MFA Financial, Inc. (MFA) vs TPG RE Finance Trust, Inc. (TRTX)

MFA Financial, Inc. and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. MFA Financial, Inc. is the larger, with a market value of $662.1M against $532.3M — 1.2× the size. MFA Financial, Inc. has negative trailing earnings, so its P/E is not meaningful; TPG RE Finance Trust, Inc. trades at 16.3×. MFA Financial, Inc. grew revenue faster over the last twelve months: 6.83% against −2.42%. TPG RE Finance Trust, Inc. has the higher net margin (21.5% vs 0.00%) and the higher return on invested capital (0.85% vs 0.00%). Both pay a dividend; MFA Financial, Inc. yields more (22.1% vs 13.6%). Across the 20 metrics below, MFA Financial, Inc. leads on 13 and TPG RE Finance Trust, Inc. on 7.

Valuation

Metric MFA TRTX Reit Mortgage median
P/E n/m 16.27 14.55
P/S 0.86 3.78 1.72
P/B 0.42 0.52 0.52
Price to free cash flow 1.19 7.21 4.35
EV/EBITDA 19.57 57.30 28.27
EV/Sales 15.33 32.31 15.73
Earnings yield (8.13%) 6.15% 0.23%
Free cash flow yield 84.37% 13.86% 13.86%

Profitability

Metric MFA TRTX Reit Mortgage median
Gross margin 100.00% 100.00% 100.00%
Operating margin 0.00% 48.45% 31.94%
Net margin 0.00% 21.46% (1.81%)
Free cash flow margin 72.62% 52.36% 27.05%
Return on equity 0.00% 2.90% (0.49%)
Return on assets 0.00% 0.66% (0.06%)
Return on invested capital 0.00% 0.85% 0.79%

Growth

Metric MFA TRTX Reit Mortgage median
Revenue growth (TTM) 6.83% (2.42%) 1.39%
EPS growth (last fiscal year) 58.54% (24.00%) 45.25%
Revenue growth, 5-year CAGR 11.47% (3.76%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MFA TRTX Reit Mortgage median
Debt to equity 0.00 4.05 2.91
Current ratio 0.00 246.28 0.82
Net debt to EBITDA 17.85 38.25 18.31

Dividend

Metric MFA TRTX Reit Mortgage median
Dividend yield 22.09% 13.64% 17.37%
Payout ratio 1.44 2.22 1.87

Size

Metric MFA TRTX Reit Mortgage median
Market cap 662.12m 532.30m 409.49m

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