Ladder Capital Corp (LADR) vs MFA Financial, Inc. (MFA)

Ladder Capital Corp and MFA Financial, Inc. are both Reit Mortgage companies. Ladder Capital Corp is the larger, with a market value of $1.2B against $824.9M — 1.4× the size. MFA Financial, Inc. trades at the lower P/E: 8.0× against 21.6×. MFA Financial, Inc. grew revenue faster over the last twelve months: 4.90% against −11.0%. Ladder Capital Corp has the higher net margin (54.6% vs 13.8%) and the lower return on invested capital (0.56% vs 2.88%). Both pay a dividend; MFA Financial, Inc. yields more (13.1% vs 8.62%). Across the 21 metrics below, MFA Financial, Inc. leads on 15 and Ladder Capital Corp on 6.

Valuation

Metric LADR MFA Reit Mortgage median
P/E 21.62 8.01 7.80
P/S 11.83 1.11 1.90
P/B 0.79 0.48 0.61
Price to free cash flow 12.02 2.36 5.90
EV/EBITDA 49.67 19.88 28.40
EV/Sales 53.10 15.94 16.02
Earnings yield 4.63% 12.48% 7.68%
Free cash flow yield 8.32% 42.40% 11.60%

Profitability

Metric LADR MFA Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 49.94% 79.06% 35.40%
Net margin 54.61% 13.82% 11.85%
Free cash flow margin 99.69% 46.95% 26.68%
Return on equity 3.57% 5.88% 4.81%
Return on assets 1.04% 0.83% 0.62%
Return on invested capital 0.56% 2.88% 1.22%

Growth

Metric LADR MFA Reit Mortgage median
Revenue growth (TTM) (10.95%) 4.90% 4.70%
EPS growth (last fiscal year) (40.70%) 58.54% —
Revenue growth, 5-year CAGR 49.36% 11.47% 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LADR MFA Reit Mortgage median
Debt to equity 2.81 6.56 3.30
Current ratio 44.15 0.00 1.00
Net debt to EBITDA 36.15 17.85 18.31

Dividend

Metric LADR MFA Reit Mortgage median
Dividend yield 8.62% 13.05% 13.05%
Payout ratio 0.83 1.51 1.24

Size

Metric LADR MFA Reit Mortgage median
Market cap 1.15b 824.88m 517.48m

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