MFA Financial, Inc.

MFA Real Estate Reit Mortgage

MFA Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $745.1 million, up 2.91% from fiscal 2024.

Revenue
+9.75%
EPS
−430.6%
Free cash flow
+498.4%
Total debt
+22.6%

Quarter to September 2026, against a year earlier

6.29 0.26 −3.97%
Market cap
$662.1M
P/E
0.0×
Fwd P/E
7.3×
Dividend yield
22.1%
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.27%

Capital & Financial Ratios $m

Size
Market Cap 662.12
Revenue ttm 783.03
Net income ttm (11.56)
Free cash flow ttm 568.65
Net debt Q (326.87)
Valuation
P/E 0.00
Forward P/E 7.26
Price / sales 0.86
Forward P/S Powerpack
Price / FCF 1.19
Price / book 0.42
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q 0.00
Growth
Revenue growth Q +9.75% (above 0%: growing)
Operating income growth Q +4.18% (above 0%: growing)
EPS, this year +0.60%
EPS, next year A +34.79% (at or above 15%: strong)
Revenue, next year A −68.81% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +12.79%

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

Valuation vs history

P/S against its own 10 years 0.37%
10-year low 10-year high
P/B against its own 10 years 2.35%
10-year low 10-year high
EV/Sales against its own 10 years 37.84%
10-year low 10-year high
EV/FCF against its own 10 years 20.90%
10-year low 10-year high

Dividends

Yield
22.1%
Annual rate
1.44
Payout ratio
144.0%
Growth, 2017–25
−9.50%/yr
  1. 3.20 ’17
  2. 3.20 ’18 +0
  3. 3.20 ’19 +0
  4. 1.30 ’20 −59
  5. 1.54 ’21 +18
  6. 1.67 ’22 +8
  7. 1.40 ’23 −16
  8. 1.40 ’24 +0
  9. 1.44 ’25 +3
  10. 1.44 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 488 601 387 327
Receivables — — — —
Inventory — — — —
Other — — — —
9,530 9,413 9,197 9,011
2023 2024 2025 2026
Payables — — — —
ST’ Debt — — — —
Other — — — —
— — — —

Compound Annual Growth %

10y 5y 3y
Sales 4.23% 11.47% 15.59%
Cash Flow (12.14%) 14.71% (40.13%)
Earnings (7.52%) 0.00% 0.00%
Book Value (4.73%) (6.26%) (2.78%)

Earnings Trends EPS, adjusted, against the consensus

EPS $

Mar Jun Sep Dec Year
’26 (0.11) 0.34 (1.19) — —
’25 0.31 0.21 0.35 0.42 1.30
’24 0.14 0.32 0.37 (0.02) 0.82
’23 0.62 (0.34) (0.64) 0.76 0.46
’22 (0.86) (1.06) (0.62) (0.02) (2.56)
’21 0.68 0.52 1.08 0.32 2.64
’20 (8.08) 0.76 0.68 0.32 (6.28)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 192 197 204 — —
’25 181 188 186 190 745
’24 177 187 182 178 724
’23 132 144 159 170 606
’22 106 109 124 143 482
’21 81 85 91 106 362
’20 145 103 83 102 433
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 71 129 231 — —
’25 (15) 38 15 38 76
’24 53 46 (11) 111 200
’23 (7) 72 40 4 109
’22 134 79 136 7 355
’21 24 72 12 29 138
’20 13 43 (40) 22 38
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 97 160 252 — —
’25 10 61 42 60 173
’24 78 72 7 129 286
’23 27 105 66 26 224
’22 174 120 160 36 489
’21 70 71 49 134 325
’20 59 103 48 94 303
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
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 457 433 456 696 433 362 482 606 724 745 783 +5.6% 232 235 232 (32.2%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 313 322 302 378 (679) 329 (232) 80 120 176 (12) (6.2%)
EBT margin, % 68.35 74.38 66.23 54.33 (156.96) 90.77 (48.18) 13.28 16.53 23.63 (1.48) (44.7) pt
Net income 313 322 302 378 (679) 329 (232) 80 119 177 (12) (6.1%)
Per share, $
Per share, $ Revenue 4.93 4.46 4.35 6.17 3.83 3.27 4.68 5.92 7.00 7.19 7.58 +4.3%
Earnings 3.20 3.16 2.72 3.20 (6.28) 2.68 (2.56) 0.46 0.83 1.31 (0.53) (9.4%)
Cash flow 1.93 1.82 1.41 1.91 0.34 1.24 3.44 1.06 1.93 0.74 4.53 (10.2%)
Capex 0.33 0.57 1.02 0.76 2.34 1.69 1.30 1.13 0.83 0.93 0.97 +12.2%
Free cash flow 2.26 2.38 2.43 2.68 2.68 2.93 4.74 2.19 2.77 1.67 5.50 (3.3%)
Book value 32.70 33.59 32.62 30.01 22.34 22.97 19.28 18.59 17.80 17.65 15.63 (6.6%)
Shares, m 93 97 105 113 113 111 103 102 103 104 104 +1.2%
Valuation, ×
Valuation, × P/E 9.82 9.95 9.68 9.56 0.00 7.02 0.00 25.00 12.43 7.05 0.00 9.1
P/S 6.30 7.04 6.14 4.96 4.06 5.57 2.17 1.90 1.46 1.29 0.86 4.1
P/B 0.95 0.94 0.82 1.02 0.70 0.79 0.53 0.61 0.57 0.53 0.42 0.7
EV/Sales 24.59 21.23 23.24 19.18 12.18 22.06 15.27 15.19 13.27 15.46 15.33 18.2
EV/FCF 53.55 39.75 41.58 44.22 17.40 24.61 15.05 41.11 33.57 66.70 21.10 37.8
Cash, $m
Cash, $m Operating cash flow 179 177 148 216 38 138 355 109 200 76 469 (9.1%)
Capex 31 55 107 86 265 187 134 115 86 96 100 +13.6%
Free cash flow 210 232 255 302 303 325 489 224 286 173 569 (2.2%)
Balance, $m
Balance, $m Working capital 1,724 2,697 4,771 7,586 6,147 8,317 8,013 9,530 9,413 9,197 9,011 +20.4%
Net debt 8,369 6,151 7,790 9,897 3,515 5,974 6,318 8,049 8,554 10,553 (327) +2.6%
Shareholders’ equity 3,034 3,262 3,416 3,384 2,525 2,543 1,989 1,900 1,842 1,828 1,616 (5.5%)
Returns, %
Returns, % ROA 2.32 2.62 2.45 2.79 (6.92) 3.68 (2.90) 0.48 0.78 1.12 0.00 (1.2) pt
ROIC 2.26 2.55 2.10 2.83 3.01 1.78 2.39 2.75 3.33 2.98 0.00 +0.7 pt
ROE 9.92 9.77 8.59 10.68 (24.01) 11.68 (11.67) 2.43 4.62 7.44 0.00 (2.5) pt
People
People Employees 52 55 60 66 58 60 349 377 348 307 — +21.8%
Revenue/emp, $m 8.80 7.88 7.59 10.54 7.46 6.04 1.38 1.61 2.08 2.43 — (13.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

MFA 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
ORC Orchid Island Capital, Inc. $963.0M 99.6× — (loss-making) +51.35% (above 0%: growing) n/m +132.66% (above 0%: growing) 100.00% (45.05%) 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%
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% Compare
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
Median of peers $565.2M 20.8× 9.6× +2.63% — −18.39% 76.71% (13.25%)

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.08m 5.51m 113.86
2024 8.08m 7.56m 56.74
2023 6.64m 8.54m 55.42
2022 6.26m 1.31m 42.43
2021 7.41m 8.26m 67.39

Ownership

Directors and executive officers, together 1.02%
Vanguard Group, Inc. P.O. Box 9.60%
BlackRock, Inc. 9.26%
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

MFA Financial, Inc. (MFA) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript

4 Nov

Impact 3 · · Associated Press

12 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat transcript

11 May

Impact 4 · · MarketBeat

5 May

Impact 4 · · The Motley Fool transcript

6 Mar

23 Nov

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

7 Nov

6 Nov

Impact 3 · · Associated Press Finance
Impact 3 · · Business Wire earnings

1 Oct

Impact 3 · · Business Wire
stockrow.com/MFA · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com