Angel Oak Mortgage

AOMR

REIT - Mortgage · Real Estate

Price

$8.24

-0.48 (-5.50%)

Market Cap

$205.3M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+16.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 20.9M (2021) → 24.3M (2025)

Winston Score History

The full picture

Angel Oak Mortgage, Inc. is a real estate investment trust (REIT) that focuses on buying and owning home loans. Instead of lending to borrowers with standard credit histories, it specializes in "non-QM" (non-qualified mortgage) loans — mortgages for self-employed people, real estate investors, and others who don't fit the typical lending rules set by government agencies. This makes it a niche player in the U.S. residential mortgage market.

The company makes money primarily from the interest earned on the mortgage loans and mortgage-backed securities it holds on its balance sheet. It operates entirely in the United States and is relatively small, with a market cap around $200 million. Its edge comes from its affiliation with Angel Oak Companies, a broader credit-focused investment platform with expertise in non-QM origination. The main risk is interest rate sensitivity — rising rates can compress the spread between borrowing costs and loan yields, directly squeezing profitability and the dividends the company pays to shareholders.

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

+21.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+351.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

25.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~18 months

$487M cash & investments

Adequate runway but may need to raise capital within 2 years

Growth context

Angel Oak Mortgage is growing revenue at 21% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale

Gross Margin

18.6%

Thin — 18.6% gross margin

Profit after running costs

Operating Margin

8.9%

Modest — 8.9% operating margin

Return on the money invested

ROCE

1.8%

Weak — 1.8% 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 growth

Sales YoY

+53.3%

Fast-growing sales (+53.3% YoY)

Profit growth

EPS YoY

-49.7%

Earnings shrinking (-49.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-2414%

Weak — only -2414% of profit becomes cash

Spare cash per sale

FCF Margin

-279.0%

Burning cash (-279.0%)

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

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Stability

What it owes vs what it owns

Debt / Equity

10.62

Heavy debt load (10.62)

Covers its interest

Interest Cover

0.42x

Dangerous — barely covers interest (0.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.4 → 6.6)

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Dividends

Dividend

Dividend Yield

15.43%

Healthy income — 15.43% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

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