Ellington Financial Inc. EFC

FinancialsResidential & Commercial REITsUnited States of America

Last close 11.41 USD on Nov 1, 2026, −7.0% year to date

Quant rating

Quant rating B Rank 266 of 799 in Financials

Growth C 389 of 799
Valuation B 317 of 799
Quality A 116 of 799
Revisions A 60 of 799
Momentum D 707 of 799

Wall Street consensus Buy (2.25)Average target 14.64 USD +28.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 20.0B
52-week range: 11.28 – 14.12
3-year range: 10.91 – 14.35
Dividend yield: 13.67%
Beta (5 years): 1.00
Shares outstanding: 129M
Next earnings: Nov 4, 2026

About the company

Ellington Financial Inc. operates as a real estate investment trust (REIT). The Company acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets. Its segments include Investment Portfolio Segment and Longbridge Segment. The Investment Portfolio Segment invests in financial assets, including residential and commercial mortgage loans; residential mortgage-backed securities (RMBS); commercial mortgage-backed securities (CMBS); consumer loans and asset-backed securities (ABS) including ABS backed by consumer loans; investments referencing mortgage servicing rights on traditional forward mortgage loans; collateralized loan obligations; non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. The Longbridge Segment is engaged in the business of originating, purchasing, selling and servicing reverse mortgage loans, including home equity conversion mortgage loans.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	494	416	370	282	176	–
Revenue growth	18.9%	12.4%	31.2%	60.8%	1.1%	23.3%
EPS (basic, normalized)	1.86	1.46	1.43	1.67	1.83	–
EPS growth	27.4%	2.1%	−14.4%	−8.7%	–	–
Gross margin	29.1%	25.4%	23.6%	40.3%	55.3%	34.7%
Net margin	24.0%	28.3%	16.5%	−30.2%	71.4%	22.0%
ROE	8.6%	9.4%	6.2%	−5.6%	6.9%	5.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	247
Current ratio	–
Long-term debt (mil)	16,279
Net debt (mil)	18,492
Total equity (mil)	1,966
Net debt / equity	9.41x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	494	+18.9%	40.4x	–	–	–	1.86	+27.4%	6.1x
2026	274	−44.5%	72.8x	–	–	–	2.06	+10.9%	5.5x
2027	330	+20.1%	60.6x	–	–	–	1.98	−4.1%	5.8x
2028	533	+61.6%	37.5x	–	–	–	1.92	−3.0%	5.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	274	0.0%	+3.6%	−5.9%	2.06	+2.1%	+7.7%	+10.9%
2027	330	0.0%	+10.4%	+2.7%	1.98	+1.4%	+3.6%	+3.9%
2028	533	0.0%	+9.3%	+15.2%	1.92	0.0%	+2.7%	+4.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	31.1	33.6	33.6	38.1	43.3	43.3	49.7	53.6	61.3	72.3
Sales mean (mil)	32.3	49.6	38.1	41.4	40.2	42.6	46.5	48.3	66.7	65.8
Surprise	−3.9%	−32.3%	−11.8%	−7.8%	+7.5%	+1.9%	+6.9%	+11.0%	−8.2%	+9.8%
EPS reported	0.28	0.33	0.40	0.45	0.39	0.47	0.53	0.47	0.55	0.60
EPS mean	0.36	0.35	0.36	0.38	0.39	0.40	0.44	0.45	0.44	0.48
Surprise	−22.2%	−6.5%	+9.9%	+18.9%	−0.4%	+17.9%	+20.9%	+4.4%	+25.0%	+25.0%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EFC Ellington Financial Inc.	1.5B	–	24.0%	0.74x	5.5x	5.8x	–	–
NLY Annaly Capital Management, Inc.	14.4B	–	26.2%	0.90x	5.8x	5.9x	24.0x	19.4x
AGNC AGNC Investment Corp.	11.0B	–	32.5%	0.94x	5.6x	5.9x	63.8x	63.5x
RITM Rithm Capital Corp.	5.2B	–	11.9%	0.60x	4.0x	4.0x	–	–
DX Dynex Capital, Inc.	2.8B	–	57.9%	0.90x	7.5x	6.4x	–	–
ARR ARMOUR Residential REIT, Inc.	1.8B	–	30.5%	0.79x	4.4x	4.5x	–	–
Mean		–	30.5%	0.81x	5.5x	5.4x	43.9x	41.4x
Median		–	28.3%	0.84x	5.5x	5.8x	43.9x	41.4x

Technical analysis

1M−4.4%
3M−12.2%
1Y−2.8%
3Y+39.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ellington Financial Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	494	416	370	282	176	174
Cost of revenue	351	310	283	169	78.4	77.1
Gross profit	144	106	87.3	114	97.1	96.5
Selling, general & administrative expenses	156	133	150	45.3	22.2	29.4
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	0	−28.2	−7.9	–	–
Other operating expenses	36.1	25.6	16.9	12.9	8.8	0
Operating income	−48.6	−53.0	−51.8	63.4	66.0	67.0
Net interest income (expense)	−614	−496	−404	−293	−3.5	−62.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	761	666	545	205	23.0	−2.3
Net income before taxes	97.9	116	89.2	−25.0	85.6	1.8
Provision for taxes	3.8	0.6	0.5	−17.7	3.1	11.4
Minority interest	−3.9	−2.2	−3.8	0.8	−7.1	−3.4
Equity in affiliates	56.7	32.4	−0.9	−63.6	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	147	146	84.1	−70.0	75.4	−12.9
Extraordinary items	–	–	–	–	–	–
Net income	147	146	84.1	−70.0	75.4	−12.9
EBIT, normalized	−48.6	−53.0	−80.0	55.5	67.9	67.2
EBITDA, normalized	−47.6	−51.5	−78.9	55.8	67.9	67.2
Basic EPS, normalized	1.86	1.46	1.43	1.67	1.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ellington Financial Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	202	192	229	217	92.7	112
Receivables	213	211	532	176	216	112
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	4.9	6.5	4.4	5.2	–	–
Goodwill	–	–	–	–	–	–
Intangibles	1.8	2.2	2.7	3.3	–	–
Long-term investments	18,557	15,633	14,310	13,450	4,822	3,148
Note receivable	–	–	–	–	–	–
Other long-term assets	789	675	999	627	356	266
Total assets	19,353	16,317	15,316	14,086	5,177	3,414
Liabilities
Accounts payable	84.2	78.1	99.8	83.8	41.3	9.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	81.9	56.5	113	96.3	26.7	21.9
Short-term debt	1,798	2,382	2,967	2,610	2,470	1,497
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	15,166	11,823	10,366	9,795	1,167	892
Minority interest	36.9	20.3	18.5	24.9	32.2	36.4
Other liabilities	2,316	2,903	3,414	3,070	2,687	1,601
Total liabilities	17,519	14,747	13,799	12,890	3,886	2,529
Shareholders' equity
Preferred stock	−13.0	−13.0	−13.4	−8.1	−8.1	−4.0
Common stock	0.1	0.1	0.1	0.1	0.1	0
Additional paid-in capital	1,915	1,614	1,515	1,259	1,162	916
Retained earnings (accumulated deficit)	−413	−375	−353	−291	−97.3	−142
Treasury stock	–	–	–	–	–	–
Other equity	345	345	369	236	235	115
Total equity	1,834	1,570	1,517	1,196	1,291	885
Total liabilities & shareholders' equity	19,353	16,317	15,316	14,086	5,177	3,414

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ellington Financial Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	151	148	87.9	−70.9	141	28.4
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	−138	−141	−122	181	−33.9	76.6
Changes in working capital	−938	−438	−208	−67.0	−55.4	14.5
Cash from operations	−925	−431	−242	42.7	51.3	120
Investing activities
Capital expenditures	–	0	0	−0.2	−2.2	−0.2
Other investing cash flows	−4,066	−728	175	−1,752	−2,023	507
Cash from investing	−4,066	−728	175	−1,753	−2,025	507
Financing activities
Financing cash flow items	6.4	−23.6	23.9	37.5	−54.0	−0.6
Cash dividends paid	−184	−164	−149	−123	−85.7	−65.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5,298	1,324	201	1,925	2,095	−522
Cash from financing	5,121	1,137	75.6	1,839	1,955	−587
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	129	−21.6	8.7	129	−19.0	39.3
Free cash flow	−925	−431	−242	42.5	49.1	119

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.