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 $736.9M — 1.6× the size. PennyMac Mortgage Investment Trust trades at the lower P/E: 5.9× against 21.6×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 19.6% against −11.0%. Ladder Capital Corp has the higher net margin (54.6% vs 10.2%) and the lower return on invested capital (0.56% vs 2.92%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (11.6% vs 8.62%). Across the 22 metrics below, PennyMac Mortgage Investment Trust leads on 14 and Ladder Capital Corp on 8.

Valuation

Metric LADR PMT Reit Mortgage median
P/E 21.62 5.87 7.80
P/S 11.83 0.60 1.90
P/B 0.79 0.55 0.61
Price to free cash flow 12.02 n/m 5.90
EV/EBITDA 49.67 19.87 28.40
EV/Sales 53.10 17.03 16.02
Earnings yield 4.63% 17.05% 7.68%
Free cash flow yield 8.32% (1,386.89%) 11.60%

Profitability

Metric LADR PMT Reit Mortgage median
Gross margin 100.00% 91.15% 100.00%
Operating margin 49.94% 83.97% 35.40%
Net margin 54.61% 10.21% 11.85%
Free cash flow margin 99.69% (827.08%) 26.68%
Return on equity 3.57% 9.44% 4.81%
Return on assets 1.04% 0.59% 0.62%
Return on invested capital 0.56% 2.92% 1.22%

Growth

Metric LADR PMT Reit Mortgage median
Revenue growth (TTM) (10.95%) 19.64% 4.70%
EPS growth (last fiscal year) (40.70%) (27.74%) —
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 2.81 11.03 3.30
Current ratio 44.15 1.46 1.00
Net debt to EBITDA 36.15 16.25 18.31

Dividend

Metric LADR PMT Reit Mortgage median
Dividend yield 8.62% 11.56% 13.05%
Payout ratio 0.83 2.85 1.24

Size

Metric LADR PMT Reit Mortgage median
Market cap 1.15b 736.86m 517.48m

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