PennyMac Financial Services, Inc. vs Qfin Holdings, Inc., two Mortgage Finance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PennyMac keeps 23.5% of revenue as net income from mortgage servicing and origination; Qfin keeps 31.1% brokering consumer credit in China, and both trade at single-digit multiples, 9.1 and 5 times, two of consumer finance's cheapest profitable franchises. The discounts have different sources: rate cyclicality prices PennyMac, jurisdiction prices Qfin. Qfin's balance sheet is clean with a 36% free-cash yield; PennyMac carries 1.44 turns with loan-flow cash accounting (negative 87.9%, structural not distressed). Returns on equity favor Qfin, 24.7% against 11.7%. A buyer choosing between these discounts is choosing between the Federal Reserve and Beijing as the risk that never quite resolves.
Comparison updated 2026-07-10.
| Metric | PFSI | QFIN |
|---|---|---|
| Price | $86.05 | $15.82 |
| Market cap | $4.6B | $4.3B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 9.1 | 5.0 |
| P/B | 1.07 | 1.25 |
| P/S | 2.15 | 1.57 |
| EV/EBITDA | 787.9 | 3.8 |
| Revenue growth | +26.0% | +1.7% |
| Operating margin | — | 34.8% |
| Net margin | 23.5% | 31.1% |
| Return on equity | 11.7% | 24.7% |
| Return on assets | 1.6% | 10.5% |
| Dividend yield | 1.4% | — |
| Debt / equity | 1.44 | 0.00 |
| Current ratio | — | 2.43 |
| Altman Z (solvency) | 0.36 | 2.49 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.