MFA Financial, Inc. (MFA) Cash Flow Statement
Where MFA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $76.2M −61.9% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $76.2M 8.7% margin
- Returned to shareholders
- $55.6M 73% of free cash flow
- Change in cash
- −$214.6M cash at year-end $386.7M
Cash from operations
$76.2M
Investments (net)
−$1.83B
Acquisitions & other
+$40.7M
Dividends
−$40.3M
Share buybacks (net)
−$15.3M
Net borrowing (repayment)
+$1.73B
Shares issued
+$9.3M
Other financing
−$186.4M
Change in cash
−$214.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MFA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MFA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $85.5M2016 | $76.2M2025 | −1.3%/yr | |
| Capital expenditures | $708,0002016 | $02025 | −100.0% | |
| Free cash flow | $84.8M2016 | $76.2M2025 | −1.2%/yr | |
| Free cash flow margin | 23.6%2016 | 8.7%2025 | −14.9 pts | |
| Operating cash flow / net income | 0.272016 | 0.432025 | +0.16 | |
| Stock-based compensation | $9.2M2016 | $15.6M2023 | +7.9%/yr | |
| Dividends paid | $312.9M2016 | $40.3M2025 | −20.4%/yr | |
| Share buybacks (net) | $701.7M2016 | $15.3M2025 | −34.6%/yr | |
| Capex / revenue | 0.2%2016 | 0.0%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFA cash flow by activity
OperatingInvestingFinancingChange in cash
MFA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MFA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $176.8M | $119.3M | $80.2M | −$231.6M | $328.9M | −$679.4M | $378.1M | $301.8M | $322.4M | $312.7M |
| Depreciation & amortization | $2.2M | $3.2M | $4.2M | −$27.3M | −$59.4M | $46.1M | $3.3M | $1.8M | $1.5M | $964,000 |
| Stock-based compensation | — | — | $15.6M | $10.2M | $9.6M | $5.8M | $9.2M | $8.0M | $8.0M | $9.2M |
| Change in working capital | $11.8M | $16.6M | −$18.0M | $28.0M | −$5.4M | −$10.9M | −$15.7M | −$26.5M | −$11.4M | −$119.6M |
| Other non-cash items | −$114.6M | $61.1M | $26.7M | $586.8M | −$153.3M | $676.8M | −$159.2M | −$137.3M | −$144.5M | −$117.7M |
| Cash from operating activities | $76.2M | $200.1M | $108.7M | $366.1M | $120.3M | $38.4M | $215.8M | $147.9M | $176.1M | $85.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$300,000 | −$12.0M | −$4.9M | −$1.9M | −$1.1M | −$872,000 | −$708,000 |
| Investments (net) | −$1.83B | −$424.6M | −$1.34B | −$1.26B | −$2.35B | $4.61B | −$1.22B | −$2.26B | $1.82B | $1.03B |
| Acquisitions & other investing | $40.7M | $0 | −$210.2M | $133.0M | $191.8M | $1.78B | $87.9M | $107.9M | $872,000 | $708,000 |
| Cash from investing activities | −$1.79B | −$424.6M | −$1.55B | −$1.13B | −$2.17B | $6.38B | −$1.13B | −$2.16B | $1.82B | $1.03B |
| Financing activities | ||||||||||
| Dividends paid | −$40.3M | −$176.7M | −$176.0M | −$216.9M | −$189.0M | −$143.3M | −$376.6M | −$344.8M | −$323.6M | −$312.9M |
| Share repurchases & issuance (net) | −$15.3M | −$1.6M | −$7,000 | −$102.3M | −$85.6M | −$50.8M | $1.48B | −$329,000 | −$1.69B | −$701.7M |
| Net borrowing (repayment) | $1.73B | $550.9M | $1.62B | $1.18B | $1.91B | −$60.0M | $108.9M | −$98.0M | −$1.71B | −$723.7M |
| Shares issued | $9.3M | $0 | $40,000 | $1.2M | $1.8M | $282.4M | $12.3M | $392.5M | $0 | $0 |
| Other financing | −$186.4M | −$35.0M | −$12.6M | −$16.4M | −$7.1M | −$5.76B | −$263.3M | $1.69B | $1.92B | $721.0M |
| Cash from financing activities | $1.49B | $337.6M | $1.43B | $850.2M | $1.63B | −$5.74B | $964.9M | $1.63B | −$1.80B | −$1.02B |
| Summary | ||||||||||
| Net change in cash | −$214.6M | $113.1M | −$5.9M | $89.6M | −$417.1M | $686.9M | $46.0M | −$375.0M | $189.6M | $95.1M |
| Cash at end of period | $386.7M | $601.3M | $488.2M | $494.1M | $404.4M | $821.5M | $134.7M | $88.7M | $449.8M | $260.1M |
| Free cash flow | $76.2M | $200.1M | $108.7M | $365.8M | $108.2M | $33.5M | $213.9M | $146.7M | $175.2M | $84.8M |
| Free cash flow margin | 8.7% | 71.6% | 46.5% | — | 22.2% | — | 49.4% | 42.2% | 47.0% | 23.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 2.5% | — | 0.4% | 0.3% | 0.2% | 0.2% |
| Operating cash flow / net income | 0.43 | 1.68 | 1.36 | — | 0.37 | — | 0.57 | 0.49 | 0.55 | 0.27 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $47.1M | −$1.3M | $54.5M | $48.1M | $33.0M | $41.2M | $5.9M | $48.2M | $41.9M | $23.2M | $89.7M | −$56.4M |
| Depreciation & amortization | $300,000 | $300,000 | $300,000 | $300,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 | $800,000 |
| Stock-based compensation | — | — | — | — | — | — | — | −$10.1M | $3.7M | $6.3M | $4.1M | $4.2M |
| Change in working capital | $43.4M | $24.7M | −$17.0M | −$16.6M | $7.1M | $26.5M | $32.9M | −$24.4M | −$4.5M | $12.5M | $59.0M | −$41.8M |
| Other non-cash items | $38.0M | $47.4M | −$232,000 | −$17.1M | −$2.4M | −$83.0M | $71.8M | −$25.8M | $4.5M | $10.6M | −$149.8M | $133.0M |
| Cash from operating activities | $128.8M | $71.1M | $37.6M | $14.7M | $38.5M | −$14.6M | $111.4M | −$11.3M | $46.5M | $53.5M | $3.8M | $39.8M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$607.5M | −$221.3M | −$1.20B | −$272.0M | −$30.5M | −$251.5M | −$241.8M | $89.9M | −$181.3M | −$91.4M | −$309.2M | −$135.9M |
| Acquisitions & other investing | −$80.4M | −$4.3M | −$30.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$412.3M |
| Cash from investing activities | −$687.9M | −$225.6M | −$1.23B | −$272.0M | −$30.5M | −$251.5M | −$241.8M | $89.9M | −$181.3M | −$91.4M | −$309.2M | −$548.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$48.2M | −$49.3M | −$48.0M | −$48.4M | −$48.0M | −$44.1M | −$44.2M | −$44.3M | −$44.2M | −$44.0M | −$44.0M | −$44.0M |
| Share repurchases & issuance (net) | −$5.1M | −$9.0M | $10.3M | −$5.1M | −$20,000 | −$5.2M | −$20,000 | −$21,000 | −$20,000 | −$1.5M | −$7,000 | $1.74B |
| Net borrowing (repayment) | $514.7M | $243.3M | $1.10B | $311.1M | $130.8M | $189.6M | $275.4M | −$44.4M | — | — | — | $505.8M |
| Shares issued | $1.8M | $3.4M | $4.8M | $4.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.6M | −$9.7M | −$19.4M | −$12.8M | −$19.1M | −$2.2M | −$2.4M | −$28.4M | $191.3M | $124.4M | $384.1M | −$1.74B |
| Cash from financing activities | $458.5M | $178.7M | $1.04B | $249.3M | $63.7M | $138.1M | $228.8M | −$117.1M | $147.0M | $78.9M | $340.1M | $458.5M |
| Summary | ||||||||||||
| Net change in cash | −$100.6M | $24.1M | −$150.3M | −$8.0M | $71.7M | −$128.0M | $98.4M | −$38.5M | $12.3M | $41.0M | $34.7M | −$49.9M |
| Cash at end of period | $310.2M | $410.8M | $386.7M | $537.0M | $545.0M | $473.3M | $601.3M | $502.9M | $541.4M | $529.2M | $488.2M | $453.5M |
| Free cash flow | $128.8M | $71.1M | $37.6M | $14.7M | $38.5M | −$14.6M | $111.4M | −$11.3M | $46.5M | $53.5M | $3.8M | $39.8M |
| Free cash flow margin | 51.1% | 31.0% | 42.7% | 8.1% | 20.0% | −19.5% | 267.3% | −13.7% | 62.3% | 84.6% | 3.3% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 2.73 | — | 0.69 | 0.31 | 1.17 | −0.35 | 18.86 | −0.23 | 1.11 | 2.30 | 0.04 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MFA cash generation
In fiscal 2025 (ended December 31, 2025), MFA Financial generated $76.2 million of cash from operations (down 61.9%) and spent $0 on capital expenditures, leaving free cash flow of $76.2 million, 8.7% of revenue. It returned $55.6 million to shareholders through dividends ($40.3 million) and net share buybacks ($15.3 million). Cash and equivalents fell by $214.6 million over the year.
Related: MFA income statement, MFA balance sheet, MFA dividend history. See the MFA stock overview for the latest quote and news.
MFA cash flow FAQ
What is MFA Financial's free cash flow?
MFA Financial's free cash flow was $76.2 million in fiscal 2025: $76.2 million of operating cash flow minus $0 of capital expenditures It was $200.1 million a year earlier..
How much cash does MFA Financial generate from operations?
MFA Financial generated $76.2 million of cash from operating activities in fiscal 2025, 0.43 times its net income of $176.8 million.
How much stock does MFA Financial buy back?
MFA Financial spent $15.3 million on net share repurchases in fiscal 2025.
How much does MFA Financial pay in dividends?
MFA Financial paid $40.3 million in dividends in fiscal 2025, 52.9% of free cash flow.