Saturday 17 October 2026
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Federal Agricultural Mortgage Corporation
Federal Agricultural Mortgage Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 12.9%, EPS grew 20.7%, free cash flow grew 188.6% and total debt rose 3.07%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
203.97
2.25
−1.09%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 26.11 | 53.78 | 55.64 | 59.53 | 40.05 | 73.14 | 90.38 | 112.47 | 169.17 | 155.00 |
Analyst estimates 2026–2028 Powerpack |
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| High | 59.50 | 80.47 | 99.11 | 88.46 | 84.13 | 137.01 | 130.61 | 198.17 | 217.60 | 212.24 | |||||
| People | |||||||||||||||
| People | Employees | 81 | 88 | 103 | 103 | 121 | 153 | 158 | 185 | 191 | 212 | ||||
| Revenue/emp, $m | 4.10 | 4.75 | 5.40 | 6.47 | 4.35 | 2.93 | 4.78 | 7.65 | 8.51 | 7.69 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 332 | 418 | 556 | 666 | 527 | 449 | 756 | 1,416 | 1,625 | 1,630 | ||||
| Gross margin, % | 48.36 | 41.90 | 33.47 | 29.14 | 40.60 | 54.57 | 40.98 | 24.80 | 23.09 | 25.06 | |||||
| EBT | 119 | 131 | 136 | 139 | 145 | 172 | 226 | 253 | 258 | 256 | |||||
| EBT margin, % | 35.91 | 31.26 | 24.47 | 20.82 | 27.46 | 38.41 | 29.87 | 17.88 | 15.89 | 15.69 | |||||
| Net income | 77 | 84 | 108 | 110 | 114 | 136 | 178 | 200 | 207 | 207 | |||||
| Depreciation | 34 | 25 | 29 | 40 | 30 | 24 | 20 | 14 | (3) | 2 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 31.72 | 39.46 | 52.18 | 62.27 | 49.11 | 41.74 | 70.02 | 130.74 | 149.41 | 149.38 | ||||
| Earnings | 6.12 | 6.73 | 8.91 | 8.76 | 8.31 | 10.00 | 14.00 | 15.97 | 16.59 | 16.73 | |||||
| Cash flow | 20.30 | 16.52 | 18.78 | (1.84) | (8.81) | 40.57 | 75.00 | 34.70 | 56.34 | 7.34 | |||||
| Capex | 0.03 | 0.76 | 0.01 | 0.00 | 0.39 | 0.00 | 0.00 | 0.00 | (0.48) | 0.10 | |||||
| Free cash flow | 20.33 | 17.28 | 18.79 | (1.84) | (8.42) | 40.57 | 75.00 | 34.70 | 55.86 | 7.43 | |||||
| Book value | 61.43 | 66.84 | 70.64 | 74.73 | 92.51 | 112.82 | 117.87 | 130.38 | 136.93 | 157.54 | |||||
| Shares, m | 10 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 9.47 | 11.79 | 6.78 | 9.53 | 8.94 | 12.39 | 8.10 | 11.71 | 11.86 | 10.50 | ||||
| P/S | 1.83 | 2.00 | 1.16 | 1.34 | 1.51 | 2.97 | 1.62 | 1.43 | 1.32 | 1.18 | |||||
| P/B | 1.38 | 1.66 | 1.18 | 1.56 | 1.27 | 1.83 | 1.56 | 2.18 | 1.99 | 1.58 | |||||
| EV/Sales | 4.52 | 4.70 | 3.20 | 2.92 | 2.12 | 3.22 | 2.11 | 1.79 | 1.91 | 2.09 | |||||
| EV/FCF | 7.05 | 10.72 | 8.80 | (108.20) | (12.34) | 3.28 | 1.96 | 6.67 | 5.10 | 41.98 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 213 | 175 | 200 | (20) | (95) | 436 | 809 | 376 | 613 | 80 | ||||
| Capex | 0 | 8 | 0 | — | 4 | — | — | — | (5) | 1 | |||||
| Free cash flow | 213 | 183 | 200 | (20) | (90) | 436 | 809 | 376 | 607 | 81 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | (8,768) | (9,835) | (10,182) | (11,404) | (12,171) | (12,471) | (13,311) | (14,329) | (12,977) | (13,390) | ||||
| Total debt | 1,180 | 1,443 | 1,568 | 1,653 | 1,359 | 1,025 | 1,229 | 1,399 | 1,978 | 2,420 | |||||
| Net debt | 894 | 1,128 | 1,132 | 1,049 | 319 | 112 | 366 | 509 | 954 | 1,489 | |||||
| Shareholders’ equity | 644 | 708 | 753 | 799 | 992 | 1,214 | 1,272 | 1,412 | 1,489 | 1,719 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 0.41 | 0.43 | 0.52 | 0.46 | 0.41 | 0.45 | 0.58 | 0.61 | 0.59 | 0.55 | ||||
| ROIC | 4.85 | 4.45 | 4.51 | 4.69 | 6.90 | 8.13 | 8.61 | 8.24 | 6.60 | 4.98 | |||||
| ROE | 16.29 | 15.13 | 18.06 | 16.74 | 15.82 | 16.40 | 19.91 | 20.16 | 18.00 | 15.95 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Federal Agricultural Mortgage Corporation vs peers in Credit Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SLM SLM Corporation | $4.2B | 6.0× | 7.1× | −1.93% (below 0%: shrinking) | −9.38% (below 0%: shrinking) | +2.81% (above 0%: growing) | 59.84% | 0.00% | Compare |
| BFH Bread Financial Holdings, Inc. | $3.9B | 7.9× | 8.2× | +3.39% (above 0%: growing) | +21.89% (above 0%: growing) | +1.93% (above 0%: growing) | 100.00% | 76.43% | Compare |
| UPST Upstart Holdings, Inc. | $2.4B | 38.0× | 32.5× | +41.75% (above 0%: growing) | +183.33% (above 0%: growing) | −14.74% (below 0%: shrinking) | 83.19% | 4.01% | Compare |
| ECPG Encore Capital Group Inc | $2.2B | 7.5× | 6.3× | +11.25% (above 0%: growing) | +18.80% (above 0%: growing) | −1,282.62% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| AGM Federal Agricultural Mortgage Corporation | $2.2B | 11.1× | 9.4× | +12.93% (above 0%: growing) | +20.67% (above 0%: growing) | +188.57% (above 0%: growing) | 27.34% | 0.00% | |
| EZPW EZCORP, Inc. | $2.0B | 12.8× | 16.0× | +34.65% (above 0%: growing) | +37.78% (above 0%: growing) | +27.86% (above 0%: growing) | 58.79% | 13.09% | Compare |
| WU The Western Union Company | $1.9B | 5.0× | 4.7× | −1.26% (below 0%: shrinking) | −32.43% (below 0%: shrinking) | +316.72% (above 0%: growing) | 33.21% | 13.04% | Compare |
| ATLC Atlanticus Holdings Corporation | $1.4B | 9.6× | 8.8× | +88.84% (above 0%: growing) | +67.38% (above 0%: growing) | +112.08% (above 0%: growing) | 83.42% | 0.00% | Compare |
| JCAP Jefferson Capital, Inc. | $1.2B | 8.4× | 6.3× | +16.26% (above 0%: growing) | −96.40% (below 0%: shrinking) | −45.57% (below 0%: shrinking) | 63.06% | 45.87% | Compare |
| Median of peers | $2.1B | 8.1× | 7.7× | +13.76% | +20.35% | +2.37% | 73.13% | 8.52% |
Federal Agricultural Mortgage Corporation (AGM) key facts
- Federal Agricultural Mortgage Corporation (AGM) is a Credit Services company in the Financial sector, listed on the New York Stock Exchange.
- Federal Agricultural Mortgage Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, roughly unchanged from fiscal 2024.
- As of October 16, 2026, AGM traded at $203.97, a market capitalization of $2.2 billion.
- Federal Agricultural Mortgage Corporation pays an annual dividend of $6.30 per share, a yield of 3.09%, with a payout ratio of 34.4%.
- Return on equity was 16.0% and debt-to-equity 1.23.
- Its Piotroski F-score is 4 out of 9 for fiscal 2025.