Revenue volatility remains high, with the company reporting a 18% contraction in 2026Q1 revenue alongside operating margins that reached 100% due to non-cash fair value mark-ups.
| Revenue | 103.58M | 132.79M | 51.46M | 54.86M | -157.95M | 41.76M | 10.38M | 11.8M | -1.35M |
| Revenue Growth % | 29.59% | 158.06% | -6.21% | 134.74% | -478.22% | 302.17% | -11.99% | 975.22% | - |
| Property Operating Expenses | 33.42M | 13.19M | 0 | 0 | 0 | 0 | 6.3M | 5.24M | 4.44M |
| Net Operating Income (NOI) | 70.16M | 119.61M | 51.46M | 54.86M | -157.95M | 41.76M | 4.08M | 6.55M | -5.79M |
| NOI Margin % | 67.73% | 90.07% | 100% | 100% | 100% | 100% | 39.28% | 55.55% | 429.67% |
| Operating Expenses | 24.93M | -27.5M | 51.46M | 54.86M | -157.95M | 41.76M | 3.34M | -6.66M | 404K |
| G&A Expenses | 3.43M | 1.35M | 2.04M | 1.69M | 5.75M | 1.72M | 3.34M | 1.93M | 404K |
| EBITDA | 45.23M | 147.11M | 0 | 0 | 0 | 0 | 736K | 10.92M | 0 |
| EBITDA Margin % | 43.67% | 110.78% | 0% | 0% | 0% | 0% | 7.09% | 92.57% | 0% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.78M | 6.2M |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 48.97% | -459.64% |
| Operating Income | 45.23M | 147.11M | 0 | 0 | 0 | 0 | 736K | 5.14M | -6.2M |
| Operating Margin % | 43.67% | 110.78% | 0% | 0% | 0% | 0% | 7.09% | 43.59% | 459.64% |
| Interest Expense | 3M | 102.56M | 73.5M | 67.05M | 63.02M | 11.48M | 7.5M | 7.94M | 0 |
| Interest Coverage | - | 1.43x | - | - | - | - | 0.10x | 0.65x | - |
| Non-Operating Income | 12.48M | 0 | 0 | 0 | 0 | 0 | 736K | 0 | 6.2M |
| Pretax Income | 16.64M | 44.55M | 32.01M | 34.96M | -191.29M | 22.71M | 736K | 5.14M | -6.2M |
| Pretax Margin % | 16.07% | 33.55% | 62.21% | 63.72% | 121.11% | 54.39% | 7.09% | 43.59% | 459.64% |
| Income Tax | 531K | 531K | 3.26M | 1.25M | -3.46M | 1.6M | 0 | 0 | 0 |
| Effective Tax Rate % | 3.19% | 1.19% | 10.19% | 3.56% | 1.81% | 7.04% | 0% | 0% | 0% |
| Net Income | 16.11M | 44.02M | 28.75M | 33.71M | -187.83M | 21.11M | 736K | 5.14M | -6.2M |
| Net Margin % | 15.56% | 33.15% | 55.87% | 61.45% | 118.92% | 50.56% | 7.09% | 43.59% | 459.64% |
| Net Income Growth % | -55.74% | 53.13% | -14.72% | 117.95% | -989.66% | 2768.61% | -85.69% | 183.01% | - |
| Funds From Operations (FFO) | 59.42M | 48.55M | 32.01M | 33.71M | -187.83M | 21.11M | 736K | 10.92M | 0 |
| FFO Margin % | 57.37% | 36.56% | 62.2% | 61.45% | 118.92% | 50.56% | 7.09% | 92.57% | 0% |
| FFO Growth % | 0% | 51.68% | - | - | - | - | - | - | - |
| FFO per Share | 2.40 | 2.00 | 1.31 | 1.35 | -7.65 | 1.01 | 0.05 | 0.42 | 0.00 |
| FFO Payout Ratio % | 39.41% | 63.72% | 97.98% | 94.7% | -22.2% | 57.65% | 10421.2% | 0.13% | - |
| EPS (Diluted) | 0.65 | 1.80 | 1.17 | 1.35 | -7.65 | 0.84 | 0.03 | 0.20 | -0.24 |
| EPS Growth % | -57.26% | 53.85% | -13.33% | 117.65% | -1010.71% | 2954.55% | -86.25% | 183.33% | - |
| EPS (Basic) | - | 1.86 | 1.18 | 1.36 | -7.65 | 0.84 | 0.03 | 0.20 | -0.24 |
| Diluted Shares Outstanding | 24.76M | 24.31M | 24.4M | 24.94M | 24.55M | 20.85M | 15.72M | 26.21M | 26.21M |
Non-QM credit spread volatility
As reported in financial statements, AOMR experienced significant top-line fluctuations, including a 158% revenue surge in 2025Q1 followed by an 18% contraction in 2026Q1, suggesting that the company's reliance on securitization exits creates a lumpy revenue profile that is highly sensitive to broader capital market conditions.
The extreme variance in quarterly revenue suggests that the firm's growth is driven more by the timing of securitization events than by consistent organic portfolio expansion. Investors should monitor whether the firm can maintain a steady pipeline of Non-QM originations to offset the inherent volatility of fair value accounting.
Based on reported figures from 2025Q4, the company generated $14.9M in FFO, yet the lack of consistent historical FFO reporting across the provided data set complicates a clear assessment of long-term dividend safety and the underlying quality of earnings relative to GAAP net income volatility.
The reliance on non-GAAP metrics like FFO is essential given the distortions caused by fair value adjustments in the income statement. The absence of sustained FFO data points suggests that the company's ability to cover distributions may be subject to significant quarterly swings based on realized gains.
According to recent SEC filings, the company's operating margins have reached levels as high as 100%, which appears to be an artifact of fair value mark-ups on the loan portfolio rather than a reflection of sustainable operational efficiency or core net interest margin expansion.
The disconnect between GAAP net income and operational performance warrants further investigation into how much of the reported income is truly cash-generative. Analysts should be wary of interpreting these high margins as a sign of competitive advantage, as they may reverse rapidly if credit spreads widen.
As indicated by the 2024Q4 negative revenue of $9.6M, the company has faced periods of severe earnings pressure, likely stemming from market-driven fair value adjustments that highlight the inherent risks of the mortgage REIT model when credit spreads move against the firm's existing asset base.
This period of negative revenue suggests that the company's reliance on fair value accounting can lead to significant book value erosion during market stress. Investors should monitor whether the current portfolio composition provides enough cushion to withstand future volatility in the non-agency residential credit market.
Quick answers to the most common questions about buying AOMR stock.
For fiscal year 2025, Angel Oak Mortgage, Inc. (AOMR) reported total revenue of $132.8M.
Angel Oak Mortgage, Inc. (AOMR) is profitable, generating $44.0M in net income for the fiscal year ending 2025 with a net profit margin of 33.2%.
Angel Oak Mortgage, Inc. (AOMR) reported an operating income of $147.1M, resulting in an operating profit margin of 110.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Angel Oak Mortgage, Inc. (AOMR) generated $119.6M in gross profit for the year, representing a gross profit margin of 90.1%. This demonstrates the company's core pricing power and production efficiency.