Latest Ratios: P/E Ratio 5.0x · EV/EBITDA 3.3x · ROE 17.4%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $225M | $209M | $226M | $264M | $116M | $342M | — | — | — |
| Enterprise Value | $492M | $476M | $2.0B | $1.7B | $1.7B | $1.8B | — | — | — |
| P/E Ratio → | 5.03 | 4.78 | 7.93 | 7.85 | — | 19.50 | — | — | — |
| P/S Ratio | 1.70 | 1.58 | 4.40 | 4.82 | — | 8.18 | — | — | — |
| P/B Ratio | 0.82 | 0.78 | 0.95 | 1.03 | 0.49 | 0.70 | — | — | — |
| P/FCF | 12.13 | 11.26 | — | 0.86 | — | — | — | — | — |
| P/OCF | 12.13 | 11.26 | — | 0.86 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.58 | 38.02 | 30.67 | — | 42.40 | — | — | — |
| EV / EBITDA | 3.34 | 3.23 | — | — | — | — | — | — | — |
| EV / EBIT | 3.34 | 3.23 | — | — | — | — | — | — | — |
| EV / FCF | — | 25.58 | — | 5.49 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.1% | 90.1% | 100.0% | 100.0% | 100.0% | 100.0% | 39.3% | 55.6% | 429.7% |
| Operating Margin | 110.8% | 110.8% | — | — | — | — | 7.1% | 43.6% | 459.6% |
| Net Profit Margin | 33.2% | 33.2% | 55.9% | 61.5% | 118.9% | 50.6% | 7.1% | 43.6% | 459.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 11.6% | 13.7% | -51.6% | 5.7% | 0.4% | 7.4% | -14.1% |
| ROA | 1.8% | 1.8% | 1.3% | 1.3% | -6.8% | 1.4% | 0.2% | 1.2% | -1.4% |
| ROIC | 8.8% | 8.8% | — | — | — | — | 0.1% | 0.9% | — |
| ROCE | 6.7% | 6.7% | — | — | — | — | 0.4% | 5.8% | -14.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 7.41 | 5.70 | 6.95 | 2.99 | 1.05 | 3.82 | 8.76 |
| Debt / EBITDA | 2.09 | 2.09 | — | — | — | — | 353.80 | 33.20 | — |
| Net Debt / Equity | — | 0.99 | 7.24 | 5.54 | 6.83 | 2.91 | 0.87 | 3.74 | 8.74 |
| Net Debt / EBITDA | 1.81 | 1.81 | — | — | — | — | 294.60 | 32.52 | — |
| Debt / FCF | — | 14.32 | — | 4.63 | — | — | 6.30 | 5.38 | — |
| Interest Coverage | 1.43 | 1.43 | — | — | — | — | 0.10 | 0.65 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.17 | 0.17 | — | — | — | — | 0.89 | 0.60 | 0.60 |
| Quick Ratio | 0.17 | 0.17 | — | — | — | — | 0.89 | 0.60 | 0.60 |
| Cash Ratio | 0.14 | 0.14 | — | — | — | — | 0.19 | 0.02 | 0.00 |
| Asset Turnover | — | 0.05 | 0.02 | 0.02 | -0.05 | 0.02 | 0.02 | 0.03 | -0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 14.1% | 14.8% | 13.9% | 12.1% | 35.9% | 3.6% | — | — | — |
| Payout Ratio | 70.3% | 70.3% | 109.1% | 94.7% | — | 57.7% | 10421.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.9% | 20.9% | 12.6% | 12.7% | — | 5.1% | — | — | — |
| FCF Yield | 8.2% | 8.9% | — | 115.9% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 8.8% | 0.0% | 5.9% | 1.4% | — | — | — |
| Total Shareholder Yield | 14.1% | 14.8% | 22.7% | 12.1% | 41.8% | 4.9% | — | — | — |
| Shares Outstanding | — | $24M | $24M | $25M | $25M | $21M | $16M | $26M | $26M |
Non-QM credit spread volatility
As reported in financial statements, AOMR trades at a P/B of 0.82, which suggests that the market is applying a significant discount to book value, likely due to the inherent volatility of fair value accounting and the persistent uncertainty surrounding the company's long-term earnings power.
The current P/FFO multiple of 10.38x, while appearing modest, must be interpreted with caution given the sporadic nature of FFO reporting and the reliance on non-cash fair value adjustments. Investors should monitor whether this discount narrows as the company demonstrates more consistent securitization execution and stable distributable earnings.
Based on reported figures, the company's NOI margin has fluctuated wildly between 37.2% and 100.0% over the last ten quarters, indicating that profitability metrics are heavily influenced by non-cash fair value mark-ups rather than core operational efficiency or consistent net interest margin expansion.
The extreme variance in margins suggests that the company's profitability is highly sensitive to credit spread movements and securitization timing. Analysts should look past these headline figures to assess the underlying yield on the Non-QM portfolio, which remains the primary driver of long-term economic value.
According to recent SEC filings, the FFO payout ratio of 53.7% in 2025Q4 provides a superficial appearance of safety, yet the lack of consistent historical FFO and AFFO data makes it difficult to determine if the dividend is supported by recurring cash flow or capital recycling.
The high dividend yield of 14.1% often signals market skepticism regarding the long-term sustainability of payouts in a credit-sensitive REIT. Investors should monitor the relationship between distributable earnings and cash distributions to ensure that the company is not over-distributing during periods of market-driven earnings volatility.
As indicated by the reported Debt-to-Equity ratio of 1.10 in 2026Q1, the company appears to have deleveraged from its 2025Q2 peak of 8.02, though this figure likely excludes significant non-recourse securitized debt that remains central to the firm's capital structure and overall risk profile.
The dramatic reduction in reported leverage warrants further investigation into whether this reflects a genuine shift in risk appetite or merely a temporary reduction in warehouse line utilization. Given the sensitivity of the Non-QM model to financing costs, the true economic leverage remains a critical factor for assessing solvency risk.
Based on reported figures, the market's reliance on a 5.03x P/E ratio is deeply misleading for AOMR, as GAAP net income is distorted by non-cash fair value adjustments that do not reflect the actual cash-generating capacity of the underlying mortgage portfolio.
Investors should prioritize Distributable Earnings or AFFO over GAAP net income to avoid the noise created by the Fair Value Option. Using standard P/E ratios obscures the true economic performance of the REIT and fails to account for the maintenance capex and credit loss provisions inherent in the Non-QM business.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying AOMR stock.
Angel Oak Mortgage, Inc.'s current P/E ratio is 5.0x. The historical average is 10.0x. This places it at the 25th percentile of its historical range.
Angel Oak Mortgage, Inc.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
Angel Oak Mortgage, Inc.'s return on equity (ROE) is 17.4%. The historical average is -1.2%.
Based on historical data, Angel Oak Mortgage, Inc. is trading at a P/E of 5.0x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Angel Oak Mortgage, Inc.'s current dividend yield is 14.06% with a payout ratio of 70.3%.
Angel Oak Mortgage, Inc. has 90.1% gross margin and 110.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Angel Oak Mortgage, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.