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INVESCO MORTGAGE CAPITAL INC

IVR Real Estate Reit Mortgage

INVESCO MORTGAGE CAPITAL INC’s revenue for fiscal 2025 (year ended December 2025) was $295.3 million, up 3.05% from fiscal 2024.

Revenue
+35.7%
EPS
−220.4%
Free cash flow
+3.93%
Total debt
+32.9%

Quarter to September 2026, against a year earlier

5.36 0.10 −1.83%
Market cap
$595.7M
P/E
0.0×
Fwd P/E
6.8×
Dividend yield
28.7%
F-score
6/9
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

Bought, $m 0.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 1 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 595.70
Revenue ttm 341.91
Net income ttm 120.07
Free cash flow ttm 166.02
Net debt Q 6,416.42
Valuation
P/E 0.00
Forward P/E 6.84
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 3.52
Price / book 0.79
Financial health
Current ratio Q 0.06
Debt / equity Q 7.57
Interest coverage Q —
Growth
Revenue growth Q +35.72% (above 0%: growing)
Operating income growth Q +118.59% (above 0%: growing)
EPS, this year −18.03% (below 0%: weak)
EPS, next year A −14.01% (below 0%: weak)
Revenue, next year A −46.17% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −9.45% (below 0%: weak)

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 22.6×, against a ten-year median of 26.3×; over the ten years it ranged from 2.8× in 2020 to 69.7× in 2021.
P/S against its own 10 years 23.73%
10-year low 10-year high
P/B against its own 10 years 17.64%
10-year low 10-year high
EV/Sales against its own 10 years 27.91%
10-year low 10-year high
EV/FCF against its own 10 years 55.56%
10-year low 10-year high

Dividends

Yield
28.7%
Annual rate
1.56
Payout ratio
105.4%
Growth, 2017–25
−26.6%/yr
  1. 16.30 ’17
  2. 17.28 ’18 +6
  3. 18.50 ’19 +7
  4. 6.20 ’20 −66
  5. 3.59 ’21 −42
  6. 3.35 ’22 −7
  7. 2.25 ’23 −33
  8. 1.60 ’24 −29
  9. 1.38 ’25 −14
  10. 1.01 ’26e −27
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 199 211 166 427
Receivables — — — —
Inventory — — — —
Other — — — —
199 211 166 427
2023 2024 2025 Q'26
Payables 1 2 2 2
ST’ Debt 4,459 4,894 5,619 6,843
Other — — — —
4,476 4,928 5,649 6,859

Compound Annual Growth %

10y 5y 3y
Sales (7.59%) 1.06% 14.93%
Cash Flow (7.92%) (1.62%) (7.13%)
Earnings (0.19%) 0.00% 0.00%
Book Value (9.92%) (10.22%) (0.27%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.46 Actual 0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.58 0.56 Miss by 0.02
Q1 FY26 0.55 0.55 Met by 0.00
Q2 FY26 0.47 0.50 Beat by 0.03
Q3 FY26 0.46 0.47 Beat by 0.01

EPS $

Mar Jun Sep Dec Year
’26 (0.28) 0.34 (0.89) — —
’25 0.26 (0.40) 0.74 0.68 1.32
’24 0.49 (0.38) 0.63 (0.09) 0.65
’23 0.39 (0.03) (1.62) 0.46 (0.85)
’22 (7.20) (3.52) (2.78) 0.84 (12.21)
’21 (0.90) (3.40) 1.70 (2.30) (4.80)
’20 (103.80) (18.00) 5.30 5.90 (98.90)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 80 85 99 — —
’25 74 71 73 78 295
’24 69 68 74 76 287
’23 69 71 75 62 278
’22 42 45 50 58 195
’21 40 43 43 43 169
’20 187 30 27 36 280
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 27 42 — — —
’25 19 41 37 60 157
’24 57 33 31 62 183
’23 67 87 52 32 238
’22 40 41 46 69 196
’21 35 39 37 42 152
’20 110 21 13 27 170
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 27 42 — — —
’25 19 41 37 60 157
’24 57 33 31 62 183
’23 67 87 52 32 238
’22 40 41 46 69 196
’21 35 39 37 42 152
’20 110 21 13 27 170
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 479 545 643 778 280 169 195 278 287 295 342 (5.2%) 159 172 168 (17.1%)
Gross margin, % 67.13 63.93 47.30 39.32 70.64 106.67 73.49 17.88 12.85 25.54 32.85 (41.6) pt
EBT 258 353 (71) 364 (1,674) (90) (403) (16) 60 101 (29) (9.9%)
EBT margin, % 53.83 64.77 (10.97) 46.78 (597.63) (53.19) (207.15) (5.71) 20.90 34.30 (8.49) (19.5) pt
Net income 258 353 (71) 364 (1,674) (90) (403) (16) 60 101 120 (9.9%)
Per share, $
Per share, $ Revenue 42.75 48.84 57.60 58.83 16.13 6.15 5.69 6.31 5.33 4.42 3.18 (22.3%)
Earnings 20.70 28.70 (10.30) 24.20 (98.90) (4.80) (12.21) (0.85) 0.65 1.32 (0.15) (26.3%)
Cash flow 26.42 26.04 27.25 25.95 9.81 5.54 5.74 5.40 3.41 2.35 0.00 (23.6%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 26.42 26.04 27.25 25.95 9.81 5.54 5.74 5.40 3.41 2.35 0.00 (23.6%)
Book value 202.74 238.05 204.83 221.60 78.69 50.96 23.54 17.76 13.59 11.92 8.41 (27.0%)
Shares, m 11 11 11 13 17 28 34 44 54 67 88 +22.0%
Valuation, ×
Valuation, × P/E 7.08 6.15 0.00 6.85 0.00 0.00 0.00 0.00 12.38 6.57 0.00 3.9
P/S 3.46 3.61 2.51 2.83 2.10 4.52 2.31 1.37 1.51 1.90 1.71 2.6
P/B 0.83 0.94 0.94 0.93 0.73 0.79 0.89 0.77 0.78 0.89 0.79 0.8
EV/Sales 30.71 32.57 26.02 27.10 29.14 46.78 26.45 19.37 20.44 22.88 22.64 28.1
EV/FCF 49.70 61.09 55.00 61.44 47.89 51.98 26.24 22.63 31.97 43.00 46.62 45.1
Cash, $m
Cash, $m Operating cash flow 296 291 304 343 170 152 196 238 183 157 166 (6.8%)
Capex — (3) (51) — — — — — — — — +1,375.8%
Free cash flow 296 291 304 343 170 152 196 238 183 157 166 (6.8%)
Balance, $m
Balance, $m Working capital (11,021) (14,012) (13,506) (17,288) (6,838) (6,414) (3,978) (4,277) (4,717) (5,483) (6,432) (7.5%)
Net debt 13,046 15,785 15,117 18,893 6,836 6,411 3,956 4,260 4,683 5,453 6,416 (9.2%)
Shareholders’ equity 2,270 2,657 2,287 2,932 1,367 1,402 804 783 731 798 903 (11.0%)
Returns, %
Returns, % ROA 1.43 1.87 (0.63) 1.59 (11.10) (1.55) (6.16) (0.72) 0.63 1.45 (0.61) 0.0 pt
ROIC 1.14 1.03 0.92 0.74 1.19 1.22 1.54 0.37 0.20 0.57 0.79 (0.6) pt
ROE 11.67 15.72 (6.04) 15.62 (108.36) (14.90) (56.36) (7.51) 6.62 14.84 (6.23) +3.2 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

INVESCO MORTGAGE CAPITAL 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
PMT PennyMac Mortgage Investment Trust $717.7M 17.9× 7.3× −63.48% (below 0%: shrinking) n/m −95.57% (below 0%: shrinking) 24.92% (28.21%) Compare
CIM Chimera Investment Corporation $663.0M — (loss-making) — (loss-making) +10.32% (above 0%: growing) n/m −191.20% (below 0%: shrinking) 100.00% 0.00% Compare
MFA MFA Financial, Inc. $662.1M — (loss-making) 7.3× +9.75% (above 0%: growing) n/m +498.41% (above 0%: growing) 100.00% 0.00% Compare
IVR INVESCO MORTGAGE CAPITAL INC $595.7M — (loss-making) 6.8× +35.72% (above 0%: growing) n/m +3.93% (above 0%: growing) 34.28% 29.04%
ADAM Adamas Trust, Inc. $534.6M — (loss-making) 5.0× +12.82% (above 0%: growing) n/m −119.68% (below 0%: shrinking) 25.11% (89.42%) Compare
TRTX TPG RE Finance Trust, Inc. $532.3M 16.3× 12.3× −5.07% (below 0%: shrinking) −46.65% (below 0%: shrinking) −40.71% (below 0%: shrinking) 100.00% 50.23% Compare
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%) Compare
Median of peers $533.5M 17.9× 11.9× −5.50% — −59.02% 96.09% (2.34%)

All 37 Reit Mortgage stocks →

INVESCO MORTGAGE CAPITAL INC (IVR) Latest News

1 Nov

Impact 3 · · GuruFocus.com

30 Oct

Impact 3 · · MarketBeat transcript
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 3 · · Associated Press
Impact 3 · · PR Newswire
Impact 3 · · 24/7 Wall St.

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · PR Newswire earnings

15 Oct

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14 Oct

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7 Oct

Impact 3 · · Zacks

30 Sep

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23 Sep

Impact 3 · · Zacks

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

30 Jul

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14 May

Impact 3 · · PR Newswire

2 May

Impact 3 · · GuruFocus.com

1 May

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

30 Apr

Impact 3 · · PR Newswire

27 Apr

Impact 3 · · Simply Wall St.

15 Apr

Impact 3 · · PR Newswire

14 Apr

Impact 4 · · PR Newswire

12 Apr

Impact 4 · · Simply Wall St.

29 Mar

Impact 4 · · Simply Wall St.

15 Mar

Impact 4 · · Simply Wall St.
stockrow.com/IVR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com