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Ellington Financial Inc.

EFC Real Estate Reit Mortgage

Ellington Financial Inc.’s revenue for fiscal 2025 (year ended December 2025) was $494.5 million, up 18.9% from fiscal 2024.

Revenue
+48.0%
EPS
−4.44%
Free cash flow
+108.9%
Total debt
+23.7%

Quarter to June 2026, against a year earlier

11.52 0.11 +0.96%
Market cap
$1.5B
P/E
7.0×
Fwd P/E
5.6×
Dividend yield
13.5%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 1,470.00
Revenue ttm 583.45
Net income ttm 150.77
Free cash flow ttm (546.53)
Net debt Q 17,216.84
Valuation
P/E 7.02
Forward P/E 5.58
Price / sales 2.48
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.81
Financial health
Current ratio Q 52.06
Debt / equity Q 9.37
Interest coverage Q 2.17
Growth
Revenue growth Q +47.95% (above 0%: growing)
Operating income growth Q +35.31% (above 0%: growing)
EPS, this year +12.07%
EPS, next year A −5.07% (below 0%: weak)
Revenue, next year A +37.74% (at or above 10%: strong)
EPS, past 5 yrs +25.00% (at or above 15%: strong)
EPS, next 5 yrs A +1.76%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 32.0×, against a ten-year median of 18.7×; over the ten years it ranged from 7.0× in 2019 to 41.6× in 2023.
P/E against its own 10 years 13.41%
10-year low 10-year high
P/S against its own 10 years 8.08%
10-year low 10-year high
P/B against its own 10 years 41.30%
10-year low 10-year high
EV/Sales against its own 10 years 64.90%
10-year low 10-year high

Dividends

Yield
13.5%
Annual rate
1.56
Payout ratio
95.1%
Growth, 2016–25
−2.45%/yr
  1. 1.95 ’16
  2. 1.76 ’17 −10%
  3. 1.64 ’18 −7%
  4. 1.81 ’19 +10%
  5. 1.26 ’20 −30%
  6. 1.64 ’21 +30%
  7. 1.80 ’22 +10%
  8. 1.80 ’23 +0%
  9. 1.60 ’24 −11%
  10. 1.56 ’25 −3%
  11. 1.56 ’26e +0%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,749 1,171 1,373 1,521
Receivables 532 22 36 250
Inventory — — — —
Other — — — —
14,620 15,229 18,088 19,685
2023 2024 2025 Q'26
Payables 68 61 55 68
ST’ Debt 154 294 273 252
Other — — — —
313 393 383 378

Compound Annual Growth %

10y 5y 3y
Sales 16.81% 23.30% 20.56%
Cash Flow 0.00% 0.00% 0.00%
Earnings 12.04% 47.10% 0.00%
Book Value 9.74% 15.22% 15.30%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.46 Actual 0.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.40 0.47 Beat by 0.07
Q3 FY25 0.44 0.53 Beat by 0.09
Q1 FY26 0.42 0.55 Beat by 0.13
Q2 FY26 0.46 0.60 Beat by 0.14
Q3 FY26 0.48 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.78 0.43 — — —
’25 0.35 0.45 0.29 0.14 1.19
’24 0.32 0.62 0.19 0.25 1.36
’23 0.58 0.04 0.10 0.18 0.90
’22 (0.17) (1.08) (0.55) 0.37 (1.43)
’21 0.86 0.75 0.41 0.61 2.58
’20 (3.04) 0.84 1.06 1.44 0.39
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 150 171 — — —
’25 116 115 123 140 494
’24 102 100 107 107 416
’23 87 88 96 99 370
’22 51 63 79 90 282
’21 40 46 40 49 176
’20 52 39 43 39 174
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (19) — — —
’25 (126) (211) (290) (298) (925)
’24 (59) (89) (142) (141) (431)
’23 (49) (43) (71) (79) (242)
’22 33 48 (11) (28) 43
’21 9 35 15 (8) 51
’20 29 38 16 37 120
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 6 16 — — —
’25 (116) (183) (273) (296) (867)
’24 (46) (81) (126) (136) (389)
’23 (36) (37) (66) (66) (205)
’22 33 53 (11) (22) 53
’21 9 34 15 7 65
’20 36 38 16 39 129
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 80 94 135 160 174 176 282 370 416 494 583 +22.4% 681 759 681 +11.3%
Gross margin, % 87.45 90.36 93.86 94.93 93.37 83.43 94.03 94.48 94.36 94.86 95.29 +7.4 pt
EBT (16) 36 50 55 2 86 (25) 89 116 98 170 n/m
EBT margin, % (19.58) 38.28 36.96 34.10 1.05 48.77 (8.85) 24.10 27.95 19.80 29.05 +39.4 pt
Net income (16) 36 50 63 28 141 (71) 88 148 151 151 n/m
Per share, $
Per share, $ Revenue 2.45 2.93 4.46 4.99 3.99 3.62 4.72 5.42 4.79 4.97 4.64 +8.2%
Earnings (0.48) 1.04 1.52 1.76 0.39 2.58 (1.43) 0.90 1.36 1.19 1.64 n/m
Cash flow 2.13 (14.44) (16.31) 2.47 2.75 1.06 0.71 (3.54) (4.96) (9.31) (4.92) n/m
Capex 0.00 0.00 0.00 0.74 0.22 0.28 0.18 0.54 0.47 0.59 0.57 n/m
Free cash flow 2.13 (14.44) (16.31) 3.21 2.97 1.33 0.89 (3.00) (4.48) (8.72) (4.35) n/m
Book value 19.68 19.37 19.64 27.09 21.19 27.27 20.40 22.50 18.32 18.82 15.91 (0.5%)
Shares, m 33 32 30 32 43 49 60 68 87 99 112 +13.1%
Valuation, ×
Valuation, × P/E 0.00 13.82 10.15 10.24 47.87 6.50 0.00 13.92 8.78 11.04 7.02 12.2
P/S 6.40 4.95 3.44 3.68 3.72 4.73 2.67 2.31 2.53 2.73 2.48 3.7
P/B 0.80 0.75 0.78 0.78 0.80 0.76 0.76 0.72 0.84 0.88 0.81 0.8
EV/Sales 18.05 20.16 17.89 8.84 8.34 13.71 41.40 34.02 34.56 34.81 31.99 23.2
EV/FCF 20.76 (4.09) (4.89) 13.72 11.19 37.19 218.91 (61.41) (36.93) (19.86) (34.15) 17.5
Cash, $m
Cash, $m Operating cash flow 70 (463) (494) 79 120 51 43 (242) (431) (925) (618) n/m
Capex — — — 24 10 13 11 37 41 59 71 +16.2%
Free cash flow 70 (463) (494) 103 129 65 53 (205) (389) (867) (547) n/m
Balance, $m
Balance, $m Working capital 556 448 389 4,052 3,126 4,660 13,173 14,307 14,836 17,705 19,307 +46.9%
Net debt 934 1,429 1,951 826 801 1,577 10,932 11,739 13,327 15,863 17,217 +37.0%
Shareholders’ equity 645 621 595 869 922 1,324 1,221 1,536 1,591 1,871 1,999 +12.6%
Returns, %
Returns, % ROA (0.59) 1.26 1.34 1.39 0.44 2.96 (0.89) 0.41 0.74 0.67 1.02 +1.3 pt
ROIC 2.06 2.02 2.45 6.03 3.18 3.48 0.95 2.44 2.35 2.17 2.52 +0.1 pt
ROE (2.31) 5.37 7.68 8.54 2.20 13.33 (8.17) 5.60 9.66 8.49 12.37 +10.8 pt
People
People Employees 160 160 150 150 150 170 170 170 160 170 — +0.7%
Revenue/emp, $m 0.50 0.59 0.90 1.07 1.16 1.03 1.66 2.18 2.60 2.91 — +21.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Ellington Financial Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DX Dynex Capital, Inc. $2.8B 4.0× — (loss-making) +170.93% (above 0%: growing) n/m +163.96% (above 0%: growing) 100.00% 94.64% Compare
ARR ARMOUR Residential REIT, Inc. $1.9B 3.3× — (loss-making) +45.88% (above 0%: growing) n/m +741.92% (above 0%: growing) 100.00% 93.50% Compare
BXMT Blackstone Mortgage Trust, Inc. $1.8B 122× — (loss-making) −3.29% (below 0%: shrinking) n/m +3.93% (above 0%: growing) 78.86% 71.19% Compare
EFC Ellington Financial Inc. $1.5B 7.0× 5.6× +47.95% (above 0%: growing) −4.44% (below 0%: shrinking) +108.89% (above 0%: growing) 95.69% 125.46%
LADR Ladder Capital Corp $1.2B 21.8× 12.9× +4.91% (above 0%: growing) −14.29% (below 0%: shrinking) −9.50% (below 0%: shrinking) 100.00% 60.88% Compare
ORC Orchid Island Capital, Inc. $926.4M 3.2× — (loss-making) +77.91% (above 0%: growing) n/m +342.48% (above 0%: growing) 100.00% 117.80% Compare
CIM Chimera Investment Corporation $694.8M — (loss-making) — (loss-making) +10.10% (above 0%: growing) n/m −4,466.16% (below 0%: shrinking) 100.00% 1.81% Compare
MFA MFA Financial, Inc. $673.3M 6.5× 7.3× +4.48% (above 0%: growing) +59.09% (above 0%: growing) +162.56% (above 0%: growing) 100.00% 78.90% Compare
ARI Apollo Commercial Real Estate Finance $299.5M 2.9× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46% Compare
Median of peers $1.0B 4.0× 10.2× +7.51% −8.33% +83.24% 100.00% 75.05%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 0.00 0.00 167.05
2024 0.00 0.00 119.53
2023 0.00 0.00 109.94
2022 0.00 0.00 93.05
2021 0.00 0.00 113.92

Ownership

Directors and executive officers, together 3.20%
Blackrock, Inc. 13.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ellington Financial Inc. (EFC) Latest News

10 May

Impact 4 · · MarketBeat
Impact 4 · · Simply Wall St.

6 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

5 May

Impact 4 · · Business Wire

4 May

Impact 4 · · StockStory

28 Feb

Impact 4 · · MarketBeat

27 Feb

Impact 4 · · Moby

26 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript

25 Feb

Impact 4 · · Business Wire

23 Feb

Impact 4 · · StockStory

28 Jan

Impact 4 · · Simply Wall St.
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Impact 4 · · 24/7 Wall St.

21 Dec

Impact 4 · · StockStory

19 Dec

Impact 4 · · Zacks

4 Dec

Impact 4 · · Insider Monkey

1 Dec

Impact 4 · · StockStoryStockStoryStockStorySimply Wall St.Simply Wall St.StockStoryStockStoryStockStory

21 Nov

Impact 4 · · StockStory

13 Nov

Impact 4 · · Simply Wall St.

12 Nov

Impact 4 · · Simply Wall St.

10 Nov

Impact 4 · · ZacksZacks

6 Nov

Impact 4 ·
Impact 4 · · GuruFocus.com transcript

5 Nov

Impact 4 · · StockStory

27 Sep

Impact 4 · · Simply Wall St.

24 Sep

Impact 4 · · Insider Monkey

19 Sep

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1 Sep

Impact 4 ·
stockrow.com/EFC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com