MFA Financial (MFAN) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MFAN SEC filings page.
MFA Financial Inc (MFAN) reported $783.0M in revenue over the twelve months to Sep 30, 2026, up 6.8% from the prior twelve months. 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).
MFAN is expanding its asset base with heavy liabilities, while reported profits are converting into materially less operating cash.
The key earnings-quality shift is that net income rose48.2% in FY2025 while operating cash flow fell61.9% , so accounting gains were not matched by cash generation. Cash conversion fell to43.1% of net income from167.8% in FY2024, making the profit improvement less cash-backed than the income statement alone suggests.
Liabilities reached
Revenue grew only
Financial Health Signals
We do not publish a peer-relative financial health score for MFA Financial Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
MFA Financial Inc 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, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, MFA Financial Inc 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 Inc generated $203.9M in revenue in Q3 2026. This represents an increase of 9.6% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.
MFA Financial Inc reported a net loss of $111.7M in Q3 2026. This represents a decrease of 332.2% from the same quarter a year earlier. Against the prior quarter it is down 338.7%.
MFA Financial Inc earned -$1.19 per diluted share (EPS) in Q3 2026. This represents a decrease of 440.0% from the same quarter a year earlier. Against the prior quarter it is down 450.0%.
Not reported for Q3 2026.
Cash & Balance Sheet
MFA Financial Inc held $119.5M in cash as of Q3 2026; no long-term debt figure is on record for that period.
MFA Financial Inc paid $0.36 per share in dividends in Q3 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q3 2026.
Margins & Returns
MFA Financial Inc's net profit margin was -54.8% in Q3 2026, showing the share of revenue converted to profit. This is down 80.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 78.5 percentage points.
MFA Financial Inc's quarterly ROE was -6.9% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 9.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.5 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
MFA Financial Inc spent $586K on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 88.5% from the same quarter a year earlier. Against the prior quarter it is down 88.6%.
Not reported for Q3 2026.
Not reported for Q3 2026.
MFAN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $203.9M+9.6% | $196.8M+4.5% | $191.9M+6.3% | $190.4M+6.8% | $186.0M+2.2% | $188.3M+0.8% | $180.5M+2.1% | $178.3M+5.0% |
| Interest Expense | $142.5M+10.5% | $138.2M+8.8% | $132.7M+7.9% | $134.9M+5.8% | $129.0M-1.8% | $127.1M-4.7% | $123.0M-4.7% | $127.5M+3.3% |
| Income Tax | $0n/m | $0-100.0% | $0n/m | $0n/m | -$101K-106.7% | $238K-31.2% | -$872K-183.1% | -$2.5Mn/m |
| Net Income | -$111.7M-332.2% | $46.8M+41.0% | -$984K-102.4% | $54.3M+819.3% | $48.1M-0.2% | $33.2M-20.9% | $41.2M+77.4% | $5.9M-93.4% |
| EPS (Basic) | -$1.19-430.6% | $0.35+59.1% | -$0.11 | $0.42n/m | $0.36-5.3% | $0.22-31.3% | $0.32+128.6% | -$0.02-102.5% |
| EPS (Diluted) | -$1.19-440.0% | $0.34+61.9% | -$0.11 | $0.43n/m | $0.35-5.4% | $0.21-34.4% | $0.31+121.4% | -$0.01-101.3% |
| Diluted Shares (Avg) | 103M-2.2% | 105M+0.1% | 106M | N/A | 106M-0.6% | 105M+0.1% | 105M+0.1% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
MFAN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.5B+11.9% | $13.7B+17.0% | $13.2B+14.8% | $13.0B+14.3% | $12.1B+8.4% | $11.7B+5.4% | $11.5B+5.9% | $11.4B+5.9% |
| Cash & Equivalents | $119.5M-60.8% | $141.2M-48.8% | $221.6M-12.7% | $213.2M-37.1% | $305.2M-0.1% | $275.7M-4.7% | $253.7M-17.2% | $338.9M+6.6% |
| Goodwill | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% | $61.1M0.0% |
| Total Liabilities | $11.9B+16.1% | $11.9B+20.6% | $11.5B+18.3% | $11.2B+17.3% | $10.3B+10.7% | $9.9B+7.2% | $9.7B+7.7% | $9.6B+7.8% |
| Total Equity | $1.6B-11.3% | $1.8B-2.5% | $1.8B-3.2% | $1.8B-0.8% | $1.8B-3.1% | $1.8B-3.2% | $1.8B-2.4% | $1.8B-3.1% |
| Retained Earnings | -$2.1Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.9Bn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
MFAN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $231.1M+1469.6% | $128.8M+234.9% | $71.1Mn/m | $37.6M-66.2% | $14.7Mn/m | $38.5M-17.3% | -$14.6M-127.2% | $111.4M+2819.8% |
| Stock-Based Compensation | $2.1M+13.1% | $2.2M-2.6% | $6.3M+4.6% | N/A | $1.9M-11.5% | $2.3M-41.7% | $6.1M-3.1% | N/A |
| Investing Cash Flow | -$145.5Mn/m | -$687.9Mn/m | -$225.6Mn/m | -$1.2Bn/m | -$272.0M-402.6% | -$30.5Mn/m | -$251.5Mn/m | -$241.8Mn/m |
| Financing Cash Flow | -$68.9M-127.7% | $458.5M+619.7% | $178.7M+29.4% | $1.0B+356.2% | $249.3Mn/m | $63.7M-56.7% | $138.1M+75.0% | $228.8M-32.7% |
| Dividends Paid | $37.6M0.0% | $37.7M+0.8% | $38.9M+8.3% | $37.3M+3.6% | $37.6M+4.2% | $37.4M+3.8% | $35.9M+0.3% | $36.0M+0.6% |
| Share Buybacks | $586K-88.5% | $5.1Mn/m | $9.0M+74.1% | $5.0Mn/m | $5.1Mn/m | $0n/m | $5.2M+248.0% | $0n/m |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow.
MFAN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -54.8%-80.6pp | 23.8%+6.2pp | -0.5%-23.3pp | 28.5%+25.2pp | 25.9%-0.6pp | 17.6%-4.8pp | 22.8%+9.7pp | 3.3%-49.5pp |
| Return on Equity | -6.9%-9.6pp | 2.6%+0.8pp | -0.1%-2.3pp | 3.0%+2.6pp | 2.6%+0.1pp | 1.8%-0.4pp | 2.2%+1.0pp | 0.3%-4.4pp |
| Return on Assets | -0.8%-1.2pp | 0.3%+0.1pp | 0.0%-0.4pp | 0.4%+0.4pp | 0.4%0.0pp | 0.3%-0.1pp | 0.4%+0.1pp | 0.1%-0.8pp |
| Liabilities-to-Equity | 7.38+1.7x | 6.69+1.3x | 6.44+1.2x | 6.14+0.9x | 5.64+0.7x | 5.41+0.5x | 5.27+0.5x | 5.19+0.5x |
| Asset Turnover | 0.020.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.020.0x | 0.020.0x | 0.020.0x | 0.020.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, Debt-to-Equity, FCF Margin.
Where MFA Financial Inc Ranks
Frequently Asked Questions
MFA Financial Inc (MFAN) 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.
MFA Financial Inc (MFAN) revenue grew by 2.9% year-over-year, from $724.0M to $745.1M in fiscal year 2025.
No, MFA Financial Inc (MFAN) reported a net loss of $11.6M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $176.8M, with a net profit margin of 23.7%.
MFA Financial Inc (MFAN) had a net profit margin of 23.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, MFA Financial Inc (MFAN) paid $1.44 per share in dividends during fiscal year 2025.
MFA Financial Inc (MFAN) has a return on equity of 9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
MFA Financial Inc (MFAN) generated $76.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
MFA Financial Inc (MFAN) had $13.0B in total assets as of fiscal year 2025, including both current and long-term assets.
MFA Financial Inc (MFAN) had a liabilities-to-equity ratio of 6.14 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
MFA Financial Inc (MFAN) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
MFA Financial Inc (MFAN) 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.
MFA Financial Inc (MFAN) 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.