• PennyMac Financial Services average return on tangible equity for 2023 was -9.28, a 88.87% decline from 2022.
• PennyMac Financial Services average return on tangible equity for 2022 was -83.41, a 15.77% decline from 2021.
• PennyMac Financial Services average return on tangible equity for 2021 was -72.05, a 114.4% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.