MFA FINANCIAL, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MFA 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
General and administrative						85.5	113
Interest expense	193	197	232	332	269	120	259	429
Interest income	2.1	24.8	28.4	52.6	36
Pre-tax income							-232	80.4	120	176
Income tax	0	0	0	0.5	2	2.67	-0.85	0.28	0.44	-0.74
Net income	313	322	302	378	-679	329	-232	80.2	119	177
EPS, basic	3.20	3.16	2.72	3.20	-6.28	2.66	-2.57	0.46	0.83	1.31
EPS, diluted	3.20	3.16	2.72	3.16	-6.28	2.63	-2.57	0.46	0.82	1.30
Shares, basic (weighted)	92.8	97.1	105	113	113	111	103	102	103	104
Shares, diluted (weighted)	92.8	97.1	105	117	113	119	103	104	105	104
Dividend per share			3.20	3.20	0.50	1.54	1.67	1.67	1.40	1.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	260	450	52	70.6	814	305	334	318	339	213
Lease right-of-use assets					0.76	39.4	39.5	37.8	35.5	42.8
Goodwill	7.19	7.19	7.2		0	61.1	61.1	61.1	61.1	61.1
Intangible assets					0	21.4	12.2	8	4.8	2.6
Total assets	12,484	10,955	12,420	13,568	6,932	9,140	9,112	10,773	11,410	13,046
Total liabilities	9,450	7,693	9,004	10,184	4,407	6,597	7,124	8,873	9,568	11,219
Paid-in capital	3,029	3,227	3,623	3,640	3,848	3,775	3,684	3,699	3,711	3,718
Retained earnings	-573	-579	-632	-631	-1,405	-1,279	-1,718	-1,818	-1,880	-1,896
Other comprehensive income	574	609	420	370	77.3	45.6	21.3	17.7	9.48	3.68
Shareholders' equity	3,034	3,262	3,416	3,384	2,525	2,543	1,989	1,900	1,842	1,828
Total equity	3,034	3,262	3,416	3,384	2,525	2,543	1,989	1,900	1,842	1,828
Total liabilities and equity	12,484	10,955	12,420	13,568	6,932	9,140	9,112	10,773	11,410	13,046
Shares outstanding	93	99.5	112	113	452	108	102	102	102	102

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	313	322	302	378	-679	329	-232	80.2	119	177
Depreciation and amortization	0.96	1.52	1.83	3.32
Stock-based compensation	9.16	8.03	8.01	9.24	6.72	9.04	11.3	15	13.9	12.1
Deferred income tax				0	0	0	0.2	0.3	0	0
Cash from operations	179	177	148	216	38.4	138	355	109	200	76.2
Capital expenditures	-0.71	-0.87	-1.13	-1.88	-4.86	-12	-0.3
Purchases of investments	-1,998	-1,583	-2,604	-1,008	-164	0	0	-589	-869	-2,163
Sales and maturities of investments	85.6	243	539	909	3,790	0	15.7	23.3	45.6	46.8
Cash from investing	935	1,816	-2,158	-1,135	6,384	-2,185	-1,116	-1,550	-425	-1,786
Debt issued							0	0	183	0
Debt repaid						-100	0	-20.2	-210	0
Stock issued	4.66	197	392	12.3	7.44	1.83	1.18	-0.01	-0.08	-0.07
Share buybacks			0	0	-50.8	-85.6	-102	0	-1.49	-15.3
Dividends paid	-298	-309	-330	-362	-114	-156	-184	-143	-144	-148
Cash from financing	-1,032	-1,848	1,635	965	-5,735	1,630	850	1,435	338	1,495
Net change in cash	82	145	-375	46	687	-417	89.6	-5.87	113	-215
Free cash flow	179	176	147	214	33.5	126	355
Interest paid	195	198	233	330	254	117	239	418	516	508
Income taxes paid										0.56

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 $25.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	-0.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	48.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	58.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-61.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-40.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-4.8%	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	23.6%	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	-0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.8%	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	-6.3%	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	14.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.7%	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	13.5%	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	-1.1%	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	0.3%	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	-1.7%	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	87.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.71B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.41	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	$2.39	Cash from operations / diluted weighted shares.
Book value per share	$17.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.95	Tangible book value / shares outstanding.
Cash per share	$1.40	(Cash + short-term investments) / shares outstanding.
Payout ratio	102.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.59B	Share price x shares outstanding.
Enterprise value	$2.45B	Market cap + total debt - cash - short-term investments.
P/E	17.5x	Market cap / net income. Only when net income is positive.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.51x	Market cap / tangible book value, when positive.
P/OCF	10.3x	Market cap / cash from operations, when positive.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	5.9%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

Was MFA FINANCIAL, INC. profitable in fiscal 2025?

Yes. Net income was $176.8M, a net margin of -.

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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