PFSI

MKT CAP:$5B

PennyMac Financial Services, Inc.

Market Cap

$5B

Financial Services·Financial - Mortgages·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$90.64-$40.87 (-31.08%)

Apr 21, 2026

Company Details

PennyMac Financial Services, Inc., through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. Th...

CEO

David A. Spector

IPO Date

May 9, 2013

Website

ir.pennymacfinancial.com

Key Metrics TTM

Revenue

$4.1B

+93.9% YoY

Net Income

$501M

EPS (Diluted)

$9.30

Free Cash Flow

-$1.4B

Revenue / Share

$75.09

Gross Margin

65.2%

Operating Margin

20.0%

Net Margin

12.3%

FCF Margin

-35.1%

P/S

1.2x

P/E

9.5x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 20, 2026

$4.4B+173.8%EPS $9.30

Q4 2025

Feb 20, 2026

$1.2B+151.7%EPS $1.97

Q3 2025

Oct 28, 2025

$883M+114.4%EPS $3.37

Q2 2025

Jul 29, 2025

$932M+30.2%EPS $2.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$522M	$228M	$240M
Q2 22	$471M	$236M	$185M
Q3 22	$559M	$330M	$187M
Q4 22	$444M	$188M	$73M
Q1 23	$671M	$407M	$41M
Q2 23	$570M	$253M	$73M
Q3 23	$557M	$264M	$127M
Q4 23	$532M	$215M	$113M
Q1 24	$500M	$195M	$45M
Q2 24	$715M	$352M	$134M
Q3 24	$412M	$394M	$218M
Q4 24	$470M	$460M	$279M
Q1 25	$1.1B	$687M	$105M
Q2 25	$932M	$483M	$77M
Q3 25	$883M	$413M	$237M
Q4 25	$1.2B	$1.1B	$397M

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	5.9x
Q2 22	2.0x	6.6x
Q3 22	2.3x	7.8x
Q4 22	2.4x	10.0x
Q1 23	2.2x	14.3x
Q2 23	2.1x	18.2x
Q3 23	2.1x	21.7x
Q4 23	2.0x	32.9x
Q1 24	2.2x	31.0x
Q2 24	2.1x	24.6x
Q3 24	2.2x	28.0x
Q4 24	2.3x	15.3x
Q1 25	1.8x	13.7x
Q2 25	1.7x	12.3x
Q3 25	1.4x	9.5x
Q4 25	1.2x	9.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4.4B	$4.4B
Q2 22	$1.7B	$1.7B
Q3 22	-$588M	-$613M
Q4 22	$489M	$475M
Q1 23	-$3.3B	-$3.3B
Q2 23	$2.2B	$2.2B
Q3 23	-$976M	-$985M
Q4 23	$430M	$423M
Q1 24	-$1.1B	-$1.1B
Q2 24	-$1.1B	-$1.1B
Q3 24	-$394M	-$398M
Q4 24	-$2.1B	-$2.2B
Q1 25	$1.1B	$1.1B
Q2 25	-$131M	-$142M
Q3 25	-$697M	-$708M
Q4 25	-$1.6B	-$1.6B

Capital Expenditures

Quarter	CapEx
Q1 22	$22M
Q2 22	$21M
Q3 22	$26M
Q4 22	$14M
Q1 23	$11M
Q2 23	$9M
Q3 23	$9M
Q4 23	$8M
Q1 24	$5M
Q2 24	$5M
Q3 24	$4M
Q4 24	$8M
Q1 25	$8M
Q2 25	$10M
Q3 25	$10M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-50.4%	-48.3%
Q2 22	-44.3%	-49.4%
Q3 22	-36.2%	-30.7%
Q4 22	-15.1%	+28.5%
Q1 23	+28.6%	+123.2%
Q2 23	+21.2%	+73.9%
Q3 23	-0.4%	+15.5%
Q4 23	+19.8%	+12.9%
Q1 24	-25.5%	-27.7%
Q2 24	+25.4%	+17.0%
Q3 24	-26.1%	-55.0%
Q4 24	-11.7%	-54.5%
Q1 25	+113.9%	+111.9%
Q2 25	+30.2%	+47.0%
Q3 25	+114.4%	+233.3%
Q4 25	+151.7%	+311.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	1.8%
Q2 22	$15M	3.2%
Q3 22	$6M	1.2%
Q4 22	$12M	2.7%
Q1 23	$12M	1.7%
Q2 23	$375.0K	0.1%
Q3 23	$9M	1.6%
Q4 23	$7M	1.3%
Q1 24	$5M	0.9%
Q2 24	-$2M	-0.3%
Q3 24	$19M	4.6%
Q4 24	-$446.0K	-0.1%
Q1 25	$11M	1.0%
Q2 25	$8M	0.8%
Q3 25	$10M	1.1%
Q4 25	$8M	0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	—	$93M	$22M
Q2 22	—	$84M	$13M
Q3 22	—	$65M	$8M
Q4 22	—	$48M	$4M
Q1 23	—	$60M	$3M
Q2 23	—	$53M	$6M
Q3 23	—	$66M	$5M
Q4 23	—	$41M	$4M
Q1 24	—	$49M	$4M
Q2 24	—	$48M	$5M
Q3 24	—	$171M	$5M
Q4 24	$41M	$173M	$8M
Q1 25	—	$67M	$9M
Q2 25	—	$70M	$12M
Q3 25	—	$80M	$14M
Q4 25	$35M	$208M	$10M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$490M	$78M	$568M
Q2 22	$1.4B	$5M	$1.4B
Q3 22	$1.6B	$36M	$1.6B
Q4 22	$1.3B	$12M	$1.3B
Q1 23	$1.5B	$4M	$1.5B
Q2 23	$1.5B	$8M	$1.5B
Q3 23	$1.2B	$6M	$1.2B
Q4 23	$938M	$10M	$949M
Q1 24	$927M	$69.0K	$927M
Q2 24	$595M	$189M	$784M
Q3 24	$146M	$668M	$814M
Q4 24	$238M	$421M	$659M
Q1 25	$211M	$443M	$654M
Q2 25	$162M	$462M	$624M
Q3 25	$622M	$62M	$684M
Q4 25	$302M	$410M	$712M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	59M	-4.5%	-19.1%
Q2 22	57M	-4.2%	-18.4%
Q3 22	55M	-3.0%	-16.3%
Q4 22	53M	-3.4%	-14.3%
Q1 23	53M	+0.5%	-9.8%
Q2 23	52M	-2.0%	-7.7%
Q3 23	53M	+0.6%	-4.4%
Q4 23	50M	-4.9%	-5.8%
Q1 24	53M	+6.2%	-0.5%
Q2 24	53M	+0.2%	+1.8%
Q3 24	53M	+0.5%	+1.8%
Q4 24	54M	+0.2%	+7.2%
Q1 25	54M	+0.1%	+1.0%
Q2 25	54M	+0.0%	+0.8%
Q3 25	54M	+0.5%	+0.7%
Q4 25	54M	+0.5%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$75.6K	7K
Q2 22	$68.2K	7K
Q3 22	$81.1K	7K
Q4 22	$111.1K	4K
Q1 23	$167.8K	4K
Q2 23	$142.6K	4K
Q3 23	$139.3K	4K
Q4 23	$136.5K	4K
Q1 24	$128.2K	4K
Q2 24	$183.4K	4K
Q3 24	$105.6K	4K
Q4 24	$114.7K	4K
Q1 25	$260.9K	4K
Q2 25	$227.2K	4K
Q3 25	$215.3K	4K
Q4 25	$241.5K	5K

Revenue / Employee