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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $93.6M, roughly 1.3× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs 48.1%, a 7.9% gap on every dollar of revenue. On growth, Kennedy-Wilson Holdings, Inc. posted the faster year-over-year revenue change (-11.0% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs -6.0%).
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
KW vs PMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $93.6M |
| Net Profit | $58.0M | $52.4M |
| Gross Margin | — | — |
| Operating Margin | 57.3% | 38.6% |
| Net Margin | 48.1% | 56.0% |
| Revenue YoY | -11.0% | -13.3% |
| Net Profit YoY | 32.7% | 12.5% |
| EPS (diluted) | $0.22 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $120.6M | $93.6M | ||
| Q3 25 | $116.4M | $99.2M | ||
| Q2 25 | $135.7M | $70.2M | ||
| Q1 25 | $128.3M | $44.5M | ||
| Q4 24 | $135.5M | $107.9M | ||
| Q3 24 | $127.5M | $80.9M | ||
| Q2 24 | $132.0M | $71.2M | ||
| Q1 24 | $136.4M | $74.2M |
| Q4 25 | $58.0M | $52.4M | ||
| Q3 25 | $-10.2M | $58.3M | ||
| Q2 25 | $5.6M | $7.5M | ||
| Q1 25 | $-29.6M | $9.7M | ||
| Q4 24 | $43.7M | $46.5M | ||
| Q3 24 | $-66.8M | $41.4M | ||
| Q2 24 | $-48.3M | $25.4M | ||
| Q1 24 | $37.7M | $47.6M |
| Q4 25 | 57.3% | 38.6% | ||
| Q3 25 | -6.2% | 47.4% | ||
| Q2 25 | 7.4% | 24.2% | ||
| Q1 25 | -26.9% | -14.2% | ||
| Q4 24 | 36.7% | 51.1% | ||
| Q3 24 | -60.8% | 32.8% | ||
| Q2 24 | -45.5% | 40.2% | ||
| Q1 24 | 47.2% | 43.6% |
| Q4 25 | 48.1% | 56.0% | ||
| Q3 25 | -8.8% | 58.7% | ||
| Q2 25 | 4.1% | 10.7% | ||
| Q1 25 | -23.1% | 21.8% | ||
| Q4 24 | 32.3% | 43.1% | ||
| Q3 24 | -52.4% | 51.2% | ||
| Q2 24 | -36.6% | 35.7% | ||
| Q1 24 | 27.6% | 64.2% |
| Q4 25 | $0.22 | $0.49 | ||
| Q3 25 | $-0.15 | $0.55 | ||
| Q2 25 | $-0.05 | $-0.04 | ||
| Q1 25 | $-0.30 | $-0.01 | ||
| Q4 24 | $0.24 | $0.45 | ||
| Q3 24 | $-0.56 | $0.36 | ||
| Q2 24 | $-0.43 | $0.17 | ||
| Q1 24 | $0.19 | $0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.5M | $190.5M |
| Total DebtLower is stronger | — | $1.1B |
| Stockholders' EquityBook value | $1.5B | $1.9B |
| Total Assets | $6.6B | $21.3B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.5M | $190.5M | ||
| Q3 25 | $382.6M | $181.0M | ||
| Q2 25 | $309.1M | $108.6M | ||
| Q1 25 | $356.6M | $204.2M | ||
| Q4 24 | $217.5M | $103.2M | ||
| Q3 24 | $367.1M | $102.8M | ||
| Q2 24 | $366.5M | $336.3M | ||
| Q1 24 | $541.9M | $343.3M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $299.0M | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $968.4M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.1B |
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.6B | $1.9B | ||
| Q1 25 | $1.6B | $1.9B | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.6B | $1.9B | ||
| Q2 24 | $1.7B | $1.9B | ||
| Q1 24 | $1.7B | $2.0B |
| Q4 25 | $6.6B | $21.3B | ||
| Q3 25 | $6.7B | $18.5B | ||
| Q2 25 | $6.8B | $16.8B | ||
| Q1 25 | $7.2B | $14.9B | ||
| Q4 24 | $7.0B | $14.4B | ||
| Q3 24 | $7.4B | $13.1B | ||
| Q2 24 | $7.5B | $12.1B | ||
| Q1 24 | $7.7B | $12.3B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 2.70× | ||
| Q2 24 | — | 2.76× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $11.4M | $-7.2B |
| Free Cash FlowOCF − Capex | $-55.2M | — |
| FCF MarginFCF / Revenue | -45.8% | — |
| Capex IntensityCapex / Revenue | 55.2% | — |
| Cash ConversionOCF / Net Profit | 0.20× | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $-7.2B | ||
| Q3 25 | $-7.6M | $-1.3B | ||
| Q2 25 | $42.0M | $-2.0B | ||
| Q1 25 | $-51.9M | $-594.3M | ||
| Q4 24 | $55.1M | $-2.7B | ||
| Q3 24 | $-5.6M | $-983.8M | ||
| Q2 24 | $36.7M | $243.8M | ||
| Q1 24 | $-5.6M | $-342.4M |
| Q4 25 | $-55.2M | — | ||
| Q3 25 | $-18.0M | — | ||
| Q2 25 | $29.4M | — | ||
| Q1 25 | $-59.7M | — | ||
| Q4 24 | $-76.5M | — | ||
| Q3 24 | $-27.7M | — | ||
| Q2 24 | $-500.0K | — | ||
| Q1 24 | $-57.1M | — |
| Q4 25 | -45.8% | — | ||
| Q3 25 | -15.5% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | -46.5% | — | ||
| Q4 24 | -56.5% | — | ||
| Q3 24 | -21.7% | — | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | -41.9% | — |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 97.1% | — | ||
| Q3 24 | 17.3% | — | ||
| Q2 24 | 28.2% | — | ||
| Q1 24 | 37.8% | — |
| Q4 25 | 0.20× | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | 7.50× | -267.53× | ||
| Q1 25 | — | -61.39× | ||
| Q4 24 | 1.26× | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | — | 9.59× | ||
| Q1 24 | -0.15× | -7.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
