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MFA Financial (MFA) Financials

MFA Financial logo
$10.38 +0.19 (+1.81%)
Closing price 09/4/2025 03:59 PM Eastern
Extended Trading
$10.35 -0.04 (-0.34%)
As of 09/4/2025 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for MFA Financial

Annual Income Statements for MFA Financial

This table shows MFA Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 299 298 298 307 287 363 -709 296 -264 47 86
Consolidated Net Income / (Loss)		 314 313 313 322 302 378 -679 329 -232 80 119
Net Income / (Loss) Continuing Operations		 314 365 313 322 302 378 -679 329 -232 80 119
Total Pre-Tax Income 		314 365 313 322 302 378 -679 329 -232 80 120
Total Revenue		 359 418 373 394 383 481 -538 381 -67 230 285
Net Interest Income / (Expense)		 304 315 264 236 223 364 164 242 224 176 203
Total Interest Income		 464 492 457 433 456 696 433 362 482 606 724
Loans and Leases Interest Income		 4.08 16 24 36 101 358 332 303 441 538 634
Investment Securities Interest Income		 460 476 433 368 323 334 100 58 36 51 68
Deposits and Money Market Investments Interest Income		 0.09 0.13 0.77 4.25 2.94 3.39 0.68 0.34 4.84 16 22
Total Interest Expense		 160 177 193 197 232 332 269 120 259 429 521
Other Interest Expense		 - - - - 224 315 242 105 259 429 521
Total Non-Interest Income		 55 102 109 158 159 118 -702 139 -291 54 82
Other Service Charges		 0.08 -3.31 -2.85 0.66 -2.88 12 -4.57 32 8.62 11 0.12
Net Realized & Unrealized Capital Gains on Investments		 55 54 111 157 162 106 -697 107 -346 -0.99 49
Other Non-Interest Income		 - 51 - - - - - - 47 43 33
Provision for Credit Losses		 - - - - 0.77 2.57 0.00 -45 26 -8.85 -1.95
Total Non-Interest Expense		 45 52 60 72 80 95 142 120 165 168 170
Salaries and Employee Benefits		 26 26 29 32 28 32 31 54 77 86 88
Other Operating Expenses		 20 26 31 40 50 62 110 60 79 78 80
Amortization Expense		 - - - - - 0.00 0.00 6.60 9.20 4.20 3.20
Nonoperating Income / (Expense), net		 - - - - - -5.88 - 23 25 9.39 3.14
Income Tax Expense		 - - - - - - - - -0.85 0.28 0.44
Preferred Stock Dividends Declared		 15 15 15 15 15 15 30 33 33 33 33
Basic Earnings per Share		 $0.81 $0.80 $0.80 $0.79 $0.68 $0.80 ($6.28) $2.66 ($2.57) $0.46 $0.83
Weighted Average Basic Shares Outstanding		 370.36M 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M
Diluted Earnings per Share		 $0.81 $0.80 $0.80 $0.79 $0.68 $0.79 ($6.28) $2.63 ($2.57) $0.46 $0.82
Weighted Average Diluted Shares Outstanding		 370.36M 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M
Weighted Average Basic & Diluted Shares Outstanding		 370.36M 372.11M 371.12M 398.42M 450.48M 453.11M 452.06M 425.05M 101.91M 102.08M 102.52M
Cash Dividends to Common per Share		 - - - - $0.80 $0.80 $0.13 $0.39 $1.67 $1.40 $1.40

Quarterly Income Statements for MFA Financial

This table shows MFA Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -63 -1.51 65 -34 -65 82 15 34 40 -2.31 33
Consolidated Net Income / (Loss)		 -55 6.71 73 -26 -56 90 23 42 48 5.91 41
Net Income / (Loss) Continuing Operations		 -55 6.71 73 -26 -56 90 23 42 48 5.91 41
Total Pre-Tax Income 		-55 5.86 73 -26 -56 90 24 42 50 4.49 40
Total Revenue		 -16 33 111 16 -12 116 69 84 93 39 84
Net Interest Income / (Expense)		 52 56 39 45 46 46 48 53 51 51 58
Total Interest Income		 124 143 132 144 159 170 177 187 182 178 181
Loans and Leases Interest Income		 114 125 120 128 141 150 158 166 157 153 151
Investment Securities Interest Income		 7.83 15 9.66 13 15 15 14 15 19 20 25
Deposits and Money Market Investments Interest Income		 1.63 2.78 3.04 3.73 4.10 5.45 5.01 6.31 5.83 5.10 4.13
Total Interest Expense		 72 87 93 100 113 123 129 133 131 128 123
Other Interest Expense		 68 99 89 100 113 127 129 133 131 133 123
Total Non-Interest Income		 -68 -23 71 -29 -59 70 21 31 42 -12 26
Other Service Charges		 14 -36 12 17 1.42 -19 1.88 8.94 -3.13 -15 -1.45
Net Realized & Unrealized Capital Gains on Investments		 -82 -33 59 -46 -72 58 12 22 36 -21 22
Other Non-Interest Income		 - - - - 12 - 7.93 - 8.92 - 5.44
Provision for Credit Losses		 0.59 -1.54 -0.01 0.00 0.00 -8.84 0.65 0.03 0.00 -2.62 0.15
Total Non-Interest Expense		 43 34 42 42 44 40 45 42 43 39 42
Salaries and Employee Benefits		 21 17 21 22 24 19 25 22 22 18 23
Other Operating Expenses		 20 16 20 19 19 20 19 20 20 20 18
Amortization Expense		 1.30 1.30 1.30 1.30 0.80 0.80 0.80 0.80 0.80 0.80 0.80
Nonoperating Income / (Expense), net		 3.86 5.60 3.94 - - - 0.99 - - - -1.51
Income Tax Expense		 - - - -0.36 0.09 - 1.05 0.35 1.52 - -0.87
Preferred Stock Dividends Declared		 8.22 8.22 8.22 8.22 8.22 8.22 8.22 8.22 8.22 8.22 8.22
Basic Earnings per Share		 ($0.62) ($0.01) $0.63 ($0.34) ($0.64) $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32
Weighted Average Basic Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Diluted Earnings per Share		 ($0.62) ($0.01) $0.62 ($0.34) ($0.64) $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31
Weighted Average Diluted Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Weighted Average Basic & Diluted Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Cash Dividends to Common per Share		 $0.44 $0.52 $0.35 $0.35 $0.35 $0.43 $0.35 $0.35 $0.35 - $0.36

Annual Cash Flow Statements for MFA Financial

This table details how cash moves in and out of MFA Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -383 -17 82 145 -375 46 687 -417 90 -5.87 113
Net Cash From Operating Activities		 256 278 179 177 148 216 38 138 355 109 200
Net Cash From Continuing Operating Activities		 256 278 179 177 148 216 38 138 355 109 200
Net Income / (Loss) Continuing Operations		 314 313 313 322 302 378 -679 329 -232 80 119
Consolidated Net Income / (Loss)		 314 313 313 322 302 378 -679 329 -232 80 119
Provision For Loan Losses		 - - - - 0.77 - - -48 26 -6.85 -1.95
Amortization Expense		 32 42 37 30 29 -25 11 -59 -27 -19 -5.49
Non-Cash Adjustments to Reconcile Net Income		 -118 -128 -153 -194 -158 -121 718 -91 575 72 72
Changes in Operating Assets and Liabilities, net		 27 51 -18 16 -26 -16 -11 7.57 13 -18 17
Net Cash From Investing Activities		 451 554 935 1,816 -2,158 -1,135 6,384 -2,185 -1,116 -1,550 -425
Net Cash From Continuing Investing Activities		 451 554 935 1,816 -2,158 -1,135 6,384 -2,185 -1,116 -1,550 -425
Purchase of Investment Securities		 -1,619 -2,489 -2,680 -2,669 -5,660 -5,600 -1,641 -4,548 -3,197 -3,515 -3,497
Sale and/or Maturity of Investments		 2,070 3,039 3,581 4,410 3,395 4,487 8,040 2,357 2,082 1,965 3,072
Net Cash From Financing Activities		 -1,090 -850 -1,032 -1,848 1,635 965 -5,735 1,630 850 1,435 338
Net Cash From Continuing Financing Activities		 -1,090 -850 -1,032 -1,848 1,635 965 -5,735 1,630 850 1,435 338
Issuance of Debt		 - 0.00 0.00 383 68,747 68,947 3,803 5,715 6,308 6,552 6,073
Issuance of Common Equity		 36 1.22 4.66 197 392 12 21 1.83 1.18 -0.01 -0.08
Repayment of Debt		 -254 -88 -22 -17 - -114 0.00 -107 -16 -33 -217
Repurchase of Common Equity		 - - - - 0.00 0.00 -84 -86 -102 0.00 -1.49
Payment of Dividends		 -310 -312 -313 -324 -345 -377 -143 -189 -217 -176 -177
Other Financing Activities, Net		 -562 -450 -702 -2,088 -67,160 -67,504 -9,598 -3,705 -5,123 -4,909 -5,340
Cash Interest Paid		 161 173 195 198 233 330 254 117 239 418 516

Quarterly Cash Flow Statements for MFA Financial

This table details how cash moves in and out of MFA Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 56 -107 34 -24 -50 35 41 12 -39 98 -128
Net Cash From Operating Activities		 136 6.70 -7.34 72 40 3.82 53 46 -11 111 -15
Net Cash From Continuing Operating Activities		 136 6.70 -7.34 72 40 3.82 53 46 -11 111 -15
Net Income / (Loss) Continuing Operations		 -55 6.71 73 -26 -56 90 23 42 48 5.91 41
Consolidated Net Income / (Loss)		 -55 6.71 73 -26 -56 90 23 42 48 5.91 41
Provision For Loan Losses		 0.24 -0.27 -0.00 0.29 1.07 -8.21 0.65 -1.05 -1.94 0.40 0.15
Amortization Expense		 -5.21 -15 -4.51 -5.83 -4.31 -4.32 -3.33 -3.51 0.58 0.77 0.74
Non-Cash Adjustments to Reconcile Net Income		 196 58 -67 131 141 -132 20 14 -34 71 -83
Changes in Operating Assets and Liabilities, net		 0.58 -43 -8.54 -27 -42 59 12 -4.47 -24 33 26
Net Cash From Investing Activities		 -278 -88 -147 -545 -548 -309 -91 -181 90 -242 -252
Net Cash From Continuing Investing Activities		 -278 -88 -147 -545 -548 -309 -91 -181 90 -242 -252
Purchase of Investment Securities		 -724 -509 -772 -960 -968 -815 -678 -869 -813 -1,137 -970
Sale and/or Maturity of Investments		 447 420 624 415 420 505 586 688 903 895 719
Net Cash From Financing Activities		 197 -26 188 448 459 340 79 147 -117 229 138
Net Cash From Continuing Financing Activities		 197 -26 188 448 459 340 79 147 -117 229 138
Issuance of Debt		 -642 3,059 1,419 1,494 1,735 1,904 1,032 1,581 1,435 2,024 1,040
Issuance of Common Equity		 0.03 0.03 0.02 0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02
Repayment of Debt		 1,271 -16 -4.60 -2.07 -14 -13 -41 -173 -0.87 -2.40 -2.15
Repurchase of Common Equity		 - - 0.00 - - - -1.49 - - - -5.19
Payment of Dividends		 -53 -53 -44 -44 -44 -44 -44 -44 -44 -44 -44
Other Financing Activities, Net		 -379 -3,016 -1,182 -1,000 -1,219 -1,507 -866 -1,217 -1,507 -1,749 -851
Cash Interest Paid		 62 87 87 102 105 124 123 136 131 127 123

Annual Balance Sheets for MFA Financial

This table presents MFA Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 12,355 13,163 12,484 10,955 12,420 13,568 6,932 9,140 9,112 10,773 11,410
Cash and Due from Banks		 182 165 260 450 52 71 814 305 334 318 339
Restricted Cash		 67 72 58 14 37 64 7.17 100 160 170 262
Trading Account Securities		 11,626 12,759 11,744 9,257 11,192 11,434 400 257 333 746 1,538
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 -3.03 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 - - - - - - 5,325 7,913 7,519 9,041 8,811
Other Assets		 472 167 421 1,234 1,140 2,002 385 566 766 497 460
Total Liabilities & Shareholders' Equity		 12,355 13,163 12,484 10,955 12,420 13,568 6,932 9,140 9,112 10,773 11,410
Total Liabilities		 9,151 10,195 9,450 7,693 9,004 10,184 4,407 6,597 7,124 8,873 9,568
Long-Term Debt		 211 119 - - - 10,032 4,337 6,379 6,812 8,537 9,155
Other Long-Term Liabilities		 586 711 763 1,078 1,125 153 71 218 311 336 412
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,203 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842
Total Preferred & Common Equity		 3,203 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842
Preferred Stock		 0.08 0.08 0.08 0.08 0.08 0.08 0.19 0.19 0.19 0.19 0.19
Total Common Equity		 3,203 2,967 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842
Common Stock		 3,017 3,024 3,033 3,231 3,628 3,645 3,853 3,777 3,685 3,700 3,712
Retained Earnings		 -569 -572 -573 -579 -632 -631 -1,405 -1,279 -1,718 -1,818 -1,880
Accumulated Other Comprehensive Income / (Loss)		 754 516 574 609 420 370 77 46 21 18 9.48

Quarterly Balance Sheets for MFA Financial

This table presents MFA Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 6/30/2022 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 9,480 9,520 9,312 9,736 10,105 10,874 11,077 11,160 11,520
Cash and Due from Banks		 386 434 362 329 300 306 289 306 254
Restricted Cash		 160 167 165 174 153 223 252 197 220
Trading Account Securities		 246 227 505 594 724 737 863 1,140 1,790
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mortgage Servicing Rights		 8,191 8,194 7,794 8,140 8,424 9,119 9,186 9,027 8,784
Other Assets		 498 497 485 499 503 489 486 490 472
Total Liabilities & Shareholders' Equity		 9,480 9,520 9,312 9,736 10,105 10,874 11,077 11,160 11,520
Total Liabilities		 7,333 7,486 7,293 7,791 8,256 8,990 9,194 9,279 9,681
Long-Term Debt		 7,132 7,289 7,101 7,568 8,038 8,686 8,891 8,923 9,367
Other Long-Term Liabilities		 201 196 192 223 218 304 303 357 314
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,146 2,034 2,019 1,945 1,849 1,884 1,883 1,880 1,838
Total Preferred & Common Equity		 2,146 2,034 2,019 1,945 1,849 1,884 1,883 1,880 1,838
Preferred Stock		 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19
Total Common Equity		 2,146 2,034 2,018 1,945 1,848 1,884 1,883 1,880 1,838
Common Stock		 3,680 3,683 3,688 3,692 3,696 3,704 3,709 3,711 3,714
Retained Earnings		 -1,571 -1,680 -1,690 -1,761 -1,862 -1,840 -1,844 -1,840 -1,884
Accumulated Other Comprehensive Income / (Loss)		 37 31 20 13 14 20 18 10 8.22

Annual Metrics And Ratios for MFA Financial

This table displays calculated financial ratios and metrics derived from MFA Financial's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.32% 16.37% -10.75% 5.81% -2.93% 25.75% -211.76% 170.90% -117.59% 443.24% 23.81%
EBITDA Growth		 -5.45% 17.54% -14.04% 1.11% -6.54% 8.38% -286.28% 136.89% -215.62% 118.27% 113.25%
EBIT Growth		 3.57% 16.46% -14.36% 3.11% -6.39% 27.23% -276.93% 145.05% -184.24% 127.56% 64.05%
NOPAT Growth		 3.57% 16.46% -14.36% 3.11% -6.39% 27.23% -223.85% 164.35% -158.97% 139.23% 64.01%
Net Income Growth		 3.57% -0.09% -0.18% 3.11% -6.39% 25.29% -279.68% 148.41% -170.42% 134.62% 48.76%
EPS Growth		 3.85% -1.23% 0.00% -1.25% -13.92% 16.18% -279.68% 148.41% -197.72% 117.90% 78.26%
Operating Cash Flow Growth		 -14.18% 8.72% -35.50% -1.60% -16.22% 45.91% -82.21% 258.90% 157.87% -69.40% 84.04%
Free Cash Flow Firm Growth		 -50.22% -173.64% 349.33% 103.51% -151.54% -55.44% 450.05% -128.85% 96.59% -2,518.12% 71.60%
Invested Capital Growth		 -2.23% 6.78% -6.03% -15.74% 14.37% 18.77% -48.85% 30.02% -1.35% 18.59% 5.37%
Revenue Q/Q Growth		 -35.44% 121.81% 28.60% 7.60% -8.24% -11.58% -5,665.02% 535.37% -143.92% 56.65% -21.41%
EBITDA Q/Q Growth		 -37.63% 55.21% 91.16% -12.46% -17.25% -7.73% -0.84% -16.08% -4.18% 222.29% -40.98%
EBIT Q/Q Growth		 -39.16% 63.75% 114.73% -12.99% -18.59% 10.12% -9.75% -4.24% -14.33% 660.42% -41.36%
NOPAT Q/Q Growth		 -39.16% 63.75% 114.73% -12.99% -18.59% 10.86% -8.77% -7.42% -32.78% 3,326.45% -43.41%
Net Income Q/Q Growth		 0.37% -1.95% -0.27% 9.49% -11.63% 11.75% -8.77% -0.51% -19.27% 2,891.23% -41.28%
EPS Q/Q Growth		 2.53% -2.44% 0.00% 6.76% -15.00% 8.22% -8.77% -0.51% -15.25% 231.43% -50.90%
Operating Cash Flow Q/Q Growth		 2.96% 19.04% -19.06% -12.60% 1.74% 2.15% -51.35% 5.42% -5.84% -2.59% 116.37%
Free Cash Flow Firm Q/Q Growth		 105.22% 46.69% 8.94% 9.87% -377.53% -117.60% -32.25% -694.25% 99.13% -176.82% 37.51%
Invested Capital Q/Q Growth		 0.39% -1.47% -0.90% -3.42% 4.29% 12.03% 167.45% 243.00% -5.60% 5.56% 1.80%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 96.64% 97.62% 94.02% 89.84% 86.50% 74.56% 0.00% 64.67% 0.00% 22.62% 38.97%
EBIT Margin		 87.38% 87.44% 83.90% 81.76% 78.86% 79.79% 0.00% 80.25% 0.00% 30.86% 40.89%
Profit (Net Income) Margin		 87.38% 75.02% 83.90% 81.76% 78.86% 78.56% 0.00% 86.24% 0.00% 34.82% 41.84%
Tax Burden Percent		 100.00% 85.79% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.63% 99.65% 99.63%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 98.47% 100.00% 107.46% 90.16% 113.22% 102.69%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.35% 0.37%
Return on Invested Capital (ROIC)		 2.65% 3.02% 2.58% 2.99% 2.85% 3.11% 0.00% 3.88% 0.00% 0.74% 1.08%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.65% 2.45% 2.58% 2.99% 2.85% 3.04% 0.00% 4.30% 0.00% 0.86% 1.12%
Return on Net Nonoperating Assets (RNNOA)		 7.23% 7.13% 7.84% 7.26% 6.19% 8.01% 0.00% 9.10% 0.00% 3.39% 5.29%
Return on Equity (ROE)		 9.88% 10.15% 10.42% 10.24% 9.04% 11.12% -23.00% 12.98% -10.22% 4.12% 6.37%
Cash Return on Invested Capital (CROIC)		 4.91% -3.54% 8.80% 20.07% -10.55% -14.05% 59.95% -22.22% -0.67% -16.27% -4.15%
Operating Return on Assets (OROA)		 2.53% 2.86% 2.44% 2.75% 2.58% 2.96% 0.00% 3.81% 0.00% 0.71% 1.05%
Return on Assets (ROA)		 2.53% 2.46% 2.44% 2.75% 2.58% 2.91% 0.00% 4.09% 0.00% 0.81% 1.08%
Return on Common Equity (ROCE)		 9.88% 10.15% 10.42% 10.24% 9.04% 11.12% -23.00% 12.98% -10.22% 4.12% 6.37%
Return on Equity Simple (ROE_SIMPLE)		 9.79% 10.56% 10.31% 9.88% 8.83% 11.17% -26.91% 12.93% -11.64% 4.22% 6.47%
Net Operating Profit after Tax (NOPAT)		 314 365 313 322 302 384 -476 306 -180 71 116
NOPAT Margin		 87.38% 87.44% 83.90% 81.76% 78.86% 79.79% 0.00% 80.25% 0.00% 30.76% 40.74%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.58% 0.00% 0.00% 0.00% 0.07% 2.84% -0.43% 0.78% -0.12% -0.04%
SG&A Expenses to Revenue		 7.13% 6.30% 7.86% 8.03% 7.43% 6.70% 0.00% 14.11% 0.00% 37.27% 30.75%
Operating Expenses to Revenue		 12.62% 12.56% 16.10% 18.24% 20.94% 19.68% 0.00% 31.52% 0.00% 72.98% 59.79%
Earnings before Interest and Taxes (EBIT)		 314 365 313 322 302 384 -679 306 -258 71 117
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 347 408 350 354 331 359 -668 247 -285 52 111
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.30 0.30 0.38 0.43 0.44 0.57 0.45 0.56 0.39 0.53 0.56
Price to Tangible Book Value (P/TBV)		 0.30 0.30 0.38 0.43 0.44 0.57 0.45 0.56 0.39 0.53 0.56
Price to Revenue (P/Rev)		 2.69 2.14 3.09 3.58 3.93 4.00 0.00 3.72 0.00 4.40 3.65
Price to Earnings (P/E)		 3.24 2.99 3.87 4.59 5.24 5.31 0.00 4.80 0.00 21.40 12.04
Dividend Yield		 30.54% 33.20% 25.74% 22.52% 23.92% 18.76% 12.89% 11.95% 21.98% 14.10% 13.74%
Earnings Yield		 30.87% 33.41% 25.81% 21.80% 19.08% 18.84% 0.00% 20.84% 0.00% 4.67% 8.30%
Enterprise Value to Invested Capital (EV/IC)		 0.79 0.81 0.81 0.77 0.82 0.88 0.68 0.83 0.81 0.87 0.87
Enterprise Value to Revenue (EV/Rev)		 25.63 24.34 25.55 19.18 24.28 24.57 0.00 19.39 0.00 39.36 33.66
Enterprise Value to EBITDA (EV/EBITDA)		 26.52 24.93 27.18 21.34 28.07 32.95 0.00 29.99 0.00 173.97 86.39
Enterprise Value to EBIT (EV/EBIT)		 29.33 27.83 30.45 23.45 30.79 30.79 0.00 24.16 0.00 127.53 82.32
Enterprise Value to NOPAT (EV/NOPAT)		 29.33 27.83 30.45 23.45 30.79 30.79 0.00 24.16 0.00 127.97 82.62
Enterprise Value to Operating Cash Flow (EV/OCF)		 35.95 36.54 53.08 42.84 62.85 54.80 121.34 53.66 19.96 83.32 47.94
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.85 0.00 8.94 3.49 0.00 0.00 0.77 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.65 3.20 2.86 2.03 2.31 2.96 1.72 2.51 3.43 4.49 4.97
Long-Term Debt to Equity		 0.07 0.04 0.00 0.00 0.00 2.96 1.72 2.51 3.43 4.49 4.97
Financial Leverage		 2.72 2.91 3.03 2.43 2.17 2.63 2.43 2.11 2.91 3.95 4.73
Leverage Ratio		 3.91 4.14 4.27 3.72 3.50 3.82 3.47 3.17 4.03 5.11 5.93
Compound Leverage Factor		 3.91 4.14 4.27 3.72 3.50 3.76 3.47 3.41 3.63 5.79 6.09
Debt to Total Capital		 72.58% 76.21% 74.12% 66.98% 69.76% 74.78% 63.20% 71.50% 77.40% 81.80% 83.25%
Short-Term Debt to Total Capital		 70.78% 75.26% 74.12% 66.98% 69.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 1.80% 0.95% 0.00% 0.00% 0.00% 74.78% 63.20% 71.50% 77.40% 81.80% 83.25%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 27.42% 23.79% 25.88% 33.02% 30.24% 25.22% 36.79% 28.50% 22.60% 18.20% 16.75%
Debt to EBITDA		 24.45 23.32 24.80 18.67 23.80 27.96 -6.49 25.87 -23.89 163.91 82.43
Net Debt to EBITDA		 23.73 22.74 23.89 17.36 23.53 27.58 -5.26 24.23 -22.16 154.54 77.02
Long-Term Debt to EBITDA		 0.61 0.29 0.00 0.00 0.00 27.96 -6.49 25.87 -23.89 163.91 82.43
Debt to NOPAT		 27.04 26.04 27.78 20.52 26.11 26.12 -9.12 20.84 -37.75 120.57 78.84
Net Debt to NOPAT		 26.25 25.39 26.77 19.08 25.81 25.77 -7.39 19.52 -35.01 113.67 73.66
Long-Term Debt to NOPAT		 0.67 0.32 0.00 0.00 0.00 26.12 -9.12 20.84 -37.75 120.57 78.84
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 580 -427 1,065 2,167 -1,117 -1,736 6,078 -1,754 -60 -1,565 -444
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 20,242.20% 1,019.87% 981.29% 254.95% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 3.63 -2.41 5.51 10.99 -4.81 -5.22 22.62 -14.57 -0.23 -3.65 -0.85
Operating Cash Flow to Interest Expense		 1.60 1.57 0.93 0.90 0.64 0.65 0.14 1.14 1.37 0.25 0.38
Operating Cash Flow Less CapEx to Interest Expense		 1.60 1.57 0.93 0.89 0.57 0.58 0.09 1.14 1.37 0.25 0.38
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.03 0.03 0.04 0.00 0.05 0.00 0.02 0.03
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,681 12,473 11,721 9,876 11,295 13,416 6,862 8,922 8,801 10,437 10,997
Invested Capital Turnover		 0.03 0.03 0.03 0.04 0.04 0.04 0.00 0.05 0.00 0.02 0.03
Increase / (Decrease) in Invested Capital		 -267 792 -752 -1,845 1,419 2,120 -6,554 2,060 -121 1,636 561
Enterprise Value (EV)		 9,195 10,162 9,522 7,561 9,294 11,824 4,659 7,395 7,092 9,061 9,595
Market Capitalization		 967 893 1,153 1,410 1,503 1,927 1,143 1,420 774 1,012 1,040
Book Value per Share		 $8.68 $8.01 $8.17 $8.22 $7.60 $7.49 $5.57 $5.77 $19.54 $18.64 $18.04
Tangible Book Value per Share		 $8.66 $8.01 $8.17 $8.22 $7.60 $7.49 $5.57 $5.77 $19.54 $18.64 $18.04
Total Capital		 11,681 12,473 11,721 9,876 11,295 13,416 6,862 8,922 8,801 10,437 10,997
Total Debt		 8,478 9,506 8,687 6,615 7,879 10,032 4,337 6,379 6,812 8,537 9,155
Total Long-Term Debt		 211 119 0.00 0.00 0.00 10,032 4,337 6,379 6,812 8,537 9,155
Net Debt		 8,228 9,270 8,369 6,151 7,790 9,897 3,515 5,974 6,318 8,049 8,554
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.87 15 22 15 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 52 0.00 0.00 0.00 5.88 204 -23 51 -9.36 -3.12
Net Nonoperating Obligations (NNO)		 8,478 9,506 8,687 6,615 7,879 10,032 4,337 6,379 6,812 8,537 9,155
Total Depreciation and Amortization (D&A)		 33 42 38 32 29 -25 11 -59 -27 -19 -5.49
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.24 $3.20 $3.20 $3.16 $2.72 $3.20 ($6.28) $2.68 ($2.57) $0.46 $0.83
Adjusted Weighted Average Basic Shares Outstanding		 92.59M 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M
Adjusted Diluted Earnings per Share		 $3.24 $3.20 $3.20 $3.16 $2.72 $3.16 ($6.28) $2.64 ($2.57) $0.46 $0.82
Adjusted Weighted Average Diluted Shares Outstanding		 92.59M 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M
Adjusted Basic & Diluted Earnings per Share		 $3.24 $3.20 $3.20 $3.16 $2.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 92.59M 92.77M 93.21M 99.61M 112.62M 113.28M 113.01M 106.26M 101.91M 102.08M 102.52M
Normalized Net Operating Profit after Tax (NOPAT)		 219 256 219 226 212 269 -476 214 -180 71 116
Normalized NOPAT Margin		 61.16% 61.21% 58.73% 57.24% 55.43% 55.88% 0.00% 56.17% 0.00% 30.76% 40.74%
Pre Tax Income Margin		 87.38% 87.44% 83.90% 81.76% 78.86% 78.56% 0.00% 86.24% 0.00% 34.94% 41.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.96 2.06 1.62 1.64 1.30 1.16 -2.53 2.54 -1.00 0.17 0.22
NOPAT to Interest Expense		 1.96 2.06 1.62 1.64 1.30 1.16 -1.77 2.54 -0.70 0.17 0.22
EBIT Less CapEx to Interest Expense		 1.96 2.06 1.62 1.63 1.24 1.09 -2.58 2.54 -1.00 0.17 0.22
NOPAT Less CapEx to Interest Expense		 1.96 2.06 1.62 1.63 1.24 1.09 -1.83 2.54 -0.70 0.17 0.22
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 98.78% 99.73% 100.07% 100.37% 114.23% 99.59% -21.09% 57.47% -93.66% 219.52% 148.21%
Augmented Payout Ratio		 98.78% 99.73% 100.07% 100.37% 114.23% 99.59% -33.53% 83.50% -137.84% 219.52% 149.46%

Quarterly Metrics And Ratios for MFA Financial

This table displays calculated financial ratios and metrics derived from MFA Financial's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -110.61% -54.57% 307.78% 151.22% 21.13% 252.73% -37.37% 430.72% 847.05% -66.84% 20.70%
EBITDA Growth		 -152.95% -321.52% 167.17% 70.88% 5.35% 636.72% -70.63% 220.75% 182.89% -96.13% 113.36%
EBIT Growth		 -146.85% -99.21% 175.12% 75.56% 4.31% 32,782.56% -67.72% 260.90% 188.21% -97.24% 79.67%
NOPAT Growth		 -132.79% -99.42% 207.32% 75.56% 4.31% 34,894.96% -67.72% 327.97% 222.17% -95.03% 91.86%
Net Income Growth		 -141.52% -84.79% 187.79% 74.17% -2.58% 1,237.50% -68.11% 261.78% 185.37% -93.42% 77.38%
EPS Growth		 -157.41% -112.50% 172.09% 67.92% -3.23% 8,100.00% -77.42% 194.12% 157.81% -101.25% 121.43%
Operating Cash Flow Growth		 992.27% -76.67% -105.49% -8.06% -70.80% -43.06% 828.73% -35.86% -128.33% 2,819.75% -127.24%
Free Cash Flow Firm Growth		 -7,594.10% 106.00% 111.23% 96.30% 91.09% -1,377.72% -537.91% -382.75% -44.10% 64.02% 58.48%
Invested Capital Growth		 258.44% -1.35% -2.74% 2.52% 6.04% 18.59% 15.90% 13.26% 9.27% 5.37% 6.01%
Revenue Q/Q Growth		 49.25% 309.03% 235.54% -85.61% -178.14% 1,034.85% -42.03% 21.95% 9.99% -58.50% 116.86%
EBITDA Q/Q Growth		 41.88% 76.59% 554.63% -149.92% -88.88% 232.74% -77.16% 105.23% 29.65% -93.80% 1,265.63%
EBIT Q/Q Growth		 45.26% 100.44% 6,107.57% -138.18% -114.36% 250.57% -74.48% 90.32% 17.52% -95.29% 1,684.55%
NOPAT Q/Q Growth		 45.26% 100.63% 6,107.57% -126.73% -114.36% 328.92% -75.34% 88.76% 14.87% -90.69% 851.80%
Net Income Q/Q Growth		 45.18% 112.20% 984.71% -135.62% -117.67% 259.02% -74.13% 80.70% 14.87% -87.74% 596.84%
EPS Q/Q Growth		 41.51% 98.39% 6,300.00% -154.84% -88.24% 225.00% -82.50% 128.57% 15.63% -102.70% 3,200.00%
Operating Cash Flow Q/Q Growth		 72.90% -95.08% -209.46% 1,087.65% -45.08% -90.41% 1,300.76% -13.07% -124.26% 1,088.53% -113.07%
Free Cash Flow Firm Q/Q Growth		 0.94% 101.79% 167.71% -177.46% -138.55% -156.48% 7.61% 14.61% 28.79% 35.95% -6.60%
Invested Capital Q/Q Growth		 0.48% -5.60% 3.62% 4.31% 3.93% 5.56% 1.28% 1.93% 0.27% 1.80% 1.89%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% -45.54% 58.21% -201.90% 0.00% 69.30% 27.30% 45.94% 54.15% 8.09% 50.93%
EBIT Margin		 0.00% 0.78% 62.28% -165.25% 0.00% 73.01% 32.10% 50.10% 53.53% 6.08% 50.04%
Profit (Net Income) Margin		 0.00% 20.37% 65.85% -163.01% 0.00% 77.24% 33.53% 49.69% 51.89% 15.34% 49.28%
Tax Burden Percent		 100.00% 114.52% 100.00% 98.64% 100.17% 99.40% 100.00% 99.18% 96.95% 131.66% 102.16%
Interest Burden Percent		 93.44% 2,270.93% 105.73% 100.00% 100.00% 106.42% 104.46% 100.00% 100.00% 191.55% 96.39%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.82% 3.05% 0.00% -2.16%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.65% -1.77% 0.00% 1.86% 0.62% 1.26% 1.82% 0.31% 1.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.71% -1.87% 0.00% 1.85% 0.63% 1.26% 1.82% 0.33% 1.39%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 2.29% -6.72% 0.00% 7.31% 2.54% 5.42% 8.28% 1.54% 6.73%
Return on Equity (ROE)		 -8.38% -10.22% 2.94% -8.49% 0.00% 9.17% 3.16% 6.68% 10.09% 1.85% 8.14%
Cash Return on Invested Capital (CROIC)		 -115.03% -0.67% 2.05% -2.51% -5.89% -16.27% -14.48% -11.46% -6.88% -4.15% -4.58%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.63% -2.47% 0.00% 1.69% 0.60% 1.24% 1.83% 0.16% 1.34%
Return on Assets (ROA)		 0.00% 0.00% 0.66% -2.44% 0.00% 1.79% 0.63% 1.23% 1.77% 0.39% 1.32%
Return on Common Equity (ROCE)		 -8.38% -10.22% 2.94% -8.49% 0.00% 9.17% 3.16% 6.68% 10.09% 1.85% 8.14%
Return on Equity Simple (ROE_SIMPLE)		 -9.55% 0.00% -3.76% -0.07% -0.16% 0.00% 1.62% 5.23% 10.80% 0.00% 7.46%
Net Operating Profit after Tax (NOPAT)		 -41 0.26 69 -18 -39 90 22 42 48 4.49 43
NOPAT Margin		 0.00% 0.78% 62.28% -115.68% 0.00% 77.70% 32.10% 49.69% 51.89% 11.65% 51.12%
Net Nonoperating Expense Percent (NNEP)		 0.38% -0.10% -0.06% 0.10% 0.22% 0.01% -0.01% 0.00% 0.00% -0.02% 0.02%
SG&A Expenses to Revenue		 0.00% 51.76% 18.66% 136.87% 0.00% 16.65% 36.79% 25.76% 24.14% 46.77% 27.83%
Operating Expenses to Revenue		 0.00% 103.89% 37.73% 265.25% 0.00% 34.59% 66.96% 49.87% 46.47% 100.73% 49.79%
Earnings before Interest and Taxes (EBIT)		 -59 0.26 69 -26 -56 85 22 42 50 2.34 42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -64 -15 64 -32 -61 81 19 39 50 3.12 43
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.31 0.39 0.43 0.52 0.47 0.53 0.60 0.58 0.69 0.56 0.57
Price to Tangible Book Value (P/TBV)		 0.31 0.39 0.43 0.52 0.47 0.53 0.60 0.58 0.69 0.56 0.57
Price to Revenue (P/Rev)		 0.00 0.00 8.90 7.00 5.90 4.40 5.96 4.22 3.58 3.65 3.51
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 21.40 0.00 16.56 7.63 12.04 10.08
Dividend Yield		 28.54% 21.98% 18.71% 15.10% 16.46% 14.10% 12.68% 13.16% 11.01% 13.74% 13.74%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 4.67% 0.00% 6.04% 13.11% 8.30% 9.92%
Enterprise Value to Invested Capital (EV/IC)		 0.78 0.81 0.82 0.85 0.85 0.87 0.88 0.88 0.90 0.87 0.89
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 76.91 56.20 57.51 39.36 49.14 36.66 26.80 33.66 33.22
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 173.97 1,458.57 122.14 51.64 86.39 74.40
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 127.53 384.33 101.76 48.89 82.32 73.62
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 127.97 384.33 95.15 47.36 82.62 72.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.39 19.96 34.67 38.78 75.71 83.32 54.75 65.73 105.07 47.94 75.30
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 39.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.58 3.43 3.52 3.89 4.35 4.49 4.61 4.72 4.74 4.97 5.10
Long-Term Debt to Equity		 3.58 3.43 3.52 3.89 4.35 4.49 4.61 4.72 4.74 4.97 5.10
Financial Leverage		 1.57 2.91 3.24 3.59 3.95 3.95 4.05 4.30 4.55 4.73 4.85
Leverage Ratio		 3.89 4.03 4.40 4.70 5.05 5.11 5.17 5.44 5.70 5.93 6.02
Compound Leverage Factor		 3.63 91.47 4.66 4.70 5.05 5.44 5.40 5.44 5.70 11.36 5.80
Debt to Total Capital		 78.18% 77.40% 77.87% 79.56% 81.30% 81.80% 82.17% 82.52% 82.59% 83.25% 83.59%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 78.18% 77.40% 77.87% 79.56% 81.30% 81.80% 82.17% 82.52% 82.59% 83.25% 83.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 21.81% 22.60% 22.13% 20.44% 18.70% 18.20% 17.82% 17.48% 17.41% 16.75% 16.40%
Debt to EBITDA		 -26.63 -23.89 -57.19 -164.46 -188.74 163.91 1,364.85 115.09 47.41 82.43 70.07
Net Debt to EBITDA		 -24.44 -22.16 -52.94 -153.53 -178.09 154.54 1,281.70 108.08 44.74 77.02 66.53
Long-Term Debt to EBITDA		 -26.63 -23.89 -57.19 -164.46 -188.74 163.91 1,364.85 115.09 47.41 82.43 70.07
Debt to NOPAT		 -53.63 -37.75 -105.15 -5,976.61 -3,662.78 120.57 359.64 89.65 43.48 78.84 68.59
Net Debt to NOPAT		 -49.21 -35.01 -97.34 -5,579.07 -3,456.11 113.67 337.73 84.20 41.03 73.66 65.12
Long-Term Debt to NOPAT		 -53.63 -37.75 -105.15 -5,976.61 -3,662.78 120.57 359.64 89.65 43.48 78.84 68.59
Noncontrolling Interest Sharing Ratio		 0.01% 0.01% 0.01% 0.01% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -6,763 121 326 -253 -603 -1,545 -1,428 -1,219 -868 -556 -593
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -94.49 1.39 3.51 -2.53 -5.33 -12.52 -11.07 -9.14 -6.61 -4.36 -4.82
Operating Cash Flow to Interest Expense		 1.90 0.08 -0.08 0.73 0.35 0.03 0.41 0.35 -0.09 0.87 -0.12
Operating Cash Flow Less CapEx to Interest Expense		 1.90 0.08 -0.08 0.73 0.35 0.03 0.41 0.35 -0.09 0.87 -0.12
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.03
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,323 8,801 9,120 9,513 9,886 10,437 10,570 10,774 10,803 10,997 11,206
Invested Capital Turnover		 0.00 0.00 0.01 0.02 0.02 0.02 0.02 0.03 0.04 0.03 0.03
Increase / (Decrease) in Invested Capital		 6,722 -121 -257 234 563 1,636 1,450 1,261 916 561 636
Enterprise Value (EV)		 7,316 7,092 7,434 8,071 8,452 9,061 9,282 9,436 9,718 9,595 9,946
Market Capitalization		 628 774 860 1,006 867 1,012 1,125 1,086 1,298 1,040 1,052
Book Value per Share		 $19.98 $19.54 $19.81 $19.08 $18.14 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93
Tangible Book Value per Share		 $19.98 $19.54 $19.81 $19.08 $18.14 $18.64 $18.46 $18.45 $18.42 $18.04 $17.93
Total Capital		 9,323 8,801 9,120 9,513 9,886 10,437 10,570 10,774 10,803 10,997 11,206
Total Debt		 7,289 6,812 7,101 7,568 8,038 8,537 8,686 8,891 8,923 9,155 9,367
Total Long-Term Debt		 7,289 6,812 7,101 7,568 8,038 8,537 8,686 8,891 8,923 9,155 9,367
Net Debt		 6,688 6,318 6,574 7,065 7,584 8,049 8,157 8,350 8,420 8,554 8,894
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 14 -6.45 -3.94 7.53 17 0.54 -0.99 0.00 0.00 -1.42 1.54
Net Nonoperating Obligations (NNO)		 7,289 6,812 7,101 7,568 8,038 8,537 8,686 8,891 8,923 9,155 9,367
Total Depreciation and Amortization (D&A)		 -5.21 -15 -4.51 -5.83 -4.31 -4.32 -3.33 -3.51 0.58 0.77 0.74
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.62) ($0.01) $0.63 ($0.34) ($0.64) $0.80 $0.14 $0.32 $0.38 ($0.01) $0.32
Adjusted Weighted Average Basic Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Adjusted Diluted Earnings per Share		 ($0.62) ($0.01) $0.62 ($0.34) ($0.64) $0.80 $0.14 $0.32 $0.37 ($0.01) $0.31
Adjusted Weighted Average Diluted Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.01) $0.00 $0.00 $0.00 $0.80 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 101.80M 101.91M 101.91M 101.92M 101.92M 102.08M 102.08M 102.08M 102.08M 102.52M 102.65M
Normalized Net Operating Profit after Tax (NOPAT)		 -41 0.18 48 -18 -39 63 16 42 48 3.14 29
Normalized NOPAT Margin		 0.00% 0.55% 43.60% -115.68% 0.00% 54.39% 22.47% 49.69% 51.89% 8.15% 35.03%
Pre Tax Income Margin		 0.00% 17.79% 65.85% -165.25% 0.00% 77.70% 33.53% 50.10% 53.53% 11.65% 48.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.82 0.00 0.74 -0.26 -0.50 0.69 0.17 0.32 0.38 0.02 0.34
NOPAT to Interest Expense		 -0.58 0.00 0.74 -0.18 -0.35 0.73 0.17 0.31 0.37 0.04 0.35
EBIT Less CapEx to Interest Expense		 -0.82 0.00 0.74 -0.26 -0.50 0.69 0.17 0.32 0.38 0.02 0.34
NOPAT Less CapEx to Interest Expense		 -0.58 0.00 0.74 -0.18 -0.35 0.73 0.17 0.31 0.37 0.04 0.35
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -111.34% -93.66% -270.72% -13,383.40% -6,446.87% 219.52% 575.29% 179.00% 86.92% 148.21% 128.88%
Augmented Payout Ratio		 -183.36% -137.84% -333.32% -13,383.40% -6,446.87% 219.52% 580.16% 180.52% 87.65% 149.46% 132.66%

Key Financial Trends

MFA Financial (NYSE: MFA) has demonstrated notable financial trends over the last four years, culminating in the latest Q1 2025 results. Below is a concise summary of key highlights reflecting the company’s financial performance and situation.

  • Net Interest Income growth: MFA’s net interest income improved to $57.54 million in Q1 2025 from $47.81 million in Q1 2024, indicating enhanced core earnings from lending and investing activities.
  • Improved Net Income: The company reported a consolidated net income of $41.18 million in Q1 2025, a significant increase from $23.21 million in Q1 2024 and a return to profitability after losses seen in 2023.
  • Capital Gains Trends: MFA recorded $22.03 million in net realized and unrealized capital gains on investments in Q1 2025, showing stronger investment portfolio performance compared to previous quarters where losses were observed.
  • Strong Equity Position: Total equity remains solid at approximately $1.84 billion in Q1 2025, showing stability in shareholder equity amidst market fluctuations.
  • Mortgage Servicing Rights (MSRs): MSRs reached $8.78 billion in Q1 2025, increasing slightly from prior quarters, reflecting the company's significant servicing portfolio.
  • Consistent Dividend Payments: MFA continues to pay stable dividends to common shareholders, with $0.36 per share declared in Q1 2025, consistent with prior periods.
  • Operating Expenses Stability: Salaries and employee benefits slightly increased to $23.26 million in Q1 2025, while other operating expenses totaled $17.54 million, indicating controlled operational costs.
  • Debt Issuance and Repayment Activity: The company actively manages its debt, with over $1 billion issued and some repayments, maintaining ample liquidity as seen in financing cash flows.
  • Operating Cash Flows Negative in Q1 2025: Net cash from operating activities was negative $14.56 million, which could indicate timing differences or operational cash pressures needing monitoring.
  • Net Cash Decline: There was a net decline in cash and equivalents by $128 million in Q1 2025, partially reflecting investing and operating cash cash outflows.

Summary: MFA Financial has rebounded from prior losses, showing improving net income and stable income generation from interest and servicing activities. The company’s investment portfolio gains have contributed positively recently, and equity remains strong. However, caution is warranted given some negative operating cash flow and cash declines in the latest quarter. Investors should observe upcoming quarters for sustained improvement in core cash flows and continued profitability.

09/05/25 02:31 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About MFA Financial's Financials

When does MFA Financial's fiscal year end?

According to the most recent income statement we have on file, MFA Financial's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MFA Financial's net income changed over the last 10 years?

MFA Financial's net income appears to be on a downward trend, with a most recent value of $119.25 million in 2024, falling from $313.50 million in 2014. The previous period was $80.16 million in 2023. See MFA Financial's forecast for analyst expectations on what’s next for the company.

How has MFA Financial's revenue changed over the last 10 years?

Over the last 10 years, MFA Financial's total revenue changed from $358.79 million in 2014 to $285.02 million in 2024, a change of -20.6%.

How much debt does MFA Financial have?

MFA Financial's total liabilities were at $9.57 billion at the end of 2024, a 7.8% increase from 2023, and a 4.5% increase since 2014.

How much cash does MFA Financial have?

In the past 10 years, MFA Financial's cash and equivalents has ranged from $51.97 million in 2018 to $814.35 million in 2020, and is currently $338.93 million as of their latest financial filing in 2024.

How has MFA Financial's book value per share changed over the last 10 years?

Over the last 10 years, MFA Financial's book value per share changed from 8.68 in 2014 to 18.04 in 2024, a change of 107.9%.


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This page (NYSE:MFA) was last updated on 9/5/2025 by MarketBeat.com Staff
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