RMBS. Our website is located at http://ir.orchidislandcapital.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 146M | 108M | - | -24M | - | 128M |
| Net Income | 122M | 159M | 38M | -39M | -258M | -65M |
| EPS | $0.69 | $1.24 | $0.57 | $-0.89 | $-6.90 | $-9.15 |
| Free Cash Flow | 0 | 120M | 67M | 8.0M | 289M | 96M |
| ROIC | 0.0% | 121.6% | 134.3% | 85.1% | -42.8% | 10.6% |
| Gross Margin | - | 97.4% | - | - | - | 98.7% |
| Debt/Equity | 0.00 | 7.51 | 7.56 | 8.08 | 7.81 | 8.20 |
| Dividends/Share | $1.08 | $1.39 | $1.44 | $1.80 | $2.48 | $12.85 |
| Operating Income | 0 | 465M | 274M | 163M | -197M | 63M |
| Operating Margin | 0.0% | - | - | -668.2% | - | 49.3% |
| ROE | 8.8% | 15.6% | 6.6% | -8.6% | -42.8% | -10.9% |
| Shares Outstanding | 197M | 128M | 66M | 44M | 37M | 7M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 29M | 62M | 72M | 104M | 84M | 59M | 91M | 128M | N/A | -24M | N/A | 108M | 146M |
| Gross Margin | N/A | 98.3% | 98.2% | 98.5% | 98.1% | 97.6% | 98.3% | 98.7% | N/A | N/A | N/A | 97.4% | 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 | 4.5M | 7.9M | 9.1M | 11M | 12M | 10M | 11M | 15M | 778K | 1.4M | 537K | 639K | 631K |
| EBIT | 53M | 63M | 74M | 106M | 40M | 83M | 93M | 63M | -197M | 163M | 274M | 465M | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | 47.3% | N/A | N/A | 49.3% | N/A | -668.2% | N/A | N/A | 0.0% |
| Net Income | 25M | 1.1M | 2.0M | 2.0M | -44M | 24M | 2.1M | -65M | -258M | -39M | 38M | 159M | 122M |
| Net Margin | 85.2% | 1.7% | 2.8% | 1.9% | -52.7% | 41.4% | 2.3% | -50.7% | N/A | 161.1% | N/A | 146.9% | 83.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 66.0% | 26.6% | 25.1% | 26.7% | 10.0% | 22.7% | 23.0% | 10.6% | -42.8% | 85.1% | 134.3% | 121.6% | 0.0% |
| ROE | 18.7% | 0.5% | 0.7% | 0.5% | -11.1% | 6.6% | 0.5% | -10.9% | -42.8% | -8.6% | 6.6% | 15.6% | 8.8% |
| ROA | 2.4% | 0.1% | 0.1% | 0.1% | -1.2% | 0.7% | 0.1% | -1.2% | -4.7% | -1.0% | 0.8% | 1.8% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 12M | 31M | 47M | 85M | 94M | 48M | 55M | 96M | 289M | 8.0M | 67M | 120M | 143M |
| Free Cash Flow | 12M | 31M | 47M | 85M | 94M | 48M | 55M | 96M | 289M | 8.0M | 67M | 120M | 0 |
| Owner Earnings | 12M | 30M | 46M | 84M | 94M | 48M | 55M | 96M | 289M | 6.8M | 66M | 120M | 142M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 23M | 39M | 37M | 68M | 59M | 53M | 54M | 91M | 93M | 81M | 93M | 179M | 213M |
| Dividend Yield | 123.9% | 97.4% | 74.2% | 73.0% | 57.6% | 49.0% | 42.3% | 116.8% | 34.9% | 32.0% | 23.8% | 22.1% | 16.6% |
| Share Buybacks | 0 | 11M | 0 | 0 | 26M | 3.0M | 68K | 299K | 25M | 9.8M | 3.5M | 7.4M | 8.0M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.1% | 11.7% | 3.9% | 0.9% | 0.8% | 0.6% |
| Stock-Based Comp | 142K | 431K | 605K | 535K | 492K | 294K | 244K | 772K | 685K | 1.2M | 553K | 309K | 1.4M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -558M |
| Cash & Equiv. | 93M | 57M | 73M | 214M | 108M | 194M | 220M | 385M | 206M | 172M | 309M | 666M | 558M |
| Long-Term Debt | 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 |
| Debt/Equity | 6.60 | 7.85 | 8.43 | 7.70 | 9.10 | 8.82 | 8.77 | 8.20 | 7.81 | 8.08 | 7.56 | 7.51 | 0.00 |
| Interest Coverage | 1.9 | 1.0 | 1.0 | 1.0 | 0.5 | 1.4 | 1.0 | 0.5 | -3.2 | 0.8 | 1.2 | 1.5 | 1.5 |
| Equity | 218M | 253M | 333M | 462M | 336M | 396M | 415M | 768M | 439M | 470M | 669M | 1.4B | 1.4B |
| Total Assets | 1.7B | 2.2B | 3.1B | 4.0B | 3.4B | 3.9B | 4.1B | 7.1B | 3.9B | 4.3B | 5.7B | 11.7B | 12.7B |
| Total Liabilities | 1.4B | 2.0B | 2.8B | 3.6B | 3.1B | 3.5B | 3.6B | 6.3B | 3.4B | 3.8B | 5.1B | 10.3B | 11.3B |
| Intangibles | 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 |
| Retained Earnings | 492K | 0 | 0 | 0 | -44M | -20M | -18M | -83M | -341M | -380M | -343M | -184M | -204M |
| Working Capital | 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 |
| Current Assets | 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 |
| Current Liabilities | 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 |
| Per Share Data | |||||||||||||
| EPS | 12.40 | 0.25 | 0.40 | 0.25 | -4.25 | 2.15 | 0.15 | -9.15 | -6.90 | -0.89 | 0.57 | 1.24 | 0.69 |
| Owner EPS | 5.82 | 7.07 | 9.39 | 10.52 | 8.95 | 4.24 | 3.89 | 13.51 | 7.71 | 0.15 | 1.01 | 0.94 | 0.72 |
| Book Value | 110.29 | 59.12 | 67.26 | 57.57 | 32.18 | 35.04 | 29.27 | 108.49 | 11.71 | 10.66 | 10.12 | 10.70 | 7.08 |
| Cash Flow/Share | 5.89 | 7.17 | 9.51 | 10.59 | 9.00 | 4.27 | 3.90 | 13.62 | 7.73 | 0.18 | 1.01 | 0.94 | 0.62 |
| Dividends/Share | 11.45 | 9.04 | 7.43 | 8.46 | 5.68 | 4.72 | 3.78 | 12.85 | 2.48 | 1.80 | 1.44 | 1.39 | 1.08 |
| Shares Out. | 2.0M | 4.3M | 4.9M | 8.0M | 10.4M | 11.3M | 14.2M | 7.1M | 37.5M | 44.1M | 66.1M | 128.3M | 196.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 172.2 | N/A | N/A | N/A | 10.7 | 5.5 | 9.5 |
| P/FCF | 1.7 | 1.2 | 1.2 | 1.1 | 1.0 | 2.3 | 2.7 | 0.8 | 0.7 | 31.3 | 6.0 | 7.3 | N/A |
| EV/EBIT | 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 |
| Price/Book | 0.2 | 0.1 | 0.4 | 0.2 | 0.3 | 0.3 | 0.9 | 0.3 | 0.5 | 0.5 | 0.6 | 0.6 | 0.9 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | 3.5 | 2.1 | N/A | N/A | N/A | 7.5 | 8.8 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | 15.1% | 37.6% | 136.3% | 3.2% | 16.7% | 13.7% | N/A |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | 366M | 257M | 212M | 251M | 401M | 880M | 1.3B |
| Avg. Price | 9.24 | 9.28 | 10.02 | 11.59 | 9.86 | 9.63 | 8.93 | 11.01 | 7.14 | 5.72 | 5.89 | 6.31 | 6.54 |
| Year-End Price | 9.91 | 8.74 | 11.36 | 11.70 | 9.26 | 9.85 | 10.35 | 10.58 | 5.67 | 5.69 | 6.07 | 6.86 | 6.54 |
Orchid Island Capital, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Orchid Island Capital, Inc. trades at 5.3x trailing earnings, compared to its 15-year median P/E of 8.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.0x vs a median of 1.8x. The company's 5-year average ROIC is 61.8% with a gross margin of 98.1%. Total shareholder yield (dividends + buybacks) is 17.2%. At current prices, the estimated annualized return to fair value is -10.9%.
Orchid Island Capital, Inc. (ORC) reported annual revenue of $108 million in its most recent fiscal year, based on SEC EDGAR filings.
Orchid Island Capital, Inc. (ORC) has a net profit margin of 146.9%. This is a strong margin indicating high profitability.
Orchid Island Capital, Inc. (ORC) generated $120 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Orchid Island Capital, Inc. (ORC) has a debt-to-equity ratio of 7.51. This indicates higher leverage, which may increase financial risk.
Orchid Island Capital, Inc. (ORC) reported earnings per share (EPS) of $1.24 in its most recent fiscal year.
Orchid Island Capital, Inc. (ORC) has a return on equity (ROE) of 15.6%. This indicates the company generates strong returns for shareholders.
Orchid Island Capital, Inc. (ORC) has a 5-year average gross margin of 98.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for Orchid Island Capital, Inc. (ORC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Orchid Island Capital, Inc. (ORC) has a book value per share of $10.70, based on its most recent annual SEC filing.
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