Latest Ratios: P/E Ratio 25.7x · EV/EBITDA 224.2x · ROE 6.7%. (2010–2025 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 | $2.2B | $2.2B | $2.2B | $2.8B | — | — | — | — | — | — | — |
| Enterprise Value | $21.0B | $21.0B | $14.0B | $13.0B | — | — | — | — | — | — | — |
| P/E Ratio → | 25.66 | 25.64 | 18.49 | 15.49 | — | — | — | — | — | — | — |
| P/S Ratio | 2.15 | 2.15 | 4.36 | 3.89 | — | — | — | — | — | — | — |
| P/B Ratio | 1.17 | 1.17 | 1.13 | 1.44 | — | — | — | — | — | — | — |
| P/FCF | — | — | — | 2.13 | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 2.10 | — | — | — | — | — | — | — |
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 | — | 20.45 | 27.73 | 17.93 | — | — | — | — | — | — | — |
| EV / EBITDA | 224.24 | 224.16 | 13.61 | 10.17 | — | — | — | — | — | — | — |
| EV / EBIT | 224.24 | 224.16 | 13.61 | 10.17 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 9.82 | — | — | — | — | — | — | — |
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 | 15.4% | 15.4% | 75.4% | 83.2% | 220.5% | 59.2% | 76.3% | 75.4% | 65.9% | 68.8% | 49.3% |
| Operating Margin | 9.1% | 9.1% | 65.7% | 76.9% | 253.9% | 52.0% | 73.0% | 70.1% | 56.4% | 60.5% | 37.8% |
| Net Profit Margin | 12.4% | 12.4% | 31.9% | 27.5% | 50.3% | 7.5% | 3.7% | 23.7% | 37.3% | 26.2% | 24.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | 8.3% | 10.2% | -3.4% | 2.4% | 2.2% | 11.3% | 9.8% | 8.1% | 5.3% |
| ROA | 0.7% | 0.7% | 1.2% | 1.5% | -0.5% | 0.4% | 0.4% | 2.3% | 2.3% | 2.0% | 1.2% |
| ROIC | 0.4% | 0.4% | 1.9% | 3.3% | -2.1% | 2.7% | 7.8% | 5.3% | 2.7% | 3.5% | 1.5% |
| ROCE | 0.9% | 0.9% | 4.6% | 8.2% | -5.4% | 4.8% | 14.5% | 10.8% | 3.5% | 4.7% | 2.0% |
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 | 10.12 | 10.12 | 6.26 | 5.35 | 5.80 | 4.72 | 3.89 | 3.73 | 3.87 | 2.55 | 3.59 |
| Debt / EBITDA | 203.53 | 203.53 | 11.80 | 8.19 | 432.21 | 16.22 | 6.93 | 47.94 | 18.10 | 30.31 | 75.20 |
| Net Debt / Equity | — | 9.97 | 6.08 | 5.21 | 5.74 | 4.69 | -0.25 | 3.69 | 3.83 | 2.50 | 3.56 |
| Net Debt / EBITDA | 200.63 | 200.63 | 11.47 | 7.97 | 427.96 | 16.14 | -0.45 | 47.40 | 17.92 | 29.71 | 74.66 |
| Debt / FCF | — | — | — | 7.69 | 6.32 | — | -0.87 | — | — | 17.28 | — |
| Interest Coverage | 0.11 | 0.11 | 1.44 | 1.74 | 0.06 | 2.26 | 4.76 | 0.64 | 1.91 | 0.86 | 0.43 |
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 | 0.03 | 0.03 | — | — | — | 0.03 | 1.60 | 0.00 | 1.96 | 3.52 | 0.53 |
| Quick Ratio | 0.03 | 0.03 | — | — | — | 0.03 | 1.60 | 0.00 | 4.33 | 7.68 | 0.65 |
| Cash Ratio | 0.06 | 0.06 | 0.06 | 0.07 | 0.05 | 0.03 | 1.53 | 0.03 | 1.91 | 3.52 | 0.53 |
| Asset Turnover | — | 0.05 | 0.04 | 0.06 | -0.01 | 0.05 | 0.12 | 0.08 | 0.05 | 0.08 | 0.05 |
| 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 | 6.3% | 6.3% | 6.3% | 5.0% | — | — | — | — | — | — | — |
| Payout Ratio | 109.0% | 109.0% | 86.5% | 70.4% | — | 323.6% | 289.4% | 62.3% | 75.7% | 107.1% | 173.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.9% | 5.4% | 6.5% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 47.0% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.3% | 6.3% | 6.3% | 6.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $87M | $87M | $112M | $91M | $97M | $99M | $88M | $69M | $75M | $77M |
Repo financing liquidity dependency
As reported in recent financial filings, PMTU trades at a P/B ratio of 1.17, which appears elevated relative to the broader mREIT peer group, suggesting that the market may be pricing in a premium for the company's integrated correspondent production platform despite significant earnings instability.
The P/E ratio of 25.66 is largely uninformative for an mREIT due to the heavy influence of non-cash fair value adjustments on mortgage servicing rights. Investors should monitor the P/B ratio as the primary valuation anchor, though the current premium warrants caution given the inconsistent dividend coverage and reliance on volatile hedging gains.
Based on the provided quarterly data, NOI margins have fluctuated wildly from a negative 115.8% in 2024Q4 to a peak of 91.5% in 2025Q4, indicating that property-level profitability is highly susceptible to the cyclical nature of mortgage originations and the associated cost of funds.
The extreme variance in margins suggests that the company's profitability is not driven by steady-state interest income but rather by the timing of asset sales and fair value marks. This volatility implies that organic growth is difficult to isolate, making the company's earnings profile highly dependent on macro-driven interest rate shifts.
According to the company's reported figures, the FFO payout ratio has exhibited significant volatility, ranging from 67.1% to 114.8% over the last ten quarters, which suggests that the dividend may occasionally be supported by balance sheet liquidity rather than recurring distributable cash flow.
The inconsistent payout ratio indicates a lack of a clear dividend policy tied to sustainable earnings. Investors should monitor the company's ability to generate consistent AFFO, as the current payout levels may be unsustainable if interest rate volatility continues to compress net interest margins.
As reported in recent financial statements, PMTU's debt-to-equity ratio reached 10.12x in 2025Q4, a significant escalation from the 5.35x observed in 2023Q4, which highlights a heightened reliance on short-term repo financing to support the company's mortgage-related asset portfolio and correspondent production activities.
This leverage profile suggests a vulnerable balance sheet that is highly sensitive to margin calls and repo market liquidity. The increasing debt load warrants further investigation into the company's interest coverage, which has shown signs of deterioration in recent quarters.
The most commonly misapplied metric for PMTU is the standard P/E ratio, which obscures the company's true economic performance by including non-cash fair value marks on MSRs and derivatives that do not represent actual cash flow available for distribution to shareholders.
Investors should instead focus on Earnings Available for Distribution (EAD) or AFFO, which adjust for these non-cash items. Relying on P/E in an mREIT context is fundamentally misleading because it treats unrealized valuation gains as recurring operational income, leading to a distorted view of the company's valuation.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying PMTU stock.
PennyMac Mortgage Investment Trust's current P/E ratio is 25.7x. The historical average is 19.9x. This places it at the 100th percentile of its historical range.
PennyMac Mortgage Investment Trust's current EV/EBITDA is 224.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
PennyMac Mortgage Investment Trust's return on equity (ROE) is 6.7%. The historical average is 8.3%.
Based on historical data, PennyMac Mortgage Investment Trust is trading at a P/E of 25.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PennyMac Mortgage Investment Trust's current dividend yield is 6.31% with a payout ratio of 109.0%.
PennyMac Mortgage Investment Trust has 15.4% gross margin and 9.1% operating margin.
PennyMac Mortgage Investment Trust's Debt/EBITDA ratio is 203.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.