Pennymac Mortg Financials
This page shows Pennymac Mortg (PMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Balance-sheet expansion rather than simple revenue growth is driving the business, with cash usage and funding flows doing most of the work.
From FY2023 to FY2025, total assets rose from$13.1B to$21.3B while equity was roughly flat, so incremental growth came mainly from a larger financed asset base rather than retained capital. Over the same stretch, operating cash flow flipped from$1.3B to-$7.2B , which points to a business where portfolio positioning can absorb cash quickly even when reported earnings stay positive.
Because assets are far larger than revenue, return on assets is more revealing than margin percentages for judging performance. FY2025 ROA of
The reported debt-to-equity ratio fell from 2.6x to 0.6x, yet total liabilities still increased across the last two years, so the funding structure changed more than the balance sheet became conservative. Dividends of
Financial Health Signals
Based on FY2025 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 Pennymac Mortg'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.
Pennymac Mortg's revenue declined 8% year-over-year, from $334.2M to $307.5M. This contraction results in a growth score of 8/100.
Pennymac Mortg carries a low D/E ratio of 0.58, meaning only $0.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Pennymac Mortg generates a 4.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from 6.2% the prior year.
Pennymac Mortg passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Pennymac Mortg generates $-83.78 in operating cash flow (-$7.2B OCF vs $86.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Pennymac Mortg generated $307.5M in revenue in fiscal year 2025. This represents a decrease of 8.0% from the prior year.
Pennymac Mortg reported $86.1M in net income in fiscal year 2025. This represents a decrease of 27.8% from the prior year.
Pennymac Mortg earned $0.99 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 27.7% from the prior year.
Cash & Balance Sheet
Pennymac Mortg held $272.0M in cash against $1.1B in long-term debt as of fiscal year 2025.
Pennymac Mortg paid $1.60 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Pennymac Mortg had 87M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Pennymac Mortg's net profit margin was 28.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.7 percentage points from the prior year.
Pennymac Mortg's ROE was 4.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.
Capital Allocation
Pennymac Mortg spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
PMT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $82.1M-12.2% | $93.6M-5.7% | $99.2M+41.4% | $70.2M+57.9% | $44.5M-58.8% | $107.9M+33.5% | $80.9M+13.6% | $71.2M |
| 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 | $3.0M-8.8% | $3.3M+15.8% | $2.8M-0.7% | $2.8M-4.5% | $3.0M+197.9% | $997K-24.8% | $1.3M-3.1% | $1.4M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $279.8M+9.8% | $254.7M+11.5% | $228.4M+11.3% | $205.1M+12.6% | $182.1M-2.7% | $187.1M+1.6% | $184.2M+7.2% | $171.8M |
| Income Tax | $2.3M+114.0% | -$16.2M-43.8% | -$11.3M-219.3% | $9.5M+159.3% | -$16.0M-286.0% | $8.6M+157.7% | -$14.9M-568.4% | $3.2M |
| Net Income | $24.6M+132.4% | $10.6M-81.8% | $58.3M+673.8% | $7.5M-22.2% | $9.7M+103.7% | $4.8M-88.5% | $41.4M+62.8% | $25.4M |
| EPS (Diluted) | $0.16 | N/A | $0.55+1475.0% | $-0.04-300.0% | $-0.01 | N/A | $0.36+111.8% | $0.17 |
PMT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $22.5B+5.4% | $21.3B+15.2% | $18.5B+10.3% | $16.8B+12.9% | $14.9B+3.2% | $14.4B+10.4% | $13.1B+8.1% | $12.1B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $214.0M-21.3% | $272.0M+3.2% | $263.5M-27.4% | $362.9M+46.4% | $247.9M-26.6% | $337.7M-1.9% | $344.4M+163.4% | $130.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | 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 | $20.6B+6.0% | $19.5B+16.9% | $16.6B+11.5% | $14.9B+15.1% | $13.0B+4.0% | $12.5B+12.2% | $11.1B+9.6% | $10.1B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.5B+36.8% | $1.1B+266.0% | $299.0M-75.3% | $1.2B+25.0% | $968.4M-3.9% | $1.0B-80.7% | $5.2B-2.4% | $5.4B |
| Total Equity | $1.9B-1.1% | $1.9B+0.4% | $1.9B+0.7% | $1.9B-1.9% | $1.9B-1.8% | $1.9B+0.1% | $1.9B-0.2% | $1.9B |
| Retained Earnings | -$603.6M-3.6% | -$582.8M+1.1% | -$589.6M+2.1% | -$602.4M-6.7% | -$564.5M-6.7% | -$528.9M+0.2% | -$530.2M-0.7% | -$526.3M |
PMT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5B+23.5% | -$3.3B-154.8% | -$1.3B+35.6% | -$2.0B-239.2% | -$594.3M+63.3% | -$1.6B-64.7% | -$983.8M-503.5% | $243.8M |
| 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 | $1.3B+129.0% | $552.7M+226.7% | -$436.2M-259.8% | $272.9M+578.4% | $40.2M-85.7% | $282.0M-10.4% | $314.9M+4404.4% | -$7.3M |
| Financing Cash Flow | $1.2B-56.3% | $2.8B+69.0% | $1.6B-12.0% | $1.9B+300.1% | $464.3M-65.1% | $1.3B+50.9% | $882.6M+479.9% | -$232.3M |
| Dividends Paid | $34.8M0.0% | $34.8M0.0% | $34.8M0.0% | $34.8M0.0% | $34.8M0.0% | $34.9M0.0% | $34.9M0.0% | $34.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
PMT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 30.0%+18.7pp | 11.3%-47.4pp | 58.8%+48.0pp | 10.7%-11.0pp | 21.8%+17.4pp | 4.4%-46.8pp | 51.2%+15.5pp | 35.7% |
| Return on Equity | 1.3%+0.8pp | 0.6%-2.5pp | 3.1%+2.7pp | 0.4%-0.1pp | 0.5%+0.3pp | 0.3%-1.9pp | 2.1%+0.8pp | 1.3% |
| Return on Assets | 0.1%+0.1pp | 0.1%-0.3pp | 0.3%+0.3pp | 0.0%-0.0pp | 0.1%+0.0pp | 0.0%-0.3pp | 0.3%+0.1pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.80+0.2 | 0.58+0.4 | 0.16-0.5 | 0.65+0.1 | 0.51-0.0 | 0.52-2.2 | 2.70-0.1 | 2.76 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Pennymac Mortg's annual revenue?
Pennymac Mortg (PMT) reported $307.5M in total revenue for fiscal year 2025. This represents a -8.0% 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 Pennymac Mortg's revenue growing?
Pennymac Mortg (PMT) revenue declined by 8% year-over-year, from $334.2M to $307.5M in fiscal year 2025.
Is Pennymac Mortg profitable?
Yes, Pennymac Mortg (PMT) reported a net income of $86.1M in fiscal year 2025, with a net profit margin of 28.0%.
How much debt does Pennymac Mortg have?
As of fiscal year 2025, Pennymac Mortg (PMT) had $272.0M in cash and equivalents against $1.1B in long-term debt.
What is Pennymac Mortg's net profit margin?
Pennymac Mortg (PMT) had a net profit margin of 28.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Pennymac Mortg pay dividends?
Yes, Pennymac Mortg (PMT) paid $1.60 per share in dividends during fiscal year 2025.
What is Pennymac Mortg's return on equity (ROE)?
Pennymac Mortg (PMT) has a return on equity of 4.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pennymac Mortg's operating cash flow?
Pennymac Mortg (PMT) generated -$7.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pennymac Mortg's total assets?
Pennymac Mortg (PMT) had $21.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Pennymac Mortg's debt-to-equity ratio?
Pennymac Mortg (PMT) had a debt-to-equity ratio of 0.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pennymac Mortg's return on assets (ROA)?
Pennymac Mortg (PMT) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pennymac Mortg's cash runway?
Based on fiscal year 2025 data, Pennymac Mortg (PMT) had $272.0M in cash against an annual operating cash burn of $7.2B. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pennymac Mortg's Piotroski F-Score?
Pennymac Mortg (PMT) has a Piotroski F-Score of 2 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 Pennymac Mortg's earnings high quality?
Pennymac Mortg (PMT) has an earnings quality ratio of -83.78x, considered low quality (accrual-driven). 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.
How financially healthy is Pennymac Mortg?
Pennymac Mortg (PMT) scores 20 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.