Latest Ratios: P/E Ratio 29.0x · EV/EBITDA 18.7x · ROE 8.8%. (2016–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $809M | $791M | $741M | — | — | — | — | — | — | — | — |
| Enterprise Value | $8.8B | $8.8B | $6.9B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 28.98 | 28.92 | 20.41 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.71 | 1.67 | 1.79 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.41 | 1.41 | 1.36 | — | — | — | — | — | — | — | — |
| P/FCF | 12.69 | 12.40 | 13.27 | — | — | — | — | — | — | — | — |
| P/OCF | 12.69 | 12.40 | 13.27 | — | — | — | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.65 | 16.78 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 18.66 | 18.62 | 17.40 | — | — | — | — | — | — | — | — |
| EV / EBIT | 19.61 | 19.44 | 17.40 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 138.28 | 124.15 | — | — | — | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.4% | 92.4% | 94.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 92.2% | 91.2% | 91.8% |
| Operating Margin | 95.3% | 95.3% | 96.4% | 87.9% | -3613.8% | 93.4% | 102.0% | 91.7% | 35.1% | 221.3% | 133.7% |
| Net Profit Margin | 10.3% | 10.3% | 13.5% | 84.5% | -24357.8% | 101.2% | 114.4% | 75.4% | -9.5% | 92.3% | 50.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 10.4% | 10.9% | -10.3% | 21.3% | -66.9% | 2.6% | -0.2% | 1.9% | 1.4% |
| ROA | 0.6% | 0.6% | 0.9% | 1.0% | -1.4% | 4.4% | -14.6% | 4.3% | -0.8% | 4.3% | 3.3% |
| ROIC | 4.4% | 4.4% | 4.7% | 0.8% | -0.2% | 3.2% | -10.3% | 1.6% | 0.5% | 3.4% | 2.8% |
| ROCE | 6.4% | 6.4% | 6.1% | 1.1% | -0.2% | 15.9% | -13.1% | 5.2% | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 14.45 | 14.45 | 11.65 | 10.53 | 8.39 | 4.87 | 2.27 | 4.07 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 17.11 | 17.11 | 15.89 | 99.46 | — | 28.88 | — | 30.60 | 0.03 | 0.01 | 0.03 |
| Net Debt / Equity | — | 14.31 | 11.39 | 10.29 | 8.18 | 4.69 | 2.12 | 3.92 | -0.01 | -0.01 | -0.02 |
| Net Debt / EBITDA | 16.95 | 16.95 | 15.54 | 97.22 | — | 27.83 | — | 29.49 | -0.43 | -0.20 | -0.35 |
| Debt / FCF | — | 125.88 | 110.88 | 193.32 | 96.81 | 101.78 | 24.93 | 40.95 | -0.99 | -0.65 | -1.09 |
| Interest Coverage | 1.12 | 1.12 | 1.16 | — | — | — | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.09 | 0.09 | — | — | — | 0.07 | — | — | 0.65 | 1.25 | 1.36 |
| Quick Ratio | 0.09 | 0.09 | — | — | — | 1.98 | — | — | 0.65 | 1.25 | 1.36 |
| Cash Ratio | 0.09 | 0.09 | — | — | — | 0.06 | — | — | 0.01 | 0.02 | 0.04 |
| Asset Turnover | — | 0.05 | 0.06 | 0.01 | 0.00 | 0.03 | -0.26 | 0.03 | 11.20 | 0.04 | 0.07 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.1% | 5.0% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 66.7% | 66.5% | — | 28.4% | — | — | — | 62.7% | 107.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.5% | 4.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 7.9% | 8.1% | 7.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.1% | 3.1% | 5.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $31M | $30M | $21M | $23M | $16M | $12M | $11M | $9M | $9M | $9M |
Mark-to-market earnings volatility
According to recent quarterly data, MITN maintains a high NOI margin of 92.9% as of 2026Q1, yet this figure fails to translate into bottom-line stability, as evidenced by the significant disparity between property-level profitability and the company's overall net income performance during the same period.
The consistently high NOI margin suggests that the underlying mortgage assets are generating strong interest income relative to direct costs. However, investors should monitor the disconnect between these margins and net income, which appears heavily impacted by non-operating mark-to-market adjustments and hedging costs.
Based on the reported figures for 2026Q1, the FFO payout ratio reached 150.5%, which significantly exceeds the company's cash-generating capacity and suggests that the current dividend distribution may not be sustainable without further capital preservation or a recovery in core earnings performance.
The volatility in FFO per share, which dropped from $1.09 in 2025Q3 to $0.15 in 2026Q1, highlights the precarious nature of the dividend. This trend warrants further investigation into whether management will be forced to adjust distributions to align with the current, more constrained cash flow environment.
As reported in financial statements, MITN maintains a debt-to-equity ratio of 14.14 as of 2026Q1, indicating a heavy reliance on leverage that appears to limit the company's ability to absorb further valuation shocks within its mortgage-backed securities portfolio during periods of market volatility.
The elevated leverage profile suggests that the trust is highly sensitive to interest rate fluctuations and repo market conditions. Investors should monitor the interest coverage ratio, which hovered near 0.97 in 2026Q1, as it indicates limited cushion for servicing debt obligations if asset yields compress.
The market's reliance on standard P/E ratios for MITN is fundamentally flawed, as reported GAAP earnings are heavily distorted by non-cash mark-to-market valuation adjustments on the mortgage portfolio, which obscure the actual cash-generating power of the underlying assets as shown in recent SEC filings.
Analysts should instead focus on FFO or Earnings Available for Distribution to better assess the trust's true economic performance. Using P/E in this context risks misinterpreting accounting noise as operational success or failure, leading to potentially inaccurate valuation conclusions.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MITN stock.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029's current P/E ratio is 29.0x. The historical average is 24.7x. This places it at the 100th percentile of its historical range.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029's current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029's return on equity (ROE) is 8.8%. The historical average is -2.0%.
Based on historical data, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 is trading at a P/E of 29.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029's current dividend yield is 3.09%.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 has 92.4% gross margin and 95.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029's Debt/EBITDA ratio is 17.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.