NexPoint Real Estate Finance, Inc. (NREF) Key Metrics
NREF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $355.2M
- Enterprise value
- $5.24B
- P/E (TTM)
- 6.7 10-yr median 9.2
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 2.3 10-yr median 5.7
- Price / book
- 0.8 10-yr median 0.7
- EV / EBITDA
- — 10-yr median 97.2
- Dividend yield
- 10.61% $2.00 a year
- Beta
- 1.14
NREF key metrics, 2015–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNREF valuation Price multiples at each fiscal year-end price.
NREF returns How much profit the business earns on the capital it uses.
NREF per-share figures Results divided by the shares outstanding at year-end.
NREF financial health Debt, liquidity and how easily interest is covered.
NREF efficiency & capital use Working capital cycle and where the cash goes.
NREF valuation history
NREF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NREF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NREF cash returned to shareholders
NREF price vs earnings per share
NREF key metrics
2015–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $705.6M | $273.0M | $270.9M | $233.4M | $392.0M | $86.0M | — | — | — | — |
| Enterprise value | $5.14B | $5.09B | $6.82B | $7.81B | $8.36B | $5.82B | — | — | — | — |
| P/E ratio | 6.7 | 9.4 | 19.4 | 34.6 | 9.1 | 6.7 | — | — | — | — |
| Price / sales | 5.6 | 2.5 | 6.4 | 5.8 | 8.8 | 4.4 | — | — | — | — |
| Price / book | 0.9 | 0.6 | 0.8 | 0.6 | 1.6 | 0.7 | — | — | — | — |
| Price / free cash flow | 30.8 | 9.3 | 8.6 | 3.5 | 8.0 | 2.6 | — | — | — | — |
| Price / operating cash flow | 30.8 | 9.3 | 8.6 | 3.5 | 8.0 | 2.6 | — | — | — | — |
| EV / sales | 40.7 | 46.2 | 161.9 | 193.4 | 187.8 | 298.8 | — | — | — | — |
| EV / EBITDA | 30.4 | 56.4 | — | 136.2 | 257.6 | 97.2 | — | — | — | — |
| EV / free cash flow | 224.1 | 174.0 | 216.0 | 118.7 | 169.7 | 177.0 | — | — | — | — |
| Earnings yield | 14.9% | 10.7% | 5.2% | 2.9% | 11.0% | 14.9% | — | — | — | — |
| Free cash flow yield | 3.2% | 10.7% | 11.6% | 28.2% | 12.6% | 38.3% | — | — | — | — |
| Dividend yield | 8.7% | 17.0% | 19.0% | 14.2% | 4.5% | 9.6% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 9.0% | 17.0% | 19.3% | 14.4% | 4.5% | 25.1% | — | — | — | — |
| Share price at fiscal year-end | $14.08 | $15.69 | $15.75 | $15.89 | $19.25 | $16.52 | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $2.52 | $6.34 | $2.45 | $2.75 | $2.19 | $3.74 | $3.66 | $6.85 | $0.78 | $0.30 |
| Earnings per share | $2.10 | $1.68 | $0.81 | $0.46 | $2.12 | $2.47 | $0.00 | $3.88 | −$0.30 | −$0.35 |
| Operating cash flow per share | $0.46 | $1.68 | $1.83 | $4.48 | $2.42 | $6.32 | $6.58 | $6.58 | $0.15 | $0.09 |
| Free cash flow per share | $0.46 | $1.68 | $1.83 | $4.48 | $2.42 | $6.32 | $6.58 | $6.58 | $0.15 | $0.09 |
| Cash per share | $0.62 | $0.22 | $0.80 | $1.37 | $1.30 | $5.81 | $0.06 | $2.16 | $0.09 | $0.12 |
| Book value per share | $14.96 | $27.71 | $20.70 | $26.15 | $11.69 | $24.63 | $69.54 | $47.97 | $1.20 | $0.48 |
| Tangible book value per share | $14.96 | $27.71 | $20.70 | $26.15 | $11.69 | $24.63 | $69.54 | $47.97 | $1.20 | $0.48 |
| Dividends per share | $1.23 | $2.66 | $3.00 | $2.26 | $0.87 | $1.58 | $1.65 | $1.65 | $0.00 | — |
| Capex per share | $0.00 | $0.00 | $0.11 | $0.00 | $1.46 | $0.69 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $89.04 | $277.26 | $381.31 | $517.15 | $392.78 | $1,108.01 | $820.23 | $355.26 | $7.54 | $7.34 |
| Shares outstanding | 50.1M | 17.4M | 17.2M | 14.7M | 20.4M | 5.2M | 5.0M | 5.0M | 5.0M | 5.0M |
| Change in shares outstanding | +188.0% | +1.2% | +17.1% | −27.9% | +291.2% | +4.1% | 0.0% | 0.0% | 0.0% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.1% | 7.0% | 3.8% | 2.2% | 23.5% | 5.4% | 0.0% | 15.8% | −35.7% | −73.0% |
| Return on invested capital (ROIC) | 2.5% | 0.7% | 0.3% | 0.3% | 0.3% | 0.1% | 0.3% | 1.5% | −1.4% | −2.5% |
| Return on assets (ROA) | 2.0% | 0.5% | 0.2% | 0.1% | 0.6% | 0.3% | 0.0% | 1.9% | −3.5% | −4.3% |
| Return on tangible assets | 2.0% | 0.5% | 0.2% | 0.1% | 0.5% | 0.2% | 0.0% | 1.0% | −3.3% | −4.3% |
| Free cash flow margin | 18.2% | 26.5% | 75.0% | 163.0% | 110.7% | 168.8% | 180.0% | 96.0% | 19.7% | 31.3% |
| Income quality (OCF / net income) | 0.22 | 1.00 | 2.26 | 9.75 | 1.14 | 2.56 | — | 1.70 | — | — |
| Financial health | ||||||||||
| Total debt | $4.46B | $4.82B | $6.56B | $7.59B | $8.00B | $5.77B | $4.10B | $1.78B | $37.7M | $36.7M |
| Cash & short-term investments | $31.1M | $3.9M | $13.8M | $20.0M | $26.5M | $30.2M | $301,801 | $10.8M | $456,000 | $601,000 |
| Net debt | $4.43B | $4.82B | $6.54B | $7.57B | $7.97B | $5.74B | $4.10B | $1.77B | $37.2M | $36.1M |
| Debt / equity | 5.95 | 10.01 | 18.42 | 19.78 | 33.61 | 44.98 | 11.80 | 7.41 | 6.28 | 15.18 |
| Debt / assets | 0.84 | 0.89 | 0.93 | 0.93 | 0.94 | 0.93 | 1.47 | 0.88 | 0.82 | 0.89 |
| Net debt / EBITDA | 26.24 | 53.34 | — | 132.09 | 245.55 | 95.78 | 224.37 | 45.52 | 23.14 | — |
| Current ratio | 0.31 | 13.12 | 21.17 | 22.45 | 28.29 | 36.80 | 0.00 | 34.26 | 0.63 | 0.81 |
| Quick ratio | 0.31 | 13.12 | 21.17 | 22.42 | 28.15 | 36.80 | 0.01 | 34.26 | 0.63 | 0.81 |
| Interest coverage | 3.8 | 1.9 | 0.5 | 0.6 | 1.4 | 0.6 | 0.9 | — | -0.5 | -2.9 |
| Working capital | −$197.2M | $4.76B | $6.42B | $7.41B | $8.03B | $5.93B | −$1.65B | $1.92B | −$559,000 | −$239,000 |
| Invested capital | $5.18B | $5.30B | $6.90B | $7.96B | $8.21B | $5.87B | $4.45B | $2.01B | $43.2M | $38.5M |
| Tangible asset value | $831.9M | $571.7M | $445.5M | $545.0M | $506.7M | $403.9M | $347.7M | $239.9M | $6.6M | $3.1M |
| Net current asset value | −$4.40B | $309.6M | $163.2M | $142.3M | $316.2M | $320.3M | −$2.44B | $197.9M | −$38.2M | −$36.9M |
| Graham number | $26.57 | $32.34 | $19.45 | $16.44 | $23.59 | $36.98 | — | $64.70 | — | — |
| Graham net-net per share | −$88.16 | −$58.17 | −$89.50 | −$122.51 | −$85.87 | −$230.91 | −$488.74 | −$59.15 | −$7.72 | −$7.47 |
| Capital allocation | ||||||||||
| Dividends paid | $61.7M | $46.3M | $51.5M | $33.2M | $17.7M | $8.2M | $8.2M | $8.2M | $12,000 | — |
| Share buybacks (net) | $1.6M | — | $797,000 | $495,000 | $0 | $13.4M | — | — | $0 | — |
| Dividend payout ratio | 58.7% | 158.8% | 368.7% | 491.6% | 41.0% | 64.2% | — | 42.5% | — | — |
| Dividends + buybacks / free cash flow | 276.2% | 158.3% | 165.8% | 51.2% | 35.8% | 65.7% | 25.1% | 25.1% | 1.6% | — |
| Capex / revenue | 0.0% | 0.0% | 4.3% | 0.0% | 66.9% | 18.6% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 5.7% | 0.0% | 60.4% | 11.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.74 | 0.00 | 1.89 | 0.44 | — | — | 0.00 | 0.00 |
| Stock-based compensation / revenue | 4.7% | 5.5% | 10.5% | 8.1% | 4.5% | 2.8% | — | — | 0.5% | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | 10.0% | 11.6% | 29.7% | 17.9% | 19.5% | 25.3% | — | 11.1% | 38.7% | 27.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 7,463.8 | 19,516.6 | 62,464.8 | 72,294.3 | 58,720.3 | 56,717.0 | 19,621.9 | 10,444.5 | 8.9 | 6.1 |
| Days of inventory on hand | — | — | — | 2,145.5 | 1,014.5 | -133.3 | -32.1 | 0.0 | — | — |
| Days payables outstanding | 480.6 | 262.0 | 551.8 | 421.5 | 138.7 | 55.3 | 1.3 | 16.8 | 140.1 | 162.4 |
| Cash conversion cycle (days) | 6,983.1 | 19,254.6 | 61,913.0 | 74,018.3 | 59,596.0 | 56,528.4 | 19,588.5 | 10,427.7 | -131.3 | -156.4 |
| Receivables turnover | 0.05 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 41.10 | 60.16 |
| Payables turnover | 0.76 | 1.39 | 0.66 | 0.87 | 2.63 | 6.59 | 285.26 | 21.68 | 2.60 | 2.25 |
| Inventory turnover | — | — | — | 0.17 | 0.36 | — | — | 11,075,000.00 | — | — |
| Asset turnover | 0.02 | 0.02 | 0.01 | 0.00 | 0.01 | 0.00 | 0.01 | 0.03 | 0.09 | 0.04 |
| Average receivables | $2.58B | $5.90B | $7.20B | $8.00B | $7.17B | $3.03B | $982.6M | $980.5M | $94,500 | $25,000 |
| Average payables | $18.5M | $7.9M | $6.3M | $5.1M | $2.8M | $889,500 | $85,356 | $510,856 | $559,000 | $267,000 |
| Average inventory | — | — | — | $25.8M | $20.8M | −$2.1M | −$2.1M | $1 | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from NREF's annual financial statements (latest annual report filed March 31, 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.
NREF valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), NexPoint Real Estate Finance traded at 6.7 times earnings, against a 10-year median of 9.2. Based on the latest twelve months, the trailing P/E is 6.7. NexPoint Real Estate Finance earned a return on equity of 17.1% and a return on invested capital of 2.5% in fiscal 2025. It ended the year with $4.5 billion of debt and $31.1 million in cash and short-term investments, net debt of $4.4 billion. It returned $63.3 million to shareholders: $61.7 million in dividends and $1.6 million in share buybacks, 276% of free cash flow. The share count rose 902.3% from 5.0M to 50.1M over 9 years.
See the NREF income statement, the NREF chart for price history, or the NREF stock overview for the latest quote and news.
NREF key metrics FAQ
What is NexPoint Real Estate Finance's P/E ratio?
NexPoint Real Estate Finance's trailing P/E ratio is 6.7 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was 6.7, compared with a 10-year median of 9.2.
What is NexPoint Real Estate Finance's EV/EBITDA?
NexPoint Real Estate Finance's enterprise value was 30.4 times EBITDA at the end of fiscal 2025 (enterprise value $5.1 billion, EBITDA $168.9 million).
What is NexPoint Real Estate Finance's return on equity?
NexPoint Real Estate Finance's return on equity (ROE) was 17.1% in fiscal 2025: net income of $105.1 million on average shareholders' equity of $615.9 million.
What is NexPoint Real Estate Finance's ROIC?
NexPoint Real Estate Finance's return on invested capital was 2.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NexPoint Real Estate Finance have?
NexPoint Real Estate Finance had total debt of $4.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.95 and $4.4 billion of net debt (26.24 times EBITDA).
What is NexPoint Real Estate Finance's dividend yield?
NexPoint Real Estate Finance's forward dividend yield is 10.61%. NexPoint Real Estate Finance paid $61.7 million in dividends in fiscal 2025 ($1.23 per share), a payout ratio of 58.7%.
Does NexPoint Real Estate Finance buy back its shares?
Yes. NexPoint Real Estate Finance spent $1.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +188.0% over the year, to 50.1M..
What is NexPoint Real Estate Finance's free cash flow yield?
NexPoint Real Estate Finance generated $22.9 million of free cash flow in fiscal 2025, a free cash flow yield of 3.2% on its market value at year-end ($705.6 million).
What is NexPoint Real Estate Finance's current ratio?
NexPoint Real Estate Finance's current ratio was 0.31 at the end of fiscal 2025: current assets were 0.31 times current liabilities.