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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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,321.42 | 2,644.69 | 2,846.48 | 4,420.25 |
| 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 |
| Operating Income | 688.69 | 346.40 | 402.62 | 551.42 |
| EBITDA | 738.93 | 416.42 | 472.28 | 620.77 |
| EBIT | 688.69 | 346.40 | 402.62 | 551.42 |
| Pretax Income | 665.25 | 183.63 | 401.03 | 551.42 |
| Tax Provision | 189.74 | 38.98 | 89.60 | 50.34 |
| Net Income | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income Common Stockholders | 475.51 | 144.66 | 311.42 | 501.08 |
| Total Expenses | 1,632.72 | 2,298.29 | 2,443.86 | 3,868.84 |
| Selling General And Administration | 338.17 | 238.08 | 257.04 | 343.06 |
| Normalized EBITDA | 762.38 | 579.19 | 473.87 | 620.77 |
| Normalized Income | 492.27 | 272.92 | 312.66 | 501.08 |
| Basic EPS | 8.96 | 2.89 | 6.11 | 9.69 |
| Diluted EPS | 8.50 | 2.74 | 5.84 | 9.30 |
| Tax Effect Of Unusual Items | -6.68 | -34.51 | -0.35 | 0 |
| Tax Rate For Calcs | 0.28 | 0.21 | 0.22 | 0.09 |
| Total Unusual Items | -23.45 | -162.77 | -1.59 | 0 |
| Total Unusual Items Excluding Goodwill | -23.45 | -162.77 | -1.59 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 475.51 | 144.66 | 311.42 | 501.08 |
| 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 |
| Net Income From Continuing And Discontinued Operation | 475.51 | 144.66 | 311.42 | 501.08 |
| Rent Expense Supplemental | 40.12 | 36.56 | 32.90 | 35.33 |
| Diluted Average Shares | 55.95 | 52.73 | 53.36 | 53.88 |
| Basic Average Shares | 53.06 | 49.98 | 50.99 | 51.73 |
| Diluted NI Availto Com Stockholders | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income Including Noncontrolling Interests | 475.51 | 144.66 | 311.42 | 501.08 |
| Net Income Continuous Operations | 475.51 | 144.66 | 311.42 | 501.08 |
| Other Income Expense | -23.45 | -162.77 | -1.59 | 0 |
| Special Income Charges | -23.45 | -162.77 | -1.59 | 0 |
| Other Special Charges | 4.65 | 162.77 | 1.59 | 0 |
| Restructuring And Mergern Acquisition | 18.80 | 7.64 | 0.89 | 0 |
| Other Operating Expenses | 187.46 | 784.90 | 628.83 | 1,631.31 |
| Other Taxes | 92.64 | 76.01 | 80.88 | 93.43 |
| Selling And Marketing Expense | 46.76 | 17.63 | 21.97 | 46.14 |
| General And Administrative Expense | 291.41 | 220.45 | 235.07 | 296.93 |
| Other Gand A | 73.27 | 60.52 | 37.99 | 37.97 |
| Rent And Landing Fees | 40.12 | 36.56 | 32.90 | 35.33 |
| Salaries And Wages | 178.01 | 123.37 | 164.19 | 223.62 |
| Operating Revenue | 1,954.85 | 2,631.29 | 2,819.61 | 4,400.15 |
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 | $4.6B | 9.59↓ discount | 1.08 | 11.6% | - |
| Selective Insurance Group, Inc. | SIGI | $5.1B | 11.58 | 1.50 | 12.9% | 8.65 |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 17.30 | 2.36 | 13.2% | - |
| Miami International Holdings, Inc. | MIAX | $4.5B | - | 4.63 | -7.9% | 28.06 |
| International Bancshares Corporation |
| IBOC |
| $4.4B |
| 10.75 |
| 1.36 |
| 12.7% |
| - |
| Texas Capital Bancshares, Inc. | TCBI | $4.3B | 13.26 | 1.31 | 9.1% | - |
| Lemonade, Inc. | LMND | $4.3B | - | 7.97 | -31.0% | -33.42 |
| Eastern Bankshares, Inc. | EBC | $4.3B | 10.99 | 1.03 | 2.0% | - |
| CNO Financial Group, Inc. | CNO | $4.2B | 19.42 | 1.60 | 8.7% | 7.53 |
| Peer Median | - | 12.42 | 1.55 | 8.9% | 8.09 | |