PMT
PennyMac Mortgage Investment Trust
REIT - Mortgage
Market Cap$963M
5Y Perf.+0.5%
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Stock Comparison
PMT vs IVR vs AGNC vs MFA
Revenue, margins, valuation, and 5-year total return — side by side.
IVR
Invesco Mortgage Capital Inc.
REIT - Mortgage
Market Cap$577M
5Y Perf.-69.5%
AGNC
AGNC Investment Corp.
REIT - Mortgage
Market Cap$9.62B
5Y Perf.-17.2%
MFA
MFA Financial, Inc.
REIT - Mortgage
Market Cap$995M
5Y Perf.+44.2%
PMT vs IVR vs AGNC vs MFA — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | PMT | IVR | AGNC | MFA |
|---|---|---|---|---|
| Industry | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage | REIT - Mortgage |
| Market Cap | $963M | $577M | $9.62B | $995M |
| Revenue (TTM) | $957M | $335M | $3.46B | $650M |
| Net Income (TTM) | $132M | $101M | $838M | $135M |
| Gross Margin | 49.5% | 50.5% | 100.0% | 59.3% |
| Operating Margin | 35.7% | 47.1% | 107.1% | 41.0% |
| Forward P/E | 7.1x | 3.7x | 6.9x | 7.1x |
| Total Debt | $19.09B | $5.62B | $64M | $10.99B |
| Cash & Equiv. | $272M | $56M | $505M | $213M |
PMT vs IVR vs AGNC vs MFA — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
PMT
IVR
AGNC
MFA
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| PennyMac Mortgage I… (PMT) | 100 | 100.5 | +0.5% |
| Invesco Mortgage Ca… (IVR) | 100 | 30.5 | -69.5% |
| AGNC Investment Cor… (AGNC) | 100 | 82.8 | -17.2% |
| MFA Financial, Inc. (MFA) | 100 | 144.2 | +44.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: PMT vs IVR vs AGNC vs MFA
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: IVR leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. AGNC Investment Corp. is the stronger pick specifically for growth and revenue expansion and recent price momentum and sentiment. PMT also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
PMT
PennyMac Mortgage Investment Trust
The Real Estate Income Play
PMT is the clearest fit if your priority is long-term compounding.
- 99.1% 10Y total return vs MFA's 7.8%
- Beta 0.71 vs IVR's 0.78
Best for: long-term compounding
IVR
Invesco Mortgage Capital Inc.
The Real Estate Income Play
IVR carries the broadest edge in this set and is the clearest fit for value and quality.
- Lower P/E (3.7x vs 7.1x)
- 30.2% margin vs PMT's 13.8%
- 20.1% yield, vs MFA's 18.4%
- 1.7% ROA vs PMT's 0.7%, ROIC 4.0% vs 0.4%
Best for: value and quality
AGNC
AGNC Investment Corp.
The Real Estate Income Play
AGNC is the #2 pick in this set and the best alternative if growth exposure is your priority.
- Rev growth 384.7%, EPS growth 17.6%, 3Y rev CAGR 26.4%
- 384.7% FFO/revenue growth vs IVR's -24.6%
- +39.4% vs PMT's +0.2%
Best for: growth exposure
MFA
MFA Financial, Inc.
The Real Estate Income Play
MFA is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 1 yrs, beta 0.77, yield 18.4%
- Lower volatility, beta 0.77, current ratio 2.18x
- Beta 0.77, yield 18.4%, current ratio 2.18x
Best for: income & stability and sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | AGNC | 384.7% FFO/revenue growth vs IVR's -24.6% |
| Value | IVR | Lower P/E (3.7x vs 7.1x) |
| Quality / Margins | IVR | 30.2% margin vs PMT's 13.8% |
| Stability / Safety | PMT | Beta 0.71 vs IVR's 0.78 |
| Dividends | IVR | 20.1% yield, vs MFA's 18.4% |
| Momentum (1Y) | AGNC | +39.4% vs PMT's +0.2% |
| Efficiency (ROA) | IVR | 1.7% ROA vs PMT's 0.7%, ROIC 4.0% vs 0.4% |
PMT vs IVR vs AGNC vs MFA — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
Segment breakdown not available.
Segment breakdown not available.
Segment breakdown not available.
PMT vs IVR vs AGNC vs MFA — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLIVRLAGGINGMFA
Who Leads Where
IVR leads in 1 of 6 categories
AGNC leads 1 • PMT leads 0 • MFA leads 0 • 4 tied
Explore the data ↓MFAMFA Financial, Inc.
0leads
PMTPennyMac Mortgage Inv…
0leads
AGNCAGNC Investment Corp.
1leads
IVRInvesco Mortgage Capi…
1leads
6 Total Categories
CATEGORYLEADERvs AGNCvs PMTMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
IVR3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
Tied
—
Total Returns1Y, 3Y, 5Y total returns with dividends
AGNC3/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
Evenly matched — IVR and AGNC each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
AGNC is the larger business by revenue, generating $3.5B annually — 10.3x IVR's $335M. IVR is the more profitable business, keeping 30.2% of every revenue dollar as net income compared to PMT's 13.8%. On growth, AGNC holds the edge at +2.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $957M | $335M | $3.5B | $650M |
| EBITDAEarnings before interest/tax | $342M | $158M | $3.7B | $268M |
| Net IncomeAfter-tax profit | $132M | $101M | $838M | $135M |
| Free Cash FlowCash after capex | -$9.1B | $157M | $604M | $91M |
| Gross MarginGross profit ÷ Revenue | +49.5% | +50.5% | +100.0% | +59.3% |
| Operating MarginEBIT ÷ Revenue | +35.7% | +47.1% | +107.1% | +41.0% |
| Net MarginNet income ÷ Revenue | +13.8% | +30.2% | +24.2% | +20.7% |
| FCF MarginFCF ÷ Revenue | -9.6% | +46.8% | +17.5% | +14.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | -98.2% | -58.6% | +2.5% | +118.9% |
| EPS Growth (YoY)Latest quarter vs prior year | — | +9.7% | +84.6% | -103.0% |
Evenly matched — IVR and AGNC each lead in 3 of 6 comparable metrics.
Valuation Metrics
IVR leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 5.2x trailing earnings, IVR trades at a 54% valuation discount to AGNC's 11.5x P/E. On an enterprise value basis, AGNC's 2.4x EV/EBITDA is more attractive than PMT's 210.9x.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| Market CapShares × price | $963M | $577M | $9.6B | $995M |
| Enterprise ValueMkt cap + debt − cash | $19.8B | $6.1B | $9.2B | $11.8B |
| Trailing P/EPrice ÷ TTM EPS | 11.18x | 5.25x | 11.53x | 5.80x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.10x | 3.67x | 6.87x | 7.11x |
| PEG RatioP/E ÷ EPS growth rate | 0.38x | — | — | — |
| EV / EBITDAEnterprise value multiple | 210.89x | 19.12x | 2.42x | 17.07x |
| Price / SalesMarket cap ÷ Revenue | 0.94x | 1.70x | 1.97x | 1.14x |
| Price / BookPrice ÷ Book value/share | 0.51x | 0.67x | 0.86x | 0.56x |
| Price / FCFMarket cap ÷ FCF | — | 3.67x | 111.86x | 13.06x |
IVR leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
Evenly matched — IVR and AGNC each lead in 5 of 9 comparable metrics.
Profitability & Efficiency
IVR delivers a 13.3% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $7 for PMT. AGNC carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to PMT's 10.12x. On the Piotroski fundamental quality scale (0–9), IVR scores 5/9 vs PMT's 3/9, reflecting solid financial health.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | +7.1% | +13.3% | +7.3% | +7.4% |
| ROA (TTM)Return on assets | +0.7% | +1.7% | +0.8% | +1.1% |
| ROICReturn on invested capital | +0.4% | +4.0% | +34.0% | +4.4% |
| ROCEReturn on capital employed | +0.9% | +40.4% | +4.9% | +5.8% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 | 5 | 5 |
| Debt / EquityFinancial leverage | 10.12x | 7.05x | 0.01x | 6.01x |
| Net DebtTotal debt minus cash | $18.8B | $5.6B | -$441M | $10.8B |
| Cash & Equiv.Liquid assets | $272M | $56M | $505M | $213M |
| Total DebtShort + long-term debt | $19.1B | $5.6B | $64M | $11.0B |
| Interest CoverageEBIT ÷ Interest expense | 0.11x | 1.46x | 1.32x | 1.34x |
Evenly matched — IVR and AGNC each lead in 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
AGNC leads this category, winning 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MFA five years ago would be worth $9,942 today (with dividends reinvested), compared to $5,499 for IVR. Over the past 12 months, AGNC leads with a +39.4% total return vs PMT's +0.2%. The 3-year compound annual growth rate (CAGR) favors AGNC at 16.5% vs IVR's 9.4% — a key indicator of consistent wealth creation.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | -9.3% | +0.4% | +2.5% | +6.1% |
| 1-Year ReturnPast 12 months | +0.2% | +29.9% | +39.4% | +19.2% |
| 3-Year ReturnCumulative with dividends | +35.9% | +30.8% | +58.3% | +34.1% |
| 5-Year ReturnCumulative with dividends | -2.0% | -45.0% | -2.2% | -0.6% |
| 10-Year ReturnCumulative with dividends | +99.1% | -31.0% | +46.9% | +7.8% |
| CAGR (3Y)Annualised 3-year return | +10.8% | +9.4% | +16.5% | +10.3% |
AGNC leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
Evenly matched — PMT and MFA each lead in 1 of 2 comparable metrics.
Risk & Volatility
PMT is the less volatile stock with a 0.71 beta — it tends to amplify market swings less than IVR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MFA currently trades 92.2% from its 52-week high vs PMT's 80.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.71x | 0.78x | 0.74x | 0.77x |
| 52-Week HighHighest price in past year | $13.81 | $9.50 | $12.19 | $10.57 |
| 52-Week LowLowest price in past year | $10.91 | $7.10 | $8.65 | $8.78 |
| % of 52W HighCurrent price vs 52-week peak | +80.2% | +84.5% | +87.9% | +92.2% |
| RSI (14)Momentum oscillator 0–100 | 33.2 | 43.2 | 52.1 | 43.8 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 2.2M | 18.2M | 1.4M |
Evenly matched — PMT and MFA each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — IVR and MFA each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: PMT as "Buy", IVR as "Hold", AGNC as "Hold", MFA as "Hold". Consensus price targets imply 35.5% upside for PMT (target: $15) vs 3.8% for AGNC (target: $11). For income investors, IVR offers the higher dividend yield at 20.08% vs PMT's 14.47%.
| Metric | PMTPennyMac Mortgage… | IVRInvesco Mortgage … | AGNCAGNC Investment C… | MFAMFA Financial, In… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $15.00 | $9.00 | $11.13 | $10.25 |
| # AnalystsCovering analysts | 26 | 20 | 35 | 22 |
| Dividend YieldAnnual dividend ÷ price | +14.5% | +20.1% | +14.7% | +18.4% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 0 | 1 |
| Dividend / ShareAnnual DPS | $1.60 | $1.61 | $1.58 | $1.79 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.5% | 0.0% | +1.5% |
Evenly matched — IVR and MFA each lead in 1 of 2 comparable metrics.
Key Takeaway
IVR leads in 1 of 6 categories (Valuation Metrics). AGNC leads in 1 (Total Returns). 4 tied.
Best OverallInvesco Mortgage Capital In… (IVR)Leads 1 of 6 categories
Loading custom metrics...
PMT vs IVR vs AGNC vs MFA: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is PMT or IVR or AGNC or MFA a better buy right now?
For growth investors, AGNC Investment Corp.
(AGNC) is the stronger pick with 384. 7% revenue growth year-over-year, versus -24. 6% for Invesco Mortgage Capital Inc. (IVR). Invesco Mortgage Capital Inc. (IVR) offers the better valuation at 5. 2x trailing P/E (3. 7x 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 IVR or AGNC or MFA?
On trailing P/E, Invesco Mortgage Capital Inc.
(IVR) is the cheapest at 5. 2x versus AGNC Investment Corp. at 11. 5x. On forward P/E, Invesco Mortgage Capital Inc. is actually cheaper at 3. 7x.
03Which is the better long-term investment — PMT or IVR or AGNC or MFA?
Over the past 5 years, MFA Financial, Inc.
(MFA) delivered a total return of -0. 6%, compared to -45. 0% for Invesco Mortgage Capital Inc. (IVR). Over 10 years, the gap is even starker: PMT returned +99. 1% versus IVR's -31. 0%. 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 IVR or AGNC or MFA?
By beta (market sensitivity over 5 years), PennyMac Mortgage Investment Trust (PMT) is the lower-risk stock at 0.
71β versus Invesco Mortgage Capital Inc. 's 0. 78β — meaning IVR is approximately 9% more volatile than PMT relative to the S&P 500. On balance sheet safety, AGNC Investment Corp. (AGNC) carries a lower debt/equity ratio of 1% versus 10% for PennyMac Mortgage Investment Trust — giving it more financial flexibility in a downturn.
05Which is growing faster — PMT or IVR or AGNC or MFA?
By revenue growth (latest reported year), AGNC Investment Corp.
(AGNC) is pulling ahead at 384. 7% versus -24. 6% for Invesco Mortgage Capital Inc. (IVR). On earnings-per-share growth, the picture is similar: AGNC Investment Corp. grew EPS 1760% 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 IVR or AGNC or MFA?
Invesco Mortgage Capital Inc.
(IVR) is the more profitable company, earning 29. 8% net margin versus 12. 4% for PennyMac Mortgage Investment Trust — meaning it keeps 29. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IVR leads at 94. 5% versus 9. 1% for PMT. At the gross margin level — before operating expenses — AGNC leads at 100. 0%, 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 IVR or AGNC or MFA more undervalued right now?
On forward earnings alone, Invesco Mortgage Capital Inc.
(IVR) trades at 3. 7x forward P/E versus 7. 1x for MFA Financial, Inc. — 3. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PMT: 35. 5% to $15. 00.
08Which pays a better dividend — PMT or IVR or AGNC or MFA?
All stocks in this comparison pay dividends.
Invesco Mortgage Capital Inc. (IVR) offers the highest yield at 20. 1%, versus 14. 5% for PennyMac Mortgage Investment Trust (PMT).
09Is PMT or IVR or AGNC or MFA better for a retirement portfolio?
For long-horizon retirement investors, PennyMac Mortgage Investment Trust (PMT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
71), 14. 5% yield). Both have compounded well over 10 years (PMT: +99. 1%, IVR: -31. 0%), 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 IVR and AGNC and MFA?
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.
In terms of investment character: PMT is a small-cap high-growth stock; IVR is a small-cap deep-value stock; AGNC is a small-cap high-growth stock; MFA is a small-cap high-growth 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% · IVR: -58.6%)Net Margin>
%
(PMT: 13.8% · IVR: 30.2%)P/E Ratio<
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