ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN Financials

MVRL

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

This page shows ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 MVRL FY2025 2026-04-22

At MVRL, balance-sheet funding swings, not reported revenue, dominate how profit turns into cash and payouts.

Across the last three valid years, operating cash flow swung from -$28.2B to $24.6B even though net income stayed positive throughout. With assets above $1.6T, that gap says liquidity is being driven more by funding-balance movements from period to period than by accounting profit alone.

The reported 17.1x debt-to-equity ratio is mostly a liabilities-to-equity story for this business, because total liabilities were $1.53T. Interest expense was only $135M, so leverage here is not showing up as a heavy interest burden; it is showing up as a business that depends on careful balance-sheet funding.

The latest year produced revenue of $47.7B, yet return on assets stayed at only 0.2%, showing that a larger balance sheet is generating thinner earnings rather than better asset efficiency. Dividends paid were $13.0B while net income was $3.6B, so shareholder payouts are not being covered by current-year earnings alone.

Financial Health Signals

Financial Profile 14/100

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 ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN'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

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's revenue grew 12.7% year-over-year to $47.7B, a solid pace of expansion. This earns a growth score of 65/100.

Leverage

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN has elevated debt relative to equity (D/E of 17.13), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Returns

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN generates a 4.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from 1.6% the prior year.

Piotroski F-Score Neutral

6/9

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.89x

For every $1 of reported earnings, ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$47.7B

YoY+12.7%

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

EBITDA

N/A

Net Income

$3.6B

YoY+132.6%

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$231.0B

YoY-5.1%

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN held $231.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

3.86B

YoY+0.0%

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN had 3.86B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

7.5%

YoY+3.9pp

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity

4.0%

YoY+2.4pp

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MVRL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$47.7B+12.7%	$42.3B+25.7%	$33.7B-3.6%	$34.9B-2.5%	$35.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$135.0M+2.3%	$132.0M+36.1%	$97.0M+10.2%	$88.0M-10.2%	$98.0M
Income Tax	$534.0M-40.7%	$900.0M-25.4%	$1.2B-34.6%	$1.8B-3.1%	$1.9B
Net Income	$3.6B+132.6%	$1.5B-53.8%	$3.3B-53.4%	$7.1B+0.8%	$7.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	N/A	$11.6B-4.3%	$12.2B	N/A	$9.9B+8.7%	$9.1B	N/A	$8.5B
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	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$37.0M+5.7%	$35.0M	N/A	$29.0M+31.8%	$22.0M	N/A	$25.0M
Income Tax	N/A	-$336.0M-210.9%	$303.0M	N/A	$28.0M-92.3%	$366.0M	N/A	$332.0M
Net Income	N/A	$1.2B+15.7%	$1.0B	N/A	-$224.0M-122.1%	$1.0B	N/A	$1.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MVRL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.6T+3.1%	$1.6T+35.6%	$1.2T+4.6%	$1.1T-1.0%	$1.1T
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$231.0B-5.1%	$243.4B+27.8%	$190.5B-2.4%	$195.2B-6.0%	$207.8B
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.6B+1.5%	$6.5B+8.3%	$6.0B-4.3%	$6.3B-1.7%	$6.4B
Total Liabilities	$1.5T+3.7%	$1.5T+33.9%	$1.1T+5.0%	$1.0T-0.9%	$1.1T
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$89.2B-5.8%	$94.7B+70.4%	$55.6B-2.4%	$56.9B-2.6%	$58.4B
Retained Earnings	-$2.1B-127.4%	$7.8B-72.2%	$28.2B-11.1%	$31.7B+13.7%	$27.9B

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$1.6T-3.3%	$1.7T+8.0%	$1.5T-1.3%	$1.6T+0.2%	$1.6T+40.1%	$1.1T-3.4%	$1.2T0.0%	$1.2T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$231.0B-10.6%	$258.3B	N/A	$243.4B-12.3%	$277.5B	N/A	$190.5B+5.3%	$181.0B
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	$6.6B-2.3%	$6.8B+0.9%	$6.7B+2.9%	$6.5B-7.4%	$7.0B+12.6%	$6.2B+4.0%	$6.0B-4.5%	$6.3B
Total Liabilities	$1.5T-3.1%	$1.6T+8.7%	$1.5T-1.6%	$1.5T+0.2%	$1.5T+38.5%	$1.1T-3.5%	$1.1T+5.5%	$1.0T
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	$89.2B-6.0%	$94.9B-2.3%	$97.1B+2.6%	$94.7B+0.4%	$94.2B+70.2%	$55.4B-0.4%	$55.6B+4.3%	$53.3B
Retained Earnings	-$2.1B-158.0%	$3.7B-59.4%	$9.1B+16.5%	$7.8B+5.7%	$7.4B-74.6%	$29.2B+3.5%	$28.2B+1.5%	$27.8B

MVRL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$24.6B+190.8%	-$27.1B+4.0%	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$22.3B-118.2%	$122.4B+2585.9%	-$4.9B+59.9%	-$12.3B-560.4%	-$1.9B
Financing Cash Flow	-$33.8B-5.1%	-$32.1B-263.2%	$19.7B+474.5%	-$5.3B-148.1%	$10.9B
Dividends Paid	$13.0B+333.3%	$3.0B-50.0%	$6.0B+42.9%	$4.2B-7.5%	$4.5B
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MVRL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	7.5%+3.9pp	3.6%-6.2pp	9.8%-10.5pp	20.4%+0.7pp	19.7%
Return on Equity	4.0%+2.4pp	1.6%-4.4pp	6.0%-6.5pp	12.5%+0.4pp	12.1%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%+0.0pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	17.13+1.6	15.56-4.2	19.80+1.4	18.41+0.3	18.10
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
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	N/A	10.3%+1.8pp	8.5%	N/A	-2.3%-13.4pp	11.1%	N/A	13.3%
Return on Equity	N/A	1.3%+0.2pp	1.1%	N/A	-0.2%-2.1pp	1.8%	N/A	2.1%
Return on Assets	N/A	0.1%0.0pp	0.1%	N/A	-0.0%-0.1pp	0.1%	N/A	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	17.13+0.5	16.63+1.7	14.93-0.6	15.56-0.0	15.60-3.6	19.17-0.6	19.80+0.2	19.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's annual revenue?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% 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 ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's revenue growing?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN profitable?

Yes, ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's net profit margin?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's return on equity (ROE)?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's operating cash flow?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's total assets?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN have outstanding?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's debt-to-equity ratio?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) had a debt-to-equity ratio of 17.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's return on assets (ROA)?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's Piotroski F-Score?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) has a Piotroski F-Score of 6 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 ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN's earnings high quality?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) has an earnings quality ratio of 6.89x, 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.

How financially healthy is ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN?

ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) scores 14 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.