MFA Financial, Inc.
MFA Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $745.1 million, up 2.91% from fiscal 2024. In the quarter to June 2026, revenue grew 4.48%, EPS grew 59.1%, free cash flow grew 162.6% and total debt rose 22.6%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.
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MFA Financial, Inc. (MFA) Piotroski F-score
MFA Financial, Inc.'s Piotroski F-score for fiscal 2025 cannot be worked out: current liabilities not reported.
Piotroski F-score, annual
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.12% | 0.78% | Pass | 1 |
| Positive operating cash flow | 76.25m | 200.12m | Pass | 1 |
| Rising return on assets | 1.12% | 0.78% | Pass | 1 |
| Cash flow above net income | (60.22m) | 113.74m | Fail | 0 |
| Falling long-term leverage | 0.89 | 0.83 | Fail | 0 |
| Rising current ratio | — | — | n/a | — |
| No new shares issued | 103,554,000 | 103,489,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.06 | 0.07 | Fail | 0 |
| Piotroski F-score | n/a — current liabilities not reported | — | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ADAM Adamas Trust, Inc. compare | 8 |
| ARI Apollo Commercial Real Estate Finance compare | 7 |
| IVR INVESCO MORTGAGE CAPITAL INC compare | 6 |
| FBRT Franklin BSP Realty Trust, Inc. compare | 6 |
| BRSP BrightSpire Capital, Inc. compare | 5 |
| ABR Arbor Realty Trust compare | 4 |
| CIM Chimera Investment Corporation compare | 4 |
| PMT PennyMac Mortgage Investment Trust compare | 3 |
| MFA MFA Financial, Inc. | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover