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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $93.6M, roughly 2.0× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -15.7%, a 71.7% gap on every dollar of revenue. On growth, Wheels Up Experience Inc. posted the faster year-over-year revenue change (-10.2% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
PMT vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $183.8M |
| Net Profit | $52.4M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 38.6% | -0.9% |
| Net Margin | 56.0% | -15.7% |
| Revenue YoY | -13.3% | -10.2% |
| Net Profit YoY | 12.5% | 67.0% |
| EPS (diluted) | $0.49 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $99.2M | $185.5M | ||
| Q2 25 | $70.2M | $189.6M | ||
| Q1 25 | $44.5M | $177.5M | ||
| Q4 24 | $107.9M | $204.8M | ||
| Q3 24 | $80.9M | $193.9M | ||
| Q2 24 | $71.2M | $196.3M | ||
| Q1 24 | $74.2M | $197.1M |
| Q4 25 | $52.4M | $-28.9M | ||
| Q3 25 | $58.3M | $-83.7M | ||
| Q2 25 | $7.5M | $-82.3M | ||
| Q1 25 | $9.7M | $-99.3M | ||
| Q4 24 | $46.5M | $-87.5M | ||
| Q3 24 | $41.4M | $-57.7M | ||
| Q2 24 | $25.4M | $-97.0M | ||
| Q1 24 | $47.6M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | 38.6% | -0.9% | ||
| Q3 25 | 47.4% | -33.1% | ||
| Q2 25 | 24.2% | -31.4% | ||
| Q1 25 | -14.2% | -45.5% | ||
| Q4 24 | 51.1% | -26.0% | ||
| Q3 24 | 32.8% | -21.6% | ||
| Q2 24 | 40.2% | -40.3% | ||
| Q1 24 | 43.6% | -42.9% |
| Q4 25 | 56.0% | -15.7% | ||
| Q3 25 | 58.7% | -45.1% | ||
| Q2 25 | 10.7% | -43.4% | ||
| Q1 25 | 21.8% | -55.9% | ||
| Q4 24 | 43.1% | -42.7% | ||
| Q3 24 | 51.2% | -29.8% | ||
| Q2 24 | 35.7% | -49.4% | ||
| Q1 24 | 64.2% | -49.4% |
| Q4 25 | $0.49 | $-0.04 | ||
| Q3 25 | $0.55 | $-0.12 | ||
| Q2 25 | $-0.04 | $-0.12 | ||
| Q1 25 | $-0.01 | $-0.14 | ||
| Q4 24 | $0.45 | $-0.13 | ||
| Q3 24 | $0.36 | $-0.08 | ||
| Q2 24 | $0.17 | $-0.14 | ||
| Q1 24 | $0.39 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $1.1B | $671.3M |
| Stockholders' EquityBook value | $1.9B | $-392.1M |
| Total Assets | $21.3B | $968.8M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $133.9M | ||
| Q3 25 | $181.0M | $125.3M | ||
| Q2 25 | $108.6M | $107.0M | ||
| Q1 25 | $204.2M | $171.8M | ||
| Q4 24 | $103.2M | $216.4M | ||
| Q3 24 | $102.8M | $115.9M | ||
| Q2 24 | $336.3M | $141.5M | ||
| Q1 24 | $343.3M | $180.9M |
| Q4 25 | $1.1B | $671.3M | ||
| Q3 25 | $299.0M | $766.5M | ||
| Q2 25 | $1.2B | $770.5M | ||
| Q1 25 | $968.4M | $765.8M | ||
| Q4 24 | $1.0B | $761.3M | ||
| Q3 24 | $5.2B | $596.9M | ||
| Q2 24 | $5.4B | $597.4M | ||
| Q1 24 | $5.1B | $603.2M |
| Q4 25 | $1.9B | $-392.1M | ||
| Q3 25 | $1.9B | $-374.5M | ||
| Q2 25 | $1.9B | $-347.8M | ||
| Q1 25 | $1.9B | $-288.1M | ||
| Q4 24 | $1.9B | $-202.1M | ||
| Q3 24 | $1.9B | $-117.7M | ||
| Q2 24 | $1.9B | $-72.2M | ||
| Q1 24 | $2.0B | $936.0K |
| Q4 25 | $21.3B | $968.8M | ||
| Q3 25 | $18.5B | $973.0M | ||
| Q2 25 | $16.8B | $1.0B | ||
| Q1 25 | $14.9B | $1.1B | ||
| Q4 24 | $14.4B | $1.2B | ||
| Q3 24 | $13.1B | $1.0B | ||
| Q2 24 | $12.1B | $1.1B | ||
| Q1 24 | $12.3B | $1.2B |
| 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× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | -137.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $-18.4M | ||
| Q3 25 | $-1.3B | $-37.1M | ||
| Q2 25 | $-2.0B | $-62.9M | ||
| Q1 25 | $-594.3M | $-47.9M | ||
| Q4 24 | $-2.7B | $37.9M | ||
| Q3 24 | $-983.8M | $-16.9M | ||
| Q2 24 | $243.8M | $-25.2M | ||
| Q1 24 | $-342.4M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| 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
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
UP
Segment breakdown not available.
