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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $93.6M, roughly 1.1× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -7.0%, a 63.0% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PMT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $100.0M |
| Net Profit | $52.4M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 38.6% | -10.7% |
| Net Margin | 56.0% | -7.0% |
| Revenue YoY | -13.3% | 14.5% |
| Net Profit YoY | 12.5% | 76.0% |
| EPS (diluted) | $0.49 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $99.2M | $161.9M | ||
| Q2 25 | $70.2M | $172.6M | ||
| Q1 25 | $44.5M | $111.4M | ||
| Q4 24 | $107.9M | $87.3M | ||
| Q3 24 | $80.9M | $150.5M | ||
| Q2 24 | $71.2M | $160.1M | ||
| Q1 24 | $74.2M | $110.6M |
| Q4 25 | $52.4M | $-7.0M | ||
| Q3 25 | $58.3M | $8.1M | ||
| Q2 25 | $7.5M | $16.0M | ||
| Q1 25 | $9.7M | $-6.0M | ||
| Q4 24 | $46.5M | $-29.2M | ||
| Q3 24 | $41.4M | $5.9M | ||
| Q2 24 | $25.4M | $13.3M | ||
| Q1 24 | $47.6M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 38.6% | -10.7% | ||
| Q3 25 | 47.4% | 13.3% | ||
| Q2 25 | 24.2% | 14.3% | ||
| Q1 25 | -14.2% | -4.4% | ||
| Q4 24 | 51.1% | -14.9% | ||
| Q3 24 | 32.8% | 8.9% | ||
| Q2 24 | 40.2% | 12.5% | ||
| Q1 24 | 43.6% | -1.9% |
| Q4 25 | 56.0% | -7.0% | ||
| Q3 25 | 58.7% | 5.0% | ||
| Q2 25 | 10.7% | 9.3% | ||
| Q1 25 | 21.8% | -5.4% | ||
| Q4 24 | 43.1% | -33.4% | ||
| Q3 24 | 51.2% | 3.9% | ||
| Q2 24 | 35.7% | 8.3% | ||
| Q1 24 | 64.2% | -7.1% |
| Q4 25 | $0.49 | $-0.06 | ||
| Q3 25 | $0.55 | $0.07 | ||
| Q2 25 | $-0.04 | $0.13 | ||
| Q1 25 | $-0.01 | $-0.05 | ||
| Q4 24 | $0.45 | $-0.24 | ||
| Q3 24 | $0.36 | $0.05 | ||
| Q2 24 | $0.17 | $0.11 | ||
| Q1 24 | $0.39 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $1.1B | $279.8M |
| Stockholders' EquityBook value | $1.9B | $405.9M |
| Total Assets | $21.3B | $823.2M |
| Debt / EquityLower = less leverage | 0.58× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | — | ||
| Q3 25 | $181.0M | — | ||
| Q2 25 | $108.6M | — | ||
| Q1 25 | $204.2M | — | ||
| Q4 24 | $103.2M | — | ||
| Q3 24 | $102.8M | — | ||
| Q2 24 | $336.3M | — | ||
| Q1 24 | $343.3M | — |
| Q4 25 | $1.1B | $279.8M | ||
| Q3 25 | $299.0M | $281.1M | ||
| Q2 25 | $1.2B | $281.5M | ||
| Q1 25 | $968.4M | $306.9M | ||
| Q4 24 | $1.0B | $281.5M | ||
| Q3 24 | $5.2B | $282.8M | ||
| Q2 24 | $5.4B | $282.4M | ||
| Q1 24 | $5.1B | $282.8M |
| Q4 25 | $1.9B | $405.9M | ||
| Q3 25 | $1.9B | $408.4M | ||
| Q2 25 | $1.9B | $398.4M | ||
| Q1 25 | $1.9B | $381.1M | ||
| Q4 24 | $1.9B | $387.2M | ||
| Q3 24 | $1.9B | $416.6M | ||
| Q2 24 | $1.9B | $408.1M | ||
| Q1 24 | $2.0B | $391.8M |
| Q4 25 | $21.3B | $823.2M | ||
| Q3 25 | $18.5B | $844.4M | ||
| Q2 25 | $16.8B | $822.1M | ||
| Q1 25 | $14.9B | $824.6M | ||
| Q4 24 | $14.4B | $794.2M | ||
| Q3 24 | $13.1B | $853.4M | ||
| Q2 24 | $12.1B | $830.0M | ||
| Q1 24 | $12.3B | $808.6M |
| Q4 25 | 0.58× | 0.69× | ||
| Q3 25 | 0.16× | 0.69× | ||
| Q2 25 | 0.65× | 0.71× | ||
| Q1 25 | 0.51× | 0.81× | ||
| Q4 24 | 0.52× | 0.73× | ||
| Q3 24 | 2.70× | 0.68× | ||
| Q2 24 | 2.76× | 0.69× | ||
| Q1 24 | 2.60× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | -137.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $23.3M | ||
| Q3 25 | $-1.3B | $51.0M | ||
| Q2 25 | $-2.0B | $36.0M | ||
| Q1 25 | $-594.3M | $-46.9M | ||
| Q4 24 | $-2.7B | $6.2M | ||
| Q3 24 | $-983.8M | $37.2M | ||
| Q2 24 | $243.8M | $52.4M | ||
| Q1 24 | $-342.4M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | -137.76× | — | ||
| Q3 25 | -22.26× | 6.29× | ||
| Q2 25 | -267.53× | 2.25× | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | — | ||
| Q3 24 | -23.76× | 6.32× | ||
| Q2 24 | 9.59× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
