Chicago Atlantic Real Estate Finance, Inc. (REFI) Key Metrics
REFI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $238.5M
- Enterprise value
- $365.7M
- P/E (TTM)
- 6.8 10-yr median 7.7
- Forward P/E
- 5.4
- PEG ratio
- —
- Price / sales
- 4.9 10-yr median 5.2
- Price / book
- 0.9 10-yr median 1.0
- EV / EBITDA
- — 10-yr median 8.0
- Dividend yield
- 20.19% $1.88 a year
- Beta
- 0.34
REFI key metrics, 2021–2025
Fiscal year ended December 31, 2025 · U.S. dollarsREFI valuation Price multiples at each fiscal year-end price.
REFI returns How much profit the business earns on the capital it uses.
REFI per-share figures Results divided by the shares outstanding at year-end.
REFI financial health Debt, liquidity and how easily interest is covered.
REFI efficiency & capital use Working capital cycle and where the cash goes.
REFI valuation history
REFI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
REFI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
REFI cash returned to shareholders
REFI price vs earnings per share
REFI key metrics
2021–2025| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Valuation | |||||
| Market capitalization | $262.8M | $304.0M | $296.8M | $267.4M | $290.6M |
| Enterprise value | $346.2M | $381.7M | $354.9M | $319.7M | $408.1M |
| P/E ratio | 7.3 | 8.2 | 7.7 | 8.3 | 0.0 |
| Price / sales | 4.2 | 5.5 | 5.2 | 5.5 | 0.0 |
| Price / book | 0.9 | 1.0 | 1.1 | 1.0 | 1.1 |
| Price / free cash flow | 9.1 | 13.1 | 10.4 | 15.7 | 43.6 |
| Price / operating cash flow | 9.1 | 13.1 | 10.4 | 15.7 | 43.6 |
| EV / sales | 5.5 | 7.0 | 6.2 | 6.5 | 0.0 |
| EV / EBITDA | 9.6 | 8.6 | 8.0 | 0.0 | 0.0 |
| EV / free cash flow | 12.0 | 16.5 | 12.5 | 18.8 | 61.2 |
| Earnings yield | 13.7% | 12.2% | 13.0% | 12.1% | 3,267.9% |
| Free cash flow yield | 11.0% | 7.6% | 9.6% | 6.4% | 2.3% |
| Dividend yield | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Shareholder yield (dividends + buybacks) | 16.7% | 13.7% | 13.2% | 10.5% | 2.4% |
| Share price at fiscal year-end | $12.26 | $15.42 | $16.18 | $15.07 | $16.65 |
| Per share | |||||
| Revenue per share | $2.94 | $2.78 | $3.13 | $2.75 | $634.55 |
| Earnings per share | $1.68 | $1.88 | $2.11 | $1.82 | $544.10 |
| Operating cash flow per share | $1.34 | $1.17 | $1.55 | $0.96 | $0.38 |
| Free cash flow per share | $1.34 | $1.17 | $1.55 | $0.96 | $0.38 |
| Cash per share | $0.70 | $1.34 | $0.43 | $0.32 | $4.60 |
| Book value per share | $14.36 | $15.67 | $14.82 | $14.88 | $15.13 |
| Tangible book value per share | $14.36 | $15.67 | $14.82 | $14.88 | $15.13 |
| Dividends per share | $2.05 | $2.11 | $2.13 | $1.59 | $0.39 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.77 | $0.00 |
| Debt per share | $4.59 | $5.28 | $3.60 | $3.27 | $11.33 |
| Shares outstanding | 21.4M | 19.7M | 18.3M | 17.7M | 17.5M |
| Change in shares outstanding | +8.7% | +7.5% | +3.4% | +1.7% | — |
| Returns & profitability | |||||
| Return on equity (ROE) | 11.7% | 12.8% | 14.4% | 12.2% | — |
| Return on invested capital (ROIC) | 7.3% | 6.2% | 6.9% | 5.0% | — |
| Return on assets (ROA) | 8.4% | 9.3% | 11.0% | 10.4% | — |
| Return on tangible assets | 8.5% | 8.5% | 10.8% | 9.4% | — |
| Free cash flow margin | 45.6% | 42.3% | 49.6% | 34.8% | 0.1% |
| Income quality (OCF / net income) | 0.80 | 0.63 | 0.73 | 0.53 | 0.00 |
| Financial health | |||||
| Total debt | $98.4M | $104.1M | $66.0M | $58.0M | $197.7M |
| Cash & short-term investments | $14.9M | $26.4M | $7.9M | $5.7M | $80.2M |
| Net debt | $83.5M | $77.7M | $58.1M | $52.3M | $117.5M |
| Debt / equity | 0.32 | 0.34 | 0.24 | 0.22 | 0.75 |
| Debt / assets | 0.23 | 0.24 | 0.18 | 0.17 | 0.71 |
| Net debt / EBITDA | 2.32 | 1.76 | 1.31 | 0.00 | 0.01 |
| Current ratio | 0.28 | 21.74 | 18.53 | 17.34 | 22.75 |
| Quick ratio | 0.28 | 21.74 | 18.53 | 16.99 | 22.75 |
| Interest coverage | 4.8 | 6.2 | 7.7 | 13.4 | — |
| Working capital | −$48.0M | $414.8M | $338.7M | $322.7M | $265.1M |
| Invested capital | $391.3M | $386.7M | $330.0M | $316.3M | $381.5M |
| Tangible asset value | $307.8M | $309.0M | $271.9M | $264.0M | $264.1M |
| Net current asset value | −$98.1M | $308.7M | $270.6M | $263.2M | $263.2M |
| Graham number | $23.30 | $25.74 | $26.53 | $24.68 | $430.38 |
| Graham net-net per share | −$4.63 | $10.29 | $9.92 | $10.22 | $12.25 |
| Capital allocation | |||||
| Dividends paid | $43.8M | $41.6M | $39.1M | $28.2M | $6.8M |
| Share buybacks (net) | — | — | $0 | $0 | — |
| Dividend payout ratio | 121.8% | 112.4% | 101.1% | 87.2% | 0.1% |
| Dividends + buybacks / free cash flow | 152.3% | 179.8% | 137.7% | 165.7% | 102.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 27.8% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 79.9% | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 |
| Stock-based compensation / revenue | 5.3% | 5.6% | 2.6% | 0.9% | 0.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 13.7% | 15.4% | 14.3% | 21.5% | 2.3% |
| Efficiency | |||||
| Days sales outstanding | 1,178.5 | 2,505.6 | 2,177.5 | 1,987.9 | 6.5 |
| Days of inventory on hand | — | — | — | 0.6 | — |
| Days payables outstanding | 79.1 | 76.3 | 43.6 | 0.1 | 85.8 |
| Cash conversion cycle (days) | 1,099.4 | 2,429.3 | 2,133.9 | 1,988.5 | -79.4 |
| Receivables turnover | 0.31 | 0.15 | 0.17 | 0.18 | 56.26 |
| Payables turnover | 4.61 | 4.78 | 8.38 | 6,607.86 | 4.25 |
| Inventory turnover | — | — | — | 561.74 | — |
| Asset turnover | 0.15 | 0.14 | 0.16 | 0.16 | 39.81 |
| Average receivables | $203.7M | $376.1M | $342.0M | $266.1M | $196.9M |
| Average payables | $1.8M | $1.7M | $1.0M | $588,300 | $212,887 |
| Average inventory | — | — | — | $6.9M | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from REFI's annual financial statements (latest annual report filed March 12, 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.
REFI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Chicago Atlantic Real Estate Finance traded at 7.3 times earnings, against a 5-year median of 7.7. Based on the latest twelve months, the trailing P/E is 6.8 and the forward P/E is 5.4. Chicago Atlantic Real Estate Finance earned a return on equity of 11.7% and a return on invested capital of 7.3% in fiscal 2025. It ended the year with $98.4 million of debt and $14.9 million in cash and short-term investments, net debt of $83.5 million. It returned $43.8 million to shareholders: $43.8 million in dividends and $0 in share buybacks, 152% of free cash flow. The share count rose 22.8% from 17.5M to 21.4M over 4 years.
See the REFI income statement, the REFI chart for price history, or the REFI stock overview for the latest quote and news.
REFI key metrics FAQ
What is Chicago Atlantic Real Estate Finance's P/E ratio?
Chicago Atlantic Real Estate Finance's trailing P/E ratio is 6.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.4. At the end of fiscal 2025 it was 7.3, compared with a 5-year median of 7.7.
What is Chicago Atlantic Real Estate Finance's EV/EBITDA?
Chicago Atlantic Real Estate Finance's enterprise value was 9.6 times EBITDA at the end of fiscal 2025 (enterprise value $346.2 million, EBITDA $36.0 million).
What is Chicago Atlantic Real Estate Finance's return on equity?
Chicago Atlantic Real Estate Finance's return on equity (ROE) was 11.7% in fiscal 2025: net income of $36.0 million on average shareholders' equity of $308.4 million.
What is Chicago Atlantic Real Estate Finance's ROIC?
Chicago Atlantic Real Estate Finance's return on invested capital was 7.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Chicago Atlantic Real Estate Finance have?
Chicago Atlantic Real Estate Finance had total debt of $98.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.32 and $83.5 million of net debt (2.32 times EBITDA).
What is Chicago Atlantic Real Estate Finance's dividend yield?
Chicago Atlantic Real Estate Finance's forward dividend yield is 20.19%. Chicago Atlantic Real Estate Finance paid $43.8 million in dividends in fiscal 2025 ($2.05 per share), a payout ratio of 121.8%.
What is Chicago Atlantic Real Estate Finance's free cash flow yield?
Chicago Atlantic Real Estate Finance generated $28.8 million of free cash flow in fiscal 2025, a free cash flow yield of 11.0% on its market value at year-end ($262.8 million).
What is Chicago Atlantic Real Estate Finance's current ratio?
Chicago Atlantic Real Estate Finance's current ratio was 0.28 at the end of fiscal 2025: current assets were 0.28 times current liabilities.