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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
PennyMac Mortgage Investment Trust is the larger business by last-quarter revenue ($93.6M vs $57.6M, roughly 1.6× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -13.3%).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs PMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $93.6M |
| Net Profit | — | $52.4M |
| Gross Margin | 86.7% | — |
| Operating Margin | — | 38.6% |
| Net Margin | — | 56.0% |
| Revenue YoY | 94.1% | -13.3% |
| Net Profit YoY | 71.6% | 12.5% |
| EPS (diluted) | — | $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 | $57.6M | $93.6M | ||
| Q3 25 | $49.5M | $99.2M | ||
| Q2 25 | $39.5M | $70.2M | ||
| Q1 25 | $28.5M | $44.5M | ||
| Q4 24 | $29.7M | $107.9M | ||
| Q3 24 | $16.4M | $80.9M | ||
| Q2 24 | $7.3M | $71.2M | ||
| Q1 24 | — | $74.2M |
| Q4 25 | — | $52.4M | ||
| Q3 25 | $-30.0M | $58.3M | ||
| Q2 25 | $-75.8M | $7.5M | ||
| Q1 25 | $-94.3M | $9.7M | ||
| Q4 24 | — | $46.5M | ||
| Q3 24 | $-85.6M | $41.4M | ||
| Q2 24 | $-91.4M | $25.4M | ||
| Q1 24 | — | $47.6M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 87.5% | — | ||
| Q2 25 | 87.2% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 87.1% | — | ||
| Q3 24 | 85.6% | — | ||
| Q2 24 | 81.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 38.6% | ||
| Q3 25 | -30.8% | 47.4% | ||
| Q2 25 | -151.7% | 24.2% | ||
| Q1 25 | -276.5% | -14.2% | ||
| Q4 24 | — | 51.1% | ||
| Q3 24 | -433.0% | 32.8% | ||
| Q2 24 | -1055.4% | 40.2% | ||
| Q1 24 | — | 43.6% |
| Q4 25 | — | 56.0% | ||
| Q3 25 | -60.5% | 58.7% | ||
| Q2 25 | -191.9% | 10.7% | ||
| Q1 25 | -330.7% | 21.8% | ||
| Q4 24 | — | 43.1% | ||
| Q3 24 | -523.3% | 51.2% | ||
| Q2 24 | -1248.6% | 35.7% | ||
| Q1 24 | — | 64.2% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | $-0.41 | $0.55 | ||
| Q2 25 | $-1.05 | $-0.04 | ||
| Q1 25 | $-1.31 | $-0.01 | ||
| Q4 24 | — | $0.45 | ||
| Q3 24 | $-1.32 | $0.36 | ||
| Q2 24 | $-1.56 | $0.17 | ||
| Q1 24 | — | $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 | $130.0M | $190.5M |
| Total DebtLower is stronger | $209.1M | $1.1B |
| Stockholders' EquityBook value | $-438.2M | $1.9B |
| Total Assets | $259.1M | $21.3B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $190.5M | ||
| Q3 25 | $135.2M | $181.0M | ||
| Q2 25 | $149.6M | $108.6M | ||
| Q1 25 | $212.3M | $204.2M | ||
| Q4 24 | $297.3M | $103.2M | ||
| Q3 24 | $334.7M | $102.8M | ||
| Q2 24 | $276.2M | $336.3M | ||
| Q1 24 | — | $343.3M |
| Q4 25 | $209.1M | $1.1B | ||
| Q3 25 | $207.1M | $299.0M | ||
| Q2 25 | $205.1M | $1.2B | ||
| Q1 25 | $203.2M | $968.4M | ||
| Q4 24 | $201.4M | $1.0B | ||
| Q3 24 | $175.7M | $5.2B | ||
| Q2 24 | $174.4M | $5.4B | ||
| Q1 24 | — | $5.1B |
| Q4 25 | $-438.2M | $1.9B | ||
| Q3 25 | $-422.5M | $1.9B | ||
| Q2 25 | $-405.8M | $1.9B | ||
| Q1 25 | $-338.4M | $1.9B | ||
| Q4 24 | $-253.6M | $1.9B | ||
| Q3 24 | $-187.1M | $1.9B | ||
| Q2 24 | $-233.8M | $1.9B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $259.1M | $21.3B | ||
| Q3 25 | $240.3M | $18.5B | ||
| Q2 25 | $250.2M | $16.8B | ||
| Q1 25 | $294.2M | $14.9B | ||
| Q4 24 | $378.3M | $14.4B | ||
| Q3 24 | $387.0M | $13.1B | ||
| Q2 24 | $319.4M | $12.1B | ||
| Q1 24 | — | $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 | $-166.8M | $-7.2B |
| Free Cash FlowOCF − Capex | $-167.0M | — |
| FCF MarginFCF / Revenue | -290.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $-7.2B | ||
| Q3 25 | $-14.1M | $-1.3B | ||
| Q2 25 | $-62.7M | $-2.0B | ||
| Q1 25 | $-84.9M | $-594.3M | ||
| Q4 24 | $-266.8M | $-2.7B | ||
| Q3 24 | $-63.6M | $-983.8M | ||
| Q2 24 | $-70.7M | $243.8M | ||
| Q1 24 | — | $-342.4M |
| Q4 25 | $-167.0M | — | ||
| Q3 25 | $-14.1M | — | ||
| Q2 25 | $-62.8M | — | ||
| Q1 25 | $-84.9M | — | ||
| Q4 24 | $-266.9M | — | ||
| Q3 24 | $-63.6M | — | ||
| Q2 24 | $-70.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | -290.0% | — | ||
| Q3 25 | -28.6% | — | ||
| Q2 25 | -159.0% | — | ||
| Q1 25 | -297.9% | — | ||
| Q4 24 | -899.8% | — | ||
| Q3 24 | -389.0% | — | ||
| Q2 24 | -966.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | — | -267.53× | ||
| Q1 25 | — | -61.39× | ||
| Q4 24 | — | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | — | 9.59× | ||
| Q1 24 | — | -7.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
Segment breakdown not available.
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
