Estados financieros detallados de Federal Agricultural Mortgage (AGM): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Federal Agricultural Mortgage registró ingresos de $1.32B en el último ejercicio fiscal, con un CAGR de 5 años del 20.5%. El beneficio neto alcanzó $207.4M, con un CAGR a 5 años del 13.8%.
Márgenes de los últimos 12 meses: margen bruto 30.2%, margen operativo 19.5%, margen neto 16.3%.
Al precio actual de $220.65, AGM cotiza a un P/E de 11.96 y un ROE del 13.13%. La capitalización bursátil es de $2.4B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $332.4M | $418.0M | $556.0M | $666.0M | $519.8M | $447.7M | $755.0M | $1.42B | $1.62B | $1.32B |
| Coste de Ventas | $172.6M | $244.6M | $370.2M | $475.5M | $321.0M | $201.8M | $446.7M | $1.07B | $1.26B | $929.8M |
| Beneficio Bruto | $159.7M | $173.4M | $185.8M | $190.6M | $198.8M | $245.9M | $308.3M | $350.2M | $363.7M | $388.6M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $37.9M | $40.2M | $47.2M | $49.1M | $58.5M | $70.4M | $78.5M | $93.9M | $102.2M | $129.8M |
| Gastos Operativos | $40.4M | $42.7M | $49.8M | $51.9M | $61.4M | $73.4M | $82.6M | $97.1M | $105.6M | $132.8M |
| Beneficio Operativo | $119.4M | $130.7M | $136.0M | $138.7M | $137.4M | $172.5M | $225.7M | $253.1M | $258.1M | $255.7M |
| EBITDA | $121.2M | $132.4M | $136.0M | $138.7M | $137.4M | $172.6M | $226.4M | $253.1M | $258.1M | $255.7M |
| Gastos por Intereses | $171.6M | $242.9M | $369.8M | $472.0M | $312.9M | $204.0M | $445.9M | $1.06B | $1.25B | $909.6M |
| Beneficio Antes de Impuestos | $119.4M | $130.7M | $136.0M | $138.7M | $137.4M | $172.5M | $225.7M | $253.1M | $258.1M | $255.7M |
| Impuestos | $42.1M | $46.4M | $27.9M | $29.1M | $28.8M | $36.4M | $47.5M | $53.1M | $50.9M | $48.3M |
| Beneficio Neto | $77.3M | $84.5M | $108.1M | $109.5M | $108.6M | $136.1M | $178.1M | $200.0M | $207.2M | $207.4M |
| BPA | $6.12 | $6.73 | $8.91 | $8.76 | $8.31 | $10.36 | $13.99 | $15.96 | $16.59 | $16.73 |
| BPA Diluido | $5.97 | $6.60 | $8.83 | $8.69 | $8.27 | $10.27 | $13.87 | $15.80 | $16.44 | $16.62 |
| Acciones en Circulación (Diluidas) | $10.7M | $10.8M | $10.7M | $10.8M | $10.8M | $10.8M | $10.9M | $10.9M | $11.0M | $11.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $420.8M | $107.9M | $423.7M | $450.3M |
| Beneficio Bruto | $96.5M | $104.5M | $104.8M | $118.1M |
| Beneficio Operativo | $66.7M | $60.5M | $71.4M | $74.9M |
| EBITDA | $66.7M | $60.5M | $71.4M | $81.9M |
| Beneficio Neto | $55.0M | $47.9M | $59.1M | $67.0M |
| BPA | $4.45 | $3.71 | $4.78 | $5.43 |
| BPA Diluido | $4.44 | $3.71 | $4.75 | $5.41 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $265.2M | $302.0M | $425.3M | $604.4M | $1.03B | $908.8M | $861.0M | $883.6M | $1.01B | $931.1M |
| Inversiones a Corto | $7.37B | $7.69B | $8.19B | $10.10B | $10.80B | $10.16B | $12.19B | $10.45B | $11.47B | $17.55B |
| Cuentas por Cobrar | $161.7M | $195.2M | $220.4M | $237.6M | $223.5M | $211.1M | $276.2M | $337.0M | $361.1M | $414.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $2.90B | $2.72B | $2.87B | $10.97B | $12.08B | $11.33B | $13.59B | $11.67B | $12.84B | $1.35B |
| Inmovilizado Material | -$12.3M | -$15.7M | -$13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | $12.3M | $15.7M | $13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $15.61B | $17.79B | $18.69B | $21.71B | $24.36B | $25.12B | $27.33B | $29.52B | $31.32B | $35.51B |
| Cuentas por Pagar | $59.1M | $89.5M | $108.6M | $129.0M | $121.6M | $130.7M | $186.8M | $258.5M | $407.6M | $30.82B |
| Deuda a Corto | 0 | 0 | 0 | $10.02B | 0 | $6.99B | $8.03B | $8.09B | $10.44B | $11.27B |
| Pasivos Corrientes | 0 | 0 | 0 | $10.15B | $121.6M | $7.12B | $8.22B | $8.35B | $10.85B | $11.27B |
| Deuda a Largo | $6.37B | $8.84B | $10.02B | $20.72B | $23.17B | $16.71B | $17.62B | $19.60B | $18.86B | $19.55B |
| Pasivos Totales | $14.96B | $17.08B | $17.94B | $20.91B | $23.36B | $23.91B | $26.06B | $28.11B | $29.84B | $33.79B |
| Reservas | $275.7M | $322.7M | $393.4M | $457.0M | $509.6M | $588.6M | $698.5M | $823.7M | $943.2M | $1.05B |
| Patrimonio Neto | $643.4M | $708.1M | $752.6M | $799.3M | $992.5M | $1.21B | $1.27B | $1.41B | $1.49B | $1.72B |
| Deuda Total | $14.81B | $16.93B | $17.77B | $30.73B | $23.17B | $23.70B | $25.65B | $27.69B | $29.30B | $30.82B |
| Deuda Neta | $7.17B | $8.94B | $9.16B | $20.03B | $11.34B | $12.62B | $12.60B | $16.35B | $16.83B | $12.34B |
| Capital Circulante | $2.90B | $2.72B | $2.87B | $819.2M | $11.96B | $4.21B | $5.37B | $3.33B | $1.99B | -$9.93B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $884.4M | $931.1M | $746.6M | $1.04B |
| Activos Totales | $33.38B | $35.51B | $36.73B | $39.29B |
| Pasivos Totales | $31.69B | $33.79B | $35.01B | $37.44B |
| Patrimonio Neto | $1.69B | $1.72B | $1.72B | $1.85B |
| Deuda Total | $31.29B | $30.82B | $34.51B | $34.69B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $77.3M | $84.3M | $108.1M | $109.5M | $108.6M | $132.3M | $178.1M | $200.0M | $207.2M | $182.5M |
| Amortizaciones | $1.8M | $1.7M | -$1.1M | -$176.5M | -$219.2M | $219.2M | $720000 | -$17.0M | 0 | -$21.5M |
| Compensación en Acciones | $3.3M | $2.7M | $2.5M | $2.3M | $4.1M | $4.3M | $4.6M | $6.8M | $8.1M | $8.3M |
| Cambio en Capital Circulante | $32.0M | -$150000 | -$11.9M | -$10.2M | -$485000 | $39.1M | -$130.5M | $43.6M | $173.8M | -$16.2M |
| Flujo de Caja Operativo | $208.6M | $175.0M | $200.0M | -$19.7M | -$94.5M | $436.4M | $809.3M | $375.8M | $612.6M | $80.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5.3M | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$9.3M | 0 | 0 | 0 | -$60.2M | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$24.1M | -$28.4M | -$37.9M | -$43.9M | -$50.6M | -$61.3M | -$68.2M | -$74.8M | -$86.1M | -$89.0M |
| Flujo de Caja Libre | $208.6M | $175.0M | $200.0M | -$19.7M | -$94.5M | $436.4M | $809.3M | $375.8M | $607.4M | $80.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $74.2M | $103.4M | $92.1M | $40.4M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $74.2M | $103.4M | $92.1M | $40.4M |
| Dividendos Pagados | -$22.1M | -$22.9M | -$24.6M | -$24.7M |
| Compensación en Acciones | $1.4M | $1.7M | $3.0M | $2.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +25.8% | +33.0% | +19.8% | -22.0% | -13.9% | +68.6% | +87.6% | +14.7% | -18.9% |
| Crecimiento Beneficio Neto (anual) | | +9.2% | +27.9% | +1.4% | -0.8% | +25.3% | +30.9% | +12.3% | +3.6% | +0.1% |
| Crecimiento BPA (anual) | | +10.0% | +32.4% | -1.7% | -5.1% | +24.7% | +35.0% | +14.1% | +3.9% | +0.8% |
| Cambio en Acciones (anual) | | +0.5% | -0.5% | +0.3% | +0.1% | +0.6% | +0.3% | +0.5% | +0.3% | +0.1% |
| Crecimiento FCF (anual) | | -16.1% | +14.3% | -109.8% | -380.0% | +561.6% | +85.4% | -53.6% | +61.6% | -86.8% |
| Margen Bruto | 48.1% | 41.5% | 33.4% | 28.6% | 38.2% | 54.9% | 40.8% | 24.7% | 22.4% | 29.5% |
| Margen Operativo | 35.9% | 31.3% | 24.5% | 20.8% | 26.4% | 38.5% | 29.9% | 17.9% | 15.9% | 19.4% |
| Margen EBITDA | 36.5% | 31.7% | 24.5% | 20.8% | 26.4% | 38.5% | 30.0% | 17.9% | 15.9% | 19.4% |
| Margen Neto | 23.3% | 20.2% | 19.4% | 16.4% | 20.9% | 30.4% | 23.6% | 14.1% | 12.8% | 15.7% |
| Margen FCF | 62.8% | 41.9% | 36.0% | -3.0% | -18.2% | 97.5% | 107.2% | 26.5% | 37.4% | 6.1% |
| Tasa Impositiva Efectiva | 35.2% | 35.5% | 20.5% | 21.0% | 20.9% | 21.1% | 21.1% | 21.0% | 19.7% | 18.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $19.41 | $16.20 | $18.61 | $-1.83 | $-8.77 | $40.24 | $74.36 | $34.36 | $55.34 | $7.29 |
| Dividendo por Acción | $2.24 | $2.63 | $3.53 | $4.07 | $4.70 | $5.65 | $6.26 | $6.84 | $7.84 | $8.11 |
| Acciones en Circulación (Básicas) | $10.5M | $10.6M | $10.7M | $10.7M | $10.7M | $10.8M | $10.8M | $10.8M | $10.9M | $10.9M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 13.13% |
| Rentabilidad sobre capital invertido | 1.07% |
| Rentabilidad sobre activos | 0.58% |
| Margen bruto | 30.22% |
| Margen operativo | 19.50% |
| Margen neto | 16.32% |
Salud financiera
| Deuda / Patrimonio | 18.71 |
| Ratio corriente | 1.61 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.20 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 9.36 | 11.63 | 6.78 | 9.53 | 8.94 | 11.96 | 8.06 | 11.98 | 11.87 | 10.49 |
| P/VC | 0.93 | 1.17 | 0.86 | 1.12 | 0.80 | 1.10 | 0.96 | 1.47 | 1.44 | 1.11 |
| P/V | 1.81 | 1.98 | 1.16 | 1.34 | 1.53 | 2.98 | 1.61 | 1.46 | 1.32 | 1.45 |
| Margen Bruto | 48.1% | 41.5% | 33.4% | 28.6% | 38.2% | 54.9% | 40.8% | 24.7% | 22.4% | 29.5% |
| Margen Operativo | 35.9% | 31.3% | 24.5% | 20.8% | 26.4% | 38.5% | 29.9% | 17.9% | 15.9% | 19.4% |
| Margen Neto | 23.3% | 20.2% | 19.4% | 16.4% | 20.9% | 30.4% | 23.6% | 14.1% | 12.8% | 15.7% |