MFA Financial, Inc. (MFA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.25	$0.35	+40.0%	—	$78.2M	—
Q1 26	$0.3	$0.34	+13.3%	—	$33.4M	—
Q3 25	$0.27	$0.2	-25.9%	—	$77.5M	—
Q2 25	$0.24	$0.21	-12.5%	—	$64.9M	—
Q1 25	$0.32	$0.29	-9.4%	—	$74.8M	—
Q4 24	$0.4	$0.39	-2.5%	—	$32.7M	—
Q3 24	$0.41	$0.37	-9.8%	—	$82.4M	—
Q2 24	$0.38	$0.44	+15.8%	—	$74.6M	—
Q1 24	$0.39	$0.35	-10.3%	—	$63.2M	—
Q4 23	$0.4	$0.49	+22.5%	—	$114M	—
Q3 23	$0.38	$0.4	+5.3%	—	-$22.7M	—
Q2 23	$0.34	$0.4	+17.6%	—	$8.6M	—
Q1 23	$0.33	$0.3	-9.1%	—	$104.9M	—
Q4 22	$0.3	$0.48	+60.0%	—	$31.3M	—
Q3 22	$0.35	$0.28	-20.0%	—	-$23.3M	—
Q2 22	$0.48	$0.46	-4.2%	—	-$37.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.31	—	—	$298.6M	—
FY24	—	$0.83	—	—	$252.9M	—
FY23	—	$0.46	—	—	$205.5M	—
FY22	—	-$2.57	—	—	-$84.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$358.3M	$372M	$348.6M	$433.3M	-$555.9M	$373.3M	-$84.6M	$205.5M	$252.9M	$298.6M
YoY change	+0.65%	+3.84%	-6.28%	+24.3%	-228.3%	+167.2%	-122.7%	+342.9%	+23.1%	+18.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	358.3M	372M	348.6M	433.3M	-555.9M	373.3M	-84.6M	205.5M	252.9M	298.6M
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	45.6M	49.6M	46.1M	52.6M	56.7M	82.7M	111.9M	129.9M	131.9M	119.4M
Operating expenses	45.6M	49.6M	46.1M	52.6M	56.7M	82.7M	111.9M	129.9M	131.9M	119.4M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	312.7M	322.4M	301.8M	378.1M	-679.4M	328.9M	-231.6M	80.2M	119.7M	176M
Income tax	—	—	—	—	—	—	—	—	443K	-735K
Net income	312.7M	322.4M	301.8M	378.1M	-679.4M	328.9M	-231.6M	80.2M	119.3M	176.8M
Net margin	87.3%	86.7%	86.6%	87.3%	122.2%	88.1%	273.8%	39%	47.2%	59.2%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	3.2	3.16	2.72	3.2	-6.28	2.66	-2.57	0.46	0.83	1.31
Diluted EPS	3.2	3.16	2.72	3.16	-6.28	2.63	-2.57	0.46	0.82	1.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	-22.7M	114M	63.2M	74.6M	82.4M	32.7M	74.8M	64.9M	77.5M	81.3M	33.4M	78.2M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	34.1M	31.3M	38.5M	32.6M	33.8M	28M	33.5M	29.9M	29M	27M	34.3M	31.2M
Operating expenses	34.1M	31.3M	38.5M	32.6M	33.8M	28M	33.5M	29.9M	29M	27M	34.3M	31.2M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	-56.3M	89.7M	23.2M	42.3M	49.7M	3.4M	40.3M	33.4M	48M	54.3M	-984K	46.8M
Income tax	94K	—	—	346K	1.5M	-2.5M	-872K	238K	-101K	0	0	0
Net income	-56.4M	89.7M	23.2M	41.9M	48.2M	5.9M	41.2M	33.2M	48.1M	54.3M	-984K	46.8M
Net margin	248.9%	78.7%	36.7%	56.2%	58.5%	18.1%	55.1%	51.1%	62%	66.8%	-2.95%	59.9%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	-0.64	—	0.14	0.32	0.38	-0.02	0.32	0.22	0.36	0.42	-0.11	0.35
Diluted EPS	-0.64	—	0.14	0.32	0.37	-0.02	0.31	0.21	0.35	0.42	-0.11	0.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.8B	3.1B	2.8B	3.5B	1.8B	2B	1B	1.2B	1.1B	969.8M	809.7M
Enterprise value	2.7B	3.1B	3.5B	4.3B	2.8B	4.9B	4.3B	5.8B	6.7B	7.4B	12.4B
Shares outstanding	93M	97.3M	105.4M	113.5M	113M	110.7M	102.9M	102.2M	104.1M	104.2M	104.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.08	9.56	9.34	9.18	—	6.14	—	14.4	8.89	5.49	8.09
P/S	7.92	8.28	8.08	8.01	-3.16	5.41	-12	5.61	4.19	3.25	2.73
P/B	0.94	0.94	0.82	1.03	0.7	0.79	0.51	0.61	0.58	0.53	0.47
EV/Sales	7.47	8.31	10.2	9.91	-5.01	13	-51	28.4	26.7	24.6	40.8
Earnings yield	11%	10.5%	10.7%	10.9%	—	16.3%	—	6.96%	11.2%	18.2%	12.4%
FCF yield	6.29%	5.7%	5.21%	6.16%	1.91%	6.82%	35.1%	9.44%	18.9%	7.86%	16.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	54%
Net margin	87.3%	86.7%	86.6%	87.3%	122.2%	88.1%	273.8%	39%	47.2%	59.2%	49%
ROE	10.3%	9.88%	8.83%	11.2%	-26.9%	12.9%	-11.6%	4.22%	6.47%	9.67%	8.24%
ROA	—	—	—	—	—	—	—	—	1.05%	1.36%	1.17%
Return on tangible assets	—	—	—	—	—	—	—	—	1.06%	1.37%	1.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	43.7
Debt / equity	0.03	0.14	0.23	0.26	0.73	1.24	1.83	2.63	3.27	3.61	6.57
Debt / assets	—	—	—	—	—	—	—	—	0.53	0.51	0.47
Effective tax rate	—	—	—	—	—	—	—	—	0.37%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.85	3.82	3.31	3.82	-4.92	3.37	-0.82	2.01	2.43	2.87	2.92
EPS (basic)	3.2	3.16	2.72	3.2	-6.28	2.66	-2.57	0.46	0.83	1.31	1.31
EPS (diluted)	3.2	3.16	2.72	3.16	-6.28	2.63	-2.57	0.46	0.82	1.3	1.01
Book value per share	32.6	33.5	32.4	29.8	22.3	23	19.3	18.6	17.7	17.5	17.6
FCF per share	1.92	1.81	1.39	1.88	0.3	1.24	3.45	1.06	1.92	0.73	2.37
Cash per share	2.8	4.62	0.49	0.62	7.21	2.75	3.25	3.11	3.26	2.05	1.4
Capex per share	0.01	0.01	0.01	0.02	0.04	0.11	0	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.2%	0.23%	0.32%	0.43%	-0.87%	3.23%	-0.35%	—	—	—	—
Capex / operating cash flow	0.23%	0.25%	0.37%	0.59%	-1.21%	3.45%	-0.14%	—	—	—	—
Payout ratio	100.1%	100.4%	114.2%	99.6%	-21.1%	57.5%	-93.7%	219.5%	148.2%	106.6%	142.6%
Dividend yield	11%	10.5%	12.2%	10.8%	8.15%	9.36%	21.4%	15.3%	16.7%	19.4%	18%

Yield

18%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.36

ex-dividend Jun 30, 2026

Payout ratio

143%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.36
Mar 31, 2026	$0.36
Dec 31, 2025	$0.36

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	-$22.7M	$114M	$63.2M	$74.6M	$82.4M	$32.7M	$74.8M	$64.9M	$77.5M	$81.3M	$33.4M	$78.2M
YoY change	+2.49%	+264%	-39.8%	+767.5%	+463.4%	-71.4%	+18.4%	-13%	-5.91%	+149.1%	-55.4%	+20.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	260.1M	449.8M	52M	70.6M	814.4M	304.7M	334.2M	318M	338.9M	213.2M
Receivables	27.8M	27.4M	—	71M	38.9M	84.4M	367.8M	123M	126M	120M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	758K	39.4M	39.5M	37.8M	35.5M	42.8M
Goodwill & intangibles	467.9M	998.5M	1.2B	2.4B	239M	165M	146.6M	138.2M	131.8M	127.4M
Total assets	—	—	—	—	—	—	—	—	11.4B	13B
Accounts payable	14.1M	12.3M	16.3M	18.2M	11.1M	9.6M	23M	30.8M	33M	36.4M
Short-term debt	—	—	—	224M	225.2M	226.5M	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	96.7M	460.7M	781.2M	667.8M	1.6B	2.9B	3.6B	5B	6B	6.6B
Total liabilities	—	—	—	—	—	—	—	—	9.6B	11.2B
Shareholders' equity	3B	3.3B	3.4B	3.4B	2.5B	2.5B	2B	1.9B	1.8B	1.8B
Total debt	96.7M	460.7M	781.2M	891.8M	1.8B	3.1B	3.6B	5B	6B	6.6B
Net debt	-163.4M	11M	729.3M	821.2M	1B	2.8B	3.3B	4.7B	5.7B	6.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	300.1M	318M	306.3M	289.4M	305.6M	338.9M	253.7M	275.7M	305.2M	213.2M	221.6M	141.2M
Receivables	120.2M	123M	122.5M	125.8M	123M	126M	127M	118.8M	114.5M	120M	117.8M	115.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	37.8M	37.8M	37.2M	36.5M	35.8M	35.5M	35.7M	45.7M	44.6M	42.8M	9.6M	9.4M
Goodwill & intangibles	139.8M	138.2M	136.6M	135M	133.4M	131.8M	130.2M	128.6M	128M	127.4M	126.8M	126.2M
Total assets	—	—	10.9B	11.1B	11.2B	11.4B	11.5B	11.7B	12.1B	13B	13.2B	13.7B
Accounts payable	32.4M	30.8M	36.2M	33.1M	32.8M	33M	32.9M	32.4M	33M	36.4M	36.2M	37.9M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	4.6B	5B	5.1B	5.3B	5.5B	6B	6.1B	6.1B	6.6B	6.6B	6.5B	6.4B
Total liabilities	—	—	9B	9.2B	9.3B	9.6B	9.7B	9.9B	10.3B	11.2B	11.5B	11.9B
Shareholders' equity	1.8B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B
Total debt	4.6B	5B	5.1B	5.3B	5.5B	6B	6.1B	6.1B	6.6B	6.6B	6.5B	6.4B
Net debt	4.3B	4.7B	4.8B	5B	5.2B	5.7B	5.8B	5.9B	6.3B	6.4B	6.3B	6.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	312.7M	322.4M	301.8M	378.1M	-679.4M	328.9M	-231.6M	80.2M	119.3M	176.8M
Depreciation & amortization	964K	1.5M	1.8M	3.3M	—	—	—	—	—	—
Stock-based compensation	9.2M	8M	8M	9.2M	—	—	—	—	—	—
Change in working capital	-18M	16.2M	-26.5M	-15.7M	-10.9M	7.6M	13.4M	-18M	16.6M	11.8M
Operating cash flow	304.8M	348.1M	304.4M	319.8M	-402.3M	349M	-211.3M	84.4M	202.4M	76.2M
Capital expenditure	-708K	-872K	-1.1M	-1.9M	-4.9M	-12M	-300K	—	—	—
Investing cash flow	80.3M	65.4M	106.8M	2.1B	4.5B	307.5M	211.9M	-426.1M	-531.5M	-1.8B
Dividends paid	-312.9M	-323.6M	-344.8M	-376.6M	-143.3M	-189M	-216.9M	-176M	-176.7M	-188.5M
Share repurchases	0	-415K	0	0	-50.8M	-85.6M	-102.3M	-7K	-1.6M	-15.4M
Financing cash flow	-315.7M	225M	1.6B	964.9M	-5.7B	1.6B	850.2M	1.4B	337.6M	1.5B
Net change in cash	69.4M	638.5M	2B	3.4B	-1.6B	2.3B	850.8M	1.1B	8.4M	-237.8M
Free cash flow	178.7M	175.6M	146.7M	213.9M	33.5M	137.8M	355.3M	108.7M	200.1M	76.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-56.4M	89.7M	23.2M	41.9M	48.2M	5.9M	41.2M	33.2M	48.1M	54.3M	-984K	46.8M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-41.8M	59M	12.5M	-4.5M	-24.4M	32.9M	26.5M	7.1M	-16.6M	-5.1M	24.7M	43.4M
Operating cash flow	-91.7M	158.2M	49.1M	43.8M	61.5M	48M	81.2M	38.5M	14.7M	37.6M	71.1M	128.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-115.2M	-1.8M	115.8M	-103.9M	-193M	-350.4M	-302.8M	5.4M	-292.3M	-1.2B	-187.2M	-628M
Dividends paid	-44M	-44M	-44M	-44.2M	-44.3M	-44.2M	-44.1M	-48M	-48.4M	-48M	-49.3M	-48.2M
Share repurchases	0	-7K	-1.5M	-20K	-21K	-20K	-5.2M	-20K	-5.2M	-5M	-9M	-5.1M
Financing cash flow	458.5M	340.1M	78.9M	147M	-117.1M	228.8M	138.1M	63.7M	249.3M	1B	178.7M	458.5M
Net change in cash	251.7M	496.5M	243.8M	86.9M	-248.6M	-73.7M	-83.5M	107.5M	-28.3M	-137.7M	62.5M	-40.7M
Free cash flow	39.8M	3.8M	53.5M	46.5M	-11.3M	111.4M	-14.6M	38.5M	14.7M	37.6M	71.1M	128.8M

MFA Financial, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history