AOMR
Angel Oak Mortgage, Inc.Real Estate·REIT - Mortgage
$8.23
$205M market cap
Revenue
$99.2M
Free Cash Flow
$-280.2M
Rev Growth
-18.0%
FCF Margin
-282.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Angel Oak Mortgage, Inc. was incorporated in 2018 and is head
2-Year Price History
$8.13-14.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 38.0 | 21.2 | 21.2 | -7.4 | -143.7 | -143.7 | -0.0 | 42.0 | 281.5 | 24.8 | 28.0% | 0.7x | 7.3x |
| Act | 2025-Q4 | 40.4 | 39.7 | 39.7 | 11.3 | 16.2 | 16.2 | -0.0 | 41.6 | 307.8 | 25.2 | 46.3% | 1.4x | 5.9x |
| Act | 2025-Q3 | 14.9 | 0.0 | 11.7 | 11.4 | -173.4 | -173.4 | -0.0 | 51.6 | 431.4 | 24.6 | 9.9% | -- | 13.9x |
| Act | 2025-Q2 | 5.9 | 0.0 | 0.8 | 0.8 | 20.6 | 20.6 | -0.0 | 40.5 | 1,975 | 23.7 | 0.1% | 0.0x | 49.8x |
| Act | 2025-Q1 | 46.3 | 43.3 | 43.3 | 20.5 | -201.8 | -201.8 | -0.0 | 38.7 | 1,964 | 23.6 | 8.7% | 1.9x | 49.5x |
| Act | 2024-Q4 | -9.6 | 0.0 | 0.0 | -15.1 | -25.1 | -25.1 | -0.0 | 40.8 | 1,771 | 23.5 | 0.0% | 0.0x | -- |
| Act | 2024-Q3 | 37.9 | 0.0 | 0.0 | 31.2 | -212.4 | -212.4 | -0.0 | 42.1 | 1,734 | 24.1 | 0.0% | 0.0x | -- |
| Act | 2024-Q2 | 5.4 | 0.0 | 0.0 | -0.3 | -24.2 | -24.2 | -0.0 | 44.0 | 1,675 | 24.8 | 0.0% | 0.0x | -- |
| Act | 2024-Q1 | 17.8 | 0.0 | 0.0 | 12.9 | 40.2 | 40.2 | -0.0 | 39.4 | 1,431 | 25.0 | 0.0% | 0.0x | -- |
| Act | 2023-Q4 | 33.4 | 0.0 | 0.0 | 28.6 | -32.7 | -32.7 | -0.0 | 41.6 | 1,655 | 25.0 | 0.0% | 0.0x | 104.1x |
| Act | 2023-Q3 | 12.7 | 0.0 | 8.3 | 8.3 | 61.7 | 61.7 | -0.0 | 43.0 | 1,547 | 25.0 | 2.1% | 0.0x | 44.3x |
| Act | 2023-Q2 | 2.7 | 0.0 | -2.9 | -3.7 | 15.4 | 15.4 | -0.0 | 68.7 | 1,786 | 24.7 | -0.7% | 0.0x | 33.4x |
| Act | 2023-Q1 | 6.2 | 17.5 | 17.5 | 20.7 | 265.1 | 265.1 | -0.0 | 36.8 | 1,903 | 24.9 | 3.7% | 1.0x | 28.5x |
| Act | 2022-Q4 | 153.5 | 21.0 | 20.7 | -17.1 | 313.2 | 313.2 | -0.0 | 39.9 | 1,696 | 24.6 | 3.2% | 1.0x | 31.0x |
| Act | 2022-Q3 | -71.8 | 18.4 | -83.4 | 0.0 | -8.5 | -8.5 | -0.0 | 29.5 | 2,023 | 24.5 | -16.5% | 1.0x | -- |
| Act | 2022-Q2 | -44.8 | 13.3 | -38.9 | -65.4 | -29.4 | -29.4 | -0.0 | 16.1 | 2,052 | 24.5 | -7.3% | 1.0x | -- |
| Act | 2022-Q1 | -36.8 | 10.2 | -36.8 | -43.5 | -606.4 | -606.4 | -0.0 | 95.9 | 2,465 | 24.6 | -5.1% | 1.0x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 3.06 | — | -884675851801591808.0% | 63 | 31.0× | n/m | n/m | n/m |
| 2023 | 7.96 | -772142156112671616.0% | 31.8% | 17 | 104.1× | 5.9× | 3.8× | 3.7× |
| 2024 | 7.82 | -6.2% | 0.0% | 0 | — | n/m | 8.4× | 4.7× |
| 2025 | 8.30 | +108.9% | 77.2% | 83 | 5.9× | n/m | 5.0× | 2.1× |
| TTM | 8.23 | +24.1% | 61.4% | 61 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$8.23
Market Cap$205M
Enterprise Value$445M
P/S Ratio2.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-282.6%
FCF Yield-136.7%
Dividend Yield (TTM)15.6%
Annual Dilution4.7%
CurrencyUSD
TTM Financial Snapshot
Revenue$99.2M
Net Income$16.1M
Free Cash Flow$-280.2M
Revenue Growth (YoY)-18.0%
EBITDA Margin61.4%
Net Margin16.3%
FCF Margin-282.6%
CapEx % of Revenue0.0%
SBC % of Revenue1.6%
ROIC21.1%
WC Change % Rev-308.6%
Interest Coverage0.7x
Forward Outlook & Risk
Short Interest
Short % of Float1.8%
Short Shares0.3M
Days to Cover5.3
Change (vs Prior)-11.3%
Short % Float History
1.80%+1.10pp
Employees
Headcount300
Revenue / Employee$330,497
Gross Profit / Employee$284,897
2022: 400 → 2023: 100 → 2024: 100 → 2025: 100 (-37% CAGR)
Cash Runway
1.8months
CRITICAL
Institutional Ownership
Headline & net flow
NET SELLING
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 4.2% of float, sold 8.9%. 3 filers moved >1% of shares (1 buying, 2 selling).
Net flow · Q1 2026still filing
-4.7% of float (net)
Bought 4.2% · Sold 8.9%
81 filers reported (last quarter: 80)
Ownership composition
Active
56.8%(-9.9% YoY)
72 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
10.9%(-0.8% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.3% YoY)
2 filers
Citadel, Susquehanna
Insiders
3.9%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $42.5M | $8.55 | +$0 | −$0 | -0.3% | $1.65T |
| DAVIDSON KEMPNER CAPITAL MANAGEMENT LP | $30.0M | $7.88 | −$4.0M | −$12.6M | +1.0% | $2.68B |
| VICTORY CAPITAL MANAGEMENT INC | $13.5M | $8.54 | −$4.7M | +$13.5M | -0.2% | $156.12B |
| MASTERS CAPITAL MANAGEMENT LLC | $8.2M | $5.69 | +$0 | −$822K | -6.6% | $677M |
| BlackRock, Inc.Passive | $7.5M | $8.49 | −$140K | −$287K | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $6.4M | $8.22 | +$6.4M | +$6.4M | — | $4.04T |
| JPMORGAN CHASE & CO | $4.7M | $8.37 | +$3.1M | +$3.9M | -0.2% | $1.47T |
| STATE STREET CORPPassive | $3.4M | $6.81 | −$22K | +$895K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $3.1M | $7.92 | +$440K | +$525K | +2.3% | $1.61T |
| JACOBS ASSET MANAGEMENT, LLC | $3.1M | $8.09 | +$719K | +$828K | +0.3% | $167M |
| WOLVERINE ASSET MANAGEMENT LLC | $1.9M | $6.49 | −$487K | +$1.2M | +1.9% | $2.32B |
| WELLS FARGO & COMPANY/MN | $1.7M | $8.26 | −$15K | +$120K | -0.2% | $497.71B |
| RIVERBRIDGE PARTNERS LLC | $1.6M | $8.37 | +$120K | +$1.6M | -2.0% | $4.09B |
| Penserra Capital Management LLC | $1.2M | $7.99 | +$33K | +$200K | +0.8% | $8.52B |
| North Ground Capital | $1.1M | $8.37 | −$931K | −$261K | -4.9% | $83.0M |
| NORTHERN TRUST CORPPassive | $1.0M | $7.62 | +$87K | −$92K | -0.2% | $755.34B |
| Vivaldi Capital Management, LLC | $931K | $9.57 | −$45K | +$26K | +0.2% | $723M |
| AMERIPRISE FINANCIAL INC | $810K | $7.81 | +$61K | +$206K | -0.1% | $430.96B |
| VANGUARD FIDUCIARY TRUST COPassive | $788K | $8.22 | +$788K | +$788K | — | $395.83B |
| UBS Group AG | $784K | $8.29 | −$273K | +$174K | -0.3% | $562.11B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.38%
avg per quarter
Holders (ex-self)
-0.36%
excl. this stock
Buyers (this Q)
+0.08%
36 buyers · $0.01B in
Sellers (this Q)
+0.02%
27 sellers · $0.02B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-17.4%
how holders react when this stock falls
On quiet Qs
+1.6%
−10% to +10% baseline
On rallies (+10%+)
+10.2%
how they react when this stock rises
Holders' portfolio flow this Q
-7.4%
outflows — trims may be forced
Sellers' portfolio flow this Q
-13.0%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.7%
Holder mid (any stock)
-4.7%
Holder rally (any stock)
-5.9%
Biggest decreases this quarter
VICTORY CAPITAL MANAGEMENT INC−$4.7Mα-0.2DAVIDSON KEMPNER CAPITAL MANAGEMENT LP−$4.0Mα+1.0North Ground Capital−$931Kα-4.9TWO SIGMA INVESTMENTS, LP−$668Kα-0.9WOLVERINE ASSET MANAGEMENT LLC−$487Kα+1.9JANE STREET GROUP, LLCexited−$452KUBS Group AG−$273Kα-0.3RITHOLTZ WEALTH MANAGEMENTexited−$178KSTATE OF WISCONSIN INVESTMENT BOARD−$165Kα-0.2EP Wealth Advisors, LLCexited−$154K
New buyers this quarter
Top-5 holders · 71.3%
MORGAN STANLEY--
DAVIDSON KEMPNER CAPITAL MANAGEMENT LP--
VICTORY CAPITAL MANAGEMENT INC--
MASTERS CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
DAVIDSON KEMPNER CAPITAL MANAGEMENT LP3.7MMORGAN STANLEY5.2MDAVIDSON KEMPNER PARTNERS—CANADA PENSION PLAN INVESTMENT BOARD—Vivaldi Capital Management, LLC113KVICTORY CAPITAL MANAGEMENT INC1.6MMASTERS CAPITAL MANAGEMENT LLC1.0MGOLDMAN SACHS GROUP INC94KAmundi—BANK OF AMERICA CORP /DE/11K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$10.132310.0%
Current Price$8.23
Analyst Ratings
3
3
1
Buy: 3Hold: 3Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 12M | 2M | 9M | $0.35 | $0.32 – $0.38 | 3 |
| 2026 Q4 | 12M | 2M | 9M | $0.36 | $0.36 – $0.36 | 1 |
| 2027 Q1 | 12M | 2M | 9M | $0.35 | $0.35 – $0.35 | 1 |
| 2027 Q2 | 12M | 2M | 8M | $0.34 | $0.34 – $0.34 | 1 |
| 2027 Q3 | 12M | 2M | 9M | $0.34 | $0.34 – $0.34 | 1 |
| 2027 Q4 | 12M | 2M | 8M | $0.34 | $0.34 – $0.34 | 1 |
| 2028 Q1 | 13M | 3M | 9M | $0.36 | $0.36 – $0.36 | 1 |
| 2028 Q2 | 13M | 3M | 9M | $0.36 | $0.36 – $0.36 | 1 |
| 2028 Q3 | 13M | 3M | 9M | $0.36 | $0.36 – $0.36 | 1 |
| 2028 Q4 | 13M | 3M | 9M | $0.36 | $0.36 – $0.36 | 1 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$5.6M
Incentive & Other$1.6M
Total Compensation$7.1M
% of Revenue2.9%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$74K
2 txns · 2 insiders · 8,441 sh
Sells ($, 12mo)
$489K
1 txn · 1 insider · 50,000 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$9.59M
2 txns · 1 insider · 1,076,537 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-20 | SELL | DAVIDSON KEMPNER CAPITAL MANAGEMENT LP | 10 percent owner, other: See Remarks | 481,537 | $7.87 | $3.79M | $28.75M |
| 2025-11-18 | BUY | MINAMI W D | director | 3,441 | $8.32 | $29K | $487K |
| 2025-09-17 | SELL | Filson Brandon | officer: CFO & Treasurer | 50,000 | $9.78 | $489K | $690K |
| 2025-08-21 | SELL | DAVIDSON KEMPNER CAPITAL MANAGEMENT LP | 10 percent owner, other: See Remarks | 595,000 | $9.75 | $5.80M | $40.31M |
| 2025-08-07 | BUY | Morgan Jonathan | director | 5,000 | $9.03 | $45K | $478K |
Order Flow (FINRA, ~3w lag)
33.7%retail-10.9pp
17.0%dark-0.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.