PennyMac Financial Services, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PennyMac Financial Services, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	932	955	985	1,477	3,706	3,167	1,986	1,402	1,594	2,047
Operating expenses	549	620	717	948	1,465	1,808	1,321	1,218	1,193	1,495
Interest expense	106	145	145	212	272	391	335	638
Pre-tax income	383	336	268	529	2,241	1,359	665	184	401	551
Income tax	46.1	24.4	23.3	136	594	356	190	39	89.6	50.3
Net income to minority interests	271	211	157
Net income	66.1	101	87.7	393	1,647	1,003	476	145	311	501
EPS, basic	2.98	4.34	2.62	5.02	21.91	15.73	8.96	2.89	6.11	9.69
EPS, diluted	2.94	4.03	2.59	4.89	20.92	14.87	8.50	2.74	5.84	9.30
Shares, basic (weighted)	22.2	23.2	33.5	78.2	75.2	63.8	53.1	50	51	51.7
Shares, diluted (weighted)	76.6	25	35.3	80.3	78.7	67.5	56	52.7	53.4	53.9
Dividend per share			0.40				0.80	0.80	1.00	1.20

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	99.6	38.2	156	189	533	340	1,329	938	238	302
Short-term investments		170	118	74.6	15.2	6.87	12.2	10.3	421	410
Property, plant and equipment		29.5	33.4	30.5		31.7	28.4	19	12.9	17.8
Lease right-of-use assets				73.1	74.9	89	65.9	49.9	36.6	61.8
Total assets		7,368	7,479	10,204	31,598	18,777	16,823	18,845	26,087	29,389
Short-term debt		2,923	2,332	4,639
Total liabilities		5,648	5,825	8,143	28,208	15,358	13,352	15,306	22,257	25,080
Total debt		1,135	1,649	1,493		3,103	3,750	4,430	5,255	6,230
Paid-in capital		204	1,311	1,335	1,047	125		24.3	56.1	96.9
Retained earnings		265	343	726	2,342	3,293	3,471	3,514	3,774	4,212
Shareholders' equity		469	1,654
Minority interests		1,250
Total equity	1,399	1,720	1,654	2,062	3,389	3,418	3,471	3,539	3,830	4,309
Total liabilities and equity		7,368	7,479	10,204	31,598	18,777	16,823	18,845	26,087	29,389
Shares outstanding								50.2	51.4	52.1

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	337	312	244	393	1,647	1,003	476	145	311	501
Depreciation and amortization	5.85	8.4	12.9	15	25.6	28.6	34.4	53.2	56	54.4
Stock-based compensation	16.2	20.7	25.3	24.8	45.1	37.8	42.6	27.6	20.9	36.2
Deferred income tax	48	24.4	23	111	86.2	214	193	36.9	89.4	52.9
Change in payables	23	-59.4	32.8	38.6	135	34.7	-109	122	-78.7	263
Cash from operations	-938	-883	572	-2,245	-6,199	2,563	6,033	-1,582	-4,533	-1,652
Capital expenditures	-21.9	-6.79	-13.4	-6.12	-10.7	-7.9	-7.16	-1.39	-1.72	-11.9
Cash from investing	-34.7	-339	-323	149	783	-304	-722	-273	-1,888	552
Stock issued	0.15	1.25	5.32	5.15	9.39	7.54	2.95	17.2	20.1	12.8
Share buybacks		-8.6	-5.29	-1.06	-337	-958	-406	-71.5		-4.74
Dividends paid			-10.1	-9.71	-30.9	-52.9	-54.6	-41.4	-52.2	-62.6
Cash from financing	967	1,161	-132	2,129	5,760	-2,451	-4,323	1,465	5,721	1,163
Net change in cash	-5.91	-61.5	118	32.7	344	-193	988	-390	-700	63.2
Free cash flow	-960	-890	559	-2,251	-6,210	2,555	6,026	-1,584	-4,535	-1,664
Interest paid	105	158	161	188	273	390	330	639	797	956
Income taxes paid	1.87	-5.51	-2.06	32.5	476	293	-128	-1.17	1.49	-2.68

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	22.9%	Pre-tax income / revenue.
Net margin	17.7%	Net income / revenue.
FCF margin	-81.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-80.7%	Cash from operations / revenue.
Effective tax rate	22.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.3%	Net income / average total assets.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	60.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-21.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	59.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	20.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-7.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / assets	21.2%	Total debt / total assets.
Liabilities / assets	85.5%	Total liabilities / total assets.
Net debt	$5.58B	Total debt - cash - short-term investments. Negative means more cash than debt.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.
Fixed asset turnover	112x	Revenue / average property, plant and equipment.
FCF conversion	-459.1%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.56	Revenue / diluted weighted shares.
FCF per share	-$33.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$33.53	Cash from operations / diluted weighted shares.
Cash per share	$14.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.40B	Share price x shares outstanding.
Enterprise value	$8.98B	Market cap + total debt - cash - short-term investments.
P/E	8.67x	Market cap / net income. Only when net income is positive.
P/S	1.54x	Market cap / revenue.
EV/Sales	4.06x	Enterprise value / revenue.
FCF yield	-53.0%	Free cash flow / market cap.
Earnings yield	11.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.
PEG	2.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PennyMac Financial Services, Inc.'s revenue in fiscal 2025?

PennyMac Financial Services, Inc. reported revenue of $2.05B for fiscal 2025, 28.4% higher than the year before.

Was PennyMac Financial Services, Inc. profitable in fiscal 2025?

Yes. Net income was $501.1M, a net margin of 24.5%.

How much free cash flow did PennyMac Financial Services, Inc. generate in fiscal 2025?

Cash from operations of $1.65B minus capital expenditures of $11.9M left free cash flow of -$1.66B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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