PennyMac Financial Services, Inc. (PFSI) Balance Sheet
PFSI balance sheet, 2025
December 31, 2025 · U.S. dollars$29.39B assets = $25.08B liabilities + $4.31B equity
Both columns are drawn to the same scale: what PFSI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PFSI financial health
Descriptive bands, not a rating. Fiscal 2025.
PFSI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.13B2016 | $29.39B2025 | +21.4%/yr | |
| Total liabilities | $3.73B2016 | $25.08B2025 | +23.6%/yr | |
| Shareholders’ equity | $347.3M2016 | $4.31B2025 | +32.3%/yr | |
| Cash & short-term investments | $185.3M2016 | $711.7M2025 | +16.1%/yr | |
| Total debt | $2.98B2016 | $23.06B2025 | +25.5%/yr | |
| Net cash (debt) | −$2.79B2016 | −$22.35B2025 | −$19.6B | |
| Working capital | $877.4M2016 | −$15.47B2025 | −$16.4B | |
| Book value per share | $4.532016 | $79.972025 | +37.6%/yr | |
| Current ratio | 1.362016 | 0.042025 | −1.31 | |
| Debt / equity | 8.582016 | 5.352025 | −3.22 | |
| Shares outstanding | 76.6M2016 | 53.9M2025 | −3.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PFSI assets
PFSI liabilities and equity
PFSI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PFSI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $711.7M | $659.0M | $948.6M | $1.34B | $346.9M | $547.9M | $210.3M | $273.1M | $207.8M | $185.3M |
| Cash & equivalents | $301.7M | $238.5M | $938.4M | $1.33B | $340.1M | $532.7M | $135.7M | $155.3M | $37.7M | $99.4M |
| Short-term investments | $410.0M | $420.6M | $10.3M | $12.2M | $6.9M | $15.2M | $74.6M | $117.8M | $170.1M | $86.0M |
| Receivables | $17.1M | $14.54B | $9.44B | $8.33B | $12.96B | $26.38B | $6.01B | $164.5M | $1.24B | $470.8M |
| Inventory | $0 | $0 | $15.0M | −$107.0M | −$202.0M | $1.30B | −$39.4M | $1.10B | −$20.8M | −$91.8M |
| Other current assets | $0 | $919.1M | $866.4M | $910.8M | $1.11B | $0 | $507.3M | $2.70B | $3.59B | $2.76B |
| Total current assets | $728.8M | $16.12B | $11.27B | $10.47B | $14.21B | $27.83B | $6.69B | $4.24B | $5.01B | $3.33B |
| Property, plant & equipment (net) | $79.5M | $49.5M | $68.9M | $94.2M | $120.7M | $107.2M | $103.6M | $33.4M | $29.5M | $31.3M |
| Goodwill & intangible assets | $9.60B | $8.87B | $7.40B | $6.11B | $3.99B | $2.66B | $2.99B | $2.86B | $2.15B | $1.64B |
| Long-term investments | $941,000 | $944,000 | $1.1M | $929,000 | $1.3M | $12.33B | $1.7M | $1.4M | $1.2M | $1.2M |
| Other non-current assets | $18.98B | $1.05B | $104.8M | $143.7M | $459.9M | $0 | $423.0M | $339.2M | $178.7M | $135.2M |
| Total assets | $29.39B | $26.09B | $18.84B | $16.82B | $18.78B | $31.60B | $10.20B | $7.48B | $7.37B | $5.13B |
| Liabilities | ||||||||||
| Accounts payable | $760.5M | $476.7M | $658.1M | $552.9M | $587.4M | $580.5M | $427.1M | $477.0M | $482.7M | $593.3M |
| Short-term debt | $16.20B | $8.69B | $3.76B | $3.00B | $7.29B | $9.65B | $4.14B | $1.93B | $2.38B | $1.74B |
| Total current liabilities | $16.20B | $10.32B | $5.49B | $4.58B | $8.60B | $10.89B | $5.12B | $2.86B | $2.96B | $2.45B |
| Long-term debt | $14.27B | $11.87B | $9.73B | $2.25B | $1.80B | $1.87B | $1.31B | $1.30B | $912.5M | $174.4M |
| Lease obligations | — | — | — | $85.5M | $113.5M | $106.1M | $112.1M | $6.6M | $21.0M | $23.4M |
| Other long-term liabilities | $0 | $70.0M | $84.1M | $6.52B | $4.96B | $15.44B | $1.71B | $1.67B | $1.78B | $1.11B |
| Total liabilities | $25.08B | $22.26B | $15.31B | $13.35B | $15.36B | $28.21B | $8.14B | $5.82B | $5.65B | $3.73B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5,000 | $5,000 | $5,000 | $5,000 | $6,000 | $7,000 | $8,000 | $8,000 | $204.1M | $182.8M |
| Retained earnings (deficit) | $4.21B | $3.77B | $3.51B | $3.47B | $3.29B | $2.34B | $726.4M | $343.1M | $265.3M | $164.5M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $3.54B | $3.47B | $3.42B | $0 | $0 | $1.65B | $1.72B | $1.40B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $4.31B | $3.83B | $3.54B | $3.47B | $3.42B | $3.39B | $2.06B | $1.65B | $469.4M | $347.3M |
| Key figures | ||||||||||
| Total debt | $23.06B | $20.55B | $13.49B | $11.80B | $13.99B | $26.89B | $7.12B | $4.88B | $5.04B | $2.98B |
| Net cash (debt) | −$22.35B | −$19.89B | −$12.55B | −$10.46B | −$13.64B | −$26.35B | −$6.91B | −$4.60B | −$4.84B | −$2.79B |
| Working capital | −$15.47B | $5.80B | $5.78B | $5.89B | $5.61B | $16.94B | $1.57B | $1.39B | $2.05B | $877.4M |
| Tangible book value | −$5.29B | −$5.04B | −$3.86B | −$2.64B | −$569.2M | $726.8M | −$928.4M | −$1.21B | −$1.68B | −$1.29B |
| Book value per share | $79.97 | $71.78 | $67.10 | $62.04 | $50.66 | $43.05 | $25.66 | $46.82 | $5.95 | $4.53 |
| Shares outstanding | 53.9M | 53.4M | 52.7M | 56.0M | 67.5M | 78.7M | 80.3M | 35.3M | 78.9M | 76.6M |
| Current ratio | 0.04 | 1.56 | 2.05 | 2.29 | 1.65 | 2.56 | 1.31 | 1.49 | 1.69 | 1.36 |
| Quick ratio | 0.04 | 1.47 | 1.89 | 2.11 | 1.55 | 2.47 | 1.21 | 0.15 | 0.49 | 0.27 |
| Debt / equity | 5.35 | 5.37 | 3.81 | 3.40 | 4.09 | 7.93 | 3.45 | 2.95 | 10.74 | 8.58 |
| Equity / assets | 14.7% | 14.7% | 18.8% | 20.6% | 18.2% | 10.7% | 20.2% | 22.1% | 6.4% | 6.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $748.0M | $653.7M | $711.7M | $684.1M | $624.4M | $654.5M | $659.0M | $813.7M | $784.1M | $927.5M | $948.6M | $1.18B |
| Cash & equivalents | $214.0M | $219.5M | $301.7M | $621.9M | $162.2M | $211.1M | $238.5M | $145.8M | $595.3M | $927.4M | $938.4M | $1.18B |
| Short-term investments | $534.0M | $434.2M | $410.0M | $62.2M | $462.3M | $443.4M | $420.6M | $667.9M | $188.8M | $69,000 | $10.3M | $5.6M |
| Receivables | $178.3M | $162.9M | $17.1M | $13.09B | $12.09B | $158.8M | $14.54B | $12.24B | $10.95B | $150.3M | $9.44B | $9.77B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.08B | $0 | $18.2M | $15.0M | $13.8M |
| Other current assets | $0 | $0 | $0 | $658.0M | $748.5M | $0 | $919.1M | $0 | $568.3M | $10.29B | $866.4M | $515.9M |
| Total current assets | $748.0M | $816.6M | $728.8M | $14.43B | $13.46B | $654.5M | $16.12B | $13.71B | $12.30B | $11.39B | $11.27B | $11.48B |
| Property, plant & equipment (net) | $105.1M | $76.9M | $79.5M | $50.7M | $41.5M | $45.1M | $49.5M | $54.6M | $58.3M | $64.4M | $68.9M | $74.2M |
| Goodwill & intangible assets | $10.59B | $10.26B | $9.60B | $9.76B | $9.64B | $9.08B | $8.87B | $7.88B | $8.06B | $7.62B | $7.40B | $7.24B |
| Long-term investments | $846,000 | $875,000 | $941,000 | $920,000 | $965,000 | $1.1M | $944,000 | $1.1M | $1.0M | $1.1M | $1.1M | $930,000 |
| Other non-current assets | $18.42B | $20.79B | $18.98B | $1.16B | $1.07B | $14.09B | $1.05B | $1.23B | $1.16B | $726.8M | $104.8M | $158.7M |
| Total assets | $29.86B | $31.94B | $29.39B | $25.40B | $24.22B | $23.87B | $26.09B | $22.87B | $21.58B | $19.80B | $18.84B | $18.95B |
| Liabilities | ||||||||||||
| Accounts payable | $518.0M | $555.0M | $760.5M | $556.7M | $481.0M | $466.2M | $476.7M | $412.6M | $395.0M | $391.3M | $658.1M | $334.6M |
| Short-term debt | $16.73B | $10.88B | $16.20B | $7.13B | $7.34B | $7.57B | $8.69B | $7.14B | $6.41B | $5.82B | $3.76B | $4.41B |
| Deferred revenue | — | — | — | — | — | — | — | $26.1M | $1.55B | $968.4M | −$4.86B | — |
| Total current liabilities | $16.73B | $10.88B | $16.20B | $8.86B | $8.95B | $8.71B | $10.32B | $8.15B | $7.91B | $6.90B | $5.49B | $5.83B |
| Long-term debt | $15.25B | $15.55B | $14.27B | $12.27B | $11.18B | $11.21B | $11.87B | $10.92B | $9.96B | $9.26B | $9.73B | $9.40B |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | — | $70.2M |
| Other long-term liabilities | $0 | $1.19B | $0 | $57.3M | $65.3M | $46.1M | $70.0M | $69.8M | $47.5M | $6.97B | $84.1M | $141.9M |
| Total liabilities | $25.52B | $27.62B | $25.08B | $21.19B | $20.19B | $19.97B | $22.26B | $19.13B | $17.92B | $16.23B | $15.31B | $15.38B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Retained earnings (deficit) | $4.28B | $4.28B | $4.21B | $4.12B | $3.96B | $3.83B | $3.77B | $3.68B | $3.63B | $3.54B | $3.51B | $3.56B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | — |
| Total shareholders' equity | $4.34B | $4.33B | $4.31B | $4.21B | $4.03B | $3.90B | $3.83B | $3.74B | $3.66B | $3.57B | $3.54B | $3.57B |
| Key figures | ||||||||||||
| Total debt | $23.68B | $17.20B | $23.06B | $19.40B | $18.52B | $13.34B | $20.55B | $12.06B | $16.37B | $10.35B | $13.49B | $13.88B |
| Net cash (debt) | −$22.94B | −$16.55B | −$22.35B | −$18.72B | −$17.90B | −$12.68B | −$19.89B | −$11.24B | −$15.58B | −$9.43B | −$12.55B | −$12.70B |
| Working capital | −$15.98B | −$10.07B | −$15.47B | $5.57B | $4.51B | −$8.05B | $5.80B | $5.56B | $4.39B | $4.49B | $5.78B | $5.65B |
| Tangible book value | −$6.25B | −$5.94B | −$5.29B | −$5.55B | −$5.61B | −$5.18B | −$5.04B | −$4.14B | −$4.39B | −$4.05B | −$3.86B | −$3.66B |
| Book value per share | $81.44 | $80.32 | $79.54 | $78.10 | $75.18 | $72.80 | $71.48 | $69.90 | $68.81 | $67.24 | $70.79 | $67.98 |
| Shares outstanding | 53.3M | 53.9M | 54.2M | 53.9M | 53.6M | 53.6M | 53.6M | 53.5M | 53.2M | 53.1M | 50.0M | 52.6M |
| Current ratio | 0.04 | 0.08 | 0.04 | 1.63 | 1.50 | 0.08 | 1.56 | 1.68 | 1.56 | 1.65 | 2.05 | 1.97 |
| Quick ratio | 0.06 | 0.08 | 0.04 | 1.55 | 1.42 | 0.09 | 1.47 | 1.60 | 1.48 | 0.16 | 1.89 | 1.88 |
| Debt / equity | 5.46 | 3.98 | 5.35 | 4.61 | 4.59 | 3.42 | 5.37 | 3.22 | 4.47 | 2.90 | 3.81 | 3.89 |
| Equity / assets | 14.5% | 13.5% | 14.7% | 16.6% | 16.6% | 16.4% | 14.7% | 16.3% | 17.0% | 18.0% | 18.8% | 18.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
PFSI financial position
At the end of fiscal 2025 (December 31, 2025), PennyMac Financial Services had total assets of $29.4 billion (up 12.7% from a year earlier), total liabilities of $25.1 billion and shareholders' equity of $4.3 billion. It held $711.7 million in cash and short-term investments against $23.1 billion of debt, net debt of $22.3 billion. Its current ratio was 0.04. In the latest quarter (ended June 30, 2026) total assets were $29.9 billion and equity $4.3 billion.
Related: PFSI income statement, PFSI cash flow statement, PFSI key metrics. See the PFSI stock overview for the latest quote and news.
PFSI balance sheet FAQ
What are PennyMac Financial Services's total assets?
PennyMac Financial Services reported total assets of $29.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $26.1 billion a year earlier.
How much debt does PennyMac Financial Services have?
PennyMac Financial Services had $23.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 5.35.
How much cash does PennyMac Financial Services have?
PennyMac Financial Services held $711.7 million in cash and short-term investments at the end of fiscal 2025; with $23.1 billion of debt that is net debt of $22.3 billion.
What is PennyMac Financial Services's book value?
PennyMac Financial Services's shareholders' equity (book value) was $4.3 billion at the end of fiscal 2025, or $79.97 per share.
What is PennyMac Financial Services's current ratio?
PennyMac Financial Services had current assets of $728.8 million and current liabilities of $16.2 billion, a current ratio of 0.04 (current liabilities exceed current assets).
How much goodwill does PennyMac Financial Services have?
PennyMac Financial Services carried $9.6 billion of goodwill and intangible assets, 32.7% of total assets, at the end of fiscal 2025.