Ellington Financial (EFC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Ellington Financial

NYSE•Real Estate•REIT - Mortgage

$13.38-0.09(-0.01%)Pre-market

Market Cap

$1.61B

P/E

8.3x

P/S

3.5x

P/B

0.8x

Ellington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. It operates in two segments, Investment Portfolio and Longbridge. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, non-QM, manufactured housing, subprime residential, and single-family-rental mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential and commercial mortgage loans; residential mortgage-backed securities; commercial mortgage-backed securities; consumer loans and asset-backed securities backed by consumer loans; investments referencing mortgage servicing rights on traditional forward mortgage loans; collateralized loan obligations; non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. It also offers reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes that intends to distribute at least 90% of its taxable income as dividends to shareholders. Ellington Financial Inc. was incorporated in 2007 and is headquartered in Old Greenwich, Connecticut.

How this company scores

WeakMetricSide Score: 44/100

Grade capped at D — Interest coverage below 1× (-0.1x) — earnings cannot cover interest. Strongest: Growth (22/25); weakest: Cash & Earnings Quality (2/25).

Profitability13/25

Growth22/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality2/25

Strengths

Growing revenueRising earningsProfit converts from growthConsistent growth

Grade capped at D

Interest coverage below 1× (-0.1x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.3x5y range 6.0x – 29.9x

Currently near its 16-quarter median.

P/S · 3.5x5y range 3.2x – 47.4x

Currently near its 20-quarter median.

P/B · 0.8x5y range 0.6x – 0.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.61B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $455.40M
Q. Revenue: $123.13M
TTM EBITDA: $-48.98M
TTM Op. Income: $-48.98M
Q. Op. Income: $-3.74M
TTM Net Income: $194.04M
Q. Net Income: $54.40M
EPS: $0.43
Shares Out.: $127.26M

$455.40M in TTM revenue grew 44.8% YoY, reaching $123.13M last quarter. TTM EBITDA of $-48.98M and TTM operating income of $-48.98M show growth is flowing through to the bottom line. TTM net income of $194.04M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -3.0%
Op. Margin: -3.0%
Net Margin: 44.2%

Op. margin of -3.0% is up 11.8% YoY — cost efficiency is improving. Net margin at 44.2% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 8.3x
P/S Ratio: 3.5x
P/B Ratio: 0.8x

At 8.3x P/E, the stock trades below typical market levels. P/S of 3.5x and P/B of 0.8x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 25% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $21.03B
Cash: $247.47M
Long-Term Debt: N/A
Book Value: $1.97B
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-19.14M
TTM Free Cash Flow: $-617.82M
FCF Margin: -135.7%
FCF / Net Income: -3.2

TTM FCF of $-617.82M on $-19.14M in operating cash flow. The FCF / Net Income ratio of -3.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.