Greystone Housing Impact Investors LP (GHI) vs PennyMac Financial Services, Inc. (PFSI)

Greystone Housing Impact Investors LP and PennyMac Financial Services, Inc. are both Mortgage Finance companies. PennyMac Financial Services, Inc. is the larger, with a market value of $3.5B against $103.1M — 33.9× the size. Greystone Housing Impact Investors LP has negative trailing earnings, so its P/E is not meaningful; PennyMac Financial Services, Inc. trades at 14.2×. PennyMac Financial Services, Inc. grew revenue faster over the last twelve months: 3.54% against −13.6%. PennyMac Financial Services, Inc. has the higher net margin (11.7% vs −7.74%) and the lower return on invested capital (1.51% vs 2.87%). Both pay a dividend; Greystone Housing Impact Investors LP yields more (15.2% vs 1.84%). Across the 19 metrics below, Greystone Housing Impact Investors LP leads on 12 and PennyMac Financial Services, Inc. on 7.

Valuation

Metric GHI PFSI Mortgage Finance median
P/E n/m 14.16 10.24
P/S 1.27 1.65 1.52
P/B 0.39 0.78 0.52
Price to free cash flow 5.85 n/m 4.71
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (5.43%) 7.06% (2.50%)
Free cash flow yield 17.10% (9.21%) (9.21%)

Profitability

Metric GHI PFSI Mortgage Finance median
Gross margin 97.33% 76.78% 81.25%
Operating margin 69.11% 20.37% 1.91%
Net margin (7.74%) 11.69% (1.66%)
Free cash flow margin 21.65% (15.01%) (15.01%)
Return on equity (2.32%) 5.59% (1.94%)
Return on assets (0.44%) 0.87% (0.23%)
Return on invested capital 2.87% 1.51% 0.00%

Growth

Metric GHI PFSI Mortgage Finance median
Revenue growth (TTM) (13.63%) 3.54% 7.49%
EPS growth (last fiscal year) (168.42%) 59.25% 20.88%
Revenue growth, 5-year CAGR 8.99% (11.20%) (11.12%)
Net income growth, 5-year CAGR 0.00% (21.18%) 0.00%

Health

Metric GHI PFSI Mortgage Finance median
Debt to equity 3.80 3.12 0.94
Current ratio 8.88 0.29 1.07
Net debt to EBITDA 17.88 18.29 15.25

Dividend

Metric GHI PFSI Mortgage Finance median
Dividend yield 15.16% 1.84% 7.01%
Payout ratio — 0.27 —

Size

Metric GHI PFSI Mortgage Finance median
Market cap 103.08m 3.49b 269.18m

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