Latest Ratios: P/E Ratio 8.7x · EV/EBITDA 17.8x · ROE 12.3%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $7.1B | $5.4B | $4.7B | $3.2B | $4.7B | $5.2B | $2.7B | $751M | $1.8B | $1.3B |
| Enterprise Value | $27.0B | $29.9B | $25.8B | $17.2B | $13.6B | $18.4B | $31.5B | $9.7B | $5.5B | $6.8B | $4.2B |
| P/E Ratio → | 8.72 | 14.18 | 17.49 | 32.25 | 6.67 | 4.69 | 3.14 | 6.96 | 8.57 | 17.46 | 5.66 |
| P/S Ratio | 0.97 | 1.63 | 3.42 | 2.29 | 1.37 | 1.32 | 1.31 | 1.63 | 0.66 | 1.63 | 1.26 |
| P/B Ratio | 1.01 | 1.65 | 1.42 | 1.32 | 0.91 | 1.38 | 1.52 | 1.33 | 0.45 | 1.03 | 0.91 |
| P/FCF | — | — | — | — | 0.53 | 1.88 | — | — | 2.39 | — | — |
| P/OCF | — | — | — | — | 0.53 | 1.84 | — | — | 1.31 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.84 | 16.17 | 8.44 | 5.88 | 5.16 | 7.98 | 5.79 | 4.81 | 6.27 | 4.10 |
| EV / EBITDA | 17.85 | 19.75 | 26.54 | 40.60 | 18.46 | 13.09 | 13.84 | 17.53 | 19.50 | 10.96 | 6.03 |
| EV / EBIT | 17.85 | 19.75 | 63.85 | 48.63 | 19.81 | 13.50 | 14.07 | 18.36 | 20.44 | 20.16 | 10.85 |
| EV / FCF | — | — | — | — | 2.29 | 7.32 | — | — | 17.43 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.4% | 91.4% | 97.6% | 41.6% | 56.3% | 59.9% | 70.0% | 53.1% | 50.3% | 52.6% | 58.0% |
| Operating Margin | 34.6% | 34.6% | 56.5% | 17.4% | 29.7% | 38.2% | 56.7% | 31.5% | 23.5% | 31.1% | 37.8% |
| Net Profit Margin | 11.5% | 11.5% | 19.5% | 7.1% | 20.5% | 28.2% | 41.7% | 23.4% | 7.7% | 9.3% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 8.5% | 4.1% | 13.8% | 29.5% | 60.4% | 21.1% | 5.2% | 6.5% | 5.4% |
| ROA | 1.8% | 1.8% | 1.4% | 0.8% | 2.7% | 4.0% | 7.9% | 4.4% | 1.2% | 1.6% | 1.5% |
| ROIC | 4.4% | 4.4% | 3.3% | 1.6% | 3.2% | 4.3% | 8.5% | 5.0% | 3.0% | 4.5% | 8.1% |
| ROCE | 10.4% | 10.4% | 6.2% | 2.8% | 6.1% | 8.8% | 17.4% | 10.9% | 5.9% | 9.5% | 18.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.35 | 5.35 | 5.37 | 3.81 | 3.40 | 4.09 | 7.93 | 3.45 | 2.92 | 2.93 | 2.13 |
| Debt / EBITDA | 15.25 | 15.25 | 21.17 | 31.82 | 15.97 | 9.98 | 11.80 | 12.84 | 17.38 | 8.17 | 4.32 |
| Net Debt / Equity | — | 5.28 | 5.30 | 3.55 | 3.02 | 3.99 | 7.78 | 3.39 | 2.83 | 2.91 | 2.06 |
| Net Debt / EBITDA | 15.05 | 15.05 | 20.93 | 29.61 | 14.17 | 9.73 | 11.57 | 12.59 | 16.82 | 8.11 | 4.18 |
| Debt / FCF | — | — | — | — | 1.76 | 5.45 | — | — | 15.04 | — | — |
| Interest Coverage | 1.57 | 1.57 | 0.49 | — | — | — | — | — | 1.85 | 2.32 | 3.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.04 | 0.04 | 1.56 | 2.05 | 2.29 | 1.65 | 2.56 | 1.31 | 1.49 | 1.69 | 1.36 |
| Quick Ratio | 0.04 | 0.04 | 1.56 | 2.05 | 2.29 | 1.65 | 2.56 | 1.31 | 1.49 | 1.69 | 1.36 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.17 | 0.29 | 0.04 | 0.05 | 0.03 | 0.05 | 0.01 | 0.04 |
| Asset Turnover | — | 0.15 | 0.06 | 0.11 | 0.14 | 0.19 | 0.13 | 0.16 | 0.15 | 0.15 | 0.20 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 12.5% | 12.5% | 16.7% | 28.7% | 11.5% | 5.3% | 1.9% | — | 11.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.5% | 7.1% | 5.7% | 3.1% | 15.0% | 21.3% | 31.9% | 14.4% | 11.7% | 5.7% | 17.7% |
| FCF Yield | — | — | — | — | 187.7% | 53.2% | — | — | 41.8% | — | — |
| Buyback Yield | 0.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.5% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $54M | $53M | $53M | $56M | $67M | $79M | $80M | $35M | $79M | $77M |
Interest rate volatility exposure
As reported in recent financial data, PFSI trades at a P/E of 9.26 and an EV/EBITDA of 18.02, suggesting that the market is pricing in significant earnings volatility rather than assigning a premium to the company's dominant correspondent lending market share and servicing platform.
The forward P/E of 8.38 implies that investors anticipate a contraction in earnings, likely due to the sensitivity of the production segment to interest rate shifts. This valuation discount relative to broader financial services peers appears to reflect the market's skepticism regarding the sustainability of current servicing-driven profitability.
Based on quarterly filings, PFSI's ROIC has remained consistently low, fluctuating between 0.2% and 1.2% over the last ten quarters, which indicates that the company struggles to generate meaningful economic returns on its invested capital despite its scale in the mortgage market.
The persistent compression in ROIC suggests that the capital-intensive nature of maintaining a large MSR portfolio and the variable costs of the production segment dilute overall efficiency. Investors should monitor whether management can improve these returns as the servicing portfolio matures or if structural headwinds will continue to suppress capital productivity.
According to recent financial statements, the company's asset turnover remains extremely low at 0.02 to 0.04, highlighting a business model that is heavily reliant on balance sheet-heavy assets rather than rapid inventory or receivable turnover to drive its operational performance.
The lack of consistent data for DSO and CCC metrics makes it difficult to assess the underlying efficiency of the correspondent lending channel. This opacity suggests that the company's operational leverage is highly dependent on external financing conditions rather than internal working capital management.
As reported in quarterly filings, PFSI's current ratio has exhibited extreme volatility, swinging from a high of 2.05 in 2023Q4 to a precarious 0.03 in 2026Q1, which indicates that the company's short-term liquidity position is subject to rapid and significant fluctuations.
This erratic liquidity profile warrants further investigation, as it may reflect the cyclical nature of warehouse financing lines rather than a fundamental inability to meet obligations. Investors should remain cautious, as such low current ratios in a high-rate environment could signal heightened sensitivity to credit market tightening.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to PFSI because it fails to account for the non-cash fair value adjustments of MSRs that distort GAAP earnings, often leading to an inaccurate assessment of the company's true cash-generating capacity.
Analysts should instead focus on adjusted earnings or cash flow metrics that strip out these non-operating fair value marks to better understand the core profitability of the servicing and production segments. Relying on headline P/E multiples likely obscures the underlying economic reality of the company's mortgage banking operations.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying PFSI stock.
PennyMac Financial Services, Inc.'s current P/E ratio is 8.7x. The historical average is 12.0x. This places it at the 54th percentile of its historical range.
PennyMac Financial Services, Inc.'s current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
PennyMac Financial Services, Inc.'s return on equity (ROE) is 12.3%. The historical average is 16.9%.
Based on historical data, PennyMac Financial Services, Inc. is trading at a P/E of 8.7x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PennyMac Financial Services, Inc.'s current dividend yield is 1.43% with a payout ratio of 12.5%.
PennyMac Financial Services, Inc. has 91.4% gross margin and 34.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PennyMac Financial Services, Inc.'s Debt/EBITDA ratio is 15.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.