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

+27196.2%

$1,573.62

vs $5.77 price

Levered DCF

$162.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.03

Distress zone

Rating

—

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	9.47×	5.41×	3.78×	-1.7×	1.94×	-0.24×	6.46×	281.12×
P/B	0.47×	0.36×	0.25×	0.2×	0.29×	0.25×	0.58×	0.69×
P/S	0.56×	0.47×	0.49×	0.35×	2.46×	-0.57×	3.37×	3.55×
EV / EBITDA	17.4×	16.08×	20.98×	54.56×	20.91×	-2.54×	19.99×	42.62×
Gross margin	94.7%	94.9%	93.6%	93.3%	79.8%	107.0%	92.2%	92.2%
Operating margin	96.9%	96.4%	90.5%	36.0%	158.3%	206.5%	74.5%	-3.3%
Net margin	10.3%	13.5%	19.6%	-20.7%	154.3%	232.2%	63.1%	1.2%
Current ratio	0.09×	8.51×	0×	0×	1.53×	8.82×	0×	2.83×
Debt / equity	14.45×	11.65×	10.53×	8.39×	4.87×	2.24×	4.07×	4.32×
Interest coverage	1.13×	1.16×	1.17×	0.78×	3.92×	-10.13×	1.22×	-0.06×
Dividend yield	17.3%	19.0%	26.7%	41.8%	17.8%	34.0%	15.6%	15.2%
Payout ratio	94.0%	66.7%	66.5%	-71.1%	28.4%	-8.4%	83.5%	4382.8%

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%	0.2%
Return on invested capital	5.2%	5.8%	0.0%	0.0%	3.2%	-28.2%	-281.4%	-0.1%
Return on assets	0.6%	0.8%	0.9%	-1.2%	3.1%	-30.1%	2.1%	0.0%
Free cash flow yield	22.5%	28.5%	21.0%	24.9%	15.8%	4.0%	13.1%	11.7%
Earnings yield	18.4%	28.4%	40.2%	-58.8%	62.6%	-405.5%	18.7%	0.3%
Enterprise value	$8.3B	$6.4B	$5.6B	$3.9B	$2.9B	$975.2M	$3.8B	$3.3B
Net debt / EBITDA	16.85×	15.59×	20.48×	53.29×	19.7×	-2.27×	17.4×	36.7×
Cash conversion cycle (days)	-492	5,729	-458	-268	14,245	-2,574	38	-711