Chicago Atlantic Real Estate Fi (REFI) Stock Fundamentals, Analysis & Risk Signals

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

Chicago Atlantic Real Estate Fi

NasdaqGM•Real Estate•REIT - Mortgage

$10.83-0.12(-0.01%)Pre-market

Market Cap

$236.85M

P/E

8.1x

P/S

3.8x

P/B

0.8x

Chicago Atlantic Real Estate Finance, Inc. operates as a commercial mortgage real estate investment trust in the United States. It engages in originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company's loan portfolio is comprised of senior loans to state-licensed operators in the cannabis industry. It 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. Chicago Atlantic Real Estate Finance, Inc. was incorporated in 2021 and is based in Miami Beach, Florida.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Cash & Earnings Quality (21/25); weakest: Growth (4/25).

Profitability15/25

Growth4/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality21/25

Strengths

Strong marginsLow leverageConsistent free cash flowImproving margins

Valuation vs. 5-year range

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

P/E · 8.1x5y range 6.7x – 8.6x

Currently near its 16-quarter median.

P/S · 3.8x5y range 3.8x – 5.6x

Currently near its 16-quarter median.

P/B · 0.8x5y range 0.4x – 1.2x

Watch items

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

High Risk

Margin Pressure

Watch

Operating margins declined 19.8% — watch for continued compression, which may signal competitive or cost pressure.

Revenue Decline

Watch

Revenue has softened, declining in 4 quarters. Watch for further erosion.

Price & Volume

Market Cap $236.85M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $61.71M
Q. Revenue: $15.22M
TTM EBITDA: $29.84M
TTM Op. Income: $29.84M
Q. Op. Income: $7.70M
TTM Net Income: $29.41M
Q. Net Income: $7.47M
EPS: $0.35
Shares Out.: $21.24M

$61.71M in TTM revenue declined 2.6% YoY, reaching $15.22M last quarter. TTM EBITDA of $29.84M and TTM operating income of $29.84M show growth is flowing through to the bottom line. TTM net income of $29.41M means revenue is converting into profit. Over the past year, TTM revenue is down 3% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 50.6%
Op. Margin: 50.6%
Net Margin: 49.1%

Op. margin of 50.6% is down 2.2% YoY — costs are rising relative to revenue. Net margin at 49.1% Over the past year, operating margin is down 4% — an improving trend.

Price Ratios

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

P/E Ratio: 8.1x
P/S Ratio: 3.8x
P/B Ratio: 0.8x

At 8.1x P/E, the stock trades below typical market levels. P/S of 3.8x and P/B of 0.8x 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: $461.70M
Cash: $13.35M
Long-Term Debt: $49.45M
Book Value: $301.65M
D/E Ratio: 0.2
Debt/EBITDA: 6.4

With $461.70M in assets and $49.45M in long-term debt, D/E is 0.2and book value is $301.65M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 5 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $9.06M
TTM Free Cash Flow: $26.92M
FCF Margin: 43.6%
FCF / Net Income: 0.9

TTM FCF of $26.92M on $9.06M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 12% — an improving trend.