What is Mfa Financial's earnings per share (EPS)?

Mfa Financial (MFA) reported diluted earnings per share of $1.30 for fiscal year 2025. This represents a 58.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Mfa Financial Financials

MFA

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Mfa Financial (MFA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MFA FY2025 2026-04-22

Leverage-driven asset growth is lifting reported returns faster than cash generation, revealing a balance-sheet-led earnings model rather than a cash-led one.

From FY2024 to FY2025, net income rose from $119M to $177M. Yet assets expanded to $13.0B while operating cash flow fell to $76M, so reported earnings improved even as the larger asset base relied more on financing than on internally generated cash.

The balance sheet kept expanding while equity stayed near $1.8B, pushing debt-to-equity to 6.1x by FY2025 for essentially the same equity base. That structure turns a return on assets of 1.4% into a return on equity of 9.7%, so small swings in asset performance can meaningfully change shareholder results.

Selling/admin expense fell to $78M while revenue reached $745M, showing the company did not need proportionate overhead to support a larger asset base. Because interest expense stayed roughly flat even as assets grew, incremental balance-sheet growth carried a better expense burden than in FY2024, indicating efficiency improved inside the operating structure.

Financial Health Signals

Financial Profile 13/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Mfa Financial's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Mfa Financial's revenue grew a modest 2.9% year-over-year to $745.1M. This slow but positive growth earns a score of 52/100.

Leverage

Mfa Financial has elevated debt relative to equity (D/E of 6.14), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

Mfa Financial generates a 9.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from 6.5% the prior year.

Piotroski F-Score Neutral

4/9

Mfa Financial passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.43x

For every $1 of reported earnings, Mfa Financial generates $0.43 in operating cash flow ($76.2M OCF vs $176.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$745.1M

YoY+2.9%

5Y CAGR+11.5%

10Y CAGR+4.2%

Mfa Financial generated $745.1M in revenue in fiscal year 2025. This represents an increase of 2.9% from the prior year.

EBITDA

N/A

Net Income

$176.8M

YoY+48.2%

10Y CAGR-5.6%

Mfa Financial reported $176.8M in net income in fiscal year 2025. This represents an increase of 48.2% from the prior year.

EPS (Diluted)

$1.30

YoY+58.5%

Mfa Financial earned $1.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$213.2M

YoY-37.1%

5Y CAGR-23.5%

10Y CAGR+2.6%

Mfa Financial held $213.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.44

YoY+2.9%

5Y CAGR+23.6%

Mfa Financial paid $1.44 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.

Shares Outstanding

102M

YoY-0.8%

5Y CAGR-2.1%

Mfa Financial had 102M shares outstanding in fiscal year 2025. This represents a decrease of 0.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

23.7%

YoY+7.3pp

5Y CAGR+180.7pp

10Y CAGR-39.9pp

Mfa Financial's net profit margin was 23.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.3 percentage points from the prior year.

Return on Equity

9.7%

YoY+3.2pp

5Y CAGR+36.6pp

10Y CAGR-0.9pp

Mfa Financial's ROE was 9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$15.3M

YoY+927.0%

5Y CAGR-21.3%

Mfa Financial spent $15.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 927.0% from the prior year.

Capital Expenditures

N/A

MFA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$745.1M+2.9%	$724.0M+19.5%	$605.6M+25.5%	$482.4M+33.2%	$362.3M-16.3%	$432.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$77.7M-11.4%	$87.7M+2.2%	$85.8M-23.8%	$112.5M+31.6%	$85.5M+175.6%	$31.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$514.0M-1.4%	$521.2M+21.5%	$429.1M+65.8%	$258.8M+115.0%	$120.4M-55.2%	$268.8M
Income Tax	-$735K-265.9%	$443K+59.4%	$278K+132.7%	-$851K-131.9%	$2.7M+33.4%	$2.0M
Net Income	$176.8M+48.2%	$119.3M+48.8%	$80.2M+134.6%	-$231.6M-170.4%	$328.9M+148.4%	-$679.4M
EPS (Diluted)	$1.30+58.5%	$0.82+78.3%	$0.46+117.9%	$-2.57-197.7%	$2.63+141.9%	$-6.28

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$190.4M+2.5%	$185.8M-1.4%	$188.3M+4.3%	$180.5M+1.2%	$178.3M-2.0%	$182.0M-2.6%	$186.8M+5.7%	$176.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.9M-7.0%	$18.2M-5.8%	$19.3M-17.0%	$23.3M-23.6%	$30.4M+35.8%	$22.4M+3.1%	$21.7M+66.7%	$13.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$134.9M+4.6%	$129.0M+1.5%	$127.1M+3.3%	$123.0M-3.6%	$127.5M-2.9%	$131.3M-1.5%	$133.3M+3.4%	$129.0M
Income Tax	$0+100.0%	-$101K-142.4%	$238K+127.3%	-$872K+64.7%	-$2.5M-262.7%	$1.5M+338.7%	$346K-67.0%	$1.0M
Net Income	$54.3M+12.9%	$48.1M+45.0%	$33.2M-19.4%	$41.2M+596.8%	$5.9M-87.7%	$48.2M+14.9%	$41.9M+80.7%	$23.2M
EPS (Diluted)	N/A	$0.35+66.7%	$0.21-32.3%	$0.31	N/A	$0.37+15.6%	$0.32+128.6%	$0.14

MFA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.0B+14.3%	$11.4B+5.9%	$10.8B+18.2%	$9.1B-0.3%	$9.1B+31.8%	$6.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$213.2M-37.1%	$338.9M+6.6%	$318.0M-4.8%	$334.2M+9.7%	$304.7M-62.6%	$814.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M	$0
Total Liabilities	$11.2B+17.3%	$9.6B+7.8%	$8.9B+24.6%	$7.1B+8.0%	$6.6B+49.7%	$4.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.8B-0.8%	$1.8B-3.1%	$1.9B-4.5%	$2.0B-21.8%	$2.5B+0.7%	$2.5B
Retained Earnings	-$1.9B-0.8%	-$1.9B-3.4%	-$1.8B-5.8%	-$1.7B-34.3%	-$1.3B+9.0%	-$1.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$13.0B+7.8%	$12.1B+3.6%	$11.7B+1.3%	$11.5B+1.0%	$11.4B+2.2%	$11.2B+0.7%	$11.1B+1.9%	$10.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$213.2M-30.1%	$305.2M+10.7%	$275.7M+8.7%	$253.7M-25.1%	$338.9M+10.9%	$305.6M+5.6%	$289.4M-5.5%	$306.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M0.0%	$61.1M
Total Liabilities	$11.2B+9.2%	$10.3B+4.3%	$9.9B+1.8%	$9.7B+1.2%	$9.6B+3.1%	$9.3B+0.9%	$9.2B+2.3%	$9.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.8B+0.3%	$1.8B0.0%	$1.8B-0.9%	$1.8B-0.2%	$1.8B-2.1%	$1.9B-0.1%	$1.9B-0.1%	$1.9B
Retained Earnings	-$1.9B+0.3%	-$1.9B-0.1%	-$1.9B-0.8%	-$1.9B-0.2%	-$1.9B-2.1%	-$1.8B+0.2%	-$1.8B-0.2%	-$1.8B

MFA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$76.2M-61.9%	$200.1M+84.0%	$108.7M-69.4%	$355.3M+157.9%	$137.8M+258.9%	$38.4M
Capital Expenditures	N/A	N/A	N/A	$300K-97.5%	$12.0M+147.8%	$4.9M
Free Cash Flow	N/A	N/A	N/A	$355.0M+182.3%	$125.8M+275.0%	$33.5M
Investing Cash Flow	-$1.8B-320.5%	-$424.6M+72.6%	-$1.5B-38.9%	-$1.1B+48.9%	-$2.2B-134.2%	$6.4B
Financing Cash Flow	$1.5B+342.7%	$337.6M-76.5%	$1.4B+68.8%	$850.2M-47.8%	$1.6B+128.4%	-$5.7B
Dividends Paid	$148.2M+3.0%	$143.9M+0.5%	$143.1M-22.2%	$184.0M+17.9%	$156.1M+37.6%	$113.5M
Share Buybacks	$15.3M+927.0%	$1.5M	$0-100.0%	$102.3M+19.5%	$85.6M+68.4%	$50.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$37.6M+155.5%	$14.7M-61.7%	$38.5M+364.1%	-$14.6M-113.1%	$111.4M+1088.5%	-$11.3M-124.3%	$46.5M-13.1%	$53.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.2B-352.8%	-$272.0M-791.5%	-$30.5M+87.9%	-$251.5M-4.0%	-$241.8M-369.0%	$89.9M+149.6%	-$181.3M-98.3%	-$91.4M
Financing Cash Flow	$1.0B+318.7%	$249.3M+291.3%	$63.7M-53.9%	$138.1M-39.6%	$228.8M+295.3%	-$117.1M-179.6%	$147.0M+86.4%	$78.9M
Dividends Paid	$37.3M-0.7%	$37.6M+0.5%	$37.4M+4.2%	$35.9M-0.4%	$36.0M-0.1%	$36.0M+0.1%	$36.0M+0.6%	$35.8M
Share Buybacks	$5.0M-0.6%	$5.1M	$0-100.0%	$5.2M	$0	$0	$0-100.0%	$1.5M

MFA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.7%+7.3pp	16.5%+3.2pp	13.2%+61.2pp	-48.0%-138.8pp	90.8%+247.7pp	-157.0%
Return on Equity	9.7%+3.2pp	6.5%+2.2pp	4.2%+15.9pp	-11.6%-24.6pp	12.9%+39.8pp	-26.9%
Return on Assets	1.4%+0.3pp	1.1%+0.3pp	0.7%+3.3pp	-2.5%-6.1pp	3.6%+13.4pp	-9.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.14+0.9	5.19+0.5	4.67+1.1	3.58+1.0	2.59+0.8	1.75
FCF Margin	N/A	N/A	N/A	73.6%+38.9pp	34.7%+27.0pp	7.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	28.5%+2.6pp	25.9%+8.3pp	17.6%-5.2pp	22.8%+19.5pp	3.3%-23.2pp	26.5%+4.0pp	22.4%+9.3pp	13.1%
Return on Equity	3.0%+0.3pp	2.6%+0.8pp	1.8%-0.4pp	2.2%+1.9pp	0.3%-2.2pp	2.6%+0.3pp	2.2%+1.0pp	1.2%
Return on Assets	0.4%+0.0pp	0.4%+0.1pp	0.3%-0.1pp	0.4%+0.3pp	0.1%-0.4pp	0.4%+0.1pp	0.4%+0.2pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.14+0.5	5.64+0.2	5.41+0.1	5.27+0.1	5.19+0.3	4.93+0.1	4.88+0.1	4.77
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Mfa Financial's annual revenue?

Mfa Financial (MFA) reported $745.1M in total revenue for fiscal year 2025. This represents a 2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mfa Financial's revenue growing?

Mfa Financial (MFA) revenue grew by 2.9% year-over-year, from $724.0M to $745.1M in fiscal year 2025.

Is Mfa Financial profitable?

Yes, Mfa Financial (MFA) reported a net income of $176.8M in fiscal year 2025, with a net profit margin of 23.7%.

What is Mfa Financial's net profit margin?

Mfa Financial (MFA) had a net profit margin of 23.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Mfa Financial pay dividends?

Yes, Mfa Financial (MFA) paid $1.44 per share in dividends during fiscal year 2025.

What is Mfa Financial's return on equity (ROE)?

Mfa Financial (MFA) has a return on equity of 9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mfa Financial's operating cash flow?

Mfa Financial (MFA) generated $76.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mfa Financial's total assets?

Mfa Financial (MFA) had $13.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Mfa Financial buy back shares?

Yes, Mfa Financial (MFA) spent $15.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Mfa Financial have outstanding?

Mfa Financial (MFA) had 102M shares outstanding as of fiscal year 2025.

What is Mfa Financial's debt-to-equity ratio?

Mfa Financial (MFA) had a debt-to-equity ratio of 6.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mfa Financial's return on assets (ROA)?

Mfa Financial (MFA) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mfa Financial's Piotroski F-Score?

Mfa Financial (MFA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mfa Financial's earnings high quality?

Mfa Financial (MFA) has an earnings quality ratio of 0.43x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Mfa Financial?

Mfa Financial (MFA) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.