PMT
PennyMac Mortgage Investment Trust
PMT's fundamentals are weak and it looks expensive: trading at 15x earnings, above its usual 9.5x. Analysts expect earnings to hold roughly steady.
PMT Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
PMT's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for real estate companies like PMT.
PMT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 5.3x | $7.24 | — |
| Cheap | 7x | $3.28 | -55% |
| Fair | 9.5x | $4.45 | -39% |
| Expensive | 13x | $6.32 | -13% |
| Current | 15x | $7.24 | — |
Historical ranges are pointers, not guarantees.
PMT's PE is in its expensive range at 15x. On analysts' estimates for next year's earnings, today's price would be 5.3x, in its cheap range.
PMT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect PMT's profitability to weaken, with its earnings and revenue holding steady.
PMT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | +190% |
| Q3 2026 | $0.47 | -51% |
| Q2 2026 | $1.43 | +88% |
| Q1 2026 | $1.16 | +20% |
| Q4 2025 | $0.99 | -28% |
| Q3 2025 | $0.95 | -31% |
| Q2 2025 | $0.76 | -50% |
| Q1 2025 | $0.97 | -36% |
| Q4 2024 | $1.37 | -16% |
PMT's earnings per share have fallen from their peak: $0.47 over the past year, against $6.93 in early 2021.
PMT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $36.2M | -63% |
| Q2 2026 | $72.7M | +3.6% |
| Q1 2026 | $82.1M | +85% |
| Q4 2025 | $93.6M | -13% |
| Q3 2025 | $99.2M | +23% |
| Q2 2025 | $70.2M | -1.4% |
| Q1 2025 | $44.5M | -40% |
| Q4 2024 | $107.9M | +27% |
PMT's revenue has slid since its 2020 peak: $36M last quarter, down 63% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -45% | -93 points |
| Q2 2026 | 23% | -1.1 points |
| Q1 2026 | 33% | +47 points |
| Q4 2025 | 39% | -13 points |
| Q3 2025 | 47% | +15 points |
| Q2 2025 | 24% | -16 points |
| Q1 2025 | -14% | -58 points |
| Q4 2024 | 51% | +3.5 points |
PMT's operating margin was −45% last quarter, down 93 points from the same quarter a year ago, near the bottom of its range since 2019.
PMT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$2.7B | -$1.4B |
| Q2 2026 | -$2.9B | -$923.7M |
| Q1 2026 | -$2.5B | -$1.9B |
| Q4 2025 | -$3.3B | -$1.7B |
| Q3 2025 | -$1.3B | -$313.8M |
| Q2 2025 | -$2B | -927% |
| Q1 2025 | -$594.3M | -$251.9M |
| Q4 2024 | -$1.6B | -404% |
PMT's free cash flow was −$11.5B over the past year, against −$5.5B the year before. Free cash flow isn't a meaningful measure for real estate companies like PMT.
PMT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -88K shares |
| 1 year | +0.2% | +185K shares |
| 3 years | -0.1% | -67K shares |
| 5 years | -11% | -10.8M shares |
| Available history | -0.6% | -509K shares |
PMT has 87M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $1.5M |
| Q3 2023 | — |
| Q2 2023 | $19.4M |
| Q1 2023 | $7.6M |
PMT Net Leverage
PMT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.6 | Neutral |
| Stochastic | 26.1 | Neutral |
PMT's weekly RSI is 31 (neutral) and its Stochastic is 26 (neutral).
PMT PE vs Real Estate Sector
| Metric | PMT | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 24x | 36% below |
| PE % | 89 | 23 | 66 pts above |
PMT is trading at 15x earnings, a 36% discount to the Real Estate sector's median of 24x.
PMT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.50 | 3.5% below |
| 20 week MA | $8.78 | 18% below |
| 50 week MA | $10.6 | 32% below |
| 100 week MA | $11.7 | 38% below |
| 200 week MA | $12.6 | 43% below |
PMT is in a downtrend: it's below all five of its weekly moving averages, and 43% below its 200-week average.
PMT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.2 | $18.0 | -22% |
| 2021 | $18.0 | $17.8 | -1% |
| 2022 | $17.8 | $13.2 | -26% |
| 2023 | $13.2 | $15.0 | +13% |
| 2024 | $15.0 | $12.6 | -16% |
| 2025 | $12.6 | $12.5 | -0.2% |
| 2026 YTD | $12.5 | $7.24 | -42% |
PMT has finished lower in five of the last six years. It's down 42% so far in 2026.