Mfa Financial Financials
Mfa Financial (MFA) reported $745.1M in revenue for fiscal year 2025, up 2.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Profit recovery is coming from a bigger, more leveraged balance sheet, while cash conversion remains uneven.
From FY2023 to FY2025, net income rose from$80.2M to$176.8M and ROE improved from4.2% to9.7% , but operating cash flow slipped from$108.7M to$76.2M as debt-to-equity climbed from 4.7x to 6.1x. That combination says reported profitability is improving faster than cash generation, with returns increasingly produced by a larger funded asset base rather than by cleaner cash conversion.
FY2025 assets reached
The payout burden looks heavier than earnings alone imply: FY2025 dividends paid were
Financial Health Signals
Mfa Financial does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Mfa Financial passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
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
Earnings & Revenue
Mfa Financial generated $745.1M in revenue in fiscal year 2025. This represents an increase of 2.9% from the prior year.
Mfa Financial reported $176.8M in net income in fiscal year 2025. This represents an increase of 48.2% from the prior year.
Mfa Financial earned $1.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.5% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Mfa Financial held $213.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Mfa Financial paid $1.44 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
MFA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $764.9M | $745.1M+2.9% | $724.0M+19.5% | $605.6M+25.5% | $482.4M+33.2% | $362.3M-16.3% | $432.8M-37.8% | $695.9M+52.7% | $455.7M+5.1% | $433.4M-5.2% | $457.4M-7.0% | $492.1M+6.1% | $463.8M-4.0% | $482.9M-3.2% | $499.2M+0.5% | $496.7M |
| SG&A Expenses | $75.3M | $77.7M-11.4% | $87.7M+2.2% | $85.8M-23.8% | $112.5M+31.6% | $85.5M+175.6% | $31.0M-3.7% | $32.2M+13.4% | $28.4M-10.3% | $31.7M+8.2% | $29.3M+11.4% | $26.3M+2.8% | $25.6M+25.8% | $20.3M-8.0% | $22.1M+16.5% | $19.0M |
| Interest Expense | $534.9M | $514.0M-1.4% | $521.2M+21.5% | $429.1M+65.8% | $258.8M+115.0% | $120.4M-55.2% | $268.8M-19.1% | $332.4M+43.1% | $232.2M+17.8% | $197.1M+2.0% | $193.4M+9.3% | $176.9M+10.7% | $159.8M-2.6% | $164.0M-4.5% | $171.7M+14.9% | $149.4M |
| Income Tax | -$101K | -$735K-265.9% | $443K+59.4% | $278K+132.7% | -$851K-131.9% | $2.7M+33.4% | $2.0M+301.0% | $499K | $0 | $0 | $0 | $0 | $0 | $0 | N/A | N/A |
| Net Income | $148.2M | $176.8M+48.2% | $119.3M+48.8% | $80.2M+134.6% | -$231.6M-170.4% | $328.9M+148.4% | -$679.4M-279.7% | $378.1M+25.3% | $301.8M-6.4% | $322.4M+3.1% | $312.7M-0.2% | $313.2M-0.1% | $313.5M+3.6% | $302.7M-1.3% | $306.8M-3.0% | $316.4M |
| EPS (Diluted) | — | $1.30+58.5% | $0.82+78.3% | $0.46 | -$2.57-197.7% | $2.63+141.9% | -$6.28 | $3.17 | $0.68-13.9% | $0.79 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MFA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.0B+14.3% | $11.4B+5.9% | $10.8B+18.2% | $9.1B-0.3% | $9.1B+31.8% | $6.9B-48.9% | $13.6B+9.2% | $12.4B+13.4% | $11.0B-12.2% | $12.5B-5.2% | $13.2B+6.5% | $12.4B-0.9% | $12.5B-7.7% | $13.5B+15.0% | $11.8B |
| Cash & Equivalents | $213.2M-37.1% | $338.9M+6.6% | $318.0M-4.8% | $334.2M+9.7% | $304.7M-62.6% | $814.4M+1053.0% | $70.6M+35.9% | $52.0M-88.4% | $449.8M+72.9% | $260.1M+57.6% | $165.0M-9.6% | $182.4M-67.7% | $565.4M+40.9% | $401.3M+1.8% | $394.0M |
| Goodwill | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M | $0 | N/A | $7.2M+0.2% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M |
| Total Liabilities | $11.2B+17.3% | $9.6B+7.8% | $8.9B+24.6% | $7.1B+8.0% | $6.6B+49.7% | $4.4B-56.7% | $10.2B+13.1% | $9.0B+17.0% | $7.7B-18.6% | $9.5B-7.3% | $10.2B+11.4% | $9.2B-1.9% | $9.3B-8.6% | $10.2B+10.3% | $9.3B |
| Total Equity | $1.8B-0.8% | $1.8B-3.1% | $1.9B-4.5% | $2.0B-21.8% | $2.5B+0.7% | $2.5B-25.4% | $3.4B-0.9% | $3.4B+4.7% | $3.3B+7.5% | $3.0B+2.2% | $3.0B-7.4% | $3.2B+1.9% | $3.1B-5.1% | $3.3B+32.6% | $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-122.7% | -$631.0M+0.2% | -$632.0M-9.2% | -$579.0M-1.1% | -$572.6M-0.1% | -$572.3M-0.7% | -$568.6M+0.5% | -$571.5M-119.6% | -$260.3M-7.1% | -$243.1M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
MFA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $252.2M | $76.2M-61.9% | $200.1M+84.0% | $108.7M-69.4% | $355.3M+157.9% | $137.8M+258.9% | $38.4M-82.2% | $215.8M+45.9% | $147.9M-16.2% | $176.5M-1.6% | $179.4M-35.5% | $278.1M+8.7% | $255.8M-14.2% | $298.1M-4.0% | $310.4M-7.2% | $334.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $300K-97.5% | $12.0M+147.8% | $4.9M+158.8% | $1.9M+65.8% | $1.1M+29.9% | $872K+23.2% | $708K-54.6% | $1.6M+98.5% | $786K+110.7% | $373K-15.8% | $443K-81.1% | $2.3M |
| Free Cash Flow | N/A | N/A | N/A | N/A | $355.0M+182.3% | $125.8M+275.0% | $33.5M-84.3% | $213.9M+45.8% | $146.7M-16.4% | $175.6M-1.7% | $178.7M-35.4% | $276.6M+8.4% | $255.0M-14.3% | $297.7M-3.9% | $309.9M-6.7% | $332.1M |
| Investing Cash Flow | -$2.4B | -$1.8B-320.5% | -$424.6M+72.6% | -$1.5B-38.9% | -$1.1B+48.9% | -$2.2B-134.2% | $6.4B+662.6% | -$1.1B+47.4% | -$2.2B-218.8% | $1.8B+94.3% | $934.6M+68.7% | $554.1M+22.9% | $451.0M-71.8% | $1.6B+346.1% | -$650.4M | N/A |
| Financing Cash Flow | $1.9B | $1.5B+342.7% | $337.6M-76.5% | $1.4B+68.8% | $850.2M-47.8% | $1.6B+128.4% | -$5.7B-694.4% | $964.9M-41.0% | $1.6B+188.5% | -$1.8B-79.0% | -$1.0B-21.5% | -$849.7M+22.0% | -$1.1B+37.2% | -$1.7B-599.4% | $347.3M | N/A |
| Dividends Paid | $151.5M | $148.2M+3.0% | $143.9M+0.5% | $143.1M-22.2% | $184.0M+17.9% | $156.1M+37.6% | $113.5M-68.6% | $361.6M+9.6% | $329.8M+6.9% | $308.6M+3.6% | $297.9M+0.2% | $297.4M+0.9% | $294.7M-50.5% | $594.8M+74.3% | $341.2M+3.6% | $329.3M |
| Share Buybacks | $24.3M | $15.3M+927.0% | $1.5M | $0-100.0% | $102.3M+19.5% | $85.6M+68.4% | $50.8M | $0 | $0 | N/A | N/A | $0 | $0-100.0% | $16.3M+67.6% | $9.7M | $0 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MFA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 23.7%+7.3pp | 16.5%+3.2pp | 13.2%+61.2pp | -48.0%-138.8pp | 90.8% | -157.0% | 54.3%-11.9pp | 66.2%-8.2pp | 74.4%+6.0pp | 68.3%+4.7pp | 63.6%-3.9pp | 67.6%+4.9pp | 62.7%+1.2pp | 61.5%-2.2pp | 63.7% |
| 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%-38.1pp | 11.2%+2.3pp | 8.8%-1.0pp | 9.9%-0.4pp | 10.3%-0.3pp | 10.6%+0.8pp | 9.8%+0.2pp | 9.6%+0.4pp | 9.3%-3.4pp | 12.7% |
| 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%-12.6pp | 2.8%+0.4pp | 2.4%-0.5pp | 2.9%+0.4pp | 2.5%+0.1pp | 2.4%-0.2pp | 2.5%+0.1pp | 2.4%+0.2pp | 2.3%-0.4pp | 2.7% |
| Debt-to-Equity | 6.14+0.9x | 5.19+0.5x | 4.67+1.1x | 3.58+1.0x | 2.59+0.8x | 1.75-1.3x | 3.01+0.4x | 2.64+0.3x | 2.36-0.8x | 3.11-0.3x | 3.44+0.6x | 2.86-0.1x | 2.97-0.1x | 3.08-0.6x | 3.70 |
| FCF Margin | N/A | N/A | N/A | 73.6%+38.9pp | 34.7%+27.0pp | 7.8%-23.0pp | 30.7%-1.5pp | 32.2%-8.3pp | 40.5%+1.5pp | 39.1%-17.1pp | 56.2%+1.2pp | 55.0%-6.7pp | 61.7%-0.4pp | 62.1%-4.8pp | 66.8% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Mfa Financial Ranks
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.
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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.