Loading…
PennyMac Financial Services, Inc., through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through two segments, Production and Servicing. The Production segment is involved in the origination, acquisition, and sale of loans. This segment also sources residential conventional and government-insured or guaranteed mortgage loans through correspondent production, consumer direct lending, and broker direct lending. The Servicing segment performs loan administration, collection, and default management activities, including the collection and remittance of loan payments; responds to customer inquiries; provides accounting for principal and interest; holds custodial funds for the payment of property taxes and insurance premiums; offers counseling for delinquent borrowers; and supervising foreclosures and property dispositions, as well as administers loss mitigation activities comprising modification and forbearance programs, and supervising foreclosures and property dispositions. The company was founded in 2008 and is headquartered in Westlake Village, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.4B | $621M | $501M | $-1.7B | 11.6% | 55.3% | 60.9% |
| 2024 | $2.8B | $472M | $311M | $-4.6B | 8.1% | 7.6% | 115.3% |
| 2023 | $2.6B | $416M | $145M | $-1.6B | 4.1% | 13.9% | -69.6% |
| 2022 | $2.3B | $739M | $476M | $6.0B | 13.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,321.42 | 2,644.69 | 2,846.48 | 4,420.25 |
| Operating Revenue | - | 1,954.85 | 2,631.29 | 2,819.61 | 4,400.15 |
| Cost Of Revenue | - | 1,014.46 | 1,199.29 | 1,477.11 | 1,801.03 |
| Gross Profit | - | 1,306.96 | 1,445.40 | 1,369.37 | 2,619.22 |
| Operating Expense | - | 618.27 | 1,099 | 966.75 | 2,067.81 |
| Selling General And Administration | - | 338.17 | 238.08 | 257.04 | 343.06 |
| Total Expenses | - | 1,632.72 | 2,298.29 | 2,443.86 | 3,868.84 |
| Operating Income | - | 688.69 | 346.40 | 402.62 | 551.42 |
| EBITDA | - | 738.93 | 416.42 | 472.28 | 620.77 |
| Normalized EBITDA | - | 762.38 | 579.19 | 473.87 | 620.77 |
| EBIT | - | 688.69 | 346.40 | 402.62 | 551.42 |
| Other Income Expense | -0.15 | -23.45 | -162.77 | -1.59 | - |
| Pretax Income | - | 665.25 | 183.63 | 401.03 | 551.42 |
| Tax Provision | - | 189.74 | 38.98 | 89.60 | 50.34 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.68 | -34.51 | -0.35 | 0 |
| Net Income Continuous Operations | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income From Continuing And Discontinued Operation | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income From Continuing Operation Net Minority Interest | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income Common Stockholders | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income Including Noncontrolling Interests | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Normalized Income | - | 492.27 | 272.92 | 312.66 | 501.08 |
| Diluted NI Availto Com Stockholders | - | 475.51 | 144.66 | 311.42 | 501.08 |
| Basic Average Shares | - | 53.06 | 49.98 | 50.99 | 51.73 |
| Diluted Average Shares | - | 55.95 | 52.73 | 53.36 | 53.88 |
| Reconciled Depreciation | - | 50.24 | 70.02 | 69.66 | 69.36 |
| Reconciled Cost Of Revenue | - | 1,014.46 | 1,199.29 | 1,477.11 | 1,801.03 |
| Total Unusual Items | - | -23.45 | -162.77 | -1.59 | 0 |
| Total Unusual Items Excluding Goodwill | - | -23.45 | -162.77 | -1.59 | 0 |
| Special Income Charges | - | -23.45 | -162.77 | -1.59 | 0 |
| Other Special Charges | 0 | 4.65 | 162.77 | 1.59 | - |
| Restructuring And Mergern Acquisition | 0.16 | 18.80 | 7.64 | 0.89 | - |
| General And Administrative Expense | - | 291.41 | 220.45 | 235.08 | 296.92 |
| Other Gand A | - | 73.27 | 60.52 | 37.99 | 37.97 |
| Salaries And Wages | - | 178.01 | 123.37 | 164.18 | 223.62 |
| Rent Expense Supplemental | - | 40.12 | 36.56 | 32.90 | 35.33 |
| Other Operating Expenses | - | 187.46 | 784.90 | 628.83 | 1,631.31 |
| Selling And Marketing Expense | - | 46.76 | 17.63 | 21.97 | 46.14 |
| Rent And Landing Fees | - | 40.12 | 36.56 | 32.90 | 35.33 |
| Other Taxes | - | 92.64 | 76.01 | 80.88 | 93.43 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PennyMac Financial Services, Inc.this co. | PFSI | $4.2B | 8.45↓ discount | 0.98 | 11.6% | 43.48 |
| Nelnet, Inc. | NNI | $4.7B | 11.06 | 1.26 | 11.4% | - |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 18.28 | 2.42 | 13.2% | - |
| International Bancshares Corporation | IBOC | $4.5B | 11.00 | 1.39 | 12.7% | - |
| Texas Capital Bancshares, Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| TCBI |
| $4.5B |
| 13.53 |
| 1.34 |
| 9.9% |
| - |
| CNO Financial Group, Inc. | CNO | $4.4B | 19.18 | 1.67 | 8.7% | - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 48.96 | 1.00 | 2.0% | - |
| Lemonade, Inc. | LMND | $4.0B | - | 7.42 | -31.0% | - |
| Marex Group plc | MRX | $3.9B | 12.76 | 3.10 | 24.3% | 9.33 |
| Peer Median | - | 13.53 | 1.53 | 10.7% | 9.33 | |