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Mortgage finance · Financial Services · Fiscal year ends Dec 31
PennyMac Financial Services reported revenue of $20M in the fiscal year ended Dec 2025, down 25.2% from the year before. Net income was $501M. Operating cash flow of −$1.7B less capital expenditure of $12M left free cash flow of −$1.7B. Net debt was $5.9B.
Ranks among the 3 mortgage finance companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7.3 | 12.4 | 13.4 | 26.9 | 20.1 |
| Net interest incomeBanks | −90.5 | −41.4 | −4.9 | −25.8 | −36.1 |
| Interest expense | 391 | 335 | 638 | 819 | 961 |
| Pre-tax income | 1,359 | 665 | 184 | 401 | 551 |
| Income tax | 356 | 190 | 39.0 | 89.6 | 50.3 |
| Net income | 1,003 | 476 | 145 | 311 | 501 |
| Diluted EPS | 14.87 | 8.50 | 2.74 | 5.84 | 9.30 |
| Diluted shares | 67.5 | 56.0 | 52.7 | 53.4 | 53.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 340 | 1,329 | 938 | 238 | 302 |
| Net PP&E | 31.7 | 28.4 | 19.0 | 12.9 | 17.8 |
| Total assets | 18,777 | 16,823 | 18,845 | 26,087 | 29,389 |
| Long-term debt | 3,103 | 3,750 | 4,430 | 5,255 | 6,230 |
| Total liabilities | 15,358 | 13,352 | 15,306 | 22,257 | 25,080 |
| Shareholders' equity | 3,418 | 3,471 | 3,539 | 3,830 | 4,309 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,563 | 6,033 | −1,582 | −4,533 | −1,652 |
| Capital expenditure | 7.9 | 7.2 | 1.4 | 1.7 | 11.9 |
| Free cash flow | 2,555 | 6,026 | −1,584 | −4,535 | −1,664 |
| Depreciation & amortisation | 28.6 | 34.4 | 53.2 | 56.0 | 54.4 |
| Stock-based compensation | 37.8 | 42.6 | 27.6 | 20.9 | 36.2 |
| Share buybacks | 958 | 406 | 71.5 | – | 4.7 |
| Dividends paid | 52.9 | 54.6 | 41.4 | 52.2 | 62.6 |
| Dividend per share | – | 0.80 | 0.80 | 1.00 | 1.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 69.2% | 8.2% | 100.5% | −25.2% |
| EPS growth (YoY) | – | −42.8% | −67.8% | 113.1% | 59.2% |
| Net margin | 13699.5% | 3837.2% | 1079.3% | 1159.1% | 2491.9% |
| Return on equityBlank when equity is negative | 29.4% | 13.7% | 4.1% | 8.1% | 11.6% |
| Free cash flow margin | 34882.8% | 48628.8% | −11815.3% | −16878.8% | −8274.8% |
| Cash conversion (CFO ÷ net income) | 2.55x | 12.7x | −10.9x | −14.6x | −3.30x |
| Debt ÷ equity | 0.91x | 1.08x | 1.25x | 1.37x | 1.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,763 | 2,421 | 3,492 | 5,017 | 5,928 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.