Saturday 17 October 2026 Export MFA’s income statement to Excel — free account

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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Market cap: $677.3M
P/E: 6.5×
Fwd P/E: 10.1×
Dividend yield: 21.9%
F-score: n/a
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 3.55%

Capital & Financial Ratios $m

Market Cap 677.29

Revenue 764.92

Net Income 148.24

Free Cash Flow 359.11

Net Debt 11,343.66

Current Ratio 0.00

Debt/Equity 6.56

P/E ratio 6.46

Fwd P/E 10.10

P/S ratio 0.89

P/B ratio 0.38

Past 5Y EPS Growth —

This Y EPS Growth 4.60%

Next Y EPS Growth 32.31%

Next Y revenue growth (68.81%)

Next 5Y EPS Growth 13.96%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 2.03%

10-year low 10-year high

P/S against its own 10 years 0.33%

10-year low 10-year high

P/B against its own 10 years 2.03%

10-year low 10-year high

EV/Sales against its own 10 years 44.16%

10-year low 10-year high

EV/FCF against its own 10 years 32.77%

10-year low 10-year high

Dividends

Payout Ratio 1.44

Annual Dividend Rate 1.44

Annual Dividend Yield 21.85%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.44	0.36 0.36 0.36
2025	1.44	0.36 0.36 0.36 0.36
2024	1.40	0.35 0.35 0.35 0.35
2023	1.40	0.35 0.35 0.35 0.35
2022	1.67	0.44 0.44 0.44 0.35
2021	1.54	0.30 0.40 0.40 0.44
2020	1.30	0.80 0.20 0.30
2019	3.20	0.80 0.80 0.80 0.80
2018	3.20	0.80 0.80 0.80 0.80
2017	3.20	0.80 0.80 0.80 0.80
2016	3.20	0.80 0.80 0.80 0.80

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	488	601	387	310
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	9,530	9,413	9,197	9,078

	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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	192	197	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.11)	0.34	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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
	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.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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%

All 37 Reit Mortgage stocks →

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.

Source: company filings (standardised) and stockrow calculations.