PennyMac Mortgage Investment Trust (PMTU) 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

-2044.4%

-$156.81

vs $8.07 price

Levered DCF

-$315.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.28

Distress zone

Rating

D+

Overall 1 / 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	12.68×	9.19×	8.31×	-9.83×	66.65×	65.15×	8.78×	8.46×
P/B	0.58×	0.56×	0.67×	0.58×	0.71×	0.76×	0.72×	0.82×
P/S	0.63×	2.17×	1.8×	-7.78×	2.23×	1.24×	1.85×	3.15×
EV / EBITDA	212.26×	12.54×	8.99×	374.91×	18.59×	6.07×	18.8×	16.99×
Gross margin	91.6%	75.4%	83.2%	220.5%	59.2%	76.3%	75.4%	65.9%
Operating margin	79.0%	65.7%	76.9%	253.9%	52.0%	73.0%	70.1%	56.4%
Net margin	7.3%	31.9%	27.5%	50.3%	7.5%	3.7%	23.7%	37.3%
Current ratio	0.03×	0×	0×	0×	0.03×	1.6×	0×	1.96×
Debt / equity	10.12×	6.26×	5.35×	5.8×	4.72×	3.89×	3.73×	3.87×
Interest coverage	1.58×	0.46×	0.76×	-0.9×	1.29×	3.8×	2.25×	1.32×
Dividend yield	16.6%	16.6%	14.0%	19.0%	12.7%	10.1%	9.4%	10.9%
Payout ratio	141.7%	112.5%	91.4%	-293.9%	376.6%	337.1%	73.3%	92.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	8.3%	10.2%	-3.7%	2.4%	2.3%	9.2%	9.8%
Return on invested capital	506.6%	-9.9%	-16.6%	18.8%	15.7%	5.5%	8.7%	109.8%
Return on assets	0.6%	1.1%	1.5%	-0.5%	0.4%	0.5%	1.9%	2.0%
Free cash flow yield	-660.7%	-250.0%	101.5%	157.5%	-165.3%	38.4%	-169.5%	-44.4%
Earnings yield	11.7%	14.7%	15.3%	-6.5%	3.4%	3.0%	12.9%	11.8%
Enterprise value	$19.9B	$12.9B	$11.5B	$12.4B	$12.8B	$7.8B	$10.8B	$7.3B
Net debt / EBITDA	200.63×	11.47×	7.97×	340.67×	16.14×	4.72×	15.73×	13.98×
Cash conversion cycle (days)	-416	-448	-1,126	-492	-119	-112	-181	-712