Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
In fiscal 2025, MFA FINANCIAL, INC. reported net income of $176.78M. The company reported diluted EPS of $1.30, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 58.5% increase from fiscal 2024 diluted EPS of $0.82. A diluted share base of 103.98M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 105.10M diluted shares in fiscal 2024, the current 103.98M base was 1.1% lower. The company employed $13.05B of total assets, the balance-sheet base supporting its current operating and cash-flow results.Profitability
After all reported below-operating-line items, the company recorded net income of $176.78M for the fiscal year. Pretax income was $176.05M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. An income-tax benefit of $735.00K improved the final result relative to pretax income or loss. Relative to positive pretax income, the tax benefit measured 0.4%. Net income equaled 9.7% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 1.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $119.25M to $176.78M, with the current outcome ending above that comparison.Liquidity and Capital Structure
Total assets were $13.05B, supported by $11.22B of liabilities and $1.83B of shareholder equity. The company held $213.21M in cash and equivalents, a narrower liquidity measure than total current assets. Equity equaled 14.0% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 86.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 1.6%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 14.3% from $11.41B in fiscal 2024, leaving current total assets higher year over year. Book equity was 0.8% lower than fiscal 2024 equity of $1.84B, showing how shareholder capital changed year over year. Cash and equivalents were 37.1% lower than fiscal 2024 cash of $338.93M, showing the year-over-year change in liquid resources.Cash Flow and Earnings Quality
The company reported $76.25M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 0.43x of net income, showing how strongly accounting earnings converted into cash from operations. Compared with $200.12M in fiscal 2024, current operating cash flow of $76.25M was below the prior result.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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