Invesco Mortgage Capital

IVR

REIT - Mortgage · Real Estate

Price

$7.46

+0.02 (+0.27%)

Market Cap

$534.5M

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+141.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.5M (2021) → 66.3M (2025)

Invesco Mortgage Capital Inc. functions as a real estate investment trust (REIT), concentrating on acquiring, funding, and overseeing a diverse portfolio of mortgage-backed securities and other assets linked to real estate. Its holdings include both residential and commercial mortgage-backed securities, encompassing those guaranteed by U.S. government agencies or federally chartered corporations, as well as those lacking such guarantees. The company also invests in credit risk transfer (CRT) securities—unsecured obligations from government-sponsored enterprises—alongside residential and commercial mortgage loans, and various other real estate-related financial arrangements. Established in 2008 and based in Atlanta, Georgia, the company has opted for REIT tax status, which typically allows it to bypass federal corporate income taxes by distributing at least 90% of its taxable earnings to shareholders.

Winston Score History

Score breakdown

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Quality

Gross Margin

88.0%

Premium pricing power — 88.0% gross margin

Operating Margin

132.3%

Excellent — 132.3% operating margin

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-25.8%

Shrinking sales (-25.8% YoY)

EPS YoY

+104.8%

Earnings growing fast (104.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

266%

Turns 266% of profit into real cash

FCF Margin

58.6%

Converts sales into free cash efficiently (58.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

6.09

Heavy debt load (6.09)

Interest Cover

0.79x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

8.7x

Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.7 → 3.7)

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Dividends

Dividend Yield

20.64%

Healthy income — 20.64% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-33.3%

Dividend cut (-33.3% YoY) — warning sign

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