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Side-by-side financial comparison of MFA FINANCIAL, INC. (MFA) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $55.5M, roughly 1.0× MFA FINANCIAL, INC.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 9.2%).
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
MFA vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $57.6M |
| Net Profit | — | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 97.9% | — |
| Net Margin | — | — |
| Revenue YoY | 9.2% | 94.1% |
| Net Profit YoY | — | 71.6% |
| EPS (diluted) | $0.43 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $55.5M | $57.6M | ||
| Q3 25 | $56.8M | $49.5M | ||
| Q2 25 | $61.3M | $39.5M | ||
| Q1 25 | $57.5M | $28.5M | ||
| Q4 24 | $50.8M | $29.7M | ||
| Q3 24 | $50.6M | $16.4M | ||
| Q2 24 | $53.5M | $7.3M | ||
| Q1 24 | $47.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | $48.1M | $-30.0M | ||
| Q2 25 | $33.2M | $-75.8M | ||
| Q1 25 | $41.2M | $-94.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $48.2M | $-85.6M | ||
| Q2 24 | $41.9M | $-91.4M | ||
| Q1 24 | $23.2M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 97.9% | — | ||
| Q3 25 | 84.5% | -30.8% | ||
| Q2 25 | 54.5% | -151.7% | ||
| Q1 25 | 70.0% | -276.5% | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 98.2% | -433.0% | ||
| Q2 24 | 79.1% | -1055.4% | ||
| Q1 24 | 50.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | 84.7% | -60.5% | ||
| Q2 25 | 54.2% | -191.9% | ||
| Q1 25 | 71.6% | -330.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 95.2% | -523.3% | ||
| Q2 24 | 78.4% | -1248.6% | ||
| Q1 24 | 48.5% | — |
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.35 | $-0.41 | ||
| Q2 25 | $0.21 | $-1.05 | ||
| Q1 25 | $0.31 | $-1.31 | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $0.37 | $-1.32 | ||
| Q2 24 | $0.32 | $-1.56 | ||
| Q1 24 | $0.14 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $213.2M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $1.8B | $-438.2M |
| Total Assets | $13.0B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $213.2M | $130.0M | ||
| Q3 25 | $305.2M | $135.2M | ||
| Q2 25 | $275.7M | $149.6M | ||
| Q1 25 | $253.7M | $212.3M | ||
| Q4 24 | $338.9M | $297.3M | ||
| Q3 24 | $305.6M | $334.7M | ||
| Q2 24 | $289.4M | $276.2M | ||
| Q1 24 | $306.3M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $1.8B | $-438.2M | ||
| Q3 25 | $1.8B | $-422.5M | ||
| Q2 25 | $1.8B | $-405.8M | ||
| Q1 25 | $1.8B | $-338.4M | ||
| Q4 24 | $1.8B | $-253.6M | ||
| Q3 24 | $1.9B | $-187.1M | ||
| Q2 24 | $1.9B | $-233.8M | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $13.0B | $259.1M | ||
| Q3 25 | $12.1B | $240.3M | ||
| Q2 25 | $11.7B | $250.2M | ||
| Q1 25 | $11.5B | $294.2M | ||
| Q4 24 | $11.4B | $378.3M | ||
| Q3 24 | $11.2B | $387.0M | ||
| Q2 24 | $11.1B | $319.4M | ||
| Q1 24 | $10.9B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $76.2M | $-166.8M |
| Free Cash FlowOCF − Capex | — | $-167.0M |
| FCF MarginFCF / Revenue | — | -290.0% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $-166.8M | ||
| Q3 25 | $14.7M | $-14.1M | ||
| Q2 25 | $38.5M | $-62.7M | ||
| Q1 25 | $-14.6M | $-84.9M | ||
| Q4 24 | $200.1M | $-266.8M | ||
| Q3 24 | $-11.3M | $-63.6M | ||
| Q2 24 | $46.5M | $-70.7M | ||
| Q1 24 | $53.5M | — |
| Q4 25 | — | $-167.0M | ||
| Q3 25 | — | $-14.1M | ||
| Q2 25 | — | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.9M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.8M | ||
| Q1 24 | — | — |
| Q4 25 | — | -290.0% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | — | -899.8% | ||
| Q3 24 | — | -389.0% | ||
| Q2 24 | — | -966.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.23× | — | ||
| Q2 24 | 1.11× | — | ||
| Q1 24 | 2.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
