BrightSpire Capital, Inc. (BRSP) vs PennyMac Mortgage Investment Trust (PMT)

BrightSpire Capital, 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 $431.4M — 1.7× the size. PennyMac Mortgage Investment Trust trades at the lower P/E: 17.9× against 23.7×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 11.4% against 1.39%. BrightSpire Capital, Inc. has the higher net margin (9.48% vs 3.52%) and the lower return on invested capital (−0.93% vs 2.53%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (19.4% vs 18.5%). Across the 22 metrics below, PennyMac Mortgage Investment Trust leads on 13 and BrightSpire Capital, Inc. on 9.

Valuation

Metric BRSP PMT Reit Mortgage median
P/E 23.67 17.89 14.55
P/S 2.10 0.62 1.72
P/B 0.49 0.58 0.52
Price to free cash flow 1.69 n/m 4.35
EV/EBITDA 7,711.58 23.13 28.27
EV/Sales 13.26 19.58 15.73
Earnings yield 4.23% 5.59% 0.23%
Free cash flow yield 59.30% (1,576.58%) 13.86%

Profitability

Metric BRSP PMT Reit Mortgage median
Gross margin 61.56% 90.73% 100.00%
Operating margin (22.97%) 83.11% 31.94%
Net margin 9.48% 3.52% (1.81%)
Free cash flow margin 124.68% (979.57%) 27.05%
Return on equity 2.08% 3.16% (0.49%)
Return on assets 0.55% 0.18% (0.06%)
Return on invested capital (0.93%) 2.53% 0.79%

Growth

Metric BRSP PMT Reit Mortgage median
Revenue growth (TTM) 1.39% 11.44% 1.39%
EPS growth (last fiscal year) 75.24% (27.74%) 45.25%
Revenue growth, 5-year CAGR (6.15%) 9.74% 14.60%
Net income growth, 5-year CAGR 0.00% 25.95% 0.00%

Health

Metric BRSP PMT Reit Mortgage median
Debt to equity 2.79 12.46 2.91
Current ratio 0.82 1.60 0.82
Net debt to EBITDA (182.35) 16.25 18.31

Dividend

Metric BRSP PMT Reit Mortgage median
Dividend yield 18.50% 19.44% 17.37%
Payout ratio 4.44 3.48 1.87

Size

Metric BRSP PMT Reit Mortgage median
Market cap 431.38m 717.68m 409.49m

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