Federal Agricultural Mortgage CorpFederal Agricultural Mortgage Corp
Federal Agricultural Mortgage Corp

Federal Agricultural Mortgage Corp

AGM
Financials·Consumer Finance

Federal Agricultural Mortgage Corp. is a stockholder-owned, federally chartered corporation, which engages in the provision of a secondary market for a variety of loans made to borrowers in rural America. It operates through the following segments: Farm and Ranch, Corporate AgFinance, Power and Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The Farm and Ranch segments includes the USDA Securities portfolio, Farm and Ranch loans, and AgVantage securities. The Corporate AgFinance segment focuses on loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production. The Power and Utilities segment refers to the loans to rural electric generation and transmission cooperatives, and distribution cooperatives. The Broadband Infrastructure segment represents the loans to rural fiber, cable and broadband, tower, wireless, local exchange carrier, and data center projects. The Renewable Energy segment is involved in the rural electric solar, wind, and gas projects. The Funding segment consists of debt issuance, hedging, asset and liability management, and capital allocation strategies. The Investments segment provides a financial result of the investment portfolio, which is held for liquidity purposes. The company was founded in 1987 and is headquartered in Washington, DC.

District Of Columbia; U.S.A
Market cap
No dataNo data
Revenue
$408.4M+8.8% YoY
Net income
$207.4M+0.1% YoY
Free cash flow
$80.1M−86.8% YoY

Market

Listed stock
AGMPriceNYSE
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Financial performance

Revenue
$408.4M+8.8% YoY
Operating income
$-887.5M+3.6% YoY
Net income
$207.4M+0.1% YoY
Free cash flow
$80.1M−86.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $240.2M, 2022 $309.6M, 2023 $351.1M, 2024 $375.3M, 2025 $408.4M. Operating income: 2021 $212.5M, 2022 $281.6M, 2023 $319.1M, 2024 $-921.1M, 2025 $-887.5M. Net income: 2021 $132.3M, 2022 $178.1M, 2023 $200M, 2024 $207.2M, 2025 $207.4M. Free cash flow: 2021 $436.4M, 2022 $809.3M, 2023 $375.8M, 2024 $607.4M, 2025 $80.1M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
8.8%+193 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $212.5M, 2022-12-31 $281.6M, 2023-12-31 $319.1M, 2024-12-31 $-921.1M, 2025-12-31 $-887.5M. Net income: 2021-12-31 $132.3M, 2022-12-31 $178.1M, 2023-12-31 $200M, 2024-12-31 $207.2M, 2025-12-31 $207.4M. Free cash flow: 2021-12-31 $436.4M, 2022-12-31 $809.3M, 2023-12-31 $375.8M, 2024-12-31 $607.4M, 2025-12-31 $80.1M

Growth heatmap

2022202320242025CAGR
Revenue
+28.9%
+13.4%
+6.9%
+8.8%
+14.2%
Gross profit
+29.8%
+13.3%
+4.0%
+3.2%
+12.1%
Operating income
+32.5%
+13.3%
-388.6%
+3.6%
No data
Free cash flow
+85.4%
-53.6%
+61.6%
-86.8%
-34.6%

Earnings quality

Operating cash flow
$80.1M−86.9% YoY
Net income
$207.4M+0.1% YoY
Free cash flow
$80.1M−86.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 39%, 2024-12-31 296%, 2023-12-31 188%, 2022-12-31 454%, 2021-12-31 330%. Free cash flow: 2025-12-31 39%, 2024-12-31 293%, 2023-12-31 188%, 2022-12-31 454%, 2021-12-31 330%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
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Net debt
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Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
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Price to sales
No data
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No data
EV / EBITDA
No data
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Free cash flow yield
No data
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