PennyMac Mortgage Investment Trust

PMT

REIT - Mortgage · Real Estate

Price

$9.90

-0.19 (-1.88%)

Market Cap

$863.3M

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−10.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 97.4M (2021) → 87.0M (2025)

PennyMac Mortgage Investment Trust is a real estate investment trust (REIT) that invests in U.S. home loans and mortgage-related assets. Its main holdings include mortgage servicing rights (MSRs), which are the rights to collect payments on home loans, and pools of residential mortgages. The company is externally managed by PNMAC Capital Management, an affiliate of PennyMac Financial Services, one of the largest mortgage servicers in the United States.

PMT makes money primarily through interest income on mortgage assets and fees tied to its MSR portfolio. It operates exclusively in the U.S. residential mortgage market and has a market cap of roughly $1 billion. As a REIT, it is required to distribute at least 90% of taxable income to shareholders as dividends. Its main risk is interest rate sensitivity — when rates shift, the value of MSRs and mortgage securities can move sharply, which directly affects earnings and the dividend PMT pays to investors.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on PMT in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+138.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2M/ year

→ Flat (-4% vs prior year)

0.1% of revenue

Below sector average (1%)

Steady R&D investment year-over-year

Insider Activity

1.2%ownership

Relatively low insider ownership

Cash Runway

~22 months

$18.6B cash & investments

Quarterly Free Cash Flow

Adequate runway but may need to raise capital within 2 years

Strong grower

PennyMac Mortgage Investment Trust is growing revenue at 138% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

92.3%

Premium pricing power — 92.3% gross margin

Operating Margin

81.5%

Excellent — 81.5% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+137.5%

Fast-growing sales (137.5% YoY)

EPS YoY

+25.1%

Earnings growing fast (25.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-6406%

Weak — only -6406% of profit becomes cash

FCF Margin

-651.2%

Burning cash (-651.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

10.87

Heavy debt load (10.87)

Interest Cover

0.75x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

8.5x

Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

14.28%

Healthy income — 14.28% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+4.2%

Dividend growing modestly (4.2% YoY)

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