Angel Oak Mortgage, Inc. (AOMR)
NYSE:AOMR
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Angel Oak Mortgage
(NYSE:AOMR)
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Rating:64Neutral
Price Target:
$9.50
▲(16.42% Upside)
Action:ReiteratedDate:05/05/26
The score is driven by attractive valuation (low P/E and high yield) and constructive technical momentum, tempered primarily by weak and volatile cash flow generation and multi-year earnings variability. Earnings-call updates were mixed—solid liquidity and execution offset by book value pressure and mark-to-market volatility—while recent corporate actions modestly support funding flexibility.
Positive Factors
Funding and Liquidity Flexibility
Extending the loan facility to 2028 and adding HELOC collateral materially strengthens durable funding optionality. It lowers near-term refinancing risk, broadens eligible assets for warehouse/securitization, and supports originations and balance sheet management across market cycles over the next several quarters.
Negative Factors
Weak Cash Conversion
Persistently negative operating and free cash flow demonstrates earnings do not reliably convert to liquidity, increasing dependence on external financings and securitizations. This structural cash conversion weakness elevates refinancing and funding risk and constrains capital allocation flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Funding and Liquidity Flexibility
Extending the loan facility to 2028 and adding HELOC collateral materially strengthens durable funding optionality. It lowers near-term refinancing risk, broadens eligible assets for warehouse/securitization, and supports originations and balance sheet management across market cycles over the next several quarters.
Read all positive factors
Angel Oak Mortgage (AOMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$224.98M
Dividend Yield14.83%
Average Volume (3M)85.90K
Price to Earnings (P/E)4.7
Beta (1Y)0.70
Revenue Growth31.22%
EPS Growth58.24%
CountryUS
Employees300
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)1.86
Shares Outstanding24,914,646
10 Day Avg. Volume75,263
30 Day Avg. Volume85,897
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.76
Price to Sales (P/S)1.54
P/FCF Ratio10.97
Enterprise Value/Market Cap2.03
Enterprise Value/Revenue4.25
Enterprise Value/Gross Profit3.82
Enterprise Value/Ebitda5.50
Forecast
1Y Price Target
$13.50Price Target Upside65.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.31
Revenue Forecast (FY)$45.73M
Angel Oak Mortgage Business Overview & Revenue Model
Company Description
Angel Oak Mortgage, Inc., a real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market. The company qualifies as a real estate ...
How the Company Makes Money
AOMR primarily makes money by originating residential mortgage loans and monetizing them through sales and securitization-related execution in the secondary market. Key revenue streams typically include: (1) Gain-on-sale / loan sale revenue: after...
Angel Oak Mortgage Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but resilient operating picture: core operating metrics showed clear improvement with meaningful growth in interest income and net interest income, rising distributable earnings, disciplined loan purchases with strong credit characteristics, successful execution of a securitization, and ample liquidity. Offsetting these positives were notable mark-to-market valuation losses driven by rising rates and spread volatility late in the quarter that produced a GAAP net loss, a decline in book value, compression in near-term ROE expectations and modest increases in delinquency and prepayment speeds. Management framed valuation impacts as market-driven and potentially temporary while emphasizing disciplined underwriting, securitization execution and liquidity to navigate volatility.Positive Updates
Net Interest Income and Interest Income Growth
Interest income of $40.7 million (up 24% year-over-year from $32.9M) and net interest income of $12.1 million (up 20% year-over-year from $10.1M). Quarter-over-quarter growth vs Q4 2025: interest income +4% and net interest income +11%.
Negative Updates
GAAP Net Loss Driven by Unrealized Valuation Changes
GAAP net loss of $7.4 million, or ($0.30) per diluted share, compared with GAAP net income of $20.5 million, or $0.87 per diluted share, in Q1 2025. Loss driven primarily by unrealized valuation decreases tied to rising rates, spread volatility and market uncertainty late in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Interest Income and Interest Income Growth
Interest income of $40.7 million (up 24% year-over-year from $32.9M) and net interest income of $12.1 million (up 20% year-over-year from $10.1M). Quarter-over-quarter growth vs Q4 2025: interest income +4% and net interest income +11%.
Read all positive updates
Company Guidance
Management guided to continue a disciplined, repeatable securitization cadence of about 4 deals per year (~1 per quarter), remain selective in markets, and maintain similar operating expense levels (Q1 operating expenses $5.2M; $3.4M ex noncash items), liquidity (cash $42M, ~ $1.1B undrawn financing capacity with 4 lenders) and conservative leverage (recourse debt/equity 1.3x). They reiterated return and underwriting targets—long‑term ROEs in the mid‑teens (current execution nearer low‑teens given wider spreads; HELOCs potentially low‑20s), continued modeling of prepayment at roughly 20–30% CPR despite 3‑month CPR of 12% (11.2% in Q4), and focus on accretive purchases (Q1 loan purchases $246.2M; WA coupon 7.3%, WA CLTV 67%, WA FICO 759; portfolio WA coupon 6.1% funded at ~4.5%). Highlights supporting the guidance included the AOMT 2026‑2 securitization ($272M UPB, WA coupon 7.1%, WA score 757, WA CLTV 70.7%, AAA priced at 113 bps), Q1 distributable earnings $4.6M, GAAP BV $10.31/$12.28 economic BV, a $0.32/share dividend payable May 29, and ongoing credit metrics (90+ day delinquency ~2.7%, ~+50 bps QoQ, flat YoY).Angel Oak Mortgage Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 132.79M | 51.46M | 54.86M | -157.95M | 41.76M |
| Gross Profit | 119.61M | 51.46M | 54.86M | -157.95M | 41.76M |
| EBITDA | 147.11M | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | 44.02M | 28.75M | 33.71M | -187.83M | 21.11M |
Balance Sheet | |||||
| Total Assets | 2.75B | 2.27B | 2.31B | 2.95B | 2.58B |
| Cash, Cash Equivalents and Short-Term Investments | 41.62M | 40.76M | 41.63M | 29.27M | 40.80M |
| Total Debt | 307.78M | 1.77B | 1.46B | 1.64B | 1.47B |
| Total Liabilities | 2.48B | 2.03B | 2.05B | 2.71B | 2.09B |
| Stockholders Equity | 267.52M | 238.97M | 256.11M | 236.48M | 491.39M |
Cash Flow | |||||
| Free Cash Flow | 18.59M | -221.43M | 306.40M | -331.13M | -1.57B |
| Operating Cash Flow | 18.59M | -221.43M | 306.40M | -331.13M | -1.57B |
| Investing Cash Flow | -411.88M | 120.84M | -194.11M | 664.33M | -460.48M |
| Financing Cash Flow | 395.68M | 98.99M | -107.66M | -345.65M | 2.03B |
Angel Oak Mortgage Technical Analysis
Positive
8.16
Price Trends
8.50
Positive
8.51
Positive
8.58
Positive
Market Momentum
0.15
Negative
70.94
Negative
91.51
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AOMR, the sentiment is Positive. The current price of 8.16 is below the 20-day moving average (MA) of 8.45, below the 50-day MA of 8.50, and below the 200-day MA of 8.58, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 70.94 is Negative, neither overbought nor oversold. The STOCH value of 91.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AOMR.
Angel Oak Mortgage Risk Analysis
Angel Oak Mortgage disclosed 112 risk factors in its most recent earnings report. Angel Oak Mortgage reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Angel Oak Mortgage Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $186.42M | 10.50 | 5.14% | 13.82% | -7.31% | -22.36% | |
66 Neutral | $277.50M | ― | 18.71% | 14.36% | 1.97% | 326.30% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $224.98M | 4.71 | 17.10% | 14.83% | 31.22% | 58.24% | |
60 Neutral | $247.75M | -16.28 | 6.76% | 9.61% | 15.52% | -54.74% | |
60 Neutral | $252.12M | 7.89 | 11.63% | 15.86% | 1.22% | -10.78% | |
52 Neutral | $290.13M | -16.99 | -0.17% | 13.75% | -7.28% | 97.46% |
* Real Estate Sector Average
AOMR
Angel Oak Mortgage
9.03
0.55
6.45%
ACRE
Ares Commercial
5.24
1.61
44.15%
SEVN
Seven Hills Realty Trust
8.25
-1.99
-19.41%
MITT
AG Mortgage
7.79
2.04
35.41%
NREF
NexPoint Real Estate ate Finance
14.85
2.35
18.80%
REFI
Chicago Atlantic Real Estate ate Finance Inc
11.96
-0.63
-4.99%
Angel Oak Mortgage Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Angel Oak Mortgage Extends Financing Facility, Adds HELOC Collateral
Positive
Apr 27, 2026
On April 22, 2026, Angel Oak Mortgage REIT, Inc. and one of its subsidiaries amended the pricing side letter for a loan financing facility with Global Investment Bank 2, revising seller underwriting guidelines to allow for home equity revolving li...
Financial Disclosures
Angel Oak Mortgage Schedules First Quarter 2026 Earnings Release
Neutral
Apr 21, 2026
Angel Oak Mortgage REIT, Inc., a U.S.-focused real estate finance company specializing in first lien non-QM loans and other mortgage-related assets, seeks to deliver attractive risk-adjusted returns to shareholders via cash distributions and capit...
Financial Disclosures
Angel Oak Mortgage Schedules Q4 and Full-Year Results
Neutral
Feb 11, 2026
Angel Oak Mortgage REIT, Inc., a U.S.-focused real estate finance company specializing in first lien non-QM loans and other mortgage-related assets, operates under external management from an affiliate of Angel Oak Capital Advisors, a prominent al...
Business Operations and StrategyDividends
Angel Oak Mortgage Declares Quarterly Cash Dividend
Positive
Feb 5, 2026
On February 5, 2026, Angel Oak Mortgage REIT, Inc. announced that its board of directors declared a quarterly cash dividend of $0.32 per share on its common stock, to be paid on February 27, 2026, to shareholders of record as of February 20, 2026....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.