Ladder Capital Corp (LADR) vs PennyMac Mortgage Investment Trust (PMT)

Ladder Capital Corp and PennyMac Mortgage Investment Trust are both Reit Mortgage companies. Ladder Capital Corp is the larger, with a market value of $1.2B against $717.7M — 1.6× the size. Ladder Capital Corp trades at the lower P/E: 11.4× against 17.9×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 11.4% against −12.4%. Ladder Capital Corp has the higher net margin (109.5% vs 3.52%) and the lower return on invested capital (0.42% vs 2.53%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (19.4% vs 10.1%). Across the 22 metrics below, Ladder Capital Corp leads on 11 and PennyMac Mortgage Investment Trust on 11.

Valuation

Metric LADR PMT Reit Mortgage median
P/E 11.39 17.89 14.55
P/S 12.52 0.62 1.72
P/B 0.77 0.58 0.52
Price to free cash flow 4.65 n/m 4.35
EV/EBITDA 56.93 23.13 28.27
EV/Sales 59.91 19.58 15.73
Earnings yield 8.78% 5.59% 0.23%
Free cash flow yield 21.53% (1,576.58%) 13.86%

Profitability

Metric LADR PMT Reit Mortgage median
Gross margin 100.00% 90.73% 100.00%
Operating margin 43.19% 83.11% 31.94%
Net margin 109.47% 3.52% (1.81%)
Free cash flow margin 270.85% (979.57%) 27.05%
Return on equity 6.70% 3.16% (0.49%)
Return on assets 1.84% 0.18% (0.06%)
Return on invested capital 0.42% 2.53% 0.79%

Growth

Metric LADR PMT Reit Mortgage median
Revenue growth (TTM) (12.44%) 11.44% 1.39%
EPS growth (last fiscal year) (40.70%) (27.74%) 45.25%
Revenue growth, 5-year CAGR 49.36% 9.74% 14.60%
Net income growth, 5-year CAGR 0.00% 25.95% 0.00%

Health

Metric LADR PMT Reit Mortgage median
Debt to equity 2.98 12.46 2.91
Current ratio 49.89 1.60 0.82
Net debt to EBITDA 36.15 16.25 18.31

Dividend

Metric LADR PMT Reit Mortgage median
Dividend yield 10.09% 19.44% 17.37%
Payout ratio 1.15 3.48 1.87

Size

Metric LADR PMT Reit Mortgage median
Market cap 1.15b 717.68m 409.49m

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