MFA Fincl Financials
This page shows MFA Fincl (MFAO) 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).
Reported profits are improving, but balance-sheet expansion is being financed by rising leverage rather than internally generated cash.
From FY2023 to FY2025, net income rose from$80.2M to$176.8M , pointing to a much stronger earnings picture. But operating cash flow slipped from$108.7M to$76.2M , suggesting recent profit improvement came with weaker cash conversion as the company kept adding assets.
Between FY2023 and FY2025, debt-to-equity climbed from 4.7x to 6.1x, showing the bigger asset base was funded mainly with additional liabilities instead of a thicker equity cushion. Even after the recovery, return on assets was only
In FY2025, dividends paid of
Financial Health Signals
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 Fincl'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.
MFA Fincl's revenue grew a modest 2.9% year-over-year to $745.1M. This slow but positive growth earns a score of 52/100.
MFA Fincl 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.
MFA Fincl 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.
MFA Fincl 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.
For every $1 of reported earnings, MFA Fincl 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 Fincl generated $745.1M in revenue in fiscal year 2025. This represents an increase of 2.9% from the prior year.
MFA Fincl reported $176.8M in net income in fiscal year 2025. This represents an increase of 48.2% from the prior year.
MFA Fincl 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
MFA Fincl held $213.2M in cash against $0 in long-term debt as of fiscal year 2025.
MFA Fincl paid $1.44 per share in dividends in fiscal year 2025. This represents an increase of 2.9% from the prior year.
MFA Fincl had 102M shares outstanding in fiscal year 2025. This represents a decrease of 0.8% from the prior year.
Margins & Returns
MFA Fincl'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 Fincl'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
MFA Fincl 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.
MFAO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $191.9M+0.8% | $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 |
| 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 | $22.2M+31.0% | $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 |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $132.7M-1.6% | $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 |
| Income Tax | $0 | $0+100.0% | -$101K-142.4% | $238K+127.3% | -$872K+64.7% | -$2.5M-262.7% | $1.5M+338.7% | $346K |
| Net Income | -$984K-101.8% | $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 |
| EPS (Diluted) | $-0.11 | N/A | $0.35+66.7% | $0.21-32.3% | $0.31 | N/A | $0.37+15.6% | $0.32 |
MFAO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.2B+1.4% | $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 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $221.6M+3.9% | $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 |
| 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 | $11.5B+2.1% | $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 |
| 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-2.6% | $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 |
| Retained Earnings | -$1.9B-2.5% | -$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 |
MFAO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $71.1M+88.9% | $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 |
| 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 | -$225.6M+81.7% | -$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 |
| Financing Cash Flow | $178.7M-82.9% | $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 |
| Dividends Paid | $38.9M+4.1% | $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 |
| Share Buybacks | $9.0M+79.0% | $5.0M-0.6% | $5.1M | $0-100.0% | $5.2M | $0 | $0 | $0 |
MFAO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -0.5%-29.0pp | 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% |
| Return on Equity | -0.1%-3.0pp | 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% |
| Return on Assets | -0.0%-0.4pp | 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% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 6.43+0.3 | 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 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is MFA Fincl's annual revenue?
MFA Fincl (MFAO) 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 Fincl's revenue growing?
MFA Fincl (MFAO) revenue grew by 2.9% year-over-year, from $724.0M to $745.1M in fiscal year 2025.
Is MFA Fincl profitable?
Yes, MFA Fincl (MFAO) reported a net income of $176.8M in fiscal year 2025, with a net profit margin of 23.7%.
What is MFA Fincl's net profit margin?
MFA Fincl (MFAO) 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 Fincl pay dividends?
Yes, MFA Fincl (MFAO) paid $1.44 per share in dividends during fiscal year 2025.
What is MFA Fincl's return on equity (ROE)?
MFA Fincl (MFAO) 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 Fincl's operating cash flow?
MFA Fincl (MFAO) generated $76.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are MFA Fincl's total assets?
MFA Fincl (MFAO) had $13.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What is MFA Fincl's debt-to-equity ratio?
MFA Fincl (MFAO) 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 Fincl's return on assets (ROA)?
MFA Fincl (MFAO) 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 Fincl's Piotroski F-Score?
MFA Fincl (MFAO) 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 Fincl's earnings high quality?
MFA Fincl (MFAO) 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 Fincl?
MFA Fincl (MFAO) 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.