PMTU
PennyMac Mortgage Investment Trust
REIT - Industrial
Market Cap$2.22B
5Y Perf.+4.1%
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Stock Comparison
PMTU vs NLY
Revenue, margins, valuation, and 5-year total return — side by side.
NLY
Annaly Capital Management, Inc.
REIT - Mortgage
Market Cap$16.08B
5Y Perf.+19.0%
PMTU vs NLY — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | PMTU | NLY |
|---|---|---|
| Industry | REIT - Industrial | REIT - Mortgage |
| Market Cap | $2.22B | $16.08B |
| Revenue (TTM) | $957M | $6.70B |
| Net Income (TTM) | $132M | $2.03B |
| Gross Margin | 49.5% | 99.2% |
| Operating Margin | 35.7% | 102.6% |
| Forward P/E | 16.3x | 7.5x |
| Total Debt | $19.09B | $111.86B |
| Cash & Equiv. | $272M | $2.04B |
PMTU vs NLY — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
PMTU
NLY
| Stock | Sep 23 | May 26 | Return |
|---|---|---|---|
| PennyMac Mortgage I… (PMTU) | 100 | 104.1 | +4.1% |
| Annaly Capital Mana… (NLY) | 100 | 119.0 | +19.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: PMTU vs NLY
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NLY leads in 5 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. PennyMac Mortgage Investment Trust is the stronger pick specifically for growth and revenue expansion and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
PMTU
PennyMac Mortgage Investment Trust
The Real Estate Income Play
PMTU is the clearest fit if your priority is growth exposure and sleep-well-at-night.
- Rev growth 103.8%, EPS growth -27.7%
- Lower volatility, beta 0.55, current ratio 0.03x
- 103.8% FFO/revenue growth vs NLY's 5.4%
Best for: growth exposure and sleep-well-at-night
NLY
Annaly Capital Management, Inc.
The Real Estate Income Play
NLY carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.
- Dividend streak 1 yrs, beta 0.64, yield 13.1%
- 35.5% 10Y total return vs PMTU's 26.1%
- Beta 0.64, yield 13.1%, current ratio 0.03x
Best for: income & stability and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | PMTU | 103.8% FFO/revenue growth vs NLY's 5.4% |
| Value | NLY | Lower P/E (7.5x vs 16.3x) |
| Quality / Margins | NLY | 30.3% margin vs PMTU's 13.8% |
| Stability / Safety | PMTU | Beta 0.55 vs NLY's 0.64 |
| Dividends | NLY | 13.1% yield, 1-year raise streak, vs PMTU's 6.3% |
| Momentum (1Y) | NLY | +31.7% vs PMTU's +8.4% |
| Efficiency (ROA) | NLY | 1.7% ROA vs PMTU's 0.7%, ROIC 6.4% vs 0.4% |
PMTU vs NLY — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2021
PMTU vs NLY — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNLYLAGGINGPMTU
PMTUPennyMac Mortgage Inv…
1leads
NLYAnnaly Capital Manage…
5leads
6 Total Categories
CATEGORYLEADERvs PMTUMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NLY5/5
Valuation MetricsMultiples, price ratios, and targets
NLY4/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NLY7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NLY4/6
Risk & VolatilityBeta, volatility, and downside exposure
PMTU2/2
Analyst OutlookRatings, price targets, and dividends
NLY2/2
Income & Cash Flow (Last 12 Months)
NLY leads this category, winning 5 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
NLY is the larger business by revenue, generating $6.7B annually — 7.0x PMTU's $957M. NLY is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to PMTU's 13.8%. On growth, NLY holds the edge at -8.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| RevenueTrailing 12 months | $957M | $6.7B |
| EBITDAEarnings before interest/tax | $342M | $6.9B |
| Net IncomeAfter-tax profit | $132M | $2.0B |
| Free Cash FlowCash after capex | -$9.1B | -$222M |
| Gross MarginGross profit ÷ Revenue | +49.5% | +99.2% |
| Operating MarginEBIT ÷ Revenue | +35.7% | +102.6% |
| Net MarginNet income ÷ Revenue | +13.8% | +30.3% |
| FCF MarginFCF ÷ Revenue | -9.6% | -3.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | -98.2% | -8.4% |
| EPS Growth (YoY)Latest quarter vs prior year | — | +79.5% |
NLY leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
NLY leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
At 7.7x trailing earnings, NLY trades at a 70% valuation discount to PMTU's 25.7x P/E. On an enterprise value basis, NLY's 18.3x EV/EBITDA is more attractive than PMTU's 224.3x.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| Market CapShares × price | $2.2B | $16.1B |
| Enterprise ValueMkt cap + debt − cash | $21.0B | $125.9B |
| Trailing P/EPrice ÷ TTM EPS | 25.72x | 7.67x |
| Forward P/EPrice ÷ next-FY EPS est. | 16.34x | 7.46x |
| PEG RatioP/E ÷ EPS growth rate | 0.87x | — |
| EV / EBITDAEnterprise value multiple | 224.30x | 18.32x |
| Price / SalesMarket cap ÷ Revenue | 2.16x | 2.40x |
| Price / BookPrice ÷ Book value/share | 1.17x | 0.89x |
| Price / FCFMarket cap ÷ FCF | — | — |
NLY leads this category, winning 4 of 5 comparable metrics.
Profitability & Efficiency
NLY leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
NLY delivers a 14.1% return on equity — every $100 of shareholder capital generates $14 in annual profit, vs $7 for PMTU. NLY carries lower financial leverage with a 6.92x debt-to-equity ratio, signaling a more conservative balance sheet compared to PMTU's 10.12x. On the Piotroski fundamental quality scale (0–9), NLY scores 5/9 vs PMTU's 3/9, reflecting solid financial health.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| ROE (TTM)Return on equity | +7.1% | +14.1% |
| ROA (TTM)Return on assets | +0.7% | +1.7% |
| ROICReturn on invested capital | +0.4% | +6.4% |
| ROCEReturn on capital employed | +0.9% | +19.7% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | 10.12x | 6.92x |
| Net DebtTotal debt minus cash | $18.8B | $109.8B |
| Cash & Equiv.Liquid assets | $272M | $2.0B |
| Total DebtShort + long-term debt | $19.1B | $111.9B |
| Interest CoverageEBIT ÷ Interest expense | 0.11x | 1.42x |
NLY leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NLY leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in PMTU five years ago would be worth $12,610 today (with dividends reinvested), compared to $10,144 for NLY. Over the past 12 months, NLY leads with a +31.7% total return vs PMTU's +8.4%. The 3-year compound annual growth rate (CAGR) favors NLY at 17.0% vs PMTU's 8.0% — a key indicator of consistent wealth creation.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| YTD ReturnYear-to-date | +2.2% | +0.8% |
| 1-Year ReturnPast 12 months | +8.4% | +31.7% |
| 3-Year ReturnCumulative with dividends | +26.1% | +60.1% |
| 5-Year ReturnCumulative with dividends | +26.1% | +1.4% |
| 10-Year ReturnCumulative with dividends | +26.1% | +35.5% |
| CAGR (3Y)Annualised 3-year return | +8.0% | +17.0% |
NLY leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
PMTU leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
PMTU is the less volatile stock with a 0.55 beta — it tends to amplify market swings less than NLY's 0.64 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PMTU currently trades 97.0% from its 52-week high vs NLY's 91.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.55x | 0.64x |
| 52-Week HighHighest price in past year | $26.26 | $24.52 |
| 52-Week LowLowest price in past year | $7.06 | $18.43 |
| % of 52W HighCurrent price vs 52-week peak | +97.0% | +91.3% |
| RSI (14)Momentum oscillator 0–100 | 65.3 | 52.7 |
| Avg Volume (50D)Average daily shares traded | 2K | 7.0M |
PMTU leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
NLY leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
For income investors, NLY offers the higher dividend yield at 13.11% vs PMTU's 6.29%.
| Metric | PMTUPennyMac Mortgage… | NLYAnnaly Capital Ma… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $24.50 |
| # AnalystsCovering analysts | — | 28 |
| Dividend YieldAnnual dividend ÷ price | +6.3% | +13.1% |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | $1.60 | $2.94 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.1% |
NLY leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
NLY leads in 5 of 6 categories (Income & Cash Flow, Valuation Metrics). PMTU leads in 1 (Risk & Volatility).
Best OverallAnnaly Capital Management, … (NLY)Leads 5 of 6 categories
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PMTU vs NLY: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is PMTU or NLY a better buy right now?
For growth investors, PennyMac Mortgage Investment Trust (PMTU) is the stronger pick with 103.
8% revenue growth year-over-year, versus 5. 4% for Annaly Capital Management, Inc. (NLY). Annaly Capital Management, Inc. (NLY) offers the better valuation at 7. 7x trailing P/E (7. 5x forward), making it the more compelling value choice. Analysts rate Annaly Capital Management, Inc. (NLY) a "Buy" — 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 NLY?
On trailing P/E, Annaly Capital Management, Inc.
(NLY) is the cheapest at 7. 7x versus PennyMac Mortgage Investment Trust at 25. 7x. On forward P/E, Annaly Capital Management, Inc. is actually cheaper at 7. 5x.
03Which is the better long-term investment — PMTU or NLY?
Over the past 5 years, PennyMac Mortgage Investment Trust (PMTU) delivered a total return of +26.
1%, compared to +1. 4% for Annaly Capital Management, Inc. (NLY). Over 10 years, the gap is even starker: NLY returned +35. 5% versus PMTU's +26. 1%. 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 NLY?
By beta (market sensitivity over 5 years), PennyMac Mortgage Investment Trust (PMTU) is the lower-risk stock at 0.
55β versus Annaly Capital Management, Inc. 's 0. 64β — meaning NLY is approximately 17% more volatile than PMTU relative to the S&P 500. On balance sheet safety, Annaly Capital Management, Inc. (NLY) carries a lower debt/equity ratio of 7% versus 10% for PennyMac Mortgage Investment Trust — giving it more financial flexibility in a downturn.
05Which is growing faster — PMTU or NLY?
By revenue growth (latest reported year), PennyMac Mortgage Investment Trust (PMTU) is pulling ahead at 103.
8% versus 5. 4% for Annaly Capital Management, Inc. (NLY). On earnings-per-share growth, the picture is similar: Annaly Capital Management, Inc. grew EPS 80. 2% 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 — PMTU or NLY?
Annaly Capital Management, Inc.
(NLY) is the more profitable company, earning 30. 3% net margin versus 12. 4% for PennyMac Mortgage Investment Trust — meaning it keeps 30. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NLY leads at 102. 6% versus 9. 1% for PMTU. At the gross margin level — before operating expenses — NLY leads at 99. 9%, 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 PMTU or NLY more undervalued right now?
On forward earnings alone, Annaly Capital Management, Inc.
(NLY) trades at 7. 5x forward P/E versus 16. 3x for PennyMac Mortgage Investment Trust — 8. 9x cheaper on a one-year earnings basis.
08Which pays a better dividend — PMTU or NLY?
All stocks in this comparison pay dividends.
Annaly Capital Management, Inc. (NLY) offers the highest yield at 13. 1%, versus 6. 3% for PennyMac Mortgage Investment Trust (PMTU).
09Is PMTU or NLY 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.
55), 6. 3% yield). Both have compounded well over 10 years (PMTU: +26. 1%, NLY: +35. 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.
10What are the main differences between PMTU and NLY?
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: PMTU is a small-cap high-growth stock; NLY is a mid-cap deep-value 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>
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(PMTU: -98.2% · NLY: -8.4%)Net Margin>
%
(PMTU: 13.8% · NLY: 30.3%)P/E Ratio<
x
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