(IVR) Mortgage Capital - Overview
Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 731m USD | Total Return: 31% in 12m
Avg Turnover: 21.3M
EPS Trend: -97.0%
Qual. Beats: 0
Rev. Trend: 88.9%
Qual. Beats: 0
Warnings
Share dilution 39.6% YoY
Below Avwap Earnings
Tailwinds
No distinct edge detected
Invesco Mortgage Capital Inc. (IVR) is an Atlanta-based real estate investment trust specializing in the acquisition and management of mortgage-backed securities (MBS) and mortgage-related assets. Its portfolio includes both Agency securities, which carry government guarantees against credit default, and non-Agency RMBS and CMBS, which offer higher yields in exchange for increased credit risk.
As a mortgage REIT (mREIT), the company does not own physical real estate but instead earns a net interest margin by borrowing at short-term rates to fund long-term mortgage investments. To maintain its REIT status and exempt itself from most federal corporate income taxes, the firm is legally required to distribute a minimum of 90% of its taxable income to shareholders as dividends.
Investors can further evaluate these yield dynamics and risk profiles at ValueRay. This business model makes the company highly sensitive to interest rate volatility and the shape of the yield curve, as shifts in these factors directly impact the book value and financing costs of the underlying mortgage assets.
- Interest rate volatility impacts net interest margin and book value stability
- Federal Reserve monetary policy shifts drive mortgage-backed security valuation fluctuations
- Interest rate swap hedges determine cost of funding and dividend sustainability
- Agency RMBS credit spread changes influence portfolio performance and equity returns
- REIT tax status requires high payout ratios limiting internal capital appreciation
| Net Income: 61.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 0.27 > 1.0 |
| NWC/Revenue: -1.88k% < 20% (prev -1.42k%; Δ -468.2% < -1%) |
| CFO/TA 0.03 > 3% & CFO 164.4m > Net Income 61.8m |
| Net Debt (5.29b) to EBITDA (171.6m): 30.80 < 3 |
| Current Ratio: 0.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (87.5m) vs 12m ago 39.64% < -2% |
| Gross Margin: 59.40% > 18% (prev 0.83%; Δ 5.86k% > 0.5%) |
| Asset Turnover: 4.52% > 50% (prev 6.14%; Δ -1.63% > 0%) |
| Interest Coverage Ratio: 0.79 > 6 (EBITDA TTM 171.6m / Interest Expense TTM 217.4m) |
| A: -0.84 (Total Current Assets 52.6m - Total Current Liabilities 5.34b) / Total Assets 6.27b |
| B: -0.58 (Retained Earnings -3.63b / Total Assets 6.27b) |
| C: 0.03 (EBIT TTM 171.0m / Avg Total Assets 6.21b) |
| D: -0.67 (Book Value of Equity -3.63b / Total Liabilities 5.39b) |
| Altman-Z'' = -7.94 = D |
As of May 28, 2026, the stock is trading at USD 7.89 with a total of 3,367,023 shares traded.
Over the past week, the price has changed by +1.28%,
over one month by -3.36%,
over three months by -2.08% and
over the past year by +31.01%.
Mortgage Capital has received a consensus analysts rating of 3.17. Therefore, it is recommended to hold IVR.
- StrongBuy: 1
- Buy: 0
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 8.5 | 7.7% |
P/E Trailing = 10.0897
P/E Forward = 3.5474
P/S = 9.0717
P/B = 1.031
P/EG = 7.1959
Revenue TTM = 280.7m USD
EBIT TTM = 171.0m USD
EBITDA TTM = 171.6m USD
Long Term Debt = unknown (0.0)
Short Term Debt = 5.34b USD (from shortTermDebt, last quarter)
Debt = 5.34b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 5.29b USD (calculated: Debt 5.34b - CCE 52.6m)
Enterprise Value = 6.02b USD (730.5m + Debt 5.34b - CCE 52.6m)
Interest Coverage Ratio = 0.79 (Ebit TTM 171.0m / Interest Expense TTM 217.4m)
EV/FCF = 36.60x (Enterprise Value 6.02b / FCF TTM 164.4m)
FCF Yield = 2.73% (FCF TTM 164.4m / Enterprise Value 6.02b)
FCF Margin = 58.57% (FCF TTM 164.4m / Revenue TTM 280.7m)
Net Margin = 22.00% (Net Income TTM 61.8m / Revenue TTM 280.7m)
Gross Margin = 59.40% ((Revenue TTM 280.7m - Cost of Revenue TTM 114.0m) / Revenue TTM)
Gross Margin QoQ = 87.96% (prev none%)
Tobins Q-Ratio = 0.96 (Enterprise Value 6.02b / Total Assets 6.27b)
Interest Expense / Debt = 4.07% (Interest Expense 217.4m / Debt 5.34b)
Taxrate = 21.0% (US default 21%)
NOPAT = 135.1m (EBIT 171.0m * (1 - 21.00%))
Current Ratio = 0.01 (Total Current Assets 52.6m / Total Current Liabilities 5.34b)
Debt / Equity = 6.09 (Debt 5.34b / totalStockholderEquity, last quarter 876.4m)
Debt / EBITDA = 30.80 (Net Debt 5.29b / EBITDA 171.6m)
Debt / FCF = 32.15 (Net Debt 5.29b / FCF TTM 164.4m)
Total Stockholder Equity = 788.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.99% (Net Income 61.8m / Total Assets 6.27b)
RoE = 1.40% (Net Income TTM 61.8m / Total Stockholder Equity 4.42b)
RoCE = 3.87% (EBIT 171.0m / Capital Employed (Equity 4.42b + L.T.Debt 0.0))
RoIC = 2.15% (NOPAT 135.1m / Invested Capital 6.27b)
WACC = 3.90% (E(730.5m)/V(6.07b) * Re(8.88%) + D(5.34b)/V(6.07b) * Rd(4.07%) * (1-Tc(0.21)))
Discount Rate = 8.88% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 86.67 | Cagr: 30.05%
[DCF] Terminal Value 77.72% ; FCFF base≈156.7m ; Y1≈177.1m ; Y5≈251.7m
[DCF] Fair Price = N/A (negative equity: EV 3.80b - Net Debt 5.29b = -1.49b; debt exceeds intrinsic value)
EPS Correlation: -97.03 | EPS CAGR: -47.99% | SUE: -0.02 | # QB: 0
Revenue Correlation: 88.88 | Revenue CAGR: 33.78% | SUE: -0.37 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.48 | Chg30d=-14.12% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.50 | Chg30d=-12.80% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=2.01 | Chg30d=-12.84% | Revisions=-33% | GrowthEPS=-14.5% | GrowthRev=+13.5%
EPS next Year (2027-12-31): EPS=2.19 | Chg30d=-6.55% | Revisions=-33% | GrowthEPS=+8.9% | GrowthRev=+2.1%
[Analyst] Revisions Ratio: -33%