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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and STEM, INC. (STEM). 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 $47.1M, roughly 2.0× STEM, INC.). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -33.9%, a 89.9% gap on every dollar of revenue. On growth, PennyMac Mortgage Investment Trust posted the faster year-over-year revenue change (-13.3% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 12.3%).
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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
PMT vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $47.1M |
| Net Profit | $52.4M | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | 38.6% | -17.7% |
| Net Margin | 56.0% | -33.9% |
| Revenue YoY | -13.3% | -15.6% |
| Net Profit YoY | 12.5% | 68.8% |
| EPS (diluted) | $0.49 | $-4.40 |
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 | $93.6M | $47.1M | ||
| Q3 25 | $99.2M | $38.2M | ||
| Q2 25 | $70.2M | $38.4M | ||
| Q1 25 | $44.5M | $32.5M | ||
| Q4 24 | $107.9M | $55.8M | ||
| Q3 24 | $80.9M | $29.3M | ||
| Q2 24 | $71.2M | $34.0M | ||
| Q1 24 | $74.2M | $25.5M |
| Q4 25 | $52.4M | $-16.0M | ||
| Q3 25 | $58.3M | $-23.8M | ||
| Q2 25 | $7.5M | $202.5M | ||
| Q1 25 | $9.7M | $-25.0M | ||
| Q4 24 | $46.5M | $-51.1M | ||
| Q3 24 | $41.4M | $-148.3M | ||
| Q2 24 | $25.4M | $-582.3M | ||
| Q1 24 | $47.6M | $-72.3M |
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | 38.6% | -17.7% | ||
| Q3 25 | 47.4% | -33.6% | ||
| Q2 25 | 24.2% | -34.8% | ||
| Q1 25 | -14.2% | -65.0% | ||
| Q4 24 | 51.1% | -84.4% | ||
| Q3 24 | 32.8% | -493.2% | ||
| Q2 24 | 40.2% | -1705.5% | ||
| Q1 24 | 43.6% | -267.0% |
| Q4 25 | 56.0% | -33.9% | ||
| Q3 25 | 58.7% | -62.2% | ||
| Q2 25 | 10.7% | 527.8% | ||
| Q1 25 | 21.8% | -76.9% | ||
| Q4 24 | 43.1% | -91.6% | ||
| Q3 24 | 51.2% | -506.3% | ||
| Q2 24 | 35.7% | -1712.6% | ||
| Q1 24 | 64.2% | -283.9% |
| Q4 25 | $0.49 | $-4.40 | ||
| Q3 25 | $0.55 | $-2.84 | ||
| Q2 25 | $-0.04 | $-1.79 | ||
| Q1 25 | $-0.01 | $-0.15 | ||
| Q4 24 | $0.45 | $-15.29 | ||
| Q3 24 | $0.36 | $-18.24 | ||
| Q2 24 | $0.17 | $-71.81 | ||
| Q1 24 | $0.39 | $-0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $190.5M | $48.9M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.9B | $-249.4M |
| Total Assets | $21.3B | $308.9M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $48.9M | ||
| Q3 25 | $181.0M | $43.1M | ||
| Q2 25 | $108.6M | $40.8M | ||
| Q1 25 | $204.2M | $58.6M | ||
| Q4 24 | $103.2M | $56.3M | ||
| Q3 24 | $102.8M | $75.4M | ||
| Q2 24 | $336.3M | $89.6M | ||
| Q1 24 | $343.3M | $112.8M |
| 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 | $1.9B | $-249.4M | ||
| Q3 25 | $1.9B | $-235.7M | ||
| Q2 25 | $1.9B | $-214.1M | ||
| Q1 25 | $1.9B | $-417.5M | ||
| Q4 24 | $1.9B | $-398.4M | ||
| Q3 24 | $1.9B | $-344.1M | ||
| Q2 24 | $1.9B | $-203.2M | ||
| Q1 24 | $2.0B | $371.6M |
| Q4 25 | $21.3B | $308.9M | ||
| Q3 25 | $18.5B | $362.6M | ||
| Q2 25 | $16.8B | $379.2M | ||
| Q1 25 | $14.9B | $405.1M | ||
| Q4 24 | $14.4B | $437.4M | ||
| Q3 24 | $13.1B | $537.8M | ||
| Q2 24 | $12.1B | $691.5M | ||
| Q1 24 | $12.3B | $1.3B |
| 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 | $-7.2B | $8.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -137.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $8.2M | ||
| Q3 25 | $-1.3B | $11.4M | ||
| Q2 25 | $-2.0B | $-21.3M | ||
| Q1 25 | $-594.3M | $8.5M | ||
| Q4 24 | $-2.7B | $-14.7M | ||
| Q3 24 | $-983.8M | $-9.4M | ||
| Q2 24 | $243.8M | $-11.9M | ||
| Q1 24 | $-342.4M | $-621.0K |
| Q4 25 | -137.76× | — | ||
| Q3 25 | -22.26× | — | ||
| Q2 25 | -267.53× | -0.11× | ||
| 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
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
STEM
Segment breakdown not available.
