MFA Financial (MFA) Stock Fundamentals, Analysis & Risk Signals

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

MFA Financial

NYSE•Real Estate•REIT - Mortgage

$8.86-0.09(-0.01%)Pre-market

Market Cap

$881.23M

P/E

5.9x

P/S

3.8x

P/B

0.5x

MFA Financial, Inc., together with its subsidiaries, operates as a real estate investment trust in the United States. It operates through two segments: Mortgage-Related Assets and Lima One. The Mortgage-Related Assets segment primarily invests in and manages a diversified portfolio of residential whole loans, including nonqualified mortgage loans, business purpose loans such as single-family rental loans, single-family and multifamily transitional loans, legacy re-performing and non-performing loans, and agency-eligible investor loans. This segment also invests in residential mortgage-backed securities, including agency MBS, non-agency MBS, and credit risk transfer securities. The Lima One segment includes a stand-alone mortgage origination and servicing business; and originates and services business purpose loans for real estate investors, and related mortgage banking activities. The company offers residential whole loans, including purchased credit deteriorated and non-performing loans; and mortgage servicing rights-related assets. The company's investment activities through a combination of securitization transactions, term loan warehouse financing and repurchase agreement financing. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. MFA Financial, Inc. was incorporated in 1997 and is based in New York, New York.

How this company scores

WeakMetricSide Score: 66/100

Grade capped at D — Interest coverage below 1× (0.1x) — earnings cannot cover interest. Strongest: Profitability (21/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability21/25

Growth18/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality19/25

Strengths

Rising free cash flowStrong marginsRising earningsProfit converts from 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 · 5.9x5y range 5.6x – 37.9x

Currently near its 14-quarter median.

P/S · 3.8x5y range 3.6x – 8.9x

Currently below its 20-quarter median.

P/B · 0.5x5y range 0.4x – 0.8x

Watch items

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

High Risk

Earnings Quality

Red Flag

FCF consistently trails net income (avg -6.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $881.23M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $230.34M
Q. Revenue: $58.63M
TTM EBITDA: $70.14M
TTM Op. Income: $70.14M
Q. Op. Income: $17.11M
TTM Net Income: $148.24M
Q. Net Income: $46.80M
EPS: $0.35
Shares Out.: $103.67M

$230.34M in TTM revenue grew 4.3% YoY, reaching $58.63M last quarter. TTM EBITDA of $70.14M and TTM operating income of $70.14M show growth is flowing through to the bottom line. TTM net income of $148.24M means revenue is converting into profit. Over the past year, TTM revenue is up 4% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 29.2%
Op. Margin: 29.2%
Net Margin: 79.8%

Op. margin of 29.2% is down 5.8% YoY — costs are rising relative to revenue. Net margin at 79.8% Over the past year, operating margin is down 17% — an improving trend.

Price Ratios

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

P/E Ratio: 5.9x
P/S Ratio: 3.8x
P/B Ratio: 0.5x

At 5.9x P/E, the stock trades below typical market levels. P/S of 3.8x and P/B of 0.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 22% — an improving trend.

Assets & Liabilities

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

Total Assets: $13.65B
Cash: $141.19M
Long-Term Debt: N/A
Book Value: $1.78B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

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

Op. Cash Flow: $128.79M
TTM Free Cash Flow: $252.21M
FCF Margin: 109.5%
FCF / Net Income: 1.7

TTM FCF of $252.21M on $128.79M in operating cash flow. The FCF / Net Income ratio of 1.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.