TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1128.8%

$304.63

vs $24.79 price

Levered DCF

$355.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.92×	20.41×	14.88×	-8.01×	4.73×	-0.68×	2.99×	-19.53×
P/B	1.41×	1.36×	1×	1.24×	0.71×	0.72×	0.32×	0.07×
P/S	1.67×	1.79×	8.28×	2,625×	3.94×	-0.8×	2.18×	1.86×
EV / EBITDA	18.51×	16.94×	0×	0×	0×	0×	0×	0.91×
Gross margin	92.4%	94.9%	100.0%	100.0%	100.0%	100.0%	100.0%	92.2%
Operating margin	95.3%	96.4%	87.9%	-3613.8%	93.4%	102.0%	91.7%	35.1%
Net margin	10.3%	13.5%	84.5%	-24357.8%	101.2%	114.4%	75.4%	-9.5%
Current ratio	0.09×	0×	0.2×	0.19×	0.07×	0×	0×	0.65×
Debt / equity	14.45×	11.65×	10.53×	8.39×	4.87×	2.27×	4.07×	0×
Interest coverage	1.12×	1.16×	0×	0×	0×	0×	0×	0×
Dividend yield	5.8%	5.0%	6.8%	6.6%	7.3%	12.0%	28.9%	29.0%
Payout ratio	94.0%	66.7%	66.5%	-71.1%	28.4%	-8.4%	83.5%	-568.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.7%	10.3%	10.2%	-11.5%	18.3%	-102.7%	10.9%	-0.3%
Return on invested capital	5.1%	5.1%	0.9%	-0.2%	2.9%	-73.3%	3.4%	0.0%
Return on assets	0.6%	0.8%	0.9%	-1.2%	3.1%	-30.1%	2.1%	-106.2%
Free cash flow yield	8.1%	7.5%	5.3%	6.8%	6.5%	11.9%	30.3%	32.1%
Earnings yield	6.2%	7.5%	10.2%	-9.3%	25.7%	-143.5%	34.6%	-5.1%
Enterprise value	$8.8B	$6.9B	$6B	$4.4B	$3.1B	$1.2B	$3.6B	$161.3M
Net debt / EBITDA	16.85×	15.13×	0×	0×	0×	0×	0×	-0.43×
Cash conversion cycle (days)	38	31	175	35,820	57	-4	45	38