Adamas Trust, Inc. (ADAM) vs PennyMac Mortgage Investment Trust (PMT)

Adamas Trust, Inc. and PennyMac Mortgage Investment Trust are both Reit Mortgage companies. PennyMac Mortgage Investment Trust is the larger, with a market value of $717.7M against $534.6M — 1.3× the size. Adamas Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; PennyMac Mortgage Investment Trust trades at 17.9×. Adamas Trust, Inc. grew revenue faster over the last twelve months: 27.1% against 11.4%. PennyMac Mortgage Investment Trust has the higher net margin (3.52% vs −7.02%) and the higher return on invested capital (2.53% vs 0.18%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (19.4% vs 17.4%). Across the 21 metrics below, PennyMac Mortgage Investment Trust leads on 13 and Adamas Trust, Inc. on 8.

Valuation

Metric ADAM PMT Reit Mortgage median
P/E n/m 17.89 14.55
P/S 0.77 0.62 1.72
P/B 0.73 0.58 0.52
Price to free cash flow 1.52 n/m 4.35
EV/EBITDA 152.48 23.13 28.27
EV/Sales 17.19 19.58 15.73
Earnings yield (9.11%) 5.59% 0.23%
Free cash flow yield 65.96% (1,576.58%) 13.86%

Profitability

Metric ADAM PMT Reit Mortgage median
Gross margin 28.27% 90.73% 100.00%
Operating margin 5.27% 83.11% 31.94%
Net margin (7.02%) 3.52% (1.81%)
Free cash flow margin 50.56% (979.57%) 27.05%
Return on equity (6.20%) 3.16% (0.49%)
Return on assets (0.38%) 0.18% (0.06%)
Return on invested capital 0.18% 2.53% 0.79%

Growth

Metric ADAM PMT Reit Mortgage median
Revenue growth (TTM) 27.09% 11.44% 1.39%
EPS growth (last fiscal year) 196.49% (27.74%) 45.25%
Revenue growth, 5-year CAGR 11.44% 9.74% 14.60%
Net income growth, 5-year CAGR 0.00% 25.95% 0.00%

Health

Metric ADAM PMT Reit Mortgage median
Debt to equity 9.22 12.46 2.91
Current ratio 19.06 1.60 0.82
Net debt to EBITDA 55.86 16.25 18.31

Dividend

Metric ADAM PMT Reit Mortgage median
Dividend yield 17.37% 19.44% 17.37%
Payout ratio 0.61 3.48 1.87

Size

Metric ADAM PMT Reit Mortgage median
Market cap 534.60m 717.68m 409.49m

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