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Side-by-side financial comparison of MFA FINANCIAL, INC. (MFA) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $55.5M, roughly 1.8× MFA FINANCIAL, INC.). On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 9.2%). Over the past eight quarters, MFA FINANCIAL, INC.'s revenue compounded faster (7.7% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
MFA vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $100.0M |
| Net Profit | — | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 97.9% | -10.7% |
| Net Margin | — | -7.0% |
| Revenue YoY | 9.2% | 14.5% |
| Net Profit YoY | — | 76.0% |
| EPS (diluted) | $0.43 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $56.8M | $161.9M | ||
| Q2 25 | $61.3M | $172.6M | ||
| Q1 25 | $57.5M | $111.4M | ||
| Q4 24 | $50.8M | $87.3M | ||
| Q3 24 | $50.6M | $150.5M | ||
| Q2 24 | $53.5M | $160.1M | ||
| Q1 24 | $47.8M | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $48.1M | $8.1M | ||
| Q2 25 | $33.2M | $16.0M | ||
| Q1 25 | $41.2M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $48.2M | $5.9M | ||
| Q2 24 | $41.9M | $13.3M | ||
| Q1 24 | $23.2M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 97.9% | -10.7% | ||
| Q3 25 | 84.5% | 13.3% | ||
| Q2 25 | 54.5% | 14.3% | ||
| Q1 25 | 70.0% | -4.4% | ||
| Q4 24 | 6.8% | -14.9% | ||
| Q3 24 | 98.2% | 8.9% | ||
| Q2 24 | 79.1% | 12.5% | ||
| Q1 24 | 50.7% | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | 84.7% | 5.0% | ||
| Q2 25 | 54.2% | 9.3% | ||
| Q1 25 | 71.6% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | 95.2% | 3.9% | ||
| Q2 24 | 78.4% | 8.3% | ||
| Q1 24 | 48.5% | -7.1% |
| Q4 25 | $0.43 | $-0.06 | ||
| Q3 25 | $0.35 | $0.07 | ||
| Q2 25 | $0.21 | $0.13 | ||
| Q1 25 | $0.31 | $-0.05 | ||
| Q4 24 | $-0.01 | $-0.24 | ||
| Q3 24 | $0.37 | $0.05 | ||
| Q2 24 | $0.32 | $0.11 | ||
| Q1 24 | $0.14 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $1.8B | $405.9M |
| Total Assets | $13.0B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $213.2M | — | ||
| Q3 25 | $305.2M | — | ||
| Q2 25 | $275.7M | — | ||
| Q1 25 | $253.7M | — | ||
| Q4 24 | $338.9M | — | ||
| Q3 24 | $305.6M | — | ||
| Q2 24 | $289.4M | — | ||
| Q1 24 | $306.3M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.8B | $405.9M | ||
| Q3 25 | $1.8B | $408.4M | ||
| Q2 25 | $1.8B | $398.4M | ||
| Q1 25 | $1.8B | $381.1M | ||
| Q4 24 | $1.8B | $387.2M | ||
| Q3 24 | $1.9B | $416.6M | ||
| Q2 24 | $1.9B | $408.1M | ||
| Q1 24 | $1.9B | $391.8M |
| Q4 25 | $13.0B | $823.2M | ||
| Q3 25 | $12.1B | $844.4M | ||
| Q2 25 | $11.7B | $822.1M | ||
| Q1 25 | $11.5B | $824.6M | ||
| Q4 24 | $11.4B | $794.2M | ||
| Q3 24 | $11.2B | $853.4M | ||
| Q2 24 | $11.1B | $830.0M | ||
| Q1 24 | $10.9B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $23.3M | ||
| Q3 25 | $14.7M | $51.0M | ||
| Q2 25 | $38.5M | $36.0M | ||
| Q1 25 | $-14.6M | $-46.9M | ||
| Q4 24 | $200.1M | $6.2M | ||
| Q3 24 | $-11.3M | $37.2M | ||
| Q2 24 | $46.5M | $52.4M | ||
| Q1 24 | $53.5M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.31× | 6.29× | ||
| Q2 25 | 1.16× | 2.25× | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.23× | 6.32× | ||
| Q2 24 | 1.11× | 3.95× | ||
| Q1 24 | 2.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MFA
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
