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Invesco Mortgage Capital (IVR) Financials

Invesco Mortgage Capital logo
$7.80 +0.22 (+2.84%)
As of 03:58 PM Eastern
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Annual Income Statements for Invesco Mortgage Capital

Annual Income Statements for Invesco Mortgage Capital

This table shows Invesco Mortgage Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -417 -38 35
Consolidated Net Income / (Loss)		 -403 -16 60
Net Income / (Loss) Continuing Operations		 -403 -16 60
Total Pre-Tax Income 		-403 -16 60
Total Revenue		 -378 4.19 79
Net Interest Income / (Expense)		 143 50 37
Total Interest Income		 195 278 287
Loans and Leases Interest Income		 1.95 0.00 0.00
Investment Securities Interest Income		 193 278 287
Total Interest Expense		 52 228 250
Total Non-Interest Income		 -521 -46 43
Net Realized & Unrealized Capital Gains on Investments		 -521 -46 43
Provision for Credit Losses		 0.00 0.32 0.46
Total Non-Interest Expense		 25 20 19
Other Operating Expenses		 25 20 19
Preferred Stock Dividends Declared		 14 22 25
Basic Earnings per Share		 ($12.21) ($0.85) $0.65
Weighted Average Basic Shares Outstanding		 34.16M 44.07M 53.77M
Diluted Earnings per Share		 ($12.21) ($0.85) $0.65
Weighted Average Diluted Shares Outstanding		 34.16M 44.07M 53.78M
Weighted Average Basic & Diluted Shares Outstanding		 38.71M 48.46M 61.73M

Quarterly Income Statements for Invesco Mortgage Capital

This table shows Invesco Mortgage Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -95 31 16 -1.40 -74 22 24 -19 35 -5.47
Consolidated Net Income / (Loss)		 -101 36 21 4.08 -69 27 29 -13 41 3.51
Net Income / (Loss) Continuing Operations		 -101 36 21 4.08 -69 27 29 -13 41 3.51
Total Pre-Tax Income 		-101 36 21 4.08 -69 27 29 -13 41 3.51
Total Revenue		 -96 41 27 9.38 -64 32 34 -8.32 45 8.52
Net Interest Income / (Expense)		 32 26 20 12 9.43 8.30 7.00 8.64 7.51 14
Total Interest Income		 50 58 69 71 75 62 69 68 74 76
Total Interest Expense		 18 32 50 59 66 54 62 59 66 62
Total Non-Interest Income		 -127 16 6.97 -3.03 -73 24 27 -17 38 -5.16
Net Realized & Unrealized Capital Gains on Investments		 -127 16 6.97 -3.03 -73 24 27 -17 38 -5.16
Provision for Credit Losses		 0.00 - 0.00 0.17 0.04 0.11 0.04 0.26 -0.08 0.24
Total Non-Interest Expense		 5.85 5.03 5.07 5.13 4.78 4.75 4.66 4.89 4.69 4.78
Other Operating Expenses		 5.85 5.03 5.07 5.13 4.78 4.75 4.66 4.89 4.69 4.78
Preferred Stock Dividends Declared		 -6.83 5.86 5.86 5.48 5.43 4.92 5.39 5.30 5.45 8.98
Basic Earnings per Share		 ($2.78) $0.90 $0.39 ($0.03) ($1.62) $0.51 $0.49 ($0.38) $0.63 ($0.09)
Weighted Average Basic Shares Outstanding		 35.35M 34.16M 41.65M 44.58M 48.46M 44.07M 48.83M 54.82M 60.73M 53.77M
Diluted Earnings per Share		 ($2.78) $0.90 $0.39 ($0.03) ($1.62) $0.51 $0.49 ($0.38) $0.63 ($0.09)
Weighted Average Diluted Shares Outstanding		 35.35M 34.16M 41.65M 44.58M 48.46M 44.07M 48.83M 54.82M 60.73M 53.78M
Weighted Average Basic & Diluted Shares Outstanding		 35.35M 38.71M 41.65M 44.58M 48.46M 48.46M 48.83M 54.82M 60.73M 61.73M

Annual Cash Flow Statements for Invesco Mortgage Capital

This table details how cash moves in and out of Invesco Mortgage Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -298 -80 12
Net Cash From Operating Activities		 196 238 183
Net Cash From Continuing Operating Activities		 196 238 183
Net Income / (Loss) Continuing Operations		 -403 -16 60
Consolidated Net Income / (Loss)		 -403 -16 60
Provision For Loan Losses		 0.00 0.32 0.46
Amortization Expense		 -20 -24 -13
Non-Cash Adjustments to Reconcile Net Income		 607 285 119
Changes in Operating Assets and Liabilities, net		 12 -7.03 16
Net Cash From Investing Activities		 2,424 -537 -497
Net Cash From Continuing Investing Activities		 2,424 -537 -497
Purchase of Investment Securities		 -26,226 -5,993 -2,222
Sale and/or Maturity of Investments		 28,177 5,634 1,713
Other Investing Activities, net		 473 -178 11
Net Cash From Financing Activities		 -2,918 219 327
Net Cash From Continuing Financing Activities		 -2,918 219 327
Issuance of Debt		 66,872 41,085 38,472
Issuance of Common Equity		 82 109 116
Repayment of Debt		 -69,625 -40,861 -38,036
Repurchase of Preferred Equity		 -115 -8.75 -117
Payment of Dividends		 -140 -102 -105
Other Financing Activities, Net		 8.07 -2.75 -2.84
Cash Interest Paid		 52 243 233

Quarterly Cash Flow Statements for Invesco Mortgage Capital

This table details how cash moves in and out of Invesco Mortgage Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -66 14 -50 105 26 -161 1.87 -17 -15 42
Net Cash From Operating Activities		 46 69 67 87 52 32 57 33 31 62
Net Cash From Continuing Operating Activities		 46 69 67 87 52 32 57 33 31 62
Net Income / (Loss) Continuing Operations		 -101 36 21 4.08 -69 27 29 -13 41 3.51
Consolidated Net Income / (Loss)		 -101 36 21 4.08 -69 27 29 -13 41 3.51
Provision For Loan Losses		 - - 0.00 0.17 0.04 0.11 0.04 0.26 -0.08 0.24
Amortization Expense		 -6.20 -6.65 -2.39 -2.25 -8.84 -11 -3.04 -3.43 -3.07 -3.20
Non-Cash Adjustments to Reconcile Net Income		 157 26 48 66 145 25 18 60 3.06 37
Changes in Operating Assets and Liabilities, net		 -3.81 13 0.57 18 -16 -10 13 -11 -9.81 24
Net Cash From Investing Activities		 -636 -422 -697 -133 -70 363 37 96 -1,032 401
Net Cash From Continuing Investing Activities		 -636 -422 -697 -133 -70 363 37 96 -1,032 401
Purchase of Investment Securities		 -6,279 -5,002 -1,450 -943 -2,178 -1,422 -390 -234 -1,288 -309
Sale and/or Maturity of Investments		 5,577 4,603 845 782 2,023 1,984 379 354 428 553
Other Investing Activities, net		 66 -22 -92 29 85 -199 49 -24 -172 157
Net Cash From Financing Activities		 524 367 580 151 43 -556 -93 -146 986 -421
Net Cash From Continuing Financing Activities		 524 367 580 151 43 -556 -93 -146 986 -421
Issuance of Debt		 15,737 15,186 9,319 7,838 11,781 12,148 8,763 9,186 13,609 6,914
Issuance of Common Equity		 39 43 36 31 42 - 3.32 16 89 8.40
Repayment of Debt		 -15,112 -14,839 -8,739 -7,693 -11,753 -12,676 -8,827 -9,320 -12,684 -7,205
Repurchase of Preferred Equity		 -101 - 0.00 -1.58 -2.72 -4.44 -4.38 -3.42 -1.58 -108
Payment of Dividends		 -36 -29 -31 -22 -24 -25 -25 -25 -26 -30
Other Financing Activities, Net		 -3.74 4.89 -4.82 -0.24 -0.16 2.48 -2.34 -0.14 0.23 -0.59
Cash Interest Paid		 21 20 52 44 81 66 50 66 76 40

Annual Balance Sheets for Invesco Mortgage Capital

This table presents Invesco Mortgage Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,097 5,284 5,688
Cash and Due from Banks		 176 77 73
Restricted Cash		 103 122 137
Trading Account Securities		 4,793 5,057 5,451
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Customer and Other Receivables		 1.58 0.00 0.58
Other Assets		 24 28 26
Total Liabilities & Shareholders' Equity		 5,097 5,284 5,688
Total Liabilities		 4,293 4,502 4,957
Short-Term Debt		 4,235 4,459 4,895
Accrued Interest Payable		 21 16 33
Other Short-Term Payables		 - 19 25
Long-Term Debt		 4.89 2.48 0.00
Other Long-Term Liabilities		 33 5.20 5.32
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 804 783 731
Total Preferred & Common Equity		 804 783 731
Preferred Stock		 299 288 174
Total Common Equity		 505 494 556
Common Stock		 3,902 4,012 4,128
Retained Earnings		 -3,407 -3,518 -3,572
Accumulated Other Comprehensive Income / (Loss)		 11 0.70 0.17

Quarterly Balance Sheets for Invesco Mortgage Capital

This table presents Invesco Mortgage Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 4,686 5,707 5,866 5,831 5,231 5,067 6,082
Cash and Due from Banks		 164 102 209 174 60 59 48
Restricted Cash		 101 127 125 186 141 125 120
Trading Account Securities		 4,368 5,451 5,507 5,444 5,007 4,846 5,886
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 48 25 25 28 24 36 28
Total Liabilities & Shareholders' Equity		 4,686 5,707 5,866 5,831 5,231 5,067 6,082
Total Liabilities		 3,924 4,873 5,025 5,046 4,446 4,307 5,225
Short-Term Debt		 3,891 4,827 4,962 4,995 4,394 4,262 5,185
Accrued Interest Payable		 3.77 22 40 27 27 21 11
Other Short-Term Payables		 25 19 20 21 21 22 26
Long-Term Debt		 0.01 1.57 0.00 0.00 0.41 0.00 0.34
Other Long-Term Liabilities		 4.92 3.74 3.55 3.70 3.76 3.22 3.42
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 761 834 841 785 786 759 857
Total Preferred & Common Equity		 761 834 841 785 786 759 857
Preferred Stock		 299 299 297 294 284 280 279
Total Common Equity		 463 535 544 491 502 479 578
Common Stock		 3,859 3,938 3,969 4,011 4,015 4,031 4,120
Retained Earnings		 -3,413 -3,408 -3,428 -3,521 -3,514 -3,553 -3,542
Accumulated Other Comprehensive Income / (Loss)		 17 5.90 2.74 0.88 0.54 0.65 0.36

Annual Metrics And Ratios for Invesco Mortgage Capital

This table displays calculated financial ratios and metrics derived from Invesco Mortgage Capital's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -503.82% 101.11% 1,793.56%
EBITDA Growth		 -471.92% 90.53% 217.68%
EBIT Growth		 -347.69% 96.06% 477.59%
NOPAT Growth		 -347.69% 96.06% 639.41%
Net Income Growth		 -347.69% 96.06% 477.59%
EPS Growth		 -153.32% 93.04% 176.47%
Operating Cash Flow Growth		 28.75% 21.27% -22.97%
Free Cash Flow Firm Growth		 2,235.97% -106.86% -52.31%
Invested Capital Growth		 -39.99% 3.97% 7.27%
Revenue Q/Q Growth		 20.77% -69.25% -22.87%
EBITDA Q/Q Growth		 17.83% -51.14% -25.52%
EBIT Q/Q Growth		 20.19% -148.38% -28.35%
NOPAT Q/Q Growth		 20.06% -140.40% -28.35%
Net Income Q/Q Growth		 20.06% -140.40% -28.35%
EPS Q/Q Growth		 17.11% -41.67% -36.89%
Operating Cash Flow Q/Q Growth		 16.29% -13.66% 19.73%
Free Cash Flow Firm Q/Q Growth		 -28.82% 81.35% -79.68%
Invested Capital Q/Q Growth		 8.42% -9.27% -6.90%
Profitability Metrics		 - - -
EBITDA Margin		 0.00% -956.22% 59.42%
EBIT Margin		 0.00% -378.41% 75.46%
Profit (Net Income) Margin		 0.00% -378.41% 75.46%
Tax Burden Percent		 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -0.22% 1.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -0.33% 1.10%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -1.78% 6.81%
Return on Equity (ROE)		 -36.53% -2.00% 7.91%
Cash Return on Invested Capital (CROIC)		 45.79% -4.10% -5.92%
Operating Return on Assets (OROA)		 0.00% -0.31% 1.09%
Return on Assets (ROA)		 0.00% -0.31% 1.09%
Return on Common Equity (ROCE)		 -24.50% -1.26% 5.49%
Return on Equity Simple (ROE_SIMPLE)		 -50.11% -2.03% 8.19%
Net Operating Profit after Tax (NOPAT)		 -282 -11 60
NOPAT Margin		 0.00% -264.88% 75.46%
Net Nonoperating Expense Percent (NNEP)		 2.15% 0.11% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 470.77% 23.97%
Earnings before Interest and Taxes (EBIT)		 -403 -16 60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -423 -40 47
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.60 0.72 0.88
Price to Tangible Book Value (P/TBV)		 0.60 0.72 0.88
Price to Revenue (P/Rev)		 0.00 85.38 6.16
Price to Earnings (P/E)		 0.00 0.00 14.06
Dividend Yield		 38.88% 30.47% 19.88%
Earnings Yield		 0.00% 0.00% 7.11%
Enterprise Value to Invested Capital (EV/IC)		 0.90 0.94 0.95
Enterprise Value to Revenue (EV/Rev)		 0.00 1,171.28 67.38
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 113.38
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 89.29
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 89.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.28 20.64 29.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.48 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 5.27 5.70 6.70
Long-Term Debt to Equity		 0.01 0.00 0.00
Financial Leverage		 5.10 5.48 6.18
Leverage Ratio		 6.14 6.54 7.25
Compound Leverage Factor		 6.14 6.54 7.25
Debt to Total Capital		 84.06% 85.07% 87.01%
Short-Term Debt to Total Capital		 83.96% 85.03% 87.01%
Long-Term Debt to Total Capital		 0.10% 0.05% 0.00%
Preferred Equity to Total Capital		 5.92% 5.50% 3.10%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 10.02% 9.42% 9.89%
Debt to EBITDA		 -10.02 -111.32 103.79
Net Debt to EBITDA		 -9.36 -106.36 99.32
Long-Term Debt to EBITDA		 -0.01 -0.06 0.00
Debt to NOPAT		 -15.03 -401.86 81.74
Net Debt to NOPAT		 -14.04 -383.97 78.22
Long-Term Debt to NOPAT		 -0.02 -0.22 0.00
Noncontrolling Interest Sharing Ratio		 32.94% 37.01% 30.58%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 3,079 -211 -322
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 59.71 -0.93 -1.29
Operating Cash Flow to Interest Expense		 3.80 1.04 0.73
Operating Cash Flow Less CapEx to Interest Expense		 3.80 1.04 0.73
Efficiency Ratios		 - - -
Asset Turnover		 0.00 0.00 0.01
Fixed Asset Turnover		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 5,044 5,244 5,625
Invested Capital Turnover		 0.00 0.00 0.01
Increase / (Decrease) in Invested Capital		 -3,361 200 381
Enterprise Value (EV)		 4,564 4,909 5,347
Market Capitalization		 305 358 489
Book Value per Share		 $14.30 $10.20 $9.16
Tangible Book Value per Share		 $14.30 $10.20 $9.16
Total Capital		 5,044 5,244 5,625
Total Debt		 4,240 4,461 4,895
Total Long-Term Debt		 4.89 2.48 0.00
Net Debt		 3,961 4,263 4,684
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 121 4.76 0.00
Net Nonoperating Obligations (NNO)		 4,240 4,461 4,895
Total Depreciation and Amortization (D&A)		 -20 -24 -13
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($12.21) ($0.85) $0.65
Adjusted Weighted Average Basic Shares Outstanding		 34.16M 44.07M 53.77M
Adjusted Diluted Earnings per Share		 ($12.21) ($0.85) $0.65
Adjusted Weighted Average Diluted Shares Outstanding		 34.16M 44.07M 53.78M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.71M 48.46M 61.73M
Normalized Net Operating Profit after Tax (NOPAT)		 -282 -11 42
Normalized NOPAT Margin		 0.00% -264.88% 52.82%
Pre Tax Income Margin		 0.00% -378.41% 75.46%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -7.81 -0.07 0.24
NOPAT to Interest Expense		 -5.47 -0.05 0.24
EBIT Less CapEx to Interest Expense		 -7.81 -0.07 0.24
NOPAT Less CapEx to Interest Expense		 -5.47 -0.05 0.24
Payout Ratios		 - - -
Dividend Payout Ratio		 -34.82% -644.37% 176.13%
Augmented Payout Ratio		 -34.82% -644.37% 176.13%

Quarterly Metrics And Ratios for Invesco Mortgage Capital

This table displays calculated financial ratios and metrics derived from Invesco Mortgage Capital's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -246.47% 172.21% 112.00% 109.16% 33.27% -22.74% 27.47% -188.67% 171.08% -73.41%
EBITDA Growth		 -278.63% 148.09% 108.34% 101.57% 28.05% -44.77% 36.80% -1,022.00% 148.62% -98.12%
EBIT Growth		 -275.85% 155.69% 109.40% 103.72% 32.37% -25.40% 35.68% -430.21% 159.36% -87.11%
NOPAT Growth		 -223.09% 180.57% 113.42% 105.32% 32.37% -25.40% 35.68% -331.15% 184.80% -87.11%
Net Income Growth		 -275.85% 156.40% 109.40% 103.72% 32.37% -25.40% 35.68% -430.21% 159.36% -87.11%
EPS Growth		 -267.47% 133.96% 105.43% 99.15% 41.73% -43.33% 25.64% -1,166.67% 138.89% -117.65%
Operating Cash Flow Growth		 24.41% 65.64% 67.34% 113.03% 13.84% -54.30% -14.39% -61.91% -41.13% 95.30%
Free Cash Flow Firm Growth		 263.50% 2,171.74% -44.48% -131.30% -125.52% -105.09% -63.49% 150.35% 81.13% -118.68%
Invested Capital Growth		 -50.14% -39.99% -19.60% 36.06% 24.24% 3.97% -8.53% -13.47% 4.54% 7.27%
Revenue Q/Q Growth		 6.66% 143.42% -36.06% -64.65% -780.05% 150.27% 5.49% -124.59% 645.20% -81.20%
EBITDA Q/Q Growth		 7.75% 127.70% -36.04% -90.39% -4,327.07% 121.26% 58.45% -164.75% 322.92% -99.18%
EBIT Q/Q Growth		 7.40% 135.95% -41.13% -81.00% -1,782.17% 139.65% 7.07% -146.24% 402.39% -91.39%
NOPAT Q/Q Growth		 7.40% 151.35% -41.13% -81.00% -1,277.52% 156.64% 7.07% -132.37% 531.99% -91.39%
Net Income Q/Q Growth		 7.40% 135.95% -41.13% -81.00% -1,782.17% 139.65% 7.07% -146.24% 402.39% -91.39%
EPS Q/Q Growth		 21.02% 132.37% -56.67% -107.69% -5,300.00% 131.48% -3.92% -177.55% 265.79% -114.29%
Operating Cash Flow Q/Q Growth		 13.19% 50.63% -3.08% 28.91% -39.51% -39.52% 81.55% -42.65% -6.51% 100.64%
Free Cash Flow Firm Q/Q Growth		 -5.99% -26.26% -58.73% -209.40% 23.36% 85.30% 396.16% 50.86% -128.73% -70.38%
Invested Capital Q/Q Growth		 9.08% 8.42% 12.27% 2.48% -0.40% -9.27% -1.22% -3.06% 20.33% -6.90%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 0.00% 71.84% 71.87% 19.54% 0.00% 51.36% 77.14% 0.00% 83.06% 3.63%
EBIT Margin		 0.00% 87.87% 80.90% 43.48% 0.00% 84.85% 86.11% 0.00% 89.82% 41.14%
Profit (Net Income) Margin		 0.00% 87.87% 80.90% 43.48% 0.00% 84.85% 86.11% 0.00% 89.82% 41.14%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.18% 0.00% 1.56% 0.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.18% 0.00% 1.56% 0.60%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.38% 1.04% 0.00% 9.69% 3.71%
Return on Equity (ROE)		 -45.46% -36.53% -15.60% -4.38% 0.00% 0.45% 1.22% -3.22% 11.26% 4.31%
Cash Return on Invested Capital (CROIC)		 61.87% 45.79% 20.05% -31.10% -21.70% -4.10% 8.80% 14.11% -3.03% -5.92%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.18% 0.00% 1.55% 0.60%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.18% 0.00% 1.55% 0.60%
Return on Common Equity (ROCE)		 -30.56% -24.50% -9.82% -2.66% 0.00% 0.28% 0.78% -2.06% 7.33% 2.99%
Return on Equity Simple (ROE_SIMPLE)		 -66.21% 0.00% -18.35% -4.69% -0.84% 0.00% -1.04% -3.39% 9.75% 0.00%
Net Operating Profit after Tax (NOPAT)		 -71 36 21 4.08 -48 27 29 -9.43 41 3.51
NOPAT Margin		 0.00% 87.87% 80.90% 43.48% 0.00% 84.85% 86.11% 0.00% 89.82% 41.14%
Net Nonoperating Expense Percent (NNEP)		 0.52% 0.00% 0.00% 0.00% 0.46% 0.00% 0.00% 0.09% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 12.13% 19.10% 54.71% 0.00% 14.82% 13.77% 0.00% 10.35% 56.10%
Earnings before Interest and Taxes (EBIT)		 -101 36 21 4.08 -69 27 29 -13 41 3.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -108 30 19 1.83 -77 16 26 -17 38 0.31
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.56 0.60 0.63 0.74 0.73 0.72 0.86 0.91 0.85 0.88
Price to Tangible Book Value (P/TBV)		 0.56 0.60 0.63 0.74 0.73 0.72 0.86 0.91 0.85 0.88
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 26.27 85.38 37.45 0.00 4.78 6.16
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.87 14.06
Dividend Yield		 46.22% 38.88% 35.74% 31.16% 37.36% 30.47% 25.36% 17.84% 17.83% 19.88%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.71% 7.11%
Enterprise Value to Invested Capital (EV/IC)		 0.90 0.90 0.92 0.92 0.91 0.94 0.95 0.96 0.96 0.95
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 387.89 1,171.28 427.57 0.00 56.25 67.38
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 91.41 113.38
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.25 89.29
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.25 89.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.80 23.28 23.46 19.80 19.20 20.64 21.51 27.49 37.83 29.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.97 1.48 4.11 0.00 0.00 0.00 10.29 6.28 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 5.11 5.27 5.79 5.90 6.36 5.70 5.59 5.61 6.05 6.70
Long-Term Debt to Equity		 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 5.31 5.10 5.48 4.59 5.75 5.48 5.69 5.76 6.20 6.18
Leverage Ratio		 6.34 6.14 6.52 5.65 6.80 6.54 6.75 6.83 7.26 7.25
Compound Leverage Factor		 6.34 6.14 6.52 5.65 6.80 6.54 6.75 6.83 7.26 7.25
Debt to Total Capital		 83.64% 84.06% 85.27% 85.51% 86.42% 85.07% 84.83% 84.88% 85.82% 87.01%
Short-Term Debt to Total Capital		 83.64% 83.96% 85.24% 85.51% 86.42% 85.03% 84.83% 84.88% 85.81% 87.01%
Long-Term Debt to Total Capital		 0.00% 0.10% 0.03% 0.00% 0.00% 0.05% 0.01% 0.00% 0.01% 0.00%
Preferred Equity to Total Capital		 6.42% 5.92% 5.28% 5.11% 5.08% 5.50% 5.48% 5.58% 4.61% 3.10%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 9.94% 10.02% 9.46% 9.38% 8.50% 9.42% 9.68% 9.54% 9.57% 9.89%
Debt to EBITDA		 -7.56 -10.02 -27.53 -87.45 -188.37 -111.32 -132.93 -82.31 81.90 103.79
Net Debt to EBITDA		 -7.04 -9.36 -26.22 -81.57 -174.80 -106.36 -126.87 -78.77 79.24 99.32
Long-Term Debt to EBITDA		 0.00 -0.01 -0.01 0.00 0.00 -0.06 -0.01 0.00 0.01 0.00
Debt to NOPAT		 -11.03 -15.03 -45.07 -179.80 -1,081.58 -401.86 -765.56 -236.50 62.04 81.74
Net Debt to NOPAT		 -10.28 -14.04 -42.94 -167.70 -1,003.68 -383.97 -730.63 -226.33 60.03 78.22
Long-Term Debt to NOPAT		 0.00 -0.02 -0.01 0.00 0.00 -0.22 -0.07 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 32.77% 32.94% 37.04% 39.36% 0.00% 37.01% 35.97% 36.06% 34.86% 30.58%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,607 3,397 1,402 -1,534 -1,175 -173 512 772 -222 -378
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 255.83 105.50 28.20 -25.99 -17.89 -3.21 8.31 13.00 -3.35 -6.05
Operating Cash Flow to Interest Expense		 2.55 2.15 1.35 1.47 0.80 0.59 0.93 0.56 0.46 0.99
Operating Cash Flow Less CapEx to Interest Expense		 2.55 2.15 1.35 1.47 0.80 0.59 0.93 0.56 0.46 0.99
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 4,652 5,044 5,663 5,803 5,780 5,244 5,180 5,021 6,042 5,625
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01
Increase / (Decrease) in Invested Capital		 -4,678 -3,361 -1,381 1,538 1,127 200 -483 -782 263 381
Enterprise Value (EV)		 4,183 4,564 5,234 5,326 5,287 4,909 4,908 4,797 5,787 5,347
Market Capitalization		 257 305 336 401 358 358 430 438 492 489
Book Value per Share		 $14.00 $14.30 $13.83 $13.07 $11.02 $10.20 $10.27 $9.81 $10.55 $9.16
Tangible Book Value per Share		 $14.00 $14.30 $13.83 $13.07 $11.02 $10.20 $10.27 $9.81 $10.55 $9.16
Total Capital		 4,652 5,044 5,663 5,803 5,780 5,244 5,180 5,021 6,042 5,625
Total Debt		 3,891 4,240 4,829 4,962 4,995 4,461 4,394 4,262 5,185 4,895
Total Long-Term Debt		 0.01 4.89 1.57 0.00 0.00 2.48 0.41 0.00 0.34 0.00
Net Debt		 3,627 3,961 4,600 4,628 4,635 4,263 4,194 4,079 5,017 4,684
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 30 0.00 0.00 0.00 21 0.00 0.00 4.04 0.00 0.00
Net Nonoperating Obligations (NNO)		 3,891 4,240 4,829 4,962 4,995 4,461 4,394 4,262 5,185 4,895
Total Depreciation and Amortization (D&A)		 -6.20 -6.65 -2.39 -2.25 -8.84 -11 -3.04 -3.43 -3.07 -3.20
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.78) $0.90 $0.39 ($0.03) ($1.62) $0.51 $0.49 ($0.38) $0.63 ($0.09)
Adjusted Weighted Average Basic Shares Outstanding		 35.35M 34.16M 41.65M 44.58M 48.46M 44.07M 48.83M 54.82M 60.73M 53.77M
Adjusted Diluted Earnings per Share		 ($2.78) $0.90 $0.39 ($0.03) ($1.62) $0.51 $0.49 ($0.38) $0.63 ($0.09)
Adjusted Weighted Average Diluted Shares Outstanding		 35.35M 34.16M 41.65M 44.58M 48.46M 44.07M 48.83M 54.82M 60.73M 53.78M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.90 $0.00 $0.00 $0.00 $0.51 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.35M 38.71M 41.65M 44.58M 48.46M 48.46M 48.83M 54.82M 60.73M 61.73M
Normalized Net Operating Profit after Tax (NOPAT)		 -71 26 15 2.85 -48 19 20 -9.43 29 2.45
Normalized NOPAT Margin		 0.00% 61.51% 56.63% 30.44% 0.00% 59.39% 60.28% 0.00% 62.88% 28.80%
Pre Tax Income Margin		 0.00% 87.87% 80.90% 43.48% 0.00% 84.85% 86.11% 0.00% 89.82% 41.14%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -5.63 1.13 0.43 0.07 -1.04 0.51 0.47 -0.23 0.61 0.06
NOPAT to Interest Expense		 -3.94 1.13 0.43 0.07 -0.73 0.51 0.47 -0.16 0.61 0.06
EBIT Less CapEx to Interest Expense		 -5.63 1.13 0.43 0.07 -1.04 0.51 0.47 -0.23 0.61 0.06
NOPAT Less CapEx to Interest Expense		 -3.94 1.13 0.43 0.07 -0.73 0.51 0.47 -0.16 0.61 0.06
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 -29.35% -34.82% -87.06% -299.16% -1,606.31% -644.37% -1,172.39% -383.29% 120.61% 176.13%
Augmented Payout Ratio		 -29.35% -34.82% -87.06% -299.16% -1,606.31% -644.37% -1,172.39% -383.29% 120.61% 176.13%

Key Financial Trends

Invesco Mortgage Capital (NYSE: IVR) has experienced notable fluctuations in its financial performance over the past four years, with recent quarterly data from 2024 highlighting some trends and risks for investors to consider.

Positive Highlights:

  • Net Interest Income improved significantly from Q3 2023 ($7.51 million) to Q4 2024 ($13.68 million), demonstrating improved core earnings from interest rate spread activities.
  • The company showed a strong cash flow from operating activities in Q4 2024 at $61.86 million, nearly doubling from $30.83 million in Q3 2024, indicating solid operating cash generation capacity.
  • Total revenue in Q4 2024, though down from the previous quarter, remained positive at $8.52 million, supported mainly by interest income.
  • Recent quarters show sizeable proceeds from sales and maturities of investments, for example $553 million in Q4 2024, which supports liquidity.
  • Total assets have grown from approximately $4.7 billion in Q3 2022 to over $6.0 billion in Q3 2024, reflecting asset base expansion, notably in trading account securities.

Neutral Considerations:

  • Preferred stock dividends are consistently high, reducing net income attributable to common shareholders, illustrated by a $8.98 million dividend in Q4 2024 versus net income to common shareholders of -$5.47 million.
  • Issuance and repayment of debt have been sizeable and somewhat balanced, showing active liability management but also high leverage levels ($6.9B issuance vs $7.2B repayment in Q4 2024 financing activities).
  • The number of weighted average shares outstanding has increased over time (around 34 million in 2022 Q4 to about 53 million in 2024 Q4), diluting earnings per share but aiding capital raising.
  • Cash interest paid fluctuates, with significant amounts paid each quarter (e.g., $40.4 million in Q4 2024), reflecting borrowing costs that impact net profitability.
  • Total equity remains relatively low compared to liabilities, with around $857 million equity versus $5.2 billion liabilities as of Q3 2024, indicating a leveraged balance sheet common in mortgage REITs.

Negative Factors:

  • Net realized and unrealized capital losses in Q4 2024 amounted to -$5.16 million, continuing a trend of volatility in non-interest income that negatively affects total revenue.
  • Net income attributable to common shareholders turned negative (-$5.47 million) in Q4 2024, contrasting with positive net income in prior quarters like Q3 2024 ($35.27 million), indicating earnings instability.
  • Earnings per share dropped to -$0.09 diluted in Q4 2024 from positive $0.63 in Q3 2024, signaling a challenging profitability period.
  • Total pre-tax income plunged sharply in Q3 2023 with a net loss of approximately $68.6 million and Q4 2023 to Q1 2024 showed volatile earnings, reflecting high earnings variability likely linked to market conditions.
  • Large swings in net cash from investing activities, including massive investment purchases exceeding $1 billion in some quarters, increase risk associated with interest rate changes and investment market fluctuations.

Overall, Invesco Mortgage Capital shows typical characteristics of a mortgage REIT with sensitivity to interest rates, capital markets, and leverage. While net interest income and operating cash flows are generally positive and improving, the company's net income attributable to common shareholders shows volatility primarily due to capital gains/losses and preferred dividends. Investors should weigh the company's robust asset base and cash generation against its leveraged position and earnings variability when considering exposure.

08/22/25 02:58 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Invesco Mortgage Capital's Financials

When does Invesco Mortgage Capital's fiscal year end?

According to the most recent income statement we have on file, Invesco Mortgage Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Invesco Mortgage Capital's net income changed over the last 2 years?

Invesco Mortgage Capital's net income appears to be on a downward trend, with a most recent value of $59.88 million in 2024, falling from -$402.92 million in 2022. The previous period was -$15.86 million in 2023. Find out what analysts predict for Invesco Mortgage Capital in the coming months.

How has Invesco Mortgage Capital's revenue changed over the last 2 years?

Over the last 2 years, Invesco Mortgage Capital's total revenue changed from -$377.60 million in 2022 to $79.36 million in 2024, a change of -121.0%.

How much debt does Invesco Mortgage Capital have?

Invesco Mortgage Capital's total liabilities were at $4.96 billion at the end of 2024, a 10.1% increase from 2023, and a 15.5% increase since 2022.

How much cash does Invesco Mortgage Capital have?

In the past 2 years, Invesco Mortgage Capital's cash and equivalents has ranged from $73.40 million in 2024 to $175.54 million in 2022, and is currently $73.40 million as of their latest financial filing in 2024.

How has Invesco Mortgage Capital's book value per share changed over the last 2 years?

Over the last 2 years, Invesco Mortgage Capital's book value per share changed from 14.30 in 2022 to 9.16 in 2024, a change of -35.9%.


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This page (NYSE:IVR) was last updated on 8/22/2025 by MarketBeat.com Staff
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