MFA Financial, Inc. (MFA) vs PennyMac Mortgage Investment Trust (PMT)

MFA Financial, Inc. and PennyMac Mortgage Investment Trust are both Reit Mortgage companies. MFA Financial, Inc. and PennyMac Mortgage Investment Trust are of similar size ($717.7M and $662.1M). MFA Financial, Inc. has negative trailing earnings, so its P/E is not meaningful; PennyMac Mortgage Investment Trust trades at 17.9×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 11.4% against 6.83%. PennyMac Mortgage Investment Trust has the higher net margin (3.52% vs 0.00%) and the higher return on invested capital (2.53% vs 0.00%). Both pay a dividend; MFA Financial, Inc. yields more (22.1% vs 19.4%). Across the 21 metrics below, PennyMac Mortgage Investment Trust leads on 11 and MFA Financial, Inc. on 10.

Valuation

Metric MFA PMT Reit Mortgage median
P/E n/m 17.89 14.55
P/S 0.86 0.62 1.72
P/B 0.42 0.58 0.52
Price to free cash flow 1.19 n/m 4.35
EV/EBITDA 19.57 23.13 28.27
EV/Sales 15.33 19.58 15.73
Earnings yield (8.13%) 5.59% 0.23%
Free cash flow yield 84.37% (1,576.58%) 13.86%

Profitability

Metric MFA PMT Reit Mortgage median
Gross margin 100.00% 90.73% 100.00%
Operating margin 0.00% 83.11% 31.94%
Net margin 0.00% 3.52% (1.81%)
Free cash flow margin 72.62% (979.57%) 27.05%
Return on equity 0.00% 3.16% (0.49%)
Return on assets 0.00% 0.18% (0.06%)
Return on invested capital 0.00% 2.53% 0.79%

Growth

Metric MFA PMT Reit Mortgage median
Revenue growth (TTM) 6.83% 11.44% 1.39%
EPS growth (last fiscal year) 58.54% (27.74%) 45.25%
Revenue growth, 5-year CAGR 11.47% 9.74% 14.60%
Net income growth, 5-year CAGR 0.00% 25.95% 0.00%

Health

Metric MFA PMT Reit Mortgage median
Debt to equity 0.00 12.46 2.91
Current ratio 0.00 1.60 0.82
Net debt to EBITDA 17.85 16.25 18.31

Dividend

Metric MFA PMT Reit Mortgage median
Dividend yield 22.09% 19.44% 17.37%
Payout ratio 1.44 3.48 1.87

Size

Metric MFA PMT Reit Mortgage median
Market cap 662.12m 717.68m 409.49m

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