EdgeScore

PMT · NYSE

PennyMac Mortgage Investment Trust: financial statements

Financially weak · see the checkFigures in USD, fiscal years

Revenue and net income

Revenue 2013: $406MNet income 2013: $200M2013Revenue 2014: $357MNet income 2014: $195M2014Revenue 2015: $249MNet income 2015: $90.1M2015Revenue 2016: $272MNet income 2016: $75.8M2016Revenue 2017: $318MNet income 2017: $118M2017Revenue 2018: $351MNet income 2018: $153M2018
RevenueNet income

Operating and free cash flow

Operating cash flow 2013: -$243MFree cash flow 2013: -$243M2013Operating cash flow 2014: -$366MFree cash flow 2014: -$366M2014Operating cash flow 2015: -$863MFree cash flow 2015: -$863M2015Operating cash flow 2016: -$622MFree cash flow 2016: -$622M2016Operating cash flow 2017: $223MFree cash flow 2017: $223M2017Operating cash flow 2018: -$574MFree cash flow 2018: -$574M2018
Operating cash flowFree cash flow

Margins

Operating 2013: 69.0%Operating 2014: 74.3%Operating 2015: 79.6%Operating 2016: 77.7%Operating 2017: 86.8%Operating 2018: 94.9%Net 2013: 49.4%Net 2014: 54.5%Net 2015: 36.2%Net 2016: 27.9%Net 2017: 37.0%Net 2018: 43.5%201320142015201620172018
GrossOperatingNet

Returns

ROE 2013: 13.6%ROE 2014: 12.3%ROE 2015: 6.0%ROE 2016: 5.6%ROE 2017: 7.6%ROE 2018: 9.8%ROIC 2013: 18.1%ROIC 2014: 14.2%ROIC 2015: 10.6%ROIC 2016: 12.1%ROIC 2017: 7.8%ROIC 2018: 5.0%ROA 2013: 4.7%ROA 2014: 4.0%ROA 2015: 1.5%ROA 2016: 1.2%ROA 2017: 2.1%ROA 2018: 2.0%201320142015201620172018
ROEROICROA

Income statement

USD201320142015201620172018Last year
Revenue$406M$357M$249M$272M$318M$351M+10%
Operating income$280M$265M$198M$212M$276M$333M+21%
EBITDA$280M$265M$198M$212M$276M$333M+21%
Interest expense$65.2M$85.6M$125M$150M$151M$175M+16%
Profit before tax$215M$179M$73.3M$61.8M$125M$158M+27%
Income tax$14.4M-$15.1M-$16.8M-$14.0M$6.8M$5.2M-24%
Net income$200M$195M$90.1M$75.8M$118M$153M+30%

Cash flow

USD201320142015201620172018Last year
Operating cash flow-$243M-$366M-$863M-$622M$223M-$574M-357%
Free cash flow-$243M-$366M-$863M-$622M$223M-$574M-357%

Balance sheet

USD201320142015201620172018Last year
Cash$27.4M$76.4M$58.1M$34.5M$77.6M$59.8M-23%
Total assets$4.3B$4.9B$5.8B$6.4B$5.6B$7.8B+39%
Financial debt————$3.9B$6.1B+55%
Total liabilities$2.8B$3.3B$4.3B$5.0B$4.1B$6.2B+54%
Shareholders' equity$1.5B$1.6B$1.5B$1.4B$1.5B$1.6B+1%
Net debt-$27.4M-$76.4M-$58.1M-$34.5M$3.9B$6.0B+57%

Dividend profile

Paying in a row
8+ years
Raised in a row
0 years
Growth per year
-10.3%
Paid out of profit
107.8%
Paid out of free cash
n/a

Latest dividend per share: 1.67 USD. Dividends exceeded profit over the last 3 years, which cannot last without borrowing or reserves. Without share prices EdgeScore shows no dividend yield.

Dividends

USD201320142015201620172018Last year
Dividends paid$148M$174M$173M$132M$126M$116M-8%
Dividend per share2.872.402.161.711.691.67
Dividends / net income73.7%89.7%192.0%173.5%107.1%75.7%
Dividends / free cash flow————56.5%—

Ratios

201320142015201620172018Last year
Operating margin69.0%74.3%79.6%77.7%86.8%94.9%
Net margin49.4%54.5%36.2%27.9%37.0%43.5%
Return on equity13.6%12.3%6.0%5.6%7.6%9.8%
Return on assets4.7%4.0%1.5%1.2%2.1%2.0%
Return on invested capital18.1%14.2%10.6%12.1%7.8%5.0%
Debt / equity————2.553.89
Net debt / EBITDA-0.1x-0.3x-0.3x-0.2x14.0x18.1x
Interest coverage4.3x3.1x1.6x1.4x1.8x1.9x

Data source: SEC EDGAR, company annual reports. Lines a company does not report are left empty. Free cash flow is operating cash flow minus capital expenditure. Ratios use the same formulas as the EdgeScore check.

For information and education only. Not investment advice. Data may contain errors.