PMT
PennyMac Mortgage Investment Trust
REIT - Mortgage
Market Cap$960M
5Y Perf.+0.2%
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Stock Comparison
PMT vs EARN
Revenue, margins, valuation, and 5-year total return — side by side.
EARN
Ellington Credit Company
Asset Management
Market Cap$182M
5Y Perf.-48.8%
PMT vs EARN — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | PMT | EARN |
|---|---|---|
| Industry | REIT - Mortgage | Asset Management |
| Market Cap | $960M | $182M |
| Revenue (TTM) | $957M | $51M |
| Net Income (TTM) | $132M | $-5M |
| Gross Margin | 49.5% | 31.3% |
| Operating Margin | 35.7% | 14.0% |
| Forward P/E | 7.1x | 4.6x |
| Total Debt | $19.09B | $563M |
| Cash & Equiv. | $272M | $32M |
PMT vs EARN — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
PMT
EARN
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| PennyMac Mortgage I… (PMT) | 100 | 100.2 | +0.2% |
| Ellington Credit Co… (EARN) | 100 | 51.2 | -48.8% |
Price return only. Dividends and distributions are not included.
Quick Verdict: PMT vs EARN
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: EARN leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and capital preservation and lower volatility. PennyMac Mortgage Investment Trust is the stronger pick specifically for growth and revenue expansion and profitability and margin quality. This set spans 2 sectors — these stocks serve different portfolio roles, not just different price points.
PMT
PennyMac Mortgage Investment Trust
The Real Estate Income Play
PMT is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth 103.8%, EPS growth -27.7%
- 106.3% 10Y total return vs EARN's 33.4%
- 103.8% FFO/revenue growth vs EARN's -8.4%
Best for: growth exposure and long-term compounding
EARN
Ellington Credit Company
The Banking Pick
EARN carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 0 yrs, beta 0.63, yield 16.9%
- Lower volatility, beta 0.63, current ratio 0.13x
- Beta 0.63, yield 16.9%, current ratio 0.13x
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | PMT | 103.8% FFO/revenue growth vs EARN's -8.4% |
| Value | EARN | Lower P/E (4.6x vs 7.1x) |
| Quality / Margins | PMT | 13.8% margin vs EARN's 13.0% |
| Stability / Safety | EARN | Beta 0.63 vs PMT's 0.71, lower leverage |
| Dividends | EARN | 16.9% yield, vs PMT's 14.5% |
| Momentum (1Y) | EARN | +9.2% vs PMT's +0.1% |
| Efficiency (ROA) | PMT | 0.7% ROA vs EARN's -0.6%, ROIC 0.4% vs 0.7% |
PMT vs EARN — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
Segment breakdown not available.
PMT vs EARN — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLPMTLAGGINGEARN
EARNEllington Credit Comp…
2leads
PMTPennyMac Mortgage Inv…
3leads
6 Total Categories
CATEGORYLEADERvs EARNMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
PMT3/4
Valuation MetricsMultiples, price ratios, and targets
PMT3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
EARN6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
PMT4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
EARN1/1
Income & Cash Flow (Last 12 Months)
PMT leads this category, winning 3 of 4 comparable metrics.
Income & Cash Flow (Last 12 Months)
PMT is the larger business by revenue, generating $957M annually — 18.9x EARN's $51M. Profitability is closely matched — net margins range from 13.8% (PMT) to 13.0% (EARN).
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| RevenueTrailing 12 months | $957M | $51M |
| EBITDAEarnings before interest/tax | $342M | -$5M |
| Net IncomeAfter-tax profit | $132M | -$5M |
| Free Cash FlowCash after capex | -$9.1B | $20M |
| Gross MarginGross profit ÷ Revenue | +49.5% | +31.3% |
| Operating MarginEBIT ÷ Revenue | +35.7% | +14.0% |
| Net MarginNet income ÷ Revenue | +13.8% | +13.0% |
| FCF MarginFCF ÷ Revenue | -9.6% | +18.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -98.2% | — |
| EPS Growth (YoY)Latest quarter vs prior year | — | -2.1% |
PMT leads this category, winning 3 of 4 comparable metrics.
Valuation Metrics
PMT leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
At 11.1x trailing earnings, PMT trades at a 45% valuation discount to EARN's 20.2x P/E. On an enterprise value basis, EARN's 100.5x EV/EBITDA is more attractive than PMT's 210.9x.
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| Market CapShares × price | $960M | $182M |
| Enterprise ValueMkt cap + debt − cash | $19.8B | $713M |
| Trailing P/EPrice ÷ TTM EPS | 11.14x | 20.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.08x | 4.60x |
| PEG RatioP/E ÷ EPS growth rate | 0.38x | — |
| EV / EBITDAEnterprise value multiple | 210.86x | 100.52x |
| Price / SalesMarket cap ÷ Revenue | 0.93x | 3.59x |
| Price / BookPrice ÷ Book value/share | 0.51x | 0.68x |
| Price / FCFMarket cap ÷ FCF | — | 19.99x |
PMT leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
EARN leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
PMT delivers a 7.1% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $-3 for EARN. EARN carries lower financial leverage with a 2.91x debt-to-equity ratio, signaling a more conservative balance sheet compared to PMT's 10.12x. On the Piotroski fundamental quality scale (0–9), EARN scores 8/9 vs PMT's 3/9, reflecting strong financial health.
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| ROE (TTM)Return on equity | +7.1% | -2.8% |
| ROA (TTM)Return on assets | +0.7% | -0.6% |
| ROICReturn on invested capital | +0.4% | +0.7% |
| ROCEReturn on capital employed | +0.9% | +3.7% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 8 |
| Debt / EquityFinancial leverage | 10.12x | 2.91x |
| Net DebtTotal debt minus cash | $18.8B | $531M |
| Cash & Equiv.Liquid assets | $272M | $32M |
| Total DebtShort + long-term debt | $19.1B | $563M |
| Interest CoverageEBIT ÷ Interest expense | 0.11x | -0.16x |
EARN leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
PMT leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in PMT five years ago would be worth $9,850 today (with dividends reinvested), compared to $8,236 for EARN. Over the past 12 months, EARN leads with a +9.2% total return vs PMT's +0.1%. The 3-year compound annual growth rate (CAGR) favors PMT at 10.7% vs EARN's 3.7% — a key indicator of consistent wealth creation.
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| YTD ReturnYear-to-date | -9.6% | -2.5% |
| 1-Year ReturnPast 12 months | +0.1% | +9.2% |
| 3-Year ReturnCumulative with dividends | +35.6% | +11.4% |
| 5-Year ReturnCumulative with dividends | -1.5% | -17.6% |
| 10-Year ReturnCumulative with dividends | +106.3% | +33.4% |
| CAGR (3Y)Annualised 3-year return | +10.7% | +3.7% |
PMT leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — PMT and EARN each lead in 1 of 2 comparable metrics.
Risk & Volatility
EARN is the less volatile stock with a 0.63 beta — it tends to amplify market swings less than PMT's 0.71 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.71x | 0.63x |
| 52-Week HighHighest price in past year | $13.81 | $6.08 |
| 52-Week LowLowest price in past year | $10.91 | $4.27 |
| % of 52W HighCurrent price vs 52-week peak | +79.9% | +79.8% |
| RSI (14)Momentum oscillator 0–100 | 53.8 | 57.6 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 488K |
Evenly matched — PMT and EARN each lead in 1 of 2 comparable metrics.
Analyst Outlook
EARN leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates PMT as "Buy" and EARN as "Hold". Consensus price targets imply 36.0% upside for PMT (target: $15) vs 23.7% for EARN (target: $6). For income investors, EARN offers the higher dividend yield at 16.86% vs PMT's 14.53%.
| Metric | PMTPennyMac Mortgage… | EARNEllington Credit … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $15.00 | $6.00 |
| # AnalystsCovering analysts | 26 | 7 |
| Dividend YieldAnnual dividend ÷ price | +14.5% | +16.9% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $1.60 | $0.82 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
EARN leads this category, winning 1 of 1 comparable metric.
Key Takeaway
PMT leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). EARN leads in 2 (Profitability & Efficiency, Analyst Outlook). 1 tied.
Best OverallPennyMac Mortgage Investmen… (PMT)Leads 3 of 6 categories
Loading custom metrics...
PMT vs EARN: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is PMT or EARN a better buy right now?
For growth investors, PennyMac Mortgage Investment Trust (PMT) is the stronger pick with 103.
8% revenue growth year-over-year, versus -8. 4% for Ellington Credit Company (EARN). PennyMac Mortgage Investment Trust (PMT) offers the better valuation at 11. 1x trailing P/E (7. 1x forward), making it the more compelling value choice. Analysts rate PennyMac Mortgage Investment Trust (PMT) a "Buy" — based on 26 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 — PMT or EARN?
On trailing P/E, PennyMac Mortgage Investment Trust (PMT) is the cheapest at 11.
1x versus Ellington Credit Company at 20. 2x. On forward P/E, Ellington Credit Company is actually cheaper at 4. 6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — PMT or EARN?
Over the past 5 years, PennyMac Mortgage Investment Trust (PMT) delivered a total return of -1.
5%, compared to -17. 6% for Ellington Credit Company (EARN). Over 10 years, the gap is even starker: PMT returned +106. 3% versus EARN's +33. 4%. 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 — PMT or EARN?
By beta (market sensitivity over 5 years), Ellington Credit Company (EARN) is the lower-risk stock at 0.
63β versus PennyMac Mortgage Investment Trust's 0. 71β — meaning PMT is approximately 12% more volatile than EARN relative to the S&P 500. On balance sheet safety, Ellington Credit Company (EARN) carries a lower debt/equity ratio of 3% versus 10% for PennyMac Mortgage Investment Trust — giving it more financial flexibility in a downturn.
05Which is growing faster — PMT or EARN?
By revenue growth (latest reported year), PennyMac Mortgage Investment Trust (PMT) is pulling ahead at 103.
8% versus -8. 4% for Ellington Credit Company (EARN). On earnings-per-share growth, the picture is similar: Ellington Credit Company grew EPS -22. 6% year-over-year, compared to -27. 7% for PennyMac Mortgage Investment Trust. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — PMT or EARN?
Ellington Credit Company (EARN) is the more profitable company, earning 13.
0% net margin versus 12. 4% for PennyMac Mortgage Investment Trust — meaning it keeps 13. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EARN leads at 14. 0% versus 9. 1% for PMT. At the gross margin level — before operating expenses — EARN leads at 31. 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.
07Is PMT or EARN more undervalued right now?
On forward earnings alone, Ellington Credit Company (EARN) trades at 4.
6x forward P/E versus 7. 1x for PennyMac Mortgage Investment Trust — 2. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PMT: 36. 0% to $15. 00.
08Which pays a better dividend — PMT or EARN?
All stocks in this comparison pay dividends.
Ellington Credit Company (EARN) offers the highest yield at 16. 9%, versus 14. 5% for PennyMac Mortgage Investment Trust (PMT).
09Is PMT or EARN better for a retirement portfolio?
For long-horizon retirement investors, Ellington Credit Company (EARN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
63), 16. 9% yield). Both have compounded well over 10 years (EARN: +33. 4%, PMT: +106. 3%), 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.
10What are the main differences between PMT and EARN?
These companies operate in different sectors (PMT (Real Estate) and EARN (Financial Services)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.
In terms of investment character: PMT is a small-cap high-growth stock; EARN is a small-cap income-oriented stock. 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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Revenue Growth>
%
(PMT: -98.2% · EARN: -8.4%)Net Margin>
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(PMT: 13.8% · EARN: 13.0%)P/E Ratio<
x
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