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CHICAGO ATLANTIC REAL ESTATE (REFI) Stock Fundamental Analysis

USA - NASDAQ:REFI - US1672391026 - REIT

12.67 USD
+0.01 (+0.08%)
Last: 10/6/2025, 8:58:16 PM
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to REFI. REFI was compared to 67 industry peers in the Mortgage Real Estate Investment Trusts (REITs)" industry. REFI has an excellent profitability rating, but there are some minor concerns on its financial health. REFI has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year REFI was profitable.
REFI had a positive operating cash flow in the past year.
REFI had positive earnings in 4 of the past 5 years.
Of the past 5 years REFI 4 years had a positive operating cash flow.
REFI Yearly Net Income VS EBIT VS OCF VS FCFREFI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 10M 20M 30M

1.2 Ratios

With an excellent Return On Assets value of 8.36%, REFI belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
Looking at the Return On Equity, with a value of 12.27%, REFI belongs to the top of the industry, outperforming 97.01% of the companies in the same industry.
REFI's Return On Invested Capital of 6.95% is amongst the best of the industry. REFI outperforms 98.51% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for REFI is significantly above the industry average of 1.28%.
Industry RankSector Rank
ROA 8.36%
ROE 12.27%
ROIC 6.95%
ROA(3y)9.57%
ROA(5y)N/A
ROE(3y)12.82%
ROE(5y)N/A
ROIC(3y)7.95%
ROIC(5y)N/A
REFI Yearly ROA, ROE, ROICREFI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 5 10

1.3 Margins

Looking at the Profit Margin, with a value of 60.07%, REFI belongs to the top of the industry, outperforming 98.51% of the companies in the same industry.
REFI's Profit Margin has declined in the last couple of years.
With an excellent Operating Margin value of 60.07%, REFI belongs to the best of the industry, outperforming 95.52% of the companies in the same industry.
In the last couple of years the Operating Margin of REFI has declined.
REFI has a Gross Margin of 88.39%. This is amongst the best in the industry. REFI outperforms 97.01% of its industry peers.
Industry RankSector Rank
OM 60.07%
PM (TTM) 60.07%
GM 88.39%
OM growth 3Y-11.53%
OM growth 5YN/A
PM growth 3Y-11.31%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
REFI Yearly Profit, Operating, Gross MarginsREFI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 20 40 60 80

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6

2. Health

2.1 Basic Checks

REFI has more shares outstanding than it did 1 year ago.
REFI has a worse debt/assets ratio than last year.
REFI Yearly Shares OutstandingREFI Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 5M 10M 15M 20M
REFI Yearly Total Debt VS Total AssetsREFI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

REFI has an Altman-Z score of 1.52. This is a bad value and indicates that REFI is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.52, REFI belongs to the top of the industry, outperforming 91.04% of the companies in the same industry.
REFI has a debt to FCF ratio of 4.99. This is a neutral value as REFI would need 4.99 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 4.99, REFI belongs to the top of the industry, outperforming 98.51% of the companies in the same industry.
A Debt/Equity ratio of 0.39 indicates that REFI is not too dependend on debt financing.
REFI has a better Debt to Equity ratio (0.39) than 98.51% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF 4.99
Altman-Z 1.52
ROIC/WACCN/A
WACCN/A
REFI Yearly LT Debt VS Equity VS FCFREFI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 100M 200M 300M

2.3 Liquidity

A Current Ratio of 1.63 indicates that REFI should not have too much problems paying its short term obligations.
The Current ratio of REFI (1.63) is better than 92.54% of its industry peers.
A Quick Ratio of 1.63 indicates that REFI should not have too much problems paying its short term obligations.
REFI's Quick ratio of 1.63 is amongst the best of the industry. REFI outperforms 92.54% of its industry peers.
Industry RankSector Rank
Current Ratio 1.63
Quick Ratio 1.63
REFI Yearly Current Assets VS Current LiabilitesREFI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2021 2022 2023 2024 20M 40M 60M 80M

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4

3. Growth

3.1 Past

REFI shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -7.58%.
REFI shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 8.53% yearly.
The Revenue has been growing slightly by 1.94% in the past year.
The Revenue has been growing by 77.47% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-7.58%
EPS 3Y8.53%
EPS 5YN/A
EPS Q2Q%-10.87%
Revenue 1Y (TTM)1.94%
Revenue growth 3Y77.47%
Revenue growth 5YN/A
Sales Q2Q%9.85%

3.2 Future

Based on estimates for the next years, REFI will show a small growth in Earnings Per Share. The EPS will grow by 0.48% on average per year.
REFI is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.95% yearly.
EPS Next Y-3.97%
EPS Next 2Y-2.7%
EPS Next 3Y0.48%
EPS Next 5YN/A
Revenue Next Year-1.23%
Revenue Next 2Y1.71%
Revenue Next 3Y4.95%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
REFI Yearly Revenue VS EstimatesREFI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M
REFI Yearly EPS VS EstimatesREFI Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2

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6

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 6.92, the valuation of REFI can be described as very cheap.
REFI's Price/Earnings ratio is rather cheap when compared to the industry. REFI is cheaper than 88.06% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.90. REFI is valued rather cheaply when compared to this.
With a Price/Forward Earnings ratio of 7.12, the valuation of REFI can be described as very cheap.
Based on the Price/Forward Earnings ratio, REFI is valued cheaper than 82.09% of the companies in the same industry.
REFI's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.36.
Industry RankSector Rank
PE 6.92
Fwd PE 7.12
REFI Price Earnings VS Forward Price EarningsREFI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, REFI is valued a bit cheaper than 65.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF 11.07
EV/EBITDA N/A
REFI Per share dataREFI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10

4.3 Compensation for Growth

REFI has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-2.7%
EPS Next 3Y0.48%

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5

5. Dividend

5.1 Amount

REFI has a Yearly Dividend Yield of 14.63%, which is a nice return.
Compared to an average industry Dividend Yield of 11.68, REFI pays a better dividend. On top of this REFI pays more dividend than 88.06% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.44, REFI pays a better dividend.
Industry RankSector Rank
Dividend Yield 14.63%

5.2 History

REFI has been paying a dividend for over 5 years, so it has already some track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
REFI Yearly Dividends per shareREFI Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

REFI pays out 111.84% of its income as dividend. This is not a sustainable payout ratio.
DP111.84%
EPS Next 2Y-2.7%
EPS Next 3Y0.48%
REFI Yearly Income VS Free CF VS DividendREFI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2021 2022 2023 2024 10M 20M 30M 40M
REFI Dividend Payout.REFI Dividend Payout, showing the Payout Ratio.REFI Dividend Payout.PayoutRetained Earnings

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CHICAGO ATLANTIC REAL ESTATE

NASDAQ:REFI (10/6/2025, 8:58:16 PM)

12.67

+0.01 (+0.08%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryMortgage Real Estate Investment Trusts (REITs)"
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-05 2025-11-05/bmo
Inst Owners33.45%
Inst Owner Change0%
Ins Owners14.07%
Ins Owner Change0.32%
Market Cap266.96M
Analysts81.82
Price Target17.98 (41.91%)
Short Float %2.21%
Short Ratio3.27
Dividend
Industry RankSector Rank
Dividend Yield 14.63%
Yearly Dividend2.13
Dividend Growth(5Y)N/A
DP111.84%
Div Incr Years0
Div Non Decr Years0
Ex-Date09-30 2025-09-30 (0.47)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.5%
Min EPS beat(2)-9.16%
Max EPS beat(2)0.17%
EPS beat(4)2
Avg EPS beat(4)-2.41%
Min EPS beat(4)-15.03%
Max EPS beat(4)14.38%
EPS beat(8)3
Avg EPS beat(8)-4.45%
EPS beat(12)5
Avg EPS beat(12)-3.22%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.28%
Min Revenue beat(2)-4.02%
Max Revenue beat(2)4.58%
Revenue beat(4)2
Avg Revenue beat(4)0.91%
Min Revenue beat(4)-4.02%
Max Revenue beat(4)6.78%
Revenue beat(8)3
Avg Revenue beat(8)-1.56%
Revenue beat(12)6
Avg Revenue beat(12)0.25%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)1.54%
EPS NQ rev (3m)-11.11%
EPS NY rev (1m)-0.75%
EPS NY rev (3m)-5.52%
Revenue NQ rev (1m)0.91%
Revenue NQ rev (3m)-5.88%
Revenue NY rev (1m)1.37%
Revenue NY rev (3m)-3.54%
Valuation
Industry RankSector Rank
PE 6.92
Fwd PE 7.12
P/S 4.21
P/FCF 11.07
P/OCF 11.07
P/B 0.86
P/tB 0.86
EV/EBITDA N/A
EPS(TTM)1.83
EY14.44%
EPS(NY)1.78
Fwd EY14.05%
FCF(TTM)1.14
FCFY9.03%
OCF(TTM)1.14
OCFY9.03%
SpS3.01
BVpS14.71
TBVpS14.71
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 8.36%
ROE 12.27%
ROCE 8.8%
ROIC 6.95%
ROICexc 7.57%
ROICexgc 7.57%
OM 60.07%
PM (TTM) 60.07%
GM 88.39%
FCFM 38.07%
ROA(3y)9.57%
ROA(5y)N/A
ROE(3y)12.82%
ROE(5y)N/A
ROIC(3y)7.95%
ROIC(5y)N/A
ROICexc(3y)8.22%
ROICexc(5y)N/A
ROICexgc(3y)8.22%
ROICexgc(5y)N/A
ROCE(3y)10.97%
ROCE(5y)N/A
ROICexcg growth 3Y24.05%
ROICexcg growth 5YN/A
ROICexc growth 3Y24.05%
ROICexc growth 5YN/A
OM growth 3Y-11.53%
OM growth 5YN/A
PM growth 3Y-11.31%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.14
Health
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF 4.99
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 5.19
Cash Conversion N/A
Profit Quality 63.39%
Current Ratio 1.63
Quick Ratio 1.63
Altman-Z 1.52
F-Score3
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)62.87%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-7.58%
EPS 3Y8.53%
EPS 5YN/A
EPS Q2Q%-10.87%
EPS Next Y-3.97%
EPS Next 2Y-2.7%
EPS Next 3Y0.48%
EPS Next 5YN/A
Revenue 1Y (TTM)1.94%
Revenue growth 3Y77.47%
Revenue growth 5YN/A
Sales Q2Q%9.85%
Revenue Next Year-1.23%
Revenue Next 2Y1.71%
Revenue Next 3Y4.95%
Revenue Next 5YN/A
EBIT growth 1Y2.28%
EBIT growth 3Y57.01%
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y11.92%
FCF growth 3Y51.43%
FCF growth 5YN/A
OCF growth 1Y11.92%
OCF growth 3Y51.43%
OCF growth 5YN/A