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NexPoint Real Estate Finance, I (NREF) Stock Fundamentals, Analysis & Risk Signals

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

NexPoint Real Estate Finance, I
NYSE•Real Estate•REIT - Mortgage
$17.79+0.13(0.01%)Market closed
Market Cap
$325.81M
P/E
2.8x
P/S
5.9x
P/B
0.9x

NexPoint Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It focuses on originating, structuring, and investing in first-lien mortgage loans, preferred equity, mezzanine loans, convertible notes, multifamily properties, and common equity investments, as well as multifamily and single-family rental commercial mortgage-backed securities securitizations, promissory notes, revolving credit facilities, and stock warrants or target assets. The company has elected to be taxed as a real estate investment trust (REIT) and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. NexPoint Real Estate Finance, Inc. was incorporated in 2019 and is based in Dallas, Texas.

D

How this company scores

WeakMetricSide Score: 43/100

Grade capped at D — Interest coverage below 1× (0.0x) — earnings cannot cover interest. Strongest: Profitability (16/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability16/25
Growth12/25
Balance Sheet & Red Flags7/25
Cash & Earnings Quality8/25
Strengths
High ROERising earningsProfit converts from growthNet cash position
Grade capped at D
  • Interest coverage below 1× (0.0x) — 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 · 2.8x5y range 1.5x – 55.9x
P/E 2.8x · below its 17-quarter median

Currently below its 17-quarter median.

P/S · 5.9x5y range 4.2x – 6634.3x
P/S 5.9x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 0.9x5y range 0.5x – 0.9x

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 0.2x) — 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 $325.81M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue
$55.44M
2Q
Q. Revenue
$16.54M
2Q
TTM EBITDA
$5.64M
2Q
TTM Op. Income
$0
Q. Op. Income
$0
TTM Net Income
$114.84M
2Q
Q. Net Income
$17.30M
3Q
EPS
$0.29
3Q
Shares Out.
$18.84M
6Q
$55.44M in TTM revenue declined 4.1% YoY, reaching $16.54M last quarter. TTM EBITDA of $5.64M and TTM operating income of $0 show growth is flowing through to the bottom line. TTM net income of $114.84M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
10.4%
105%
Op. Margin
0.0%
Net Margin
104.6%
3Q
Op. margin of 0.0% is flat YoY — stable. Net margin at 104.6%

Price Ratios

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

P/E Ratio
2.8x
2Q
P/S Ratio
5.9x
39%
P/B Ratio
0.9x
22%
At 2.8x P/E, the stock trades below typical market levels. P/S of 5.9x and P/B of 0.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets
$5.37B
1%
Cash
$6.38M
2Q
Long-Term Debt
N/A
4%
Book Value
$379.71M
9%
D/E Ratio
N/A
16%
Debt/EBITDA
0.0
100%

Cash Flow

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

Op. Cash Flow
$-6.04M
282%
TTM Free Cash Flow
$4.37M
4Q
FCF Margin
7.9%
4Q
FCF / Net Income
0.0
4Q
TTM FCF of $4.37M on $-6.04M in operating cash flow. The FCF / Net Income ratio of 0.0x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.

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· near its 20-quarter median

Currently near its 20-quarter median.

Share Dilution

Red Flag

Shares outstanding increased 7.9% — significant dilution, likely from stock compensation or capital raises.