PennyMac Mortgage Investment Trust

PMT

REIT - Mortgage · Real Estate

Price

$9.35

-0.04 (-0.43%)

Market Cap

$815.3M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Good

Dividends

Strong

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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)

Winston Score History

The full picture

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.

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

+67.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+744.3% 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

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$21.1B cash & investments

Quarterly Free Cash Flow

$21.1B cash & investments at current burn rate

Strong grower

PennyMac Mortgage Investment Trust is growing revenue at 67% 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

Profit per sale

Gross Margin

91.4%

Premium pricing power — 91.4% gross margin

Profit after running costs

Operating Margin

82.1%

Excellent — 82.1% operating margin

Return on the money invested

ROCE

4.2%

Weak — 4.2% 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

+121.4%

Fast-growing sales (+121.4% YoY)

Profit growth

EPS YoY

+97.3%

Earnings growing fast (+97.3% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-5502%

Weak — only -5502% of profit becomes cash

Spare cash per sale

FCF Margin

-584.7%

Burning cash (-584.7%)

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

12.37

Heavy debt load (12.37)

Covers its interest

Interest Cover

0.96x

Dangerous — barely covers interest (1.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.5x

Attractive valuation — P/E 6.5

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

Cheaper or dearer next year

P/E vs Forward

-1.5

SLOWING

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

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Dividends

Dividend

Dividend Yield

17.26%

Healthy income — 17.26% yield

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

Dividend record

Dividend Growth

+4.2%

Dividend growing modestly (4.2% YoY)

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