Mfa Financial Financials

MFA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

Mfa Financial passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.68x

For every $1 of reported earnings, Mfa Financial generates $1.68 in operating cash flow ($200.1M OCF vs $119.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Mfa Financial (MFA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

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Key Financial Metrics

Revenue

$724.0M

YoY+19.5%

5Y CAGR+0.8%

10Y CAGR+4.6%

Mfa Financial generated $724.0M in revenue in fiscal year 2024. This represents an increase of 19.5% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$119.3M

YoY+48.8%

5Y CAGR-20.6%

10Y CAGR-9.2%

Mfa Financial reported $119.3M in net income in fiscal year 2024. This represents an increase of 48.8% from the prior year.

EPS (Diluted)

$0.82

YoY+78.3%

Mfa Financial earned $0.82 per diluted share (EPS) in fiscal year 2024. This represents an increase of 78.3% from the prior year.

Cash & Debt

$338.9M

YoY+6.6%

5Y CAGR+36.8%

10Y CAGR+6.4%

Mfa Financial held $338.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.40

YoY+0.0%

Mfa Financial paid $1.40 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

103M

YoY+0.6%

Mfa Financial had 103M shares outstanding in fiscal year 2024. This represents an increase of 0.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.5%

YoY+3.2pp

5Y CAGR-37.9pp

10Y CAGR-51.1pp

Mfa Financial's net profit margin was 16.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.

Return on Equity

6.5%

YoY+2.2pp

5Y CAGR-4.7pp

10Y CAGR-3.3pp

Mfa Financial's ROE was 6.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$1.5M

Mfa Financial spent $1.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

MFA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$724.0M+19.5%	$605.6M+25.5%	$482.4M+33.2%	$362.3M-16.3%	$432.8M-37.8%	$695.9M
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	N/A	N/A	$112.5M+31.6%	$85.5M	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$521.2M+21.5%	$429.1M+65.8%	$258.8M+115.0%	$120.4M-55.2%	$268.8M-19.1%	$332.4M
Income Tax	$443K+59.4%	$278K+132.7%	-$851K-131.9%	$2.7M+33.4%	$2.0M+301.0%	$499K
Net Income	$119.3M+48.8%	$80.2M+134.6%	-$231.6M-170.4%	$328.9M+148.4%	-$679.4M-279.7%	$378.1M
EPS (Diluted)	$0.82+78.3%	$0.46+117.9%	$-2.57-197.7%	$2.63+141.9%	$-6.28	$3.17

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$185.8M-1.4%	$188.3M+4.3%	$180.5M+1.2%	$178.3M-4.6%	$186.8M+5.7%	$176.8M+4.1%	$169.9M+6.7%	$159.2M
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	N/A	N/A	N/A	N/A	N/A	$13.0M	N/A	$10.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$129.0M+1.5%	$127.1M+3.3%	$123.0M-3.6%	$127.5M-4.4%	$133.3M+3.4%	$129.0M+4.5%	$123.4M+9.2%	$113.0M
Income Tax	-$101K-142.4%	$238K+127.3%	-$872K+64.7%	-$2.5M-813.9%	$346K-67.0%	$1.0M+6656.3%	-$16K-117.0%	$94K
Net Income	$48.1M+45.0%	$33.2M-19.4%	$41.2M+596.8%	$5.9M-85.9%	$41.9M+80.7%	$23.2M-74.1%	$89.7M+259.0%	-$56.4M
EPS (Diluted)	$0.35+66.7%	$0.21-32.3%	$0.31+3200.0%	$-0.01-103.1%	$0.32+128.6%	$0.14-82.9%	$0.82+228.1%	$-0.64

MFA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$11.4B+5.9%	$10.8B+18.2%	$9.1B-0.3%	$9.1B+31.8%	$6.9B-48.9%	$13.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$338.9M+6.6%	$318.0M-4.8%	$334.2M+9.7%	$304.7M-62.6%	$814.4M+1053.0%	$70.6M
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%	$61.1M	$0	N/A
Total Liabilities	$9.6B+7.8%	$8.9B+24.6%	$7.1B+8.0%	$6.6B+49.7%	$4.4B-56.7%	$10.2B
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-3.1%	$1.9B-4.5%	$2.0B-21.8%	$2.5B+0.7%	$2.5B-25.4%	$3.4B
Retained Earnings	-$1.9B-3.4%	-$1.8B-5.8%	-$1.7B-34.3%	-$1.3B+9.0%	-$1.4B-122.7%	-$631.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$12.1B+3.6%	$11.7B+1.3%	$11.5B+1.0%	$11.4B+3.0%	$11.1B+1.9%	$10.9B+0.9%	$10.8B+6.6%	$10.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$305.2M+10.7%	$275.7M+8.7%	$253.7M-25.1%	$338.9M+17.1%	$289.4M-5.5%	$306.3M-3.7%	$318.0M+6.0%	$300.1M
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	$10.3B+4.3%	$9.9B+1.8%	$9.7B+1.2%	$9.6B+4.1%	$9.2B+2.3%	$9.0B+1.3%	$8.9B+7.5%	$8.3B
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	$1.8B0.0%	$1.8B-0.9%	$1.8B-0.2%	$1.8B-2.2%	$1.9B-0.1%	$1.9B-0.8%	$1.9B+2.8%	$1.8B
Retained Earnings	-$1.9B-0.1%	-$1.9B-0.8%	-$1.9B-0.2%	-$1.9B-2.0%	-$1.8B-0.2%	-$1.8B-1.2%	-$1.8B+2.4%	-$1.9B

MFA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$200.1M+84.0%	$108.7M-69.4%	$355.3M+157.9%	$137.8M+258.9%	$38.4M-82.2%	$215.8M
Capital Expenditures	N/A	N/A	$300K-97.5%	$12.0M+147.8%	$4.9M+158.8%	$1.9M
Free Cash Flow	N/A	N/A	$355.0M+182.3%	$125.8M+275.0%	$33.5M-84.3%	$213.9M
Investing Cash Flow	-$424.6M+72.6%	-$1.5B-38.9%	-$1.1B+48.9%	-$2.2B-134.2%	$6.4B+662.6%	-$1.1B
Financing Cash Flow	$337.6M-76.5%	$1.4B+68.8%	$850.2M-47.8%	$1.6B+128.4%	-$5.7B-694.4%	$964.9M
Dividends Paid	$143.9M+0.5%	$143.1M-22.2%	$184.0M+17.9%	$156.1M+37.6%	$113.5M-68.6%	$361.6M
Share Buybacks	$1.5M	$0-100.0%	$102.3M+19.5%	$85.6M+68.4%	$50.8M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$14.7M-61.7%	$38.5M+364.1%	-$14.6M-113.1%	$111.4M+139.8%	$46.5M-13.1%	$53.5M+1300.8%	$3.8M-90.4%	$39.8M
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	-$272.0M-791.5%	-$30.5M+87.9%	-$251.5M-4.0%	-$241.8M-33.4%	-$181.3M-98.3%	-$91.4M+70.4%	-$309.2M+43.6%	-$548.2M
Financing Cash Flow	$249.3M+291.3%	$63.7M-53.9%	$138.1M-39.6%	$228.8M+55.6%	$147.0M+86.4%	$78.9M-76.8%	$340.1M-25.8%	$458.5M
Dividends Paid	$37.6M+0.5%	$37.4M+4.2%	$35.9M-0.4%	$36.0M0.0%	$36.0M+0.6%	$35.8M0.0%	$35.8M0.0%	$35.8M
Share Buybacks	$5.1M	$0-100.0%	$5.2M	$0	$0-100.0%	$1.5M	$0	$0

MFA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	16.5%+3.2pp	13.2%+61.2pp	-48.0%-138.8pp	90.8%+247.7pp	-157.0%-211.3pp	54.3%
Return on Equity	6.5%+2.2pp	4.2%	N/A	12.9%	N/A	11.2%
Return on Assets	1.1%+0.3pp	0.7%+3.3pp	-2.5%-6.1pp	3.6%+13.4pp	-9.8%-12.6pp	2.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	5.19+0.5	4.67+1.1	3.58+1.0	2.59+0.8	1.75-1.3	3.01
FCF Margin	N/A	N/A	73.6%+38.9pp	34.7%+27.0pp	7.8%-23.0pp	30.7%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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	25.9%+8.3pp	17.6%-5.2pp	22.8%+19.5pp	3.3%-19.1pp	22.4%+9.3pp	13.1%-39.7pp	52.8%+88.3pp	-35.5%
Return on Equity	2.6%+0.8pp	1.8%-0.4pp	2.2%+1.9pp	0.3%-1.9pp	2.2%+1.0pp	1.2%-3.5pp	4.7%	N/A
Return on Assets	0.4%+0.1pp	0.3%-0.1pp	0.4%+0.3pp	0.1%-0.3pp	0.4%+0.2pp	0.2%-0.6pp	0.8%+1.4pp	-0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	5.64+0.2	5.41+0.1	5.27+0.1	5.19+0.3	4.88+0.1	4.77+0.1	4.67+0.2	4.47
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 $724.0M in total revenue for fiscal year 2024. This represents a 19.5% 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 19.5% year-over-year, from $605.6M to $724.0M in fiscal year 2024.

Is Mfa Financial profitable?

Yes, Mfa Financial (MFA) reported a net income of $119.3M in fiscal year 2024, with a net profit margin of 16.5%.

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

Mfa Financial (MFA) reported diluted earnings per share of $0.82 for fiscal year 2024. This represents a 78.3% 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.

What is Mfa Financial's net profit margin?

Mfa Financial (MFA) had a net profit margin of 16.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Mfa Financial pay dividends?

Yes, Mfa Financial (MFA) paid $1.40 per share in dividends during fiscal year 2024.

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

Mfa Financial (MFA) has a return on equity of 6.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Mfa Financial's operating cash flow?

Mfa Financial (MFA) generated $200.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Mfa Financial's total assets?

Mfa Financial (MFA) had $11.4B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Mfa Financial buy back shares?

Yes, Mfa Financial (MFA) spent $1.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Mfa Financial have outstanding?

Mfa Financial (MFA) had 103M shares outstanding as of fiscal year 2024.

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

Mfa Financial (MFA) had a debt-to-equity ratio of 5.19 as of fiscal year 2024, 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 1.1% for fiscal year 2024, 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 5 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 7–9 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 1.68x, considered cash-backed (high quality). 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.