Ellington Financial Inc. (EFC) Key Metrics
EFC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.53B
- Enterprise value
- $19.33B
- P/E (TTM)
- 7.2 10-yr median 10.1
- Forward P/E
- 9.1
- PEG ratio
- 0.86
- Price / sales
- 3.5 10-yr median 6.9
- Price / book
- 0.9 10-yr median 0.7
- EV / EBITDA
- — 10-yr median 38.4
- Dividend yield
- 13.14% $1.56 a year
- Beta
- 0.97
EFC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEFC valuation Price multiples at each fiscal year-end price.
EFC returns How much profit the business earns on the capital it uses.
EFC per-share figures Results divided by the shares outstanding at year-end.
EFC financial health Debt, liquidity and how easily interest is covered.
EFC efficiency & capital use Working capital cycle and where the cash goes.
EFC valuation history
EFC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EFC cash returned to shareholders
EFC price vs earnings per share
EFC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.35B | $1.05B | $877.8M | $749.8M | $841.1M | $654.8M | $587.8M | $470.8M | $472.5M | $515.4M |
| Enterprise value | $18.11B | $15.06B | $13.98B | $12.93B | $4.91B | $3.21B | $3.79B | $2.42B | $1.90B | $1.45B |
| P/E ratio | 9.2 | 7.2 | 10.4 | — | 10.2 | — | 10.1 | 10.1 | 76.3 | — |
| Price / sales | 2.0 | 3.7 | 3.4 | 17.4 | 6.9 | 20.9 | 6.9 | 6.1 | 44.0 | 219.6 |
| Price / book | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 |
| Price / free cash flow | 2.7 | — | — | 17.6 | 3.8 | 4.4 | 4.6 | — | — | 7.4 |
| Price / operating cash flow | 2.7 | — | — | 17.6 | 16.4 | 5.5 | 7.4 | — | — | 7.4 |
| EV / sales | 26.9 | 53.4 | 54.5 | 299.7 | 40.3 | 102.6 | 44.5 | 31.5 | 177.1 | 617.7 |
| EV / EBITDA | 39.5 | 37.4 | 43.2 | — | 35.9 | 88.2 | 63.7 | 23.4 | 29.2 | — |
| EV / free cash flow | 35.6 | — | — | 303.0 | 21.9 | 21.4 | 29.4 | — | — | 20.8 |
| Earnings yield | 10.9% | 13.9% | 9.6% | −9.3% | 9.8% | −1.5% | 9.9% | 9.9% | 1.3% | −3.1% |
| Free cash flow yield | 37.7% | −40.9% | −27.6% | 5.7% | 26.6% | 22.9% | 21.9% | −105.0% | −97.9% | 13.5% |
| Dividend yield | 13.6% | 15.5% | 17.0% | 16.4% | 10.2% | 9.9% | 9.2% | 10.8% | 12.2% | 12.6% |
| Shareholder yield (dividends + buybacks) | 13.6% | 17.9% | 18.4% | 16.6% | 10.2% | 10.4% | 9.4% | 15.7% | 15.3% | 15.4% |
| Share price at fiscal year-end | $13.58 | $12.12 | $12.71 | $12.37 | $17.09 | $14.84 | $18.33 | $15.33 | $14.51 | $15.52 |
| Per share | ||||||||||
| Revenue per share | $6.78 | $3.25 | $3.71 | $0.71 | $2.48 | $0.71 | $2.66 | $2.50 | $0.33 | $0.07 |
| Earnings per share | $1.48 | $1.68 | $1.22 | −$1.16 | $1.68 | −$0.22 | $1.81 | $1.52 | $0.19 | −$0.48 |
| Operating cash flow per share | $5.12 | −$4.96 | −$3.50 | $0.70 | $1.04 | $2.71 | $2.47 | −$16.09 | −$14.21 | $2.10 |
| Free cash flow per share | $5.12 | −$4.96 | −$3.50 | $0.70 | $4.55 | $3.40 | $4.02 | −$16.09 | −$14.21 | $2.10 |
| Cash per share | $2.03 | $2.22 | $3.34 | $3.66 | $1.88 | $2.53 | $2.26 | $1.45 | $1.45 | $3.71 |
| Book value per share | $18.45 | $18.08 | $21.97 | $19.73 | $26.89 | $20.89 | $25.86 | $18.36 | $18.43 | $19.20 |
| Tangible book value per share | $18.16 | $17.74 | $21.54 | $19.60 | $26.89 | $20.89 | $25.86 | $18.36 | $18.43 | $19.20 |
| Dividends per share | $1.85 | $1.88 | $2.16 | $2.03 | $1.74 | $1.47 | $1.69 | $1.65 | $1.77 | $1.96 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $3.51 | $0.69 | $1.55 | $0.00 | $0.00 | $0.00 |
| Debt per share | $170.59 | $163.54 | $193.07 | $204.64 | $84.55 | $60.40 | $102.14 | $65.00 | $45.36 | $31.85 |
| Shares outstanding | 99.4M | 86.9M | 69.1M | 60.6M | 49.2M | 44.1M | 32.1M | 30.7M | 32.6M | 33.2M |
| Change in shares outstanding | +14.5% | +25.8% | +13.9% | +23.2% | +11.5% | +37.6% | +4.4% | −5.7% | −1.9% | −1.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.6% | 9.4% | 6.2% | −5.6% | 7.3% | −1.1% | 8.3% | 8.0% | 1.0% | −2.3% |
| Return on invested capital (ROIC) | 2.4% | 0.8% | 0.6% | −0.2% | 3.0% | 0.5% | 1.8% | 4.3% | 3.4% | 0.0% |
| Return on assets (ROA) | 0.8% | 0.9% | 0.6% | −0.7% | 1.9% | −0.2% | 1.4% | 1.3% | 0.2% | −0.6% |
| Return on tangible assets | 0.8% | 0.9% | 0.6% | −0.5% | 1.6% | −0.3% | 1.3% | 1.2% | 0.2% | −0.7% |
| Free cash flow margin | 75.5% | −152.6% | −94.3% | 98.9% | 183.8% | 480.4% | 151.5% | −643.2% | — | — |
| Income quality (OCF / net income) | 3.47 | −2.95 | −2.88 | — | 0.62 | — | 1.37 | −10.59 | −74.69 | — |
| Financial health | ||||||||||
| Total debt | $16.96B | $14.20B | $13.33B | $12.40B | $4.16B | $2.67B | $3.28B | $2.00B | $1.48B | $1.06B |
| Cash & short-term investments | $201.9M | $192.4M | $230.5M | $221.9M | $92.7M | $111.6M | $72.5M | $44.7M | $47.2M | $123.3M |
| Net debt | $16.76B | $14.01B | $13.10B | $12.18B | $4.07B | $2.55B | $3.20B | $1.95B | $1.43B | $934.4M |
| Debt / equity | 9.25 | 9.04 | 8.79 | 10.37 | 3.14 | 2.89 | 3.95 | 3.54 | 2.46 | 1.66 |
| Debt / assets | 0.88 | 0.87 | 0.87 | 0.88 | 0.80 | 0.78 | 0.75 | 0.50 | 0.49 | 0.44 |
| Net debt / EBITDA | 36.51 | 34.75 | 40.51 | — | 29.78 | 70.18 | 53.84 | 18.87 | 21.96 | — |
| Current ratio | 0.08 | 1.62 | 2.64 | 0.04 | 5.71 | 16.33 | 0.10 | 1.89 | 0.36 | 1.58 |
| Quick ratio | 0.08 | 1.62 | 2.64 | 0.04 | 5.25 | 14.61 | 0.10 | 1.93 | 0.49 | −0.01 |
| Interest coverage | 1.4 | 0.4 | 0.3 | -0.2 | 3.1 | 9.3 | 16.8 | 1.8 | 8.0 | 0.0 |
| Working capital | −$2.45B | $73.8M | $8.36B | −$4.85B | $254.4M | $210.4M | −$2.53B | $439.4M | −$135.6M | $53.0M |
| Invested capital | $18.60B | $15.58B | $14.62B | $13.38B | $5.39B | $3.48B | $4.03B | $2.52B | $2.03B | $1.57B |
| Tangible asset value | $1.84B | $1.56B | $1.51B | $1.21B | $1.32B | $921.6M | $868.7M | $595.2M | $621.0M | $644.8M |
| Net current asset value | −$17.28B | −$14.53B | −$323.6M | −$12.65B | −$3.55B | −$2.27B | −$3.19B | −$2.44B | −$2.30B | −$1.62B |
| Graham number | $24.76 | $26.14 | $24.53 | — | $31.84 | — | $32.42 | $25.06 | $8.88 | — |
| Graham net-net per share | −$172.17 | −$165.51 | −$189.69 | −$206.16 | −$72.89 | −$51.78 | −$101.45 | −$87.08 | −$56.95 | −$34.69 |
| Capital allocation | ||||||||||
| Dividends paid | $183.6M | $163.5M | $149.3M | $123.1M | $85.7M | $65.0M | $54.3M | $50.7M | $57.6M | $65.1M |
| Share buybacks (net) | $0 | $24.6M | $12.4M | $1.7M | $0 | $3.1M | $782,000 | $23.1M | $14.6M | $14.0M |
| Dividend payout ratio | 125.0% | 112.1% | 177.5% | — | 103.9% | — | 93.7% | 108.7% | 930.4% | — |
| Dividends + buybacks / free cash flow | 36.1% | — | — | 292.2% | 38.2% | 45.3% | 42.7% | — | — | 113.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.5% | 141.7% | 98.0% | 58.4% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | — | — | 0.5% | 337.0% | 25.6% | 62.8% | — | — | 0.0% |
| Capex / depreciation | — | — | 0.00 | 0.01 | 5.31 | — | — | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | 0.5% | 3.3% | 1.8% | 2.3% | 0.6% | 0.5% | 3.6% | 17.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 1.9% | 23.3% | 47.3% | 67.2% | 17.1% | 52.9% | 17.4% | 13.0% | 20.9% | 769.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 114.8 | 514.6 | 541.1 | 1,657.6 | 491.1 | 1,841.7 | 2,342.9 | 3,649.4 | 20,496.8 | 45,171.0 |
| Days of inventory on hand | — | — | 1,955.4 | 494.3 | 112.4 | 16.1 | -74.5 | -21,181.4 | 512.2 | 2,473.7 |
| Days payables outstanding | 240.0 | 321.9 | 6,037.5 | 1,285.1 | 157.6 | 223.0 | 1,166.5 | 309,668.2 | 1,310.5 | 1,818.4 |
| Cash conversion cycle (days) | -125.1 | 192.6 | -3,540.9 | 866.8 | 445.9 | 1,634.8 | 1,101.9 | -327,200.2 | 19,698.4 | 45,826.3 |
| Receivables turnover | 3.18 | 0.71 | 0.67 | 0.22 | 0.74 | 0.20 | 0.16 | 0.10 | 0.02 | 0.01 |
| Payables turnover | 1.52 | 1.13 | 0.06 | 0.28 | 2.32 | 1.64 | 0.31 | 0.00 | 0.28 | 0.20 |
| Inventory turnover | — | — | 0.19 | 0.74 | 3.25 | 22.63 | — | — | — | 0.15 |
| Asset turnover | 0.04 | 0.02 | 0.02 | 0.00 | 0.03 | 0.01 | 0.02 | 0.02 | 0.00 | 0.00 |
| Average receivables | $212.2M | $397.8M | $380.3M | $195.9M | $164.1M | $157.7M | $546.6M | $768.2M | $603.3M | $290.5M |
| Average payables | $69.8M | $64.6M | $77.9M | $69.0M | $33.9M | $47.1M | $288.0M | $352.1M | $150.3M | $131.4M |
| Average inventory | — | — | $25.2M | $26.5M | $24.1M | $3.4M | −$18.4M | −$24.1M | $58.7M | $178.7M |
| Intangibles / total assets | 0.1% | 0.2% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from EFC's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EFC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Ellington Financial traded at 9.2 times earnings, against a 10-year median of 10.1. Based on the latest twelve months, the trailing P/E is 7.2 and the forward P/E is 9.1. Ellington Financial earned a return on equity of 8.6% and a return on invested capital of 2.4% in fiscal 2025. It ended the year with $17.0 billion of debt and $201.9 million in cash and short-term investments, net debt of $16.8 billion. It returned $183.6 million to shareholders: $183.6 million in dividends and $0 in share buybacks, 36% of free cash flow. The share count rose 199.4% from 33.2M to 99.4M over 9 years.
See the EFC income statement, the EFC chart for price history, or the EFC stock overview for the latest quote and news.
EFC key metrics FAQ
What is Ellington Financial's P/E ratio?
Ellington Financial's trailing P/E ratio is 7.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.1. At the end of fiscal 2025 it was 9.2, compared with a 10-year median of 10.1.
What is Ellington Financial's EV/EBITDA?
Ellington Financial's enterprise value was 39.5 times EBITDA at the end of fiscal 2025 (enterprise value $18.1 billion, EBITDA $459.1 million).
What is Ellington Financial's return on equity?
Ellington Financial's return on equity (ROE) was 8.6% in fiscal 2025: net income of $146.9 million on average shareholders' equity of $1.7 billion.
What is Ellington Financial's ROIC?
Ellington Financial's return on invested capital was 2.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ellington Financial have?
Ellington Financial had total debt of $17.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 9.25 and $16.8 billion of net debt (36.51 times EBITDA).
What is Ellington Financial's dividend yield?
Ellington Financial's forward dividend yield is 13.14%. Ellington Financial paid $183.6 million in dividends in fiscal 2025 ($1.85 per share), a payout ratio of 125.0%.
What is Ellington Financial's free cash flow yield?
Ellington Financial generated $509.0 million of free cash flow in fiscal 2025, a free cash flow yield of 37.7% on its market value at year-end ($1.4 billion).
What is Ellington Financial's current ratio?
Ellington Financial's current ratio was 0.08 at the end of fiscal 2025: current assets were 0.08 times current liabilities.