AGM

MKT CAP:$2B

Federal Agricultural Mortgage Corporation

Market Cap

$2B

Financial Services·Financial - Credit Services·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$174.23-$2.20 (-1.25%)

Apr 24, 2026

Company Details

Federal Agricultural Mortgage Corporation provides a secondary market for various loans made to borrowers in the United States. It operates through four segments: Farm & Ranch, USDA (United States Department of Agriculture) Guarantees, Rura...

CEO

Bradford Todd Nordholm

IPO Date

Feb 10, 1994

Website

www.farmermac.com

Key Metrics TTM

Revenue

$1.3B

-18.9% YoY

Net Income

$207M

EPS (Diluted)

$16.64

Free Cash Flow

$80M

Revenue / Share

$102.11

Gross Margin

29.5%

Operating Margin

19.4%

Net Margin

15.7%

FCF Margin

6.1%

P/S

1.4x

P/E

9.1x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

Q4 2025

Feb 19, 2026

$108M-73.3%EPS $3.71

Q3 2025

Nov 3, 2025

$421M+2.3%EPS $4.44

Q2 2025

Aug 7, 2025

$405M-0.3%EPS $4.48

Q1 2025

May 9, 2025

$385M-4.7%EPS $4.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$115M	$61M	$42M
Q2 21	$107M	$56M	$40M
Q4 21	$114M	$67M	$46M
Q4 22	$273M	$77M	$55M
Q1 23	$321M	$84M	$60M
Q2 23	$350M	$83M	$59M
Q3 23	$391M	$97M	$73M
Q4 23	$354M	$86M	$60M
Q1 24	$404M	$95M	$68M
Q2 24	$406M	$84M	$59M
Q3 24	$411M	$87M	$62M
Q4 24	$404M	$97M	$68M
Q1 25	$385M	$93M	$63M
Q2 25	$405M	$95M	$65M
Q3 25	$421M	$96M	$67M
Q4 25	$108M	$105M	$60M

Valuation

Quarter	P/S	P/E
Q1 21	3.9x	14.6x
Q2 21	4.1x	15.2x
Q4 21	4.1x	13.9x
Q4 22	3.1x	13.1x
Q1 23	2.3x	11.9x
Q2 23	1.8x	10.8x
Q3 23	1.4x	9.6x
Q4 23	1.3x	9.4x
Q1 24	1.3x	9.1x
Q2 24	1.2x	9.1x
Q3 24	1.2x	9.5x
Q4 24	1.2x	9.1x
Q1 25	1.2x	9.3x
Q2 25	1.2x	9.0x
Q3 25	1.2x	8.7x
Q4 25	1.4x	9.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$398M	$398M
Q2 21	-$92M	-$92M
Q4 21	$3M	$3M
Q4 22	$103M	$103M
Q1 23	$61M	$61M
Q2 23	$119M	$119M
Q3 23	$363M	$363M
Q4 23	-$167M	-$167M
Q1 24	$233M	$232M
Q2 24	$56M	$53M
Q3 24	-$44M	-$44M
Q4 24	$368M	$368M
Q1 25	-$50M	-$50M
Q2 25	-$48M	-$48M
Q3 25	$74M	$74M
Q4 25	$103M	$103M

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q4 21	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$2M
Q2 24	$4M
Q3 24	$66.0K
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-20.6%	-43.2%
Q2 21	-22.5%	-27.4%
Q4 21	+2.3%	-15.1%
Q4 22	+118.8%	+169.7%
Q1 23	+178.2%	+257.0%
Q2 23	+225.7%	+328.1%
Q3 23	+242.9%	+370.0%
Q4 23	+29.9%	+35.1%
Q1 24	+25.8%	+28.6%
Q2 24	+16.2%	+19.5%
Q3 24	+5.1%	+9.7%
Q4 24	+14.0%	+14.1%
Q1 25	-4.7%	-4.1%
Q2 25	-0.3%	-2.2%
Q3 25	+2.3%	+1.5%
Q4 25	-73.3%	-85.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$2M	1.4%
Q2 21	$892.0K	0.8%
Q4 21	$1M	0.9%
Q4 22	$817.0K	0.3%
Q1 23	$2M	0.7%
Q2 23	$1M	0.3%
Q3 23	$1M	0.3%
Q4 23	$2M	0.6%
Q1 24	$3M	0.9%
Q2 24	$2M	0.4%
Q3 24	$1M	0.4%
Q4 24	$2M	0.4%
Q1 25	$4M	0.9%
Q2 25	$2M	0.4%
Q3 25	$1M	0.3%
Q4 25	$2M	1.6%

OpEx Breakdown

Quarter	G&A
Q1 21	$18M
Q2 21	$16M
Q4 21	$20M
Q4 22	$20M
Q1 23	$23M
Q2 23	$23M
Q3 23	$23M
Q4 23	$24M
Q1 24	$27M
Q2 24	$24M
Q3 24	$24M
Q4 24	$28M
Q1 25	$29M
Q2 25	$28M
Q3 25	$29M
Q4 25	$44M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$890M	$10.8B	$11.7B
Q2 22	$909M	$10.7B	$11.6B
Q3 22	$868M	$11.4B	$12.2B
Q4 22	$861M	$12.2B	$13.0B
Q1 23	$865M	$12.9B	$13.7B
Q2 23	$874M	$12.5B	$13.3B
Q3 23	$782M	$9.9B	$10.7B
Q4 23	$884M	$10.5B	$11.3B
Q1 24	$745M	$10.5B	$11.2B
Q2 24	$923M	$10.6B	$11.6B
Q3 24	$842M	$11.6B	$12.5B
Q4 24	$1.0B	$11.5B	$12.5B
Q1 25	$1.0B	$1.4B	$2.4B
Q2 25	$1.0B	$1.6B	$2.6B
Q3 25	$884M	$1.6B	$2.5B
Q4 25	$931M	$17.6B	$18.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	11M	+0.2%	+0.3%
Q2 21	11M	+0.2%	+0.6%
Q4 21	11M	+0.4%	+0.9%
Q4 22	11M	+0.2%	+0.9%
Q1 23	11M	+0.2%	+0.9%
Q2 23	11M	-0.0%	+0.7%
Q3 23	11M	+0.2%	+0.6%
Q4 23	11M	+0.1%	+0.5%
Q1 24	11M	+0.2%	+0.5%
Q2 24	11M	-0.1%	+0.4%
Q3 24	11M	+0.1%	+0.3%
Q4 24	11M	+0.0%	+0.2%
Q1 25	11M	+0.1%	+0.1%
Q2 25	11M	-0.2%	+0.1%
Q3 25	11M	+0.1%	+0.1%
Q4 25	13M	+17.7%	+17.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$953.1K	121
Q2 21	$887.5K	121
Q4 21	$745.9K	153
Q4 22	$2M	158
Q1 23	$2M	158
Q2 23	$2M	158
Q3 23	$2M	158
Q4 23	$2M	185
Q1 24	$2M	185
Q2 24	$2M	185
Q3 24	$2M	185
Q4 24	$2M	191
Q1 25	$2M	191
Q2 25	$2M	191
Q3 25	$2M	191
Q4 25	$509.0K	212

Revenue / Employee