MFAMFA FINANCIAL, INC.
Real Estate Investment Trusts
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $673M
- Employees
- 307
- Net debt / EBITDA
- —
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes43% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowYes214% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 39th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$673M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $329M | −$232M | $80M | $119M | $177M | 48% |
| Operating cash flow | $138M | $355M | $109M | $200M | $76M | 62% |
| Capex | $12M | $300K | — | — | — | |
| Stock-based comp | $9M | $11M | $15M | $14M | $12M | 13% |
| Buybacks | $86M | $102M | $0 | $1M | $15M | 927% |
| Dividends | $156M | $184M | $143M | $144M | $148M | 3.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 11, 2023 | STARWOOD CAPITAL GROUP GLOBAL II, L.P. | SC 13D/A | 0.0% | Passive |
| Feb 7, 2022 | STARWOOD CAPITAL GROUP GLOBAL II, L.P. | SC 13D/A | 9.7% | Passive |
| Dec 14, 2020 | Apollo Management Holdings GP, LLC | SC 13D/A | 2.5% | Active |
| Sep 18, 2020 | STARWOOD CAPITAL GROUP GLOBAL II, L.P. | SC 13D | — | Passive |
| Jul 6, 2020 | Apollo Management Holdings GP, LLC | SC 13D | 4.7% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $6M | 114 | 109 |
| FY2024 | $8M | $8M | 57 | 76 |
| FY2023 | $7M | $9M | 55 | 77 |
| FY2022 | $6M | $1M | 42 | 67 |
| FY2021 | $7M | $8M | 67 | 92 |