Saturday 17 October 2026
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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.
6.59
0.11
−1.64%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 22.44 | 30.52 | 25.60 | 26.32 | 1.28 | 14.44 | 7.15 | 8.41 | 9.88 | 7.85 |
Analyst estimates 2026–2028 Powerpack |
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| High | 32.20 | 35.60 | 32.60 | 32.00 | 32.36 | 19.60 | 18.88 | 12.38 | 13.45 | 11.08 | |||||
| People | |||||||||||||||
| People | Employees | 52 | 55 | 60 | 66 | 58 | 60 | 349 | 377 | 348 | 307 | ||||
| Revenue/emp, $m | 8.80 | 7.88 | 7.59 | 10.54 | 7.46 | 6.04 | 1.38 | 1.61 | 2.08 | 2.43 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 457 | 433 | 456 | 696 | 433 | 362 | 482 | 606 | 724 | 745 | ||||
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||||
| EBT | 313 | 322 | 302 | 378 | (679) | 329 | (232) | 80 | 120 | 176 | |||||
| EBT margin, % | 68.35 | 74.38 | 66.23 | 54.33 | (156.96) | 90.77 | (48.18) | 13.28 | 16.53 | 23.63 | |||||
| Net income | 313 | 322 | 302 | 378 | (679) | 329 | (232) | 80 | 119 | 177 | |||||
| Depreciation | 38 | 32 | 29 | 45 | 11 | (59) | (27) | (19) | (5) | 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 | ||||
| Earnings | 3.20 | 3.16 | 2.72 | 3.20 | (6.28) | 2.68 | (2.56) | 0.46 | 0.83 | 1.31 | |||||
| Cash flow | 1.93 | 1.82 | 1.41 | 1.91 | 0.34 | 1.24 | 3.44 | 1.06 | 1.93 | 0.74 | |||||
| Capex | 0.33 | 0.57 | 1.02 | 0.76 | 2.34 | 1.69 | 1.30 | 1.13 | 0.83 | 0.93 | |||||
| Free cash flow | 2.26 | 2.38 | 2.43 | 2.68 | 2.68 | 2.93 | 4.74 | 2.19 | 2.77 | 1.67 | |||||
| Book value | 32.70 | 33.59 | 32.62 | 30.01 | 22.34 | 22.97 | 19.28 | 18.59 | 17.80 | 17.65 | |||||
| Shares, m | 93 | 97 | 105 | 113 | 113 | 111 | 103 | 102 | 103 | 104 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 9.82 | 9.95 | 9.68 | 9.56 | 0.00 | 7.02 | 0.00 | 25.00 | 12.43 | 7.05 | ||||
| P/S | 6.30 | 7.04 | 6.14 | 4.96 | 4.06 | 5.57 | 2.17 | 1.90 | 1.46 | 1.29 | |||||
| P/B | 0.95 | 0.94 | 0.82 | 1.02 | 0.70 | 0.79 | 0.53 | 0.61 | 0.57 | 0.53 | |||||
| EV/Sales | 24.59 | 21.23 | 23.24 | 19.18 | 12.18 | 22.06 | 15.27 | 15.19 | 13.27 | 15.46 | |||||
| EV/FCF | 53.55 | 39.75 | 41.58 | 44.22 | 17.40 | 24.61 | 15.05 | 41.11 | 33.57 | 66.70 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 179 | 177 | 148 | 216 | 38 | 138 | 355 | 109 | 200 | 76 | ||||
| Capex | 31 | 55 | 107 | 86 | 265 | 187 | 134 | 115 | 86 | 96 | |||||
| Free cash flow | 210 | 232 | 255 | 302 | 303 | 325 | 489 | 224 | 286 | 173 | |||||
| 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 | ||||
| Total debt | 8,687 | 6,615 | 7,879 | 10,032 | 4,337 | 6,379 | 6,812 | 8,537 | 9,155 | 10,940 | |||||
| Net debt | 8,369 | 6,151 | 7,790 | 9,897 | 3,515 | 5,974 | 6,318 | 8,049 | 8,554 | 10,553 | |||||
| Shareholders’ equity | 3,034 | 3,262 | 3,416 | 3,384 | 2,525 | 2,543 | 1,989 | 1,900 | 1,842 | 1,828 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 2.32 | 2.62 | 2.45 | 2.79 | (6.92) | 3.68 | (2.90) | 0.48 | 0.78 | 1.12 | ||||
| ROIC | 2.26 | 2.55 | 2.10 | 2.83 | 3.01 | 1.78 | 2.39 | 2.75 | 3.33 | 2.98 | |||||
| ROE | 9.92 | 9.77 | 8.59 | 10.68 | (24.01) | 11.68 | (11.67) | 2.43 | 4.62 | 7.44 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| ARI Apollo Commercial Real Estate Finance | $824.0M | 8.0× | 31.6× | −37.40% (below 0%: shrinking) | −8.33% (below 0%: shrinking) | −20.13% (below 0%: shrinking) | 91.99% | 16.46% | Compare |
| CIM Chimera Investment Corporation | $715.7M | — (loss-making) | 16.4× | +10.10% (above 0%: growing) | n/m | −4,466.16% (below 0%: shrinking) | 100.00% | 1.81% | Compare |
| ADAM Adamas Trust, Inc. | $700.2M | 4.5× | 9.5× | +23.77% (above 0%: growing) | n/m | +171.68% (above 0%: growing) | 26.87% | 30.52% | Compare |
| MFA MFA Financial, Inc. | $677.3M | 6.5× | 10.1× | +4.48% (above 0%: growing) | +59.09% (above 0%: growing) | +162.56% (above 0%: growing) | 100.00% | 78.90% | |
| PMT PennyMac Mortgage Investment Trust | $615.7M | 4.9× | 8.4× | +3.60% (above 0%: growing) | n/m | −45.97% (below 0%: shrinking) | 63.63% | 34.80% | Compare |
| IVR INVESCO MORTGAGE CAPITAL INC | $607.1M | 3.7× | 10.2× | +20.93% (above 0%: growing) | n/m | +3.93% (above 0%: growing) | 35.24% | 28.86% | Compare |
| ABR Arbor Realty Trust | $522.4M | 38.6× | 22.1× | −2.77% (below 0%: shrinking) | n/m | +172.80% (above 0%: growing) | 19.79% | (4.57%) | Compare |
| FBRT Franklin BSP Realty Trust, Inc. | $520.7M | 14.1× | 9.4× | +32.33% (above 0%: growing) | −36.84% (below 0%: shrinking) | +87.71% (above 0%: growing) | 90.86% | 18.69% | Compare |
| BRSP BrightSpire Capital, Inc. | $479.5M | — (loss-making) | 25.0× | −9.80% (below 0%: shrinking) | n/m | +150.31% (above 0%: growing) | 61.99% | (40.13%) | Compare |
| Median of peers | $611.4M | 6.4× | 13.3× | +6.85% | — | +45.82% | 62.81% | 17.58% |
MFA Financial, Inc. (MFA) key facts
- Strength: MFA Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $745.1 million, up 2.91% from fiscal 2024.
- MFA Financial, Inc. (MFA) is a Reit Mortgage company in the Real Estate sector, listed on the New York Stock Exchange.
- As of October 16, 2026, MFA traded at $6.59, a market capitalization of $677.3 million.
- MFA Financial, Inc. pays an annual dividend of $1.44 per share, a yield of 21.9%, with a payout ratio of 144.0%.
- Return on equity was 7.44% and debt-to-equity 6.56.