Impac Mortgage Financials
This page shows Impac Mortgage (IMPM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Impac Mortgage’s visible mechanic is balance-sheet runoff: cash is being created by shrinking assets, not by rebuilding durable earning capacity.
From FY2021 to FY2022, total assets shrank from$2.0B to$60.3M , showing the company was being reduced rapidly rather than simply operating through a weak year. At the same time, operating cash flow was$249.6M despite a$39.4M net loss, so the cash inflow mainly reflects assets being converted to cash, not current earnings.
Revenue capacity fell to
With cash of
Financial Health Signals
Based on FY2022 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Impac Mortgage's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Impac Mortgage has an operating margin of -553.0%, meaning the company retains $-553 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -22.4% the prior year.
Impac Mortgage's revenue declined 87% year-over-year, from $66.3M to $8.6M. This contraction results in a growth score of 0/100.
Impac Mortgage has elevated debt relative to equity (D/E of -6.20), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Impac Mortgage passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Impac Mortgage generates $-6.33 in operating cash flow ($249.6M OCF vs -$39.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Impac Mortgage earns $-2.5 in operating income for every $1 of interest expense (-$47.5M vs $19.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Impac Mortgage generated $8.6M in revenue in fiscal year 2022. This represents a decrease of 87.0% from the prior year.
Impac Mortgage's EBITDA was -$47.2M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 228.1% from the prior year.
Impac Mortgage reported -$39.4M in net income in fiscal year 2022. This represents a decrease of 916.8% from the prior year.
Impac Mortgage earned $-1.65 per diluted share (EPS) in fiscal year 2022. This represents a decrease of 650.0% from the prior year.
Cash & Balance Sheet
Impac Mortgage held $25.9M in cash against $0 in long-term debt as of fiscal year 2022.
Impac Mortgage had 37M shares outstanding in fiscal year 2022. This represents an increase of 71.4% from the prior year.
Margins & Returns
Impac Mortgage's operating margin was -553.0% in fiscal year 2022, reflecting core business profitability. This is down 530.6 percentage points from the prior year.
Impac Mortgage's net profit margin was -458.8% in fiscal year 2022, showing the share of revenue converted to profit. This is down 452.9 percentage points from the prior year.
Capital Allocation
IMPM Income Statement
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $255K-61.1% | $655K+32.3% | $495K-93.1% | $7.2M-51.9% | $14.9M-24.6% | $19.8M+80.5% | $11.0M-46.7% | $20.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $410K-91.5% | $4.8M-9.3% | $5.3M+3.7% | $5.1M+537.9% | $805K-83.7% | $4.9M-16.2% | $5.9M+13.5% | $5.2M |
| Operating Income | -$10.0M+11.4% | -$11.2M+20.7% | -$14.2M-16.5% | -$12.2M-119.0% | -$5.6M-26557.1% | $21K+100.2% | -$8.6M-1109.5% | -$714K |
| Interest Expense | $2.0M-1.7% | $2.0M-9.7% | $2.2M-83.0% | $13.0M-18.0% | $15.8M-3.6% | $16.4M+8.4% | $15.1M-4.5% | $15.9M |
| Income Tax | -$8K-214.3% | $7K-56.3% | $16K-30.4% | $23K+228.6% | $7K-66.7% | $21K-66.1% | $62K+426.3% | -$19K |
| Net Income | -$11.8M+9.6% | -$13.0M+3.4% | -$13.5M-1037.4% | -$1.2M-133.0% | $3.6M+71.8% | $2.1M+123.5% | -$8.9M-1197.8% | -$683K |
| EPS (Diluted) | N/A | $-0.62+3.1% | $-0.64-814.3% | $-0.07 | N/A | $0.08+119.0% | $-0.42-1300.0% | $-0.03 |
IMPM Balance Sheet
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $60.3M-35.5% | $93.6M-30.0% | $133.7M-50.4% | $269.6M-86.7% | $2.0B-3.2% | $2.1B-0.9% | $2.1B-10.6% | $2.4B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $25.9M-41.2% | $44.0M-28.1% | $61.2M-13.3% | $70.6M+138.8% | $29.6M-30.0% | $42.2M-15.9% | $50.2M-5.4% | $53.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $916K | N/A | N/A | N/A | $4.8M | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $71.9M-27.8% | $99.7M-23.5% | $130.2M-50.5% | $262.8M-86.9% | $2.0B-3.4% | $2.1B-1.1% | $2.1B-10.3% | $2.3B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$11.6M-91.1% | -$6.1M-275.9% | $3.5M-48.8% | $6.7M-32.1% | $9.9M+36.4% | $7.3M+67.7% | $4.3M-67.9% | $13.5M |
| Retained Earnings | -$1.3B-0.9% | -$1.3B-1.0% | -$1.3B-1.1% | -$1.3B-0.1% | -$1.3B+0.3% | -$1.3B+0.2% | -$1.3B-0.7% | -$1.2B |
IMPM Cash Flow Statement
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.5M-253.8% | $6.1M-94.3% | $108.1M-25.3% | $144.7M+648.0% | -$26.4M+75.6% | -$108.2M-258.0% | $68.5M+278.3% | -$38.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $754K+3041.7% | $24K+152.2% | -$46K-100.0% | $109.7M-16.3% | $131.0M-16.4% | $156.7M-10.0% | $174.1M+26.0% | $138.2M |
| Financing Cash Flow | -$9.5M+61.1% | -$24.4M+79.3% | -$117.8M+44.8% | -$213.5M-82.0% | -$117.3M-107.5% | -$56.5M+77.0% | -$245.4M-143.6% | -$100.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IMPM Financial Ratios
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -3903.9%-2188.4pp | -1715.6%+1147.3pp | -2862.8%-2693.6pp | -169.2%-132.0pp | -37.2%-37.3pp | 0.1%+78.8pp | -78.6%-75.2pp | -3.5% |
| Net Margin | -4614.9%-2628.2pp | -1986.7%+733.9pp | -2720.6%-2704.1pp | -16.5%-40.5pp | 24.0%+13.5pp | 10.5%+91.3pp | -80.7%-77.4pp | -3.3% |
| Return on Equity | N/A | N/A | -390.1%-372.6pp | -17.5%-53.6pp | 36.1%+7.4pp | 28.6%+232.8pp | -204.2%-199.1pp | -5.1% |
| Return on Assets | -19.5%-5.6pp | -13.9%-3.8pp | -10.1%-9.6pp | -0.4%-0.6pp | 0.2%+0.1pp | 0.1%+0.5pp | -0.4%-0.4pp | -0.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | -6.20+10.2 | -16.42-54.1 | 37.72-1.2 | 38.97-163.6 | 202.58-83.5 | 286.08-199.0 | 485.03+311.4 | 173.59 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$11.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Impac Mortgage's annual revenue?
Impac Mortgage (IMPM) reported $8.6M in total revenue for fiscal year 2022. This represents a -87.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Impac Mortgage's revenue growing?
Impac Mortgage (IMPM) revenue declined by 87% year-over-year, from $66.3M to $8.6M in fiscal year 2022.
Is Impac Mortgage profitable?
No, Impac Mortgage (IMPM) reported a net income of -$39.4M in fiscal year 2022, with a net profit margin of -458.8%.
What is Impac Mortgage's EBITDA?
Impac Mortgage (IMPM) had EBITDA of -$47.2M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.
What is Impac Mortgage's operating margin?
Impac Mortgage (IMPM) had an operating margin of -553.0% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.
What is Impac Mortgage's net profit margin?
Impac Mortgage (IMPM) had a net profit margin of -458.8% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.
What is Impac Mortgage's operating cash flow?
Impac Mortgage (IMPM) generated $249.6M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.
What are Impac Mortgage's total assets?
Impac Mortgage (IMPM) had $60.3M in total assets as of fiscal year 2022, including both current and long-term assets.
What is Impac Mortgage's debt-to-equity ratio?
Impac Mortgage (IMPM) had a debt-to-equity ratio of -6.20 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Impac Mortgage's return on assets (ROA)?
Impac Mortgage (IMPM) had a return on assets of -65.4% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.
Why is Impac Mortgage's debt-to-equity ratio negative or unusual?
Impac Mortgage (IMPM) has negative shareholder equity of -$11.6M as of fiscal year 2022, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Impac Mortgage's Piotroski F-Score?
Impac Mortgage (IMPM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Impac Mortgage's earnings high quality?
Impac Mortgage (IMPM) has an earnings quality ratio of -6.33x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Impac Mortgage cover its interest payments?
Impac Mortgage (IMPM) has an interest coverage ratio of -2.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Impac Mortgage?
Impac Mortgage (IMPM) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.