Revenue volatility remains extreme, evidenced by a 103.82% year-over-year swing that highlights the company's sensitivity to fair value marks rather than core operational growth.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 956.98M | 1.03B | 504.6M | 725.87M | -145.66M | 757.48M | 1.41B | 953.17M | 409.85M | 448.93M | 311.01M | 292.43M | 408.13M | 424.66M | 328.46M | 90.74M | 35.36M |
| Revenue Growth % | 61.81% | 103.82% | -30.48% | 598.32% | -119.23% | -46.21% | 47.75% | 132.57% | -8.71% | 44.35% | 6.35% | -28.35% | -3.89% | 29.29% | 261.98% | 156.6% | - |
| Property Operating Expenses | 483.04M | 870.39M | 124.11M | 122.1M | 175.54M | 308.74M | 333.27M | 234.21M | 139.61M | 139.93M | 157.62M | 120.12M | 110.77M | 120.99M | 81.51M | 4.43M | 2.58M |
| Net Operating Income (NOI) | 473.94M | 158.07M | 380.5M | 603.76M | -321.2M | 448.74M | 1.08B | 718.96M | 270.23M | 309.01M | 153.38M | 172.3M | 297.36M | 303.68M | 246.95M | 86.31M | 32.78M |
| NOI Margin % | 49.52% | 15.37% | 75.4% | 83.18% | 220.51% | 59.24% | 76.33% | 75.43% | 65.94% | 68.83% | 49.32% | 58.92% | 72.86% | 71.51% | 75.18% | 95.11% | 92.7% |
| Operating Expenses | 132.22M | 64.25M | 49.17M | 45.53M | 48.63M | 54.74M | 46.27M | 50.56M | 39.03M | 37.29M | 35.92M | 40.15M | 52.73M | 49.52M | 60.13M | 39.17M | 10.86M |
| G&A Expenses | 32.57M | 11.89M | 47.01M | 43.49M | 46.58M | 52.95M | 44.83M | 48.95M | 37.63M | 35.81M | 34.48M | 38.87M | 51.74M | 48.7M | 25.63M | 5.16M | 3.4M |
| EBITDA | 341.72M | 93.82M | 1.03B | 1.28B | 26.33M | 688.32M | 1.29B | 190.64M | 334.68M | 129.76M | 64.48M | 76.35M | 184.6M | 209.66M | 0 | 89.44M | 27.85M |
| EBITDA Margin % | 35.71% | 9.12% | 203.67% | 176.24% | -18.08% | 90.87% | 91.57% | 20% | 81.66% | 28.9% | 20.73% | 26.11% | 45.23% | 49.37% | 0% | 98.57% | 78.76% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -194.37M | 16.95M | 826K |
| D&A / Revenue % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -59.18% | 18.67% | 2.34% |
| Operating Income | 341.72M | 93.82M | 331.33M | 558.23M | -369.84M | 394M | 1.03B | 668.4M | 231.2M | 271.72M | 117.46M | 132.16M | 244.64M | 254.15M | 194.37M | 72.5M | 27.03M |
| Operating Margin % | 35.71% | 9.12% | 65.66% | 76.91% | 253.9% | 52.01% | 73.05% | 70.12% | 56.41% | 60.53% | 37.77% | 45.19% | 59.94% | 59.85% | 59.18% | 79.89% | 76.42% |
| Interest Expense | 4M | 870.39M | 714.66M | 735.97M | 410.42M | 304.74M | 270.77M | 297.45M | 175.17M | 151.37M | 149.77M | 124.71M | 85.59M | 65.22M | 31.64M | 16.95M | 826K |
| Interest Coverage | - | 0.11x | 1.44x | 1.74x | 0.06x | 2.26x | 4.76x | 0.64x | 1.91x | 0.86x | 0.43x | 0.61x | 2.16x | 3.21x | 6.14x | 4.28x | 32.72x |
| Non-Operating Income | 0 | 0 | 331.33M | 558.23M | -369.84M | 394M | 1.03B | 668.4M | 231.2M | 271.72M | 117.46M | 132.16M | 244.64M | 254.15M | 0 | 72.5M | 27.03M |
| Pretax Income | 127.01M | 93.82M | 142.65M | 244.4M | 63.09M | 44.66M | 79.73M | 190.64M | 157.99M | 124.55M | 61.76M | 73.3M | 179.46M | 214.63M | 186.82M | 72.5M | 27.03M |
| Pretax Margin % | 13.27% | 9.12% | 28.27% | 33.67% | -43.31% | 5.9% | 5.66% | 20% | 38.55% | 27.74% | 19.86% | 25.07% | 43.97% | 50.54% | 56.88% | 79.89% | 76.42% |
| Income Tax | -15.8M | -34.05M | 18.34M | 44.74M | 136.37M | 12.19M | 27.36M | 35.72M | 5.19M | 6.8M | 14.05M | 16.8M | 15.08M | 14.45M | 48.57M | 8.06M | 2.54M |
| Effective Tax Rate % | -12.44% | -36.3% | 12.85% | 18.31% | 216.17% | 27.3% | 34.31% | 18.73% | 3.29% | 5.46% | 22.74% | 22.91% | 8.4% | 6.73% | 26% | 11.11% | 9.41% |
| Net Income | 132.35M | 127.87M | 160.98M | 199.65M | -73.29M | 56.85M | 52.37M | 226.36M | 152.8M | 117.75M | 75.81M | 90.1M | 194.54M | 200.19M | 138.25M | 64.44M | 24.48M |
| Net Margin % | 13.83% | 12.43% | 31.9% | 27.51% | 50.31% | 7.51% | 3.72% | 23.75% | 37.28% | 26.23% | 24.38% | 30.81% | 47.67% | 47.14% | 42.09% | 71.01% | 69.23% |
| Net Income Growth % | 7.56% | -20.57% | -19.37% | 372.43% | -228.9% | 8.56% | -76.86% | 48.14% | 29.77% | 55.32% | -15.86% | -53.69% | -2.82% | 44.8% | 114.54% | 163.2% | - |
| Funds From Operations (FFO) | 75.97M | 127.87M | 160.98M | 199.76M | -66.54M | 56.85M | 52.37M | 610.09M | 247.13M | 199.37M | 141.46M | 134.08M | 226.46M | 226.43M | -56.12M | 81.39M | 25.31M |
| FFO Margin % | 7.94% | 12.43% | 31.9% | 27.52% | 45.68% | 7.51% | 3.72% | 64.01% | 60.3% | 44.41% | 45.48% | 45.85% | 55.49% | 53.32% | -17.09% | 89.69% | 71.57% |
| FFO Growth % | 0% | - | - | 400.22% | - | - | - | 146.87% | 23.95% | 40.94% | 5.5% | -40.79% | 0.01% | 503.48% | -168.96% | 221.57% | - |
| FFO per Share | 0.87 | 1.47 | 1.85 | 1.79 | -0.73 | 0.58 | 0.53 | 6.96 | 3.56 | 2.67 | 1.83 | 1.61 | 2.75 | 3.26 | -1.28 | 3.05 | 1.48 |
| FFO Payout Ratio % | 137.59% | 108.99% | 86.53% | 70.39% | -260.82% | 323.59% | 289.42% | 23.11% | 46.78% | 63.27% | 93% | 129.04% | 77.03% | 65.17% | -168.96% | 48.59% | 51.21% |
| EPS (Diluted) | 1.52 | 0.99 | 1.37 | 1.63 | -1.26 | 0.26 | 0.27 | 2.42 | 2.20 | 1.48 | 1.08 | 1.16 | 2.47 | 2.96 | 3.14 | 2.41 | 1.44 |
| EPS Growth % | 25.11% | -27.74% | -15.95% | 229.37% | -584.62% | -3.7% | -88.84% | 10% | 48.65% | 37.04% | -6.9% | -53.04% | -16.55% | -5.73% | 30.29% | 67.36% | - |
| EPS (Basic) | - | 0.99 | 1.37 | 1.80 | -1.26 | 0.26 | 0.27 | 2.54 | 2.20 | 1.53 | 1.09 | 1.19 | 2.62 | 3.13 | 3.14 | 2.41 | 1.46 |
| Diluted Shares Outstanding | 87.08M | 86.99M | 86.81M | 111.7M | 91.43M | 97.4M | 99.37M | 87.71M | 69.36M | 74.61M | 77.11M | 83.34M | 82.21M | 69.45M | 43.88M | 26.68M | 17.05M |
Interest rate volatility exposure
As reported in recent financial filings, PMTU experienced a dramatic 103.82% year-over-year revenue swing, which appears to be driven more by fair value adjustments on mortgage servicing rights and hedging instruments than by consistent growth in the underlying correspondent production and credit-sensitive asset segments.
The extreme variance in quarterly revenue suggests that the company's top-line performance is highly sensitive to non-cash mark-to-market accounting. Investors should monitor whether the firm can achieve sustainable growth in its core mortgage-related assets without relying on the volatile valuation of its servicing portfolio.
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 erratic margin profile suggests that the company's cost structure is not well-aligned with its revenue generation during periods of market stress. This volatility may imply that fixed management fees and interest expenses exert significant pressure on profitability when production volumes contract.
According to the company's reported figures, the inconsistency in FFO disclosure across the last ten quarters makes it difficult to assess the true earnings power, as the absence of data for several periods prevents a clear view of dividend coverage and operational cash flow sustainability.
The lack of consistent FFO reporting complicates the analysis of dividend safety and long-term earnings trajectory. Analysts should be wary of relying on headline net income, which likely incorporates significant unrealized gains that do not translate into distributable cash for shareholders.
As indicated by the historical income statement data, the reliance on fair value marks for MSRs and derivatives creates a disconnect between reported net income and actual cash flow, potentially misleading investors regarding the company's true economic performance during periods of interest rate fluctuation.
The significant divergence between net income and operational cash flow suggests that the company's earnings quality is lower than headline figures might imply. Investors should focus on Earnings Available for Distribution (EAD) to better understand the actual cash generated by the mortgage portfolio.
Quick answers to the most common questions about buying PMTU stock.
For fiscal year 2025, PennyMac Mortgage Investment Trust (PMTU) reported total revenue of $1.03B. This represents a 2808.3% increase compared to $35.4M in 2010.
PennyMac Mortgage Investment Trust (PMTU) is profitable, generating $127.9M in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
PennyMac Mortgage Investment Trust (PMTU) reported an operating income of $93.8M, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
PennyMac Mortgage Investment Trust (PMTU) generated $158.1M in gross profit for the year, representing a gross profit margin of 15.4%. This demonstrates the company's core pricing power and production efficiency.