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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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
Over the past two years, Invesco Mortgage Capital (NYSE: IVR) has experienced significant fluctuations in its financial performance and position, showing a mix of improving and challenging factors.
- The company generated positive net income in most quarters of 2023 and early 2024, including Q4 2023 ($27.2M) and Q1 through Q3 2024 (ranging from $29.1M to $40.7M), driven by solid net interest income and occasional capital gains.
- Net interest income has generally remained positive and relatively stable, with quarterly figures around $7M to $13.6M in 2024, indicating steady core income from mortgage investments.
- Operating cash flows have been strong in recent quarters, with Q4 2024 showing $61.8M in net cash from operating activities, supporting liquidity and operations.
- The balance sheet shows substantial assets, mainly trading account securities valued around $4.8B to $5.8B in 2024 quarters, demonstrating a large investment portfolio to generate income.
- Preferred stock remains a significant liability (roughly $278M to $284M), which entails dividend obligations that reduce income available to common shareholders.
- Common equity has remained positive but relatively small compared to liabilities, about $478M to $578M in 2024, indicating leverage that is typical for mortgage REITs but requiring monitoring.
- There were quarters with substantial losses, notably Q3 2023 and Q3 2022, where net income attributable to common shareholders was deeply negative (-$74.0M and -$94.6M respectively), reflecting volatility likely linked to unrealized capital losses.
- Net realized and unrealized capital gains/losses have a high impact on profitability, swinging between gains in some quarters (e.g., Q3 2024: +$37.8M) and significant losses in others (Q3 2023: -$73.2M, Q3 2022: -$127.3M), introducing earnings variability.
- Preferred dividends consistently exceed $5M per quarter, which, coupled with losses in some periods, have led to negative net income to common shareholders, especially in tough quarters like Q4 2024 (-$5.5M) and Q2 2024 (-$18.8M).
- Issuance and repayment of debt are very large and volatile, with billions issued and repaid each quarter, reflecting high financial leverage and refinancing risk.
In summary, Invesco Mortgage Capital has maintained stable core earnings through net interest income and has a strong asset base, but its profitability is highly sensitive to capital market fluctuations impacting its investment portfolio. The volatile capital gains and losses have caused significant swings in net income, especially impacting returns to common shareholders after preferred dividends. Investors should closely watch management of leverage, preferred stock obligations, and market valuations of mortgage-backed securities.
08/02/25 03:57 AMAI Generated. May Contain Errors.