Ellington Financial Inc. (EFC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1948.7%

-$213.15

vs $11.53 price

Levered DCF

-$328.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.01

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.41×	8.91×	14.44×	-8.77×	6.7×	38.05×	10.41×	9.95×
P/B	0.74×	0.67×	0.58×	0.63×	0.65×	0.74×	0.71×	0.82×
P/S	2×	3.73×	3.42×	17.38×	3.88×	18.63×	6.9×	6.05×
EV / EBITDA	39.45×	0×	0×	2,280.07×	22.72×	0×	0×	25.31×
Gross margin	84.3%	100.0%	100.0%	100.0%	80.5%	100.0%	100.0%	99.5%
Operating margin	61.6%	41.2%	34.8%	-57.9%	62.2%	5.2%	64.0%	134.6%
Net margin	21.8%	51.7%	32.8%	-162.3%	61.6%	71.1%	68.0%	60.8%
Current ratio	0.08×	0×	2.64×	0×	0×	0×	0×	1.89×
Debt / equity	9.25×	9.04×	8.79×	10.37×	2.82×	2.7×	3.95×	3.54×
Interest coverage	1.36×	0.42×	0.34×	0×	3.06×	0.03×	0×	1.82×
Dividend yield	13.6%	15.5%	17.0%	16.4%	10.2%	9.9%	9.2%	10.9%
Payout ratio	125.0%	112.1%	177.5%	-175.7%	64.2%	260.0%	93.7%	108.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	9.3%	5.5%	-5.9%	10.3%	2.8%	7.0%	8.3%
Return on invested capital	200.7%	2.8%	0.3%	4.9%	-64.3%	-1.6%	-31.8%	2.8%
Return on assets	0.8%	0.9%	0.5%	-0.5%	2.6%	0.7%	1.3%	1.2%
Free cash flow yield	37.7%	-40.9%	-27.6%	0.5%	26.6%	22.9%	21.9%	-106.4%
Earnings yield	10.9%	13.9%	9.6%	-9.3%	15.9%	3.8%	9.9%	10.0%
Enterprise value	$18.1B	$15.1B	$14B	$12.9B	$4.4B	$2.9B	$3.8B	$2.4B
Net debt / EBITDA	36.51×	0×	0×	2,147.87×	18.36×	0×	0×	20.44×
Cash conversion cycle (days)	115	273	832	1,490	363	1,168	870	-449,225