PennyMac Mortgage Investment Trust
PMT NYSE Real Estate Investment Trusts Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$307M
8.0%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$128M
20.6%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.43 EPS (TTM)
What PennyMac Mortgage Investment Trust does
No business description yet.
- Legal name
- PennyMac Mortgage Investment Trust
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001193125-26-057041
0001464423
Revenue and margins
PennyMac Mortgage Investment Trust had $307M of revenue in fiscal 2025, down 8.0% on the year before.
FY16
Revenue $272M
FY17
Revenue $318M
FY18
Revenue $351M
FY19
Revenue $489M
FY20
Revenue $469M
FY21
Revenue $420M
FY22
Revenue $304M
FY23
Revenue $429M
FY24
Revenue $334M
FY25
Revenue $307M
Q3 '23
Revenue $163M
Q4 '23
Revenue $84.8M
Q1 '24
Revenue $74.2M
Q2 '24
Revenue $71.2M
Q3 '24
Revenue $80.9M
Q4 '24
Revenue $108M
Q1 '25
Revenue $44.5M
Q2 '25
Revenue $70.2M
Q3 '25
Revenue $99.2M
Q4 '25
Revenue $93.6M
Q1 '26
Revenue $82.1M
Q2 '26
Revenue $72.7M
FY16
Gross —
Operating —
Net 27.9%
FCF —
FY17
Gross —
Operating —
Net 37.0%
FCF —
FY18
Gross —
Operating —
Net 43.5%
FCF —
FY19
Gross —
Operating —
Net 46.3%
FCF —
FY20
Gross —
Operating —
Net 11.2%
FCF —
FY21
Gross —
Operating —
Net 13.5%
FCF —
FY22
Gross —
Operating —
Net −24.1%
FCF —
FY23
Gross —
Operating —
Net 46.5%
FCF —
FY24
Gross —
Operating —
Net 48.2%
FCF —
FY25
Gross —
Operating —
Net 41.6%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 37.6%
FCF —
Q4 '23
Gross —
Operating —
Net 62.4%
FCF —
Q1 '24
Gross —
Operating —
Net 64.2%
FCF —
Q2 '24
Gross —
Operating —
Net 35.7%
FCF —
Q3 '24
Gross —
Operating —
Net 51.2%
FCF —
Q4 '24
Gross —
Operating —
Net 43.1%
FCF —
Q1 '25
Gross —
Operating —
Net 21.8%
FCF —
Q2 '25
Gross —
Operating —
Net 10.7%
FCF —
Q3 '25
Gross —
Operating —
Net 58.7%
FCF —
Q4 '25
Gross —
Operating —
Net 56.0%
FCF —
Q1 '26
Gross —
Operating —
Net 30.0%
FCF —
Q2 '26
Gross —
Operating —
Net 42.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −1.0% a year. Loss periods are shown in red.
FY16
Net income $75.8M
FY17
Net income $118M
FY18
Net income $153M
FY19
Net income $226M
FY20
Net income $52.4M
FY21
Net income $56.9M
FY22
Net income −$73.3M
FY23
Net income $200M
FY24
Net income $161M
FY25
Net income $128M
Q3 '23
Net income $61.4M
Q4 '23
Net income $52.9M
Q1 '24
Net income $47.6M
Q2 '24
Net income $25.4M
Q3 '24
Net income $41.4M
Q4 '24
Net income $46.5M
Q1 '25
Net income $9.7M
Q2 '25
Net income $7.5M
Q3 '25
Net income $58.3M
Q4 '25
Net income $52.4M
Q1 '26
Net income $24.6M
Q2 '26
Net income $30.9M
FY16
Diluted EPS $1.08
FY17
Diluted EPS $1.48
FY18
Diluted EPS $1.99
FY19
Diluted EPS $2.42
FY20
Diluted EPS $0.27
FY21
Diluted EPS $0.26
FY22
Diluted EPS −$1.26
FY23
Diluted EPS $1.63
FY24
Diluted EPS $1.37
FY25
Diluted EPS $0.99
Q3 '23
Diluted EPS $0.51
Q4 '23
Diluted EPS $0.46
Q1 '24
Diluted EPS $0.39
Q2 '24
Diluted EPS $0.17
Q3 '24
Diluted EPS $0.36
Q4 '24
Diluted EPS $0.45
Q1 '25
Diluted EPS −$0.01
Q2 '25
Diluted EPS −$0.04
Q3 '25
Diluted EPS $0.55
Q4 '25
Diluted EPS $0.49
Q1 '26
Diluted EPS $0.16
Q2 '26
Diluted EPS $0.23
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 5.6%
Return on assets 1.2%
FY17
Return on capital —
Return on equity 8.1%
Return on assets 2.0%
FY18
Return on capital —
Return on equity 9.8%
Return on assets 2.3%
FY19
Return on capital —
Return on equity 11.3%
Return on assets 2.3%
FY20
Return on capital —
Return on equity 2.2%
Return on assets 0.5%
FY21
Return on capital —
Return on equity 2.4%
Return on assets 0.5%
FY22
Return on capital —
Return on equity −3.4%
Return on assets −0.5%
FY23
Return on capital —
Return on equity 10.2%
Return on assets 1.5%
FY24
Return on capital —
Return on equity 8.3%
Return on assets 1.2%
FY25
Return on capital —
Return on equity 6.7%
Return on assets 0.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations −$622M
Capital spending —
FY17
Cash from operations $223M
Capital spending —
FY18
Cash from operations −$574M
Capital spending —
FY19
Cash from operations −$3.0B
Capital spending —
FY20
Cash from operations $672M
Capital spending —
FY21
Cash from operations −$2.8B
Capital spending —
FY22
Cash from operations $1.8B
Capital spending —
FY23
Cash from operations $1.3B
Capital spending —
FY24
Cash from operations −$2.7B
Capital spending —
FY25
Cash from operations −$7.2B
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $63.6M
Capital spending —
Q4 '23
Cash from operations $533M
Capital spending —
Q1 '24
Cash from operations −$342M
Capital spending —
Q2 '24
Cash from operations $244M
Capital spending —
Q3 '24
Cash from operations −$984M
Capital spending —
Q4 '24
Cash from operations −$1.6B
Capital spending —
Q1 '25
Cash from operations −$594M
Capital spending —
Q2 '25
Cash from operations −$2.0B
Capital spending —
Q3 '25
Cash from operations −$1.3B
Capital spending —
Q4 '25
Cash from operations −$3.3B
Capital spending —
Q1 '26
Cash from operations −$2.5B
Capital spending —
Q2 '26
Cash from operations −$2.9B
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
PennyMac Mortgage Investment Trust returned $139M to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY16
Dividends $132M
Buybacks $98.4M
FY17
Dividends $126M
Buybacks $91.2M
FY18
Dividends $116M
Buybacks $10.7M
FY19
Dividends $141M
Buybacks $0.0M
FY20
Dividends $152M
Buybacks $37.3M
FY21
Dividends $184M
Buybacks $56.9M
FY22
Dividends $174M
Buybacks $88.0M
FY23
Dividends $141M
Buybacks $28.5M
FY24
Dividends $139M
Buybacks $0.0M
FY25
Dividends $139M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $34.8M
Buybacks $0.0M
Q4 '23
Dividends $34.8M
Buybacks $1.5M
Q1 '24
Dividends $34.8M
Buybacks $0.0M
Q2 '24
Dividends $34.8M
Buybacks $0.0M
Q3 '24
Dividends $34.9M
Buybacks $0.0M
Q4 '24
Dividends $34.9M
Buybacks $0.0M
Q1 '25
Dividends $34.8M
Buybacks —
Q2 '25
Dividends $34.8M
Buybacks —
Q3 '25
Dividends $34.8M
Buybacks —
Q4 '25
Dividends $34.8M
Buybacks —
Q1 '26
Dividends $34.8M
Buybacks —
Q2 '26
Dividends $34.9M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.08B
FY17
Diluted shares 0.07B
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.09B
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.10B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably PennyMac Mortgage Investment Trust can carry it.
FY16
Cash $157M
Debt —
FY17
Cash $96.0M
Debt $3.9B
FY18
Cash $135M
Debt $6.1B
FY19
Cash $195M
Debt $9.2B
FY20
Cash $185M
Debt —
FY21
Cash $227M
Debt $4.5B
FY22
Cash $364M
Debt $5.1B
FY23
Cash $409M
Debt $5.1B
FY24
Cash $441M
Debt $1.0B
FY25
Cash $462M
Debt $1.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $227M | $364M | $409M | $441M | $462M |
| Debt incl. finance leases | $4.5B | $5.1B | $5.1B | $1.0B | $1.1B |
| Debt / equity | 1.9x | 2.6x | 2.6x | 0.5x | 0.6x |
| Total assets | $13.8B | $13.9B | $13.1B | $14.4B | $21.3B |
| Total liabilities | $11.4B | $12.0B | $11.2B | $12.5B | $19.5B |
| Shareholders' equity | $2.4B | $2.0B | $2.0B | $1.9B | $1.9B |
| Net debt (− = net cash) | $4.3B | $4.7B | $4.7B | $567M | $632M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | — | — | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 6 | 2 / 7 | 2 / 7 | — / 6 | — / 6 | 3 / 7 | 5 / 7 | 3 / 7 | 2 / 7 |
| Accruals ratio | 11.0% | −1.8% | 10.8% | 32.8% | −5.3% | 22.8% | −13.4% | −8.4% | 20.8% | 41.1% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $272M | $318M | $351M | $489M | $469M | $420M | $304M | $429M | $334M | $307M |
| Net interest income | $72.4M | $43.8M | $47.6M | $20.4M | −$48.6M | −$109M | −$26.6M | −$96.1M | −$79.4M | −$19.5M |
| Interest expense | $150M | $151M | $175M | $297M | $271M | $305M | $410M | $736M | — | — |
| Pretax income | $61.8M | $125M | $158M | $191M | $79.7M | $44.7M | $63.1M | $244M | $143M | $93.8M |
| Income tax | −$14.0M | $6.8M | $5.2M | −$35.7M | $27.4M | −$12.2M | $136M | $44.7M | −$18.3M | −$34.1M |
| Net income | $75.8M | $118M | $153M | $226M | $52.4M | $56.9M | −$73.3M | $200M | $161M | $128M |
| Net income to common | $74.5M | $101M | $127M | $201M | $27.1M | $25.6M | −$116M | $157M | $119M | $85.9M |
| Diluted EPS | $1.08 | $1.48 | $1.99 | $2.42 | $0.27 | $0.26 | −$1.26 | $1.63 | $1.37 | $0.99 |
| Diluted shares | 0.08B | 0.07B | 0.07B | 0.09B | 0.10B | 0.10B | 0.09B | 0.11B | 0.09B | 0.09B |
| Cash flow | ||||||||||
| Cash from operations | −$622M | $223M | −$574M | −$3.0B | $672M | −$2.8B | $1.8B | $1.3B | −$2.7B | −$7.2B |
| Stock-based compensation | $5.7M | $4.9M | $5.3M | $5.5M | $2.3M | $2.4M | $4.3M | $5.2M | $3.5M | $3.9M |
| Share buybacks | $98.4M | $91.2M | $10.7M | $0.0M | $37.3M | $56.9M | $88.0M | $28.5M | $0.0M | $0.0M |
| Dividends paid | $132M | $126M | $116M | $141M | $152M | $184M | $174M | $141M | $139M | $139M |
| Dividends and buybacks | $230M | $217M | $126M | $141M | $189M | $241M | $262M | $169M | $139M | $139M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $157M | $96.0M | $135M | $195M | $185M | $227M | $364M | $409M | $441M | $462M |
| Total debt | — | $3.9B | $6.1B | $9.2B | — | $4.5B | $5.1B | $5.1B | $1.0B | $1.1B |
| Intangible assets | $606M | $773M | — | — | — | — | — | — | — | — |
| Total assets | $6.4B | $5.6B | $7.8B | $11.8B | $11.5B | $13.8B | $13.9B | $13.1B | $14.4B | $21.3B |
| Total liabilities | $5.0B | $4.1B | $6.2B | $9.3B | $9.2B | $11.4B | $12.0B | $11.2B | $12.5B | $19.5B |
| Preferred stock | $0.0M | $300M | $300M | $300M | $300M | $541M | $541M | $541M | $541M | $541M |
| Shareholders' equity | $1.4B | $1.5B | $1.6B | $2.5B | $2.3B | $2.4B | $2.0B | $2.0B | $1.9B | $1.9B |
| Margins | ||||||||||
| Net margin | 27.9% | 37.0% | 43.5% | 46.3% | 11.2% | 13.5% | −24.1% | 46.5% | 48.2% | 41.6% |
| Net interest share of revenue | 26.6% | 13.8% | 13.6% | 4.2% | −10.4% | −26.1% | −8.8% | −22.4% | −23.8% | −6.3% |
| Returns | ||||||||||
| Return on equity | 5.6% | 8.1% | 9.8% | 11.3% | 2.2% | 2.4% | −3.4% | 10.2% | 8.3% | 6.7% |
| Return on assets | 1.2% | 2.0% | 2.3% | 2.3% | 0.5% | 0.5% | −0.5% | 1.5% | 1.2% | 0.7% |
| Return on tangible equity | 10.0% | 13.2% | 8.1% | 8.2% | 1.2% | 1.1% | −5.9% | 8.0% | 6.1% | 4.6% |
| Growth | ||||||||||
| Revenue growth | — | 16.9% | 10.4% | 39.2% | −4.0% | −10.5% | −27.7% | 41.2% | −22.1% | −8.0% |
| Net income growth | — | 55.3% | 29.8% | 48.1% | −76.9% | 8.6% | −228.9% | — | −19.4% | −20.6% |
| EPS growth | — | 37.0% | 34.5% | 21.6% | −88.8% | −3.7% | −584.6% | — | −16.0% | −27.7% |
| Share count change | — | −3.2% | −7.0% | 26.4% | 13.3% | −2.0% | −6.1% | 22.2% | −22.3% | 0.2% |
| Financial health | ||||||||||
| Debt / equity | — | 2.5x | 3.9x | 3.7x | — | 1.9x | 2.6x | 2.6x | 0.5x | 0.6x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.1% | 1.5% | 1.5% | 1.1% | 0.5% | 0.6% | 1.4% | 1.2% | 1.0% | 1.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 2.0 | 2.0 | — | — | 3.0 | 5.0 | 3.0 | 2.0 |
| Accruals ratio | 11.0% | −1.8% | 10.8% | 32.8% | −5.3% | 22.8% | −13.4% | −8.4% | 20.8% | 41.1% |
Source: SEC EDGAR XBRL filings (CIK 0001464423). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.