ARMOUR Residential REIT, Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

ARMOUR Residential REIT, Inc. trades at $16.4, building a base and 4 weeks into that stage. That is −4.4% against its own 200-day average. It sits at 40% of a 52-week range of $15 to $19. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (20 weeks and counting).

Today the stock is building a base — week 4 of stage 1. At $16.4 it trades −4.4% versus its 200-day average and sits at 40% of its 52-week range ($15–$19).

Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved −84% while the S&P 500 moved +248% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (20 weeks and counting; last ahead the week of 2026-03-13) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

ARMOUR Residential REIT, Inc. trades at 4.6× P/E, against too little history to rank. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 4.6× is against too little history to rank. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

ARMOUR Residential REIT, Inc. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

38.6/100 — rank 26 of 29 in REIT - Mortgage · 48% evidence confidence · provisional, ranked below fully-evidenced peers

ARMOUR Residential REIT, Inc. scores 38.6 out of 100 against the 29 companies it is compared with in REIT - Mortgage, ranking 26. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 13.2 + 4.1 + 9.5 + 11.8 = 38.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

ARMOUR Residential REIT, Inc. reported $0.1 B of revenue in the Mar 26 quarter, +75.0% year on year. That is the 2nd straight quarter of year-on-year growth. Over 4 years it has compounded at 23.0% a year. The last full year, FY25, came in at $0.2 B. The last four reported quarters add to $0.2 B.

ARMOUR Residential REIT, Inc. reported $0.1 B of revenue in the Mar 26 quarter, +75.0% year on year. That is the 2nd straight quarter of year-on-year growth. Over 4 years it has compounded at 23.0% a year. The last full year, FY25, came in at $0.2 B. The last four reported quarters add to $0.2 B.

FY25 revenue came in at $0.2 B (+433.3% on the year), capping 4 years at 23.0% compound. The latest quarter (Mar 26) printed $0.1 B, +75.0% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +225.0% growth against the decade's 23.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +216.7% over the last 4 quarters against +151.7%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 85.7% this quarter (+35.7 pp YoY).

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

ARMOUR Residential REIT, Inc.'s operating margin is 85.7% in the Mar 26 quarter, +35.7 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged −100.0% to 62.5%. The current quarter is running above every full year in that window.

ARMOUR Residential REIT, Inc.'s operating margin is 85.7% in the Mar 26 quarter, +35.7 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged −100.0% to 62.5%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 85.7%, +35.7 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −100.0%–62.5%, and FY25's 62.5% is the top of that band — a record year.

Why the margin moved: operating margin went +35.7 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit −266.7% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

ARMOUR Residential REIT, Inc. posted a net loss of $0.1 B in the Mar 26 quarter. Full-year FY25 profit was $0.3 B. The 4-year compound rate is 100.0%. That loss is 71.4% of the quarter's revenue. The same quarter a year earlier earned $0.0 B. 5 of the last 12 reported quarters were loss-making.

ARMOUR Residential REIT, Inc. posted a net loss of $0.1 B in the Mar 26 quarter. Full-year FY25 profit was $0.3 B. The 4-year compound rate is 100.0%. That loss is 71.4% of the quarter's revenue. The same quarter a year earlier earned $0.0 B. 5 of the last 12 reported quarters were loss-making.

Mar 26 profit was $−0.1 B, −266.7% year on year. On the full year, FY25 printed $0.3 B (null), and the 4-year compound rate is 100.0%.

→ Profit rose — but did the cash follow? Next: 38% of the last 2 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 38% of ARMOUR Residential REIT, Inc.'s reported profit arrived as operating cash — a gap worth watching. In FY25 that was $0.1 B of operating cash against $0.3 B of profit. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of $0.1 B against reported profit of $0.3 B. Across the last 2 fiscal years the conversion rate is 38% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

ARMOUR Residential REIT, Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROE is 20%.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

ARMOUR Residential REIT, Inc. earns a ROE of 14% in FY25. That is up from a trough of −21% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 200.0% net margin on 0.01× asset turns.

FY25 ROE is 14%, recovered from a FY22 trough of −21% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 200.0% net margin × 0.01× asset turns × 9.30× balance-sheet leverage ≈ 18.6% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 7.57.

Dividend

ARMOUR Residential REIT, Inc. pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

ARMOUR Residential REIT, Inc. does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

→ No payout to follow. The cash question becomes what the business does with what it earns instead.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Debt-to-equity is 7.57 at the latest reading — carrying real leverage; a full borrowings history is not in our numbers.

We hold only the latest reading here: a debt-to-equity of 7.57 — a level of leverage that amplifies both the returns above and the risk. A year-by-year borrowings ladder is not in our numbers for this stock, so we say that rather than draw a chart we cannot support.

→ Who owns this, and are they adding or leaving? Next: short interest is 0.0% of the float.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

0.0% of ARMOUR Residential REIT, Inc.'s tradable float is currently sold short — the crowd is not positioned against this stock. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead. It is a single point-in-time reading, and its history is not held.

The latest reading: 0.0% of the float is sold short. The crowd is not positioned against this stock. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

ARMOUR Residential REIT, Inc.: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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