Ellington Financial Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ellington Financial Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue	1.12
Operating expenses	44.4	58.8	91.9	38.7	44.8	65.4	85	188	189	239
Operating income	35.8	35.2	43.1
Interest expense	16.3	31.1	56.7	78.5	61.7	44	142	262	280	305
Pre-tax income				63.2	1.82	85.6	-25	89.2	116	97.9
Income tax				1.56	11.4	3.14	-17.7	0.46	0.61	3.79
Net income to minority interests	0.31	1.98	3.24	5.24	3.37	7.09	-0.82	3.81	2.24	3.9
Net income	-16	34	46.7	56.5	17.2	125	-85.3	60.9	118	119
EPS, basic	-0.48	1.04	1.52	1.76	0.39	2.58	-1.43	0.89	1.36	1.19
EPS, diluted	-0.48	1.04	1.52	1.76	0.39	2.58	-1.43	0.89	1.36	1.19
Shares, basic (weighted)				32.8	44.1	49.2	60.6	69.1	87.7	101
Shares, diluted (weighted)				32.8	44.1	49.2	60.6	69.1	87.7	101
Dividend per share	1.95	1.76	1.64	1.81	1.26	1.64	1,800.00	1,800.00	1,600.00	1,560.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	123	47.2	44.7	72.3	112	92.7	217	229	192	202
Property, plant and equipment						0	1.41	1.11	1.36	0.87
Lease right-of-use assets						0	3.84	3.28	5.16	3.99
Intangible assets						0	3.28	2.67	2.17	1.79
Total assets	2,413	2,993	3,971	4,338	3,414	5,177	14,086	15,316	16,317	19,353
Total liabilities	1,768	2,372	3,376	3,470	2,492	3,854	12,865	13,780	14,726	17,482
Total debt	0	84.8	85	85.3	85.6	85.8	0
Retained earnings				-104	-142	-97.3	-291	-353	-375	-413
Shareholders' equity	638	600	564	829	885	1,291	1,196	1,517	1,570	1,834
Minority interests	7.12	20.9	31.3	39.4	36.4	32.2	24.9	18.5	20.3	36.9
Total equity	645	621	595	869	922	1,324	1,221	1,536	1,591	1,871
Total liabilities and equity	2,413	2,993	3,971	4,338	3,414	5,177	14,086	15,316	16,317	19,353
Shares outstanding	32.3	31.3	29.8	38.6	43.8	57.5	63.8	83	90.7	113

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-15.7	36	49.9	63.2	28.4	141	-70.9	87.9	148	151
Depreciation and amortization							0.33	1.1	1.47	0.99
Stock-based compensation	0.4	0.39	0.42	0.48	0.72	0.97	1.4	1.26	1.12	3.64
Deferred income tax				1.08	10.7	2.72	-17.7	0	0	0
Change in payables	-0.3	0.56	1.84
Cash from operations	69.7	-463	-494	79.2	120	51.3	42.7	-242	-431	-925
Capital expenditures				-0.24	-0.15	-2.21	-0.22	0.04	0	0
Acquisitions					0	0	38.9	0	0
Purchases of investments	-2,247	-2,849	-3,350	-3,057	-1,346	-2,523	-1,348	-2,387	-947	-978
Sales and maturities of investments				275	363	472	309	172	158	168
Cash from investing				-1,665	507	-2,025	-1,753	175	-728	-4,066
Debt issued	0	86	0
Stock issued	0			157	95.5	245	99.4	122	100	302
Share buybacks	-14	-14.6	-23.1	-0.78	-3.06	0	-1.66	-12.4	-0.69	0
Dividends paid	-65.1	-57.6	-50.7	-54.3	-65	-85.7	-123	-149	-164	-184
Cash from financing	-130	387	492	1,613	-587	1,955	1,839	75.6	1,137	5,121
Net change in cash	-60.6	-76.3	-2.58	27.4	39.3	-19	129	8.68	-21.6	129
Free cash flow				79	119	49.1	42.5	-242	-431	-925
Interest paid	15.3	28	55.6	78.8	65.8	42.7	125	263	285	296
Income taxes paid				0.19	0.54	2.85	-1.61	-0.32	0.71	1.16

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	2.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	0.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	47.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-12.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	25.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-2.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	315.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	41.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	14.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	18.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	90.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.96B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	-$4.85	Cash from operations / diluted weighted shares.
Book value per share	$15.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.40	Tangible book value / shares outstanding.
Cash per share	$1.94	(Cash + short-term investments) / shares outstanding.
Payout ratio	105.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.59B	Share price x shares outstanding.
Enterprise value	$1.35B	Market cap + total debt - cash - short-term investments.
P/E	8.21x	Market cap / net income. Only when net income is positive.
P/B	0.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.81x	Market cap / tangible book value, when positive.
Earnings yield	12.2%	Net income / market cap (the inverse of P/E).
Dividend yield	12.9%	Dividends paid over the period / market cap.
Shareholder yield	12.9%	(Dividends paid + share buybacks) / market cap.

Was Ellington Financial Inc. profitable in fiscal 2025?

Yes. Net income was $118.7M, a net margin of -.

How much free cash flow did Ellington Financial Inc. generate in fiscal 2025?

Cash from operations of $925.5M minus capital expenditures of $0.0 left free cash flow of -$925.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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