PennyMac Mortgage Investment Trust

PMT · NYSE · Real Estate · Financials, fiscal 2016 to 2025

PMT · Last close · November 6, 2026

$7.85

Value PennyMac Mortgage Investment Trust yourself

PennyMac Mortgage Investment Trust's revenue fell 8.0% to $308 million in fiscal 2025. Its net margin was 41.6%, down from 48.2% a year earlier. It paid out $139 million in dividends and buybacks. The diluted share count rose 0.2%.

PennyMac Mortgage Investment Trust Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001193125-26-057041 Updated November 5, 2026

Revenue

$308M

8.0%

Net margin

41.6%

6.6 pts

Net income

$128M

20.6%

Free cash flow

—

Return on capital

37.6%

19.0 pts

Market cap

$685M

Nov 6 close

P/E

16.7x

On $0.47 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 1.0% a year and net income grew 6.0% a year, as new shares raised the share count by 13% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	227	364	409	441	462
Debt incl. finance leases	4,488	5,071	5,149	1,008	1,094
Net debt (negative means net cash)	4,261	4,707	4,739	567	632
Net debt to EBITDA	—	—	—	—	—
Debt to equity	1.9x	2.6x	2.6x	0.5x	0.6x
Interest coverage	1.1x	1.1x	1.3x	1.2x	1.1x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for PennyMac Mortgage Investment Trust's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project PennyMac Mortgage Investment Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open PennyMac Mortgage Investment Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $143,207 of PennyMac Mortgage Investment Trust shares on the open market, and 1 insider sold $64,440, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	Gregory L HendryChief Accounting Officer	Sold plan	2,443	$7.73	$18,884	Form 4
Sep 1, 2026	Gregory L HendryChief Accounting Officer	Sold plan	2,444	$9.27	$22,656	Form 4
Aug 3, 2026	Gregory L HendryChief Accounting Officer	Sold plan	2,444	$9.37	$22,900	Form 4
Jan 23, 2026	Catherine A. LynchDirector	Bought	1,451	$13.24	$19,207	Form 4
Nov 17, 2025	David SpectorChairman and CEO, Director	Bought	10,000	$12.40	$124,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−8.4%	20.8%	41.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put PennyMac Mortgage Investment Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
PennyMac Mortgage Investment Trust	FY25	−8.0%	—	—	37.6%	—	—
Franklin BSP Realty Trust	FY25	20.9%	—	108.0%	25.6%	−0.5x	—	Compare
Arbor Realty Trust	FY25	−18.0%	34.6%	—	1.2%	53.0x	—	Compare
Starwood Property Trust	FY25	−5.3%	—	5.4%	—	—	—	Compare
AGNC Investment	FY25	19.5%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	272	318	351	489	469	420	304	429	334	308
Revenue growth	9.4%	16.9%	10.4%	39.2%	−4.0%	−10.4%	−27.7%	41.2%	−22.1%	−8.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	76	118	153	226	52	57	−73	200	161	128
Diluted EPS (US$)	1.08	1.48	1.99	2.42	0.27	0.26	−1.26	1.63	1.37	0.99
Diluted shares (millions)	77	75	69	88	99	97	91	112	87	87
Cash flow
Cash from operations	−622	223	−574	−2,985	672	−2,820	1,784	1,340	−2,703	−7,213
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	132	126	116	141	152	184	174	141	139	139
Share buybacks	98	91	11	0	37	57	88	28	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	6	5	5	6	2	2	4	5	4	4
Balance sheet at fiscal year end
Cash and short-term investments	157	96	135	195	185	227	364	409	441	462
Debt incl. finance leases	—	3,931	6,093	9,165	—	4,488	5,071	5,149	1,008	1,094
Total assets	6,358	5,605	7,813	11,771	11,492	13,773	13,922	13,114	14,409	21,347
Total liabilities	5,006	4,060	6,247	9,320	9,195	11,405	11,959	11,157	12,470	19,460
Shareholders' equity	1,351	1,545	1,566	2,451	2,297	2,368	1,963	1,957	1,938	1,887
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	27.9%	37.0%	43.5%	46.3%	11.2%	13.5%	−24.1%	46.5%	48.2%	41.6%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	—	—	5.0%	5.2%	—	—	3.6%	12.0%	18.6%	37.6%
Return on equity	5.3%	8.1%	9.8%	11.3%	2.2%	2.4%	−3.4%	10.2%	8.3%	6.7%
Return on assets	1.2%	2.0%	2.3%	2.3%	0.5%	0.5%	−0.5%	1.5%	1.2%	0.7%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: PennyMac Mortgage Investment Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with PennyMac Mortgage Investment Trust.