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Chicago Atlantic Real Estate Finance, Inc. REFI

Nasdaq · reit · Real Estate Investment Trusts · website · IPO 2021-12-08

Chicago Atlantic Real Estate Finance, Inc. statistics & valuation

Market cap$236.0M
P / E6.6×
P / B0.8×
Dividend yield18.58%
Return on equity11.7%
Net debt$34.4M
Enterprise value USD$270.3M
Graham number +118.8%$23.30

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($23.30); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2022202320242025
Operating margin (%)
2022202320242025
Return on equity (%)
12.20% 14.20% 12.00% 11.70% 2022202320242025
Shares outstanding
17.7M 18.3M 20.8M 21.4M 2022202320242025
Net debt ($)
$22.7M $34.4M 2022202320242025
Share buybacks ($)
2022202320242025
Return on assets (%)
9.40% 10.80% 8.50% 8.50% 2022202320242025
Free cash flow margin (%)
2022202320242025
Debt / equity (×)
0.16× 0.16× 2022202320242025
EPS ($)
$1.82 $2.11 $1.88 $1.68 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Chicago Atlantic Real Estate Finance, Inc. trades at about 6.3× earnings — below its 10-year norm (10-year range 7.4×–8.5×, median 8.2×).

6.3× 8.5×

Shaded band = 10-year range (7.4×–8.5×); dot = today's 6.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Net margin———66.1%
Return on assets8.5%8.5%10.8%9.4%
Return on equity11.7%12.0%14.2%12.2%
Debt / equity0.16×0.16×——

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.