PennyMac Mortgage Investment Trust (PMT) vs TPG RE Finance Trust, Inc. (TRTX)

PennyMac Mortgage Investment Trust and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. PennyMac Mortgage Investment Trust is the larger, with a market value of $717.7M against $532.3M — 1.3× the size. TPG RE Finance Trust, Inc. trades at the lower P/E: 16.3× against 17.9×. PennyMac Mortgage Investment Trust grew revenue faster over the last twelve months: 11.4% against −2.42%. TPG RE Finance Trust, Inc. has the higher net margin (21.5% vs 3.52%) and the lower return on invested capital (0.85% vs 2.53%). Both pay a dividend; PennyMac Mortgage Investment Trust yields more (19.4% vs 13.6%). Across the 22 metrics below, PennyMac Mortgage Investment Trust leads on 11 and TPG RE Finance Trust, Inc. on 11.

Valuation

Metric PMT TRTX Reit Mortgage median
P/E 17.89 16.27 14.55
P/S 0.62 3.78 1.72
P/B 0.58 0.52 0.52
Price to free cash flow n/m 7.21 4.35
EV/EBITDA 23.13 57.30 28.27
EV/Sales 19.58 32.31 15.73
Earnings yield 5.59% 6.15% 0.23%
Free cash flow yield (1,576.58%) 13.86% 13.86%

Profitability

Metric PMT TRTX Reit Mortgage median
Gross margin 90.73% 100.00% 100.00%
Operating margin 83.11% 48.45% 31.94%
Net margin 3.52% 21.46% (1.81%)
Free cash flow margin (979.57%) 52.36% 27.05%
Return on equity 3.16% 2.90% (0.49%)
Return on assets 0.18% 0.66% (0.06%)
Return on invested capital 2.53% 0.85% 0.79%

Growth

Metric PMT TRTX Reit Mortgage median
Revenue growth (TTM) 11.44% (2.42%) 1.39%
EPS growth (last fiscal year) (27.74%) (24.00%) 45.25%
Revenue growth, 5-year CAGR 9.74% (3.76%) 14.60%
Net income growth, 5-year CAGR 25.95% 0.00% 0.00%

Health

Metric PMT TRTX Reit Mortgage median
Debt to equity 12.46 4.05 2.91
Current ratio 1.60 246.28 0.82
Net debt to EBITDA 16.25 38.25 18.31

Dividend

Metric PMT TRTX Reit Mortgage median
Dividend yield 19.44% 13.64% 17.37%
Payout ratio 3.48 2.22 1.87

Size

Metric PMT TRTX Reit Mortgage median
Market cap 717.68m 532.30m 409.49m

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