MFA Financial, Inc. (MFA) Stock

MFA Financial, Inc. (MFA) is a Real Estate stock trading at $8.89 (as of 2026-08-21), with a market capitalization of $903.19M and a trailing P/E of 7.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

MFA Financial, Inc., together with its subsidiaries, operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage assets, including non-agency mortgage-backed securities (MBS), agency MBS, and credit risk transfer securities; residential whole loans, including purchased performing loans, purchased credit deteriorated, and non-performing loans; and mortgage servicing rights related assets. The company has elected to be taxed as a REIT and would not be subject to federal income taxes if it distributes at least 90% of its taxable income to its stockholders. MFA Financial, Inc. was incorporated in 1997 and is headquartered in New York, New York.

Understand MFA Financial, Inc.: how it makes money

MFA Financial is a US REIT that invests in residential mortgage assets, including agency and non-agency mortgage-backed securities (MBS), credit risk transfer securities, whole loans (including purchased performing loans and purchased credit deteriorated loans), and mortgage servicing rights (MSRs), and it makes money by holding these mortgage-related investments while distributing at least 90% of taxable income to avoid federal income taxes.

Because it elected to be taxed as a REIT, its federal income tax outcome is structurally tied to whether it distributes at least 90% of its taxable income.

Business quality (Weak): Latest reported quarter (ended 2026-03-31) shows a negative operating margin (-0.5%), even with revenue of about $0.2B, while the model remains focused on residential mortgage assets within a REIT structure.

Valuation: At 11× earnings, MFA trades 68% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Mortgage asset breadth: It invests across multiple residential mortgage-related categories, including agency MBS, non-agency MBS, credit risk transfer securities, whole loans, and mortgage servicing rights.
REIT tax structure: It is elected to be taxed as a REIT, which would generally avoid federal income taxes if it distributes at least 90% of its taxable income.

Bear case

Loss-making at the operating line: For the quarter ended 2026-03-31, operating margin was negative (-0.5%).
Cash distribution requirement: Avoiding federal income taxes depends on distributing at least 90% of taxable income, which can constrain flexibility.
Includes credit-stressed loan categories: Its investment mix includes purchased credit deteriorated and non-performing loans.

Valuation — source: SEC EDGAR (first-party)
Price	$8.89
Market Cap	$903.19M
P/E Ratio	7.4
EV / EBITDA	4.1
Price / Book	0.51
Price / Sales	1.21
DCF Value (model)	$60.43
DCF Upside vs Price	579.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$745.06M
Net Margin	23.7%
Revenue Growth (YoY)	2.9%
EPS Growth (YoY)	57.8%

Valuation vs Sector & Industry
Stock P/E	7.4
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-72.6%
vs Industry	-79.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($90.84M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	Craig L. Knutson
Employees	348
Country	US
IPO Date	1998-04-13

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.