PennyMac Mortgage Investment Trust (PMT) Key Metrics
PMT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $641.8M
- Enterprise value
- $23.84B
- P/E (TTM)
- 4.8 10-yr median 8.6
- Forward P/E
- 8.4
- PEG ratio
- 0.76
- Price / sales
- 0.9 10-yr median 2.7
- Price / book
- 0.6 10-yr median 0.8
- EV / EBITDA
- 5.7 10-yr median 20.1
- Dividend yield
- 21.74% $1.60 a year
- Beta
- 1.17
PMT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPMT valuation Price multiples at each fiscal year-end price.
PMT returns How much profit the business earns on the capital it uses.
PMT per-share figures Results divided by the shares outstanding at year-end.
PMT financial health Debt, liquidity and how easily interest is covered.
PMT efficiency & capital use Working capital cycle and where the cash goes.
PMT valuation history
PMT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PMT cash returned to shareholders
PMT price vs earnings per share
PMT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.09B | $1.09B | $1.67B | $1.13B | $1.69B | $1.75B | $1.96B | $1.29B | $1.20B | $1.26B |
| Enterprise value | $19.72B | $11.67B | $10.52B | $8.34B | $6.72B | $2.96B | $9.18B | $7.39B | $4.84B | $2.25B |
| P/E ratio | 8.5 | 6.8 | 8.4 | — | 29.7 | 33.4 | 8.6 | 8.5 | 10.2 | 16.7 |
| Price / sales | 0.6 | 2.2 | 2.3 | — | 20.4 | 16.1 | 2.1 | 3.2 | 2.7 | 4.1 |
| Price / book | 0.6 | 0.6 | 0.9 | 0.6 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 |
| Price / free cash flow | — | — | 1.3 | 0.6 | — | 2.6 | — | — | 5.4 | — |
| Price / operating cash flow | — | — | 1.2 | 0.6 | — | 2.6 | — | — | 5.4 | — |
| EV / sales | 11.3 | 23.1 | 14.5 | — | 81.1 | 27.3 | 9.6 | 18.0 | 10.8 | 7.2 |
| EV / EBITDA | 210.2 | 11.4 | 8.2 | 252.0 | 150.5 | 37.2 | 16.0 | 17.2 | 22.9 | 17.3 |
| EV / free cash flow | — | — | 7.9 | 4.7 | — | 4.4 | — | — | 21.7 | — |
| Earnings yield | 11.7% | 14.7% | 12.0% | −6.5% | 3.4% | 3.0% | 11.6% | 11.8% | 9.8% | 6.0% |
| Free cash flow yield | −660.7% | −250.0% | 79.4% | 157.5% | −167.0% | 38.4% | −152.7% | −44.4% | 18.6% | −49.5% |
| Dividend yield | 16.6% | 16.6% | 10.9% | 19.0% | 12.7% | 10.1% | 8.5% | 10.9% | 11.7% | 10.4% |
| Shareholder yield (dividends + buybacks) | 16.7% | 16.6% | 12.6% | 26.8% | 16.1% | 12.2% | 8.5% | 11.7% | 19.3% | 18.2% |
| Share price at fiscal year-end | $12.55 | $12.59 | $14.95 | $12.39 | $17.33 | $17.59 | $22.29 | $18.62 | $16.07 | $16.37 |
| Per share | ||||||||||
| Revenue per share | $20.06 | $5.81 | $6.50 | $0.00 | $0.85 | $1.09 | $10.87 | $5.91 | $6.02 | $4.03 |
| Earnings per share | $1.47 | $1.85 | $1.79 | −$0.80 | $0.58 | $0.53 | $2.58 | $2.20 | $1.58 | $0.98 |
| Operating cash flow per share | −$82.92 | −$31.13 | $12.00 | $19.52 | −$28.95 | $6.76 | −$34.03 | −$8.27 | $2.99 | −$8.06 |
| Free cash flow per share | −$82.92 | −$31.47 | $11.87 | $19.52 | −$28.95 | $6.76 | −$34.03 | −$8.27 | $2.99 | −$8.10 |
| Cash per share | $5.32 | $17.87 | $14.49 | $3.98 | $19.83 | $30.03 | $24.68 | $1.94 | $3.81 | $2.49 |
| Book value per share | $21.70 | $22.33 | $17.52 | $21.47 | $24.31 | $23.11 | $27.94 | $22.58 | $20.70 | $17.52 |
| Tangible book value per share | −$20.20 | −$22.22 | −$17.57 | −$22.42 | −$5.39 | $5.45 | $10.43 | $5.82 | $9.38 | $9.01 |
| Dividends per share | $2.08 | $2.09 | $1.63 | $2.36 | $2.20 | $1.78 | $1.89 | $2.03 | $1.88 | $1.71 |
| Capex per share | $0.00 | $0.34 | $0.13 | $0.00 | $0.30 | $0.00 | $0.85 | $1.43 | $0.00 | $0.04 |
| Debt per share | $219.51 | $139.72 | $93.75 | $82.78 | $71.52 | $42.25 | $107.05 | $89.90 | $52.59 | $15.25 |
| Shares outstanding | 87.0M | 86.8M | 111.7M | 91.4M | 97.4M | 99.4M | 87.7M | 69.4M | 74.6M | 77.1M |
| Change in shares outstanding | +0.2% | −22.3% | +22.2% | −6.1% | −2.0% | +13.3% | +26.4% | −7.0% | −3.2% | −7.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.7% | 8.3% | 10.2% | −3.4% | 2.4% | 2.2% | 11.3% | 9.8% | 8.1% | 5.3% |
| Return on invested capital (ROIC) | 8.3% | 2.8% | 4.6% | −2.2% | 0.8% | 0.8% | 6.3% | 3.5% | 6.8% | 2.3% |
| Return on assets (ROA) | 0.7% | 1.2% | 1.5% | −0.5% | 0.4% | 0.4% | 2.3% | 2.3% | 2.0% | 1.2% |
| Return on tangible assets | 0.7% | 1.5% | 2.2% | −0.7% | 0.5% | 0.5% | 2.2% | 2.3% | 2.5% | 1.3% |
| Free cash flow margin | −413.4% | −541.4% | 182.6% | — | — | 618.3% | −313.2% | −140.0% | 49.7% | −200.7% |
| Income quality (OCF / net income) | −56.41 | −16.79 | 6.71 | — | −49.60 | 12.82 | −13.19 | −3.75 | 1.89 | −8.20 |
| Financial health | ||||||||||
| Total debt | $19.09B | $12.13B | $10.47B | $7.57B | $6.97B | $4.20B | $9.39B | $6.24B | $3.92B | $1.18B |
| Cash & short-term investments | $462.5M | $1.55B | $1.62B | $364.1M | $1.93B | $2.98B | $2.16B | $134.7M | $284.1M | $192.0M |
| Net debt | $18.63B | $10.58B | $8.85B | $7.21B | $5.03B | $1.21B | $7.22B | $6.10B | $3.64B | $984.1M |
| Debt / equity | 10.12 | 6.26 | 5.35 | 3.86 | 2.94 | 1.83 | 3.83 | 3.98 | 2.54 | 0.87 |
| Debt / assets | 0.89 | 0.84 | 0.80 | 0.54 | 0.51 | 0.36 | 0.80 | 0.80 | 0.70 | 0.18 |
| Net debt / EBITDA | 198.60 | 10.29 | 6.92 | 217.80 | 112.73 | 15.23 | 12.58 | 14.22 | 17.22 | 7.56 |
| Current ratio | 0.03 | 0.05 | 0.08 | 0.12 | 20.26 | 25.03 | 25.74 | 1.96 | 3.52 | 0.53 |
| Quick ratio | 0.03 | 0.05 | 0.08 | 0.12 | 20.11 | 24.80 | 25.02 | 4.33 | 7.68 | 0.65 |
| Interest coverage | 1.6 | 0.5 | 0.8 | -0.9 | 0.1 | 0.3 | 2.2 | 1.3 | 1.8 | 0.8 |
| Working capital | −$7.75B | −$6.56B | −$5.78B | −$2.59B | $1.85B | $3.00B | $2.25B | $68.1M | $68.7M | −$136.7M |
| Invested capital | $20.52B | $12.52B | $10.81B | $9.17B | $7.40B | $3.51B | $9.68B | $7.67B | $5.18B | $2.34B |
| Tangible asset value | −$1.76B | −$1.93B | −$1.96B | −$2.05B | −$525.3M | $541.6M | $915.2M | $403.8M | $699.8M | $694.5M |
| Net current asset value | −$19.19B | −$12.13B | −$10.68B | −$11.59B | −$9.46B | −$6.10B | −$6.97B | −$6.11B | −$3.96B | −$4.85B |
| Graham number | $26.79 | $30.52 | $26.54 | — | $17.87 | $16.56 | $40.28 | $33.45 | $27.11 | $19.69 |
| Graham net-net per share | −$218.22 | −$125.02 | −$84.93 | −$126.22 | −$97.06 | −$61.55 | −$79.66 | −$86.95 | −$48.96 | −$59.78 |
| Capital allocation | ||||||||||
| Dividends paid | $181.2M | $181.1M | $182.4M | $215.4M | $214.1M | $176.5M | $165.9M | $140.5M | $140.2M | $131.6M |
| Share buybacks (net) | $1.1M | $0 | $28.5M | $88.0M | $56.9M | $37.3M | $0 | $10.7M | $91.2M | $98.4M |
| Dividend payout ratio | 141.7% | 112.5% | 91.4% | — | 376.6% | 337.1% | 73.3% | 92.0% | 119.1% | 173.5% |
| Dividends + buybacks / free cash flow | — | — | 15.9% | 17.0% | — | 31.8% | — | — | 103.7% | — |
| Capex / revenue | 0.0% | 5.8% | 2.0% | — | 34.8% | 0.0% | 7.9% | 24.2% | 0.0% | 0.9% |
| Capex / operating cash flow | — | — | 1.1% | 0.0% | — | 0.0% | — | — | 0.0% | — |
| Capex / depreciation | 0.00 | 62.13 | 133.02 | 0.00 | — | — | 0.20 | 1.05 | 0.00 | 0.04 |
| Stock-based compensation / revenue | 0.2% | −0.4% | 0.7% | — | 2.9% | 2.1% | 0.6% | 1.3% | 1.1% | 1.8% |
| R&D / revenue | 0.1% | 0.4% | 0.3% | — | 2.2% | 1.3% | 0.2% | 0.3% | 0.3% | 0.5% |
| SG&A / revenue | 4.4% | 9.3% | 6.0% | — | 4.8% | 3.6% | 5.1% | 9.2% | 8.0% | 11.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 11.0 | 54.8 | 33.3 | — | 343.4 | 539.7 | 76.9 | 205.2 | 218.1 | 1,673.3 |
| Days of inventory on hand | — | — | 18.3 | 23.0 | 41.4 | 75.3 | -79.2 | -367.4 | -192.5 | -50.7 |
| Days payables outstanding | 426.0 | 824.9 | 818.9 | 266.5 | 212.2 | 172.4 | 126.1 | 177.0 | 225.0 | 199.4 |
| Cash conversion cycle (days) | -415.0 | -770.1 | -767.2 | — | 172.6 | 442.6 | -128.4 | -339.2 | -199.4 | 1,423.2 |
| Receivables turnover | 33.16 | 6.66 | 10.96 | 0.00 | 1.06 | 0.68 | 4.75 | 1.78 | 1.67 | 0.22 |
| Payables turnover | 0.86 | 0.44 | 0.45 | 1.37 | 1.72 | 2.12 | 2.89 | 2.06 | 1.62 | 1.83 |
| Inventory turnover | — | — | 19.89 | 15.87 | 8.82 | 4.85 | — | — | — | — |
| Asset turnover | 0.10 | 0.04 | 0.05 | 0.00 | 0.01 | 0.01 | 0.10 | 0.06 | 0.08 | 0.05 |
| Average receivables | $52.6M | $75.8M | $66.2M | $41.4M | $77.9M | $160.6M | $200.8M | $230.4M | $268.2M | $1.43B |
| Average payables | $170.9M | $280.5M | $273.9M | $128.2M | $110.5M | $108.0M | $80.9M | $67.7M | $86.3M | $86.1M |
| Average inventory | — | — | $6.1M | $11.1M | $21.5M | $47.1M | −$50.8M | −$140.5M | −$73.8M | −$21.9M |
| Intangibles / total assets | 17.1% | 26.8% | 29.9% | 28.8% | 21.0% | 15.2% | 13.0% | 14.9% | 15.1% | 10.3% |
Computed from PMT's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PMT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), PennyMac Mortgage Investment traded at 8.5 times earnings, against a 10-year median of 8.6. Based on the latest twelve months, the trailing P/E is 4.8 and the forward P/E is 8.4. PennyMac Mortgage Investment earned a return on equity of 6.7% and a return on invested capital of 8.3% in fiscal 2025. It ended the year with $19.1 billion of debt and $462.5 million in cash and short-term investments, net debt of $18.6 billion. It returned $182.3 million to shareholders: $181.2 million in dividends and $1.1 million in share buybacks. The share count rose 12.8% from 77.1M to 87.0M over 9 years.
See the PMT income statement, the PMT chart for price history, or the PMT stock overview for the latest quote and news.
PMT key metrics FAQ
What is PennyMac Mortgage Investment's P/E ratio?
PennyMac Mortgage Investment's trailing P/E ratio is 4.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.4. At the end of fiscal 2025 it was 8.5, compared with a 10-year median of 8.6.
What is PennyMac Mortgage Investment's EV/EBITDA?
PennyMac Mortgage Investment's enterprise value was 210.2 times EBITDA at the end of fiscal 2025 (enterprise value $19.7 billion, EBITDA $93.8 million); the current EV/EBITDA is 5.7.
What is PennyMac Mortgage Investment's return on equity?
PennyMac Mortgage Investment's return on equity (ROE) was 6.7% in fiscal 2025: net income of $127.9 million on average shareholders' equity of $1.9 billion.
What is PennyMac Mortgage Investment's ROIC?
PennyMac Mortgage Investment's return on invested capital was 8.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does PennyMac Mortgage Investment have?
PennyMac Mortgage Investment had total debt of $19.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 10.12 and $18.6 billion of net debt (198.60 times EBITDA).
What is PennyMac Mortgage Investment's dividend yield?
PennyMac Mortgage Investment's forward dividend yield is 21.74%. PennyMac Mortgage Investment paid $181.2 million in dividends in fiscal 2025 ($2.08 per share), a payout ratio of 141.7%.
Does PennyMac Mortgage Investment buy back its shares?
Yes. PennyMac Mortgage Investment spent $1.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 87.0M..
What is PennyMac Mortgage Investment's free cash flow yield?
PennyMac Mortgage Investment generated -$7.2 billion of free cash flow in fiscal 2025, a free cash flow yield of −660.7% on its market value at year-end ($1.1 billion).
What is PennyMac Mortgage Investment's current ratio?
PennyMac Mortgage Investment's current ratio was 0.03 at the end of fiscal 2025: current assets were 0.03 times current liabilities.