Comprehensive Stock Comparison
Compare PennyMac Mortgage Investment Trust (PMTU) vs Extra Space Storage Inc. (EXR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXR | 27.6% revenue growth vs PMTU's -30.5% |
| Value | PMTU | Lower P/E (16.5x vs 31.7x) |
| Quality / Margins | EXR | 28.9% net margin vs PMTU's 14.6% |
| Stability / Safety | PMTU | Beta 0.03 vs EXR's 0.56 |
| Dividends | PMTU | 6.3% yield, 1-year raise streak, vs EXR's 4.3% |
| Momentum (1Y) | PMTU | +8.0% vs EXR's +3.2% |
| Efficiency (ROA) | EXR | 3.3% ROA vs PMTU's 0.7%, ROIC 3.7% vs 1.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust that invests in residential mortgage loans and mortgage-related assets. It generates income primarily through correspondent lending—purchasing and reselling newly originated loans—and through credit-sensitive strategies like distressed loan investments and real estate holdings, with interest rate hedging activities providing additional revenue. The company's competitive advantage lies in its specialized mortgage expertise and vertically integrated platform that spans loan origination, servicing, and investment management.
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units — including boat, RV, and business storage — with property management fees contributing additional income. The company benefits from economies of scale as the second-largest self-storage operator in the U.S., leveraging its national brand recognition and sophisticated revenue management systems.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PMTU leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). EXR leads in 1 (Profitability & Efficiency). 2 tied.
Financial Metrics (TTM)
EXR is the larger business by revenue, generating $3.3B annually — 3.9x PMTU's $839M. EXR is the more profitable business, keeping 28.9% of every revenue dollar as net income compared to PMTU's 14.6%. On growth, PMTU holds the edge at +84.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| RevenueTrailing 12 months | $839M | $3.3B |
| EBITDAEarnings before interest/tax | $1.2B | $2.1B |
| Net IncomeAfter-tax profit | $122M | $953M |
| Free Cash FlowCash after capex | -$5.5B | $1.9B |
| Gross MarginGross profit ÷ Revenue | +84.4% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +70.9% | +43.1% |
| Net MarginNet income ÷ Revenue | +14.6% | +28.9% |
| FCF MarginFCF ÷ Revenue | -6.6% | +57.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +84.2% | -9.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +52.8% | -14.3% |
Valuation Metrics
At 18.7x trailing earnings, PMTU trades at a 50% valuation discount to EXR's 37.5x P/E. On an enterprise value basis, PMTU's 13.6x EV/EBITDA is more attractive than EXR's 21.4x.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| Market CapShares × price | $2.2B | $32.1B |
| Enterprise ValueMkt cap + debt − cash | $14.0B | $44.9B |
| Trailing P/EPrice ÷ TTM EPS | 18.72x | 37.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 16.52x | 31.65x |
| PEG RatioP/E ÷ EPS growth rate | — | 8.40x |
| EV / EBITDAEnterprise value multiple | 13.64x | 21.39x |
| Price / SalesMarket cap ÷ Revenue | 4.41x | 9.60x |
| Price / BookPrice ÷ Book value/share | 1.15x | 2.15x |
| Price / FCFMarket cap ÷ FCF | — | 17.17x |
Profitability & Efficiency
EXR delivers a 6.6% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $6 for PMTU. EXR carries lower financial leverage with a 0.88x debt-to-equity ratio, signaling a more conservative balance sheet compared to PMTU's 6.26x. On the Piotroski fundamental quality scale (0–9), EXR scores 5/9 vs PMTU's 2/9, reflecting solid financial health.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| ROE (TTM)Return on equity | +6.5% | +6.6% |
| ROA (TTM)Return on assets | +0.7% | +3.3% |
| ROICReturn on invested capital | +1.9% | +3.7% |
| ROCEReturn on capital employed | +4.6% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 5 |
| Debt / EquityFinancial leverage | 6.26x | 0.88x |
| Net DebtTotal debt minus cash | $11.8B | $12.9B |
| Cash & Equiv.Liquid assets | $338M | $138M |
| Total DebtShort + long-term debt | $12.1B | $13.0B |
| Interest CoverageEBIT ÷ Interest expense | 0.46x | 2.22x |
Total Returns (with DRIP)
A $10,000 investment in EXR five years ago would be worth $14,619 today (with dividends reinvested), compared to $12,464 for PMTU. Over the past 12 months, PMTU leads with a +8.0% total return vs EXR's +3.2%. The 3-year compound annual growth rate (CAGR) favors PMTU at 7.6% vs EXR's 1.2% — a key indicator of consistent wealth creation.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| YTD ReturnYear-to-date | +0.8% | +15.3% |
| 1-Year ReturnPast 12 months | +8.0% | +3.2% |
| 3-Year ReturnCumulative with dividends | +24.6% | +3.5% |
| 5-Year ReturnCumulative with dividends | +24.6% | +46.2% |
| 10-Year ReturnCumulative with dividends | +24.6% | +140.5% |
| CAGR (3Y)Annualised 3-year return | +7.6% | +1.2% |
Risk & Volatility
PMTU is the less volatile stock with a 0.03 beta — it tends to amplify market swings less than EXR's 0.56 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PMTU currently trades 97.6% from its 52-week high vs EXR's 94.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.03x | 0.56x |
| 52-Week HighHighest price in past year | $26.26 | $160.58 |
| 52-Week LowLowest price in past year | $24.46 | $121.03 |
| % of 52W HighCurrent price vs 52-week peak | +97.6% | +94.1% |
| RSI (14)Momentum oscillator 0–100 | 50.1 | 58.2 |
| Avg Volume (50D)Average daily shares traded | 2K | 1.1M |
Analyst Outlook
For income investors, PMTU offers the higher dividend yield at 6.26% vs EXR's 4.30%.
| Metric | PMTUPennyMac Mortgage… | EXRExtra Space Stora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Hold |
| Price TargetConsensus 12-month target | — | $150.00 |
| # AnalystsCovering analysts | — | 28 |
| Dividend YieldAnnual dividend ÷ price | +6.3% | +4.3% |
| Dividend StreakConsecutive years of raises | 1 | 15 |
| Dividend / ShareAnnual DPS | $1.60 | $6.50 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Sep 23 | Feb 26 | Change |
|---|---|---|---|
| PennyMac Mortgage I… (PMTU) | 100 | 104.5 | +4.5% |
| Extra Space Storage… (EXR) | 100 | 113.36 | +13.4% |
Extra Space Storage… (EXR) returned +46% over 5 years vs PennyMac Mortgage I… (PMTU)'s +25%. A $10,000 investment in EXR 5 years ago would be worth $14,619 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PennyMac Mortgage I… (PMTU) | $292M | $505M | +72.6% |
| Extra Space Storage… (EXR) | $795M | $3.3B | +320.1% |
PennyMac Mortgage Investment Trust's revenue grew from $292M (2015) to $505M (2024) — a 6.2% CAGR. Extra Space Storage Inc.'s revenue grew from $795M (2015) to $3.3B (2024) — a 17.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PennyMac Mortgage I… (PMTU) | 30.8% | 31.9% | +3.5% |
| Extra Space Storage… (EXR) | 23.8% | 25.6% | +7.4% |
PennyMac Mortgage Investment Trust's net margin went from 31% (2015) to 32% (2024). Extra Space Storage Inc.'s net margin went from 24% (2015) to 26% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| PennyMac Mortgage I… (PMTU) | 1.16 | 1.37 | +18.1% |
| Extra Space Storage… (EXR) | 1.56 | 4.03 | +158.3% |
PennyMac Mortgage Investment Trust's EPS grew from $1.16 (2015) to $1.37 (2024) — a 2% CAGR. Extra Space Storage Inc.'s EPS grew from $1.56 (2015) to $4.03 (2024) — a 11% CAGR.
Chart 6Free Cash Flow — 5 Years
PennyMac Mortgage Investment Trust generated $-3B FCF in 2024 (+2% vs 2021). Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021).
PMTU vs EXR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PMTU or EXR a better buy right now?
PennyMac Mortgage Investment Trust (PMTU) offers the better valuation at 18.7x trailing P/E (16.5x forward), making it the more compelling value choice. Analysts rate Extra Space Storage Inc. (EXR) a "Hold" — based on 28 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — PMTU or EXR?
On trailing P/E, PennyMac Mortgage Investment Trust (PMTU) is the cheapest at 18.7x versus Extra Space Storage Inc. at 37.5x. On forward P/E, PennyMac Mortgage Investment Trust is actually cheaper at 16.5x.
03Which is the better long-term investment — PMTU or EXR?
Over the past 5 years, Extra Space Storage Inc. (EXR) delivered a total return of +46.2%, compared to +24.6% for PennyMac Mortgage Investment Trust (PMTU). A $10,000 investment in EXR five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: EXR returned +140.5% versus PMTU's +24.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — PMTU or EXR?
By beta (market sensitivity over 5 years), PennyMac Mortgage Investment Trust (PMTU) is the lower-risk stock at 0.03β versus Extra Space Storage Inc.'s 0.56β — meaning EXR is approximately 1969% more volatile than PMTU relative to the S&P 500. On balance sheet safety, Extra Space Storage Inc. (EXR) carries a lower debt/equity ratio of 88% versus 6% for PennyMac Mortgage Investment Trust — giving it more financial flexibility in a downturn.
05Which has better profit margins — PMTU or EXR?
PennyMac Mortgage Investment Trust (PMTU) is the more profitable company, earning 31.9% net margin versus 25.6% for Extra Space Storage Inc. — meaning it keeps 31.9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PMTU leads at 65.7% versus 39.6% for EXR. At the gross margin level — before operating expenses — EXR leads at 76.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is PMTU or EXR more undervalued right now?
On forward earnings alone, PennyMac Mortgage Investment Trust (PMTU) trades at 16.5x forward P/E versus 31.7x for Extra Space Storage Inc. — 15.1x cheaper on a one-year earnings basis.
07Which pays a better dividend — PMTU or EXR?
All stocks in this comparison pay dividends. PennyMac Mortgage Investment Trust (PMTU) offers the highest yield at 6.3%, versus 4.3% for Extra Space Storage Inc. (EXR).
08Is PMTU or EXR better for a retirement portfolio?
For long-horizon retirement investors, PennyMac Mortgage Investment Trust (PMTU) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.03), 6.3% yield). Both have compounded well over 10 years (PMTU: +24.6%, EXR: +140.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between PMTU and EXR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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