MFA Financial, Inc. (MFA) Key Metrics
MFA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $666.2M
- Enterprise value
- $12.19B
- P/E (TTM)
- 6.5 10-yr median 9.2
- Forward P/E
- 6.2
- PEG ratio
- 2.48
- Price / sales
- 2.2 10-yr median 6.5
- Price / book
- 0.5 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 32.5
- Dividend yield
- 21.85% $1.44 a year
- Beta
- 1.52
MFA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMFA valuation Price multiples at each fiscal year-end price.
MFA returns How much profit the business earns on the capital it uses.
MFA per-share figures Results divided by the shares outstanding at year-end.
MFA financial health Debt, liquidity and how easily interest is covered.
MFA efficiency & capital use Working capital cycle and where the cash goes.
MFA valuation history
MFA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MFA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MFA cash returned to shareholders
MFA price vs earnings per share
MFA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $980.4M | $1.07B | $1.17B | $1.02B | $2.16B | $1.76B | $3.58B | $2.82B | $3.08B | $2.84B |
| Enterprise value | $11.76B | $9.93B | $5.85B | $4.31B | $8.46B | $5.51B | $4.62B | $12.01B | $9.37B | $11.36B |
| P/E ratio | 5.5 | 9.0 | 14.6 | — | 6.6 | — | 9.5 | 9.3 | 9.6 | 9.1 |
| Price / sales | 1.1 | 3.8 | 5.0 | — | 4.4 | — | 8.3 | 8.1 | 8.3 | 7.9 |
| Price / book | 0.5 | 0.6 | 0.6 | 0.5 | 0.8 | 0.7 | 1.1 | 0.8 | 0.9 | 0.9 |
| Price / free cash flow | 12.9 | 5.4 | 10.7 | 2.8 | 20.0 | 52.4 | 16.7 | 19.2 | 17.6 | 33.5 |
| Price / operating cash flow | 12.9 | 5.4 | 10.7 | 2.8 | 18.0 | 45.8 | 16.6 | 19.1 | 17.5 | 33.2 |
| EV / sales | 13.4 | 35.5 | 25.0 | — | 17.3 | — | 10.7 | 34.5 | 25.1 | 31.7 |
| EV / EBITDA | 17.0 | 80.8 | 11.6 | 118.3 | 18.6 | — | — | 39.6 | 28.8 | 36.2 |
| EV / free cash flow | 154.2 | 49.6 | 53.8 | 11.8 | 78.2 | 164.2 | 21.6 | 81.9 | 53.5 | 134.0 |
| Earnings yield | 18.0% | 11.1% | 6.9% | −22.8% | 15.2% | −38.6% | 10.6% | 10.7% | 10.5% | 11.0% |
| Free cash flow yield | 7.8% | 18.7% | 9.3% | 36.0% | 5.0% | 1.9% | 6.0% | 5.2% | 5.7% | 3.0% |
| Dividend yield | 4.1% | 16.5% | 15.1% | 21.3% | 8.7% | 8.1% | 10.5% | 12.2% | 10.5% | 11.0% |
| Shareholder yield (dividends + buybacks) | 5.7% | 16.6% | 15.1% | 31.4% | 12.7% | 11.0% | 10.5% | 12.2% | 65.3% | 35.7% |
| Share price at fiscal year-end | $9.31 | $10.19 | $11.27 | $9.85 | $18.24 | $15.56 | $30.60 | $26.72 | $31.68 | $30.52 |
| Per share | ||||||||||
| Revenue per share | $8.31 | $2.66 | $2.26 | $0.00 | $4.12 | $0.00 | $3.71 | $3.30 | $3.84 | $3.86 |
| Earnings per share | $1.68 | $1.13 | $0.77 | −$2.25 | $2.78 | −$6.01 | $3.23 | $2.86 | $3.31 | $3.36 |
| Operating cash flow per share | $0.72 | $1.90 | $1.05 | $3.55 | $1.02 | $0.34 | $1.85 | $1.40 | $1.81 | $0.92 |
| Free cash flow per share | $0.72 | $1.90 | $1.05 | $3.55 | $0.91 | $0.30 | $1.83 | $1.39 | $1.80 | $0.91 |
| Cash per share | $2.02 | $3.22 | $3.07 | $3.24 | $2.57 | $7.21 | $0.60 | $0.49 | $4.62 | $2.80 |
| Book value per share | $17.36 | $17.52 | $18.34 | $19.28 | $21.46 | $22.34 | $28.94 | $32.40 | $33.53 | $32.62 |
| Tangible book value per share | $16.75 | $16.90 | $17.68 | $18.57 | $20.77 | $20.23 | $18.53 | $26.53 | $28.40 | $30.10 |
| Dividends per share | $0.38 | $1.68 | $1.70 | $2.10 | $1.60 | $1.27 | $3.22 | $3.27 | $3.33 | $3.36 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.04 | $0.02 | $0.01 | $0.01 | $0.01 |
| Debt per share | $104.39 | $87.50 | $48.31 | $35.20 | $55.76 | $40.37 | $9.54 | $87.69 | $69.23 | $94.43 |
| Shares outstanding | 105.3M | 105.1M | 103.6M | 103.2M | 118.5M | 113.0M | 116.9M | 105.4M | 97.3M | 93.0M |
| Change in shares outstanding | +0.2% | +1.5% | +0.4% | −12.9% | +4.8% | −3.4% | +10.9% | +8.4% | +4.6% | −0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.6% | 6.4% | 4.1% | −10.2% | 13.0% | −23.0% | 11.1% | 9.0% | 10.2% | 10.4% |
| Return on invested capital (ROIC) | 5.9% | 7.4% | 1.2% | −2.5% | 5.1% | −10.0% | 2.2% | 4.8% | 0.4% | 0.4% |
| Return on assets (ROA) | 1.4% | 1.1% | 0.8% | −2.5% | 4.1% | −6.6% | 2.9% | 2.6% | 2.8% | 2.4% |
| Return on tangible assets | 1.4% | 1.1% | 0.7% | −2.6% | 3.6% | −10.2% | 3.1% | 2.6% | 3.1% | 2.6% |
| Free cash flow margin | 8.7% | 71.6% | 46.5% | — | 22.2% | — | 49.4% | 42.2% | 47.0% | 23.6% |
| Income quality (OCF / net income) | 0.43 | 1.68 | 1.36 | — | 0.37 | — | 0.57 | 0.49 | 0.55 | 0.27 |
| Financial health | ||||||||||
| Total debt | $10.99B | $9.20B | $5.00B | $3.63B | $6.61B | $4.56B | $1.12B | $9.25B | $6.73B | $8.78B |
| Cash & short-term investments | $213.2M | $338.9M | $318.0M | $334.2M | $304.7M | $814.4M | $70.6M | $52.0M | $449.8M | $260.1M |
| Net debt | $10.78B | $8.86B | $4.69B | $3.30B | $6.30B | $3.75B | $1.05B | $9.19B | $6.28B | $8.52B |
| Debt / equity | 6.01 | 4.99 | 2.63 | 1.83 | 2.60 | 1.81 | 0.33 | 2.71 | 2.06 | 2.90 |
| Debt / assets | 0.84 | 0.81 | 0.46 | 0.40 | 0.72 | 0.66 | 0.08 | 0.74 | 0.61 | 0.70 |
| Net debt / EBITDA | 15.57 | 72.07 | 9.29 | 90.41 | 13.82 | — | 314.99 | 30.28 | 19.34 | 27.14 |
| Current ratio | 2.18 | 30.45 | 2.09 | 14.50 | 1.50 | 3.61 | 3.87 | 0.01 | 0.06 | 0.03 |
| Quick ratio | 2.18 | 30.45 | 1.64 | 8.84 | 0.89 | 2.82 | −17.20 | −0.02 | 0.04 | 0.02 |
| Interest coverage | 1.3 | 1.2 | 0.2 | -0.9 | 3.5 | -2.5 | 1.1 | 2.3 | 0.4 | 0.5 |
| Working capital | $274.0M | $9.23B | $318.8M | $311.1M | $118.8M | $616.9M | $52.4M | −$7.96B | −$7.15B | −$9.09B |
| Invested capital | $12.61B | $10.70B | $6.59B | $5.29B | $8.84B | $6.27B | $4.43B | $12.61B | $9.55B | $11.56B |
| Tangible asset value | $1.76B | $1.78B | $1.83B | $1.92B | $2.46B | $2.29B | $2.17B | $2.80B | $2.76B | $2.80B |
| Net current asset value | −$10.71B | −$21.8M | −$8.26B | −$6.79B | −$6.24B | −$3.55B | −$10.11B | −$8.95B | −$7.24B | −$9.19B |
| Graham number | $25.60 | $21.15 | $17.87 | — | $36.62 | — | $45.88 | $45.68 | $50.00 | $49.67 |
| Graham net-net per share | −$103.65 | −$24.88 | −$81.06 | −$62.51 | −$52.18 | −$30.71 | −$83.64 | −$82.16 | −$73.47 | −$98.14 |
| Capital allocation | ||||||||||
| Dividends paid | $40.3M | $176.7M | $176.0M | $216.9M | $189.0M | $143.3M | $376.6M | $344.8M | $323.6M | $312.9M |
| Share buybacks (net) | $15.3M | $1.6M | $7,000 | $102.3M | $85.6M | $50.8M | $0 | $329,000 | $1.69B | $701.7M |
| Dividend payout ratio | 22.8% | 148.2% | 219.5% | — | 57.5% | — | 99.6% | 114.2% | 100.4% | 100.1% |
| Dividends + buybacks / free cash flow | 73.0% | 89.1% | 161.8% | 87.3% | 253.7% | 578.9% | 176.1% | 235.2% | — | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 2.5% | — | 0.4% | 0.3% | 0.2% | 0.2% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.1% | 10.0% | 12.7% | 0.9% | 0.8% | 0.5% | 0.8% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | — | — | 0.11 | 0.57 | 0.62 | 0.57 | 0.73 |
| Stock-based compensation / revenue | — | — | 6.7% | — | 2.0% | — | 2.1% | 2.3% | 2.2% | 2.6% |
| R&D / revenue | — | 0.3% | 0.3% | — | 0.1% | — | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.8% | 47.2% | 55.5% | — | 16.9% | — | 12.1% | 13.2% | 13.3% | 12.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 1,863.8 | 5,836.2 | 382.7 | — | 33.3 | — | 170.7 | 129.4 | 27.0 | 28.9 |
| Days of inventory on hand | — | — | 1,408.7 | 1,172.3 | 1,378.4 | 187.9 | 817.0 | 647.4 | 451.3 | 266.4 |
| Days payables outstanding | 378.8 | 330.2 | 288.0 | 139.0 | 85.9 | 9.6 | 44.5 | 46.0 | 51.1 | 76.3 |
| Cash conversion cycle (days) | 1,485.1 | 5,506.0 | 1,503.4 | — | 1,325.8 | — | 943.2 | 730.8 | 427.1 | 219.0 |
| Receivables turnover | 0.20 | 0.06 | 0.95 | 0.00 | 10.97 | 0.00 | 2.14 | 2.82 | 13.51 | 12.63 |
| Payables turnover | 0.96 | 1.11 | 1.27 | 2.63 | 4.25 | 37.87 | 8.20 | 7.94 | 7.14 | 4.79 |
| Inventory turnover | — | — | 0.26 | 0.31 | 0.26 | 1.94 | 0.45 | 0.56 | 0.81 | 1.37 |
| Asset turnover | 0.07 | 0.03 | 0.02 | 0.00 | 0.06 | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 |
| Average receivables | $4.47B | $4.47B | $245.4M | $209.0M | $44.5M | $112.5M | $202.6M | $123.3M | $27.6M | $28.4M |
| Average payables | $34.7M | $31.9M | $26.9M | $16.3M | $10.4M | $14.7M | $17.3M | $14.3M | $13.2M | $15.5M |
| Average inventory | — | — | $131.7M | $137.8M | $166.4M | $286.1M | $316.9M | $200.9M | $116.4M | $54.3M |
| Intangibles / total assets | 0.5% | 0.6% | 0.6% | 0.8% | 0.9% | 3.4% | 9.0% | 5.0% | 4.6% | 1.9% |
Computed from MFA's annual financial statements (latest annual report filed February 20, 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.
MFA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MFA Financial traded at 5.5 times earnings, against a 10-year median of 9.2. Based on the latest twelve months, the trailing P/E is 6.5 and the forward P/E is 6.2. MFA Financial earned a return on equity of 9.6% and a return on invested capital of 5.9% in fiscal 2025. It ended the year with $11.0 billion of debt and $213.2 million in cash and short-term investments, net debt of $10.8 billion. It returned $55.6 million to shareholders: $40.3 million in dividends and $15.3 million in share buybacks, 73% of free cash flow. The share count rose 13.2% from 93.0M to 105.3M over 9 years.
See the MFA income statement, the MFA chart for price history, or the MFA stock overview for the latest quote and news.
MFA key metrics FAQ
What is MFA Financial's P/E ratio?
MFA Financial's trailing P/E ratio is 6.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.2. At the end of fiscal 2025 it was 5.5, compared with a 10-year median of 9.2.
What is MFA Financial's EV/EBITDA?
MFA Financial's enterprise value was 17.0 times EBITDA at the end of fiscal 2025 (enterprise value $11.8 billion, EBITDA $692.2 million).
What is MFA Financial's return on equity?
MFA Financial's return on equity (ROE) was 9.6% in fiscal 2025: net income of $176.8 million on average shareholders' equity of $1.8 billion.
What is MFA Financial's ROIC?
MFA Financial's return on invested capital was 5.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MFA Financial have?
MFA Financial had total debt of $11.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.01 and $10.8 billion of net debt (15.57 times EBITDA).
What is MFA Financial's dividend yield?
MFA Financial's forward dividend yield is 21.85%. MFA Financial paid $40.3 million in dividends in fiscal 2025 ($0.38 per share), a payout ratio of 22.8%.
Does MFA Financial buy back its shares?
Yes. MFA Financial spent $15.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 105.3M..
What is MFA Financial's free cash flow yield?
MFA Financial generated $76.2 million of free cash flow in fiscal 2025, a free cash flow yield of 7.8% on its market value at year-end ($980.4 million).
What is MFA Financial's current ratio?
MFA Financial's current ratio was 2.18 at the end of fiscal 2025: current assets were 2.18 times current liabilities.