Blackstone Mortgage Trust, Inc. (BXMT) vs Ellington Financial Inc. (EFC)

Blackstone Mortgage Trust, Inc. and Ellington Financial Inc. are both Reit Mortgage companies. Blackstone Mortgage Trust, Inc. is the larger, with a market value of $2.1B against $1.6B — 1.3× the size. Ellington Financial Inc. trades at the lower P/E: 7.5× against 140×. Ellington Financial Inc. grew revenue faster over the last twelve months: 31.0% against −3.63%. Ellington Financial Inc. has the higher net margin (33.3% vs 1.00%) and the lower return on invested capital (2.52% vs 3.82%). Both pay a dividend; Ellington Financial Inc. yields more (15.0% vs 13.4%). Across the 22 metrics below, Ellington Financial Inc. leads on 12 and Blackstone Mortgage Trust, Inc. on 10.

Valuation

Metric BXMT EFC Reit Mortgage median
P/E 140.00 7.54 7.80
P/S 1.38 2.66 1.90
P/B 0.65 0.87 0.61
Price to free cash flow 6.49 n/m 5.90
EV/EBITDA 14.75 24.24 28.40
EV/Sales 11.35 32.17 16.02
Earnings yield 0.71% 13.27% 7.68%
Free cash flow yield 15.41% (35.20%) 11.60%

Profitability

Metric BXMT EFC Reit Mortgage median
Gross margin 81.49% 95.29% 100.00%
Operating margin 73.85% 132.74% 35.40%
Net margin 1.00% 33.26% 11.85%
Free cash flow margin 21.32% (93.67%) 26.68%
Return on equity 0.45% 12.37% 4.81%
Return on assets 0.08% 1.02% 0.62%
Return on invested capital 3.82% 2.52% 1.22%

Growth

Metric BXMT EFC Reit Mortgage median
Revenue growth (TTM) (3.63%) 30.99% 4.70%
EPS growth (last fiscal year) 154.70% (12.50%) —
Revenue growth, 5-year CAGR 14.60% 23.30% 14.60%
Net income growth, 5-year CAGR (4.46%) 47.10% 0.00%

Health

Metric BXMT EFC Reit Mortgage median
Debt to equity 4.83 9.37 3.30
Current ratio 0.00 52.06 1.00
Net debt to EBITDA 12.49 25.85 18.31

Dividend

Metric BXMT EFC Reit Mortgage median
Dividend yield 13.37% 15.01% 13.05%
Payout ratio 1.56 — 1.24

Size

Metric BXMT EFC Reit Mortgage median
Market cap 2.09b 1.61b 517.48m

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