RFA Financial (RFAF.F) Stock Overview

A diversified commercial real estate investment trust and is an unincorporated closed-end real estate investment trust, created under, and governed by, the laws of the Province of Manitoba. More details

RFAF.F fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	1/6
Dividends	3/6

Risk Analysis

Interest payments are not well covered by earnings

Earnings have declined by 45% per year over past 5 years

Shares are highly illiquid

Dividend of 7.83% is not well covered by earnings

RFAF.F Community Fair Values

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RFA Financial Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for RFA Financial
Historical stock prices
Current Share Price	CA$15.00
52 Week High	CA$17.91
52 Week Low	CA$10.01
Beta	0.54
1 Month Change	-12.89%
3 Month Change	n/a
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-14.90%

Recent updates

Shareholder Returns

	RFAF.F	US Diversified Financial	US Market
7D	49.9%	0.2%	-1.6%
1Y	n/a	-15.0%	15.2%

Return vs Industry: Insufficient data to determine how RFAF.F performed against the US Diversified Financial industry.

Return vs Market: Insufficient data to determine how RFAF.F performed against the US Market.

Price Volatility

Is RFAF.F's price volatile compared to industry and market?
RFAF.F volatility
RFAF.F Average Weekly Movement	n/a
Diversified Financial Industry Average Movement	6.5%
Market Average Movement	6.9%
10% most volatile stocks in US Market	16.1%
10% least volatile stocks in US Market	3.3%

Stable Share Price: RFAF.F's share price has been volatile over the past 3 months compared to the US market.

Volatility Over Time: Insufficient data to determine RFAF.F's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2004	143	Ben Rodney	www.artisreit.com

RFA Financial Inc. is a diversified commercial real estate investment trust and is an unincorporated closed-end real estate investment trust, created under, and governed by, the laws of the Province of Manitoba. The REIT was created pursuant to the Declaration of Trust dated November 8, 2004, as most recently amended and restated on December 19, 2021. Certain of the REIT's securities are listed on the Toronto Stock Exchange.

RFA Financial Inc. Fundamentals Summary

How do RFA Financial's earnings and revenue compare to its market cap?
RFAF.F fundamental statistics
Market cap	US$257.85m
Earnings (TTM)	-US$63.36m
Revenue (TTM)	US$144.16m

1.8x

P/S Ratio

-4.1x

P/E Ratio

Is RFAF.F overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
RFAF.F income statement (TTM)
Revenue	CA$199.77m
Cost of Revenue	CA$120.05m
Gross Profit	CA$79.73m
Other Expenses	CA$167.53m
Earnings	-CA$87.80m

Last Reported Earnings

Sep 30, 2025

Next Earnings Date

May 12, 2026

Earnings per share (EPS)	-5.65
Gross Margin	39.91%
Net Profit Margin	-43.95%
Debt/Equity Ratio	78.3%

How did RFAF.F perform over the long term?

See historical performance and comparison

Dividends

7.8%

Current Dividend Yield

-68%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/03/27 05:46
End of Day Share Price	2026/03/23 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

RFA Financial Inc. is covered by 7 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Pauline Alimchandani	BMO Capital Markets Equity Research
Dean Wilkinson	CIBC Capital Markets
Sumayya Syed Hussain	CIBC Capital Markets

RFA Financial Inc.OTCPK:RFAF.F Stock Report